GlobeNewswire – Page 674

MIL-OSI: Katapult to Announce Third Quarter 2024 Financial Results on November 6, 2024

Source: GlobeNewswire (MIL-OSI)

PLANO, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced it will release its third quarter 2024 financial results before the market opens on Wednesday, November 6, 2024. The company will host a conference call and webcast to discuss these results at 8:00 AM ET that same day.

A live audio webcast of the conference call will be available on the Katapult Investor Relations website at http://ir.katapultholdings.com/. A replay will be available on the investor relations website following the call.

About Katapult

Katapult is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

For more information, visit http://www.katapult.com.

Contact:

Jennifer Kull
VP of Investor Relations
IR@katapult.com

The MIL Network –

January 24, 2025

MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNMORE, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and nine-month periods ended September 30, 2024.

Unaudited Financial Information

Net income for the quarter ended September 30, 2024 was $5.0 million, or $0.86 diluted earnings per share, compared to $5.3 million, or $0.93 diluted earnings per share, for the quarter ended September 30, 2023. The $0.3 million decline in net income resulted primarily from the $1.0 million increase in non-interest expenses coupled with a $0.4 million increase in the provision for credit losses on unfunded loan commitments and $0.2 million increase in the provision for credit losses on loans. This was partially offset by a $0.8 million increase in net interest income and a $0.7 million increase in non-interest income.

For the nine months ended September 30, 2024, net income was $15.0 million, or $2.59 diluted earnings per share, compared to $17.7 million, or $3.11 diluted earnings per share, for the nine months ended September 30, 2023. The $2.7 million, or 15%, decline in net income stemmed from the $2.0 million higher non-interest expenses and $1.6 million reduction in net interest income partially offset by the increase of $0.8 million in non-interest income.

“Our third quarter results reflect strong balance sheet growth, increased capital levels, liquidity, and non-interest income,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Q3 also reflected an increase in net interest margin. We remain focused, disciplined and thoughtful as we execute on our strategic plan. The Fidelity Bankers continue to demonstrate exemplary efforts and Fidelity Bank is well positioned for the future and committed to our clients, shareholders, and the communities we serve.”

Consolidated Third Quarter Operating Results Overview

Net interest income was $15.4 million for the third quarter of 2024, a 5% increase over the $14.6 million earned for the third quarter of 2023. The $0.8 million increase in net interest income resulted from the increase of $3.6 million in interest income primarily due to a $71.0 million increase in the average balance of interest-earning assets and a 50 basis point increase in fully-taxable equivalent (“FTE”) yield. The loan portfolio had the biggest impact, producing a $3.7 million increase in FTE interest income from $122.8 million in higher quarterly average balances and an increase of 50 basis points in FTE loan yield. Slightly offsetting the higher interest income, a $2.8 million increase in interest expense was due to a 55 basis point increase in the rates paid on interest-bearing deposits coupled with a $94.4 million quarter-over-quarter increase in average deposit balances.

The overall cost of interest-bearing liabilities was 2.70% for the third quarter of 2024, an increase of 53 basis points from the 2.17% for the third quarter of 2023. The cost of funds increased 45 basis points to 2.08% for the third quarter of 2024 from 1.63% for the third quarter of 2023. The FTE yield on interest-earning assets was 4.68% for the third quarter of 2024, an increase of 50 basis points from the 4.18% for the third quarter of 2023. The Company’s FTE (non-GAAP measurement) net interest spread was 1.98% for the third quarter of 2024, a decrease of 3 basis points from the 2.01% recorded for the third quarter of 2023. FTE net interest margin increased to 2.70% for the three months ended September 30, 2024 from 2.63% for the same 2023 period due to allocation of better performing interest earning assets, which led to a 7 basis point margin improvement.

The provision for credit losses on loans was $0.7 million coupled with a provision for credit losses on unfunded loan commitments of $0.1 million for the third quarter of 2024. For the three months ended September 30, 2024, the provision for credit losses on loans increased $0.2 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on loans was due to growth in the loan portfolio of $67.0 million in the third quarter of 2024 compared to growth of $16.1 million in the same quarter of 2023, specifically in the commercial loan portfolio. For the three months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.4 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a growth in the unfunded commitments reserve of $135 thousand in the third quarter of 2024 compared to a reduction of $275 thousand in the same quarter of 2023, specifically in commercial construction commitments.

Total non-interest income increased $0.7 million, or 15%, to $5.0 million for the third quarter of 2024 compared to $4.3 million for the third quarter of 2023. The increase in non-interest income was primarily attributable to an additional $0.1 million service charges on commercial loans, $0.1 million higher fees from trust fiduciary activities, $0.1 million more in financial services revenue, and fees from commercial loans with interest rate hedges increased $0.1 million.

Non-interest expenses increased $1.0 million, or 8%, for the third quarter of 2024 to $13.8 million from $12.8 million for the same quarter of 2023. The increase in non-interest expenses was primarily due to $0.9 million higher salaries and benefits expense from higher salaries related to new hires and banker incentives. There were also increases in professional services of $0.1 million and PA shares tax of $0.1 million.

The provision for income taxes increased $0.2 million during the third quarter of 2024 primarily due to less tax credits compared to the third quarter of 2023.

Consolidated Year-To-Date Operating Results Overview

Net interest income was $45.5 million for the nine months ended September 30, 2024 compared to $47.1 million for the nine months ended September 30, 2023. The $1.6 million, or 3%, reduction was the result of interest expense growing faster than interest income. On the asset side, the loan portfolio caused interest income growth by producing $9.5 million more in interest income primarily from an increase of 47 basis points in FTE loan yields on $97.4 million in higher average balances. On the funding side, total interest expense increased by $11.6 million primarily due to an increase in interest expense paid on deposits of $12.0 million from an 86 basis point higher rate paid on a $97.1 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $0.4 million for the nine months ended September 30, 2024 compared to the same period in 2023.

The overall cost of interest-bearing liabilities was 2.60% for the nine months ended September 30, 2024 compared to 1.79% for the nine months ended September 30, 2023. The cost of funds increased 66 basis points to 1.99% for the nine months ended September 30, 2024 from 1.33% for the same period of 2023. The FTE yield on interest-earning assets was 4.59% for the nine months ended September 30, 2024, an increase of 47 basis points from the 4.12% for year-to-date September 30, 2023. The Company’s FTE (non-GAAP measurement) net interest spread was 1.99% for the nine months ended September 30, 2024, a decrease of 34 basis points from the 2.33% recorded for the same period of 2023. FTE net interest margin decreased by 16 basis points to 2.70% for the nine months ended September 30, 2024 from 2.86% for the same 2023 period due to the increase in rates paid on interest-bearing liabilities growing at a faster pace than the yields on interest-earning assets.

The provision for credit losses on loans was $1.1 million and the provision for credit losses on unfunded loan commitments was $0.2 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses on loans decreased $0.3 million compared to the nine months ended September 30, 2023. The decrease in the provision for credit losses on loans was due to a reduction in net charge-offs. For the nine months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.3 million compared to the nine months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a higher growth in unfunded loan commitments, specifically commercial construction commitments.

Total non-interest income for the nine months ended September 30, 2024 was $14.2 million, an increase of $0.8 million, or 7%, from $13.4 million for the nine months ended September 30, 2023. The increase was primarily due to $0.5 million in additional trust fiduciary fees and $0.2 million higher fees from financial services. During the first nine months of 2023, the Company recorded a write-down associated with a branch closure reducing non-interest income. In the third quarter of 2023, the Company received $0.3 million in recoveries from acquired charged-off loans, offsetting the increase in other income. Additionally, the Company experienced a decrease of $0.2 million in fees from commercial loans with interest rate hedges compared to the first nine months of 2023.

Non-interest expenses increased to $41.1 million for the nine months ended September 30, 2024, an increase of $2.0 million, or 5%, from $39.1 million for the nine months ended September 30, 2023. The increase in non-interest expenses was primarily due to the $2.0 million increase in salaries and benefits expense coupled with increases in professional fees of $0.3 million and PA shares tax of $0.3 million for the nine months ended September 30, 2024 compared to the same period in 2023. The increases were partially offset by $0.4 million less in fraud losses and $0.2 million less advertising and marketing expenses.

The provision for income taxes decreased $0.2 million during the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower income before taxes.

Consolidated Balance Sheet & Asset Quality Overview

The Company’s total assets had a balance of $2.6 billion as of September 30, 2024, an increase of $0.1 billion, from $2.5 billion as of December 31, 2023. The increase resulted from $107.9 million in growth in the loans and leases portfolio during the nine months ended September 30, 2024. Cash and cash equivalents increased $8.2 million and the investment portfolio decreased by $8.5 million. The decline in the investment portfolio was primarily due to $16.7 million in paydowns partially offset by an $8.4 million increase in market value of available-for-sale securities. As of September 30, 2024, the market value of held-to-maturity securities also increased by $6.0 million compared to December 31, 2023, with $22.2 million in unrealized losses. During the same time period, total liabilities increased $95.0 million, or 4%. Deposit growth of $184.1 million was utilized to pay down $92.0 million in short-term borrowings. The Company experienced an increase of $98.7 million in money market deposits and an increase of $96.1 million in certificate of deposits due to promotional rates offered as a result of market competition. The growth in these products was partially offset by a decrease of $10.8 million in checking and savings account balances as of September 30, 2024. As of September 30, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

Shareholders’ equity increased $17.8 million, or 9%, to $207.3 million at September 30, 2024 from $189.5 million at December 31, 2023. The increase was caused by retained earnings improvement from net income of $15.0 million, partially offset by $6.6 million in cash dividends paid to shareholders and a $8.0 million improvement in accumulated other comprehensive income due to lower unrealized losses in the investment portfolio. At September 30, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Fidelity Deposit and Discount Bank remains above well capitalized limits with Tier 1 capital at 9.30% of total average assets as of September 30, 2024. Total risk-based capital was 14.56% of risk-weighted assets and Tier 1 risk-based capital was 13.38% of risk-weighted assets as of September 30, 2024. Tangible book value per share was $32.55 at September 30, 2024 compared to $29.57 at December 31, 2023. Tangible common equity was 7.19% of total assets at September 30, 2024 compared to 6.79% at December 31, 2023.

Asset Quality

Total non-performing assets were $7.6 million, or 0.29% of total assets, at September 30, 2024, compared to $3.3 million, or 0.13% of total assets, at December 31, 2023. Past due and non-accrual loans to total loans were 0.62% at September 30, 2024, compared to 0.46% at December 31, 2023. Net charge-offs to average total loans were 0.02% at September 30, 2024, compared to 0.04% at December 31, 2023.

About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at http://www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,980 hours of volunteer time and over $1.4 million in donations to non-profit organizations directly within the markets served throughout 2023. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (FTE), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2024 and 2023.

Forward-looking statements

Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

local, regional and national economic conditions and changes thereto;
the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
securities markets and monetary fluctuations and volatility;
disruption of credit and equity markets;
impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
governmental monetary and fiscal policies, as well as legislative and regulatory changes;
effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
technological changes;
the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
acquisitions and integration of acquired businesses;
the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
acts of war or terrorism; and
the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through http://www.bankatfidelity.com.

Contacts:

Daniel J. Santaniello	Salvatore R. DeFrancesco, Jr.
President and Chief Executive Officer	Treasurer and Chief Financial Officer
570-504-8035	570-504-8000

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)

At Period End:	September 30, 2024			December 31, 2023
Assets
Cash and cash equivalents	$	120,169		$	111,949
Investment securities		559,819			568,273
Restricted investments in bank stock		3,944			3,905
Loans and leases		1,795,548			1,686,555
Allowance for credit losses on loans		(19,630	)		(18,806	)
Premises and equipment, net		36,057			34,232
Life insurance cash surrender value		57,672			54,572
Goodwill and core deposit intangible		20,576			20,812
Other assets		41,778			41,667

Total assets	$	2,615,933		$	2,503,159

Liabilities
Non-interest-bearing deposits	$	549,710		$	536,143
Interest-bearing deposits		1,792,796			1,622,282
Total deposits		2,342,506			2,158,425
Short-term borrowings		25,000			117,000
Secured borrowings		6,323			7,372
Other liabilities		34,843			30,883
Total liabilities		2,408,672			2,313,680

Shareholders’ equity		207,261			189,479

Total liabilities and shareholders’ equity	$	2,615,933		$	2,503,159

Average Year-To-Date Balances:	September 30, 2024			December 31, 2023
Assets
Cash and cash equivalents	$	51,707		$	35,462
Investment securities		556,559			597,359
Restricted investments in bank stock		3,961			4,212
Loans and leases		1,722,655			1,635,286
Allowance for credit losses on loans		(19,169	)		(18,680	)
Premises and equipment, net		35,418			32,215
Life insurance cash surrender value		55,963			54,085
Goodwill and core deposit intangible		20,679			20,977
Other assets		41,854			44,180

Total assets	$	2,469,627		$	2,405,096

Liabilities
Non-interest-bearing deposits	$	524,238		$	558,962
Interest-bearing deposits		1,673,443			1,586,527
Total deposits		2,197,681			2,145,489
Short-term borrowings		39,873			49,860
Secured borrowings		7,009			7,489
Other liabilities		31,724			29,881
Total liabilities		2,276,287			2,232,719

Shareholders’ equity		193,340			172,377

Total liabilities and shareholders’ equity	$	2,469,627		$	2,405,096

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Statements of Income (dollars in thousands)

	Three Months Ended						Nine Months Ended
	Sep. 30, 2024			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023
Interest income
Loans and leases	$	24,036		$	20,502		$	68,685		$	59,223
Securities, interest-bearing cash and other		3,263			3,176			10,278			9,772

Total interest income		27,299			23,678			78,963			68,995

Interest expense
Deposits		(11,297	)		(8,488	)		(31,697	)		(19,713	)
Borrowings and debt		(571	)		(551	)		(1,775	)		(2,136	)

Total interest expense		(11,868	)		(9,039	)		(33,472	)		(21,849	)

Net interest income		15,431			14,639			45,491			47,146

Net benefit (provision) for credit losses on loans		(675	)		(525	)		(1,075	)		(1,380	)
Net benefit (provision) for credit losses on unfunded loan commitments		(135	)		275			(225	)		100
Non-interest income		4,979			4,325			14,167			13,349
Non-interest expense		(13,840	)		(12,784	)		(41,146	)		(39,066	)

Income before income taxes		5,760			5,930			17,212			20,149

(Provision) benefit for income taxes		(793	)		(590	)		(2,252	)		(2,407	)
Net income	$	4,967		$	5,340		$	14,960		$	17,742

	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Interest income
Loans and leases	$	24,036		$	22,516		$	22,133		$	21,406		$	20,502
Securities, interest-bearing cash and other		3,263			3,523			3,492			3,434			3,176

Total interest income		27,299			26,039			25,625			24,840			23,678

Interest expense
Deposits		(11,297	)		(10,459	)		(9,941	)		(9,232	)		(8,488	)
Borrowings and debt		(571	)		(463	)		(741	)		(707	)		(551	)

Total interest expense		(11,868	)		(10,922	)		(10,682	)		(9,939	)		(9,039	)

Net interest income		15,431			15,117			14,943			14,901			14,639

Net benefit (provision) for credit losses on loans		(675	)		(275	)		(125	)		(111	)		(525	)
Net benefit (provision) for credit losses on unfunded loan commitments		(135	)		(140	)		50			65			275
Non-interest income (loss)		4,979			4,615			4,572			(1,944	)		4,325
Non-interest expense		(13,840	)		(13,616	)		(13,689	)		(12,804	)		(12,784	)

Income before income taxes		5,760			5,701			5,751			107			5,930

(Provision) benefit for income taxes		(793	)		(766	)		(694	)		361			(590	)
Net income	$	4,967		$	4,935		$	5,057		$	468		$	5,340

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)

At Period End:	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Assets
Cash and cash equivalents	$	120,169		$	78,085		$	72,733		$	111,949		$	110,471
Investment securities		559,819			552,495			559,016			568,273			576,688
Restricted investments in bank stock		3,944			3,968			3,959			3,905			3,800
Loans and leases		1,795,548			1,728,509			1,697,299			1,686,555			1,647,552
Allowance for credit losses on loans		(19,630	)		(18,975	)		(18,886	)		(18,806	)		(18,757	)
Premises and equipment, net		36,057			35,808			34,899			34,232			32,625
Life insurance cash surrender value		57,672			57,278			54,921			54,572			54,226
Goodwill and core deposit intangible		20,576			20,649			20,728			20,812			20,897
Other assets		41,778			42,828			44,227			41,667			49,318

Total assets	$	2,615,933		$	2,500,645		$	2,468,896		$	2,503,159		$	2,476,820

Liabilities
Non-interest-bearing deposits	$	549,710		$	527,572		$	537,824		$	536,143		$	549,741
Interest-bearing deposits		1,792,796			1,641,558			1,678,172			1,622,282			1,602,018
Total deposits		2,342,506			2,169,130			2,215,996			2,158,425			2,151,759
Short-term borrowings		25,000			98,120			25,000			117,000			124,000
Secured borrowings		6,323			7,237			7,299			7,372			7,439
Other liabilities		34,843			30,466			28,966			30,883			28,190
Total liabilities		2,408,672			2,304,953			2,277,261			2,313,680			2,311,388

Shareholders’ equity		207,261			195,692			191,635			189,479			165,432

Total liabilities and shareholders’ equity	$	2,615,933		$	2,500,645		$	2,468,896		$	2,503,159		$	2,476,820

Average Quarterly Balances:	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Assets
Cash and cash equivalents	$	41,991		$	58,351		$	54,887		$	42,176		$	33,238
Investment securities		554,578			551,445			563,674			558,423			598,604
Restricted investments in bank stock		3,965			3,983			3,934			3,854			3,763
Loans and leases		1,763,254			1,707,598			1,696,669			1,664,905			1,640,411
Allowance for credit losses on loans		(19,323	)		(19,171	)		(19,013	)		(19,222	)		(18,812	)
Premises and equipment, net		36,219			35,433			34,591			33,629			31,746
Life insurance cash surrender value		57,525			55,552			54,796			54,449			54,110
Goodwill and core deposit intangible		20,602			20,677			20,759			20,844			20,930
Other assets		41,734			42,960			40,871			46,028			44,346

Total assets	$	2,500,545		$	2,456,828		$	2,451,168		$	2,405,086		$	2,408,336

Liabilities
Non-interest-bearing deposits	$	522,827		$	530,048		$	519,856		$	533,663		$	548,682
Interest-bearing deposits		1,702,187			1,670,211			1,647,615			1,616,826			1,607,793
Total deposits		2,225,014			2,200,259			2,167,471			2,150,489			2,156,475
Short-term borrowings		37,220			28,477			53,952			48,490			37,595
Secured borrowings		6,429			7,269			7,335			7,412			7,470
Other liabilities		31,999			30,734			32,434			30,745			29,638
Total liabilities		2,300,662			2,266,739			2,261,192			2,237,136			2,231,178

Shareholders’ equity		199,883			190,089			189,976			167,950			177,158

Total liabilities and shareholders’ equity	$	2,500,545		$	2,456,828		$	2,451,168		$	2,405,086		$	2,408,336

FIDELITY D & D BANCORP, INC. Selected Financial Ratios and Other Financial Data

	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Selected returns and financial ratios
Basic earnings per share	$	0.87		$	0.86		$	0.88		$	0.08		$	0.94
Diluted earnings per share	$	0.86		$	0.86		$	0.88		$	0.08		$	0.93
Dividends per share	$	0.38		$	0.38		$	0.38		$	0.38		$	0.36
Yield on interest-earning assets (FTE)*		4.68	%		4.58	%		4.52	%		4.36	%		4.18	%
Cost of interest-bearing liabilities		2.70	%		2.58	%		2.51	%		2.36	%		2.17	%
Cost of funds		2.08	%		1.96	%		1.93	%		1.79	%		1.63	%
Net interest spread (FTE)*		1.98	%		2.00	%		2.01	%		2.00	%		2.01	%
Net interest margin (FTE)*		2.70	%		2.71	%		2.69	%		2.66	%		2.63	%
Return on average assets		0.79	%		0.81	%		0.83	%		0.08	%		0.88	%
Pre-provision net revenue to average assets*		1.05	%		1.00	%		0.96	%		0.03	%		1.02	%
Return on average equity		9.89	%		10.44	%		10.71	%		1.10	%		11.96	%
Return on average tangible equity*		11.02	%		11.72	%		12.02	%		1.26	%		13.56	%
Efficiency ratio (FTE)*		65.33	%		66.47	%		67.56	%		63.74	%		65.01	%
Expense ratio		1.41	%		1.47	%		1.50	%		2.43	%		1.39	%

	Nine months ended
	Sep. 30, 2024			Sep. 30, 2023
Basic earnings per share	$	2.61		$	3.13
Diluted earnings per share	$	2.59		$	3.11
Dividends per share	$	1.14		$	1.08
Yield on interest-earning assets (FTE)*		4.59	%		4.12	%
Cost of interest-bearing liabilities		2.60	%		1.79	%
Cost of funds		1.99	%		1.33	%
Net interest spread (FTE)*		1.99	%		2.33	%
Net interest margin (FTE)*		2.70	%		2.86	%
Return on average assets		0.81	%		0.99	%
Pre-provision net revenue to average assets*		1.00	%		1.19	%
Return on average equity		10.34	%		13.64	%
Return on average tangible equity*		11.57	%		15.52	%
Efficiency ratio (FTE)*		66.44	%		62.33	%
Expense ratio		1.46	%		1.43	%

Other financial data	At period end:
(dollars in thousands except per share data)	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Assets under management	$	942,190		$	906,861		$	900,964		$	876,287		$	799,968
Book value per share	$	36.13		$	34.12		$	33.41		$	33.22		$	29.04
Tangible book value per share*	$	32.55		$	30.52		$	29.80		$	29.57		$	25.37
Equity to assets		7.92	%		7.83	%		7.76	%		7.57	%		6.68	%
Tangible common equity ratio*		7.19	%		7.06	%		6.98	%		6.79	%		5.89	%
Allowance for credit losses on loans to:
Total loans		1.09	%		1.10	%		1.11	%		1.12	%		1.14	%
Non-accrual loans	2.77x			2.75x			5.31x			5.68x			6.24x
Non-accrual loans to total loans		0.39	%		0.40	%		0.21	%		0.20	%		0.18	%
Non-performing assets to total assets		0.29	%		0.28	%		0.15	%		0.13	%		0.14	%
Net charge-offs to average total loans		0.02	%		0.03	%		0.01	%		0.04	%		0.04	%

Fidelity Bank Capital Adequacy Ratios
Total risk-based capital ratio		14.56	%		14.69	%		14.68	%		14.57	%		14.69	%
Common equity tier 1 risk-based capital ratio		13.38	%		13.52	%		13.47	%		13.32	%		13.51	%
Tier 1 risk-based capital ratio		13.38	%		13.52	%		13.47	%		13.32	%		13.51	%
Leverage ratio		9.30	%		9.30	%		9.15	%		9.08	%		9.17	%

* Non-GAAP Financial Measures – see reconciliations below

FIDELITY D & D BANCORP, INC. Reconciliations of Non-GAAP Financial Measures to GAAP

Reconciliations of Non-GAAP Measures to GAAP	Three Months Ended
(dollars in thousands, except per share data)	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	27,299		$	26,039		$	25,625		$	24,840		$	23,678
Adjustment to FTE		775			751			747			664			700
Interest income adjusted to FTE (non-GAAP)		28,074			26,790			26,372			25,504			24,378
Interest expense (GAAP)		11,868			10,922			10,682			9,939			9,039
Net interest income adjusted to FTE (non-GAAP)	$	16,206		$	15,868			15,690			15,565			15,339

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	13,840		$	13,616		$	13,689		$	12,804		$	12,784

Net interest income (GAAP)		15,431			15,117			14,943			14,901			14,639
Plus: taxable equivalent adjustment		775			751			747			664			700
Non-interest income (GAAP)		4,979			4,615			4,572			(1,944	)		4,325
Less: (Loss) gain on sales of securities		–			–			–			(6,467	)		–
Net interest income (FTE) plus adjusted non-interest income (non-GAAP)	$	21,185		$	20,483		$	20,262		$	20,088		$	19,664
Efficiency ratio (non-GAAP) (1)		65.33	%		66.48	%		67.56	%		63.74	%		65.01	%
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.

Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)
Total assets (GAAP)	$	2,615,933		$	2,500,645		$	2,468,896		$	2,503,159		$	2,476,820
Less: Intangible assets		(20,576	)		(20,649	)		(20,728	)		(20,812	)		(20,897	)
Tangible assets		2,595,357			2,479,996			2,448,168			2,482,347			2,455,923
Total shareholders’ equity (GAAP)		207,261			195,692			191,635			189,479			165,432
Less: Intangible assets		(20,576	)		(20,649	)		(20,728	)		(20,812	)		(20,897	)
Tangible common equity		186,685			175,043			170,907			168,667			144,535

Common shares outstanding, end of period		5,736,025			5,735,728			5,735,732			5,703,636			5,696,351
Tangible Common Book Value per Share	$	32.55		$	30.52		$	29.80		$	29.57		$	25.37
Tangible Common Equity Ratio		7.19	%		7.06	%		6.98	%		6.79	%		5.89	%

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	5,760		$	5,701		$	5,751		$	107		$	5,930
Plus: Provision for credit losses		810			415			75			47			250
Total pre-provision net revenue (non-GAAP)		6,570			6,116			5,826			154			6,180
Total (annualized) (non-GAAP)	$	26,423		$	24,600		$	23,432		$	609		$	24,517

Average assets	$	2,500,545		$	2,456,828		$	2,451,168		$	2,405,086		$	2,408,336
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.05	%		1.00	%		0.96	%		0.03	%		1.02	%

Reconciliations of Non-GAAP Measures to GAAP	Nine months ended
(dollars in thousands)	Sep. 30, 2024			Sep. 30, 2023
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	78,963		$	68,995
Adjustment to FTE		2,272			2,186
Interest income adjusted to FTE (non-GAAP)		81,235			71,181
Interest expense (GAAP)		33,472			21,849
Net interest income adjusted to FTE (non-GAAP)	$	47,763		$	49,332

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	41,146		$	39,066

Net interest income (GAAP)		45,491			47,146
Plus: taxable equivalent adjustment		2,272			2,186
Non-interest income (GAAP)		14,167			13,349
Net interest income (FTE) plus non-interest income (non-GAAP)	$	61,930		$	62,681
Efficiency ratio (non-GAAP) ⁽¹⁾		66.44	%		62.33	%
⁽¹⁾ The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	17,212		$	20,149
Plus: Provision for credit losses		1,300			1,280
Total pre-provision net revenue (non-GAAP)	$	18,512		$	21,429
Total (annualized) (non-GAAP)	$	24,661		$	28,650

Average assets	$	2,469,627		$	2,405,100
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.00	%		1.19	%

The MIL Network –

January 24, 2025

MIL-OSI: Stifel Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, Oct. 23, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended September 30, 2024, compared with $1.0 billion a year ago. Net income available to common shareholders was $149.2 million, or $1.34 per diluted common share, compared with $58.8 million, or $0.52 per diluted common share for the third quarter of 2023. Non-GAAP net income available to common shareholders was $166.3 million, or $1.50 per diluted common share for the third quarter of 2024.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter represented our second highest quarterly net revenue, an increase of 17%, while earnings per share increased 150%. Through the first three quarters of 2024, net revenue was up 13% to a record $3.6 billion, driven by continued growth in Global Wealth, improvement in our Institutional business, and the stabilization of net interest income. Our financial results illustrate the strength of the Stifel franchise and our ability to capitalize on improving market conditions. Momentum in our business continues to build and we anticipate further upside to both the top and bottom lines in the fourth quarter and in 2025.”

