NewzIntel.com

Category: GlobeNewswire

  • MIL-OSI: Leading Independent Proxy Advisory Firm ISS Issues New Recommendation in Support of Territorial/Hope Bancorp Combination

    Source: GlobeNewswire (MIL-OSI)

    ISS Recommends Territorial Shareholders Vote “FOR” Hope Bancorp Transaction

    ISS Recognizes Value Creation Upside of the Hope Bancorp Merger and Risks and Uncertainty Associated with Blue Hill’s Preliminary Indication of Interest

    Territorial Board Urges Shareholders to Follow ISS’s Recommendation and Vote “FOR” the Hope Bancorp Merger Today

    HONOLULU, Oct. 21, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that leading independent proxy advisory firm Institutional Shareholder Services (“ISS”) has reissued its report assessing Territorial’s proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”).

    In its report, ISS recommends that Territorial shareholders vote “FOR” the Company’s pending merger with Hope Bancorp at the Special Meeting on November 6, 2024, at 8:30 a.m., Hawai‘i Time.

    The Territorial Board of Directors also unanimously recommends that all Territorial shareholders vote “FOR” the Hope Bancorp agreement.

    Commenting on the report, Territorial issued the following statement:

    The Hope Bancorp merger is the only transaction that provides realizable value and substantial upside for Territorial shareholders. This tax-free transaction also enables our shareholders to benefit from a more than 1000% increase to Territorial’s standalone dividend. Accordingly, we strongly urge all Territorial shareholders to vote FOR the transaction today.

    ISS’s report recognizes the risks and uncertainty associated with Blue Hill’s preliminary indication of interest, including a lack of financing, failure to identify the entities behind Blue Hill and questionable ability to execute the indication of interest. These deficiencies support our belief that Blue Hill does not have the ability to complete a transaction with Territorial or to obtain the necessary regulatory approvals for the transaction in a timely manner.

    In making its recommendation, ISS stated in its October 18, 2024, reporti:

    • “A merger with HOPE is arguably a better outcome for TBNK than remaining standalone, given the strategic rationale for the combination and the issues facing the company”
    • “we find that the board’s caution [regarding Blue Hill] appears to have a reasonable basis. The request for evidence of committed financing and increased disclosure regarding the consortium, in particular, seem to be low hanging fruit that Blue Hill could provide to address these concerns.”
    • “In our engagement with the company, the board expressed a willingness to engage with Blue Hill if its concerns could be properly addressed in order to best protect shareholders.”
    • “It is unclear at this point why Blue Hill has not provided the board the details it has asked for.”

    Time is short. The Special Meeting is fast approaching. Territorial shareholders are urged to follow the recommendations from ISS and the Territorial Board by voting today FOR the transaction with Hope Bancorp.


    YOUR VOTE IS IMPORTANT NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN!

    Please take a moment to vote FOR the proposals set forth on the enclosed proxy card — by Internet, telephone toll-free or by signing, dating and returning the enclosed proxy card or voting instruction form. Vote well in advance of the Special Meeting on November 6, 2024, at 8:30 a.m. Hawaiʻi Time.

    If you have questions about how to vote your shares, please contact:

    Laurel Hill Advisory Group

    Call toll-free: (888) 742-1305
    Banks and brokers should call: (516) 933-3100


    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 http://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: Prospect Capital Corporation Upsizes Preferred Stock Offering to $2.25 Billion

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) announced today an upsize to Prospect’s preferred stock offering (the “Preferred Stock” or the “Offering”) with Preferred Capital Securities (”PCS”). The Offering has seen strong demand from the private wealth, institutional, and Registered Investment Advisor channels, with $1.8 billion in aggregate liquidation preference issuances since the initial closing in the quarter ending December 31, 2020.

    “Prospect’s non-traded preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and over $3.7 billion of junior common equity credit support,” said Grier Eliasek, President of Prospect. “Prospect is the number one market share issuer of non-traded preferred stock in 2023 and 2024 year-to-date, with each of institutional, registered investment advisor, wirehouse, independent private wealth, and international investor channels having invested in Prospect’s preferred stock. With interest rates declining, we believe our A4/M4 preferred stock series, with a current 7.28% annualized floating rate dividend structure and 6.50% dividend rate floor, offers an attractive option for income-oriented investors.”

    PCS is a securities broker dealer and the dealer manager for the ongoing offering of the Series A4 and M4 Preferred Stock. PCS has raised $5.0 billion of capital since its formation in 2011.

    This press release is for informational purposes and is not an offer to purchase or sell or a solicitation of an offer to buy these securities, 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 such state or jurisdiction. The ongoing offering of the Series A4 and M4 Preferred Stock is being made only by means of the prospectus supplement and the accompanying prospectus, copies of which may be obtained by writing to PCS at 3290 Northside Parkway NW, Suite 800, Atlanta, GA 30327. Investors are advised to carefully consider the investment objective, risks, charges and expenses of Prospect and the Preferred Stock before investment. The prospectus supplement and accompanying prospectus contain this and other important information about Prospect and the Preferred Stock and should be read carefully before investing.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; 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 any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For further information, contact:
    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI: Beamr to Present at the ThinkEquity Conference

    Source: GlobeNewswire (MIL-OSI)

    Herzliya, Israel, Oct. 21, 2024 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced the Company will present at the following investor conference:

    Event: The ThinkEquity Conference
    Date: October 30, 2024
    Time: 10:30 am ET
    Location: New York, NY
    Presenters: Sharon Carmel, Founder and Chief Executive Officer
      Danny Sandler, Chief Financial Officer

    Beamr Investors website: https://www.investors.beamr.com/

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit http://www.beamr.com 

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024, and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no duty to update such information except as required under applicable law.                                  

     Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

  • MIL-OSI: Amplify ETFs Announces the Amplify Bloomberg AI Value Chain ETF (NYSE: AIVC)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces its newly appointed fund, the Amplify Bloomberg AI Value Chain ETF (NYSE: AIVC). In an equal-weighted index approach, AIVC invests in a global mix of semiconductor, cloud/software and hardware companies that form the foundation of artificial intelligence (AI) technologies through the Bloomberg AI Value Chain Index.

    According to forecasts, the global AI market is expected to grow from $638 billion in 2024 to $3.6 trillion by 2034.1 This growth will be driven by increased AI spending across the private sector, government initiatives and individuals. AIVC is positioned to capture these trends through its unique AI value chain focus.

    AIVC uses an equal-weighted rules-based approach alongside insights from Bloomberg Intelligence analysts to identify companies that are essential to the AI ecosystem. Technologies like generative AI, machine learning, natural language processing and AI infrastructure all rely on semiconductors, hardware, and cloud software systems to operate.

    “AI is fundamentally reshaping industries worldwide and AIVC provides investors with diverse exposure to companies that are the backbone of this industry,” said Christian Magoon, CEO of Amplify ETFs. “Our new focus on AI and its value chain aligns this fund with one of the most compelling growth themes of the next decade.”

    AIVC tracks the Bloomberg AI Value Chain Index, which identifies the top 45 companies integral to AI categorized into semiconductors, hardware, and software/cloud systems. These sectors are the backbone of the AI landscape, enabling the widespread adoption of AI solutions globally. The index is powered by Bloomberg Intelligence (BI) Research, a renowned group of 400+ research professionals across 21 markets. The BI team utilizes proprietary research to evaluate data and trends for creating thematic index baskets.

    The announcement of AIVC is the result of name, fee and strategy changes to the Amplify Global Cloud Technology ETF (IVES). No action is required by current shareholders as a result of this change. These changes were previously communicated via a supplement to the IVES Summary Prospectus, Statutory Prospectus and Statement of Additional Information (“SAI”), as published on August 15, 2024.

    Investors can learn more about AIVC at AmplifyETFs.com/AIVC.

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 10/11/2024). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs.

    1https://www.precedenceresearch.com/artificial-intelligence-market

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk, including the possible loss of principal. There can be no assurance that the Fund’s investment objectives will be achieved. Investments concentrated in specific industries, sectors, markets, or asset classes may underperform or experience greater volatility than the general securities market.

    Investments in artificial intelligence or cloud technology companies are exposed to risks such as small markets, technological obsolescence, and government regulation. These companies, especially smaller ones, are more volatile and susceptible to adverse events in specific regions or industries.

    International investing entails risks related to foreign currency, limited liquidity, less government regulation, and potential volatility from political, economic, or other developments, particularly in emerging markets and concentrated investments in single countries.

    Investment Adviser: Amplify Investments LLC; Sub-Adviser: Penserra Capital Management LLC

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

  • MIL-OSI: Mercury Selected by NAVAIR To Continue To Provide Advanced Data Transfer Systems for Navy Aircraft

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Oct. 21, 2024 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, http://www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, today announced it was awarded a five-year contract worth as much as $131.3 million from the U.S. Naval Air Systems Command (NAVAIR) to continue providing secure data transfer systems for naval aircraft.

    Mercury has been delivering Advanced Data Transfer Systems (ADTS) and components to the Navy since 2017 to support numerous rotary-wing and fixed-wing aircraft. These rugged, flexible, and proven systems simplify the secure transfer of data between planners on the ground and aircraft, significantly improving operational readiness of these airborne assets. The new indefinite delivery/indefinite quantity contract will allow Mercury to deliver upgraded power-thrifty ADTS units that incorporate the company’s JDAR encryption module.

    “Mercury has a strong partnership with the Navy, providing a range of data storage and transfer, video recorders, mission computers, and cockpit displays for the aircraft fleet,” said Roya Montakhab, Mercury’s SVP of Integrated Processing Solutions. “We are exceptionally proud to continue delivering ADTS systems that ensure critical government data is protected.”

    Mercury’s ADTS features:

    • Up to 3 TB (3 x 1 TB) solid state memory modules (each module available from 128 GB, 256 GB, or 1 TB) with up to 450/300 MB/s read/write transfer rates
    • Optional crash survivable memory module: Up to 30 GB of storage
    • 1 SATA port: optional for crash survivable flight data recorder
    • Up to 250ms of response time
    • MIL-STD-1553B, four 1,000 BASE-TX Gigabit ethernet, analog/digital video/audio, and discrete interfaces
    • External command over external communications circuit
    • Manual zeroize capabilities: via front panel switch
    • Meets information assurance requirements (S&U)

    Mercury Systems – Innovation that matters® 
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY) 

    Forward-Looking Safe Harbor Statement 
    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    INVESTOR CONTACT
    David Williams
    Mercury Investor Relations
    David.Williams@mrcy.com

    MEDIA CONTACT
    Turner Brinton
    Senior Director, Corporate Communications
    Turner.Brinton@mrcy.com

    The MIL Network –

  • MIL-OSI: Marquette National Corporation Declares a Dividend of $0.28 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.28 per share. The dividend will be payable on January 2, 2025 to shareholders of record on December 20, 2024. As of September 30, 2024, Marquette National Corporation had 4,372,352 shares issued and outstanding.  

    Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.20 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com.

    Special Note Concerning Forward-Looking Statements
    This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements 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,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. 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.

    For more information:
    Patrick Hunt
    EVP & CFO
    708-364-9019
    phunt@emarquettebank.com

    The MIL Network –

  • MIL-OSI: HBT Financial, Inc. Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Net income of $18.2 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.44%; return on average stockholders’ equity (“ROAE”) of 13.81%; and return on average tangible common equity (“ROATCE”)(1) of 16.25%
    • Adjusted net income(1) of $19.2 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.53%; adjusted ROAE(1) of 14.62%; and adjusted ROATCE(1) of 17.20%
    • Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.07%, on an annualized basis
    • Net interest margin and net interest margin (tax-equivalent basis)(1) expanded to 3.98% and 4.03%, respectively

    BLOOMINGTON, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income(1) of $19.2 million, adjusted ROAA(1) of 1.53% and adjusted ROATCE(1) of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)(1) increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

    Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

    Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

    Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)(1) decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

    Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

    Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

    On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

    (dollars in thousands)     Nine Months Ended
    September 30, 2023    		  
         
    PROVISION FOR CREDIT LOSSES   $ 5,924  
    NONINTEREST EXPENSE    
    Salaries     3,584  
    Furniture and equipment     39  
    Data processing     2,031  
    Marketing and customer relations     24  
    Loan collection and servicing     125  
    Legal fees and other noninterest expense     1,964  
    Total noninterest expense     7,767  
    Total acquisition-related expenses   $ 13,691  
     

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

    Deposits

    Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

    Asset Quality

    Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

    The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

    The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

    The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

    Capital

    As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        September 30, 2024   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.54 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.48     8.50  
    Common equity tier 1 capital ratio   13.15     7.00  
    Tier 1 leverage ratio   11.16     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share(1) increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

    During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
        As of or for the Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
    Interest and dividend income   $ 64,117     $ 62,824     $ 59,041     $ 188,902     $ 167,588  
    Interest expense     16,384       15,796       10,762       47,453       23,600  
    Net interest income     47,733       47,028       48,279       141,449       143,988  
    Provision for credit losses     603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses     47,130       45,852       47,799       139,143       137,528  
    Noninterest income     8,705       9,610       9,490       23,941       26,841  
    Noninterest expense     31,322       30,509       30,671       93,099       100,577  
    Income before income tax expense     24,513       24,953       26,618       69,985       63,792  
    Income tax expense     6,333       6,883       6,903       18,477       16,396  
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                         
    Earnings per share – Diluted   $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
                         
    Adjusted net income (1)   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
    Adjusted earnings per share – Diluted (1)     0.61       0.57       0.63       1.75       1.86  
                         
    Book value per share   $ 17.04     $ 16.14     $ 14.36          
    Tangible book value per share (1)     14.55       13.64       11.80          
                         
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140          
    Weighted average shares of common stock outstanding     31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
                         
    SUMMARY RATIOS                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.03       4.00       4.13       4.01       4.20  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.71       52.10       51.25       54.45       57.04  
                         
    Loan to deposit ratio     78.72 %     78.39 %     79.63 %        
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Return on average stockholders’ equity *     13.81       14.48       17.02       13.58       14.22  
    Return on average tangible common equity * (1)     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average assets * (1)     1.53 %     1.45 %     1.62 %     1.48 %     1.61 %
    Adjusted return on average stockholders’ equity * (1)     14.62       14.54       17.51       14.62       17.68  
    Adjusted return on average tangible common equity * (1)     17.20       17.27       21.29       17.34       21.34  
                         
    CAPITAL                    
    Total capital to risk-weighted assets     16.54 %     16.01 %     15.09 %        
    Tier 1 capital to risk-weighted assets     14.48       13.98       13.18          
    Common equity tier 1 capital ratio     13.15       12.66       11.88          
    Tier 1 leverage ratio     11.16       10.83       10.34          
    Total stockholders’ equity to total assets     10.77       10.18       9.14          
    Tangible common equity to tangible assets (1)     9.35       8.74       7.64          
                         
    ASSET QUALITY                    
    Net charge-offs (recoveries) to average loans *     0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.16          
    Nonperforming loans to loans, before allowance for credit losses     0.24       0.25       0.20          
    Nonperforming assets to total assets     0.17       0.17       0.16          
                                             
