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Category: GlobeNewswire

  • MIL-OSI: Helium Evolution Announces Partner to Drill Joint Well

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 22, 2024 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium Inc. (“NAH”), has served the Company notice of its intention to drill a joint well in the Mankota area. This initiative is part of the previously announced development plan for up to nine wells in the Mankota area, as disclosed on April 2, 2024.

    The joint well is expected to spud before the end of October 2024 and is located at 7-2-4-9W3M (the “7-2 Well”). HEVI is pleased to confirm its participation in the drilling of the 7-2 Well, with the Company holding a 20% working interest. The estimated total cost for HEVI’s share in the 7-2 Well is approximately $0.4 million net and is supported by HEVI’s strong working capital position, which totaled $4.7 million as of June 30, 2024.

    “We are excited to announce the upcoming drilling of a joint well in the Mankota area, a significant step in our strategic development plan,” said Greg Robb, President and CEO of HEVI. “Our partnership with NAH underscores our commitment to harnessing the potential of helium resources in southern Saskatchewan. With our solid financial foundation and collaborative approach, we are poised to make meaningful advancements in our exploration efforts, ultimately contributing to the growth of the helium industry in Canada.”

    Stay Connected to Helium Evolution

    Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles, HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

    About Helium Evolution Incorporated

    Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

    For further information, please contact:

    Statement Regarding Forward-Looking Information

    This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

    Forward-looking statements in this document include statements regarding the anticipated spud date of the 7-2 Well, the cost to drill the 7-2 Well, the anticipated nine well drilling program, the Company’s expectations regarding the Company becoming a leading supplier of sustainably-produced helium, the Company’s strong working capital position, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; drill costs may be higher or lower than estimates; NAH may defer, abandon or accelerate the drilling of the 7-2 Well and the nine well drill program; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or 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.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: PIMCO Canada Corp. Announces Monthly Distributions for PIMCO Canada Closed End Funds

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) is pleased to announce today that it has declared monthly distributions on its Class A Units (the “Units”) of the PIMCO Canada closed end funds (the “Funds”). The distributions will be paid on November 15, 2024 to the holders of record at the close of business on October 31, 2024.

    Details of the distribution amounts are as follow:

    Fund Name Ticker Cash Distribution per Unit Change from Previous Month Percentage Change from Previous Month
    PIMCO Global Income Opportunities Fund PGI.UN $0.05688 – –
    PIMCO Tactical Income Fund PTI.UN $0.05580 – –
    PIMCO Tactical Income Opportunities Fund PTO.UN $0.05709 – –
    PIMCO Multi-Sector Income Fund PIX.UN $0.06538 – –

    Unitholders are reminded that each Fund offers a distribution reinvestment plan (“DRIP”) which will provide unitholders with the ability to automatically reinvest their distributions. Eligible unitholders are encouraged to contact the institution through which they hold their Units to confirm enrollment procedures and timelines. A copy of the DRIP is available at http://www.pimco.ca.

    The Manager, PIMCO Canada, retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Funds.

    About PIMCO

    PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

    This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Funds’ disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that a Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Funds’ disclosure documents may be obtained from your financial advisor.

    Forward-Looking Statements

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect each Fund, PIMCO Canada and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Funds, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Funds, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

    You will usually pay brokerage fees to your dealer if you purchase or sell Units on the Toronto Stock Exchange (the “TSX”). If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Funds in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Each Fund is a closed-end exchange traded investment fund. The material presented here is only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, units are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end funds annual and semi-annual report. For additional information, please contact your investment professional.

    For a summary of the risks of an investment in each Fund, please see the Funds disclosure documents. Units of closed end funds frequently trade at a discount to their net asset value, which may increase risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.

    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2024, PIMCO

    The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.

    PIMCO Canada has retained PIMCO as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

    PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350

    Contact:
    Agnes Crane
    PIMCO – Media Relations Phone: +212 597.1054

    The MIL Network –

  • MIL-OSI: Baker Hughes Company Announces Third-Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

     Third-quarter highlights

    • Orders of $6.7 billion, including $2.9 billion of IET orders.
    • RPO of $33.4 billion, including record IET RPO of $30.2 billion.
    • Revenue of $6.9 billion, up 4% year-over-year.
    • Attributable net income of $766 million.
    • GAAP diluted EPS of $0.77 and adjusted diluted EPS* of $0.67.
    • Adjusted EBITDA* of $1,208 million, up 23% year-over-year.
    • Cash flows from operating activities of $1,010 million and free cash flow* of $754 million.
    • Returns to shareholders of $361 million, including $152 million of share repurchases.