Highlights

The Company reported net revenues of $1.2 billion, the second best revenue quarter in its history, driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
Non-GAAP net income available to common shareholders of $1.50 per diluted common share was negatively impacted by elevated provisions for legal matters of $0.10 per diluted common share (after-tax).
Investment banking revenues increased 66% over the year-ago quarter, driven by higher capital raising and advisory revenues.
- Capital raising revenues increased 114% over the year-ago quarter.
- Advisory revenues increased 41% over the year-ago quarter.
Record asset management revenues, up 15% over the year-ago quarter.
Record client assets of $496.3 billion, up 20% over the year-ago quarter.
Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors.
Non-GAAP pre-tax margin of 19.2% as the Company maintained its focus on expense discipline, while continuing to invest in the business.
Annualized return on tangible common equity (ROTCE) ⁽⁵⁾ of 20%.
Tangible book value per common share ⁽⁷⁾ of $33.62, up 12% from prior year.

Financial Summary (Unaudited)
(000s)	3Q 2024			3Q 2023			9m 2024			9m 2023
GAAP Financial Highlights:
Net revenues	$	1,224,668		$	1,045,051		$	3,605,638		$	3,202,565
Net income ⁽¹⁾	$	149,185		$	58,840		$	459,413		$	332,091
Diluted EPS ⁽¹⁾	$	1.34		$	0.52		$	4.16		$	2.91
Comp. ratio		58.6	%		58.7	%		58.8	%		58.7	%
Non-comp. ratio		23.7	%		30.8	%		22.8	%		25.7	%
Pre-tax margin		17.7	%		10.5	%		18.4	%		15.6	%
Non-GAAP Financial Highlights:
Net revenues	$	1,225,351		$	1,045,028		$	3,606,330		$	3,202,539
Net income ⁽¹⁾⁽²⁾	$	166,270		$	67,413		$	506,186		$	364,937
Diluted EPS ^{(1) (2)}	$	1.50		$	0.60		$	4.58		$	3.20
Comp. ratio ⁽²⁾		58.0	%		58.0	%		58.0	%		58.0	%
Non-comp. ratio ⁽²⁾		22.8	%		30.2	%		22.1	%		24.9	%
Pre-tax margin ⁽³⁾		19.2	%		11.8	%		19.9	%		17.1	%
ROCE ⁽⁴⁾		13.7	%		5.8	%		14.4	%		10.4	%
ROTCE ⁽⁵⁾		19.5	%		8.5	%		20.7	%		15.1	%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$	827,116		$	768,558		$	2,418,751		$	2,283,934
Pre-tax net income	$	301,703		$	298,449		$	891,624		$	914,462
Total client assets	$	496,298		$	412,458
Fee-based client assets	$	190,771		$	150,982
Bank loans ⁽⁶⁾	$	20,633		$	20,435
Institutional Group
Net revenues	$	372,401		$	256,888		$	1,114,498		$	867,025
Equity	$	222,459		$	144,764		$	646,570		$	508,371
Fixed Income	$	149,942		$	112,124		$	467,928		$	358,654
Pre-tax net income/ (loss)	$	41,797		($	27,804	)	$	127,719		($	5,671	)

Global Wealth Management

Global Wealth Management reported record net revenues of $827.1 million for the three months ended September 30, 2024 compared with $768.6 million during the third quarter of 2023. Pre-tax net income was $301.7 million compared with $298.4 million in the third quarter of 2023.

Highlights

Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors, with total trailing 12 month production of $10.5 million.
Client assets of $496.3 billion, up 20% over the year-ago quarter.
Fee-based client assets of $190.8 billion, up 26% over the year-ago quarter.

Net revenues increased 8% from a year ago:

Transactional revenues increased 16% over the year-ago quarter reflecting an increase in client activity.
Asset management revenues increased 15% over the year-ago quarter due to higher asset values and net new assets.
Net interest income decreased 11% from the year-ago quarter driven by changes in deposit mix, partially offset by higher yields on the investment portfolio and lending growth.

Total Expenses:

Compensation expense as a percent of net revenues increased to 48.7% primarily as a result of higher compensable revenues.
Provision for credit losses decreased from the year-ago quarter primarily as a result of lower provisions in the real estate sector compared to the year-ago quarter, partially offset by growth in the loan portfolio.
Non-compensation operating expenses as a percent of net revenues increased to 14.8% primarily as a result of higher litigation-related expenses, partially offset by revenue growth over the year-ago quarter.

Summary Results of Operations
(000s)	3Q 2024			3Q 2023
Net revenues	$	827,116		$	768,558
Transactional revenues		192,727			165,547
Asset management		382,309			333,088
Net interest income		240,825			269,431
Investment banking		6,217			3,895
Other income		5,038			(3,403	)
Total expenses	$	525,413		$	470,109
Compensation expense		403,205			359,325
Provision for credit losses		5,287			9,992
Non-comp. opex		116,921			100,792
Pre-tax net income	$	301,703		$	298,449
Compensation ratio		48.7	%		46.8	%
Non-compensation ratio		14.8	%		14.4	%
Pre-tax margin		36.5	%		38.8	%

Institutional Group

Institutional Group reported net revenues of $372.4 million for the three months ended September 30, 2024 compared with $256.9 million during the third quarter of 2023. Institutional Group reported pre-tax net income of $41.8 million for the three months ended September 30, 2024 compared with pre-tax net loss of $27.8 million in the third quarter of 2023.

Highlights

Investment banking revenues increased 66% from a year ago:

Advisory revenues increased from the year-ago quarter driven by higher levels of completed advisory transactions.
Fixed income capital raising revenues more than doubled over the year-ago quarter primarily driven by higher bond issuances.
Equity capital raising revenues increased significantly over the year-ago quarter driven by higher volumes.

Fixed income transactional revenues increased 17% from a year ago:

Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and volatility.

Equity transactional revenues increased 4% from a year ago:

Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

Total Expenses:

Compensation expense as a percent of net revenues decreased to 60.3% primarily as a result of higher revenues.
Non-compensation operating expenses as a percent of net revenues decreased to 28.5% primarily as a result of revenue growth and expense discipline.

Summary Results of Operations
(000s)	3Q 2024			3Q 2023
Net revenues	$	372,401		$	256,888
Investment banking		236,965			142,991
Advisory		136,857			97,272
Fixed income capital raising		49,364			24,670
Equity capital raising		50,744			21,049
Fixed income transactional		78,974			67,439
Equity transactional		48,824			46,930
Other		7,638			(472	)
Total expenses	$	330,604		$	284,692
Compensation expense		224,556			192,638
Non-comp. opex.		106,048			92,054
Pre-tax net income/(loss)	$	41,797		($	27,804	)
Compensation ratio		60.3	%		75.0	%
Non-compensation ratio		28.5	%		35.8	%
Pre-tax margin		11.2	%		(10.8	%)

Other Matters

Highlights

During the third quarter, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.
The Company repurchased $20.2 million of its outstanding common stock during the third quarter.
Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 3.7 million shares under its share repurchase program since the third quarter of 2023.
The Board of Directors declared a $0.42 quarterly dividend per share payable on September 17, 2024 to common shareholders of record on September 3, 2024.
The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 17, 2024 to shareholders of record on September 3, 2024.

	3Q 2024	3Q 2023
Common stock repurchases
Repurchases (000s)	$20,222	$118,810
Number of shares (000s)	249	1,886
Average price	$81.23	$63.00
Period end shares (000s)	102,313	103,120
Weighted average diluted shares outstanding (000s)	110,994	113,195
Effective tax rate	26.8%	37.7%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio	15.0%	13.9%
Tier 1 risk based capital ratio	17.9%	16.9%
Tier 1 leverage capital ratio	11.3%	10.8%
Tier 1 capital (MM)	$4,159	$3,914
Risk weighted assets (MM)	$23,184	$23,219
Average assets (MM)	$36,813	$36,356
Quarter end assets (MM)	$38,935	$37,878
Agency	Rating	Outlook
Fitch Ratings	BBB+	Stable
S&P Global Ratings	BBB	Stable

Conference Call Information

Stifel Financial Corp. will host its third quarter 2024 financial results conference call on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

MIL-OSI: Manhattan Bridge Capital, Inc. Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

GREAT NECK, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2024 was approximately $1,399,000, or $0.12 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2023, a decrease of $47,000, or 3.3%. This decrease is primarily attributable to a decrease in revenue, partially offset by a decrease in interest expense.

Total revenues for the three months ended September 30, 2024 were approximately $2,313,000 compared to approximately $2,434,000 for the three months ended September 30, 2023, a decrease of $121,000 or 5.0%. The decrease in revenue was due to a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations, partially offset by higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2024 and 2023, approximately $1,953,000 and $1,992,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $360,000 and $441,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the nine months ended September 30, 2024 was approximately $4,285,000, or $0.37 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2023, an increase of $157,000, or 3.8%. This increase is primarily attributable to an increase in interest income from loans, partially offset by a decrease in origination fees.

Total revenues for the nine months ended September 30, 2024 were approximately $7,330,000 compared to approximately $7,231,000 for the nine months ended September 30, 2023, an increase of $99,000, or 1.4%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the nine months ended September 30, 2024 and 2023, revenues of approximately $6,128,000 and $5,889,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,201,000 and $1,342,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

As of September 30, 2024, total stockholders’ equity was approximately $43,271,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The recent 0.5% reduction of interest rate regenerated optimism among real estate investors. The burden of high interest started to take its toll on many of them and the pace of new deals during the third quarter declined. Therefore, we experienced a decline in initiation fees. Yet, since we have more deals in the pipeline, I hope to return to the previous pace soon.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on Manhattan Bridge Capital’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding future deals pipeline and the return to previous deal pace. The forward-looking statements contained or implied in this press release are subject to risks and uncertainties, including the risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC and in subsequent filings with the SEC. Except as otherwise required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
Assets	September 30, 2024 (unaudited)		December 31, 2023 (audited)
Loans receivable	$	68,711,438	$	73,048,403
Interest and other fees receivable on loans		1,536,643		1,395,905
Cash		167,863		104,222
Cash – restricted		—		1,587,773
Other assets		99,180		63,636
Right-of-use asset – operating lease, net		167,243		207,364
Deferred financing costs, net		19,636		27,583
Total assets	$	70,702,003	$	76,434,886

Liabilities and Stockholders’ Equity

Liabilities:
Line of credit	$	19,170,268		$	25,152,338
Senior secured notes (net of deferred financing costs of $115,756 and $172,069, respectively)		5,884,244			5,827,931
Deferred origination fees		618,812			719,019
Accounts payable and accrued expenses		211,786			295,292
Operating lease liability		180,529			220,527
Loan holdback		50,000			—
Dividends payable		1,315,445			1,287,073
Total liabilities		27,431,084			33,502,180
Commitments and contingencies
Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued		—			—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 and 11,440,651 outstanding, respectively		11,757			11,757
Additional paid-in capital		45,558,674			45,548,876
Less: Treasury stock, at cost – 318,407 and 316,407 shares, respectively		(1,070,406	)		(1,060,606	)
Accumulated deficit		(1,229,106	)		(1,567,321	)
Total stockholders’ equity		43,270,919			42,932,706
Total liabilities and stockholders’ equity	$	70,702,003		$	76,434,886

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024			2023
Revenue: Interest income from loans	$	1,952,957	$	1,992,495	$	6,128,131		$	5,888,843
Origination fees		360,376		441,271		1,201,494			1,342,077
Total revenue		2,313,333		2,433,766		7,329,625			7,230,920

Operating costs and expenses:
Interest and amortization of deferred financing costs		537,218		614,389		1,831,037			1,856,079
Referral fees		847		361		1,847			1,652
General and administrative expenses		380,482		377,192		1,225,041			1,274,267
Total operating costs and expenses		918,547		991,942		3,057,925			3,131,998
Income from operations		1,394,786		1,441,824		4,271,700			4,098,922
Other income		4,500		4,500		13,500			29,380
Income before income tax expense		1,399,286		1,446,324		4,285,200			4,128,302
Income tax expense		—		—		(650	)		(650	)
Net income	$	1,399,286	$	1,446,324	$	4,284,550		$	4,127,652

Basic and diluted net income per common share outstanding:
–Basic	$	0.12	$	0.13	$	0.37		$	0.36
–Diluted	$	0.12	$	0.13	$	0.37		$	0.36

Weighted average number of common shares outstanding
–Basic		11,438,651		11,461,052		11,438,658			11,477,133
–Diluted		11,438,651		11,461,052		11,438,658			11,477,133

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Common Shares

Additional Paid in Capital

Treasury Shares

Accumulated Deficit

Totals

Shares

Amount

Shares

Cost

Balance, July 1, 2024

11,757,058

$11,757

$45,555,408

318,407

$(1,070,406

)

$(1,312,947

)

$43,183,812

Non-cash compensation

3,266

Dividends declared and payable

(1,315,445

)

(1,315,445

)

Net income

1,399,286

Balance, September 30, 2024

11,757,058

$11,757

$45,558,674

318,407

$(1,070,406

)

$(1,229,106

)

$ 43,270,919

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023

	Common Shares			Additional Paid in Capital		Treasury Shares				Accumulated Deficit			Totals
	Shares	Amount				Shares	Cost
Balance, July 1, 2023	11,757,058	$	11,757	$	45,542,343	295,473	$	(963,745	)	$	(1,786,337	)	$	42,804,018
Purchase of treasury shares						4,500		(20,885	)					(20,885	)
Non-cash compensation					3,266									3,266
Dividends declared and payable											(1,288,753	)		(1,288,753	)
Net income											1,446,324			1,446,324
Balance, September 30, 2023	11,757,058	$	11,757	$	45,545,609	299,973	$	(984,630	)	$	(1,628,766	)	$	42,943,970

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	Common Shares			Additional Paid in Capital		Treasury Shares				Accumulated Deficit			Totals
	Shares	Amount				Shares	Cost
Balance, January 1, 2024	11,757,058	$	11,757	$	45,548,876	316,407	$	(1,060,606	)	$	(1,567,321	)	$	42,932,706
Purchase of treasury shares						2,000		(9,800	)					(9,800	)
Non-cash compensation					9,798									9,798
Dividends paid											(2,630,890	)		(2,630,890	)
Dividends declared and payable											(1,315,445	)		(1,315,445	)
Net income											4,284,550			4,284,550
Balance, September 30, 2024	11,757,058	$	11,757	$	45,558,674	318,407	$	(1,070,406	)	$	(1,229,106	)	$	43,270,919

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

	Common Shares			Additional Paid in Capital		Treasury Shares				Accumulated Deficit			Totals
	Shares	Amount				Shares	Cost
Balance, January 1, 2023	11,757,058	$	11,757	$	45,535,811	262,113	$	(798,939	)	$	(1,885,056	)	$	42,863,573
Purchase of treasury shares						37,860		(185,691	)					(185,691	)
Non-cash compensation					9,798									9,798
Dividends paid											(2,582,609	)		(2,582,609	)
Dividends declared and payable											(1,288,753	)		(1,288,753	)
Net income											4,127,652			4,127,652
Balance, September 30, 2023	11,757,058	$	11,757	$	45,545,609	299,973	$	(984,630	)	$	(1,628,766	)	$	42,943,970

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
	Nine Months Ended September 30,
		2024			2023
Cash flows from operating activities:
Net income	$	4,284,550		$	4,127,652
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs		66,427			71,449
Adjustment to right-of-use asset – operating lease and liability		121			1,636
Depreciation		3,480			3,001
Non-cash compensation expense		9,798			9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(140,738	)		14,128
Other assets		(35,005	)		(38,381	)
Accounts payable and accrued expenses		(83,505	)		(53,682	)
Deferred origination fees		(100,207	)		1,167
Net cash provided by operating activities		4,004,921			4,136,768

Cash flows from investing activities:
Issuance of short-term loans		(29,362,922	)		(40,810,565	)
Collections received from loans		33,749,887			44,512,989
Purchase of fixed assets		(4,018	)		(5,085	)
Net cash provided by investing activities		4,382,947			3,697,339

Cash flows from financing activities:
Repayment of line of credit, net		(5,982,070	)		(3,561,140	)
Dividends paid		(3,917,963	)		(4,019,478	)
Purchase of treasury shares		(9,800	)		(185,691	)
Deferred financing costs incurred		(2,167	)		(38,191	)
Net cash used in financing activities		(9,912,000	)		(7,804,500	)

Net (decrease) increase in cash		(1,524,132	)		29,607
Cash and cash – restricted, beginning of period*		1,691,995			103,540
Cash, end of period	$	167,863		$	133,147

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes	$	650		$	650
Cash paid during the period for interest	$	1,816,980		$	1,797,254
Cash paid during the period for operating leases	$	47,779		$	47,822

Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,315,445		$	1,288,753
Loan holdback relating to mortgage receivable	$	50,000		$	—

*At December 31, 2023, cash and restricted cash consisted of $1,587,773 of restricted cash.

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.

The MIL Network –

January 24, 2025

MIL-OSI: UP Fintech Announces Pricing of Follow-on Public Offering of American Depositary Shares

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 23, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced the pricing of a public offering of 15,000,000 American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, at a public offering price of US$6.25 per ADS. The underwriters will have an option to purchase up to an aggregate of 2,250,000 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions, exercisable within 20 days from the date of the prospectus supplement.

The ADS offering is expected to close on October 24, 2024, subject to customary closing conditions.

The Company expects to use the net proceeds of approximately US$90.0 million from the ADS offering for strengthening the Company’s capital base and furthering the Company’s business development initiatives.

Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. are acting as the joint bookrunners for the proposed ADS offering.

The ADS offering has been made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. The ADS offering has been made only by means of a prospectus supplement and an accompanying prospectus included in the Form F-3. The Form F-3 and the prospectus supplement are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

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

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com

The MIL Network –

January 24, 2025

MIL-OSI: Landsbankinn hf.: Financial results of Landsbankinn for the first nine months of 2024

Source: GlobeNewswire (MIL-OSI)

Landsbankinn’s after-tax profit in the first nine months of 2024 amounted to ISK 26.9 billion, ISK 10.8 billion thereof in the third quarter.
Return on equity (ROE) was 11.7%, compared with 10.5% for the same period the previous year.
The net interest margin was 2.9% and the net interest margin of domestic households rises from 2% to 2.1% due to higher reserve requirements.
Net interest income amounted to ISK 44.1 billion and net fee & commission income was ISK 8.1 billion.
Net impairments were negative by ISK 2.0 billion, largely attributable to uncertainty about the financial impact of natural disaster on the Reykjanes peninsula.
The cost-income ratio was 32.3%, compared with 34.6% in the same period of 2023.
The total capital ratio was 24.1% at the end of the period. The total capital requirement of the Financial Supervisory Authority (FSA) of the Central Bank of Iceland is 20.4%.
In September, the FSA published the results of its assessment, finding that Landsbankinn is eligible to control a qualifying holding in TM tryggingar hf. (TM). The conclusion of the Icelandic Competition Authority in the same case is pending.

Lilja Björk Einarsdóttir, CEO of Landsbankinn:

“These results reflect sound operation and growing activity. The Bank is advancing in all areas and fee and commission income is robust in line with our focus on adding services and growing our market share. On-going development of Landsbankinn’s app and new features are clearly translating into increased use, not least among young customers. We see this in pension savings, for example, where growth in supplementary pension agreements with young people has reached 17.3% since the feature was added to the app.

While use of our digital solutions continues to grow, customers are still active in visiting the Bank to seek advice and other services offered in our branches and Customer Service Centre. We operate 35 branches and outlets around Iceland and are always happy to see our customers – in the past quarter, around 85,000 visits were logged with cashiers and advisors. We emphasise initiative in our customer relations and mortgage holders with the Bank, whose mortgages were nearing the end of a fixed-rate term, received a call from the Bank and a consultation offer.

In recent years, higher interest rates have resulted in good returns on the Bank’s liquid assets yet also made funding more costly, especially with higher deposit rates which customers enjoy in the form of improved return on their savings. As an example, the most favourable deposit rates the Bank currently offers corporates are 8.64% on an annualised basis. The Bank’s net interest margin has narrowed since the previous quarter and the interest margin of households, which is the difference between non-indexed mortgage rates and interest on non-fixed term savings, is currently 2.1%.

Robust lending growth this year to date has been somewhat surprising in light of high interest rate levels but funding to meet this increase has been successful, and delinquencies remain low. The Bank’s loan book has grown by ISK 155 billion, or 9.5%. Of the total, loans to retail customers represent ISK 53.6 billion, almost all in the form of mortgages. Because of increased demand for inflation-indexed mortgages and higher funding terms on indexed bonds, we have changed the availability of indexed mortgages to, among other things, reduce demand. We continue to offer the best terms among the domestic banks but now only offer equal payment mortgages to first-time buyers. While monthly payments will be higher for those who select indexed loans, asset formation will also be quicker. This allowed us to keep interest rate hikes moderate and we are of the opinion that this change is more positive for the majority of our customers.

A recent green issuance in the amount of EUR 300 million was very successful, achieving the most favourable terms any Icelandic bank has gotten in quite some while. Part of the proceeds from the issuance will be allocated to repay older bonds issued at even more favourable terms so that the net impact is slightly higher funding cost for the Bank.

We await the conclusion of the Icelandic Competition Authority in the matter of the Bank’s purchase of TM. In the interim, there are rules that limit communication between the companies. If the conclusion is positive, the Bank will finalise the purchase without delay and the project can get off to a full start. With the Bank’s purchase of TM, our aim is to offer customers even better and varied service through all our service channels.”

Landsbankinn’s financial calendar

Annual results 2024 30 January 2025
Annual General Meeting 19 March 2025
Q1 2025 30 April 2025
Q2 2025 17 July 2025
Q3 2025 23 October 2025
Annual results 2025 29 January 2026

For further information contact:

Public Relations, pr@landsbankinn.is

Investor Relations, ir@landsbankinn.is

Attachments

The MIL Network –

January 24, 2025

MIL-OSI: EBC Financial Group and the University of Oxford’s Department of Economics Announce WERD Episode on Macroeconomics and Climate

Source: GlobeNewswire (MIL-OSI)

OXFORD, United Kingdom, Oct. 23, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC) is proud to announce its continued collaboration with the University of Oxford’s Department of Economics for the 2024-2025 edition of the acclaimed “What Economists Really Do” (WERD) webinar series. The upcoming event will be the first WERD event to feature a dedicated panel discussion session in a hybrid setting, titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience”. It also marks the second collaboration between EBC and the University of Oxford’s Department of Economics this year, following an earlier success in March. EBC’s ongoing collaboration with the University of Oxford’s Department of Economics builds on the success of their previous WERD webinar, which focused on The Economics of Tax Evasion. That session explored the impact of tax evasion on both global and local economies, highlighting the importance of financial literacy in addressing complex economic issues.

The hybrid event will take place on 14 November 2024 at the Sir Michael Dummett Lecture Theatre, Christ Church College, and will bring together prominent thought leaders to discuss the intersection of economic policies and environmental sustainability.

As global climate challenges intensify, this event comes at a critical time when the financial sector’s role in fostering sustainable development is under increased scrutiny. In today’s economic landscape, aligning financial strategies with environmental stewardship is essential. Through sponsoring this upcoming WERD episode, EBC will shift its focus toward addressing the pressing issues of climate resilience and sustainable economic growth. The panel discussion will explore how macroeconomic policies can help address some of the world’s most urgent environmental challenges while ensuring economic stability. This timely dialogue underscores EBC’s commitment to fostering discussions on how financial markets can lead the charge in sustainability.

David Barrett, CEO of EBC Financial Group (UK) Ltd, expressed his enthusiasm for the ongoing collaboration: “We are excited to partner once more with the University of Oxford’s Department of Economics for the second episode of the ‘What Economists Really Do’ webinar series for the 2024-2025 edition. This collaboration embodies our commitment to advancing academic research and addressing the pressing issue of climate change through macroeconomic perspectives. At EBC Financial Group, we believe in the power of strategic partnerships to drive meaningful change, and we are proud to support such an esteemed partner in a collective mission to shape a more sustainable future.”

Banu Demir Pakel, session moderator and the Associate Head of External Engagement and Associate Professor of Economics, added: “We are pleased to welcome EBC Financial Group back to sponsor another special episode of ‘What Economists Really Do’ (WERD). In the previous WERD episode, we welcomed David Barrett, CEO of EBC Financial Group (UK) Ltd to discuss ‘The Economics of Tax Evasion’—proving how invaluable industry insights can be to an academic discussion. On the basis of this success, we are looking forward to hosting a larger hybrid panel event with further guests from the industry, plus a keynote lecture from Professor Andrea Chiavari on the topic of ‘Macroeconomics and Climate.’ The Department of Economics is proud to facilitate thought-leadership discussions between academia and industry, and we are grateful for EBC’s ongoing support. We look forward to a prosperous event.”

The University of Oxford’s Department of Economics is globally celebrated for its rigorous academic research and significant contributions to economic policy. Attendees will gain valuable insights into how macroeconomic principles can align with sustainable growth objectives, informed by perspectives from both academia and the financial sector. With discussions that bridge the gap between theory and practice, this event will provide a forward-looking view of how economic policies can uplift environmental resilience and ensure global economic stability. Participants will also hear from industry leaders about the practical steps businesses and institutions can and are taking to achieve sustainable growth.

Embracing a Broader Vision of Sustainable Development
EBC Financial Group’s support for this initiative comes at a time of strategic global expansion. With a growing presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, as well as emerging markets in Southeast Asia, Latin America, Africa, and India, EBC is committed to empowering local markets with financial solutions that are both robust and sustainable. By engaging with leading academic institutions like the University of Oxford’s Department of Economics, EBC aims to strengthen its role as a catalyst for positive change in regions that are traditionally underserved by major financial institutions.

The proceeds from this year’s WERD event will support the Department and its goal to produce leading research and world-class education. Registration for the event is now open, offering both in-person and online access to accommodate a global audience. To reserve your spot, please visit this link.