    *   Annualized measure.
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
     
      Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
    INTEREST AND DIVIDEND INCOME                  
    Loans, including fees:                  
    Taxable $ 53,650     $ 52,177     $ 49, 640     $ 157,753     $ 138,948  
    Federally tax exempt   1,133       1,097       1,072       3,324       3,064  
    Debt Securities:                  
    Taxable   6,453       6,315       6,402       18,972       19,460  
    Federally tax exempt   502       521       978       1,620       3,337  
    Interest-bearing deposits in bank   2,230       2,570       714       6,752       2,234  
    Other interest and dividend income   149       144       235       481       545  
    Total interest and dividend income   64,117       62,824       59,041       188,902       167,588  
    INTEREST EXPENSE                  
    Deposits   14,649       14,133       7,211       42,375       13,908  
    Securities sold under agreements to repurchase   134       129       35       415       107  
    Borrowings   119       121       2,108       365       5,594  
    Subordinated notes   470       469       470       1,409       1,409  
    Junior subordinated debentures issued to capital trusts   1,012       944       938       2,889       2,582  
    Total interest expense   16,384       15,796       10,762       47,453       23,600  
    Net interest income   47,733       47,028       48,279       141,449       143,988  
    PROVISION FOR CREDIT LOSSES   603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses   47,130       45,852       47,799       139,143       137,528  
    NONINTEREST INCOME                  
    Card income   2,753       2,885       2,763       8,254       8,326  
    Wealth management fees   2,670       2,623       2,381       7,840       6,998  
    Service charges on deposit accounts   2,081       1,902       2,040       5,852       5,830  
    Mortgage servicing   1,113       1,111       1,169       3,279       3,522  
    Mortgage servicing rights fair value adjustment   (1,488 )     (97 )     23       (1,505 )     (460 )
    Gains on sale of mortgage loans   461       443       476       1,202       1,125  
    Realized gains (losses) on sales of securities   —       —       (813 )     (3,382 )     (1,820 )
    Unrealized gains (losses) on equity securities   136       (96 )     (46 )     24       (61 )
    Gains (losses) on foreclosed assets   (44 )     (28 )     550       15       443  
    Gains (losses) on other assets   (2 )     —       52       (637 )     161  
    Income on bank owned life insurance   170       166       153       500       415  
    Other noninterest income   855       701       742       2,499       2,362  
    Total noninterest income   8,705       9,610       9,490       23,941       26,841  
    NONINTEREST EXPENSE                  
    Salaries   16,325       16,364       15,644       49,346       51,715  
    Employee benefits   2,997       2,860       2,616       8,662       7,658  
    Occupancy of bank premises   2,695       2,243       2,573       7,520       7,460  
    Furniture and equipment   446       548       667       1,544       2,135  
    Data processing   2,640       2,606       2,581       8,171       9,787  
    Marketing and customer relations   1,380       996       1,679       3,372       3,874  
    Amortization of intangible assets   710       710       720       2,130       1,950  
    FDIC insurance   572       565       512       1,697       1,705  
    Loan collection and servicing   476       475       345       1,403       971  
    Foreclosed assets   19       10       76       78       234  
    Other noninterest expense   3,062       3,132       3,258       9,176       13,088  
    Total noninterest expense   31,322       30,509       30,671       93,099       100,577  
    INCOME BEFORE INCOME TAX EXPENSE   24,513       24,953       26,618       69,985       63,792  
    INCOME TAX EXPENSE   6,333       6,883       6,903       18,477       16,396  
    NET INCOME $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                       
    EARNINGS PER SHARE – BASIC $ 0.58     $ 0.57     $ 0.62     $ 1.63     $ 1.50  
    EARNINGS PER SHARE – DILUTED $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    ASSETS          
    Cash and due from banks $ 26,776     $ 22,604     $ 24,757  
    Interest-bearing deposits with banks   152,895       172,636       87,156  
    Cash and cash equivalents   179,671       195,240       111,913  
               
    Interest-bearing time deposits with banks   —       520       500  
    Debt securities available-for-sale, at fair value   710,303       669,055       753,163  
    Debt securities held-to-maturity   505,075       512,549       527,144  
    Equity securities with readily determinable fair value   3,364       3,228       3,106  
    Equity securities with no readily determinable fair value   2,638       2,613       2,300  
    Restricted stock, at cost   5,086       5,086       11,165  
    Loans held for sale   2,959       858       3,563  
               
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
    Allowance for credit losses   (40,966 )     (40,806 )     (38,863 )
    Loans, net of allowance for credit losses   3,328,864       3,344,677       3,303,923  
               
    Bank owned life insurance   24,405       24,235       23,747  
    Bank premises and equipment, net   65,919       65,711       64,713  
    Bank premises held for sale   317       317       35  
    Foreclosed assets   376       320       1,519  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   18,552       19,262       21,402  
    Mortgage servicing rights, at fair value   17,496       18,984       20,156  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   24,160       22,425       23,447  
    Other assets   40,109       59,685       58,538  
    Total assets $ 4,990,728     $ 5,006,199     $ 4,991,768  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,008,359     $ 1,045,697     $ 1,086,877  
    Interest-bearing   3,272,341       3,272,996       3,111,191  
    Total deposits   4,280,700       4,318,693       4,198,068  
               
    Securities sold under agreements to repurchase   29,029       29,330       28,900  
    Federal Home Loan Bank advances   13,435       13,734       177,650  
    Subordinated notes   39,533       39,514       39,454  
    Junior subordinated debentures issued to capital trusts   52,834       52,819       52,774  
    Other liabilities   37,535       42,640       38,671  
    Total liabilities   4,453,066       4,496,730       4,535,517  
               
    Stockholders’ Equity          
    Common stock   328       328       327  
    Surplus   296,810       296,430       295,483  
    Retained earnings   302,532       290,386       256,050  
    Accumulated other comprehensive income (loss)   (38,989 )     (54,656 )     (78,432 )
    Treasury stock at cost   (23,019 )     (23,019 )     (17,177 )
    Total stockholders’ equity   537,662       509,469       456,251  
    Total liabilities and stockholders’ equity $ 4,990,728     $ 5,006,199     $ 4,991,768  
    SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,559,366       31,774,140  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    LOANS          
    Commercial and industrial $ 395,598   $ 400,276   $ 386,933  
    Commercial real estate – owner occupied   288,838     289,992     297,242  
    Commercial real estate – non-owner occupied   889,188     889,193     901,929  
    Construction and land development   359,151     365,371     371,158  
    Multi-family   432,712     429,951     388,742  
    One-to-four family residential   472,040     484,335     488,655  
    Agricultural and farmland   297,102     285,822     275,239  
    Municipal, consumer, and other   235,201     240,543     232,888  
    Total loans $ 3,369,830   $ 3,385,483   $ 3,342,786  
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,008,359   $ 1,045,697   $ 1,086,877  
    Interest-bearing deposits:          
    Interest-bearing demand   1,076,445     1,094,797     1,134,721  
    Money market   795,150     769,386     673,780  
    Savings   566,783     582,752     623,083  
    Time   803,964     796,069     564,634  
    Brokered   29,999     29,992     114,973  
    Total interest-bearing deposits   3,272,341     3,272,996     3,111,191  
    Total deposits $ 4,280,700   $ 4,318,693   $ 4,198,068  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,379,299     $ 54,783   6.45 %   $ 3,374,058     $ 53,274   6.35 %   $ 3,296,703     $ 50,712   6.10 %
    Debt Securities   1,191,642       6,955   2.32       1,187,795       6,836   2.31       1,317,603       7,380   2.22  
    Deposits with banks   185,870       2,230   4.77       211,117       2,570   4.90       77,595       714   3.65  
    Other   12,660       149   4.68       12,588       144   4.60       16,430       235   5.68  
    Total interest-earning assets   4,769,471     $ 64,117   5.35 %     4,785,558     $ 62,824   5.28 %     4,708,331     $ 59,041   4.97 %
    Allowance for credit losses   (40,780 )             (40,814 )             (38,317 )        
    Noninterest-earning assets   278,030               283,103               294,818          
    Total assets $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,085,609     $ 1,408   0.52 %   $ 1,123,592     $ 1,429   0.51 %   $ 1,160,654     $ 761   0.26 %
    Money market   800,651       4,726   2.35       788,744       4,670   2.38       682,772       2,026   1.18  
    Savings   573,077       396   0.27       592,312       393   0.27       639,384       249   0.15  
    Time   804,379       7,702   3.81       763,507       7,117   3.75       519,683       3,275   2.50  
    Brokered   29,996       417   5.54       38,213       524   5.51       66,776       900   5.34  
    Total interest-bearing deposits   3,293,712       14,649   1.77       3,306,368       14,133   1.72       3,069,269       7,211   0.93  
    Securities sold under agreements to repurchase   29,426       134   1.80       30,440       129   1.70       33,807       35   0.41  
    Borrowings   13,691       119   3.47       13,466       121   3.60       157,908       2,108   5.30  
    Subordinated notes   39,524       470   4.73       39,504       469   4.78       39,444       470   4.72  
    Junior subordinated debentures issued to capital trusts   52,827       1,012   7.63       52,812       944   7.18       52,767       938   7.05  
    Total interest-bearing liabilities   3,429,180     $ 16,384   1.90 %     3,442,590     $ 15,796   1.85 %     3,353,195     $ 10,762   1.27 %
    Noninterest-bearing deposits   1,013,893               1,043,614               1,105,472          
    Noninterest-bearing liabilities   39,903               39,806               46,564          
    Total liabilities   4,482,976               4,526,010               4,505,231          
    Stockholders’ Equity   523,745               501,837               459,601          
    Total liabilities and stockholders’ equity $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    Net interest income/Net interest margin (1)     $ 47,733   3.98 %       $ 47,028   3.95 %       $ 48,279   4.07 %
    Tax-equivalent adjustment (2)       552   0.05           553   0.05           675   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 48,285   4.03 %       $ 47,581   4.00 %       $ 48,954   4.13 %
    Net interest rate spread (4)         3.45 %           3.43 %           3.70 %
    Net interest-earning assets (5) $ 1,340,291             $ 1,342,968             $ 1,355,136          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.39               1.40          
    Cost of total deposits         1.35 %           1.31 %           0.69 %
    Cost of funds         1.47             1.42             0.96  
                                                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Nine Months Ended
      September 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                           
    ASSETS                      
    Loans $ 3,374,875     $ 161,077   6.38 %   $ 3,183,641     $ 142,012   5.96 %
    Debt Securities   1,197,772       20,592   2.30       1,366,298       22,797   2.23  
    Deposits with banks   188,087       6,752   4.80       84,720       2,234   3.53  
    Other   12,744       481   5.04       15,334       545   4.75  
    Total interest-earning assets   4,773,478     $ 188,902   5.29 %     4,649,993     $ 167,588   4.82 %
    Allowance for credit losses   (40,611 )             (37,053 )        
    Noninterest-earning assets   279,789               289,843          
    Total assets $ 5,012,656             $ 4,902,783          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Liabilities                      
    Interest-bearing deposits:                      
    Interest-bearing demand $ 1,112,198     $ 4,148   0.50 %   $ 1,204,937     $ 1,902   0.21 %
    Money market   800,693       14,193   2.37       664,036       4,467   0.90  
    Savings   592,134       1,232   0.28       678,495       616   0.12  
    Time   744,349       20,744   3.72       441,760       6,011   1.82  
    Brokered   50,046       2,058   5.49       22,987       912   5.30  
    Total interest-bearing deposits   3,299,420       42,375   1.72       3,012,215       13,908   0.62  
    Securities sold under agreements to repurchase   30,769       415   1.80       35,844       107   0.40  
    Borrowings   13,387       365   3.64       148,443       5,594   5.04  
    Subordinated notes   39,504       1,409   4.76       39,424       1,409   4.78  
    Junior subordinated debentures issued to capital trusts   52,812       2,889   7.31       51,054       2,582   6.76  
    Total interest-bearing liabilities   3,435,892     $ 47,453   1.84 %     3,286,980     $ 23,600   0.96 %
    Noninterest-bearing deposits   1,031,239               1,123,917          
    Noninterest-bearing liabilities   38,943               46,310          
    Total liabilities   4,506,074               4,457,207          
    Stockholders’ Equity   506,582               445,576          
    Total liabilities and stockholders’ equity $ 5,012,656               4,902,783          
                           
    Net interest income/Net interest margin (1)     $ 141,449   3.96 %       $ 143,988   4.14 %
    Tax-equivalent adjustment (2)       1,680   0.05           2,092   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 143,129   4.01 %       $ 146,080   4.20 %
    Net interest rate spread (4)         3.45 %           3.86 %
    Net interest-earning assets (5) $ 1,337,586             $ 1,363,013          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.41          
    Cost of total deposits         1.31 %           0.45 %
    Cost of funds         1.42             0.72  
                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 8,200     $ 8,425     $ 6,678  
    Past due 90 days or more, still accruing   5       7       —  
    Total nonperforming loans   8,205       8,432       6,678  
    Foreclosed assets   376       320       1,519  
    Total nonperforming assets $ 8,581     $ 8,752     $ 8,197  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 2,046     $ 2,132     $ 1,968  
               
    Allowance for credit losses $ 40,966     $ 40,806     $ 38,863  
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.16 %
    Allowance for credit losses to nonaccrual loans   499.59       484.34       581.96  
    Allowance for credit losses to nonperforming loans   499.28       483.94       581.96  
    Nonaccrual loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming assets to total assets   0.17       0.17       0.16  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.25       0.26       0.25  
                           
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                       
    ALLOWANCE FOR CREDIT LOSSES                  
    Beginning balance $ 40,806     $ 40,815     $ 37,814     $ 40,048     $ 25,333  
    Adoption of ASC 326   —       —       —       —       6,983  
    PCD allowance established in acquisition   —       —       —       —       1,247  
    Provision for credit losses   746       677       983       1,983       5,004  
    Charge-offs   (1,101 )     (870 )     (412 )     (2,198 )     (733 )
    Recoveries   515       184       478       1,133       1,029  
    Ending balance $ 40,966     $ 40,806     $ 38,863     $ 40,966     $ 38,863  
                       
    Net charge-offs (recoveries) $ 586     $ 686     $ (66 )   $ 1,065     $ (296 )
    Average loans   3,379,299       3,374,058       3,296,703       3,374,875       3,183,641  
                       
    Net charge-offs (recoveries) to average loans *   0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
                                   
    *   Annualized measure.                              
                                   
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024     2023  
                       
    PROVISION FOR CREDIT LOSSES                  
    Loans (1) $ 746     $ 677   $ 983     $ 1,983   $ 5,004  
    Unfunded lending-related commitments (1)   (143 )     499     297       323     1,456  
    Debt securities   —       —     (800 )     —     —  
    Total provision for credit losses $ 603     $ 1,176   $ 480     $ 2,306   $ 6,460  
                                       
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
                                       
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjustments:                    
    Acquisition expenses (1)     —       —       —       —       (13,691 )
    Gains (losses) on closed branch premises     —       —       —       (635 )     75  
    Realized gains (losses) on sales of securities     —       —       (813 )     (3,382 )     (1,820 )
    Mortgage servicing rights fair value adjustment     (1,488 )     (97 )     23       (1,505 )     (460 )
    Total adjustments     (1,488 )     (97 )     (790 )     (5,522 )     (15,896 )
    Tax effect of adjustments (2)     424       28       226       1,574       4,382  
    Total adjustments after tax effect     (1,064 )     (69 )     (564 )     (3,948 )     (11,514 )
    Adjusted net income   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
                         
    Average assets   $ 5,006,721     $ 5,027,847     $ 4,964,832     $ 5,012,656     $ 4,902,783  
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Adjusted return on average assets *     1.53       1.45       1.62       1.48       1.61  
                                             
    *   Annualized measure.
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
    (2)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands, except per share amounts)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024     2023  
                         
    Numerator:                    
    Net income   $ 18,180   $ 18,070   $ 19,715     $ 51,508   $ 47,396  
    Earnings allocated to participating securities (1)     —     —     (10 )     —     (26 )
    Numerator for earnings per share – basic and diluted   $ 18,180   $ 18,070   $ 19,705     $ 51,508   $ 47,370  
                         