    HOUSTON and LONDON, Oct. 22, 2024 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the third quarter of 2024.

    “We delivered another quarter of record EBITDA, highlighted by exceptional operational performance across both segments. Our margins continue to improve at an accelerated pace, with total company EBITDA margins increasing to 17.5%. This marks the highest margin quarter since the company was formed. On the back of our solid third-quarter results and stable outlook, we remain confident in achieving our full-year EBITDA guidance midpoint,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “Orders remain at solid levels, with IET orders of $2.9 billion marking the eighth consecutive quarter at or above these levels. IET continued to demonstrate strong order momentum for gas infrastructure and FPSOs, booking the largest ever ICL compressor award from Dubai Petroleum Establishment for the Margham Gas storage facility and two FPSO awards with separate offshore operators.”

    “Overall, our segments continue to make strong progress on their journey toward 20% EBITDA margins, with both segments achieving high-teen margins during the quarter. Our operational discipline and rigor continue to gain traction.”

    “We are also benefiting from the life-cycle attributes of our service offerings and the breadth of our portfolio. With significant recurring IET service revenue, strong production-levered businesses, untapped market opportunities, and improved cost structure, we are becoming less cyclical and capable of generating more durable earnings and free cash flow across cycles.”

    “We are successfully executing our strategy, and this is a testament to the strength of our people and the culture we are building,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

      Three Months Ended   Variance
    (in millions except per share amounts) September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Orders $ 6,676 $ 7,526 $ 8,512   (11%)   (22%)  
    Revenue   6,908   7,139   6,641   (3%)   4%  
    Net income attributable to Baker Hughes   766   579   518   32%   48%  
    Adjusted net income attributable to Baker Hughes*   666   568   427   17%   56%  
    Operating income   930   833   714   12%   30%  
    Adjusted operating income*   930   847   716   10%   30%  
    Adjusted EBITDA*   1,208   1,130   983   7%   23%  
    Diluted earnings per share (EPS)   0.77   0.58   0.51   33%   51%  
    Adjusted diluted EPS*   0.67   0.57   0.42   18%   59%  
    Cash flow from operating activities   1,010   348   811   F   25%  
    Free cash flow*   754   106   592   F   27%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    Quarter Highlights

    Industrial & Energy Technology (“IET”) experienced a strong quarter for its Integrated Compressor Line (“ICL”) technology. In its largest ICL award to-date, and booked under Climate Technology Solutions (“CTS”), Baker Hughes will supply 10 units to Dubai Petroleum Establishment for the Margham Gas storage facility. These ICL units will support gas infrastructure, providing stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power.

    IET’s Gas Technology Equipment (“GTE”) was also awarded a significant contract to supply advanced compression solutions to Saipem for TotalEnergies’ all-electric Kaminho Floating Production Storage and Offloading (“FPSO”) project in Angola. Baker Hughes’ centrifugal BCL compressor and ICL technology were selected because of the capability to minimize greenhouse emissions and eliminate routine flaring by reinjecting associated gas into the reservoir for storage. Separately, IET was selected to provide electric motor-driven process compressors for an FPSO project in Latin America.

    IET’s Gas Technology Services (“GTS”) secured a multi-decade agreement for an LNG facility in the Middle East. The scope encompasses extensive maintenance services and digital solutions, leveraging Baker Hughes’ iCenter™ Remote Monitoring and Diagnostics capabilities.

    Oilfield Services & Equipment (“OFSE”) strengthened the Company’s relationship with Petrobras, receiving contracts to supply 43 miles of flexible pipe systems in Brazil’s Santos Basin. A significant portion of these risers and flowlines will be manufactured in-country at Baker Hughes’ Niteroi plant. The contracts, awarded through an open tender, include multi-year service agreements to support maintenance activities through the life of the project and demonstrate Baker Hughes’ dedication to providing equipment and services critical to help Petrobras achieve its strategic plan to expand operations.

    In OFSE, mature assets solutions (“MAS”) delivered a strong order quarter, illustrating confidence in the Company’s full range of workflows and solutions to accelerate production and total recovery. OFSE won a MAS award to supply Santos Energy’s strategic and historic Cooper Basin Development in Australia with drilling fluids and wireline services, marking Baker Hughes’ return to the basin. Additionally, OFSE signed a multi-year contract extension with a customer in the Middle East for completions and well intervention.