About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

https://www.ebc.com/

Media Contact:

Savitha Ravindran
Global Public Relations Manager (EMEA, LATAM)
savitha.ravindran@ebc.com

Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com

Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaaa905a-4c02-44a0-bf7d-b8be3dec4b36

The MIL Network –

January 24, 2025

MIL-OSI: Lloyds Bank PLC: 2024 Q3 Interim Management Statement

Source: GlobeNewswire (MIL-OSI)

LONDON, Oct. 23, 2024 (GLOBE NEWSWIRE) —

Lloyds Bank plc
Q3 2024 Interim Management Statement
23 October 2024

Member of the Lloyds Banking Group

FINANCIAL REVIEW

Income statement

The Group’s profit before tax for the first nine months of 2024 was £3,927 million, 27 per cent lower than the same period in 2023. This was driven by lower net interest income and higher operating expenses, partly offset by a lower impairment charge. Profit after tax was £2,727 million (nine months to 30 September 2023 £3,975 million).

Total income for the first nine months of 2024 was £12,613 million, a decrease of 8 per cent on the same period in 2023. Within this, net interest income of £9,378 million was 10 per cent lower on the prior year, driven by a lower margin. The lower margin reflected anticipated headwinds due to deposit churn and asset margin compression, particularly in the mortgage book as it refinances in a lower margin environment. These factors were partially offset by benefits from higher structural hedge earnings as balances are reinvested in the higher rate environment.

Other income amounted to £3,235 million in the nine months to 30 September 2024 compared to £3,268 million in the same period in 2023, with improved UK Motor Finance performance, reflecting growth following the acquisition of Tusker in the first quarter of 2023, increased fleet size and higher average rental value, partially offset by the impact of changes to commission arrangements with Scottish Widows.

Operating expenses of £8,392 million were 13 per cent higher than in the prior year. This includes the impacts of higher operating lease depreciation, largely as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices, alongside higher ongoing strategic investment, accelerated severance charges and inflationary pressure. It also includes c.£0.1 billion relating to the sector-wide change in the charging approach for the Bank of England Levy taken in the first quarter. In the nine months to 30 September 2024, the Group recognised remediation costs of £118 million (nine months to 30 September 2023: £127 million), largely in relation to pre-existing programmes, with no further charges in respect of the FCA review of historical motor finance commission arrangements. The FCA confirmed in September 2024 its intention to set out next steps in its review in May 2025, including its assessment of the outcome of the Judicial Review and Court of Appeal decisions involving other market participants; the Group will assess the impact, if any, of these decisions.

The impairment charge was £294 million compared with a £881 million charge in the nine months to 30 September 2023. The decrease reflects a larger credit from improvements to the Group’s economic outlook in the first half of the year, notably house price growth and through changes to the severe downside scenario methodology. The charge also benefitted from strong portfolio performance, a large debt sale write-back, and a release in Commercial Banking from loss rates used in the model. Asset quality remains strong with resilient credit performance.

Balance sheet

Total assets were £4,207 million higher at £609,612 million at 30 September 2024 compared to £605,405 million at 31 December 2023. Financial assets at amortised cost were £15,406 million higher at £503,477 million compared to £488,071 million at 31 December 2023 with increases in reverse repurchase agreements of £11,128 million and loans and advances to customers of £7,355 million, partly offset by a reduction in loans and advances to banks of £2,919 million. The increase in reverse repurchase agreements and the decrease in cash and balances at central banks by £17,984 million to £39,925 million reflected a change in the mix of liquidity holdings. The increase in loans and advances to customers included growth in UK mortgages, UK Retail unsecured loans, credit cards and the European retail business, partly offset by government-backed lending repayments in Commercial Banking. Financial assets at fair value through other comprehensive income were £5,032 million higher reflecting a change in the mix of liquidity holdings. Other assets increased by £1,864 million to £28,925 million, driven by higher settlement balances and higher operating lease assets reflecting continued motor finance growth.

Total liabilities were £4,390 million higher at £569,364 million compared to £564,974 million at 31 December 2023. Customer deposits at £446,311 million have increased by £4,358 million since the end of 2023, driven by inflows to limited withdrawal and fixed term savings products, partly offset by a reduction in current account balances and an expected significant outflow in Commercial Banking. In addition, repurchase agreements at £41,370 million have increased by £3,668 million since the end of 2023. Debt securities in issue at amortised cost decreased by £7,369 million to £45,080 million at 30 September 2024. Amounts due to fellow Lloyds Banking Group undertakings increased by £1,510 million to £4,442 million at 30 September 2024. Other liabilities increased by £3,042 million to £12,926 million, driven by higher settlement balances.

Total equity was £40,248 million at 30 September 2024 was broadly stable compared to £40,431 million at 31 December 2023, with the profit for the period largely offset by interim dividends of £3.4 billion, pension revaluations and movements in the cash flow hedging reserve.

FINANCIAL REVIEW (continued)

Capital

The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6 per cent at 30 September 2024 (31 December 2023: 14.4 per cent). This largely reflected profit for the period, offset by the payment of interim ordinary dividends, the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

The Group’s total capital ratio reduced to 19.8 per cent (31 December 2023: 20.5 per cent). The issuance of AT1 and Tier 2 capital instruments was more than offset by the reduction in CET1 capital, the reduction in eligible provisions recognised through Tier 2 capital, the impact of regulatory amortisation and foreign exchange on Tier 2 capital instruments and the increase in risk-weighted assets.

Risk-weighted assets have increased by £2,350 million to £184,910 million at 30 September 2024 (31 December 2023: £182,560 million). This reflects the impact of Retail lending growth, Retail secured CRD IV model updates and other movements, partly offset by optimisation including capital efficient securitisation activity.

The Group’s UK leverage ratio reduced to 5.3 per cent (31 December 2023: 5.6 per cent). This reflected both the reduction in the total tier 1 capital position and an increase in the leverage exposure measure, principally related to the increase in securities financing transactions and other balance sheet movements.


CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

	Nine months ended 30 Sep 2024 £m		Nine months ended 30 Sep 2023 £m

Net interest income	9,378		10,432
Other income	3,235		3,268
Total income	12,613		13,700
Operating expenses	(8,392	)	(7,457	)
Impairment	(294	)	(881	)
Profit before tax	3,927		5,362
Tax expense	(1,200	)	(1,387	)
Profit for the period	2,727		3,975

Profit attributable to ordinary shareholders	2,454		3,708
Profit attributable to other equity holders	256		249
Profit attributable to equity holders	2,710		3,957
Profit attributable to non-controlling interests	17		18
Profit for the period	2,727		3,975


CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

	At 30 Sep 2024 £m	At 31 Dec 2023 £m

Assets
Cash and balances at central banks	39,925	57,909
Financial assets at fair value through profit or loss	1,990	1,862
Derivative financial instruments	2,926	3,165
Loans and advances to banks	5,891	8,810
Loans and advances to customers	440,479	433,124
Reverse repurchase agreements	43,879	32,751
Debt securities	12,569	12,546
Due from fellow Lloyds Banking Group undertakings	659	840
Financial assets at amortised cost	503,477	488,071
Financial assets at fair value through other comprehensive income	32,369	27,337
Other assets	28,925	27,061
Total assets	609,612	605,405

Liabilities
Deposits from banks	3,474	3,557
Customer deposits	446,311	441,953
Repurchase agreements	41,370	37,702
Due to fellow Lloyds Banking Group undertakings	4,442	2,932
Financial liabilities at fair value through profit or loss	4,964	5,255
Derivative financial instruments	3,583	4,307
Debt securities in issue at amortised cost	45,080	52,449
Other liabilities	12,926	9,884
Subordinated liabilities	7,214	6,935
Total liabilities	569,364	564,974

Equity
Share capital	1,574	1,574
Share premium account	600	600
Other reserves	2,904	2,395
Retained profits	29,667	30,786
Ordinary shareholders’ equity	34,745	35,355
Other equity instruments	5,428	5,018
Non-controlling interests	75	58
Total equity	40,248	40,431
Total equity and liabilities	609,612	605,405

ADDITIONAL FINANCIAL INFORMATION

1. Basis of presentation

This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the nine months ended 30 September 2024.

Accounting policies

The accounting policies are consistent with those applied by the Group in its 2023 Annual Report and Accounts

2. Capital

The Group’s Q3 2024 Interim Pillar 3 Disclosures can be found at http://www.lloydsbankinggroup.com/investors/financial-downloads.html.

3. UK economic assumptions

Base case and MES economic assumptions

The Group’s base case scenario is for a slow expansion in GDP and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Following a reduction in inflationary pressures, cuts in UK Bank Rate are expected to continue during 2024 and 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the third quarter of 2024. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included, including specifically in the Quarterly National Accounts release of 30 September 2024. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements for the year ended 31 December 2023. For September 2024, the Group continues to judge it appropriate to include a non-modelled severe downside scenario for ECL calculations as explained in note 12 of the Group’s 2024 Half-Year news release.

UK economic assumptions – base case scenario by quarter

Key quarterly assumptions made by the Group in the base case scenario are shown below. Gross domestic product is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

At 30 September 2024	First quarter 2024 %		Second quarter 2024 %		Third quarter 2024 %		Fourth quarter 2024 %	First quarter 2025 %	Second quarter 2025 %	Third quarter 2025 %	Fourth quarter 2025 %

Gross domestic product	0.7		0.6		0.3		0.3	0.3	0.3	0.4	0.4
Unemployment rate	4.3		4.2		4.3		4.5	4.6	4.7	4.8	4.8
House price growth	0.4		1.8		5.3		3.1	3.2	3.6	2.4	2.0
Commercial real estate price growth	(5.3	)	(4.7	)	(2.5	)	0.3	1.4	1.9	1.6	1.7
UK Bank Rate	5.25		5.25		5.00		4.75	4.50	4.25	4.00	4.00
CPI inflation	3.5		2.1		2.1		2.7	2.4	2.9	2.7	2.3

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions (continued)

UK economic assumptions – scenarios by year

Key annual assumptions made by the Group are shown below. Gross domestic product and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

At 30 September 2024

2024
%

2025
%

2026
%

2027
%

2028
%

2024-2028
average
%

Upside

Gross domestic product

1.2

2.4

1.9

1.5

1.4

1.7

Unemployment rate

4.2

3.3

2.8

2.7

2.8

3.1

House price growth

3.5

4.6

7.1

6.4

5.1

5.3

Commercial real estate price growth

1.6

9.0

4.2

1.8

0.7

3.4

UK Bank Rate

5.06

5.08

5.16

5.34

5.58

5.24

CPI inflation

2.6

2.7

2.4

2.8

2.7

Base case

Gross domestic product

1.1

1.3

1.5

1.4

Unemployment rate

4.3

4.7

4.5

House price growth

3.1

2.0

1.0

1.5

2.1

2.0

Commercial real estate price growth

0.3

1.7

2.1

0.7

0.3

1.0

UK Bank Rate

5.06

4.19

3.63

3.50

3.98

CPI inflation

2.6

2.1

2.2

2.1

2.3

Downside

Gross domestic product

1.0

(0.3

)

0.4

1.3

1.5

0.8

Unemployment rate

4.4

6.5

7.3

7.1

6.5

House price growth

2.9

(0.2

)

(6.1

)

(5.8

)

(2.9

)

(2.5

)

Commercial real estate price growth

(0.7

)

(6.2

)

(1.7

)

(1.9

)

(1.9

)

(2.5

)

UK Bank Rate

5.06

3.11

1.48

0.96

0.65

2.25

CPI inflation

2.6

1.9

1.5

1.1

2.0

Severe downside

Gross domestic product

0.9

(2.0

)

(0.1

)

1.1

1.4

0.2

Unemployment rate

4.6

8.6

9.9

9.7

8.5

House price growth

2.3

(2.5

)

(13.5

)

(12.6

)

(8.3

)

(7.1

)

Commercial real estate price growth

(2.7

)

(16.5

)

(6.5

)

(6.5

)

(5.1

)

(7.6

)

UK Bank Rate – modelled

5.06

1.83

0.23

0.06

0.02

1.44

UK Bank Rate – adjusted¹

5.13

3.67

2.55

2.16

1.88

3.08

CPI inflation – modelled

2.6

1.5

0.7

0.1

1.5

CPI inflation – adjusted¹

2.6

3.5

1.8

1.3

0.9

2.0

Probability-weighted

Gross domestic product

1.1

0.8

1.1

1.4

1.2

Unemployment rate

4.3

5.2

5.4

5.3

5.1

House price growth

3.1

1.7

(0.7

)

(0.6

)

0.5

0.8

Commercial real estate price growth

0.1

(0.3

)

0.7

(0.5

)

(0.8

)

(0.1

)

UK Bank Rate – modelled

5.06

3.90

3.10

2.95

2.92

3.59

UK Bank Rate – adjusted¹

5.07

4.08

3.33

3.15

3.11

3.75

CPI inflation – modelled

2.6

2.0

1.8

2.2

CPI inflation – adjusted¹

2.6

2.7

2.1

1.9

2.3

¹ The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.

ADDITIONAL FINANCIAL INFORMATION (continued)

4. Loans and advances to customers and expected credit loss allowance

At 30 September 2024

Stage 1
£m

Stage 2
£m

Stage 3
£m

POCI
£m

Total
£m

Stage 2
as % of
total

Stage 3
as % of
total

Loans and advances to customers

UK mortgages

271,138

28,389

4,545

6,949

311,021

9.1

1.5

Credit cards

13,429

2,620

262

–

16,311

16.1

1.6

Loans and overdrafts

8,839

1,374

173

–

10,386

13.2

1.7

UK Motor Finance

14,390

2,314

119

–

16,823

13.8

0.7

Other

16,702

513

150

–

17,365

3.0

0.9

Retail

324,498

35,210

5,249

6,949

371,906

9.5

1.4

Small and Medium Businesses

26,393

3,430

1,303

–

31,126

11.0

4.2

Corporate and Institutional Banking

37,564

2,306

637

–

40,507

5.7

1.6

Commercial Banking

63,957

5,736

1,940

–

71,633

8.0

2.7

Other¹

260

–

260

–

Total gross lending

388,715

40,946

7,189

6,949

443,799

9.2

1.6

ECL allowance on drawn balances

(764

)

(1,228

)

(1,106

)

(222

)

(3,320

)

Net balance sheet carrying value

387,951

39,718

6,083

6,727

440,479

Customer related ECL allowance (drawn and undrawn)

UK mortgages

86

321

339

222

968

Credit cards

207

351

129

–

687

Loans and overdrafts

170

242

111

–

523

UK Motor Finance²

169

105

68

–

342

Other

15

18

42

–

75

Retail

647

1,037

689

222

2,595

Small and Medium Businesses

138

190

160

–

488

Corporate and Institutional Banking

126

125

259

–

510

Commercial Banking

264

315

419

–

998

Other

–

Total

911

1,352

1,108

222

3,593

Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers

UK mortgages

–

1.1

7.5

3.2

0.3

Credit cards

1.5

13.4

49.2

–

4.2

Loans and overdrafts

1.9

17.6

64.2

–

5.0

UK Motor Finance

1.2

4.5

57.1

–

2.0

Other

0.1

3.5

28.0

–

0.4

Retail

0.2

2.9

13.1

3.2

0.7

Small and Medium Businesses

0.5

5.5

12.3

–

1.6

Corporate and Institutional Banking

0.3

5.4

40.7

–

1.3

Commercial Banking

0.4

5.5

21.6

–

1.4

Other

–

Total

0.2

3.3

15.4

3.2

0.8

¹ Contains central fair value hedge accounting adjustments.

² UK Motor Finance includes £170 million relating to provisions against residual values of vehicles subject to finance leases.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; tightening of monetary policy in jurisdictions in which the Lloyds Bank Group operates; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at http://www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

CONTACTS

For further information please contact:

INVESTORS AND ANALYSTS

Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com

Nora Thoden
Director of Investor Relations – ESG
020 7356 2334
nora.thoden@lloydsbanking.com

Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com

Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com

CORPORATE AFFAIRS

Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com

Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com

Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc, 25 Gresham Street, London EC2V 7HN
The statement can also be found on the Group’s website – http://www.lloydsbankinggroup.com

Registered office: Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN
Registered in England No. 2065

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit http://www.rns.com.

The MIL Network –

January 24, 2025

MIL-OSI: United Community Banks, Inc. Reports Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C. , Oct. 23, 2024 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the 2024 third quarter of $47.3 million and pre-tax, pre-provision income of $74.2 million. The result included the previously announced strategic decision to sell $318 million in manufactured housing loans, which negatively impacted the quarter by $21.4 million after-tax, or $0.18 per share. Diluted earnings per share of $0.38 for the quarter represented a decrease of $0.01, or 3%, from the third quarter a year ago and a decrease of $0.16, or 30%, from the second quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.57 was up 27% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and a lower provision for credit losses. The $0.57 result includes a $9.9 million Hurricane Helene related loan loss provision to increase the reserve on $383 million of loans in nine North Carolina counties impacted by the hurricane to 3.5% of loans.

United’s return on assets was 0.67%, or 1.01% on an operating basis. Return on common equity was 5.20% and return on tangible common equity on an operating basis was 11.17%. On a pre-tax, pre-provision basis, operating return on assets was 1.50% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.93%, up 15 basis points from the second quarter of 2024.

Chairman and CEO Lynn Harton stated, “We continue to focus on growth and the third quarter saw the return of modest loan and strong deposit growth. Excluding the sale of our manufactured housing portfolio, announced in early September, loan balances were up 1.5% annualized. Customer deposits, which exclude brokered deposits, were up $262 million, or 5% annualized. Our balance sheet remains highly liquid and our internal capital generation rate is running well in excess of our current capital needs. We maintained robust capital ratios with our preliminary CET1 moving to 13.1% and we opportunistically redeemed $8 million of relatively expensive Trust Preferred securities. The increase in liquidity and capital place us in a great position to take advantage of growth opportunities as we move into 2025.”

Mr. Harton continued, “We elected to sell our manufactured housing loan book, a business that was part of our Reliant Bancorp, Inc. acquisition in January of 2022, as a natural conclusion of our exit from the business, as we ceased originating loans in the third quarter of 2023. The transaction reduces our risk profile and allows us to allocate capital to other growth opportunities.”

United’s net interest margin decreased four basis points to 3.33% from the second quarter. The average yield on United’s interest-earning assets was down four basis points to 5.55%, while its cost of interest-bearing liabilities decreased two basis points, leading to the four-basis point reduction in net interest margin. Net charge-offs were $23.7 million, or 0.52% of average loans, during the quarter, up 26 basis points compared to the second quarter of 2024 due to transaction-related losses resulting from the sale of our manufactured housing portfolio. NPAs were 42 basis points relative to total assets, down one basis point from the second quarter.

Mr. Harton concluded, “We are pleased with our operating performance this quarter, but we were also reminded this quarter of the importance of community. Many of our employees, customers, and communities have been impacted by the recent hurricanes. We are actively involved in the recovery process through volunteer hours and financial support and will be ready to lead the rebuilding process, when and as needed. Many thanks to our employees throughout the company that have responded, in sometimes heroic ways, to support each other and our customers.”

Third Quarter 2024 Financial Highlights:

Net income of $47.3 million and pre-tax, pre-provision income of $74.2 million
EPS down 3% compared to third quarter 2023 on a GAAP basis and up 27% on an operating basis; compared to second quarter 2024, EPS down 30% on a GAAP basis and down 2% on an operating basis
The GAAP results were impacted by the decision to sell the manufactured housing loan book at a $21.4 million after-tax loss, or $0.18, approximately one year after making the strategic decision to cease originations
Return on assets of 0.67%, or 1.01% on an operating basis
Pre-tax, pre-provision return on assets of 1.50% on an operating basis
Return on common equity of 5.20%
Return on tangible common equity of 11.17% on an operating basis
A provision for credit losses of $14.4 million, which includes $9.9 million to establish a special reserve for expected credit losses from Hurricane Helene
Net charge-offs of $23.7 million, or 52 basis points as a percent of average loans, which included $11.0 million, or 24 basis points, of transaction-related losses from the sale of our manufactured housing portfolio
Nonperforming assets of 0.42% of total assets, down one basis point compared to June 30, 2024
Loan production of $1.2 billion
Customer deposits were up $262 million from the second quarter, with most of the growth in NOW and money market deposits
Net interest margin of 3.33% decreased by four basis points from the second quarter mostly due to lower purchased loan accretion, the sale of our manufactured housing portfolio, and changing composition of our earning assets and interest-bearing liabilities
Mortgage closings of $239 million compared to $211 million a year ago; mortgage rate locks of $306 million compared to $304 million a year ago
Noninterest income was down $28.5 million on a linked quarter basis with $27.2 million due to losses from the sale of manufactured housing loans. The remaining decrease was primarily driven by the mark on our mortgage servicing rights asset.
Noninterest expenses decreased by $4.0 million compared to the second quarter on a GAAP basis and were up $0.3 million on an operating basis
Efficiency ratio of 65.5%, or 57.4% on an operating basis
Maintained robust capital ratios with preliminary CET1 increasing to 13.1% and opportunistically redeemed $8 million of relatively expensive Trust Preferred securities
Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call
United will hold a conference call on Wednesday, October 23, 2024 at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10193157/fd9f74293a. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, http://www.ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(In thousands, except per share data)
	2024									2023						Third Quarter 2024- 2023 Change		For the Nine Months Ended September 30,						YTD 2024- 2023 Change
		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter		Third Quarter 2024- 2023 Change			2024			2023		YTD 2024- 2023 Change
INCOME SUMMARY
Interest revenue	$	349,086		$	346,965		$	336,728		$	338,698		$	323,147				$	1,032,779		$	898,409
Interest expense	139,900			138,265			137,579			135,245			120,591					415,744			284,097
Net interest revenue	209,186			208,700			199,149			203,453			202,556			3	%	617,035			614,312			—	%
Provision for credit losses	14,428			12,235			12,899			14,626			30,268					39,562			74,804
Noninterest income	8,091			36,556			39,587			(23,090		)	31,977			(75	)	84,234			98,573			(15	)
Total revenue	202,849			233,021			225,837			165,737			204,265			(1	)	661,707			638,081			4
Noninterest expenses	143,065			147,044			145,002			154,587			144,474			(1	)	435,111			416,686			4
Income before income tax expense	59,784			85,977			80,835			11,150			59,791			—		226,596			221,395			2
Income tax expense	12,437			19,362			18,204			(2,940		)	11,925			4		50,003			47,941			4
Net income	47,347			66,615			62,631			14,090			47,866			(1	)	176,593			173,454			2
Non-operating items	29,385			6,493			2,187			67,450			9,168					38,065			21,444
Income tax benefit of non-operating items	(6,276		)	(1,462		)	(493		)	(16,714		)	(2,000		)			(8,231		)	(4,775		)
Net income – operating⁽¹⁾	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034		28		$	206,427		$	190,123		9
Pre-tax pre-provision income⁽⁵⁾	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059		(18	)	$	266,158		$	296,199		(10	)
PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39		(3	)	$	1.43		$	1.44		(1	)
Diluted net income – operating⁽¹⁾	0.57			0.58			0.52			0.53			0.45			27		1.67			1.58			6
Cash dividends declared	0.24			0.23			0.23			0.23			0.23			4		0.70			0.69			1
Book value	27.68			27.18			26.83			26.52			25.87			7		27.68			25.87			7
Tangible book value⁽³⁾	19.66			19.13			18.71			18.39			17.70			11		19.66			17.70			11
Key performance ratios:
Return on common equity – GAAP⁽²⁾⁽⁴⁾	5.20		%	7.53		%	7.14		%	1.44		%	5.32		%			6.61		%	6.69		%
Return on common equity – operating^(1)(2)(4)	7.82			8.12			7.34			7.27			6.14					7.76			7.35
Return on tangible common equity – operating^(1)(2)(3)(4)	11.17			11.68			10.68			10.58			9.03					11.18			10.65
Return on assets – GAAP⁽⁴⁾	0.67			0.97			0.90			0.18			0.68					0.85			0.86
Return on assets – operating⁽¹⁾⁽⁴⁾	1.01			1.04			0.93			0.92			0.79					0.99			0.95
Return on assets – pre-tax pre-provision – operating^(1)(4)(5)	1.50			1.54			1.40			1.33			1.44					1.48			1.60
Net interest margin (fully taxable equivalent)⁽⁴⁾	3.33			3.37			3.20			3.19			3.24					3.30			3.41
Efficiency ratio – GAAP	65.51			59.70			60.47			66.33			61.32					61.76			58.06
Efficiency ratio – operating⁽¹⁾	57.37			57.06			59.15			59.57			57.43					57.84			55.07
Equity to total assets	12.45			12.35			12.06			11.95			11.85					12.45			11.85
Tangible common equity to tangible assets⁽³⁾	8.93			8.78			8.49			8.36			8.18					8.93			8.18
ASSET QUALITY
Nonperforming assets (“NPAs”)	$	114,960		$	116,722		$	107,230		$	92,877		$	90,883		26		$	114,960		$	90,883		26
Allowance for credit losses – loans	205,290			213,022			210,934			208,071			201,557			2		205,290			201,557			2
Allowance for credit losses – total	215,517			224,740			224,119			224,128			219,624			(2	)	215,517			219,624			(2	)
Net charge-offs	23,651			11,614			12,908			10,122			26,638					48,173			42,121
Allowance for credit losses – loans to loans	1.14		%	1.17		%	1.15		%	1.14		%	1.11		%			1.14		%	1.11		%
Allowance for credit losses – total to loans	1.20			1.23			1.22			1.22			1.21					1.20			1.21
Net charge-offs to average loans⁽⁴⁾	0.52			0.26			0.28			0.22			0.59					0.35			0.32
NPAs to total assets	0.42			0.43			0.39			0.34			0.34					0.42			0.34
AT PERIOD END ($ in millions)
Loans	$	17,964		$	18,211		$	18,375		$	18,319		$	18,203		(1	)	$	17,964		$	18,203		(1	)
Investment securities	6,425			6,038			5,859			5,822			5,701			13		6,425			5,701			13
Total assets	27,373			27,057			27,365			27,297			26,869			2		27,373			26,869			2
Deposits	23,253			22,982			23,332			23,311			22,858			2		23,253			22,858			2
Shareholders’ equity	3,407			3,343			3,300			3,262			3,184			7		3,407			3,184			7
Common shares outstanding (thousands)	119,283			119,175			119,137			119,010			118,976			—		119,283			118,976			—

⁽¹⁾Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. ⁽²⁾ Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). ⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽⁴⁾ Annualized. ⁽⁵⁾ Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
*(in thousands, except per share data)*
	2024									2023						For the Nine Months Ended September 30,
		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2024			2023

Noninterest income reconciliation
Noninterest income (GAAP)	$	8,091		$	36,556		$	39,587		$	(23,090	)	$	31,977		$	84,234		$	98,573
Loss on sale of manufactured housing loans	27,209			—			—			—			—			27,209			—
Gain on lease termination	—			—			(2,400		)	—			—			(2,400		)	—
Bond portfolio restructuring loss	—			—			—			51,689			—			—			—
Noninterest income – operating	$	35,300		$	36,556		$	37,187		$	28,599		$	31,977		$	109,043		$	98,573