    Adjusted net income   $ 19,244   $ 18,139   $ 20,279     $ 55,456   $ 58,910  
    Earnings allocated to participating securities (1)     —     —     (10 )     —     (33 )
    Numerator for adjusted earnings per share – basic and diluted   $ 19,244   $ 18,139   $ 20,269     $ 55,456   $ 58,877  
                         
    Denominator:                    
    Weighted average common shares outstanding     31,559,366     31,579,457     31,829,250       31,600,442     31,598,650  
    Dilutive effect of outstanding restricted stock units     118,180     87,354     137,187       115,266     102,574  
    Weighted average common shares outstanding, including all dilutive potential shares     31,677,546     31,666,811     31,966,437       31,715,708     31,701,224  
                         
    Earnings per share – Basic   $ 0.58   $ 0.57   $ 0.62     $ 1.63   $ 1.50  
    Earnings per share – Diluted   $ 0.57   $ 0.57   $ 0.62     $ 1.62   $ 1.49  
                         
    Adjusted earnings per share – Basic   $ 0.61   $ 0.57   $ 0.64     $ 1.75   $ 1.86  
    Adjusted earnings per share – Diluted   $ 0.61   $ 0.57   $ 0.63     $ 1.75   $ 1.86  
                                       
    (1)    The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
     
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Net interest income (tax-equivalent basis)                    
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Net interest income (tax-equivalent basis) (1)   $ 48,285     $ 47,581     $ 48,954     $ 143,129     $ 146,080  
                         
    Net interest margin (tax-equivalent basis)                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Tax-equivalent adjustment * (1)     0.05       0.05       0.06       0.05       0.06  
    Net interest margin (tax-equivalent basis) * (1)     4.03 %     4.00 %     4.13 %     4.01 %     4.20 %
                         
    Average interest-earning assets   $ 4,769,471     $ 4,785,558     $ 4,708,331     $ 4,773,478     $ 4,649,993  
                                             
    *   Annualized measure.
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Efficiency ratio (tax-equivalent basis)                    
    Total noninterest expense   $ 31,322     $ 30,509     $ 30,671     $ 93,099     $ 100,577  
    Less: amortization of intangible assets     710       710       720       2,130       1,950  
    Noninterest expense excluding amortization of intangible assets   $ 30,612     $ 29,799     $ 29,951     $ 90,969     $ 98,627  
                         
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Total noninterest income     8,705       9,610       9,490       23,941       26,841  
    Operating revenue     56,438       56,638       57,769       165,390       170,829  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Operating revenue (tax-equivalent basis) (1)   $ 56,990     $ 57,191     $ 58,444     $ 167,070     $ 172,921  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)     53.71       52.10       51.25       54.45       57.04  
                                             
    (1)    On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
                 
    Tangible Common Equity            
    Total stockholders’ equity   $ 537,662     $ 509,469     $ 456,251  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible common equity   $ 459,290     $ 430,387     $ 375,029  
                 
    Tangible Assets            
    Total assets   $ 4,990,728     $ 5,006,199     $ 4,991,768  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible assets   $ 4,912,356     $ 4,927,117     $ 4,910,546  
                 
    Total stockholders’ equity to total assets     10.77 %     10.18 %     9.14 %
    Tangible common equity to tangible assets     9.35       8.74       7.64  
                 
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140  
                 
    Book value per share   $ 17.04     $ 16.14     $ 14.36  
    Tangible book value per share     14.55       13.64       11.80  
                             
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
             
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Average Tangible Common Equity                    
    Total stockholders’ equity   $ 523,745     $ 501,837     $ 459,601     $ 506,582     $ 445,576  
    Less: Goodwill     59,820       59,820       59,875       59,820       56,406  
    Less: Intangible assets, net     18,892       19,605       21,793       19,607       20,005  
    Average tangible common equity   $ 445,033     $ 422,412     $ 377,933     $ 427,155     $ 369,165  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjusted net income     19,244       18,139       20,279       55,456       58,910  
                         
    Return on average stockholders’ equity *     13.81 %     14.48 %     17.02 %     13.58 %     14.22 %
    Return on average tangible common equity *     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average stockholders’ equity *     14.62 %     14.54 %     17.51 %     14.62 %     17.68 %
    Adjusted return on average tangible common equity *     17.20       17.27       21.29       17.34       21.34  
                                             
    *   Annualized measure.
     

    The MIL Network –

  • MIL-OSI: Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Stilwell Activist Investments, L.P. (together with its affiliates, “Stilwell”), one of the largest stockholders of IF Bancorp, Inc. (“IROQ” or the “Company”) (NASDAQ: IROQ), today issued the following statement in connection with the Company’s upcoming annual meeting of stockholders scheduled to be held on November 25, 2024 (the “Annual Meeting”), at which stockholders will vote on a number of matters, including Stilwell’s non-binding proposal requesting a sale of the Company (the “Proposal”), submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended:

    IF Bancorp – Chronically Disappointing.

    Based on chronic underperformance and the likelihood of continued underperformance, we intend to vote FOR the Proposal, copied directly below, at the upcoming Annual Meeting.

    Proposal: RESOLVED, that the stockholders of IF Bancorp, Inc. (the “Company” or “IROQ”) hereby recommend that the Board of Directors take all necessary steps to promptly effectuate a sale of the Company.

    As set forth in our Supporting Statement included in IROQ’s proxy statement filed with the Securities and Exchange Commission on October 16, 2024, we believe that the returns on the Company’s assets have been subpar for many years and that IROQ stockholders would be best served if the Company and its assets were sold at the earliest opportunity for the highest price available.

    Although our proposal is non-binding, we believe it provides a referendum for IROQ stockholders to express their views on the status quo and that it would be incumbent upon the Board of Directors to seriously consider such views if a majority of stockholders support this Proposal at the Annual Meeting.

    Investor Contact:
    Megan Parisi
    (787) 985-2194
    mparisi@stilwellgroup.com

    PLEASE NOTE: THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. STILWELL IS NOT ASKING FOR YOUR PROXY CARD AND CANNOT AND WILL NOT ACCEPT PROXY CARDS IF SENT. STILWELL IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

    The MIL Network –

  • MIL-OSI: FishWar Officially Powered by Sei: Elevating the GameFi Experience

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Oct. 21, 2024 (GLOBE NEWSWIRE) — FishWar, an innovative Web3 gaming platform that has captivated over a million players worldwide, is proud to announce its official integration with Sei the first parallelized EVM blockchain. This marks a significant milestone in FishWar’s journey to revolutionize the GameFi space by enhancing gameplay, scalability, and overall user experience.

    Sei, renowned for its lightning-fast execution and scalability, brings the combined advantages of Ethereum and Solana to FishWar. As the fastest parallel blockchain, Sei enhances FishWar’s infrastructure, delivering faster transactions, lower fees, and a seamless gaming experience for its ever-growing community.

    Key Benefits of the Integration:

    • Enhanced Performance: With Sei’s parallelized EVM, FishWar players will experience faster, more efficient transactions, ensuring smooth gameplay during PVP tournaments, PVE battles, and in-game purchases.
    • Scalable Infrastructure: Sei’s ability to process up to 12,500 transactions per second means FishWar is well-equipped to handle its growing user base, which now exceeds 1 million players.
    • Lower Fees: Sei keeps transaction costs minimal, allowing players to fully immerse in FishWar without the concern of high fees, making the game accessible to all.

    This integration bolsters FishWar’s commitment to providing an immersive Web3 gaming experience where players build armies, compete in strategic battles, and earn valuable $FISHW tokens. With Sei’s robust blockchain technology, FishWar is poised to deliver an even faster, smoother, and more thrilling adventure in its post-apocalyptic ocean world.

    “We are thrilled to officially power FishWar with Sei. This integration allows us to offer faster, more reliable gameplay to our users while leveraging Sei’s advanced blockchain technology. With this, FishWar is well-positioned to lead the next generation of Web3 gaming,” said Alan Wang, CEO of FishWar.

    About Sei

    Sei is a Layer 1 that combines the advantages of Ethereum and Solana: the dominant development standard of Ethereum with the performance of Solana. The V2 update for Sei makes it the first parallelized EVM. Serving as a new scaling approach for the Ethereum ecosystem while achieving even faster speeds than Solana. Sei launched its mainnet in 2022 and has a growing ecosystem with key teams from Ethereum, Solana, Polygon, Arbitrum, and others deploying. The team is backed by Multicoin, Jump, Coinbase Ventures, and many more.

    Website | X (Former Twitter) | Discord | Telegram

    About FishWar

    FishWar is an innovative Web3 game set in a post-apocalyptic ocean, where players dive into intense battles, strategic gameplay, and real-time PVP tournaments. FishWar merges the thrilling world of GameFi with the evolving realms of Web3, offering an immersive gaming experience for players to earn rewards while building their armies.

    Website | X (Former Twitter) | Discord | Telegram

    Media contact

    Brand: FishWar

    Contact: Media team

    Email: support@fishwar.io

    Website: https://fishwar.io

    The MIL Network –

  • MIL-OSI: Onity Group Announces Proposed Offering of $475 Million of Senior Notes Due 2029

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 21, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity”), a leading non-bank mortgage servicer and originator, today announced that PHH Escrow Issuer LLC (“Escrow Issuer”), a wholly-owned special purpose subsidiary of PHH Corporation (“PHH”), plans to offer $475 million aggregate principal amount of Senior Notes due 2029 (the “Notes”), subject to market and other conditions.

    The Notes will initially be issued by Escrow Issuer. The net proceeds from the sale of the Notes, together with additional cash from Onity, are expected to be placed into escrow pending the satisfaction of certain conditions, including, but not limited to, the consummation of the recently announced sale by Onity of its 15% ownership interest in MSR Asset Vehicle LLC to certain funds affiliated with Oaktree Capital Management, L.P. (the “MAV Sale”). Upon satisfaction of the escrow conditions, the escrowed proceeds will be released to PHH Corporation, and at that time PHH Corporation, along with Onity and certain subsidiaries of PHH, will enter into a supplement to the indenture governing the Notes pursuant to which PHH will become a co-issuer of the Notes and Onity and such subsidiaries will become guarantors of the Notes.

    Upon their release from escrow, the net proceeds from the offering will be used, together with the net proceeds from the MAV Sale and cash on hand, to redeem all of PHH Mortgage Corporation’s outstanding 7.875% Senior Notes due 2026 and all of Onity’s outstanding 12.00%/13.25% Senior Second Lien Notes due 2027.

    The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction.

    The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About Onity Group

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

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the offering of the senior notes by PHH and the use of proceeds therefrom. We cannot provide any assurance that these events will occur. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, the fact that the size of the offering could change or that the offering could be terminated; or if the Notes are issued and sold, that the conditions to the release of the escrowed funds from escrow, including the consummation of the MAV Sale, will not occur. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    For Further Information Contact:

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

    The MIL Network –

  • MIL-OSI: Karolinska Development’s portfolio company SVF Vaccines announces positive data from a phase 1 study of its universal Covid-19 vaccine

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, October 21, 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company SVF Vaccines, has presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002.

    SVF Vaccines develops SVF-002, a DNA vaccine designed to engage a broad neutralizing response directed against the spike protein of SARS-CoV-2, the virus that causes Covid-19, but has also been designed to induce a T-cell response that is capable of eliminating cells in which the virus is present. SVF-002 has now been evaluated in a double-blind, first-in-human clinical study. The results were presented today at the annual meeting of the International Society for Vaccines in Seoul, South Korea, by the principal investigator of the study, Professor Soo Aleman, Senior Physician and Section Manager at the Medical Unit for Infectious Diseases, Karolinska University Hospital.

    The results showed that the vaccine candidate was safe and well-tolerated and that the higher dose boosted neutralizing antibodies to the spike protein and provided unique T-cell responses against highly conserved components of the virus, the membrane protein and the nucleoprotein, which may entail better protection even if the virus changes. The study was run by the OpenCorona consortium in collaboration with the Karolinska University Hospital in Stockholm, Sweden. The study enrolled healthy individuals who had previously received three doses of an mRNA-based Covid-19 vaccine.

    “SVF Vaccine is developing a portfolio of therapeutic and prophylactic vaccines that potentially can both prevent disease and cure infected patients. The positive results in the clinical phase 1 study are an important achievement that validates SVF Vaccines development platform,” says Viktor Drvota, CEO of Karolinska Development.

    Karolinska Development’s ownership in SVF Vaccines amounts to 34%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit http://www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Renegade IDO to Debut on DeFi.Gold Launchpad, Bridging TradFi with Crypto

    Source: GlobeNewswire (MIL-OSI)

    Cayman Islands, Oct. 21, 2024 (GLOBE NEWSWIRE) — – DG Labs Ltd., a leader in decentralized finance (DeFi), announces the upcoming Initial DEX Offering (IDO) on the DeFi.Gold launchpad, featuring Renegade, a financial platform that integrates traditional banking services with advanced cryptocurrency solutions. This partnership aligns with DeFi.Gold’s mission to bridge decentralized finance and traditional financial systems, providing users with greater control, transparency, and empowerment in their financial decisions. Renegade offers an all-in-one platform designed to unify traditional finance and decentralized assets. The platform enables users to seamlessly manage fiat, cryptocurrencies, and other financial products in a single interface, redefining how individuals engage with their finances. Key features of Renegade:

    • All-in-One Financial App: Manage both traditional and cryptocurrency assets through a single, unified platform, streamlining financial management like never before
    • Crypto Exchange and Wallet Services: Buy, sell, and securely store crypto assets with integrated exchange and wallet functionalities, ensuring a smooth and secure user experience
    • Visa Card Integration: Renegade offers a Visa card linked to user accounts, allowing users to spend both fiat and cryptocurrency funds in everyday transactions worldwide
    • Reward System: Users can design personalized reward cards by selecting a ‘squad’ – a monthly subscription model – earning points through RNG staking or completing squad missions for additional rewards
    • AI-Driven Portfolio Management: Advanced AI tools provide precise analysis and automated rebalancing of cryptocurrency portfolios, ensuring optimal performance with minimal effort

    The Renegade crowd sale is set to launch on November 11, 2024. Early participants can secure exclusive discounts by joining the waitlist at renegade.defi.gold. Mona Coyle, CEO of DG Labs Ltd., commented: “We’re proud to partner with Renegade, a company that truly understands the intersection of traditional finance and crypto. This IDO marks a significant step in our mission to provide access to innovative financial solutions that empower users.” Mike Hunt, CEO of Renegade, added: “Our platform is built to redefine how people manage their finances, giving them the tools to navigate between fiat and crypto seamlessly. We’re thrilled to launch with the support of DG Labs and DeFi.Gold and look forward to ushering in a new era of financial freedom.” Expanding the DeFi.Gold Ecosystem In addition to the Renegade IDO, DG Labs is excited to announce that three more IDOs will be launching on the DeFi.Gold platform before the end of 2024. One of these projects is an innovative game that will feature Flurbo and Schmeckle Runes – digital assets previously launched by DeFi.Gold. These Runes will be redeemable for in-game currency and governance tokens, with listings scheduled for Q1 2025. The game will also be the first project on the DeFi.Gold launchpad to be offered via auction, marking a unique milestone in community-driven engagement. For more information on DeFi.Gold’s launchpad and its features, visit http://www.DeFi.Gold.com.
    -ENDS- About DeFi.Gold: DeFi.Gold is pioneering DeFi with the first non-custodial DEX, launchpad, and NFT marketplace built on Bitcoin’s secure infrastructure. By leveraging Bitcoin’s Layer 1 (L1) and the Lightning Network, DeFi.Gold offers enhanced scalability, efficiency, and advanced features. The platform supports trading of assets like Jettons, ERC20 tokens, Runes, RGB, Taproot Assets, and more across Bitcoin, Stacks, TON, and Ethereum. DeFi.Gold NFT marketplace will provide liquidity for creators and collectors, integrating seamlessly with popular web wallets and enabling fast, low-cost transactions. The $DGOLD token powers community-led innovation on the Bitcoin blockchain. Contact:
    Aroma Kumar
    Account Manager
    aroma@lunapr.io
    http://www.lunapr.io

    The MIL Network –

  • MIL-OSI: Neuroscience for Crisis Negotiators at S.W.A.T. Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dr. Henry Mahncke, CEO of Posit Science, which makes the brain training app BrainHQ, will address the 24th Annual Crisis Negotiations Conference of the National Tactical Officers Association, on Tuesday, October 29, 2024 in Chandler, Arizona.