    Baker Hughes saw increased adoption of Leucipa™, the Company’s intelligent automated field production digital solution. A major global operator expanded the use of Leucipa across multiple fields in the Permian Basin, enabling the customer to optimize production through real-time field orchestration to generate lower-carbon, short-cycle barrels. Additionally, a new strategic collaboration was established early in the fourth quarter with Repsol, a major customer of Leucipa, to develop and deploy next-generation artificial intelligence capabilities for this digital solution. The companies will share knowledge and expertise to optimize and enhance production across Repsol’s global portfolio while creating new commercial opportunities for Baker Hughes.

    Baker Hughes continues to innovate new digital technologies to support customers on their decarbonization journey. The Company launched CarbonEdge™, powered by Cordant™, an end-to-end, risk-based digital solution that delivers precise, real-time data and alerts on carbon dioxide (CO2) flows across CCUS infrastructure from subsurface to surface. This solution enables operators to mitigate risk, improve decision-making, enhance operational efficiency, and simplify regulatory reporting across the entire project lifecycle.

    Consolidated Revenue and Operating Income by Reporting Segment

    (in millions) Three Months Ended   Variance
      September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Oilfield Services & Equipment $ 3,963   $ 4,011   $ 3,951     (1%)   —%  
    Industrial & Energy Technology   2,945     3,128     2,691     (6%)   9%  
    Segment revenue   6,908     7,139     6,641     (3%)   4%  
                 
    Oilfield Services & Equipment   547     493     465     11%   18%  
    Industrial & Energy Technology   474     442     346     7%   37%  
    Corporate(1)   (91 )   (88 )   (95 )   (3%)   4%  
    Restructuring, impairment & other   —     (14 )   (2 )   F   F  
    Operating income   930     833     714     12%   30%  
    Adjusted operating income*   930     847     716     10%   30%  
    Depreciation & amortization   278     283     267     (2%)   4%  
    Adjusted EBITDA* $ 1,208   $ 1,130   $ 983     7%   23%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the condensed consolidated statements of income (loss).

    Revenue for the quarter was $6,908 million, a decrease of 3% sequentially and an increase of 4% year-over-year. The increase in revenue year-over-year was driven by IET.

    The Company’s total book-to-bill ratio in the quarter was 1.0; the IET book-to-bill ratio in the quarter was also 1.0.

    Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the third quarter of 2024 was $930 million. Operating income increased $97 million sequentially and increased $216 million year-over-year.

    Adjusted operating income (a non-GAAP financial measure) for the third quarter of 2024 was $930 million. There were no adjustments to operating income in the third quarter. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the third quarter of 2024 was up 10% sequentially and up 30% year-over-year.

    Depreciation and amortization for the third quarter of 2024 was $278 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 was $1,208 million. There were no adjustments to EBITDA in the third quarter. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the third quarter was up 7% sequentially and up 23% year-over-year.

    The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments and structural cost-out initiatives, partially offset by lower volume in both segments. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments, higher volume in IET, and structural cost-out initiatives, partially offset by cost inflation in IET and unfavorable business mix in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the third quarter ended at $33.4 billion, a decrease of $0.1 billion from the second quarter of 2024. OFSE RPO was $3.2 billion, down 5% sequentially, while IET RPO was $30.2 billion, up $44 million sequentially. Within IET RPO, GTE RPO was $11.9 billion and GTS RPO was $14.8 billion.

    Income tax expense in the third quarter of 2024 was $235 million.

    Other non-operating income in the third quarter of 2024 was $134 million. Included in other non-operating income were net mark-to-market gains in fair value for certain equity investments of $99 million.

    GAAP diluted earnings per share was $0.77. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.67. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $1,010 million for the third quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $754 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $256 million for the third quarter of 2024, of which $182 million for OFSE and $62 million for IET.