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	143,065		$	147,044		$	145,002		$	154,587		$	144,474		$	435,111		$	416,686
Loss on FinTrust (goodwill impairment)	—			(5,100		)	—			—			—			(5,100		)	—
FDIC special assessment	—			764			(2,500		)	(9,995		)	—			(1,736		)	—
Merger-related and other charges	(2,176		)	(2,157		)	(2,087		)	(5,766		)	(9,168		)	(6,420		)	(21,444		)
Noninterest expenses – operating	$	140,889		$	140,551		$	140,415		$	138,826		$	135,306		$	421,855		$	395,242

Net income to operating income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Loss on sale of manufactured housing loans	27,209			—			—			—			—			27,209			—
Bond portfolio restructuring loss	—			—			—			51,689			—			—			—
Gain on lease termination	—			—			(2,400		)	—			—			(2,400		)	—
Loss on FinTrust (goodwill impairment)	—			5,100			—			—			—			5,100			—
FDIC special assessment	—			(764		)	2,500			9,995			—			1,736			—
Merger-related and other charges	2,176			2,157			2,087			5,766			9,168			6,420			21,444
Income tax benefit of non-operating items	(6,276		)	(1,462		)	(493		)	(16,714		)	(2,000		)	(8,231		)	(4,775		)
Net income – operating	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034		$	206,427		$	190,123

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Income tax expense	12,437			19,362			18,204			(2,940		)	11,925			50,003			47,941
Provision for credit losses	14,428			12,235			12,899			14,626			30,268			39,562			74,804
Pre-tax pre-provision income	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059		$	266,158		$	296,199

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39		$	1.43		$	1.44
Loss on sale of manufactured housing loans	0.18			—			—			—			—			0.18			—
Bond portfolio restructuring loss	—			—			—			0.32			—			—			—
Gain on lease termination	—			—			(0.02		)	—			—			(0.02		)	—
Loss on FinTrust (goodwill impairment)	—			0.03			—			—			—			0.03			—
FDIC special assessment	—			—			0.02			0.06			—			0.01			—
Merger-related and other charges	0.01			0.01			0.01			0.04			0.06			0.04			0.14
Diluted income per common share – operating	$	0.57		$	0.58		$	0.52		$	0.53		$	0.45		$	1.67		$	1.58

Book value per common share reconciliation
Book value per common share (GAAP)	$	27.68		$	27.18		$	26.83		$	26.52		$	25.87		$	27.68		$	25.87
Effect of goodwill and other intangibles	(8.02		)	(8.05		)	(8.12		)	(8.13		)	(8.17		)	(8.02		)	(8.17		)
Tangible book value per common share	$	19.66		$	19.13		$	18.71		$	18.39		$	17.70		$	19.66		$	17.70

Return on tangible common equity reconciliation
Return on common equity (GAAP)	5.20		%	7.53		%	7.14		%	1.44		%	5.32		%	6.61		%	6.69		%
Loss on sale of manufactured housing loans	2.43			—			—			—			—			0.82			—
Bond portfolio restructuring loss	—			—			—			4.47			—			—			—
Gain on lease termination	—			—			(0.22		)	—			—			(0.07		)	—
Loss on FinTrust (goodwill impairment)	—			0.46			—			—			—			0.16			—
FDIC special assessment	—			(0.07		)	0.23			0.86			—			0.05			—
Merger-related and other charges	0.19			0.20			0.19			0.50			0.82			0.19			0.66
Return on common equity – operating	7.82			8.12			7.34			7.27			6.14			7.76			7.35
Effect of goodwill and other intangibles	3.35			3.56			3.34			3.31			2.89			3.42			3.30
Return on tangible common equity – operating	11.17		%	11.68		%	10.68		%	10.58		%	9.03		%	11.18		%	10.65		%

Return on assets reconciliation
Return on assets (GAAP)	0.67		%	0.97		%	0.90		%	0.18		%	0.68		%	0.85		%	0.86		%
Loss on sale of manufactured housing loans	0.31			—			—			—			—			0.10			—
Bond portfolio restructuring loss	—			—			—			0.57			—			—			—
Gain on lease termination	—			—			(0.03		)	—			—			(0.01		)	—
Loss on FinTrust (goodwill impairment)	—			0.06			—			—			—			0.02			—
FDIC special assessment	—			(0.01		)	0.03			0.11			—			0.01			—
Merger-related and other charges	0.03			0.02			0.03			0.06			0.11			0.02			0.09
Return on assets – operating	1.01		%	1.04		%	0.93		%	0.92		%	0.79		%	0.99		%	0.95		%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)	0.67		%	0.97		%	0.90		%	0.18		%	0.68		%	0.85		%	0.86		%
Income tax (benefit) expense	0.19			0.29			0.27			(0.04		)	0.18			0.25			0.25
Provision for credit losses	0.21			0.18			0.19			0.21			0.45			0.19			0.38
Loss on sale of manufactured housing loans	0.40			—			—			—			—			0.13			—
Bond portfolio restructuring loss	—			—			—			0.75			—			—			—
Gain on lease termination	—			—			(0.04		)	—			—			(0.01		)	—
Loss on FinTrust (goodwill impairment)	—			0.08			—			—			—			0.03			—
FDIC special assessment	—			(0.01		)	0.04			0.15			—			0.01			—
Merger-related and other charges	0.03			0.03			0.04			0.08			0.13			0.03			0.11
Return on assets – pre-tax pre-provision – operating	1.50		%	1.54		%	1.40		%	1.33		%	1.44		%	1.48		%	1.60		%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)	65.51		%	59.70		%	60.47		%	66.33		%	61.32		%	61.76		%	58.06		%
Loss on sale of manufactured housing loans	(7.15		)	—			—			—			—			(2.25		)	—
Gain on lease termination	—			—			0.60			—			—			0.21			—
Loss on FinTrust (goodwill impairment)	—			(2.07		)	—			—			—			(0.73		)	—
FDIC special assessment	—			0.31			(1.05		)	(4.29		)	—			(0.24		)	—
Merger-related and other charges	(0.99		)	(0.88		)	(0.87		)	(2.47		)	(3.89		)	(0.91		)	(2.99		)
Efficiency ratio – operating	57.37		%	57.06		%	59.15		%	59.57		%	57.43		%	57.84		%	55.07		%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)	12.45		%	12.35		%	12.06		%	11.95		%	11.85		%	12.45		%	11.85		%
Effect of goodwill and other intangibles	(3.20		)	(3.24		)	(3.25		)	(3.27		)	(3.33		)	(3.20		)	(3.33		)
Effect of preferred equity	(0.32		)	(0.33		)	(0.32		)	(0.32		)	(0.34		)	(0.32		)	(0.34		)
Tangible common equity to tangible assets	8.93		%	8.78		%	8.49		%	8.36		%	8.18		%	8.93		%	8.18		%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End
	2024							2023					Linked Quarter Change			Year over Year Change
(in millions)		Third Quarter		Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,323	$	3,297		$	3,310	$	3,264	$	3,279	$	26		$	44
Income producing commercial RE		4,259		4,058			4,206		4,264		4,130	201			129
Commercial & industrial		2,313		2,299			2,405		2,411		2,504	14			(191		)
Commercial construction		1,785		2,014			1,936		1,860		1,850	(229		)	(65		)
Equipment financing		1,603		1,581			1,544		1,541		1,534	22			69
Total commercial		13,283		13,249			13,401		13,340		13,297	34			(14		)
Residential mortgage		3,263		3,266			3,240		3,199		3,043	(3		)	220
Home equity		1,015		985			969		959		941	30			74
Residential construction		189		211			257		302		399	(22		)	(210		)
Manufactured housing		2		321			328		336		343	(319		)	(341		)
Consumer		188		183			180		181		180	5			8
Other		24		(4	)		—		2	—		28			24
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

LOANS BY MARKET
Georgia	$	4,470	$	4,411		$	4,356	$	4,357	$	4,321	$	59		$	149
South Carolina		2,782		2,779			2,804		2,780		2,801	3			(19		)
North Carolina		2,586		2,591			2,566		2,492		2,445	(5		)	141
Tennessee		1,848		2,144			2,209		2,244		2,314	(296		)	(466		)
Florida		2,423		2,407			2,443		2,442		2,318	16			105
Alabama		996		1,021			1,068		1,082		1,070	(25		)	(74		)
Commercial Banking Solutions		2,859		2,858			2,929		2,922		2,934	1			(75		)
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)
		2024
	Third Quarter		Second Quarter		First Quarter
NONACCRUAL LOANS
Owner occupied RE	$	7,783	$	4,820	$	2,310
Income producing RE		31,222		34,285		29,186
Commercial & industrial		28,856		17,335		20,134
Commercial construction		7,356		6,854		1,862
Equipment financing		9,123		8,341		8,829
Total commercial		84,340		71,635		62,321
Residential mortgage		21,851		18,473		16,569
Home equity		4,111		3,779		4,984
Residential construction		118		163		1,244
Manufactured housing		1,808		20,356		19,797
Consumer		152		72		54
Total nonaccrual loans		112,380		114,478		104,969
OREO and repossessed assets		2,580		2,244		2,261
Total NPAs	$	114,960	$	116,722	$	107,230

		2024
	Third Quarter					Second Quarter						First Quarter
(in thousands)	Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾			Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	(184	)	(0.02	)%	$	163			0.02	%	$	202			0.02	%
Income producing RE		1,409		0.13			2,968			0.29			205			0.02
Commercial & industrial		4,577		0.79			1,281			0.22			3,906			0.65
Commercial construction		36		0.01			(48	)		(0.01	)		20			—
Equipment financing		5,268		1.32			5,502			1.42			6,362			1.66
Total commercial		11,106		0.33			9,866			0.30			10,695			0.32
Residential mortgage		32		—			(107	)		(0.01	)		(16	)		—
Home equity		36		0.01			(27	)		(0.01	)		(54	)		(0.02	)
Residential construction		111		0.22			26			0.04			119			0.17
Manufactured housing		11,556		28.51			1,150			1.43			1,569			1.90
Consumer		810		1.74			706			1.57			595			1.33
Total	$	23,651		0.52		$	11,614			0.26		$	12,908			0.28

⁽¹⁾Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)	September 30, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	202,644		$	200,781
Interest-bearing deposits in banks		537,395			803,094
Cash and cash equivalents		740,039			1,003,875
Debt securities available-for-sale		4,023,455			3,331,084
Debt securities held-to-maturity (fair value $2,060,729 and $2,095,620, respectively)		2,401,877			2,490,848
Loans held for sale		49,800			33,008
Loans and leases held for investment		17,964,099			18,318,755
Allowance for credit losses – loans and leases		(205,290	)		(208,071	)
Loans and leases, net		17,758,809			18,110,684
Premises and equipment, net		396,696			378,421
Bank owned life insurance		345,703			345,371
Goodwill and other intangible assets, net		975,117			990,087
Other assets		681,636			613,873
Total assets	$	27,373,132		$	27,297,251
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,222,518		$	6,534,307
NOW and interest-bearing demand		5,951,900			6,155,193
Money market		6,301,956			5,600,587
Savings		1,113,168			1,207,807
Time		3,490,399			3,649,498
Brokered		173,161			163,219
Total deposits		23,253,102			23,310,611
Long-term debt		316,363			324,823
Accrued expenses and other liabilities		396,987			400,292
Total liabilities		23,966,452			24,035,726
Shareholders’ equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference		88,266			88,266
Common stock, $1 par value; 200,000,000 shares authorized, 119,282,762 and 119,010,319 shares issued and outstanding, respectively		119,283			119,010
Common stock issuable; 588,296 and 620,108 shares, respectively		12,661			13,110
Capital surplus		2,707,266			2,699,112
Retained earnings		668,965			581,219
Accumulated other comprehensive loss		(189,761	)		(239,192	)
Total shareholders’ equity		3,406,680			3,261,525
Total liabilities and shareholders’ equity	$	27,373,132		$	27,297,251

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)		2024			2023		2024			2023
Interest revenue:
Loans, including fees	$	291,574		$	273,781	$	867,152		$	760,696
Investment securities, including tax exempt of $1,713, $1,722, $5,133 and $5,563, respectively		52,997			44,729		149,496			125,775
Deposits in banks and short-term investments		4,515			4,637		16,131			11,938
Total interest revenue		349,086			323,147		1,032,779			898,409

Interest expense:
Deposits:
NOW and interest-bearing demand		43,401			35,613		133,522			80,809
Money market		56,874			46,884		160,883			105,430
Savings		672			868		2,065			2,108
Time		35,202			33,368		107,925			75,464
Deposits		136,149			116,733		404,395			263,811
Short-term borrowings		27			189		87			3,186
Federal Home Loan Bank advances		—			—		—			5,761
Long-term debt		3,724			3,669		11,262			11,339
Total interest expense		139,900			120,591		415,744			284,097
Net interest revenue		209,186			202,556		617,035			614,312
Provision for credit losses		14,428			30,268		39,562			74,804
Net interest revenue after provision for credit losses		194,758			172,288		577,473			539,508

Noninterest income:
Service charges and fees		10,488			10,315		30,372			28,791
Mortgage loan gains and other related fees		3,520			6,159		17,830			17,264
Wealth management fees		6,338			6,451		19,037			17,775
Net (losses) gains from sales of other loans		(25,700	)		2,688		(22,867	)		6,909
Lending and loan servicing fees		3,512			2,985		11,050			9,979
Securities losses, net		—			—		—			(1,644	)
Other		9,933			3,379		28,812			19,499
Total noninterest income		8,091			31,977		84,234			98,573
Total revenue		202,849			204,265		661,707			638,081

Noninterest expenses:
Salaries and employee benefits		83,533			81,173		254,336			236,121
Communications and equipment		12,626			10,902		36,534			31,654
Occupancy		11,311			10,941		33,466			31,024
Advertising and public relations		2,041			2,251		6,401			6,914
Postage, printing and supplies		2,477			2,386		7,376			7,305
Professional fees		6,432			7,006		18,464			19,670
Lending and loan servicing expense		2,227			2,697		6,068			7,546
Outside services – electronic banking		4,433			2,561		10,163			8,646
FDIC assessments and other regulatory charges		5,003			4,314		17,036			12,457
Amortization of intangibles		3,528			4,171		11,209			11,120
Merger-related and other charges		2,176			9,168		6,420			21,444
Other		7,278			6,904		27,638			22,785
Total noninterest expenses		143,065			144,474		435,111			416,686
Income before income taxes		59,784			59,791		226,596			221,395
Income tax expense		12,437			11,925		50,003			47,941
Net income		47,347			47,866		176,593			173,454
Preferred stock dividends, net of discount on repurchases		1,573			832		4,719			4,270
Earnings allocated to participating securities		272			259		988			939
Net income available to common shareholders	$	45,502		$	46,775	$	170,886		$	168,245

Net income per common share:
Basic	$	0.38		$	0.39	$	1.43		$	1.44
Diluted		0.38			0.39		1.43			1.44
Weighted average common shares outstanding:
Basic		119,818			119,506		119,736			116,925
Diluted		119,952			119,624		119,827			117,084

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
		2024								2023
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	18,051,741		$	291,164		6.42	%	$	18,055,402		$	273,800		6.02	%
Taxable securities⁽³⁾		6,182,164			51,284		3.32			5,933,708			43,007		2.90
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		361,359			2,292		2.54			368,148			2,313		2.51
Federal funds sold and other interest-earning assets		505,792			5,440		4.28			538,039			5,093		3.76
Total interest-earning assets (FTE)		25,101,056			350,180		5.55			24,895,297			324,213		5.17

Noninterest-earning assets:
Allowance for credit losses		(215,008	)							(209,472	)
Cash and due from banks		206,995								225,831
Premises and equipment		399,262								367,217
Other assets⁽³⁾		1,615,468								1,568,824
Total assets	$	27,107,773							$	26,847,697

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,797,845			43,401		2.98		$	5,285,513			35,613		2.67
Money market		6,342,455			56,874		3.57			5,622,355			46,884		3.31
Savings		1,126,774			672		0.24			1,301,047			868		0.26
Time		3,465,980			34,560		3.97			3,473,191			31,072		3.55
Brokered time deposits		50,364			642		5.07			209,119			2,296		4.36
Total interest-bearing deposits		16,783,418			136,149		3.23			15,891,225			116,733		2.91
Federal funds purchased and other borrowings		1,899			27		5.66			44,164			189		1.70
Federal Home Loan Bank advances		11			—		—			—			—		—
Long-term debt		323,544			3,724		4.58			324,770			3,669		4.48
Total borrowed funds		325,454			3,751		4.59			368,934			3,858		4.15
Total interest-bearing liabilities		17,108,872			139,900		3.25			16,260,159			120,591		2.94

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,239,926								6,916,272
Other liabilities		391,574								435,592
Total liabilities		23,740,372								23,612,023
Shareholders’ equity		3,367,401								3,235,674
Total liabilities and shareholders’ equity	$	27,107,773							$	26,847,697

Net interest revenue (FTE)				$	210,280							$	203,622
Net interest-rate spread (FTE)							2.30	%							2.23	%
Net interest margin (FTE)⁽⁴⁾							3.33	%							3.24	%

⁽¹⁾ Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.09 million and $1.07 million, respectively, for the three months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾ Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
⁽³⁾ Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $295 million in 2024 and $430 million in 2023 are included in other assets for purposes of this presentation.
⁽⁴⁾ Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,
		2024								2023
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	18,187,790		$	866,502		6.36	%	$	17,377,210		$	760,802		5.85	%
Taxable securities⁽³⁾		5,988,368			144,363		3.21			5,982,615			120,212		2.68
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		363,692			6,876		2.52			386,499			7,470		2.58
Federal funds sold and other interest-earning assets		559,786			18,256		4.36			490,703			13,103		3.57
Total interest-earning assets (FTE)		25,099,636			1,035,997		5.51			24,237,027			901,587		4.97

Non-interest-earning assets:
Allowance for loan losses		(214,372	)							(186,428	)
Cash and due from banks		210,982								249,411
Premises and equipment		392,561								347,514
Other assets⁽³⁾		1,613,118								1,518,503
Total assets	$	27,101,925							$	26,166,027

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,913,566			133,522		3.02		$	4,891,214			80,809		2.21
Money market		6,092,649			160,883		3.53			5,349,265			105,430		2.64
Savings		1,159,982			2,065		0.24			1,341,033			2,108		0.21
Time		3,535,343			106,199		4.01			2,936,873			65,856		3.00
Brokered time deposits		50,343			1,726		4.58			280,293			9,608		4.58
Total interest-bearing deposits		16,751,883			404,395		3.22			14,798,678			263,811		2.38
Federal funds purchased and other borrowings		2,001			87		5.81			98,884			3,186		4.31
Federal Home Loan Bank advances		5			—		—			166,355			5,761		4.63
Long-term debt		324,414			11,262		4.64			324,737			11,339		4.67
Total borrowed funds		326,420			11,349		4.64			589,976			20,286		4.60
Total interest-bearing liabilities		17,078,303			415,744		3.25			15,388,654			284,097		2.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,306,919								7,226,096
Other liabilities		394,323								393,048
Total liabilities		23,779,545								23,007,798
Shareholders’ equity		3,322,380								3,158,229
Total liabilities and shareholders’ equity	$	27,101,925							$	26,166,027

Net interest revenue (FTE)				$	620,253							$	617,490
Net interest-rate spread (FTE)							2.26	%							2.50	%
Net interest margin (FTE)⁽⁴⁾							3.30	%							3.41	%

⁽¹⁾ Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $3.22 million and $3.18 million, respectively, for the nine months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
⁽³⁾ Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $320 million in 2024 and $413 million in 2023 are included in other assets for purposes of this presentation.
⁽⁴⁾ Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of September 30, 2024, United Community Banks, Inc. had $27.4 billion in assets, 202 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

Caution About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

United qualifies all forward-looking statements by these cautionary statements.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

The MIL Network –

January 24, 2025

MIL-OSI: Stock Yards Bancorp Reports Third Quarter Earnings of $29.4 Million or $1.00 Per Diluted Share

Source: GlobeNewswire (MIL-OSI)

LOUISVILLE, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $29.4 million, or $1.00 per diluted share, for the third quarter ended September 30, 2024. This compares to net income of $27.1 million, or $0.92 per diluted share, for the third quarter of 2023. Continued strong loan growth and net interest margin expansion fueled third quarter operating results.



(dollar amounts in thousands, except per share data)	3Q24			2Q24			3Q23
Net income	$	29,360		$	27,598		$	27,092
Net income per share, diluted		1.00			0.94			0.92

Net interest income	$	64,979		$	62,022		$	61,315
Provision for credit losses⁽¹⁾		4,325			1,300			2,775
Non-interest income		24,797			23,655			22,896
Non-interest expenses		48,452			49,109			46,702

Net interest margin		3.33	%		3.26	%		3.34	%
Efficiency ratio⁽²⁾		53.92	%		57.26	%		55.38	%
Tangible common equity to tangible assets⁽³⁾		8.79	%		8.42	%		7.69	%
Annualized return on average assets⁽⁴⁾		1.39	%		1.35	%		1.38	%
Annualized return on average equity⁽⁴⁾		12.83	%		12.64	%		13.26	%

“Stock Yards delivered the best third quarter in our history, highlighted by strong loan demand and production, solid contributions from our non-interest income revenue sources and linked quarter net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Total loans increased $661 million, or 12%, over the last 12 months, with $207 million of growth generated during the third quarter. We experienced growth within all loan categories and across all markets. Deposit balances expanded $323 million, or 5%, over the past 12 months, with balances growing $157 million, or 2%, during the third quarter. Deposit growth was also spread across all markets, enhanced by strategic time deposit marketing efforts. We continue to focus on organic growth, while avoiding brokered deposits and improving our funding position, which is contributing meaningfully to our net interest margin expansion.”

“Non-interest revenue once again contributed to our strong operating results for the third quarter of 2024, led by expansion in several categories,” Hillebrand continued. “Treasury management fees continued to benefit from customer base growth and increased transaction volume. WM&T income was boosted by estate fees and solid market conditions. In addition, mortgage, brokerage and card income all posted meaningful contributions. As previously mentioned, we are encouraged by our net interest margin improvement and prospects for continued expansion. Third quarter net interest margin expanded seven basis points on the linked quarter, boosted by substantial loan growth, higher interest earning asset yields and a moderating cost of funds expansion.”

As of September 30, 2024, the Company had $8.44 billion in assets, $6.28 billion in loans and $6.73 billion in total deposits. The Company’s combined enterprise, which encompasses 72 branch offices across three contiguous states, will continue to benefit from a diversified geographic footprint.

Key factors contributing to the third quarter of 2024 results included:

Total loans increased $661 million, or 12%, over the last 12 months, while growing $207 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets and across all loan categories, with Construction Land & Development (CL&D) growth of $88 million posting the largest gain. The yield earned on loans increased to 6.17% for the third quarter of 2024, benefiting primarily from significant average loan balance growth.
Deposit balances expanded $323 million, or 5%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by time deposit growth. On the linked quarter, total deposits expanded $157 million, or 2%. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%.
Net interest income increased $3.7 million, or 6%, for the third quarter of 2024 compared to the third quarter a year ago, with net interest margin compressing one basis point to 3.33%. On the linked quarter, net interest income increased $3.0 million, or 5%, while net interest margin expanded 7 basis points to 3.33%.
Provision for credit loss expense⁽¹⁾ of $4.3 million was recorded for the third quarter of 2024, primarily attributed to strong loan growth and deterioration within the Federal Reserve Bank’s unemployment rate forecast used in the CECL allowance model. Traditional credit quality statistics remained strong for the quarter.
Non-interest income increased $1.9 million, or 8%, over the third quarter of 2023. WM&T income expanded $901,000, or 9%, to $10.9 million, with strong estate fees and improved market conditions more than offsetting a decline in net new business expansion. Treasury management fees grew $304,000, or 12%, over the last 12 months to a record $2.9 million. Card income increased $213,000, or 4% over the third quarter of 2023 consistent with increased transaction volume. Other non-interest income increased $315,000 over the third quarter of 2023, mainly due to increased swap fees collected.
Total non-interest expenses increased $1.8 million, or 4%, during the third quarter of 2024 compared to the third quarter of 2023, and decreased $657,000, or 1%, on the linked quarter. Overall, non-interest expenses continued to track closely to management expectations.
Tangible common equity per share⁽³⁾ was $24.58 on September 30, 2024, compared to $23.22 on June 30, 2024, and $20.17 on September 30, 2023.

Hillebrand concluded, “In September, we were one of only 30 banks in the U.S. to be named a “Sm-All Star” in Piper Sandler’s annual list of top-performing small-cap banks and thrifts in its “Class of 2024.” This elite annual list reflects the top banks in the industry across various metrics including growth, profitability, credit quality and capital strength. We are honored to be recognized by Piper Sandler as one of the top performing community banks in the nation, a testament to the solid foundation we have built to generate long term growth. Being named to this prestigious group is a noteworthy recognition of the hard work and dedication of the entire Stock Yards team.” Stock Yards Bancorp has been named to Piper Sandler’s Sm-All Stars list six times in 2008, 2011, 2019, 2020, 2022 and 2024.

Results of Operations – Third Quarter 2024, Compared with Third Quarter 2023

Net interest income, the Company’s largest source of revenue, increased by $3.7 million, or 6%, to $65.0 million. Strong organic loan growth and correlating interest income expansion contributed to net interest income growth.

Total interest income increased by $16.8 million, or 19%, to $105.7 million.
- Interest income and fees on loans increased $17.5 million, or 22%, over the prior year quarter. Consistent with the $688 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 51 basis points over the past 12 months to 6.17%.
- Interest income on securities decreased $1.1 million, or 13%, compared to the third quarter of 2023. While average securities balances have declined $235 million, or 14%, over the past 12 months, the rate earned on securities improved three basis points to 2.07%. Over the past 12 months, cash flows from investment portfolio maturities and pay downs have been utilized to fund loan growth and in lieu of redeployment into the portfolio.
- Interest income on overnight funds increased $306,000, or 19%, consistent with the $24 million quarter over prior year quarter average balance increase.
Total interest expense increased $13.1 million, or 48%, to $40.7 million, as the cost of interest-bearing liabilities increased 68 basis points to 2.84%. For the sixth consecutive linked quarter end, the pace of expansion of total interest-bearing liability costs has slowed.
- Interest expense on deposits increased $12.6 million over the past 12 months, as the overall cost of interest- bearing deposits increased to 2.68% in the third quarter of 2024 from 1.88% in the third quarter of 2023. Interest expense expansion was spread over most deposit categories, with time deposits and money market interest expense expanding the most at $5.5 million and $4.1 million, respectively.
- Interest expense on Federal Home Loan Bank (FHLB) advances increased $292,000, or 6%, with the cost of funds declining 37 basis points to 4.49%. Consistent with third quarter investment securities maturities, the Bank relied less on overnight advances during the third quarter of 2024.