    Dr. Mahncke will discuss how brain health issues of the person-in-crisis can create obstacles to a successful negotiation, and how negotiators who understand these issues (and optimize their own brain performance) can guide negotiations to a successful conclusion.

    “We now do considerable work with SWAT, law enforcement, and emergency response,” observed Dr. Mahncke. “Crisis negotiation draws on a large number of cognitive skills, which we’ve shown — across many studies and field trials — can be systematically improved. Those cognitive skills include attention, speed of processing, memory, and decision-making, but we’ve learned there are many others, including both general and momentary alertness, inhibitory response, emotional recognition, multiple object tracking, peripheral vision, initiation of movement recognition, divided attention, and rule switching.”

    “Managing crisis negotiations is incredibly cognitively demanding,” Dr. Mahncke continued. “It demands mastery of divided attention and rule shifting, as you prioritize and re-prioritize continuously incoming information. It’s both art and science, and we are honored to be asked to present the latest neuroscience related to this field. Our goal is to help officers be relaxed and ready to address the crises with peak cognitive skills and abilities.”

    During his two-hour workshop, Dr. Mahncke will share an overview of how certain cognitive abilities — shown to be systematically improvable — relate to crisis negotiation and management, including data from recent studies and field trials, learnings from interviews, findings regarding the impact of BrainHQ exercises on stress, anxiety, fatigue, confidence and control, as well as some hands-on time with BrainHQ. Conference registrants will have access to the cognitive exercises throughout the conference.

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by elite athletes and teams, special forces, the military, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    Contact: media@brainhq.com

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.95%
    • Return on beginning equity of 18.37%
    • Net interest margin (NIM) expanded to 4.10%
    • Total loans increased by $143 million or 2.6% for the quarter
    • Efficiency ratio was 30.6%

    Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

    Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

    At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

    Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

    Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

    Asset Quality

    Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

    The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

    Allowance for Credit Losses

    The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

    Capitalization

    As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

    AT THE COMPANY:
    Edward J. Czajka
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188    		 AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com
       

    Financial Tables to Follow

    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
                         
                         
              For the Quarter Ended
              September 30,   June 30,   September 30,  
                2024     2024     2023  
    Interest income:              
      Loans, including fees   $ 114,112   $ 109,451   $ 106,695  
      Investment securities     15,032     17,552     18,556  
      Fed funds sold     280     291     278  
        Total interest income     129,424     127,294     125,529  
                         
    Interest expense:              
      Interest-bearing demand     23,211     24,205     20,257  
      Savings     84     79     67  
      Time certificates     35,956     35,578     29,369  
      FHLB borrowings     –     –     1,557  
      Subordinated debt     1,325     1,325     1,325  
        Total interest expense     60,576     61,187     52,575  
        Net interest income     68,848     66,107     72,954  
    Provision for credit losses     3,200     2,500     3,500  
        Net interest income after provision for              
          credit losses     65,648     63,607     69,454  
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     747     819     939  
      Letters of credit fee income     1,959     1,749     1,412  
      BOLI income     108     105     103  
      Net gain on sale of loans     91     353     21  
      Other income     554     378     497  
        Total noninterest income     3,459     3,404     2,972  
                         
    Noninterest expense:              
      Salary and employee benefits     13,525     12,944     13,008  
      Net occupancy expense     1,883     1,716     1,563  
      Business development and promotion expense     241     403     193  
      Professional services     1,816     1,832     1,423  
      Office supplies and equipment expense     435     477     395  
      Loss on sale of OREO, valuation allowance and related expense     1,915     29     140  
      Other       2,274     2,296     2,287  
        Total noninterest expense     22,089     19,697     19,009  
        Income before provision for income taxes     47,018     47,314     53,417  
    Income tax expense     13,635     13,722     15,225  
        Net income   $ 33,383   $ 33,592   $ 38,192  
                         
    Income per share available to common shareholders              
        Basic   $ 2.50   $ 2.51   $ 2.74  
        Diluted   $ 2.46   $ 2.48   $ 2.71  
                         
    Weighted-average common shares outstanding              
        Basic     13,327,848     13,362,522     13,925,994  
        Diluted     13,544,273     13,548,400     14,105,915  
                         
    Cash dividends per common share   $ 0.70   $ 0.70   $ 0.55  
                         
    PREFERRED BANK  
    Condensed Consolidated Statements of Operations  
    (unaudited)  
    (in thousands, except for net income per share and shares)  
                         
                         
              For the Nine Months Ended      
              September 30,   September 30,   Change  
                2024     2023     %  
    Interest income:              
      Loans, including fees   $ 333,543   $ 304,796     9.4  
      Investment securities     48,841     47,454     2.9  
      Fed funds sold     854     774     10.4  
        Total interest income     383,238     353,024     8.6  
                         
    Interest expense:              
      Interest-bearing demand     69,706     53,701     29.8  
      Savings     238     153     55.6  
      Time certificates     105,864     71,399     48.3  
      FHLB borrowings     –     3,819     -100.0 %
      Subordinated debt     3,975     3,975     0.0  
        Total interest expense     179,783     133,046     35.1  
        Net interest income     203,455     219,978     -7.5 %
    Provision for credit losses     10,100     6,500     55.4  
        Net interest income after provision for credit losses     193,355     213,478     -9.4 %
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     2,411     2,477     -2.7 %
      Letters of credit fee income     5,211     4,312     20.8 %
      BOLI income     318     307     3.3 %
      Net loss on called and sale of investment securities     –     (4,117 )   -100.0 %
      Net gain on sale of loans     547     547     -0.1 %
      Other income     1,441     1,481     -2.7 %
        Total noninterest income     9,928     5,007     98.3 %
                         
    Noninterest expense:              
      Salary and employee benefits     40,369     39,256     2.8 %
      Net occupancy expense     5,310     4,513     17.7 %
      Business development and promotion expense     910     498     82.7 %
      Professional services     5,105     3,915     30.4 %
      Office supplies and equipment expense     1,385     1,197     15.7 %
      Loss on sale of OREO, valuation allowance and related expense     2,079     3,050     -31.8 %
      Other       6,656     6,332     5.1 %
        Total noninterest expense     61,814     58,761     5.2 %
        Income before provision for income taxes     141,469     159,724     -11.4 %
    Income tax expense     41,028     45,523     -9.9 %
        Net income   $ 100,441   $ 114,201     -12.0 %
                         
    Income per share available to common shareholders              
        Basic   $ 7.50   $ 8.01     -6.4 %
        Diluted   $ 7.39   $ 7.92     -6.7 %
                         
    Weighted-average common shares outstanding              
        Basic     13,399,487     14,257,005     -6.0 %
        Diluted     13,587,820     14,418,939     -5.8 %
                         
    Dividends per share   $ 2.10   $ 1.65     27.3 %
                         
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
                   
                   
            September 30,   December 31,  
              2024       2023    
            (Unaudited)   (Audited)  
    Assets        
    Cash and due from banks $ 782,394     $ 890,852    
    Fed funds sold   22,600       20,000    
      Cash and cash equivalents   804,994       910,852    
                   
    Securities held-to-maturity, at amortized cost   20,311       21,171    
    Securities available-for-sale, at fair value   337,363       313,842    
                   
    Loans held for sale, at lower of cost or fair value   225       360    
                   
    Loans   5,571,579       5,273,498    
      Less allowance for credit losses   (76,051 )     (78,355 )  
      Less amortized deferred loan fees, net   (10,414 )     (11,079 )  
      Loans, net   5,485,114       5,184,064    
                   
    Other real estate owned and repossessed assets   15,082       16,716    
    Customers’ liability on acceptances   –       315    
    Bank furniture and fixtures, net   9,195       9,694    
    Bank-owned life insurance   10,364       10,632    
    Accrued interest receivable   35,562       33,892    
    Investment in affordable housing partnerships   58,009       65,276    
    Federal Home Loan Bank stock, at cost   15,000       15,000    
    Deferred tax assets   46,209       48,991    
    Income tax receivable   1,013       2,391    
    Operating lease right-of-use assets   30,489       22,050    
    Other assets   3,414       4,030    
      Total assets $ 6,872,344     $ 6,659,276    
                   
    Liabilities and Shareholders’ Equity        
    Deposits:        
      Noninterest bearing demand deposits $ 682,859     $ 786,995    
      Interest bearing deposits:   1,994,288       2,075,156    
        Savings   29,793       29,167    
        Time certificates of $250,000 or more   1,478,500       1,317,862    
        Other time certificates   1,682,324       1,500,162    
        Total deposits   5,867,764       5,709,342    
                   
    Acceptances outstanding   –       315    
    Subordinated debt issuance, net   148,410       148,232    
    Commitments to fund investment in affordable housing partnerships   23,617       30,824    
    Operating lease liabilities   26,730       19,766    
    Accrued interest payable   16,001       16,124    
    Other liabilities   39,705       39,568    
      Total liabilities   6,122,227       5,964,171    
                   
    Shareholders’ equity   750,117       695,105    
      Total liabilities and shareholders’ equity $ 6,872,344     $ 6,659,276    
                   
    Book value per common share $ 56.54     $ 50.54    
    Number of common shares outstanding   13,267,852       13,753,246    
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                     
                     
                     
            For the Quarter Ended
                     
            September 30, June 30, March 31, December 31, September 30,
              2024     2024     2024     2023     2023  
    Unaudited historical quarterly operations data:          
      Interest income $ 129,424   $ 127,294   $ 126,520   $ 124,964   $ 125,529  
      Interest expense   60,576     61,187     58,020     55,568     52,575  
        Interest income before provision for credit losses   68,848     66,107     68,500     69,396     72,954  
      Provision for credit losses   3,200     2,500     4,400     3,500     3,500  
      Noninterest income   3,459     3,404     3,065     2,106     2,972  
      Noninterest expense   22,089     19,697     20,028     17,873     19,009  
      Income tax expense   13,635     13,722     13,671     14,290     15,225  
        Net income $ 33,383   $ 33,592   $ 33,466   $ 35,839   $ 38,192  
                     
      Earnings per share          
        Basic $ 2.50   $ 2.51   $ 2.48   $ 2.63   $ 2.74  
        Diluted $ 2.46   $ 2.48   $ 2.44   $ 2.60   $ 2.71  
                     
    Ratios for the period:          
      Return on average assets   1.95 %   1.97 %   2.00 %   2.15 %   2.25 %
      Return on beginning equity   18.37 %   19.44 %   19.36 %   21.21 %   22.66 %
      Net interest margin (Fully-taxable equivalent)   4.10 %   3.96 %   4.19 %   4.24 %   4.39 %
      Noninterest expense to average assets   1.29 %   1.15 %   1.20 %   1.07 %   1.12 %
      Efficiency ratio   30.55 %   28.34 %   27.99 %   25.00 %   25.04 %
      Net charge-offs (recoveries) to average loans (annualized)   -0.00 %   0.68 %   0.26 %   -0.00 %   0.01 %
                     
    Ratios as of period end:          
      Tangible common equity ratio   10.92 %   10.55 %   10.35 %   10.43 %   10.10 %
      Tier 1 leverage capital ratio   11.28 %   10.89 %   10.80 %   10.85 %   10.46 %
      Common equity tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Total risk-based capital ratio   15.06 %   14.93 %   15.08 %   15.18 %   15.32 %
      Allowances for credit losses to loans at end of period   1.36 %   1.34 %   1.49 %   1.49 %   1.46 %
      Allowance for credit losses to non-performing loans 3.92x 1.79x 4.33x 2.73x 3.86x
                     
    Average balances:          
      Total securities $ 356,590   $ 353,357   $ 348,961   $ 349,863   $ 368,968  
      Total loans   5,458,613     5,320,360     5,263,562     5,126,918     5,086,241  
      Total earning assets   6,684,766     6,728,498     6,585,853     6,499,469     6,597,557  
      Total assets   6,817,979     6,863,829     6,718,018     6,627,349     6,719,859  
      Total time certificate of deposits   2,874,985     2,884,259     2,852,860     2,767,385     2,680,854  
      Total interest bearing deposits   5,124,245     5,203,034     5,004,834     4,906,947     4,800,227  
      Total deposits   5,828,227     5,901,976     5,761,488     5,689,713     5,654,350  
      Total interest bearing liabilities   5,272,617     5,351,347     5,153,089     5,055,143     5,069,014  
      Total equity   747,222     715,190     704,996     683,141     678,020  
                     
    PREFERRED BANK  
    Selected Consolidated Financial Information  
    (unaudited)  
    (in thousands, except for ratios)  
                   
                   
                   
            For the Nine Months Ended  
            September 30,   September 30,  
              2024       2023    
                   
      Interest income $ 383,238     $ 353,024    
      Interest expense   179,783       133,046    
        Interest income before provision for credit losses   203,455       219,978    
      Provision for credit losses   10,100       6,500    
      Noninterest income   9,928       5,007    
      Noninterest expense   61,814       58,761    
      Income tax expense   41,028       45,523    
        Net income $ 100,441     $ 114,201    
                   
      Earnings per share        
        Basic $ 7.50     $ 8.01    
        Diluted $ 7.39     $ 7.92    
                   
    Ratios for the period:        
      Return on average assets   1.97 %     2.33 %  
      Return on beginning equity   19.30 %     24.22 %  
      Net interest margin (Fully-taxable equivalent)   4.08 %     4.58 %  
      Noninterest expense to average assets   1.21 %     1.20 %  
      Efficiency ratio   28.97 %     26.12 %  
      Net charge-off (recoveries) to average loans   0.31 %     0.00 %  
                   
    Average balances:        
      Total securities $ 352,982     $ 402,971    
      Total loans   5,347,918       5,048,452    
      Total earning assets   6,666,439       5,047,971    
      Total assets   6,800,008       6,436,889    
      Total time certificate of deposits   2,870,717       6,560,955    
      Total interest bearing deposits   5,110,755       2,504,426    
      Total deposits   5,830,555       4,602,039    
      Total interest bearing liabilities   5,259,068       5,539,223    
      Total equity   722,560       4,851,214    
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
                             
            As of
                             
            September 30,   June 30,   March 31,   December 31,   September 30,
              2024       2024       2024       2023       2023  
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 804,994     $ 917,677     $ 936,600     $ 910,852     $ 1,021,108  
      Securities held-to-maturity, at amortized cost   20,311       20,605       20,904       21,171       21,474  
      Securities available-for-sale, at fair value   337,363       331,909       333,411       313,842       335,608  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 753,453     $ 732,251     $ 724,101     $ 688,058     $ 663,021  
          Real estate—Commercial   2,882,506       2,833,430       2,777,608       2,760,761       2,688,148  
          Total Real Estate – Mortgage   3,635,959       3,565,681       3,501,709       3,448,819       3,351,169  
        Real estate – Construction:                  
          R/E Construction — Residential   274,214       238,062       236,596       246,201       226,482  
          R/E Construction — Commercial   290,308       247,582       213,727       179,775       164,666  
          Total real estate construction loans   564,522       485,644       450,323       425,976       391,148  
        Commercial and industrial   1,365,550       1,369,617       1,369,529       1,394,871       1,377,675  
        SBA   5,649       5,463       3,914       3,469       2,424  
        Consumer and others   124       118       379       363       285  
          Gross loans   5,571,804       5,428,600       5,325,854       5,273,498       5,128,242  
      Allowance for credit losses on loans   (76,051 )     (72,848 )     (79,311 )     (78,355 )     (74,849 )
      Net deferred loan fees   (10,414 )     (10,502 )     (10,460 )     (11,079 )     (10,240 )
        Net loans, excluding loans held for sale $ 5,485,339     $ 5,345,250     $ 5,236,083     $ 5,184,064     $ 5,043,153  
      Loans held for sale $ 225     $ 955     $ 605     $ 360     $ –  
        Net loans $ 5,485,564     $ 5,346,205     $ 5,236,688     $ 5,184,424     $ 5,043,153  
                             