    Results by Reporting Segment
     

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions) Three Months Ended   Variance
    Segment results September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Orders $ 3,807   $ 4,068   $ 4,178     (6%)   (9%)  
    Revenue $ 3,963   $ 4,011   $ 3,951     (1%)   —%  
    Operating income $ 547   $ 493   $ 465     11%   18%  
    Operating margin   13.8 %   12.3 %   11.8 %   1.5pts   2pts  
    Depreciation & amortization $ 218   $ 223   $ 206     (2%)   6%  
    EBITDA* $ 765   $ 716   $ 670     7%   14%  
    EBITDA margin*   19.3 %   17.8 %   17.0 %   1.5pts   2.3pts  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Well Construction $ 1,050 $ 1,090 $ 1,128   (4%)   (7%)  
    Completions, Intervention & Measurements   1,009   1,118   1,085   (10%)   (7%)  
    Production Solutions   983   958   967   3%   2%  
    Subsea & Surface Pressure Systems   921   845   770   9%   20%  
    Total Revenue $ 3,963 $ 4,011 $ 3,951   (1%)   —%  
    (in millions) Three Months Ended   Variance
    Revenue by Geographic Region September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    North America $ 971 $ 1,023 $ 1,064   (5%)   (9%)  
    Latin America   648   663   695   (2%)   (7%)  
    Europe/CIS/Sub-Saharan Africa   933   827   695   13%   34%  
    Middle East/Asia   1,411   1,498   1,497   (6%)   (6%)  
    Total Revenue $ 3,963 $ 4,011 $ 3,951   (1%)   —%  
                 
    North America $ 971 $ 1,023 $ 1,064   (5%)   (9%)  
    International   2,992   2,988   2,887   —%   4%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,807 million for the third quarter decreased by $261 million sequentially. Subsea and Surface Pressure Systems orders were $776 million, down 13% sequentially, and down 23% year-over-year.

    OFSE revenue of $3,963 million for the third quarter was down 1% sequentially, and up $12 million year-over-year.

    North America revenue was $971 million, down 5% sequentially. International revenue was $2,992 million, an increase of $4 million sequentially, driven by growth in Europe/CIS/Sub-Saharan Africa regions partially offset by decline in Middle East/Asia.

    Segment operating income for the third quarter was $547 million, an increase of $54 million, or 11%, sequentially. Segment EBITDA for the third quarter was $765 million, an increase of $49 million, or 7% sequentially. The sequential increase in segment operating income and EBITDA was driven by positive price and productivity, partially offset by pressure from negative business mix and lower volume.

    Industrial & Energy Technology

    (in millions) Three Months Ended   Variance
    Segment results September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Orders $ 2,868   $ 3,458   $ 4,334     (17%)   (34%)  
    Revenue $ 2,945   $ 3,128   $ 2,691     (6%)   9%  
    Operating income $ 474   $ 442   $ 346     7%   37%  
    Operating margin   16.1 %   14.1 %   12.9 %   2pts   3.2pts  
    Depreciation & amortization $ 54   $ 55   $ 57     (2%)   (6%)  
    EBITDA* $ 528   $ 497   $ 403     6%   31%  
    EBITDA margin*   17.9 %   15.9 %   15.0 %   2pts   2.9pts  
    (in millions) Three Months Ended   Variance
    Orders by Product Line September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,088 $ 1,493 $ 2,813   (27%)   (61%)  
    Gas Technology Services   778   769   724   1%   7%  
    Total Gas Technology   1,866   2,261   3,537   (17%)   (47%)  
    Industrial Products   494   524   477   (6%)   4%  
    Industrial Solutions   293   281   271   4%   8%  
    Total Industrial Technology   787   805   748   (2%)   5%  
    Climate Technology Solutions   215   392   49   (45%)   F  
    Total Orders $ 2,868 $ 3,458 $ 4,334   (17%)   (34%)  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,281 $ 1,539 $ 1,227   (17%)   4%  
    Gas Technology Services   697   691   637   1%   9%  
    Total Gas Technology   1,978   2,230   1,865   (11%)   6%  
    Industrial Products   520   509   520   2%   —%  
    Industrial Solutions   257   262   243   (2%)   6%  
    Total Industrial Technology   777   770   763   1%   2%  
    Climate Technology Solutions   191   128   63   49%   F  
    Total Revenue $ 2,945 $ 3,128 $ 2,691   (6%)   9%  

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $2,868 million for the third quarter decreased by $1,465 million, or 34% year-over-year. The decrease was driven primarily by GTE orders which were down $1,725 million or 61% year-over-year.

    IET revenue of $2,945 million for the quarter increased $254 million, or 9% year-over-year. The increase was driven primarily by Climate Technology Solutions, up favorably year-over-year, and by Gas Technology, up 6% year-over-year.