For the third quarter of 2024, consistent with strong loan growth, a deterioration in unemployment rate projections and a slight increase in net charge-offs, offset by a reduction in specific reserves and other factors within the CECL allowance model, the Company recorded provision expense ⁽¹⁾ of $4.3 million for loans. In addition, no provision expense for off balance sheet exposures was recorded. For the third quarter of 2023, the Company recorded $2.3 million in provision expense for loans and $475,000 of provision expense for off balance sheet exposures associated with expansion of C&LD and Commercial & Industrial (C&I) lines of credit.

Non-interest income increased $1.9 million, or 8%, to $24.8 million compared to the third quarter of 2023.

WM&T income ended the third quarter of 2024 at $10.9 million, increasing $901,000, or 9%, over the third quarter of 2023. Despite positive equity market performance and strong estate fee revenue, WM&T income was muted by negative net new business.
Compared to the third quarter of 2023, treasury management fees increased $304,000, or 12%, to a record $2.9 million. The consistent treasury management growth has been driven by strong transaction volume, organic growth, modified fee schedules, strong foreign exchange income and new product sales.
Card income increased $213,000, or 4%, over the third quarter of 2023. Credit card interchange income and annual merchant incentives drove credit card income to a record $1.7 million. In addition, debit card income also posted growth over the prior period.
Other non-interest income, which includes swap fees, letter of credit fees and OREO activity, increased by $315,000. While swap fee income was strong in the third quarter of 2024, the Company’s Insurance Captive, which was not renewed in 2024, contributed approximately $302,000 to other non-interest income in the third quarter of 2023.

Non-interest expenses, which tracked closely with management expectations, increased $1.8 million, or 4%, compared to the third quarter of 2023, to $48.5 million.

Compensation and benefits expense increased $2.3 million, or 9%, compared to the third quarter of 2023, consistent with annual merit-based increases and increased bonus levels, partially offset by lower health insurance claims.
Technology and communication expenses, which include computer software amortization, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources, increased $264,000, or 6%, consistent with software upgrades and increased compliance-related expense.
Card processing expense increased $208,000, or 13%. Debit card interchange expense increased $103,000 while credit card expense increased $105,000, consistent with transaction growth and fraud mitigation efforts.
Amortization of investments in tax credit partnerships declined $323,000 compared to the third quarter of 2023. Effective January 1, 2024, the Bank adopted ASU 2023-02 and began booking tax credit amortization expense for all income tax credit projects as a component of tax expense via the proportional amortization method.
Other non-interest expenses declined $831,000, or 31%, compared to the third quarter of 2023, primarily due to modifications made to the corporate credit card reward program and significant declines in check and card losses, as well as the Company’s strategic decision to exit its Insurance Captive, which contributed $275,000 in expense to the third quarter of 2023.

Financial Condition – September 30, 2024, Compared with September 30, 2023

Total assets increased $534 million, or 7%, year over year to $8.44 billion.

Total loans increased $661 million, or 12%, to $6.28 billion, with growth spread across all categories and markets. Total line of credit usage ended at 43.2% as of September 30, 2024, compared to 38.8% as of September 30, 2023, boosted by increased CL&D and C&I line usage. C&I line of credit usage expanded to 31.8% as of period end.

Total investment securities decreased $229 million, or 16%, year over year. The overall portfolio yield was 2.07% for the third quarter of 2024, compared to 2.04% for the third quarter of 2023. Over the past 12 months, cash flows from the investment portfolio have been utilized to fund loan growth and provide liquidity in lieu of redeployment.

Total deposits increased $323 million, or 5%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by $313 million of time deposit growth and $174 million of growth in money market balances.

Non-performing loans totaled $17 million, or 0.27% of total loans outstanding on September 30, 2024, compared to $17 million, or 0.31% of total loans outstanding on September 30, 2023. The ratio of allowance for credit losses to loans ended at 1.36% on September 30, 2024, compared to 1.39% on September 30, 2023.

As of September 30, 2024, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets⁽³⁾ was 11.07% and the tangible common equity ratio⁽³⁾ was 8.79% on September 30, 2024, compared to 10.21% and 7.69% on September 30, 2023, respectively.

In August 2024, the board of directors increased the quarterly cash dividend to $0.31 per common share. The dividend was paid October 1, 2024, to shareholders of record as of September 16, 2024.

No shares have been purchased since 2020, and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2025.

Results of Operations – Third Quarter 2024, Compared with Second Quarter 2024

Net interest margin improved seven basis points on the linked quarter to 3.33%, boosted by strong loan growth, higher interest earning asset yields and a slow-down in cost of funds expansion.

Net interest income increased $3.0 million, or 5%, over the prior quarter to $65.0 million.

Total interest income increased $5.4 million, or 5%.
- Interest income, including fees, on loans increased $5.7 million, or 6%. Average loans increased $201 million, or 3%, and the corresponding yield earned increased 11 basis points to 6.17%.
Total interest expense increased $2.5 million, or 6%.
- Interest expense on deposits increased $2.4 million, or 8%, led by a $76 million increase in average interest-bearing deposits concentrated within the time and money market categories.

The Company recorded $4.3 million in provision for credit losses on loans⁽¹⁾ and no credit loss expense for off-balance sheet exposures during the third quarter of 2024. During the second quarter of 2024, the Company recorded $1.3 million in provision for credit losses, which included a $1.1 million provision for credit losses on loans and $225,000 of credit loss expense for off-balance sheet exposures.

Non-interest income increased $1.1 million, or 5%, on the linked quarter, with increases in nearly every category.

Non-interest expenses decreased $657,000 to $48.5 million, as increases in compensation expense were more than offset by decreases in employee benefits, marketing and business development and technology and communication expenses.

Financial Condition – September 30, 2024, Compared with June 30, 2024

Total assets increased $122 million, or 1%, on the linked quarter to $8.44 billion.

Total loans expanded $207 million, or 3%, on the linked quarter, led by increases in nearly every loan category. Total line of credit usage was 43.2% as of September 30, 2024, compared to 41.1% as of June 30, 2024. C&I line of credit usage totaled 31.8% as of September 30, 2024, compared to 30.8% as of June 30, 2024.

Total deposits increased $157 million, or 2%, on the linked quarter. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%. Time deposits increased by $119 million and money market balances increased by $82 million on the linked quarter.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.44 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The Nasdaq Stock Market under the symbol “SYBT.”

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.


Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release
(In thousands unless otherwise noted)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Income Statement Data	2024			2023			2024			2023

Net interest income, fully tax equivalent (5)	$	65,064		$	61,437		$	187,344		$	185,757
Interest income:
Loans	$	95,689		$	78,234		$	271,547		$	219,329
Federal funds sold and interest bearing due from banks	(1,946		)	(1,640		)	(6,199		)	(4,885		)
Mortgage loans held for sale	47			55			152			173
Federal Home Loan Bank stock	663			499			1,601			939
Investment securities	7,377			8,497			23,072			26,129
Total interest income	105,722			88,925			302,571			251,455
Interest expense:
Deposits	33,997			21,360			97,486			51,940
Securities sold under agreements to repurchase	937			597			2,639			1,429
Federal funds purchased	120			157			395			504
Federal Home Loan Bank advances	5,209			4,917			13,469			10,613
Subordinated debentures	480			579			1,511			1,653
Total interest expense	40,743			27,610			115,500			66,139
Net interest income	64,979			61,315			187,071			185,316
Provision for credit losses (1)	4,325			2,775			7,050			7,750
Net interest income after provision for credit losses	60,654			58,540			180,021			177,566
Non-interest income:
Wealth management and trust services	10,931			10,030			32,497			29,703
Deposit service charges	2,314			2,272			6,630			6,622
Debit and credit card income	5,083			4,870			14,688			14,064
Treasury management fees	2,939			2,635			8,389			7,502
Mortgage banking income	1,112			814			3,077			2,882
Net investment product sales commissions and fees	915			791			2,580			2,345
Bank owned life insurance	634			569			1,817			1,677
Gain (loss) on sale of premises and equipment	(59		)	302			(39		)	75
Other	928			613			2,084			2,933
Total non-interest income	24,797			22,896			71,723			67,803
Non-interest expenses:
Compensation	25,534			23,379			74,389			67,382
Employee benefits	4,629			4,508			15,591			14,622
Net occupancy and equipment	3,775			3,821			11,264			11,234
Technology and communication	4,500			4,236			14,463			12,706
Debit and credit card processing	1,845			1,637			5,402			4,762
Marketing and business development	1,438			1,357			4,109			4,236
Postage, printing and supplies	901			938			2,740			2,701
Legal and professional	968			1,049			3,268			2,665
FDIC insurance	1,095			937			3,368			2,851
Capital and deposit based taxes	825			629			2,128			1,875
Intangible amortization	1,052			1,167			3,155			3,519
Amortization of investments in tax credit partnerships	–			323			–			970
Other	1,890			2,721			6,645			8,293
Total non-interest expenses	48,452			46,702			146,522			137,816
Income before income tax expense	36,999			34,734			105,222			107,553
Income tax expense	7,639			7,642			22,377			23,749
Net income	$	29,360		$	27,092		$	82,845		$	83,804

Net income per share – Basic	$	1.00		$	0.93		$	2.83		$	2.87
Net income per share – Diluted	1.00			0.92			2.82			2.86
Cash dividend declared per share	0.31			0.30			0.91			0.88

Weighted average shares – Basic	29,299			29,223			29,277			29,208
Weighted average shares – Diluted	29,445			29,336			29,396			29,347

							September 30,
Balance Sheet Data							2024			2023

Investment securities							$	1,236,744		$	1,465,463
Loans							6,278,133			5,617,084
Allowance for credit losses on loans							85,343			78,075
Total assets							8,437,280			7,903,430
Non-interest bearing deposits							1,508,203			1,714,918
Interest bearing deposits							5,217,870			4,687,889
Federal Home Loan Bank advances							325,000			350,000
Accumulated other comprehensive income (loss)							(75,273		)	(127,905		)
Stockholders’ equity							934,094			806,918

Total shares outstanding							29,414			29,323
Book value per share (3)							$	31.76		$	27.52
Tangible common equity per share (3)							24.58			20.17
Market value per share							61.99			39.29

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Average Balance Sheet Data	2024			2023			2024			2023

Federal funds sold and interest bearing due from banks	$	148,818		$	124,653		$	153,755		$	132,421
Mortgage loans held for sale	4,862			7,112			5,230			7,333
Investment securities	1,424,815			1,659,888			1,498,092			1,710,838
Federal Home Loan Bank stock	31,193			27,290			27,364			22,663
Loans	6,174,309			5,486,262			5,986,366			5,337,493
Total interest earning assets	7,783,997			7,305,205			7,670,807			7,210,748
Total assets	8,384,605			7,805,154			8,262,017			7,660,658
Non-interest bearing deposits	1,510,515			1,731,724			1,508,947			1,796,586
Interest bearing deposits	5,047,771			4,509,411			5,026,185			4,468,160
Total deposits	6,558,286			6,241,135			6,535,132			6,264,746
Securities sold under agreements to repurchase	156,865			127,063			156,392			120,740
Federal funds purchased	8,480			11,776			9,585			13,857
Federal Home Loan Bank advances	461,141			401,630			392,609			305,220
Subordinated debentures	26,806			26,606			26,802			26,508
Total interest bearing liabilities	5,701,063			5,076,486			5,611,573			4,934,485
Accumulated other comprehensive income (loss)	(88,362		)	(112,329		)	(94,560		)	(107,374		)
Total stockholders’ equity	910,274			810,710			883,267			796,172

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.38		%	1.34		%	1.46		%
Annualized return on average equity (4)	12.83		%	13.26		%	12.53		%	14.07		%
Net interest margin, fully tax equivalent	3.33		%	3.34		%	3.26		%	3.44		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.15		%	27.69		%	26.74		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	55.38		%	56.56		%	54.35		%

Capital Ratios
Total stockholders’ equity to total assets (3)							11.07		%	10.21		%
Tangible common equity to tangible assets (3)							8.79		%	7.69		%
Average stockholders’ equity to average assets							10.69		%	10.39		%
Total risk-based capital							12.73		%	12.71		%
Common equity tier 1 risk-based capital							11.16		%	11.17		%
Tier 1 risk-based capital							11.52		%	11.57		%
Leverage							10.05		%	9.80		%

Loan Segmentation
Commercial real estate – non-owner occupied							$	1,686,448		$	1,508,615
Commercial real estate – owner occupied							949,538			945,122
Commercial and industrial							1,379,293			1,251,027
Residential real estate – owner occupied							783,337			696,162
Residential real estate – non-owner occupied							381,051			350,386
Construction and land development							674,918			480,120
Home equity lines of credit							236,819			203,184
Consumer							143,684			143,703
Leases							16,760			14,710
Credit cards							26,285			24,055
Total loans and leases							$	6,278,133		$	5,617,084

Asset Quality Data
Non-accrual loans							$	16,288		$	17,227
Modifications to borrowers experiencing financial difficulty							–			–
Loans past due 90 days or more and still accruing							870			1
Total non-performing loans							17,158			17,228
Other real estate owned							10			427
Total non-performing assets							$	17,168		$	17,655
Non-performing loans to total loans							0.27		%	0.31		%
Non-performing assets to total assets							0.20		%	0.22		%
Allowance for credit losses on loans to total loans							1.36		%	1.39		%
Allowance for credit losses on loans to average loans							1.43		%	1.46		%
Allowance for credit losses on loans to non-performing loans							497		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	(1,935	)	$	(606	)	$	(2,156	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	-0.04		%	-0.01		%	-0.04		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Income Statement Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Net interest income, fully tax equivalent (5)	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Net interest income	$	64,979		$	62,022		$	60,070		$	62,016		$	61,315
Provision for credit losses (1)	4,325			1,300			1,425			6,046			2,775
Net interest income after provision for credit losses	60,654			60,722			58,645			55,970			58,540
Non-interest income:
Wealth management and trust services	10,931			10,795			10,771			10,099			10,030
Deposit service charges	2,314			2,180			2,136			2,244			2,272
Debit and credit card income	5,083			4,923			4,682			5,374			4,870
Treasury management fees	2,939			2,825			2,625			2,531			2,635
Mortgage banking income	1,112			1,017			948			823			814
Loss on sale of securities	–			–			–			(44		)	–
Net investment product sales commissions and fees	915			800			865			860			791
Bank owned life insurance	634			595			588			576			569
Gain (loss) on sale of premises and equipment	(59		)	20			–			(105		)	302
Other	928			500			656			2,059			613
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Non-interest expenses:
Compensation	25,534			24,634			24,221			24,494			23,379
Employee benefits	4,629			5,086			5,876			3,829			4,508
Net occupancy and equipment	3,775			3,819			3,670			5,150			3,821
Technology and communication	4,500			4,894			5,069			4,612			4,236
Debit and credit card processing	1,845			1,811			1,746			1,719			1,637
Marketing and business development	1,438			1,596			1,075			1,754			1,357
Postage, printing and supplies	901			913			926			903			938
Legal and professional	968			1,185			1,115			1,293			1,049
FDIC insurance	1,095			1,161			1,112			1,060			937
Capital and deposit based taxes	825			673			630			601			629
Intangible amortization	1,052			1,051			1,052			1,167			1,167
Amortization of investments in tax credit partnerships	–			–			–			324			323
Other	1,890			2,286			2,469			3,107			2,721
Total non-interest expenses	48,452			49,109			48,961			50,013			46,702
Income before income tax expense	36,999			35,268			32,955			30,374			34,734
Income tax expense	7,639			7,670			7,068			6,430			7,642
Net income	$	29,360		$	27,598		$	25,887		$	23,944		$	27,092


Net income per share – Basic	$	1.00		$	0.94		$	0.89		$	0.82		$	0.93
Net income per share – Diluted	1.00			0.94			0.88			0.82			0.92
Cash dividend declared per share	0.31			0.30			0.30			0.30			0.30

Weighted average shares – Basic	29,299			29,283			29,250			29,226			29,223
Weighted average shares – Diluted	29,445			29,383			29,361			29,331			29,336

	Quarterly Comparison
Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Cash and due from banks	$	108,825		$	85,441		$	71,676		$	94,466		$	79,538
Federal funds sold and interest bearing due from banks	144,241			118,910			88,547			171,493			113,499
Mortgage loans held for sale	4,822			6,438			6,462			6,056			6,535
Investment securities	1,236,744			1,342,354			1,379,212			1,471,016			1,465,453
Federal Home Loan Bank stock	29,419			31,462			24,675			16,236			26,241
Loans	6,278,133			6,070,963			5,849,715			5,771,038			5,617,084
Allowance for credit losses on loans	85,343			82,155			80,897			79,374			78,075
Goodwill	194,074			194,074			194,074			194,074			194,074
Total assets	8,437,280			8,315,325			8,123,128			8,170,102			7,903,430
Non-interest bearing deposits	1,508,203			1,482,514			1,481,217			1,548,624			1,714,918
Interest bearing deposits	5,217,870			5,086,724			5,127,863			5,122,124			4,687,889
Securities sold under agreements to repurchase	149,852			152,948			162,528			152,991			113,894
Federal funds purchased	6,442			10,029			9,961			12,852			11,518
Federal Home Loan Bank advances	325,000			400,000			200,000			200,000			350,000
Subordinated debentures	26,806			26,806			26,806			26,740			26,641
Accumulated other comprehensive income (loss)	(75,273		)	(94,980		)	(95,054		)	(92,798		)	(127,905		)
Stockholders’ equity	934,094			894,535			874,711			858,103			806,918

Total shares outstanding	29,414			29,388			29,393			29,329			29,323
Book value per share (3)	31.76			$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share (3)	24.58			23.22			22.50			21.95			20.17
Market value per share	61.99			49.67			48.91			51.49			39.29

Capital Ratios
Total stockholders’ equity to total assets (3)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets (3)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%
Average stockholders’ equity to average assets	10.86		%	10.65		%	10.56		%	10.07		%	10.39		%
Total risk-based capital	12.73		%	12.62		%	12.69		%	12.56		%	12.71		%
Common equity tier 1 risk-based capital	11.16		%	11.07		%	11.11		%	11.04		%	11.17		%
Tier 1 risk-based capital	11.52		%	11.43		%	11.49		%	11.43		%	11.57		%
Leverage	10.05		%	9.95		%	9.82		%	9.62		%	9.80		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Average Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Federal funds sold and interest bearing due from banks	$	148,818		$	158,512		$	153,990		$	258,950		$	124,653
Mortgage loans held for sale	4,862			6,204			4,629			5,305			7,112
Investment securities	1,424,815			1,491,865			1,578,401			1,618,799			1,659,888
Federal Home Loan Bank stock	31,193			29,735			21,121			20,519			27,290
Loans	6,174,309			5,973,801			5,808,924			5,676,193			5,486,262
Total interest earning assets	7,783,997			7,660,117			7,567,065			7,579,766			7,305,205
Total assets	8,384,605			8,246,735			8,153,364			8,116,569			7,805,154
Non-interest bearing deposits	1,510,515			1,515,708			1,500,602			1,663,962			1,731,724
Interest bearing deposits	5,047,771			4,971,804			5,058,743			5,025,240			4,509,411
Total deposits	6,558,286			6,487,512			6,559,345			6,689,202			6,241,135
Securities sold under agreement to repurchase	156,865			147,327			164,979			130,148			127,063
Federal funds purchased	8,480			10,127			10,161			13,606			11,776
Federal Home Loan Bank advances	461,141			441,484			274,451			205,435			401,630
Subordinated debentures	26,806			26,806			26,794			26,706			26,606
Total interest bearing liabilities	5,701,063			5,597,548			5,535,128			5,401,135			5,076,486
Accumulated other comprehensive income (loss)	(88,362		)	(99,640		)	(95,747		)	(125,843		)	(112,329		)
Total stockholders’ equity	910,274			878,233			861,029			817,682			810,710

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.35		%	1.28		%	1.17		%	1.38		%
Annualized return on average equity (4)	12.83		%	12.64		%	12.09		%	11.62		%	13.26		%
Net interest margin, fully tax equivalent	3.33		%	3.26		%	3.20		%	3.25		%	3.34		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.58		%	27.89		%	28.22		%	27.15		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

Loans Segmentation
Commercial real estate – non-owner occupied	$	1,686,448		$	1,652,614		$	1,609,483		$	1,561,689		$	1,508,615
Commercial real estate – owner occupied	949,538			943,013			931,973			907,424			945,122
Commercial and industrial	1,379,293			1,356,970			1,293,696			1,307,128			1,251,027
Residential real estate – owner occupied	783,337			749,870			723,234			708,893			696,162
Residential real estate – non-owner occupied	381,051			365,846			360,958			358,715			350,386
Construction and land development	674,918			586,820			532,183			531,324			480,120
Home equity lines of credit	236,819			223,304			212,443			211,390			203,184
Consumer	143,684			151,221			145,022			145,340			143,703
Leases	16,760			17,258			16,619			15,503			14,710
Credit cards	26,285			24,047			24,104			23,632			24,055
Total loans and leases	$	6,278,133		$	6,070,963		$	5,849,715		$	5,771,038		$	5,617,084

Asset Quality Data
Non-accrual loans	$	16,288		$	17,371		$	13,984		$	19,058		$	17,227
Modifications to borrowers experiencing financial difficulty	–			–			–			–			–
Loans past due 90 days or more and still accruing	870			186			106			110			1
Total non-performing loans	17,158			17,557			14,090			19,168			17,228
Other real estate owned	10			10			10			10			427
Total non-performing assets	$	17,168		$	17,567		$	14,100		$	19,178		$	17,655
Non-performing loans to total loans	0.27		%	0.29		%	0.24		%	0.33		%	0.31		%
Non-performing assets to total assets	0.20		%	0.21		%	0.17		%	0.23		%	0.22		%
Allowance for credit losses on loans to total loans	1.36		%	1.35		%	1.38		%	1.38		%	1.39		%
Allowance for credit losses on loans to average loans	1.38		%	1.38		%	1.39		%	1.40		%	1.42		%
Allowance for credit losses on loans to non-performing loans	497		%	468		%	574		%	414		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	183		$	348		$	(4,472	)	$	(1,935	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	0.00		%	0.01		%	-0.08		%	-0.04		%

Other Information
Total WM&T assets under management (in millions)	$	7,317		$	7,479		$	7,496		$	7,160		$	6,670
Full-time equivalent employees	1,068			1,051			1,062			1,075			1,056

(1) – Detail of Provision for credit losses follows:
	Quarterly Comparison
(in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Provision for credit losses – loans	$	4,325		$	1,075		$	1,175		$	5,771		$	2,300
Provision for credit losses – off balance sheet exposures	–			225			250			275			475
Total provision for credit losses	$	4,325		$	1,300		$	1,425		$	6,046		$	2,775

(2) – The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income.
	Quarterly Comparison
(Dollars in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total non-interest expenses (a)	$	48,452		$	49,109		$	48,961		$	50,013		$	46,702

Total net interest income, fully tax equivalent	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Total revenue – Non-GAAP (b)	89,861			85,768			83,438			86,529			84,333

Efficiency ratio – Non-GAAP (a/b)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

(3) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:
	Quarterly Comparison
(In thousands, except per share data)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total stockholders’ equity – GAAP (a)	$	934,094		$	894,535		$	874,711		$	858,103		$	806,918
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible common equity – Non-GAAP (c)	$	722,871		$	682,260		$	661,385		$	643,725		$	591,373

Total assets – GAAP (b)	$	8,437,280		$	8,315,325		$	8,123,128		$	8,170,102		$	7,903,430
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible assets – Non-GAAP (d)	$	8,226,057		$	8,103,050		$	7,909,802		$	7,955,724		$	7,687,885

Total stockholders’ equity to total assets – GAAP (a/b)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets – Non-GAAP (c/d)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%

Total shares outstanding (e)	29,414			29,388			29,393			29,329			29,323

Book value per share – GAAP (a/e)	$	31.76		$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share – Non-GAAP (c/e)	24.58			23.22			22.50			21.95			20.17

(4) – Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity.

(5) – Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.

(6) – Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.

Contact:	T. Clay Stinnett
	Executive Vice President,
	Treasurer and Chief Financial Officer
	(502) 625-0890

The MIL Network –

January 24, 2025

MIL-OSI: TC Energy provides results of Series 9 Shares conversion elections

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 23, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that 1,297,203 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) have been elected for conversion on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares) effective on Oct. 30, 2024. As a result, on Oct. 30, 2024, TC Energy will have 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares and Series 10 Shares will be listed on the Toronto Stock Exchange under the symbols TRP.PR.E and TRP.PR.L, respectively.

About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at http://www.sedarplus.ca and with the U.S. Securities and Exchange Commission at http://www.sec.gov.

-30-

Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/8176a791-9dfe-4ecf-857e-4d3bc758dbf6

The MIL Network –

January 24, 2025

MIL-OSI: Form 8.3 – [KEYWORDS STUDIOS PLC – 22 10 2024] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	KEYWORDS STUDIOS PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22 OCTOBER 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	1,339,669	1.5930
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	1,339,669	1.5930

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p ORDINARY	SALE	1,500	2446.04p
1p ORDINARY	PURCHASE	700	2447.958p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	23 OCTOBER 2024
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 24, 2025

MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 22 10 2024] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	LEARNING TECHNOLOGIES GROUP PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22 OCTOBER 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.375p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	10,077,533	1.2721
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	10,077,533	1.2721

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
0.375p ORDINARY	PURCHASE	85	93.155p
0.375p ORDINARY	PURCHASE	19,000	93.7068p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	23 OCTOBER 2024
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 24, 2025

MIL-OSI: Southern Michigan Bancorp, Inc. Announces Third Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

COLDWATER, Mich., Oct. 23, 2024 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter net income of $2,586,000, or $0.57 per share, compared to net income of $2,767,000, or $0.61 per share, for the third quarter of 2023. For the first nine months of 2024, Southern earned $7,751,000 or $1.70 per share, compared with $8,468,000 or $1.86 per share, for the same nine-month period one year ago.

John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “For the first time, our bank has surpassed $1.5 billion in total assets, a significant milestone that reflects our ongoing growth and expansion across all markets. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality. Our focus on disciplined growth strategies has positioned us well, even amid challenges. As we navigate the shifting economic landscape, we are confident in our capacity to sustain momentum and further strengthen our balance sheet.”

As of September 30, 2024, total loans and deposits grew during the first nine months totaling $1.084 billion and $1.266 billion, respectively.

The allowance for credit losses totaled $12,363,000, or 1.14% of loans on September 30, 2024. Net loan charge-offs totaled $20,000 for the first nine months of 2024, compared to net charge-offs of 7,000 for the first nine months of 2023. Non-performing loans as a percentage of total loans were 0.08% on September 30, 2024 compared to 0.09% on December 31, 2023.