      Other real estate owned and repossessed assets $ 15,082     $ 16,716     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,009       60,432       62,854       65,276       54,679  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   136,021       138,036       134,040       131,995       124,793  
        Total assets $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 682,859     $ 675,767     $ 709,767     $ 786,995     $ 838,300  
        Interest bearing demand   1,994,288       2,326,214       2,159,948       2,075,156       2,091,384  
        Savings   29,793       28,251       29,261       29,167       30,427  
        Time certificates of $250,000 or more   1,478,500       1,406,149       1,349,927       1,317,862       1,283,461  
        Other time certificates   1,682,324       1,442,381       1,552,805       1,500,162       1,439,699  
        Total deposits $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342     $ 5,683,271  
                             
      Acceptances outstanding $ –     $ –     $ –     $ 315     $ 103  
      Subordinated debt issuance, net   148,410       148,351       148,292       148,232       148,173  
      Commitments to fund investment in affordable housing partnerships       23,617       27,946       29,647       30,824       20,824  
      Other liabilities   82,436       68,394       77,008       75,458       109,651  
        Total liabilities $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171     $ 5,962,022  
                             
    Equity:                    
      Net common stock, no par value $ 109,928     $ 113,509     $ 115,915     $ 134,534     $ 143,584  
      Retained earnings   664,808       640,675       616,417       592,325       566,027  
      Accumulated other comprehensive income   (24,619 )     (31,057 )     (32,774 )     (31,754 )     (39,103 )
        Total shareholders’ equity $ 750,117     $ 723,127     $ 699,558     $ 695,105     $ 670,508  
        Total liabilities and shareholders’ equity $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended September 30,   Three months ended June 30,   Three months ended September 30,
            2024       2024       2023  
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,459,842   $ 114,112 8.31 %   $ 5,324,410   $ 109,451 8.27 %   $ 5,086,302   $ 106,695 8.32 %
      Investment securities (3)   356,590     3,610 4.03 %     353,357     3,652 4.16 %     368,968     3,422 3.68 %
      Federal funds sold   20,164     280 5.52 %     20,866     291 5.61 %     20,111     278 5.48 %
      Other earning assets   848,170     11,521 5.40 %     1,029,865     13,999 5.47 %     1,122,176     15,235 5.39 %
        Total interest earning assets   6,684,766     129,523 7.71 %     6,728,498     127,393 7.61 %     6,597,557     125,630 7.55 %
      Deferred loan fees, net   (10,248 )         (10,459 )         (10,071 )    
      Allowance for credit losses on loans   (72,899 )         (79,119 )         (71,503 )    
    Noninterest earning assets:                      
      Cash and due from banks   10,826           10,626           12,101      
      Bank furniture and fixtures   9,419           9,787           8,814      
      Right of use assets   22,496           22,886           21,491      
      Other assets   173,619           181,610           161,470      
        Total assets $ 6,817,979         $ 6,863,829         $ 6,719,859      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,249,260   $ 23,295 4.12 %   $ 2,318,775   $ 24,284 4.21 %   $ 2,119,373   $ 20,324 3.80 %
        TCD $250K or more   1,412,073     17,866 5.03 %     1,379,116     17,295 5.04 %     1,251,397     14,085 4.47 %
        Other time certificates   1,462,912     18,090 4.92 %     1,505,143     18,283 4.89 %     1,429,457     15,284 4.24 %
        Total interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     –     – 0.00 %     120,652     1,557 5.12 %
    Subordinated debt, net   148,372     1,325 3.55 %     148,313     1,325 3.59 %     148,135     1,325 3.55 %
        Total interest bearing liabilities   5,272,617     60,576 4.57 %     5,351,347     61,187 4.60 %     5,069,014     52,575 4.11 %
    Noninterest bearing liabilities:                      
      Demand deposits   703,982           698,942           854,123      
      Lease liability   18,882           19,828           19,759      
      Other liabilities   75,276           78,522           98,943      
        Total liabilities   6,070,757           6,148,639           6,041,839      
    Shareholders’ equity   747,222           715,190           678,020      
        Total liabilities and shareholders’ equity $ 6,817,979         $ 6,863,829         $ 6,719,859      
    Net interest income   $ 68,947       $ 66,206       $ 73,055  
    Net interest spread     3.14 %       3.02 %       3.44 %
    Net interest margin     4.10 %       3.96 %       4.39 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 703,982         $ 698,942         $ 854,123      
      Interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
        Total Deposits $ 5,828,227   $ 59,251 4.04 %   $ 5,901,976   $ 59,862 4.08 %   $ 5,654,350   $ 49,693 3.49 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (Unaudited)
                       
                       
          Nine Months ended September 30,
            2024
    		       2023  
            Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
      Loans (1,2) $ 5,350,465   $ 333,543 8.33 %   $ 5,048,452   $ 304,796 8.07 %
      Investment securities (3)   352,982     10,691 4.05 %     402,971     11,125 3.69 %
      Federal funds sold   20,472     854 5.57 %     20,111     774 5.14 %
      Other earning assets   942,520     38,448 5.45 %     965,355     36,633 5.07 %
        Total interest earning assets   6,666,439     383,536 7.68 %     6,436,889     353,328 7.34 %
      Deferred loan fees, net   (10,466 )         (10,142 )    
      Allowance for credit losses on loans   (76,775 )         (69,653 )    
    Noninterest earning assets:              
      Cash and due from banks   10,693           11,912      
      Bank furniture and fixtures   9,762           8,931      
      Right of use assets   22,462           21,780      
      Other assets   177,893           161,238      
        Total assets $ 6,800,008         $ 6,560,955      
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
      Deposits:              
        Interest bearing demand/ savings $ 2,240,038   $ 69,944 4.17 %   $ 2,097,613   $ 53,854 3.43 %
        TCD $250K or more   1,377,621     51,662 5.01 %     1,258,870     37,600 3.99 %
        Other time certificates   1,493,096     54,202 4.85 %     1,245,556     33,798 3.63 %
        Total interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     101,099     3,819 5.05 %
    Subordinated debt, net   148,313     3,975 3.58 %     148,076     3,975 3.59 %
        Total interest bearing liabilities   5,259,068     179,783 4.57 %     4,851,214     133,046 3.67 %
    Noninterest bearing liabilities:              
      Demand deposits   719,800           937,184      
      Lease liability   19,401           20,482      
      Other liabilities   79,179           83,213      
        Total liabilities   6,077,448           5,892,093      
    Shareholders’ equity   722,560           668,862      
        Total liabilities and shareholders’ equity $ 6,800,008         $ 6,560,955      
    Net interest income   $ 203,753       $ 220,282  
    Net interest spread     3.12 %       3.67 %
    Net interest margin     4.08 %       4.58 %
                       
    Cost of Deposits:              
      Noninterest bearing demand deposits $ 719,800         $ 937,184      
      Interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
        Total Deposits $ 5,830,555   $ 175,808 4.03 %   $ 5,539,223   $ 125,252 3.02 %
                       
    (1) Includes non-accrual loans and loans held for sale              
    (2) Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis            
    PREFERRED BANK  
    Loan and Credit Quality Information  
                     
    Allowance For Credit Losses History  
              Nine Months Ended Year ended  
              September 30, 2024   December 31, 2023  
              (Dollars in 000’s)  
    Allowance For Credit Losses          
    Balance at Beginning of Period   $ 78,355     $ 68,472    
      Charge-Offs          
        Commercial & Industrial     12,409       124    
        Mini-perm Real Estate     –       –    
        Total Charge-Offs     12,409       124    
                     
      Recoveries          
        Commercial & Industrial     5       7    
        Mini-perm Real Estate     –       –    
        Total Recoveries     5       7    
                     
      Net Charge-Offs     12,404       117    
      Provision for Credit Losses:     10,100       10,000    
    Balance at End of Period   $ 76,051     $ 78,355    
                     
    Average Loans Held for Investment   $ 5,347,918     $ 5,067,870    
    Loans Held for Investment at End of Period   $ 5,571,579     $ 5,273,498    
    Net Charge-Offs to Average Loans     0.31 %     0.00 %  
    Allowances for Credit Losses to Loans at End of Period     1.36 %     1.49 %  
                     

    The MIL Network –

  • MIL-OSI: Diamond Equity Research Initiates Coverage on Solowin Holdings (NASDAQ:SWIN)

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Oct. 21, 2024 (GLOBE NEWSWIRE) —

    Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has initiated coverage of Solowin Holdings (NASDAQ: SWIN). The in-depth 39-page initiation report includes detailed information on the Solowin’s business model, services, industry overview, valuation, management profile, and risks.

    The full research report is available below. 

    Solowin Holdings Initiation of Coverage

    Highlights from the report include:                                              

    • Distinct Competitive Advantage by Combining both Virtual Asset Trading and Traditional Financing: Solowin stands out as one of the few firms authorized to trade both virtual and traditional assets in Hong Kong, a highly regulated market with significant barriers to entry. This exclusive regulatory approval provides Solowin with a critical first-mover advantage, enabling it to integrate both traditional and digital asset offerings within its service portfolio. The firm’s unique ability to bridge conventional wealth management through Solomon Wealth with cutting-edge digital asset solutions via Solomon JFZ offers investors a diversified and comprehensive platform to manage various asset classes, appealing particularly to high-net-worth individuals and family offices. Solowin has already secured a dominant market position as the largest holder of customer assets in key ETFs such as the ChinaAMC Bitcoin ETF and the Harvest Bitcoin Spot ETF. This substantial market share in the rapidly expanding digital asset sector emphasize Solowin’s execution in capturing growth from emerging investment trends.
    • Robust Strategic Partnerships with Key Industry Players: The strategic collaborations with key financial entities like OSL, MaiCapital, ChinaAMC, and Harvest Global have bolstered Solowin’s capabilities in providing regulated, high-quality financial products. These partnerships not only extend its market reach but also enhance brand credibility and customer trust, which are crucial for sustaining growth and expanding its client base in both traditional and virtual asset markets.    
    • Leveraging Hong Kong’s Vast Market Potential: Hong Kong, a premier global financial hub, presents substantial opportunities for Solowin, as evidenced by the city’s impressive HK$25.5 trillion securities market turnover in 2023, despite global economic fluctuations. This dynamic market, supported by a wealth of high-net-worth individuals and advanced financial infrastructure, provides an ideal setting for Solowin’s diverse financial services. Its strategic location not only offers unrivaled access to Asian markets but also serves as a major conduit for capital flows into and out of China, boosting its attractiveness to international investors. Hong Kong serves as an optimal platform for expanding Solowin’s digital asset and private wealth management services. These sectors are key to Solowin’s strategic diversification and are poised for rapid growth, fueled by increasing investor interest in innovative and alternative financial products. The city’s advanced regulatory and technological frameworks support these services, offering potential for significant market penetration and scalability.
    • Valuation – Solowin Holdings presents a unique investment opportunity, driven by its strategic diversification into Private Wealth and Virtual Assets alongside traditional financial services. Leveraging its established user base, Solowin has significantly enhanced customer value and expanded its market presence. Our valuation analysis, using a Discounted Cash Flow (DCF) approach with a discount rate of 12.10%—which reflects the company’s growth potential balanced against market risks, competitive landscape, and regulatory uncertainties—and a terminal growth rate of 1.5%, along with Comparable Company Analysis (EV/Revenue multiple), estimates Solowin’s per share value at $4.74, contingent on successful execution by company.

    About Solowin Holdings  

    Solowin Holdings, an investment holding company, provides Investment banking services, wealth management services, asset management services, and virtual assets services to customers. Solowin Holdings was incorporated in 2021 and is based out of Tsim Sha Tsui, Hong Kong. 

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com.

    Disclosures:

    Diamond Equity Research LLC is being compensated by Solowin Holdings (NASDAQ: SWIN) for producing research materials regarding Solowin Holdings and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 10/21/24 the issuer paid us $50,000 for our company sponsored research services, which commenced 05/15/24 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/21/24. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities, including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Solowin Holdings. Please review disclosure page in attached initiation report for full disclosures.

    Contact:

    Diamond Equity Research
    research@diamondequityresearch.com

    Attachment

    The MIL Network –

  • MIL-OSI: Music Licensing, Inc. (OTC: SONG) Retains SmallCapVoice.com Inc. (“SCV”) to Provide Investor Relations Services

    Source: GlobeNewswire (MIL-OSI)

    Naples, FL, Oct. 21, 2024 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leading diversified music rights management company, announces today it has retained Austin, Texas-based SmallCapVoice.com Inc. (“SCV”). SmallCapVoice.com, Inc. is an investor relations and communications firm focused on emerging growth companies. Music Licensing, Inc. and SCV will be creating several different initiatives aimed at increasing corporate exposure to new investors, as well as current shareholders, customers and others.

    Stuart Smith, CEO of SmallCapVoice.com, Inc., commented, “We’re thrilled by the major licensing deals Music Licensing, Inc. has secured in 2024,” said Stuart Smith, CEO of SmallCapVoice.com, Inc. “Their ability to target unique market niches and differentiate themselves in the industry has caught our attention, and it’s something we look forward to highlighting.”

    “We are pleased to engage SmallCapVoice.com, Inc. for investor relations activities. In relation to these activities, we are updating the investor pages on our website. We look forward to working with SmallCapVoice.com to enhance communication with a wider shareholder base and share the exciting developments at Music Licensing, Inc.,” stated Jake P. Noch, CEO of Music Licensing, Inc.

    About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as artificial intelligence (A.I.) created music.

    Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine “Mouthwash” Antiseptic and musical works by artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and numerous others.

    About SmallCapVoice.com

    SmallCapVoice.com, Inc. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies, small cap and micro-cap stocks build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, podcasts, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks in which they are interested. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTCMarkets. To learn more about SmallCapVoice.com and its services, please visit https://www.smallcapvoice.com/small-cap-stock-otc-investor-relations-financial-public-relations/.

    Socialize with SmallCapVoice and their clients at

    Facebook: https://www.facebook.com/SmallCapVoice/  
    Twitter: https://twitter.com/smallcapvoice   
    Instagram: https://www.instagram.com/smallcapvoice/

    Forward-Looking Statements

    This news release contains forward-looking statements that reflect Management’s current views about future events and financial performance. Forward-looking statements often contain words such as ”expects,” ”anticipates,” ”intends,” or ”believes.” Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, our inability to patent products or processes, our infringement of patents held by others, our inability to finance our business and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.

    Forward-Looking Statements:

    This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

    Contact: investors@ProMusicRights.com

    SmallCapVoice.com
    Stuart T. Smith
    512-267-2430
    Info@SmallCapVoice.com

    Source: Music Licensing, Inc.

    The MIL Network –

  • MIL-OSI: Dayforce Launches New Brand Campaign: ‘Do the Work You’re Meant to Do’

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced the launch of its mass brand advertising campaign, ‘Do the work you’re meant to do.’ Brought to life through television and out-of-home (OOH) displays across the U.S., the campaign encourages viewers to harness simplicity at scale in their HR operations to achieve greater purpose and meaning within their work lives.