    Segment operating income for the quarter was $474 million, up 37% year-over-year. Segment EBITDA for the quarter was $528 million, up $125 million, or 31% year-over-year. The year-over-year increase in segment operating income and EBITDA was primarily driven by higher volume, pricing and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures
     

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of GAAP and Adjusted Operating Income

      Three Months Ended
    (in millions) September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Operating income (GAAP) $ 930 $ 833 $ 714
    Restructuring, impairment & other   —   14   2
    Total operating income adjustments   —   14   2
    Adjusted operating income (non-GAAP) $ 930 $ 847 $ 716

    Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA

      Three Months Ended
    (in millions) September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Net income attributable to Baker Hughes (GAAP) $ 766   $ 579   $ 518  
    Net income attributable to noncontrolling interests   8     2     6  
    Provision for income taxes   235     243     235  
    Interest expense, net   55     47     49  
    Other non-operating income, net   (134 )   (38 )   (94 )
    Operating income (GAAP)   930     833     714  
           
    Depreciation & amortization   278     283     267  
    EBITDA (non-GAAP)   1,208     1,116     981  
    Total operating income adjustments(1)   —     14     2  
    Adjusted EBITDA (non-GAAP) $ 1,208   $ 1,130   $ 983  

    (1)   See Table 1a for the identified adjustments to operating income.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

      Three Months Ended
    (in millions, except per share amounts) September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Net income attributable to Baker Hughes (GAAP) $ 766   $ 579   $ 518  
    Total operating income adjustments(1)   —     14     2  
    Other adjustments (non-operating)(2)   (99 )   (19 )   (95 )
    Tax adjustments(3)   (1 )   (6 )   2  
    Total adjustments, net of income tax   (100 )   (11 )   (91 )
    Less: adjustments attributable to noncontrolling interests   —     —     —  
    Adjustments attributable to Baker Hughes   (100 )   (11 )   (91 )
    Adjusted net income attributable to Baker Hughes (non-GAAP) $ 666   $ 568   $ 427  
           
           
    Denominator:      
    Weighted-average shares of Class A common stock outstanding diluted   999     1,001     1,017  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.67   $ 0.57   $ 0.42  

    (1)   See Table 1a for the identified adjustments to operating income.

    (2)   All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.

    (3)   All periods reflect the tax associated with the other operating and non-operating adjustments.

    Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

      Three Months Ended
    (in millions) September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Net cash flows from operating activities (GAAP) $ 1,010   $ 348   $ 811  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets   (256 )   (242 )   (219 )
    Free cash flow (non-GAAP) $ 754   $ 106   $ 592  

    Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

    Financial Tables (GAAP)
     
    Condensed Consolidated Statements of Income (Loss)
     
    (Unaudited)
      Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
    (In millions, except per share amounts)   2024     2023     2024     2023  
    Revenue $ 6,908   $ 6,641   $ 20,465   $ 18,671  
    Costs and expenses:        
    Cost of revenue   5,366     5,298     16,155     14,867  
    Selling, general and administrative   612     627     1,873     1,977  
    Restructuring, impairment and other   —     2     21     161  
    Total costs and expenses   5,978     5,927     18,049     17,005  
    Operating income   930     714     2,416     1,666  
    Other non-operating income, net   134     94     200     638  
    Interest expense, net   (55 )   (49 )   (143 )   (171 )
    Income before income taxes   1,009     759     2,473     2,133  
    Provision for income taxes   (235 )   (235 )   (656 )   (614 )
    Net income   774     524     1,817     1,519  
    Less: Net income attributable to noncontrolling interests   8     6     17     16  
    Net income attributable to Baker Hughes Company $ 766   $ 518   $ 1,800   $ 1,503  
             
    Per share amounts:      
    Basic income per Class A common stock $ 0.77   $ 0.51   $ 1.81   $ 1.49  
    Diluted income per Class A common stock $ 0.77   $ 0.51   $ 1.80   $ 1.48  
             
    Weighted average shares:        
    Class A basic   993     1,009     996     1,010  
    Class A diluted   999     1,017     1,001     1,016  
             