The annualized return on average assets for the nine-month periods ended September 30, 2024 and September 30, 2023 was 0.70% and 0.84% respectively. The annualized return on average equity was 10.18% for the first nine months of 2024 compared to 12.42% for the first nine months of 2023. The tax equivalent net interest margin for the nine-month periods ending September 30, 2024 and 2023 was 2.94% and 3.18%, respectively.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.

This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.


SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data)
	September 30, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	121,022		$	71,620
Federal funds sold		264			1,468
Securities available for sale, at fair value		160,771			169,740
Securities held-to-maturity, at amortized cost		60,129			61,600
Loans held-for-sale		871			169
Loans, net of allowance for credit losses of $12,363 – 2024, $11,697 – 2023		1,071,234			1,024,720
Premises and equipment, net		23,406			23,114
Net cash surrender value of life insurance		22,970			22,472
Goodwill		13,422			13,422
Other intangible assets, net		120			147
Other assets		36,314			26,323
TOTAL ASSETS	$	1,510,523		$	1,414,795

LIABILITIES
Deposits:
Non-interest bearing	$	219,072		$	226,178
Interest bearing		1,047,024			931,793
Total deposits		1,266,096			1,157,971

Securities sold under agreements to repurchase and overnight borrowings		1,688			1,738
Accrued expenses and other liabilities		17,996			15,703
Other borrowings		82,900			106,900
Subordinated debentures		34,705			34,653
Total liabilities		1,403,385			1,316,965

SHAREHOLDERS’ EQUITY
Preferred stock, 100,000 shares authorized; none issued or outstanding		–			–
Common stock, $2.50 par value:
Authorized – 10,000,000 shares
Issued and outstanding – 4,563,995 shares in 2024, 4,533,637 shares in 2023		11,406			11,330
Additional paid-in capital		13,225			13,126
Retained earnings		95,498			89,808
Accumulated other comprehensive loss		(12,991	)		(16,434	)
Total shareholders’ equity		107,138			97,830
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,510,523		$	1,414,795


Southern Michigan Bancorp, Inc. condensed consolidated statements of income (unaudited)
(In thousands, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income:
Loans, including fees	$	16,444	$	14,563	$	47,748	$	39,579
Federal funds sold and balances with banks		1,313		786		3,630		2,360
Securities:
Taxable		1,465		1,567		4,512		4,655
Tax-exempt		309		315		904		961
Total interest income		19,531		17,231		56,794		47,555

Interest expense:
Deposits		7,567		5,777		21,655		14,516
Other		1,571		1,519		4,701		3,389
Total interest expense		9,138		7,296		26,356		17,905
Net interest income		10,393		9,935		30,438		29,650
Provision for credit losses		425		25		661		950
Net interest income after provision for credit losses		9,968		9,910		29,777		28,700

Non-interest income:
Service charges on deposit accounts		439		422		1,270		1,248
Trust fees		741		629		2,041		1,787
Net gains on loan sales		181		71		419		186
Earnings on life insurance assets		169		157		498		456
ATM and debit card fee income		465		452		1,356		1,339
Other		177		197		608		644
Total non-interest income		2,172		1,928		6,192		5,660

Non-interest expense:
Salaries and employee benefits		5,528		5,356		16,154		14,751
Occupancy, net		519		429		1,515		1,397
Equipment		400		404		1,233		1,063
Professional and outside services		530		443		1,575		1,473
Software maintenance		626		568		1,817		1,639
ATM expenses		229		195		629		602
Printing, postage, and supplies		124		97		413		318
Telecommunication expenses		75		88		240		268
Other		972		869		2,958		2,525
Total non-interest expense		9,003		8,449		26,534		24,036
INCOME BEFORE INCOME TAXES		3,137		3,389		9,435		10,324
Federal income tax provision		551		622		1,684		1,856
NET INCOME	$	2,586	$	2,767	$	7,751	$	8,468

Basic Earnings Per Common Share	$	0.57	$	0.61	$	1.70	$	1.86
Diluted Earnings Per Common Share		0.57		0.61		1.70		1.86
Dividends Declared Per Common Share		0.15		0.14		0.45		0.42

The MIL Network –

January 24, 2025

MIL-OSI: Jayud Global Logistics Expands U.S. Operations with Strategic Acquisitions in California and Georgia

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Jayud Global Logistics Limited (NASDAQ: JYD) (“Jayud” or the “Company”), a leading end-to-end supply chain solution provider based in Shenzhen specializing in cross-border logistics, today announced the acquisition of significant stakes in two key logistics facilities in California and a licensed customs brokerage firm in Georgia. These strategic investments are part of Jayud’s ongoing efforts to expand its operational footprint in the United States and enhance its comprehensive suite of logistics services.

Jayud has acquired a 20% stake in a 70,000 sq.ft. warehouse located in Rialto, California, and a 49% stake in a 50,000 sq.ft. warehouse located in Chino, California. These facilities are located in major logistics hubs in California, enhancing Jayud’s capacity to manage and streamline supply chains in one of the U.S.’s busiest trade corridors.

In addition to the warehouse investments, Jayud has secured a 10% stake in LD Global Logistics Inc., a licensed customs broker established in 2016 and certified by U.S. Customs and Border Protection. Based in Georgia, LD Global Logistics Inc. provides critical brokerage services and operates a fleet of trucks, further supporting Jayud’s logistics operations across the southeastern United States. The inclusion of LD Global Logistics Inc. into Jayud’s portfolio expands its service capabilities and deepens its compliance and customs expertise in a key U.S. region, ensuring smoother and more efficient import and export processes for clients.

The Company issued a total of 3,365,588 Class A ordinary shares as consideration for the three acquisitions.

“These acquisitions are a testament to our commitment to strengthen our global logistics network and enhance service offerings to our clients, particularly in the U.S. market,” said Xiaogang Geng, Chairman of the Board and CEO of Jayud. “By integrating these assets into our portfolio, we are better positioned to offer end-to-end logistics solutions and meet the growing demand for efficient, reliable supply chain management in North America.”

About Jayud Global Logistics Limited

Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, focusing on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company’s website: https://ir.jayud.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

Jayud Global Logistics Limited
Investor Relations Department
Email: ir@jayud.com

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

The MIL Network –

January 24, 2025

MIL-OSI: FCCI Insurance Group Deploys Duck Creek Policy with Active Delivery to Modernize Operations and Drive Expansion into the Excess & Surplus Market

Source: GlobeNewswire (MIL-OSI)

BOSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced FCCI Insurance Group (FCCI) is live with its Excess & Surplus (E&S) line of business on Duck Creek Policy with Active Delivery. FCCI’s transition to Duck Creek’s platform enables Active Delivery to drive operational efficiencies, automate manual processes, and enhance speed to market for new products. Duck Creek’s premier delivery partner, Cognizant, led the implementation project to ensure FCCI quickly recognizes reduced expense ratios, improved core operational performance, and enhanced scalability to handle higher volumes seamlessly.

“Our expansion into the E&S market is a testament to our dedication to serve the evolving needs of businesses across industries,” said Dave Patel, Executive Vice President – Chief Information Officer (CIO) at FCCI. “Deploying Duck Creek Policy with Active Delivery will enable us to provide exceptional service and customized insurance solutions to businesses that require specialized coverage.”

Duck Creek Policy with Active Delivery eliminates the need for upgrades and enables P&C insurers to deliver insurance products at scale. By selecting this platform, FCCI can now support the E&S business processes with the ability to adapt to changes and deliver exceptional service to agents and policyholders. This targeted approach addresses the growing need for flexible and robust insurance solutions in markets that face unique challenges.

“In this era of rapid customer-centric innovation and growth, we continue to help insurers streamline their processes to deliver new insurance services that will directly benefit policyholders quickly,” said Chris McCloskey, Chief Operating Officer at Duck Creek Technologies. “With the launch of Policy with Active Delivery, FCCI will never have to upgrade again – eliminating maintenance costs and changing the way they do business.”

To learn more about Duck Creek Policy with Active Delivery Platform, visit Duck Creek Policy. To learn more about how FCCI is expanding its E&S capability, read this release.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit http://www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

Media Contacts:
Marianne Dempsey/Tara Stred
duckcreek@threeringsinc.com

The MIL Network –

January 24, 2025

MIL-OSI: red violet to Announce Third Quarter 2024 Financial Results on November 6, 2024

Source: GlobeNewswire (MIL-OSI)

BOCA RATON, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, announced today that it will report its financial results for the third quarter ended September 30, 2024 after the close of the U.S. financial markets on Wednesday, November 6, 2024.

The Company will host its earnings call on Wednesday, November 6, 2024 at 4:30pm ET to discuss its quarterly results and provide a business update.

The participant registration and webcast information are listed below. The earnings call will be simultaneously webcast on the Investors section of the red violet website at http://www.redviolet.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required.

Please note participants must register to receive their unique dial-in number credentials. A general dial-in number will not be provided.

PARTICIPANT REGISTRATION & WEBCAST INFORMATION
WHEN: WEDNESDAY, November 6, 2024 at 4:30pm ET
Participant Registration: Click Here
Webcast URL: Click Here

Following the completion of the conference call, an archived webcast of the earnings call will be available on the Investors section of the red violet website at http://www.redviolet.com.

About red violet^®

At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit http://www.redviolet.com.

Company Contact:
Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com

Investor Relations Contact:
Steven Hooser
Three Part Advisors
214-872-2710
ir@redviolet.com

The MIL Network –

January 24, 2025

MIL-OSI: Nano Labs Announces Results of Annual General Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

HANGZHOU, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, today announced the results of the Company’s Annual General Meeting (“AGM”) held at 10 A.M. on October 23, 2024, Beijing time (10 P.M., October 22, 2024, U.S. Eastern time). The proposals submitted for shareholder approval at the AGM have been approved. Specifically, the shareholders have passed the following resolutions:

(1) to effect a share consolidation of every ten shares with a par value of US$0.0002 each in the Company’s issued and unissued share capital into one share with a par value of US$0.002 (the “Share Consolidation”), so that immediately following the Share Consolidation and the share re-designation, the authorized share capital of the Company shall be US$50,000 divided into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 12,141,093 Class A ordinary shares of par value of US$0.002 each, (ii) 2,858,908 Class B ordinary shares of par value of US$0.002 each, and (iii) 9,999,999 shares of a par value of US$0.002 each of such class or classes (however designated) as the board of directors of the Company may determine in accordance with the Company’s New M&A (as defined below).

(2) to amend the Company’s memorandum and articles of association currently in effect by the adoption of a new memorandum and articles of association to reflect the Share Consolidation (after the amendment, the “New M&A”); and

(3) to approve the appointment of MaloneBailey, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

The Share Consolidation will be effective from 5 P.M. on October 29, 2024, Eastern time.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless integrated circuit (“IC”) design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips, high performance computing (“HPC”) chips, distributed computing and storage solutions, smart network interface cards (“NICs”) vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

* According to an industry report prepared by Frost & Sullivan.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor inquiries, please contact:

Nano Labs Ltd
ir@nano.cn

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

The MIL Network –

January 24, 2025

MIL-OSI: The Pet Hazard Decking Your Halls: truInsights into Foreign Body Ingestion & Holiday Decor

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 23, 2024 (GLOBE NEWSWIRE) — Tis the season for holiday decor. But all those haunted Halloween decorations, Thanksgiving centerpieces and Christmas ornaments present a hidden danger pet parents need to watch out for.

In 2023 alone, pet medical insurance company Trupanion (Nasdaq: TRUP) received more than 24,000 foreign body ingestion claims. Foreign body ingestion (FBI) is a painful, sometimes deadly, and costly condition that happens when a pet eats something they can’t pass through their gastrointestinal system without veterinary help.

“Keep a close eye on your pets during the holiday season,” says veterinarian and Trupanion General Manager, Dr. Stephen Rose, BVSc (Hons1) M Infotech CVA ACVCHM. “And if you suspect your pet ate something they shouldn’t have, don’t risk it—reach out to your veterinarian to have them examined to be sure. It’s better to be safe than sorry in these instances.”

Foreign Body Ingestion: By the Numbers

In 2023, Trupanion paid 24,305 foreign body ingestion claims. The average claim was $878, while the highest claim was $27,403.

Amongst Trupanion’s current population of insured pets, 7% of dogs and 3% of cats have had an FBI claim. Puppies and kittens have the most FBI claims of any age group by far. Pets under 1 year of age claim 322% more than adults and senior pets. Adult pets claim 34% more than senior pets.

Top 5 Dog Breeds Claiming

Doberman Pinscher
Maltese
Boston Terrier
Shih Tzu
German Pointer

Top 5 Cat Breeds Claiming

Persian
Bengal
Russian Blue
Sphynx
Siberian

The Science & Medicine of Foreign Body Ingestion

When a pet eats a foreign object that they can’t pass through their gastrointestinal system, it can become lodged anywhere along the GI Tract and cause a variety of symptoms from vomiting and diarrhea to obstruction, organ damage, and even death.

Early signs and symptoms of foreign body ingestion are vomiting, diarrhea, lethargy, refusal of food or loss of appetite, whining, restlessness, pain in the belly, straining to defecate or being unable to fully vacate the bowels.

If these symptoms are observed, it’s recommended that the pet is seen by a veterinarian as quickly as possible so that they can be evaluated for foreign body ingestion.

During the examination, the vet may perform diagnostic imaging such as x-rays to see if a foreign object can be seen, or use a substance called Barium which when swallowed, illuminates on the radiographs to show if there is a blockage somewhere along the GI tract, and can help track the foreign material.

Surgery is often needed to safely remove foreign objects from the GI tract to prevent further damage. The vet may also support with IV fluids, prescribing pain and/or nausea medications, inducing vomiting, performing bloodwork to check organ function, as well as observation while the pet passes the object.

Prognosis is based on many factors such as what the pet ingested, how long the object has been stuck in the GI tract, where in the tract the object is stuck, and how healthy the pet is otherwise.

Early intervention is always better. If too much time passes before treatment, the pet’s health may continue to decline, and if the blockage is an intestinal or stomach obstruction, the blood flow to organs can be affected, which can result in permanent damage or necrosis of those tissues. In these cases, just a few hours can mean the difference between life or death.

Keeping Your Pets Safe During the Holidays

Common items that pets ingest that result in foreign body ingestion include clothing (often socks and underwear), sticks, bones, corn cobs, champagne corks, food packaging and wrappers, dental floss, hair elastics, and toy stuffing or squeakers.

During the holidays, the big ones to watch out for are decorations like tinsel, garlands, ribbons, and string. In fact, there is a specific type of very dangerous foreign body ingestion called a Linear Foreign Body, where things like strings or ribbons get lodged anywhere from the tongue down the esophagus and into the stomach and intestines. These linear foreign objects can cause the intestines to bunch and slice through the tissues as the body tries to expel them.

“Keep a close eye on your pets during the holiday season,” says veterinarian and Trupanion General Manager, Dr. Stephen Rose, BVSc (Hons1) M Infotech CVA ACVCHM. “There’s a lot going on—a lot of distractions for pet parents, and a lot of objects around the house this time of year that look like toys to our pets, so it’s vital to remain vigilant. On special occasions, ensure you’re cleaning up wrapping paper, bows, and ribbons after opening gifts, and when entertaining, keep pets contained and out of the kitchen so they don’t have access to food and bones, and to prevent guests from feeding them things they shouldn’t eat. And if you suspect your pet ate something they shouldn’t have, don’t risk it—reach out to your veterinarian to have them examined to be sure. It’s better to be safe than sorry in these instances.”

More Foreign Body Ingestion Safety Tips

Provide gates and pens to control what areas pet have access to
Check toys regularly to ensure they’re still intact
Dispose of toys that are coming apart to prevent ingestion of stuffing, strings and squeakers
Keep laundry room doors closed to prevent access to laundry baskets and detergent pods
Keep bathroom and bedroom doors closed to prevent access to garbage cans and other debris

About truInsights

truInsights is a data focused initiative introduced by Trupanion and designed to deliver valuable health-related data and insights to pet parents, veterinarians and pet lovers alike. With over 20 years of pet health data, Trupanion has explored its veterinary invoice data from nearly two million pets and provides details on data trends, as well as prevention tips for keeping our pets safe.

About Trupanion

Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). For more information, please visit trupanion.com.

Contacts:

Media: Trupanion Corporate Communications

Corporate.communications@trupanion.com

The MIL Network –

January 24, 2025

MIL-OSI: authID Announces Launch of its Biometric Identity Services with Imperial Technologies

Source: GlobeNewswire (MIL-OSI)

Expands market presence into telecommunications vertical

DENVER, Oct. 23, 2024 (GLOBE NEWSWIRE) — authID® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced Imperial Technologies Inc., a broadband and wireless high-speed internet provider across all 50 states, has signed a multi-year agreement and launched authID’s biometric identity and document verification services to streamline and secure new customer onboarding.

With the high frequency of identity fraud, deepfakes, and social engineering account takeover attacks, Imperial wanted to streamline its customer onboarding and reduce the resources required to perform manual and often error-prone identity checks. The company selected authID because of its ability to deliver a fully orchestrated identity verification solution that is fast, accurate, user-friendly, and helped accelerate good customer conversion, while stopping fraud quickly.

“authID stood out among the various identity providers because of its biometric platform’s ability to securely onboard and seamlessly authenticate our customer base with the highest levels of identity assurance,” said Faiz Chaudhry, CEO of Imperial Technologies. “Together authID and Imperial Technologies are re-shaping the landscape of digital customer acquisition with highly secure identity trust that does not compromise on speed or convenience.”

Imperial Technologies is now leveraging authID’s document-based biometric identity verification to streamline onboarding with an easy, intuitive user experience delivered in any browser to any device. authID stops identity fraud with PAD Level 2 liveness confirmation, ID anti-spoofing checks, and facial biometric matching of a selfie to the credential photo, all in a market-leading 700 milliseconds. To help users seamlessly authenticate their identities at any time, authID extends the value of that root of trust with biometric authentication that replaces friction-filled one-time passwords and easily compromised knowledge-based answers (KBA).

“This customer win and our expansion into the telecommunications vertical demonstrates our broad product fit and our strong ability to ensure enterprises ‘Know Who’s Behind the Device’ during onboarding and throughout the user journey to prevent cybercriminals using malicious AI from impersonating users, deploying deepfakes, or performing account takeovers,” said Rhon Daguro, CEO of authID. “authID is committed to helping Imperial Technologies enjoy the highest levels of identity trust delivered with market-leading speed, accuracy, and frictionless identity experiences that deepen customer loyalty.”

About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

About Imperial Technologies Inc.
Imperial Technologies Inc., headquartered in Atlanta, Georgia, offers wireless & wireline connectivity across North America. Imperial Wireless, Imperial Internet, Imperial Smart Security, Imperial Mobile, Imperial Voice, and Imperial GPS are all part of the same family belonging to Imperial Technologies Inc. Our goal is to simplify your Connectivity experience. Smart Innovation & customer satisfaction are the driving force behind our products. We are committed to ensure that our solutions meet the needs of both households and businesses nationwide. Learn more at http://www.imperialinternet.com

Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com

Investor Relations Contacts
Investor-Relations@authid.ai

Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com

The MIL Network –

January 24, 2025

MIL-OSI: Morris State Bancshares Announces Quarterly Earnings and Declares Fourth Quarter Dividend

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ga., Oct. 23, 2024 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $5.4 million for the quarter ending September 30, 2024, representing an increase of $124 thousand, or 2.34%, compared to net income of $5.3 million for the quarter ended June 30, 2024. Year over year the Company’s net income increased $954 thousand, or 21.23%, compared to net income of $4.5 million for the quarter ended September 30, 2023. The Company’s quarterly net earnings rose due to sustained loan growth, higher loan yields, an increase in noninterest-bearing deposit accounts, and some stabilization in the cost of funds. These factors combined to strengthen the bank’s net interest margin, bringing it to 4.10%.

“We had a solid third quarter. Our core earnings engine remains strong as reflected by the growth in our net interest income. In the third quarter, we generated net interest income of $14.0 million, which was $428 thousand above the June 30, 2024, level of $13.6 million and $1.1 million above the September 30, 2023 level of $12.9 million,” said Spence Mullis, Chairman and CEO. “The Federal Reserve’s reduction in the Fed funds rate, combined with robust growth in noninterest-bearing balances, has contributed to stabilizing our cost of funds. Despite continued payoffs of larger loans, we continue to fund a good volume of new loans and previously unfunded commitments driving our loan balances slightly higher.”

The net interest margin was 4.10% for the third quarter of 2024 compared to 4.02% for the second quarter of 2024 and 3.94% for the third quarter of 2023. The average yield on earning assets grew nine basis points from 5.96%, as of June 30, 2024, to 6.05%, while the Company’s cost of funds increased two basis points from 2.16% to 2.18% during the same period.

Total deposits declined during the quarter by $16.6 million, or 1.37%, which included a $24 million reduction in brokered money market deposits. However, non-interest-bearing deposits increased $21.5 million, or 7.19% during the quarter, helping to bolster the net interest margin. The bank took down $15.0 million in borrowings from the Federal Home Loan Bank during the third quarter of 2024 to help fund new loan demand and offset the reduction in brokered deposits. Loans increased $6.3 million, or an annualized 2.36% during the third quarter, slowing from the second quarter’s annualized growth of 7.24%. Management anticipates steady loan demand in the fourth quarter as political uncertainty eases in November, providing customers with greater clarity to advance their growth strategies.

The bank’s reserve as a percentage of total loans was 1.30% for September 30, 2024, as compared to 1.30% for June 30, 2024, and 1.32% as of September 30, 2023. The Company’s adversely classified index increased slightly from 6.04% as of June 30, 2024, to 6.15% as of September 30, 2024. The bank’s efficiency ratio increased slightly from 58.36% as of June 30, 2024, to 58.90% as of September 30, 2024.

The Company’s total shareholders’ equity increased 2.35% to $190.6 million as of September 30, 2024, as compared to $186.2 million as of June 30, 2024. Tangible book value per share increased to $16.97 as of September 30, 2024, a 2.66% increase from $16.53 per share on June 30, 2024. On October 16, 2024, the board of directors approved its fourth quarter dividend of $0.092 per share payable on or about December 15th to all shareholders of record as of November 15th.

Forward-looking Statements

Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.


MORRIS STATE BANCSHARES, INC.
AND SUBSIDIARIES

Consolidating Balance Sheet

	September 30,			June 30,								September 30,
		2024			2024		Change			% Change			2023		Change			% Change
	(Unaudited)			(Unaudited)								(Unaudited)
ASSETS

Cash and due from banks	$	48,180,615		$	43,688,884		$	4,491,731		10.28	%	$	36,373,555		$	11,807,060		32.46	%
Federal funds sold		11,932,122			14,624,710			(2,692,588	)	-18.41	%		8,695,149			3,236,973		37.23	%
Total cash and cash equivalents		60,112,737			58,313,594			1,799,143		3.09	%		45,068,704			15,044,033		33.38	%

Interest-bearing time deposits in other banks		100,000			100,000			—		0.00	%		100,000			—		0.00	%
Securities available for sale, at fair value		6,299,609			7,669,642			(1,370,033	)	-17.86	%		3,879,531			2,420,078		0.00	%
Securities held to maturity, at cost (net of CECL Reserve)		224,532,603			227,532,821			(3,000,218	)	-1.32	%		244,837,916			(20,305,313	)	-8.29	%
Federal Home Loan Bank stock, restricted, at cost		1,740,300			1,027,800			712,500		69.32	%		1,727,100			13,200		0.76	%
Loans, net of unearned income		1,088,132,851			1,081,790,223			6,342,628		0.59	%		1,049,730,890			38,401,961		3.66	%
Less-allowance for credit losses		(14,179,392	)		(14,109,191	)		(70,201	)	0.50	%		(13,860,420	)		(318,972	)	2.30	%
Loans, net		1,073,953,459			1,067,681,032			6,272,427		0.59	%		1,035,870,470			38,082,989		3.68	%
																–
Bank premises and equipment, net		12,912,111			13,051,972			(139,861	)	-1.07	%		13,325,846			(413,735	)	-3.10	%
ROU assets for operating lease, net		854,808			945,268			(90,460	)	-9.57	%		1,216,601			(361,793	)	-29.74	%
Goodwill		9,361,704			9,361,704			—		0.00	%		9,361,704			—		0.00	%
Intangible assets, net		1,422,326			1,508,214			(85,888	)	-5.69	%		1,765,877			(343,551	)	-19.45	%
Other real estate and foreclosed assets		39,755			43,408			(3,653	)	-8.42	%		3,567,309			(3,527,554	)	-98.89	%
Accrued interest receivable		6,640,617			6,421,999			218,618		3.40	%		5,585,081			1,055,536		18.90	%
Cash surrender value of life insurance		15,022,374			14,915,967			106,407		0.71	%		14,613,337			409,037		2.80	%
Other assets		22,311,520			21,721,225			590,295		2.72	%		25,711,989			(3,400,469	)	-13.23	%
Total Assets	$	1,435,303,923		$	1,430,294,646		$	5,009,277		0.35	%	$	1,406,631,465			28,672,458		2.04	%


LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	320,503,732		$	298,997,994		$	21,505,738		7.19	%	$	316,825,603			3,678,129		1.16	%
Interest bearing		876,274,737			914,360,430			(38,085,693	)	-4.17	%		862,167,812			14,106,925		1.64	%
		1,196,778,469			1,213,358,424			(16,579,955	)	-1.37	%		1,178,993,415			17,785,054		1.51	%
																–
Other borrowed funds		34,009,138			18,998,904			15,010,234		79.01	%		42,132,633			(8,123,495	)	-19.28	%
Lease liability for operating lease		854,808			945,268			(90,460	)	-9.57	%		1,216,601			(361,793	)	-29.74	%
Accrued interest payable		2,114,956			1,730,280			384,676		22.23	%		979,913			1,135,043		115.83	%
Accrued expenses and other liabilities		10,938,057			9,038,821			1,899,236		21.01	%		10,056,934			881,123		8.76	%
																–
Total liabilities		1,244,695,428			1,244,071,697			623,731		0.05	%		1,233,379,496			11,315,932		0.92	%

Shareholders’ Equity:
Common stock		10,688,223			10,688,223			—		0.00	%		2,179,210			8,509,013		390.46	%
Paid in capital surplus		34,867,691			34,729,351			138,340		0.40	%		41,548,417			(6,680,726	)	-16.08	%
Retained earnings		131,085,914			132,061,494			(975,580	)	-0.74	%		116,705,941			14,379,973		12.32	%
Current year earnings		15,660,043			10,213,197			5,446,846		53.33	%		13,404,804			2,255,239		16.82	%
Accumulated other comprehensive income (loss)		1,582,952			1,648,392			(65,440	)	-3.97	%		2,148,509			(565,557	)	-26.32	%
Treasury Stock, at cost 91,878		(3,276,328	)		(3,117,708	)		(158,620	)	5.09	%		(2,734,912	)		(541,416	)	19.80	%
Total shareholders’ equity		190,608,495			186,222,949			4,385,546		2.35	%		173,251,969			17,356,526		10.02	%