    Dayforce uses humor in its TV commercial to illustrate ways technology can help make work life better for employees. Courtesy: Dayforce

    This campaign falls on the heels of the company’s announcement to unite its global brand as Dayforce. With a focus on helping organizations realize the full potential of their people, Dayforce continues to set a new standard for the HCM industry and help deliver quantifiable value to customers.

    “We’re creating moments of connection with our audiences by surfacing the emotions we all feel when we’re bogged down in administrative tasks, and can’t get to the work we’re passionate about and meant to do,” said Eric Glass, Chief Marketing and Communications Officer, Dayforce, Inc. “Our campaign addresses the importance of focusing on meaningful, purposeful work and how technology can empower us to do just that.”

    Comprised of a series of vignette-style stories, the multi-channel brand campaign showcases a variety of professions and industries where workers are not able to get to the work they are meant to be doing because the complexity and volume of administrative, inefficient, tasks get in the way.

    The new commercial will air across the U.S. and will be complemented by a series of online, LinkedIn, Meta, and podcast ads. The campaign OOH advertising will entertain audiences by showcasing challenges the characters face when trying to make time for the work they’re passionate about. The OOH elements will be located at Chicago O’Hare and Atlanta airports as well as in New York City in Grand Central Station and Penn Station.

    This is the first campaign to come from Dayforce since bringing on Rethink as its creative agency of record, and Prophet as its media strategy agency of record.

    Additional information:

    About Dayforce   

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

    Media Contact
    Leslie Whitelaw
    1-437-224-6993
    Leslie.whitelaw@dayforce.com

    The MIL Network –

  • MIL-OSI: James Richberg Appointed to Mattermost Federal Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Reston, Virginia, Oct. 21, 2024 (GLOBE NEWSWIRE) — Mattermost Federal, Inc., a leader in delivering the secure, real-time collaboration and workflow tools that modern defense, security, and intelligence teams need to maintain command, control, and operational tempo, is pleased to announce the appointment of James Richberg to its Board of Directors, effective September 1, 2024. Richberg brings a wealth of experience as an award-winning Chief Information Security Officer (CISO) and former senior U.S. Government cyber intelligence executive, recognized for his leadership in enhancing cybersecurity and developing innovative strategies to address the complex challenges of today’s digital landscape.

    Richberg has a distinguished career in both the public and private sectors, serving as the Field Chief Information Security Officer at a NASDAQ 100 global cybersecurity company, where he led public sector outreach and contributed to an impressive sector annual growth rate. His extensive background includes roles as a corporate board member, leader of multi-company industry working groups on cybersecurity, and key contributor to the U.S. national cyber strategy. Richberg has received numerous accolades, including the Presidential Rank Award for his exceptional vision and leadership in cyber intelligence.

    “We are excited to welcome James Richberg to the Mattermost Federal Board,” said Corey Hulen, CEO of Mattermost Federal. “His deep expertise in cybersecurity, risk management, and public-private collaboration will be invaluable as we continue to expand our solutions to address the unique challenges of the defense, intelligence, and critical infrastructure sectors. James’ proven track record of driving security innovation and policy development will greatly enhance our ability to deliver the most secure collaboration platform for government agencies.”

    Richberg’s appointment reflects Mattermost Federal’s ongoing commitment to securing collaboration in high-risk, mission-critical environments, ensuring compliance with rigorous security standards, and delivering robust, scalable solutions for the most sensitive government and defense operations.

    About Mattermost Federal

    Mattermost Federal provides a secure collaboration platform built for the public and private sector, empowering defense, intelligence, and critical infrastructure organizations with the tools they need to securely collaborate, share information, and drive mission success. Trusted by the U.S. Department of Defense and other government entities, Mattermost Federal is committed to delivering cutting-edge solutions that meet the highest security and compliance standards.

    The MIL Network –

  • MIL-OSI: ManTech Opens Center for Innovation and Partnership in Hawaii to Support Department of Defense Missions in the Indo-Pacific

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU and HERNDON, VA., Oct. 21, 2024 (GLOBE NEWSWIRE) — ManTech, a leading provider of AI and mission-focused technology solutions, today opened its new Innovation and Partnership Center in Hawaii (named Kūmaumau). This center expands the company’s support of U.S. Department of Defense missions in the Indo-Pacific region. Strategically located in Honolulu’s growing hi-tech corridor, ManTech’s new facility will play a pivotal role in advancing U.S. Indo-Pacific Command missions.

    The Kūmaumau Center will deliver cutting-edge capabilities to ensure U.S. military forces maintain dominance across both physical and digital battlefields. These include solutions for mitigating Contested Logistics, enhancing Integrated Missile Systems, advancing fixed and undersea intelligence surveillance, providing C5ISR support, and deploying Data @ the Edge technologies for secure communications in challenging environments. The center will also focus on Full-Spectrum Cyber capabilities to protect against emerging digital threats.

    “ManTech has an enduring commitment to supporting defense and national security objectives from the vital hub of Hawaii,” said David Hathaway, President of ManTech’s Defense Sector. “Our new Innovation Center will build on this platform of mission success by developing, testing and deploying advanced technology solutions that provide our warfighters and partners with an all-important edge in combat scenarios.”

    “As a long-term member of Hawaii’s community, we have designed Kūmaumau as a hub for collaboration with local businesses, universities, and international partners to support national security,” said Byron K.W. Leong, ManTech’s Executive Director, U.S. Indo-Pacific Business Development. “This new facility underscores ManTech’s dedication to pioneering mission-critical technology committing to the creation of career opportunities for the people and businesses of Hawaii.”

    ManTech Innovation Center
    SALT at Our Kaka’ako
    680 Ala Moana Blvd – Suite 103 Honolulu, HI 96813

    About ManTech
    ManTech provides mission-focused technology solutions and services for U.S. Defense, Intelligence and Federal Civilian agencies as a 55-year Industry Partner with the Federal Government. We are a leading mission and enterprise technology provider that powers AI, full-spectrum cyber, data collection & analytics, high-end digital engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at http://www.mantech.com.

    Media Contact:

    Jim Crawford
    ManTech
    Executive Director, External Communications
    (M) 703-498-7315
    James.Crawford2@ManTech.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d64b7873-d3f3-49f2-bb4a-abe3e9c910f2

    The MIL Network –

  • MIL-OSI: Microchip Expands 64-bit Portfolio with High-Performance, Post-Quantum Security-Enabled PIC64HX Microprocessors

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., Oct. 21, 2024 (GLOBE NEWSWIRE) — The global edge computing market is expected to grow by more than 30 percent in the next five years, serving mission-critical applications in the aerospace, defense, military, industrial and medical sectors. To meet this increasing demand for reliable, embedded solutions for mixed-criticality systems, Microchip Technology (Nasdaq: MCHP) has announced the PIC64HX family of microprocessors (MPUs). Unlike traditional MPUs, the PIC64HX is purpose built to address the unique demands of intelligent edge designs.

    The latest in Microchip’s 64-bit portfolio, the PIC64HX is a high-performance, multicore 64-bit RISC-V® MPU capable of advanced Artificial Intelligence and Machine Learning (AI/ML) processing and designed with integrated Time-Sensitive Networking (TSN) Ethernet connectivity and post-quantum-enabled, defense-grade security. PIC64HX MPUs are specifically designed to deliver comprehensive fault tolerance, resiliency, scalability and power efficiency.

    “The PIC64HX MPU is truly groundbreaking in the number of advanced features we are able to provide with a single solution,” said Maher Fahmi, corporate vice president of Microchip’s communications business unit. “And, integrating TSN Ethernet switching into the MPU helps developers bring standards-based networking connectivity and compute together to simplify system designs, reduce system costs and accelerate time to market.”

    The integrated Ethernet switch includes a TSN feature set with support for important emerging standards: IEEE P802.1DP TSN for Aerospace Onboard Ethernet Communications, IEEE P802.1DG TSN Profile for Automotive In-Vehicle Ethernet Communications and IEEE/IEC 60802 TSN Profile for Industrial Automation.

    Eight 64-bit RISC-V CPU cores—SiFive Intelligence™ X280—with vector extensions help enable high-performance compute for mixed-criticality systems, virtualization and vector processing to accelerate AI workloads. The PIC64HX MPU allows system developers to deploy the cores in multiple ways to enable SMP, AMP or dual-core lockstep operations. WorldGuard hardware architecture support is provided to enable hardware-based isolation and partitioning.

    “Next-generation aircraft require a new generation of processors for mission-critical applications such as flight control, cockpit display, cabin networking and engine control. The OHPERA Consortium views RISC-V technology as an essential component of the future of safe and sustainable aircraft,” said Christophe Vlacich, OHPERA technical Leader. The OHPERA Consortium is composed of leading aerospace companies with the mutual goal of evaluating new technologies for next-generation aircraft.  “We are pleased to see the upcoming availability of commercial products like Microchip’s PIC64HX MPU with the compute performance, partitioning, connectivity and security needed to shape the future of aviation.”

    The expected arrival of quantum computers poses an existential threat as it will make current security measures ineffective. As a result, government agencies and enterprises worldwide are beginning to call for the inclusion of post-quantum cryptography in any critical infrastructure. Addressing current and future security needs, the PIC64HX is one of the first MPUs on the market to support comprehensive defense-grade security including the recently NIST-standardized FIPS 203 (ML-KEM) and FIPS 204 (ML-DSA) post-quantum cryptographic algorithms.

    The PIC64HX MPU is a powerful and versatile solution for intelligent edge applications, addressing key requirements for low latency, security, reliability and compliance with industry standards.

    Development Tools
    The PIC64HX MPU is supported by a comprehensive package of tools, libraries, drivers and boot firmware. Multiple open-source, commercial and real-time operating systems are supported including Linux® and RTEMS, as well as hypervisors such as Xen. PIC64HX MPUs leverage Microchip’s extensive Mi-V ecosystem of tools and design resources to support its RISC-V initiatives. To help reduce development cycles and accelerate time to market, Microchip offers the Curiosity Ultra+ PIC64HX evaluation kit and is partnering with single-board computer partners.

    “Aries Embedded has long been a supporter of the RISC-V ecosystem,” said Andreas Widder, Aries Embedded CEO. “We are proud to be a lead System-on-Module partner for the PIC64HX and look forward to helping Microchip enable mission critical intelligent edge applications.”

    Availability
    PIC64HX MPU samples will be available to Microchip’s early access partners in 2025. For additional information, please contact a Microchip sales representative.

    Resources
    High-res images available through Flickr or editorial contact (feel free to publish):
    • Application image: https://www.flickr.com/photos/microchiptechnology/54057544708/sizes/l/

    About Microchip Technology:
    Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 123,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at http://www.microchip.com.

    Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    The MIL Network –

  • MIL-OSI: NEWTON GOLF to Present at the LD Micro Main Event XVII

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 21, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces that Greg Campbell, Executive Chairman, will present a corporate overview at the LD Micro Main Event XVII. The conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.

    Event:  LD Micro Main Event XVII
    Presentation Date:  Wednesday, October 30, 2024
    Time:   8:00 AM PT
    Register to watch presentation:  https://me24.sequireevents.com/
       

    Mr. Campbell will be available for one-on-one meetings with registered investors of the conference.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at http://www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Media Contact for NEWTON GOLF
    Beth Gast
    BG Public Relations
    beth.gast@bgpublicrelations.com

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

  • MIL-OSI: Phunware to Present at the LD Micro Main Event XVII

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 21, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces that CEO Michael Snavely will present a corporate overview at the LD Micro Main Event XVII. The investment conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.        

    Event: LD Micro Main Event XVII
       
    Presentation Date: Wednesday, October 30, 2024
       
    Time: 11:30 AM PT (Track 3)
       
    Register to watch presentation: https://me24.sequireevents.com/
       

    Additionally, Mr. Snavely and CFO Troy Reisner will be available for one-on-one meetings with registered investors of the conference.

    About Phunware, Inc.
    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement, and manage custom mobile applications and analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. 

    Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies by leveraging brands, consumers, partners, and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. 

    For more information, please visit http://www.ai.phunware.com or contact:

    MZ Group, North America 
    Joe McGurk,  Managing Director
    917-259-6895 
    PHUN@mzgroup.us 

    Phunware Investor Relations
    CORE IR
    516-222-2560 
    investorrelations@phunware.com 

    Safe Harbor / Forward-Looking Statements
    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur.  

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.  

    By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.  

    The MIL Network –

  • MIL-OSI: CSW Industrials Announces Date for Fiscal Second Quarter 2025 Earnings Release Conference Call

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 21, 2024 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (NASDAQ: CSWI) announced that it will release its earnings results for the fiscal second quarter ended September 30, 2024 on Wednesday, October 30, 2024, before the market opens. The Company will host a conference call the same day at 10:00 am Eastern Time to discuss the results.

    Participants may access the call at 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call. A live webcast will also be available at https://cswindustrials.gcs-web.com.

    A telephone replay will be made available shortly following the conclusion of the call and until November 13, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13749338. An archived replay of the call will also be available on the Investors portion of the CSWI website at http://www.cswindustrials.com.

    About CSW Industrials
    CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit http://www.cswindustrials.com. 

    Investor Relations
    Alexa Huerta
    Vice President, Investor Relations and Treasurer
    214-489-7113
    alexa.huerta@cswindustrials.com

    The MIL Network –

  • MIL-OSI: Small businesses scale back loan commitments ahead of Budget

    Source: GlobeNewswire (MIL-OSI)

    Key Findings:

    • The average personal guarantee backed loan to a start-up (under 2 years old) fell in value by 38% year on year to £94,265
    • Overall, the average personal guarantee (PG) backed small business loan fell by 17.5% in value to £204,635 in Q3 2024 vs Q3 2023
    • 38% of personal guarantee backed loans are for working capital – this remains the number one reason for applying for a PG backed loan
    • In September 2024, the number of applications for Personal Guarantee Insurance exceeded any time previously, bar March 2024

    LONDON, Oct. 21, 2024 (GLOBE NEWSWIRE) — The latest data on loans to small businesses suggests firms are being more cautious about their financial commitments after higher levels of confidence in Q2 2024. With Budget day looming along with energy price rises, The Q3 2024 Personal Guarantee Insurance Monitor from Purbeck Insurance Services shows that small businesses have cut back the amount they are borrowing from lenders, despite promises by the Government not to raise business taxes.

    While the number of applications for personal guarantee backed loans is up 43% on 2023, The Q3 2024 Personal Guarantee Insurance Monitor shows the average loan to small businesses of all ages fell 17.5% to £204k, compared to the same period in 2023. Notably, there was a big fall in the value of loans to start-ups (under 2 years old) year on year to the lowest level recorded to date of just £94k.

    Working capital to support cashflow and to keep the business ticking along remains the number one reason for applying for a PG backed small business loan with 38% of applications for this reason. A further concern for the health of the UK economy is that the number of applications for loans to support investment in growth initiatives fell. Just 13% in Q3 2024 were for this reason from 19% in Q2 2024. Again, this suggests a deepening level of caution and wariness amongst small businesses.

    Most applications (41%) were for unsecured loans (still requiring a personal guarantee) while 19% of loans were secured/asset-backed lending. Reflecting the lower value of loans for which smaller businesses have applied, commercial mortgages were at their lowest level in a year along with asset finance.

    Todd Davison, MD of Purbeck Insurance Services said: “Once again, small businesses are facing big uncertainties as we head into Winter 24/25. This is undoubtedly influencing their willingness to take on debt at a level they may not be able to service. This is a sensible approach but we must not lose sight of the fact that even so, compared to 2023, the appetite for new finance is still very much in evidence as is the demand for personal guarantee insurance to make the risk of a loan less risky for the business owner who has been asked to supply that guarantee. On average business owners are seeking £170,608 of Personal Guarantee Insurance protection from £152,039 in Q3 2023. Ultimately, small businesses are the lifeblood of the economy and they need access to the funding they need to invest and grow. Right now, it appears many are simply ‘treading water’, as they await the outcome of the Budget.”