Total Liabilities and Shareholders’ Equity	$	1,435,303,923		$	1,430,294,646			5,009,277		0.35	%	$	1,406,631,465			28,672,458		2.04	%

MORRIS STATE BANCSHARES, INC.
AND SUBSIDIARIES

Consolidating Statement of Income
for the Three Months Ended

	September 30,		June 30,							September 30,
		2024		2024	Change			% Change			2023		Change			% Change
	(Unaudited)		(Unaudited)							(Unaudited)
Interest and Dividend Income:
Interest and fees on loans	$	18,630,690	$	17,879,134	$	751,556		4.20	%	$	15,803,711		$	2,826,979		17.89	%
Interest income on securities		1,825,236		1,837,396		(12,160	)	-0.66	%		2,051,695			(226,459	)	-11.04	%
Income on federal funds sold		163,624		156,184		7,440		4.76	%		216,377			(52,753	)	-24.38	%
Income on time deposits held in other banks		338,433		590,205		(251,772	)	-42.66	%		302,545			35,888		11.86	%
Other interest and dividend income		21,031		64,639		(43,608	)	-67.46	%		43,630			(22,599	)	-51.80	%
Total interest and dividend income		20,979,014		20,527,558		451,456		2.20	%		18,417,958			2,561,056		13.91	%

Interest Expense:
Deposits		6,671,982		6,568,679		103,303		1.57	%		5,109,712			1,562,270		30.57	%
Interest on other borrowed funds		309,265		389,629		(80,364	)	-20.63	%		455,105			(145,840	)	-32.05	%
Interest on federal funds purchased		—		—		—		—			—			—		0.00	%
Total interest expense		6,981,247		6,958,308		22,939		0.33	%		5,564,817			1,416,430		25.45	%

Net interest income before provision for loan losses		13,997,767		13,569,250		428,517		3.16	%		12,853,141			1,144,626		8.91	%
Less-provision for credit losses		252,021		272,419		(20,398	)	-7.49	%		(33,351	)		285,372		-855.66	%
Net interest income after provision for credit losses		13,745,746		13,296,831		448,915		3.38	%		12,886,492			859,254		6.67	%

Noninterest Income:
Service charges on deposit accounts		576,751		535,847		40,904		7.63	%		532,598			44,153		8.29	%
Other service charges, commissions and fees		399,839		397,787		2,052		0.52	%		399,587			252		0.06	%
Gain on sales of foreclosed assets		—		—		—		0.00	%		—			—		0.00	%
Gain on sales of premises and equipment		—		141		(141	)	-100.00	%		—			—		0.00	%
Increase in CSV of life insurance		106,407		102,828		3,579		3.48	%		97,005			9,402		9.69	%
Other income		23,002		355,155		(332,153	)	-93.52	%		7,681			15,321		199.47	%
Total noninterest income		1,105,999		1,391,758		(285,759	)	-20.53	%		1,036,871			69,128		6.67	%

Noninterest Expense:
Salaries and employee benefits		4,794,940		4,650,704		144,236		3.10	%		4,374,087			420,853		9.62	%
Occupancy and equipment expenses, net		592,165		536,330		55,835		10.41	%		599,714			(7,549	)	-1.26	%
Loss on sales and calls of securities		—		265		(265	)	0.00	%		—			—		0.00	%
Loss on Sales of premises and equipment		—		—		—		0.00	%		54,269			(54,269.0	)	0.00	%
Loss on sales of foreclosed assets		2,065		—		2,065		0.00	%		320,110			(318,045	)	0.00	%
Other expenses		3,752,517		3,860,188		(107,671	)	-2.79	%		3,837,844			(85,327	)	-2.22	%
Total noninterest expense		9,141,687		9,047,487		94,200		1.04	%		9,186,024			(44,337	)	-0.48	%

Income Before Income Taxes		5,710,058		5,641,102		68,956		1.22	%		4,737,339			972,719		20.53	%
Provision for income taxes		263,212		318,723		(55,511	)	17.42	%		244,258			18,954		7.76	%
														–
Net Income	$	5,446,846	$	5,322,379		124,467		2.34	%	$	4,493,081			953,765		21.23	%


Earnings per common share:
Basic	$	0.51	$	0.50		0.01		2.43	%	$	0.42			0.09		21.00	%
Diluted	$	0.51	$	0.50		0.01		2.00	%	$	0.42			0.09		21.43	%

Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend.

	Quarter Ending

	September 30,		June 30,			September 30,
		2024			2024			2023
Dollars in thousand	(Unaudited)		(Unaudited)			(Unaudited)

Per Share Data
Basic Earnings per Common Share	$	0.51		$	0.50		$	0.42
Diluted Earnings per Common Share		0.51			0.50			0.42
Dividends per Common Share		0.092			0.092			0.088
Book Value per Common Share		17.99			17.56			16.37
Tangible Book Value per Common Share		16.97			16.53			15.32

Average Diluted Shared Outstanding		10,602,348			10,611,811			10,582,485
End of Period Common Shares Outstanding		10,596,345			10,605,080			10,582,494


Annualized Performance Ratios (Bank Only)
Return on Average Assets		1.65%			1.73%			1.45%
Return on Average Equity		12.37%			13.12%			11.37%
Equity/Assets		13.23%			13.18%			12.79%
Yield on Earning Assets		6.05%			5.96%			5.48%
Cost of Funds		2.18%			2.16%			1.69%
Net Interest Margin		4.10%			4.02%			3.94%
Efficiency Ratio		58.90%			58.36%			62.24%

Credit Metrics
Allowance for Loan Losses to Total Loans		1.30%			1.30%			1.32%
Adversely Classified Assets to Tier 1 Capital
plus Allowance for Loan Losses		6.15%			6.04%			7.00%

Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend.

The MIL Network –

January 24, 2025

MIL-OSI: Envoy Medical to Present at the LD Micro Main Event XVII

Source: GlobeNewswire (MIL-OSI)

WHITE BEAR LAKE, Minnesota, Oct. 23, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, today announced that David R. Wells, Chief Financial Officer, 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: Tuesday, October 29, 2024

Time: 12:00 PM Pacific Time

Register to watch presentation: https://me24.sequireevents.com/

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

About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

*Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

About the Fully Implanted Acclaim® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused device to receive Breakthrough Device Designation.

CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at http://www.sec.gov.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the future market trading performance of our Class A Common Stock; the future size of the market for our products; the performance and benefits of our products in comparison to competitor products; the benefits of intellectual property developed by Envoy; the potential for passage of legislation related to reimbursement for active middle ear hearing devices; the impact that such proposed legislation might have on the hearing health market, reimbursement for the Esteem FI-AMEI device, and the Envoy Medical business; and future market conditions or economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

###

Investor Contact:

CORE IR
516-222-2560
investorrelations@envoymedical.com

The MIL Network –

January 24, 2025

MIL-OSI: Music Licensing, Inc. (OTC: SONG) Corrects ROI to 110.43% on 30-Year Royalty Stream Deal Involving Works by Miley Cyrus, Elton John, Lil Nas X, and XXXTENTACION, While Retaining Lifetime Ownership Rights

Source: GlobeNewswire (MIL-OSI)

Naples, FL, Oct. 23, 2024 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leader in the acquisition and management of music royalties, is issuing a correction regarding the financial performance of its recent sale of a 30-year royalty stream, which includes works by major artists such as Miley Cyrus, Elton John, Lil Nas X, and XXXTENTACION. The company initially reported a return on investment (ROI) of 106.04%. Upon recalculation, the correct ROI is 110.43%, following the receipt of additional royalty payments.

Music Licensing, Inc. has received royalty payments totaling $36,489 USD since acquiring the rights to these works on November 23, 2023, alongside $140,200 USD generated from the sale of the 30-year royalty stream. With an initial acquisition cost of $160,000 USD, the company’s recalculated ROI demonstrates even stronger financial performance from this strategic investment.

Works Included in the Transaction:

Miley Cyrus: “Unholy”
Elton John & Lil Nas X: “ONE OF ME”
Halsey: “clementine”
Halsey: “Honey”
Halsey: “Honey (John Cunningham Demo)”
Lauv: “I (Don’t) Have A Problem”
XXXTENTACION: “Kill My Vibe”
Lil Nas X: “LIFE AFTER SALEM”
Lil Wayne & XXXTENTACION: “School Shooters”
XXXTENTACION: “THE ONLY TIME I FEEL ALIVE”
347aidan: “what i think about”
Halsey: “wipe your tears”
Halsey: “Lilith”

Transaction Highlights:

Total Revenue from Sale: $140,200 USD from the sale of the 30-year royalty stream.
Royalties Already Received: $36,489 USD in royalty payments since acquisition.
Initial Investment: The company acquired the rights to these works for $160,000 USD on November 23, 2023.
Total ROI: Including both the royalty stream sale and royalties received, Music Licensing, Inc. has achieved a 110.43% ROI.

Benefits to Shareholders:

This transaction continues to demonstrate Music Licensing, Inc.’s ability to generate immediate returns while preserving future revenue potential. By monetizing a portion of future royalties, the company has not only realized significant returns but also retains ownership of these valuable assets for future revenue beyond the 30-year royalty stream. This strategic approach ensures that shareholders benefit from both short-term gains and long-term value creation.

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.

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 / ssmith@smallcapvoice.com

SOURCE: Music Licensing, Inc.

The MIL Network –

January 24, 2025

MIL-OSI: Westport to Issue Q3 2024 Financial Results on November 12, 2024

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) (“Westport” or “The Company”) announces that the Company will release financial results for the third quarter of 2024 on Tuesday, November 12, 2024, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Wednesday, November 13, 2024.

Time: 10:00 a.m. ET (7:00 a.m. PT)
Call Link: https://register.vevent.com/register/BI0e453d34cd1c4f7da856b4eec14f0d4c
Webcast: https://investors.wfsinc.com

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

The webcast will be archived on Westport’s website and a replay will be available at https://investors.wfsinc.com.

About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit http://www.wfsinc.com.

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

The MIL Network –

January 24, 2025

MIL-OSI: Clinical ink Announces the Promotion of John Pappadakis to Chief Commercial Officer and Megan Petrylak to Chief Operating Officer

Source: GlobeNewswire (MIL-OSI)

Winston Salem, NC, Oct. 23, 2024 (GLOBE NEWSWIRE) — Clinical ink, a global life science technology company, announces the promotion of John Pappadakis from EVP, Global Business Development to Chief Commercial Officer and Megan Petrylak from EVP, Clinical Operations to Chief Operating Officer. Jonathan Goldman MD, CEO of Clinical ink commented: “I am delighted to announce the promotion of two of our most seasoned and experienced executives. With John Pappadakis as CCO, and Megan Petrylak as COO, Clinical ink has the ideal leadership team to drive us to the next phase of growth. Our unwavering focus on quality and innovation make us the partner of choice for our biopharmaceutical partners and the patients they serve.”

John Pappadakis, Chief Commercial Officer

John Pappadakis has 34 years of experience in sales and marketing leadership roles within the pharma industry. His career includes commercial and R&D positions at Oracle and IMS Health, following positions of increasing seniority at Pfizer and Parke-Davis where he launched over 30 new molecular entities.

As Clinical ink’s EVP, Global Business Development, John devised an innovative go-to-market strategy centered around the addition of scientific and medical expertise, and the incorporation of new FDA requirements into the Clinical ink technology platform. His vision inspired the creation of the company’s newest integrated cardiometabolic product, GlucoseReady™. Under his leadership, the company recruited a world-class commercial team and demonstrated record levels of key BD metrics.

As Chief Commercial Officer, John will further diversify Clinical ink’s customer base with the addition of new large, medium and small biopharmaceutical companies, whilst solidifying the company’s CRO relationships and other industry alliances. His plans include the deepening of the therapeutic area focus on cardiometabolic, CNS, immunology and oncology, the introduction of an end-to-end decentralized/digital health platform centered around eCOA and EDCXtra™, as well as new licensing-based business models. Moving forward, John will be announcing novel and transformative AI-driven clinical trial innovations.

Megan Petrylak, Chief Operating Officer

Megan Petrylak has over 14 years of clinical trial experience in senior operational leadership roles. She has particularly focused on driving successful outcomes in phase 1-3 clinical trials for a wide range of global biopharmaceutical and CRO customers. Prior to her 6 year tenure at Clinical ink, Megan served as Director of Project Delivery at Worldwide Clinical Trials. Prior to that role, she headed Bioclinica’s centers for imaging and eClinical project management.

As EVP, Clinical Operations, Megan oversaw Clinical ink’s entire customer, site, and patient-facing operations function. She augmented the team with deep expertise in data management and data quality, mandating a quality-first culture. This resulted in impressive increases in customer satisfaction, complemented by significant reductions in all study build and execution metrics and excellent quality outcomes. In addition, Megan’s team successfully launched new products including GlucoseReady™ and EDCXtra™ and has developed a range of industry partnerships including TransPerfect for translations and eClinical Solutions for complex data solutions. Her deep subject matter expertise in eCOA and data management has been recognized at numerous industry consortia and she has served as an expert speaker at meetings such as the Society of Clinical Data Management.

In her new role as Chief Operating Officer, Megan will oversee significant growth in Clinical ink’s revenue, broadening the customer base and expanding the range of integrated solutions. Her plans include upscaling the team to support the planned growth in revenue and margin profile, aided by automation of key operational and data processes. Megan will continue to prioritize quality to drive operational excellence and ensure exceptional delivery to clients.

About Clinical ink

Clinical ink is the global life science company bringing data, technology, and patient-centric research together. Our deep therapeutic-area expertise, coupled with behavioral science, eDC/Direct Data Capture, eCOA, eConsent, telehealth, and digital biomarkers advancement (including the use of Continuous Glucose Monitoring for detection of hypoglycemia), support the next generation of clinical trials and ultimately, the clinical management of patients.

The MIL Network –

January 24, 2025

MIL-OSI: Voters Express Growing Concerns About Deepfake Technology Ahead of 2024 Elections: Global Survey Reveals Rising Fears

Source: GlobeNewswire (MIL-OSI)

RESTON, Va., Oct. 23, 2024 (GLOBE NEWSWIRE) — As the 2024 U.S. elections approach, a new survey by Regula, a global leader in identity verification solutions, reveals growing voter concerns about hyper-realistic fake content. Many respondents worry that deepfakes could manipulate public opinion, undermine trust in the media, and jeopardize the integrity of election results.

Given the evolution of AI-generated content into highly sophisticated tools of deception, voters and institutions feel uncertain about the upcoming wave of fake news.

Image: Regula’s Deepfake Trends study reveals growing fears as deepfakes threaten to distort our perception of reality

Key highlights from the new “Deepfake Trends 2024” survey include:

33% of U.S. respondents say the media is most at risk from deepfakes, fearing fake news reports and interviews that could mislead the public.
28% of Americans and 34% of Germans worry that deepfakes could directly manipulate political elections, spreading fabricated content designed to influence voter behavior.
In Mexico, a stunning 48% of people believe their media is vulnerable to deepfake corruption, the highest among surveyed nations.
The threat isn’t limited to elections—35% of U.S. respondents fear that AI-generated content could disrupt courtrooms with fake evidence, a concern shared by 27% of Germans.
Interestingly, for Singapore, which recently passed a law banning digitally manipulated content of candidates during elections, the largest concern about deepfakes lies in Healthcare. 35% of respondents worry that deepfakes could impersonate medical professionals or spread false medical advice, potentially leading to harmful health outcomes.
In the United Arab Emirates, the biggest concern (34% of respondents) is the use of deepfakes to create fake social media posts, messages, or videos, which could damage personal reputations and relationships.

“We’ve reached a tipping point where voters and institutions alike can no longer trust what they see or hear. Deepfakes are becoming so sophisticated that we must equip ourselves with the tools and skills needed to detect and combat this new wave of disinformation. It’s crucial to remember that when overwhelmed by information, we often switch to autopilot, making us more vulnerable to manipulation. That’s why building digital literacy is essential—always question what you see, double-check before sharing, and protect your personal data. Strengthen your online security and stay informed on the latest AI developments—this is how we safeguard ourselves,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

Find more insights on deepfake fraud and businesses in the survey report. Read the full version on our website.

*The research was initiated by Regula and conducted by Sapio Research in August 2024 using an online survey of 575 business decision-makers across the Financial Services (including Traditional Banking and FinTech), Crypto, Technology, Telecommunications, Aviation, Healthcare, and Law Enforcement sectors. The respondent geography included Germany, Mexico, the UAE, the US, and Singapore.

About Regula

Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security or speed. Regula was repeatedly named a Representative Vendor in the Gartner^® Market Guide for Identity Verification.

Learn more at http://www.regulaforensics.com.

Contact:

Kristina – ks@regulaforensics.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf6b3b-4ff4-404b-b2be-b36d7925a403

The MIL Network –

January 24, 2025

MIL-OSI: FTC Solar to Supply Approximately 1GW of Projects for Sandhills Energy

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, and Sandhills Energy (“Sandhills”) announced today that FTC will be supplying its innovative 1P Pioneer trackers for 1 gigawatt of projects over three sites.

The projects include a 448-megawatt project in Burt County, Nebraska, a 320-megawatt project in Cass County, Nebraska, both about 50 miles outside of Omaha, and the previously announced 225-megawatt project in Butler County, Nebraska.

“We’re pleased to have selected FTC Solar for these key projects, based on their innovative and differentiated 1P tracker technology and strong support of our objectives,” said Eric Johnson, President of Sandhills Energy. “The high-density design is a major benefit for our projects. These three projects are expected to be among the largest to be built in Nebraska, supporting the growth of renewables in our home state. FTC has proven to be a very strong partner for us.”

Yann Brandt, FTC Solar’s President and CEO, commented, “We’re looking forward to supporting these projects with our Pioneer 1P tracker and continuing to grow our relationship with Sandhills Energy. Market interest in Pioneer continues to grow, driven by key features such as its fast assembly time, high energy density, reduced pile count, and shorter embedment depth.”

Tracker delivery in support of these projects is expected to begin in the third quarter of 2025 and continue into the fourth quarter of 2026.

The aggregate value of these projects was included in the contracted portion of the backlog disclosed on August 8, 2024.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

Sandhills Energy, LLC
Sandhills Energy is a renewable energy development company based in Nebraska and Iowa. Founded in 2012, the company has extensive commercial, municipal and utility generation experience from project identification through development, engineering, construction, and operations. Sandhills Energy is rapidly expanding its presence across the Midwest and beyond to support its multi-gigawatt renewables development pipeline.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com

Sandhills Energy Contact:
Raphael Martinez
Director, Business Relations
Sandhills Energy
T: (219) 895-1028
E: rmartinez@sandhillsenergy.com

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. In addition, this press release contains statements about third parties and their commercial activity. We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements. You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

The MIL Network –

January 24, 2025

MIL-OSI: 4BIO Capital leads oversubscribed $28.4 million Series A financing of March Biosciences

Source: GlobeNewswire (MIL-OSI)

March Bio is rapidly advancing its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma.

Series A was led by 4BIO Capital and Mission BioCapital with participation from KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures, and Mansueto Investments.

London, United Kingdom, 23 October 2024 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies and other emerging technologies, today announces that it has led a $28.4 million (£21.9 million) Series A Financing round of March Biosciences (“March Bio” or the “Company”).

4BIO led the oversubscribed round alongside Mission BioCapital with participation from new investors KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures and Mansueto Investments and existing investors TMC Venture Fund, Cancer Focus Fund and Small Ventures.

Since its inception as a spinout of the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), March Bio has rapidly advanced its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma. MB-105 is specifically engineered to overcome major hurdles related to T-cell targeting by overcoming T-cell fratricide while maintaining high potency against CD5 positive tumor cells. MB-105 has demonstrated a favorable safety profile and durable remissions in relapsed T-cell lymphoma patients in a Phase 1 clinical trial at Baylor College of Medicine, with plans to begin a Phase 2 clinical trial in early 2025. Proceeds from the financing will support the Phase 2 clinical development of MB-105 to expand on this data with optimized manufacturing processes.

Owen Smith, Partner of 4BIO Capital, said, “For far too long, T-cell cancers have been an innovation desert with patients facing a dismal prognosis. March Bio’s innovative autologous CAR-T approach brings patients new hope. MB-105 is specifically engineered for relapsed and refractory CD5 positive T-cell lymphomas and I am delighted that this targeted approach combined with the incredible team led by Sarah is moving rapidly into Phase 2 to bring this exciting new treatment to patients. We are honored to be a co-lead investor in March Bio and to help support the company as it continues in its mission to bring transformative therapies to those in urgent need.”

Sarah Hein, Co-Founder and Chief Executive Officer of March Biosciences, added, “This oversubscribed financing enables us to advance our first-in-class CAR-T therapy, MB-105, into a Phase 2 trial for T-cell lymphoma – an indication with an exceptionally poor prognosis and few treatment options. With the support and confidence of 4BIO and all of our investors, we are not only advancing our lead program but also expanding our pipeline, underscoring our commitment to delivering best-in-class therapies to patients that can change the treatment paradigm for these challenging cancers.”

Owen Smith of 4BIO Capital and Cassidy Blundell of Mission BioCapital will be joining March Bio’s Board of Directors. The financing will also provide resources for the ongoing development of undisclosed pipeline products, as well as for general corporate proceeds.

– End –

Contacts

4BIO Capital	+44 (0) 203 427 5500 info@4biocapital.com

ICR Consilium Amber Fennell, Kris Lam, Jonathan Edwards	+44 (0)20 3709 5700 4biocapital@consilium-comms.com

About 4BIO Capital

4BIO Capital (“4BIO”) is an international venture capital firm focused on investing in advanced therapies, including genomic medicines and other emerging technologies, to unlock the treatments of the future. 4BIO’s objective is to invest in, support, and grow early-stage companies developing treatments in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially curative therapies for all patients. Specifically, it looks for viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors who have collectively published over 250 scientific articles in prestigious academic journals including Nature, The Lancet, Cell, and the New England Journal of Medicine. 4BIO has both an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, connect with us on LinkedIn and X @4biocapital and visit http://www.4biocapital.com.

About March Biosciences

Houston-based March Biosciences, launched from the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), is dedicated to addressing challenging cancers unresponsive to current immunotherapies. Its lead asset, MB-105, is a CD5-targeted CAR-T cell therapy currently in Phase 1 trials in patients with refractory T-cell lymphoma and leukemia, with promising signals of efficacy and safety to date. A Phase 2 trial is expected to begin next early year. The company has raised over $50M to date, inclusive of this current financing and support from the Cancer Prevention & Research Institute of Texas (CPRIT) and the NIH SBIR program. Learn more at http://www.march.bio.

The MIL Network –

January 24, 2025

MIL-OSI: Blue Foundry Bancorp Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

RUTHERFORD, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $4.0 million, or $0.19 per diluted common share, for the three months ended September 30, 2024, compared to net loss of $2.3 million, or $0.11 per diluted common share, for the three months ended June 30, 2024, and a net loss of $1.4 million, or $0.06 per diluted common share, for the three months ended September 30, 2023.

James D. Nesci, President and Chief Executive Officer, commented, “The Company continues to maintain its strong capital position and access to liquidity. We executed on our share repurchase program and increased our tangible book value to $14.74 per share.”

Mr. Nesci also noted, “Deposit growth continued in the third quarter. Increases in our construction and commercial and industrial portfolios drove loan growth during the third quarter as we remain focused on growing our commercial portfolio. Credit quality remained strong highlighted by a 17% improvement in non-performing loans. Our 84 basis point allowance for credit losses now covers non-performing loans by over 2.5 times.”

Highlights for the third quarter of 2024:

Deposits increased $7.5 million to $1.32 billion compared to the prior quarter.
Uninsured deposits to third-party customers totaled approximately 12% of total deposits as of September 30, 2024.
Interest income for the quarter was $21.5 million, an increase of $240 thousand, or 1.1%, compared to the prior quarter.
Interest expense for the quarter was $12.4 million, an increase of $726 thousand, or 6.2%, compared to the prior quarter.
Net interest margin decreased 14 basis points from the prior quarter to 1.82%.
Provision for credit losses of $248 thousand was primarily due to the increase in unused lines of credit partially offset by releases of provision for loans of $5 thousand and for securities of $11 thousand.
Book value per share was $14.76 and tangible book value per share was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
521,685 shares were repurchased under our share repurchase plans at a weighted average share price of $10.52 per share.

Loans

The Company continues to focus on diversifying its lending portfolio by growing its commercial portfolios. While total loans decreased by $9.7 million during the first nine months of 2024, our construction portfolio increased by $19.7 million and our commercial real estate portfolio increased by $9.2 million, of which $7.1 million was on owner-occupied properties. In addition, our consumer and other loans increased by $7.7 million as we took advantage of an opportunity to participate in a consumer loan participation at an attractive rate with credit enhancements. The residential and multifamily portfolios decreased by $34.2 million and $16.3 million, respectively.

The details of the loan portfolio are below:

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
	(In thousands)
Residential	$	516,754	$	526,453	$	540,427	$	550,929	$	567,384
Multifamily		666,304		671,185		671,011		682,564		689,966
Commercial real estate		241,711		241,867		244,207		232,505		236,325
Construction		80,081		71,882		63,052		60,414		45,064
Junior liens		24,174		23,653		22,052		22,503		22,297
Commercial and industrial		14,228		12,261		13,372		11,768		9,904
Consumer and other		7,731		83		56		47		50
Total loans		1,550,983		1,547,384		1,554,177		1,560,730		1,570,990
Less: Allowance for credit losses		13,012		13,027		13,749		14,154		13,872
Loans receivable, net	$	1,537,971	$	1,534,357	$	1,540,428	$	1,546,576	$	1,557,118

Deposits

As of September 30, 2024, deposits totaled $1.32 billion, an increase of $73.8 million, or 5.93%, from December 31, 2023, mostly due to the increases of $104.6 million in time deposits partially offset by decreases in savings, non-interest bearing deposits and NOW and demand accounts of $21.8 million, $5.5 million and $3.6 million, respectively. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products. While there is strong competition for deposits in the northern New Jersey market, we were able to increase customer deposits during the quarter. Brokered deposits remain unchanged since year end 2023.

The details of deposits are below:

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
	(In thousands)
Non-interest bearing deposits	$	22,254	$	24,733	$	25,342	$	27,739	$	23,787
NOW and demand accounts		357,503		368,386		373,172		361,139		378,268
Savings		237,651		246,559		250,298		259,402		278,665
Core deposits		617,408		639,678		648,812		648,280		680,720
Time deposits		701,262		671,478		642,372		596,624		572,384
Total deposits	$	1,318,670	$	1,311,156	$	1,291,184	$	1,244,904	$	1,253,104

Financial Performance Overview:

Third quarter of 2024 compared to the second quarter of 2024

Net interest income compared to the second quarter of 2024:

Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.6 million for the second quarter of 2024 as the increase in interest paid on interest-bearing liabilities outpaced the increase in interest received on interest-earning assets.
Net interest margin decreased by 14 basis points to 1.82%.
The yield on average interest-earning assets decreased five basis points to 4.32%, while the cost of average interest-bearing liabilities increased nine basis points to 3.03%.
Average interest-earning assets increased by $20.9 million and average interest-bearing liabilities increased by $29.3 million.

Non-interest income compared to the second quarter of 2024:

Non-interest income decreased $149 thousand primarily due the absence of the gain of $123 thousand on the sale of REO property, which was recorded in the second quarter.

Non-interest expense compared to the second quarter of 2024:

Non-interest expense increased $52 thousand primarily driven by increases in professional fees, data processing expense and FDIC insurance premiums of $190 thousand, $77 thousand and $42 thousand, respectively, partially offset by decreases of $329 thousand in compensation and benefits expenses and $32 thousand in occupancy and equipment.

Income tax expense compared to the second quarter of 2024:

The Company did not record a tax benefit for the losses incurred during the third quarter of 2024 and the second quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

Third quarter of 2024 compared to the third quarter of 2023

Net interest income compared to the third quarter of 2023:

Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.9 million for the same period in 2023. The decrease was largely due to increases in rates paid on interest-bearing liabilities, which outpaced rates received on interest-earning assets.
Net interest margin decreased by 12 basis points to 1.82%.
The yield on average interest-earning assets increased 35 basis points to 4.32%, while the cost of average interest-bearing liabilities increased 54 basis points to 3.03%.
Average interest-earning assets decreased by $32.6 million and average interest-bearing liabilities decreased by $4.1 million. Average FHLB advances decreased by $48.3 million, while average interest-bearing deposits increased by $44.1 million.

Non-interest expense compared to the third quarter of 2023:

Non-interest expense was $13.3 million, an increase of $873 thousand driven by increases of $666 thousand, $167 thousand and $126 thousand in compensation and benefits expenses, professional services and occupancy and equipment expenses, respectively, partially offset by decreases of $61 thousand in data processing and $27 thousand in FDIC insurance premiums.

Income tax expense compared to the third quarter of 2023:

The Company did not record a tax benefit for the losses incurred during the third quarters of 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

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

Net interest income compared to the nine months ended September 30, 2023:

Net interest income was $28.1 million, a decrease of $4.6 million.
Net interest margin decreased 28 basis points to 1.90%.
The yield on average interest-earning assets increased 39 basis points to 4.30% while the cost of average interest-bearing liabilities increased 78 basis points to 2.93%.
Average interest-earning assets decreased by $39.1 million and average interest-bearing deposits increased by $37.0 million.
Average borrowings decreased by $43.3 million.

Non-interest income compared to the nine months ended September 30, 2023:

Non-interest income increased $141 thousand primarily due to the gain on the sale of REO property during the second quarter of 2024.

Non-interest expense compared to the nine months ended September 30, 2023:

Non-interest expense was $39.7 million, an increase of $705 thousand.
Compensation and benefits expense increased by $938 thousand and occupancy and equipment costs increased by $474 thousand. These increases were partially offset by decreases of $475 thousand and $224 thousand for data processing expense and fees for professional services, respectively.

Income tax expense compared to the nine months ended September 30, 2023:

The Company did not record a tax benefit for the losses incurred during the nine months ended September 30, 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

Balance Sheet Summary:

September 30, 2024 compared to December 31, 2023

Cash and cash equivalents:

Cash and cash equivalents increased $30.1 million to $76.1 million.

Securities available-for-sale:

Securities available-for-sale increased $7.0 million to $290.8 million due to the decrease in unrealized losses of $7.8 million. The favorable impact of the change in the unrealized loss position was partially offset as maturities, calls and paydowns outpaced purchases during the period.

Other investments:

Other investments decreased $2.1 million due to a decrease in FHLB stock as a result of a reduction in FHLB borrowings.

Total loans:

Total loans held for investment decreased $9.7 million to $1.55 billion.
Residential loans and multifamily loans decreased $34.2 million and $16.3 million, respectively, partially offset by increases in construction loans of $19.7 million, commercial real estate loans of $9.2 million and consumer loans of $7.7 million to further diversify our loan portfolio.
The Company purchased a consumer loan participation of $8.0 million and residential loans totaling $7.8 million during the third quarter.

Deposits:

Deposits totaled $1.32 billion, an increase of $73.8 million from December 31, 2023. This was largely the result of a $104.6 million increase in certificate of deposits.
Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented 46.8% of total deposits, compared to 52.1% at December 31, 2023.
Brokered deposits totaled $125.0 million at both September 30, 2024 and December 31, 2023.
Uninsured and uncollateralized deposits to third-party customers were $159.6 million, or 12% of total deposits, at the end of the third quarter.

Borrowings:

FHLB borrowings decreased $49.0 million to $348.5 million as deposit growth outpaced asset growth.
As of September 30, 2024, the Company had $255.7 million of additional borrowing capacity at the FHLB and $78.2 million of other unsecured lines of credit.

Capital:

Shareholders’ equity decreased $16.3 million to $339.3 million. The decrease was primarily driven by the repurchase of shares, including net shares, at a cost of $14.4 million. Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, also contributed to the decrease.
Tangible equity to tangible assets was 16.50% and tangible common equity per share outstanding was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.

Asset quality:

As of September 30, 2024, the allowance for credit losses (“ACL”) on loans as a percentage of gross loans was 0.84%.
The Company recorded a provision for credit losses of $248 thousand for the third quarter of 2024 and a net release of provision for credit losses of $1.0 million for the nine months ended September 30, 2024. For the third quarter of 2024, there was a provision of $264 thousand in the ACL for off-balance-sheet commitments, offset by a release of $5 thousand in the ACL for loans and $11 thousand in the ACL for held-to-maturity securities. For the nine months ended September 30, 2024, there was a release of $1.1 million in the ACL for loans and $36 thousand in the ACL for held-to-maturity securities, offset by a provision of $94 thousand in the ACL for off-balance-sheet commitments. The release was driven by the impact of the economic forecasts for the key drivers of our loan segments partially offset by an increase in off-balance-sheet commitments.
Non-performing loans totaled $5.1 million, or 0.33% of total loans compared to $5.9 million, or 0.38% of total loans at December 31, 2023.
Net charge-offs were $11 thousand and $36 thousand for the three and nine months ended September 30, 2024, respectively.
Ratio of allowance for credit losses on loans to non-performing loans was 252.86% at September 30, 2024 compared to 239.98% at December 31, 2023.

About Blue Foundry

Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

Conference Call Information

A conference call covering Blue Foundry’s third quarter 2024 earnings announcement will be held today, Wednesday, October 23, 2024 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 725750. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

Contact:
James D. Nesci
President and Chief Executive Officer
BlueFoundryBank.com
jnesci@bluefoundrybank.com
201-972-8900

Forward Looking Statements

Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Financial Condition

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
	(unaudited)		(unaudited)		(unaudited)		(audited)
	(Dollars in Thousands)
ASSETS
Cash and cash equivalents	$	76,109	$	60,262	$	53,753	$	46,025
Securities available-for-sale, at fair value		290,806		297,790		265,191		283,766
Securities held to maturity		33,119		33,169		33,217		33,254
Other investments		18,203		17,942		17,908		20,346
Loans, net		1,537,971		1,534,357		1,540,428		1,546,576
Real estate owned, net		—		—		593		593
Interest and dividends receivable		8,386		7,882		8,001		7,595
Premises and equipment, net		30,161		30,858		31,696		32,475
Right-of-use assets		24,190		24,596		24,454		25,172
Bank owned life insurance		22,399		22,274		22,153		22,034
Other assets		13,749		16,322		30,393		27,127
Total assets	$	2,055,093	$	2,045,452	$	2,027,787	$	2,044,963

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits	$	1,318,670	$	1,311,156	$	1,291,184	$	1,244,904
Advances from the Federal Home Loan Bank		348,500		342,500		342,500		397,500
Advances by borrowers for taxes and insurance		9,909		9,875		9,368		8,929
Lease liabilities		25,870		26,243		26,081		26,777
Other liabilities		12,845		10,081		8,498		11,213
Total liabilities		1,715,794		1,699,855		1,677,631		1,689,323
Shareholders’ equity		339,299		345,597		350,156		355,640
Total liabilities and shareholders’ equity	$	2,055,093	$	2,045,452	$	2,027,787	$	2,044,963

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Operations (Dollars in Thousands Except Per Share Data) (Unaudited)

	Three months ended									Nine months ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	(Dollars in thousands)
Interest income:
Loans	$	17,646		$	17,570		$	16,728		$	52,408		$	48,778
Taxable investment income		3,850			3,686			3,339			11,150			9,663
Non-taxable investment income		36			36			106			108			329
Total interest income		21,532			21,292			20,173			63,666			58,770
Interest expense:
Deposits		9,712			9,132			7,034			27,257			16,361
Borrowed funds		2,733			2,587			3,263			8,332			9,686
Total interest expense		12,445			11,719			10,297			35,589			26,047
Net interest income		9,087			9,573			9,876			28,077			32,723
Provision for (release of) credit losses		248			(762	)		(717	)		(1,049	)		(597	)
Net interest income after provision for (release of) credit losses		8,839			10,335			10,593			29,126			33,320
Non-interest income:
Fees and service charges		272			296			291			897			833
Gain on sale of loans		—			—			—			36			159
Other income		115			240			78			441			241
Total non-interest income		387			536			369			1,374			1,233
Non-interest expense:
Compensation and employee benefits		7,306			7,635			6,640			22,490			21,552
Occupancy and equipment		2,230			2,262			2,104			6,684			6,210
Data processing		1,412			1,335			1,473			4,134			4,609
Advertising		87			52			85			211			234
Professional services		813			623			646			2,166			2,390
Federal deposit insurance		236			194			263			629			599
Other		1,183			1,114			1,183			3,410			3,425
Total non-interest expense		13,267			13,215			12,394			39,724			39,019
Loss before income tax expense		(4,041	)		(2,344	)		(1,432	)		(9,224	)		(4,466	)
Income tax expense		—			—			—			—			—
Net loss	$	(4,041	)	$	(2,344	)	$	(1,432	)	$	(9,224	)	$	(4,466	)
Basic loss per share	$	(0.19	)	$	(0.11	)	$	(0.06	)	$	(0.43	)	$	(0.18	)
Diluted loss per share	$	(0.19	)	$	(0.11	)	$	(0.06	)	$	(0.43	)	$	(0.18	)
Weighted average shares outstanding
Basic		21,263,482			21,735,002			23,278,490			21,695,895			24,289,599
Diluted (1)		21,263,482			21,735,002			23,278,490			21,695,895			24,289,599

(1) The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2024 and 2023 periods.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Financial Highlights (Dollars in Thousands Except Per Share Data) (Unaudited)

	Three months ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands)
Performance Ratios (%):
Return on average assets		(0.79	)		(0.47	)		(0.56	)		(0.57	)		(0.27	)
Return on average equity		(4.68	)		(2.71	)		(3.23	)		(3.25	)		(1.55	)
Interest rate spread ⁽¹⁾		1.29			1.43			1.40			1.33			1.48
Net interest margin ⁽²⁾		1.82			1.96			1.92			1.84			1.94
Efficiency ratio ^{(3) (4)}		140.04			130.73			134.19			128.41			120.98
Average interest-earning assets to average interest-bearing liabilities		121.37			122.28			122.50			122.93			123.05
Tangible equity to tangible assets ⁽⁴⁾		16.50			16.88			17.25			17.37			17.07
Book value per share ⁽⁵⁾	$	14.76		$	14.70		$	14.61		$	14.51		$	14.27
Tangible book value per share ⁽⁴⁾⁽⁵⁾	$	14.74		$	14.69		$	14.60		$	14.49		$	14.24

Asset Quality:
Non-performing loans	$	5,146		$	6,208		$	6,691		$	5,898		$	6,139
Real estate owned, net		—			—			593			593			593
Non-performing assets	$	5,146		$	6,208		$	7,284		$	6,491		$	6,732
Allowance for credit losses to total loans (%)		0.84			0.84			0.88			0.91			0.88
Allowance for credit losses to non-performing loans (%)		252.86			209.84			205.48			239.98			225.97
Non-performing loans to total loans (%)		0.33			0.40			0.43			0.38			0.39
Non-performing assets to total assets (%)		0.25			0.30			0.36			0.32			0.33
Net charge-offs to average outstanding loans during the period (%)		—			—			—			—			0.01

(1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.
(3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
(4) See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
(5) September 30, 2024 per share metrics computed using 22,990,908 total shares outstanding.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income (Dollars in Thousands) (Unaudited)

	Three Months Ended,
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
	(Dollars in thousands)
Assets:
Loans ⁽¹⁾	$	1,548,962	$	17,646	4.53	%	$	1,550,736	$	17,570	4.56	%	$	1,577,173	$	16,728	4.21	%
Mortgage-backed securities		181,596		1,186	2.60	%		167,219		960	2.31	%		170,326		840	1.96	%
Other investment securities		173,008		1,527	3.51	%		175,394		1,688	3.87	%		194,953		1,507	3.07	%
FHLB stock		17,666		406	9.15	%		17,223		447	10.44	%		21,047		456	8.60	%
Cash and cash equivalents		61,507		767	4.96	%		51,290		627	4.92	%		51,884		642	4.91	%
Total interest-earning assets		1,982,739		21,532	4.32	%		1,961,862		21,292	4.37	%		2,015,383		20,173	3.97	%
Non-interest earning assets		61,787						56,826						58,042
Total assets	$	2,044,526					$	2,018,688					$	2,073,425
Liabilities and shareholders’ equity:
NOW, savings, and money market deposits	$	598,048		1,925	1.28	%	$	611,931		1,955	1.28	%	$	684,228		2,123	1.23	%
Time deposits		688,570		7,787	4.50	%		655,755		7,177	4.40	%		558,252		4,911	3.49	%
Interest-bearing deposits		1,286,618		9,712	3.00	%		1,267,686		9,132	2.90	%		1,242,480		7,034	2.25	%
FHLB advances		347,076		2,733	3.13	%		336,742		2,587	3.09	%		395,359		3,263	3.27	%
Total interest-bearing liabilities		1,633,694		12,445	3.03	%		1,604,428		11,719	2.94	%		1,637,839		10,297	2.49	%
Non-interest bearing deposits		23,421						25,076						25,540
Non-interest bearing other		43,713						41,061						44,628
Total liabilities		1,700,828						1,670,565						1,708,007
Total shareholders’ equity		343,698						348,123						365,418
Total liabilities and shareholders’ equity	$	2,044,526					$	2,018,688					$	2,073,425
Net interest income			$	9,087					$	9,573					$	9,876
Net interest rate spread ⁽²⁾					1.29	%					1.43	%					1.48	%
Net interest margin ⁽³⁾					1.82	%					1.96	%					1.94	%

(1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
(2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.

BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income (Dollars in Thousands) (Unaudited)

	Nine Months Ended September 30,
	2024						2023
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
	(Dollars in thousands)
Assets:
Loans ⁽¹⁾	$	1,551,734	$	52,408	4.50	%	$	1,571,204	$	48,778	4.15	%
Mortgage-backed securities		169,765		3,022	2.37	%		174,742		2,789	2.13	%
Other investment securities		177,455		4,867	3.65	%		197,522		4,523	3.06	%
FHLB stock		18,335		1,345	9.77	%		21,343		1,106	6.93	%
Cash and cash equivalents		54,810		2,024	4.92	%		46,363		1,574	4.54	%
Total interest-earning assets		1,972,099		63,666	4.30	%		2,011,174		58,770	3.91	%
Non-interest earning assets		59,245						56,762
Total assets	$	2,031,344					$	2,067,936
Liabilities and shareholders’ equity:
NOW, savings, and money market deposits	$	608,677	$	5,816	1.27	%	$	753,419	$	6,350	1.13	%
Time deposits		654,639		21,441	4.36	%		472,866		10,011	2.83	%
Interest-bearing deposits		1,263,316		27,257	2.87	%		1,226,285		16,361	1.78	%
FHLB advances		352,544		8,332	3.15	%		395,800		9,686	3.27	%
Total interest-bearing liabilities		1,615,860		35,589	2.93	%		1,622,085		26,047	2.15	%
Non-interest bearing deposits		24,992						23,092
Non-interest bearing other		42,120						44,572
Total liabilities		1,682,972						1,689,749
Total shareholders’ equity		348,372						378,187
Total liabilities and shareholders’ equity	$	2,031,344					$	2,067,936
Net interest income			$	28,077					$	32,723
Net interest rate spread ⁽²⁾					1.37	%					1.76	%
Net interest margin ⁽³⁾					1.90	%					2.18	%

(1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
(2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.

BLUE FOUNDRY BANCORP AND SUBSIDIARY
Supplemental Information – Non-GAAP Financial Measures
(Unaudited)

This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Blue Foundry’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry’s financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Net income, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense, while pre-provision net revenue does not.

	Three months ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands, except per share data)
Pre-provision net revenue and efficiency ratio:
Net interest income	$	9,087		$	9,573		$	9,417		$	9,196		$	9,876
Other income		387			536			451			572			369
Total revenue		9,474			10,109			9,868			9,768			10,245
Operating expenses		13,267			13,215			13,242			12,543			12,394
Pre-provision net loss	$	(3,793	)	$	(3,106	)	$	(3,374	)	$	(2,775	)	$	(2,149	)
Efficiency ratio		140.0	%		130.7	%		134.2	%		128.4	%		121.0	%

Core deposits:
Total deposits	$	1,318,670		$	1,311,156		$	1,291,184		$	1,244,904		$	1,253,104
Less: time deposits		701,262			671,478			642,372			596,624			572,384
Core deposits	$	617,408		$	639,678		$	648,812		$	648,280		$	680,720
Core deposits to total deposits		46.8	%		48.8	%		50.2	%		52.1	%		54.3	%

Total assets	$	2,055,093		$	2,045,452		$	2,027,787		$	2,044,963		$	2,101,055
Less: intangible assets		300			386			473			557			644
Tangible assets	$	2,054,793		$	2,045,066		$	2,027,314		$	2,044,406		$	2,100,411

Tangible equity:
Shareholders’ equity	$	339,299		$	345,597		$	350,156		$	355,640		$	359,149
Less: intangible assets		300			386			473			557			644
Tangible equity	$	338,999		$	345,211		$	349,683		$	355,083		$	358,505

Tangible equity to tangible assets		16.50	%		16.88	%		17.25	%		17.37	%		17.07	%

Tangible book value per share:
Tangible equity	$	338,999		$	345,211		$	349,683		$	355,083		$	358,505
Shares outstanding		22,990,908			23,505,357			23,958,888			24,509,950			25,174,412
Tangible book value per share	$	14.74		$	14.69		$	14.60		$	14.49			14.24

The MIL Network –

January 24, 2025

MIL-OSI: Trio Petroleum Corp. Announces Appointment of James Blake to its Board of Directors, Strengthening Financial and Strategic Expertise

Source: GlobeNewswire (MIL-OSI)

Bakersfield, CA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trio Petroleum Corp. (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, is pleased to announce the appointment of James Blake to its Board of Directors. James brings with him 30 years of experience in the financial industry and holds a Bachelor of Commerce degree from the University of Alberta. He is also a Chartered Financial Analyst (CFA), with a distinguished career, having recently retired from a major Canadian bank where he managed over $750 million in assets as a portfolio manager. His expertise in financial markets, investment strategies, and risk management will be an invaluable asset to Trio Petroleum.

In addition to his extensive financial experience, James has been deeply involved in the startup ecosystem, both as an investor and in raising capital for early-stage companies across various sectors. His capacity to identify high-potential ventures, coupled with his financial acumen, equips him with a diverse perspective that will benefit Trio as the company looks to strengthen its position in the energy market.

“James Blake’s wealth of knowledge in financial management and his entrepreneurial insights align perfectly with Trio’s strategic goals for growth and innovation,” said Robin Ross, Chairman of the Board and CEO of Trio Petroleum Corp. “His leadership and experience will be instrumental in supporting our drive for sustainable growth, operational efficiency, and long-term shareholder value. We are excited to welcome James to our board.”

With his forward-thinking approach and a strong track record in both traditional finance and the startup space, James Blake’s appointment strengthens Trio Petroleum’s commitment to corporate governance, strategic direction, and the creation of sustainable value for its investors.

About Trio Petroleum Corp.

Trio Petroleum Corp. is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to a 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Trio Petroleum Corp. (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of Trio’s Annual Report on Form 10-K and Amendment No. 1 thereto, both filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, http://www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com

The MIL Network –

January 24, 2025

Summary Results of Operations (Unaudited)

	Three Months Ended										Nine Months Ended
(000s, except per share amounts)	9/30/2024		9/30/2023		% Change		6/30/2024		% Change		9/30/2024		9/30/2023			% Change
Revenues:
Commissions	$	183,445	$	165,075	11.1		$	183,317	0.1		$	552,238	$	499,983		10.5
Principal transactions		137,089		114,841	19.4			153,574	(10.7	)		429,677		336,063		27.9
Investment banking		243,182		146,887	65.6			233,281	4.2			690,412		525,591		31.4
Asset management		382,616		333,127	14.9			380,757	0.5			1,130,849		968,960		16.7
Other income		18,705		459	nm			16,180	15.6			39,835		(940	)	nm
Operating revenues		965,037		760,389	26.9			967,109	(0.2	)		2,843,011		2,329,657		22.0
Interest revenue		510,823		505,198	1.1			498,152	2.5			1,515,803		1,439,532		5.3
Total revenues		1,475,860		1,265,587	16.6			1,465,261	0.7			4,358,814		3,769,189		15.6
Interest expense		251,192		220,536	13.9			247,329	1.6			753,176		566,624		32.9
Net revenues		1,224,668		1,045,051	17.2			1,217,932	0.6			3,605,638		3,202,565		12.6
Non-interest expenses:
Compensation and benefits		718,065		613,287	17.1			722,719	(0.6	)		2,120,479		1,880,144		12.8
Non-compensation operating expenses		289,945		322,335	(10.0	)		268,319	8.1			822,916		821,724		0.1
Total non-interest expenses		1,008,010		935,622	7.7			991,038	1.7			2,943,395		2,701,868		8.9
Income before income taxes		216,658		109,429	98.0			226,894	(4.5	)		662,243		500,697		32.3
Provision for income taxes		58,153		41,268	40.9			61,600	(5.6	)		174,869		140,645		24.3
Net income		158,505		68,161	132.5			165,294	(4.1	)		487,374		360,052		35.4
Preferred dividends		9,320		9,321	(0.0	)		9,321	(0.0	)		27,961		27,961		0.0
Net income available to common shareholders	$	149,185	$	58,840	153.5		$	155,973	(4.4	)	$	459,413	$	332,091		38.3
Earnings per common share:
Basic	$	1.43	$	0.55	160.0		$	1.50	(4.7	)	$	4.41	$	3.09		42.7
Diluted	$	1.34	$	0.52	157.7		$	1.41	(5.0	)	$	4.16	$	2.91		43.0
Cash dividends declared per common share	$	0.42	$	0.36	16.7		$	0.42	0.0		$	1.26	$	1.08		16.7
Weighted average number of common shares outstanding:
Basic		103,966		106,068	(2.0	)		104,150	(0.2	)		104,135		107,580		(3.2	)
Diluted		110,994		113,195	(1.9	)		110,285	0.6			110,457		114,170		(3.3	)

Non-GAAP Financial Measures ⁽⁹⁾

	Three Months Ended						Nine Months Ended
(000s, except per share amounts)	9/30/2024			9/30/2023			9/30/2024			9/30/2023
GAAP net income	$	158,505		$	68,161		$	487,374		$	360,052
Preferred dividend		9,320			9,321			27,961			27,961
Net income available to common shareholders		149,185			58,840			459,413			332,091

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		17,950			13,771			43,925			46,301
Restructuring and severance ⁽¹¹⁾		1,261			—			11,222			—
Provision for income taxes ⁽¹²⁾		(2,126	)		(5,198	)		(8,374	)		(13,455	)
Total non-GAAP adjustments		17,085			8,573			46,773			32,846
Non-GAAP net income available to common shareholders	$	166,270		$	67,413		$	506,186		$	364,937

Weighted average diluted shares outstanding		110,994			113,195			110,457			114,170

GAAP earnings per diluted common share	$	1.42		$	0.60		$	4.42		$	3.15
Non-GAAP adjustments		0.16			0.08			0.42			0.29
Non-GAAP earnings per diluted common share	$	1.58		$	0.68		$	4.84		$	3.44

GAAP earnings per diluted common share available to common shareholders	$	1.34		$	0.52		$	4.16		$	2.91
Non-GAAP adjustments		0.16			0.08			0.42			0.29
Non-GAAP earnings per diluted common share available to common shareholders	$	1.50		$	0.60		$	4.58		$	3.20

GAAP to Non-GAAP Reconciliation ⁽⁹⁾

	Three Months Ended						Nine Months Ended
(000s)	9/30/2024			9/30/2023			9/30/2024			9/30/2023
GAAP compensation and benefits	$	718,065		$	613,287		$	2,120,479		$	1,880,144
As a percentage of net revenues		58.6	%		58.7	%		58.8	%		58.7	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(6,101	)		(7,171	)		(17,398	)		(22,947	)
Restructuring and severance ⁽¹¹⁾		(1,261	)		—			(11,222	)		—
Total non-GAAP adjustments		(7,362	)		(7,171	)		(28,620	)		(22,947	)
Non-GAAP compensation and benefits	$	710,703		$	606,116		$	2,091,859		$	1,857,197
As a percentage of non-GAAP net revenues		58.0	%		58.0	%		58.0	%		58.0	%

GAAP non-compensation expenses	$	289,945		$	322,335		$	822,916		$	821,724
As a percentage of net revenues		23.7	%		30.8	%		22.8	%		25.7	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(11,166	)		(6,623	)		(25,835	)		(23,380	)
Non-GAAP non-compensation expenses	$	278,779		$	315,712		$	797,081		$	798,344
As a percentage of non-GAAP net revenues		22.8	%		30.2	%		22.1	%		24.9	%
Total adjustments	$	19,211		$	13,771		$	55,147		$	46,301

Footnotes

(1)	Represents available to common shareholders.
(2)	Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(3)	Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(4)	Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(5)	Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million and $67.4 million as of September 30, 2024 and 2023, respectively.
(6)	Includes loans held for sale.
(7)	Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
(8)	Capital ratios are estimates at time of the Company’s earnings release, October 23, 2024.
(9)	The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
(10)	Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(11)	The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(12)	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Category: GlobeNewswire