    About PGI: Personal guarantee insurance (PGI) is a product used by small business owners to protect against the risk of a personal guarantee being called in for a business loan. Lenders will ask for a personal guarantee when there are not enough assets in the business to repay the loan if the business fails. The Purbeck Personal Guarantee Insurance Monitor is the only source of data on the number and size of personal guarantee backed loans being secured by small business owners where insurance has been taken to protect against the risk of the loan being called in.

    Notes to Editors    

    About Purbeck Insurance Services    

    Purbeck Insurance Services is a Personal Guarantee Insurance specialist supporting Small and Medium sized Enterprises (“SMEs”) and promoting business confidence    

    Insurance policies backed by Markel International Insurance Company Limited (“Markel”), an A-Rated insurer, as rated by A.M. Best (A), Fitch (A+) and S&P (A). Markel is a shareholder in Purbeck Insurance Services.    

    Purbeck Insurance Services is directly authorised and regulated by the Financial Conduct Authority    

    Insurance is underwritten by Purbeck Insurance Services, an authorised Managing General Agent (“MGA”) of Markel    

    Purbeck Personal Guarantee Insurance is annual insurance policy that provides Director(s) with insurance cover in the event their business lender calls in the Personal Guarantee (provided by the Director(s) as part of raising business finance)    
        
    Key features of Personal Guarantee Insurance:    

    • Premiums are competitively priced and based on individual circumstances    
    • Cover is available for Personal Guarantees signed to support a wide range of business finance facilities    

    The MIL Network –

  • MIL-OSI: Wearable Devices Unveils Foundational White Paper on the Future of Gesture Control and Neural Interfaces

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Ilit, Israel, Oct. 21, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, announced the release of a landmark white paper titled, “Elevating AR Glasses User Experience with Gesture Control and Neural Wristband.” The white paper provides an in-depth and definitive analysis of emerging trends in gesture control technology, comparing camera-based solutions with wearable neural interfaces that present a clear case for the future of seamless, wrist-worn input control.

    This sweeping industry and technology analysis draws on Wearable Devices’ decade of experience developing pioneering human-computer interaction (HCI) solutions, including the Company’s award-winning Mudra Band, the world’s first neural interface wristband. Wearable Devices’ thought leadership highlights not only the current landscape of gesture control for face-worn devices but also identifies critical challenges and opportunities for improving usability, comfort and interaction quality.

    “Our far-reaching history in developing neural gesture-control technology uniquely positions Wearable Devices to provide this rigorous level of analysis,” said Wearable Devices Chief Executive Officer Asher Dahan. “Our Mudra technology represents a step forward in creating fluid and precise interactions with augmented reality (“AR”) glasses, eliminating the limitations of conventional input systems. This white paper offers key insights that help businesses and developers envision new ways to create user experiences where technology becomes an extension of natural human movement.”

    Key Findings from the White Paper

    Shift to Wearable Gesture Control for Comfort and Precision

    Traditional camera-based gesture systems often require users to maintain awkward postures or suffer from fatigue (the “gorilla arm” problem). Wearable Devices’ white paper concludes that shifting input functions to wrist-worn devices like the Company’s Mudra Band (iOS) and Mudra Link (Android) creates more natural, comfortable and sustainable user experiences.

    Extended Functionality with Sensor Fusion

    Both the Mudra Band and Mudra Link use AI, inertial measurement units (IMU) and surface nerve conductance (SNC) sensors to deliver accurate navigation and input control through wrist movements and subtle finger gestures. The white paper emphasizes that this combination enhances precision and extends functionality beyond what camera-based systems can achieve by capturing delicate movements like pinches and fingertip pressure.

    Overcoming the Limitations of Field-of-View Boundaries

    Face-worn devices equipped with cameras are inherently limited by their field of view (FOV) which restricts gesture detection. Mudra Band and Mudra Link eliminate this constraint by placing sensors on the wrist, enabling gesture control even when the hands are outside the camera’s view. The white paper concludes that this ability significantly improves user interaction by allowing more fluid, uninterrupted workflows.

    Bridging the Gap Between Device Types

    The analysis highlights how wearable input technologies can unify different face-worn devices—such as smart glasses, monocular heads-up displays and mixed reality headsets—by offering a common, adaptable interface. Mudra Band and Mudra Link both provide discrete gestures (e.g., tap, flick, pinch) suitable for minimal displays as well as point and drag gestures optimized for immersive AR and mixed reality systems.

    Reducing Device Weight and Complexity for Mass Adoption

    Wearable Devices’ study concludes that placing input-related hardware on the wrist rather than the face will drive widespread adoption of AR glasses. By offloading sensors and processors to a neural wristband, manufacturers can design lighter, more comfortable glasses with extended battery life, addressing major consumer pain points identified in competing products like the Apple Vision Pro and Meta Orion.

    Toward a New Standard in Human-Computer Interaction

    Wearable Devices asserts in the white paper that the neural interface is not only a technical upgrade but also a philosophical shift—moving technology away from intrusive control schemes and toward seamless, intuitive interactions. This evolution supports the development of technology that responds naturally to human movement, setting a new standard in human-computer interaction.

    Additional Insights and Market Context

    The white paper also provides detailed comparisons between major products including Apple’s Vision Pro and Meta’s Orion glasses, exploring the trade-offs between camera-based and wearable neural gesture control wristband. The document concludes that while camera-based systems offer initial convenience, neural wearable interfaces will prevail as the gold standard as users seek more practical and comfortable input methods for all-day wear.

    By publicly releasing this white paper to the AR industry, Wearable Devices reaffirms its role as a pioneer in neural gesture control and as a leader in shaping the future of wearable technology. Businesses, developers and innovators are invited to download the full white paper to explore in-depth analyses, research findings and actionable insights.

    The white paper is now available for download on the Wearable Devices website https://www.wearabledevices.co.il/whitepaper

    About Wearable Devices Ltd.

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

    Forward-Looking Statement Disclaimer

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

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    Media Contact:

    Steve Schuster
    Rainier Communications
    steve@rainierco.com
    +1-508-868-5892

    The MIL Network –

  • MIL-OSI: Sophos to Acquire Secureworks to Accelerate Cybersecurity Services and Technology for Organizations Worldwide

    Source: GlobeNewswire (MIL-OSI)

    News Summary

    • Secureworks shareholders to receive $8.50 per share in cash
    • Sophos intends to integrate solutions from both companies into a broader and stronger security portfolio for all small, mid- and enterprise customers
    • By combining complementary AI-driven security platforms powered by automated prevention, detection and response, the two organizations can deliver advanced solutions for defeating modern, persistent adversaries even faster
    • The deal is expected to strengthen the security community by bringing together two industry leaders with shared mission-driven cultures

    OXFORD, United Kingdom and ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) — Sophos and Secureworks® (NASDAQ:SCWX), two global leaders of innovative security solutions for defeating cyberattacks, today announced a definitive agreement for Sophos to acquire Secureworks. The all-cash transaction is valued at approximately $859 million. Sophos is backed by Thoma Bravo, a leading software investment firm.

    Sophos’ experience and reputation as a leading provider of managed security services and end-to-end security products, combined with Secureworks’ security operations expertise transformed into the Taegis™ platform, is expected to further deliver complementary advanced MDR and XDR solutions for the benefit of their global customer bases. Together, they will help strengthen the resilience and security posture of global organizations of any size with a combination of security controls, AI, world-class threat intelligence, and two teams with decades of cybersecurity expertise.

    Sophos expects to integrate solutions from both companies into a broader and stronger security portfolio benefiting small, mid- and enterprise customers. This includes Sophos expanding its current portfolio with other new offerings like identity detection and response (ITDR), next-gen SIEM capabilities, operational technology (OT) security, and enhanced vulnerability risk prioritization. As two partner-centric organizations, the combination of Sophos and Secureworks will enable the combined company to expand its market presence to create greater value within the channel and strengthen the overall security community.

    “Secureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally,” said Joe Levy, CEO of Sophos. “Secureworks’ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all.”

    Cyber risk continues to escalate, driven by a rampant cybercriminal ecosystem and global geopolitical pressures. Combined, Sophos and Secureworks share a long history of having exceptional threat intelligence, security operations, incident response, and innovative security product capabilities that help organizations defeat these adversaries.

    “Our mission at Secureworks has always been to secure human progress. Sophos’ portfolio of leading endpoint, cloud, and network security solutions – in combination with our XDR-powered managed detection and response – is exactly what organizations are looking for to strengthen their security posture and collectively turn the tide against the adversary,” said Wendy Thomas, CEO, Secureworks. “As Joe and I both believe, this transaction will strengthen our go-to-market offering with Sophos’ global scale, expertise and reputation.”

    Transaction Details
    Under the terms of the agreement, Sophos intends to acquire Secureworks in an all-cash transaction valued at $859 million. Secureworks shareholders, including Dell Technologies (NYSE:DELL), will receive $8.50 per share in cash. This represents a 28% premium to the unaffected 90-day volume-weighted average price (VWAP). The transaction is expected to close in early 2025, subject to customary closing conditions. Additional information regarding this announcement can be found in the Form 8-K filed by Secureworks with the United States Securities and Exchange Commission (SEC) on Oct. 21, 2024.

    Kirkland & Ellis LLP is acting as legal counsel to Sophos and Goldman Sachs & Co. LLC., Barclays, BofA Securities, HSBC Securities (USA) Inc. and UBS Investment Bank are acting as financial advisors and providing debt financing for the transaction. Piper Sandler & Company and Morgan Stanley & Co. LLC are acting as financial advisors to Secureworks and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About Sophos
    Sophos is a global leader and innovator of advanced security solutions for defeating cyberattacks, including Managed Detection and Response (MDR) and incident response services and a broad portfolio of endpoint, network, email, and cloud security technologies. As one of the largest pure-play cybersecurity providers, Sophos defends more than 600,000 organizations and more than 100 million users worldwide from active adversaries, ransomware, phishing, malware, and more. Sophos’ services and products connect through the Sophos Central management console and are powered by Sophos X-Ops, the company’s cross-domain threat intelligence unit. Sophos X-Ops intelligence optimizes the entire Sophos Adaptive Cybersecurity Ecosystem, which includes a centralized data lake that leverages a rich set of open APIs available to customers, partners, developers, and other cybersecurity and information technology vendors. Sophos provides cybersecurity-as-a-service to organizations needing fully managed security solutions. Customers can also manage their cybersecurity directly with Sophos’ security operations platform or use a hybrid approach by supplementing their in-house teams with Sophos’ services, including threat hunting and remediation. Sophos sells through reseller partners and managed service providers (MSPs) worldwide. Sophos is headquartered in Oxford, U.K. More information is available at http://www.sophos.com.

    About Secureworks
    Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.

    Connect with Secureworks via LinkedIn and Facebook or Read the Secureworks Blog

    Cautionary Statement Regarding Forward-Looking Statements

    This communication includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to those statements related to the merger of the wholly-owned subsidiary of Sophos, Inc., a Massachusetts corporation (“Parent”) with and into SecureWorks Corp. (the “Company”), with the Company continuing as the surviving corporation and becoming a wholly-owned subsidiary of Parent (the “Merger”), including financial estimates and statements as to the expected timing, completion and effects of the Merger, including the delisting from NASDAQ and deregistration under the Exchange Act the timing of the foregoing. In most cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “potential,” “outlook,” “should,” and “would,” or similar words or expressions that refer to future events or outcomes. These forward-looking statements, including statements regarding the Merger, are based largely on information currently available to our management and our management’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although we believe our expectations are based on reasonable estimates and assumptions, they are not guarantees of performance. There is no assurance that our expectations will occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.

    Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the completion of the Merger on the anticipated terms and timing, including obtaining regulatory approvals, and the satisfaction of other conditions to the completion of the Merger; (ii) potential litigation relating to the Merger that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the Merger (including the ability of certain customers to terminate or amend contracts upon a change of control) will harm the Company’s business, including current plans and operations, including during the pendency of the Merger; (iv) the ability of the Company to retain and hire key personnel, including those with extensive information security expertise; (v) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; (vii) legislative, regulatory and economic developments; (viii) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect the Company’s financial performance; (ix) certain restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (x) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or the COVID-19 pandemic and other public health issues, as well as management’s response to any of the aforementioned factors; (xi) the impact of inflation, rising interest rates, and global conflicts, including disruptions in European economies as a result of the Ukrainian/Russian conflict and the ongoing conflicts in the Middle East, the relationship between China and Taiwan and ongoing trade disputes between the United States and China; (xii) the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiii) the ability to obtain the necessary financing arrangements set forth in the commitment letter received in connection with the Merger; (xiv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger, including in circumstances requiring the Company to pay a termination fee; (xv) the risk that the Company’s stock price may decline significantly if the Merger is not consummated; (xvi) there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (xvii) those risks and uncertainties set forth under the headings “Cautionary Note Regarding Forward Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at http://www.sec.gov; and (xviii) those risks that will be described in the information statement that will be filed with the SEC and available from the sources indicated below.

    These risks, as well as other risks associated with the Merger, will be more fully discussed in the information statement that will be filed with the SEC in connection with the Merger. There can be no assurance that the Merger will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company does not undertake to update, and expressly disclaims any obligation to update, any of its forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.

    Important Additional Information and Where to Find It

    This communication is being made in connection with the pending Merger. The Company plans to file an information statement on Schedule 14C for its stockholders with respect to the Merger. The information statement will be mailed to stockholders of the Company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. STOCKHOLDERS ARE URGED TO READ THE INFORMATION STATEMENT AND ANY OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Stockholders will be able to obtain, free of charge, copies of such documents filed by the Company when filed with the SEC in connection with the Merger at the SEC’s website (http://www.sec.gov). In addition, the Company’s stockholders will be able to obtain, free of charge, copies of such documents filed by the Company at the Company’s website (investors.secureworks.com) or by e-mailing the Company’s Investor Relations department at investorrelations@secureworks.com. Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request by mail to SecureWorks Corp., Investor Relations, One Concourse Parkway NE, Suite 500, Atlanta, Georgia 30328.

    Press Contacts
    Susie Evershed
    press@secureworks.com

    Kelly Kane
    Kelly.Kane@sophos.com

    The MIL Network –

  • MIL-OSI: Carronade Capital Urges Frontier Communications Shareholders to Vote Against Sale to Verizon on Current Terms

    Source: GlobeNewswire (MIL-OSI)

    DARIEN, Conn., Oct. 21, 2024 (GLOBE NEWSWIRE) — Carronade Capital, an alternative asset management firm, which beneficially owns approximately 2,000,000 shares of Frontier Communications Parent, Inc. (NASDAQ: FYBR) today released a letter to fellow Frontier shareholders. The full text of the letter is below:

    October 21, 2024

    Dear Fellow Frontier Shareholder:

    Carronade Capital Management, LP (“Carronade” or “we” or “us”) is a registered investment manager with approximately $2 billion in assets under management. Funds managed by Carronade beneficially own approximately 2,000,000 shares of Frontier Communications Parent, Inc. (“Frontier” or “Company”).

    Put plainly, we believe that the current offer by Verizon Communications Inc. (“Verizon”), to acquire the Company at $38.50 per share (the “Proposed Transaction”), is insufficient compared to the intrinsic value of the Company. Based on our decades of investment experience and extensive research, we believe that Frontier has an intrinsic value of at least $48.60 per share on a standalone basis – and that is before a fair share of the unique synergy value this transaction brings to Verizon.

    The Proposed Transaction with Verizon does NOT represent fair value to Frontier shareholders. As such, Carronade does NOT support the Proposed Transaction in its current form and encourages our fellow shareholders to vote against the Proposed Transaction if you agree.

    Financial Analysis Supports Higher Share Price

    There are a number of thorough third-party analyses that support a higher standalone valuation range for Frontier. Some recent estimates range from $47.88 to $60+ per share before any synergy value12. Rather than repeat the same, very valid, similar per passing valuation, comparative multiple valuation, or DCF analysis, which all support a higher price, we offer the following straight forward precedent transaction analysis.

    The most recent and relevant fiber transactions valuations (Metronet/T-Mobile, Lumos/T-Mobile, and Horizon/Shenandoah) have been valued in the low to mid 20’s x TEV/EBITDA34. If we were to look at Frontier’s Fiber only EBITDA5 and use a substantial discounted multiple of 15x, this supports $48.60 per share before any synergies. This analysis excludes any value on the existing non-fiber business, which generated $756mm of LTM EBITDA5. Further this conservative valuation also assigns no value to the assumed net operating losses, cost synergies or incremental revenue and growth opportunities enabled pro forma for the combination.

     

    Synergies All Accrue to Verizon

    As established above, the existing fiber passings and current level of EBITDA generation more than support a higher share price alone. But the offer price becomes even more difficult to understand given the vast benefits and synergies that accrue solely to Verizon. Verizon provided its own view of the transaction post announcement:

    “We said at least $500 million of opex run rate synergies, and we’re very confident in the synergy goal. And obviously, we’ll push for more.” 6

    “There’s nothing in there from a capex perspective at this point. So the $500 million is just literally opex synergies at this point.” 6

    Verizon implies upside to the “disclosed” synergies which are driven off of operating costs, but logically could expect some savings on a capital expenditure perspective as well.

    “When we do convergence the way Verizon likes it, it tends to be revenue and EBITDA accretive to us. A lot of that relies on the fact that we see a 50% reduction in mobility churn when we bring the two products together in front of the customer and a 40% reduction in fiber churn when we do that. That translates into accretion, both on revenue and EBITDA, immediately.” 6

    “Verizon will also extend our premium offerings and experiences to Frontier’s customers as part of this transaction.” 6

    “We also believe there will be opportunity to generate revenue from mobile and home conversions, including cross-selling benefits.” 6

    “We will bring the power of the Verizon retail fleet to bear and our distribution in the Frontier markets. And with that, you’re going to see higher penetration pretty soon once we close on the transaction.” 6

    Verizon is making clear that there are incremental financial benefits to its existing wireless business and further benefits from new premium offerings and cross selling opportunities with Frontier added into its asset base.

    To summarize, the synergy benefits come in the following forms:

    1) Disclosed operating cost synergies which Verizon implies are conservative

    2) Significant benefits to Verizon’s existing wireless business across the Frontier territory pro-forma

    3) Increases in revenue through premium offerings/cross selling and higher penetration

    We believe Frontier shareholders should get a fair and reasonable share of the value created by this transaction. Moreover, points #2 and #3 above are benefits to Verizon’s existing core business that do not occur without Frontier.

    Critical Asset to Verizon

    Carronade’s knowledge and research of the industry lead us to the inescapable conclusion that there is not a fiber platform available that gives Verizon the incremental scale and benefits that Frontier offers. Verizon’s public comments make that very clear, again in its own words:

    “…together, Verizon and Frontier have a combined 25 million fiber passings in 31 states and Washington DC, with networks that can be immediately integrated after closing. …Frontier will give Verizon access to high-quality customer base in markets nationwide that are highly complementary with our Northeast and Mid-Atlantic focus.” 6

    “With Frontier’s fiber added to our portfolio, we will be the only carrier that will have the size and scale in both fiber and fixed wireless access.” 6

    “At closing, this acquisition will significantly expand Verizon’s fiber footprint, accelerating our delivery of premium mobility and broadband services to current and new customers. It will also power Verizon’s Intelligent Edge Network for digital innovation like AI and IoT.” 6

    “We looked at buy versus build, of course, and it was a pretty easy calculation, accretive from the day of the acquisition, both on revenue growth, as well as EBITDA, maybe one year later on EPS and cash flow….” 7

    Frontier is unique in its scale and fit with Verizon. It accelerates the convergence trend in a way that no other acquisition can match. The bottom line is that we believe Verizon needs Frontier more than Frontier needs Verizon.

    Rushed Vote Harms Shareholders

    From our read of the proxy, no shareholders appear to have been consulted nor executed any voting support agreements with respect to the Proposed Transaction. The seeming lack of shareholder input struck us as particularly surprising given the number of very large long-term holders. Additionally, the final proxy was filed after the market close on October 7, 2024 and disenfranchised shareholders by selecting that very same day as the record date. By releasing the proxy after trading hours on the selected day, it had the effect of limiting a shareholder’s full review of the definitive proxy prior to the passage of the record date.

    The Proposed Transaction will have a lengthy regulatory approval process as is customary for this industry. Given this uncertainty around the timing of close, and the significant inflection in results the Company is expecting8, the shareholders should have time to evaluate all the disclosure prior to setting the record date. We believe it is likely that Verizon is trying to rush to get the deal approved prior to shareholders realizing how much value they are leaving on the table.

    We have reached out to the shareholder advisory firms to share our views surrounding the subpar economics of the Proposed Transaction and rushed process that harms shareholders. We encourage other shareholders with similar concerns to do the same.

    Summary

    In summary, we believe it is abundantly clear that Frontier shareholders are not being offered a fair value at the Proposed Transaction price of $38.50 per share. We agree with Verizon management, that with the combination of Frontier and Verizon, Verizon gets scale and reach in a way that no other acquisition offers. We also agree that the synergies are not only very significant and real, that they are likely considerably understated, and that there are numerous benefits to the existing wireless business and significant revenue growth levers to pull that come only with a transaction with Frontier. Frontier shareholders are being rushed to approve the Proposed Transaction.

    For all of the reasons above, we intend to vote against the Proposed Transaction on its current terms. We believe all shareholders should vote no, until we can get a fair share of the value created from the combined enterprise.

    Sincerely,

    Dan Gropper
    Managing Partner
    Chief Investment Officer     		 Andy Taylor
    Managing Director
    Director of Research
       

    About Carronade Capital

    Carronade Capital is an alternative asset management firm founded in 2019 by industry veteran Dan Gropper, and based in Darien, Connecticut. The Fund managed by Carronade Capital was launched on July 1, 2020 and the firm employs 15 team members. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Aurelius Capital Management, LP, Fortress Investment Group and Elliott Management Corporation.

    Disclaimers

    THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. CARRONADE CAPITAL IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. CARRONADE CAPITAL IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Frontier Communications Parent, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should independently evaluate the proxy materials and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital (“Carronade “) believes that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q and those related to the Pending Transaction (as defined below). The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analyses provided herein is intended to assist the reader in evaluating the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are estimates and, unless required by law, are subject to revision without notice.

    Carronade’s fund currently beneficially owns shares of the Company. This fund is in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume this fund will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade’s views of the pending transaction involving the Company and Verizon Communications (the “Pending Transaction”) or the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade, concentration of positions in the portfolios managed by Carronade, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade’s fund may buy additional shares or sell all or a portion of its holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Media Contact:

    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    ______________________________________
    1     Cooper Investors Pty Ltd: “standalone valuation” from letter dated 10/15/24.
    2 NewStreet Research: “standalone floor value” research dated 10/8/24
    3 NewStreet Research: comparative transactions – research dated 10/8/24.
    4 Shentel: investor presentation 10/25/23
    5 Frontier: 2Q24 Trending Schedule
    6 Verizon conference call – 09/05/24
    7 Verizon GS Communacopia transcript – 09/09/24
    8 Definitive Proxy – Standalone Adjusted EBITDA Projections – 10/07/24

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/72af8ea1-1cf9-41da-9199-7af773c626c6

    The MIL Network –

  • MIL-OSI: Information on shares, voting rights and authorized capital

    Source: GlobeNewswire (MIL-OSI)

    After acquiring its own shares on 21 October 2024, Šiaulių Bankas AB (hereinafter – the Bank) pursuant to Article 19(2) of the Law on Securities of the Republic of Lithuania provides information on the total number of voting rights granted by the shares issued by it and the amount of the authorized capital, the number of shares and their nominal value:

    Type of shares Ordinary registered shares
    ISIN code LT0000102253
    Bank’s LEI code 549300TK038P6EV4YU51
    Nominal value of 1 share, EUR 0.29
    Number of shares, units 662 996 646
    Authorised capital, EUR 192 269 027,34
    Number of votes granted by all issued shares, units 662 996 646
    Number of votes calculating the quorum of the General Meeting of Shareholders 655 746 646

    Additional information:
    Tomas Varenbergas

    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: Transformation of Triller Group Begins With Appointment of CEO and Additions to the Board

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Oct. 21, 2024 (GLOBE NEWSWIRE) — Triller Group Inc. (Nasdaq: ILLR) (“Triller Group” or “the Company”) today announced important updates to its executive leadership team and board of directors (“Board”).

    This marks the initial step in a series of forthcoming announcements as Triller Group strengthens its management lineup and kickstarts the transformation journey of the Company.

    Kevin McGurn, former T-Mobile/Vevo/Hulu Senior Executive, joins as Chief Executive Officer

    Triller Group proudly announces that its Board appointed Kevin McGurn as the Chief Executive Officer of the Company starting in November 2024. Mr. McGurn brings a wealth of leadership experience and industry expertise to the Company. Having most recently served in an executive role for T-Mobile’s marketing division, Mr. McGurn has a proven track record of driving hyper-growth and innovation in the media and music landscape.

    As President of Sales and Distribution at Vevo, the Universal Music and Sony Music Entertainment video joint venture, Mr. McGurn led the company’s expansion as a global music television network. Previous to Vevo, Mr. McGurn served as Head of Sales at Fullscreen and Otter Media Companies building revenue businesses throughout the creator economy. As Senior Vice President of Sales at Hulu, Mr. McGurn played a pivotal role in building Hulu’s sales team from the ground up, generating over half a billion dollars in advertising revenue.

    Mr. McGurn’s impressive career also includes senior positions at Shazam, NBC Universal and DoubleClick, equipping him with the strategic vision and operational acumen needed to lead the Company into its next phase of growth.

    “The future is bright in the world of entertainment, and I am extremely excited to join the team at Triller Group to maximize our value to Creators, Fans, and Brands.” said Mr McGurn. “Our renewed focus means Triller Group is well positioned to deliver best in class entertainment, when, where and how our fans watch it. We will continue to build from our strong roots in vertical video, music and sports, and optimise our expertise in mobile and connected television.”

    James McCann, founder of 1-800-Flowers.com, joins the Board

    Triller Group is delighted to announce that James McCann has joined its Board, assuming the role of Chairman of the Nominations Committee. He has over four decades of leadership experience as the founder and former Chairman and CEO of 1-800-Flowers.com, Inc., where he played a pivotal role in shaping the company’s success. As Chairman of the board of directors for Willis Towers Watson and director for Scott’s Miracle-Gro and International Game Technology PLC, he is expected to bring a depth of governance expertise to the Board of the Company.

    Bobby Sarnevesht moves to the Board

    Triller Corp.’s former Chief Executive Officer, Mr. Sarnevesht now sits on the Board, contributing a wealth of experience and understanding of the Company’s operations and goals. In addition, Mr. Sarnevesht’s entrepreneurial track record positions him uniquely to help guide the Company as it navigates new opportunities.

    Start of the Company’s Transformation

    “My fellow directors and I are thrilled to announce the first steps of our ambitious transformation plan. Kevin’s extensive experience and track record of driving growth and innovation position him uniquely to lead the Company and carry out our shared vision of a single, integrated platform that delivers for creators, brands and users while generating value for all of our stakeholders” said Bob Diamond, Chairman of the Board. “Jim will bring his unparalleled expertise in building and scaling successful businesses to the Board, combined with his deep understanding of consumer engagement, which will be invaluable as we continue to innovate and grow. Jim’s visionary leadership and entrepreneurial spirit align perfectly with our mission, and we look forward to leveraging his insights to drive our strategic initiatives forward. We also look forward to Bobby’s contributions to the Board. His experience within our company positions him uniquely to help guide the Board as we implement our new transformation plan.”

    In the coming weeks, the Company plans to announce further enhancements to its leadership team and capabilities. The Company expects to share detailed insights into its strategic business plan during an upcoming investor and media event scheduled for November 2024. This event is expected to highlight the Company’s future vision and immediate growth strategies. Triller Group looks forward to engaging with stakeholders as it unveils exciting developments in this new chapter of progress.

    The latest press release is available on the Company’s website, please visit: http://www.agba.com/ir.

    About Triller Group Inc.

    Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

    Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit http://www.triller.co.

    Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit http://www.agba.com.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    Investor & Media Relations:  

    Bethany Lai
    ir@agba.com

    Anthony Silverman
    ads@apellaadvisors.com

    # # #

    The MIL Network –

  • MIL-OSI: Bottomline Leads the Datos Matrix: US Cash Management Technology Providers Report for the 6th Consecutive Time

    Source: GlobeNewswire (MIL-OSI)

    PORTSMOUTH, N.H., Oct. 21, 2024 (GLOBE NEWSWIRE) — Datos Insights announced Bottomline as a ‘market-leading’ US-based cash management provider in its new 2024 Datos Matrix: US Cash Management Technology Providers report. This is Bottomline’s 6th consecutive ‘market-leader’ recognition by the Datos Matrix (formerly the Aite Matrix), a trusted evaluation of best-in-class cash management technology providers. Bottomline achieved the highest overall position in the quadrant, highlighted by its leadership ranking across the majority of evaluation categories. This recognition underscores its core strengths in strategic consulting, best-in-class implementations, product innovation, seamless customer migrations, and outstanding post-production support.

    “Bottomline scores very high in both the quality of its management team and its commitment to innovation. Its robust and scalable product features meet the needs of businesses of all sizes. Just as noteworthy, Bottomline’s diverse client base and very high retention rates reflect the stability and lasting value it provides. Clients consistently praise the company for its ability to deliver on promises and recognize it as a trusted partner,” said Christine Barry, Strategic Initiatives Leader, Research, Datos Insights.

    The 2024 Datos Matrix: US Cash Management Technology Providers report measures the performance of a competitive set of cash management providers in the U.S. As the report states, “This research evaluates key market dynamics, as well as the technology vendor landscape, to differentiate the market leaders from the contenders and emerging/niche options” and examines specific areas, including payment and data capabilities, ease of integration with fintechs and ERPs, and platform extensibility/configurability.

    “Our banking customers understand that we act as a partner and not just a vendor. Through the power of Bottomline’s extensive suite of digital banking, cash management, payments hubs and connectivity services, and B2B payments network, we uniquely empower banks to create new revenue streams and secure primary customer relationships,” said Kevin Pettet, Chief Revenue Officer, Banking, Bottomline.

    “It’s an honor to be recognized as the leading provider in Commercial Digital Banking,” Pettet said, adding that Bottomline works as a strategic partner throughout the entire customer journey — from strategic consulting to proactive product innovation, to best-in-class implementations, customer migration, and strong post-launch support. “It all comes together seamlessly to spur digital transformation for Bottomline banking customers,” he said.

    Additional Resources:

    • For more information about Bottomline, visit us by clicking here.
    • For a complementary report download, click here.

    About Bottomline

    Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $10 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $160 billion in assets under management. For more information visit http://www.bottomline.com.

    Bottomline and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.

    About Datos Insights

    Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc65c1ad-adda-45cb-966b-a8aec9d00587

    The MIL Network –