    Cash dividend per Class A common stock $ 0.21   $ 0.20   $ 0.63   $ 0.58  
             
    Condensed Consolidated Statements of Financial Position
     
    (Unaudited)
    (In millions) September 30,
    2024    		 December 31,
    2023
    ASSETS
    Current Assets:    
    Cash and cash equivalents $ 2,664 $ 2,646
    Current receivables, net   6,920   7,075
    Inventories, net   5,254   5,094
    All other current assets   1,730   1,486
    Total current assets   16,568   16,301
    Property, plant and equipment, less accumulated depreciation   5,150   4,893
    Goodwill   6,167   6,137
    Other intangible assets, net   3,995   4,093
    Contract and other deferred assets   1,904   1,756
    All other assets   3,746   3,765
    Total assets $ 37,530 $ 36,945
    LIABILITIES AND EQUITY
    Current Liabilities:    
    Accounts payable $ 4,431 $ 4,471
    Short-term and current portion of long-term debt   52   148
    Progress collections and deferred income   5,685   5,542
    All other current liabilities   2,622   2,830
    Total current liabilities   12,790   12,991
    Long-term debt   5,984   5,872
    Liabilities for pensions and other postretirement benefits   991   978
    All other liabilities   1,422   1,585
    Equity   16,343   15,519
    Total liabilities and equity $ 37,530 $ 36,945
         
    Outstanding Baker Hughes Company shares:    
    Class A common stock   989   998
             
    Condensed Consolidated Statements of Cash Flows
     
    (Unaudited)
      Three Months
    Ended
    September 30,    		 Nine Months Ended
    September 30,
    (In millions)   2024     2024     2023  
    Cash flows from operating activities:      
    Net income $ 774   $ 1,817   $ 1,519  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   278     844     813  
    Stock-based compensation cost   53     154     148  
    Gain on equity securities   (99 )   (171 )   (639 )
    Provision for deferred income taxes   2     35     68  
    Other asset impairments   —     —     43  
    Working capital   (21 )   (57 )   19  
    Other operating items, net   23     (480 )   159  
    Net cash flows provided by operating activities   1,010     2,142     2,130  
    Cash flows from investing activities:      
    Expenditures for capital assets   (300 )   (925 )   (868 )
    Proceeds from disposal of assets   44     145     150  
    Proceeds from sale of equity securities   —     21     372  
    Proceeds from business dispositions   —     —     293  
    Net cash paid for acquisitions   —     —     (301 )
    Other investing items, net   (13 )   (40 )   (149 )
    Net cash flows used in investing activities   (269 )   (799 )   (503 )
    Cash flows from financing activities:      
    Repayment of long-term debt   (9 )   (134 )   —  
    Dividends paid   (209 )   (628 )   (586 )
    Repurchase of Class A common stock   (152 )   (476 )   (219 )
    Other financing items, net   6     (55 )   (56 )
    Net cash flows used in financing activities   (364 )   (1,293 )   (861 )
    Effect of currency exchange rate changes on cash and cash equivalents   3     (32 )   (53 )
    Increase in cash and cash equivalents   380     18     713  
    Cash and cash equivalents, beginning of period   2,284     2,646     2,488  
    Cash and cash equivalents, end of period $ 2,664   $ 2,664   $ 3,201  
    Supplemental cash flows disclosures:      
    Income taxes paid, net of refunds $ 397   $ 733   $ 463  
    Interest paid $ 49   $ 199   $ 205  
                       

    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, October 23, 2024, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target”, “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2023 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: http://www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Transocean Ltd. Announces Third Quarter 2024 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, Oct. 22, 2024 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the third quarter 2024 on Wednesday, October 30, 2024.

    The company will conduct a teleconference to discuss the results starting at 9 a.m. EDT, 2 p.m. CET, on Thursday, October 31, 2024. Individuals who wish to participate should dial +1 785-424-1226 approximately 15 minutes prior to the scheduled start time and refer to conference code 827284.

    The teleconference will be simulcast in a listen-only mode at: http://www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EDT, 5 p.m. CET, on October 31, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-9184, passcode 827284. The replay also will be available on the company’s website.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    For more information about Transocean, please visit: http://www.deepwater.com.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network –

  • MIL-OSI: O2Gold Announces C$1.5M Non-Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — O2Gold Inc. (NEX:OTGO.H) (“O2Gold” or the “Company“) is pleased to announce a non-brokered private placement financing of: (i) 15,000,000 subscription receipts of the Company (the “Subscription Receipts”) at a price per Subscription Receipt of C$0.05; and (ii) 15,000,000 flow-through subscription receipts of the Company (the “FT Subscription Receipts”) at a price per FT Subscription Receipt of C$0.05, for aggregate gross proceeds to the Company of C$1,500,000 (together, the “Offering”).

    The Subscription Receipts and FT Subscription Receipts will be created and issued pursuant to the terms of subscription receipt agreements (each, a “Subscription Receipt Agreement“) between the Company and the subscribers. Each Subscription Receipt and FT Subscription Receipt will be deemed to be automatically converted, without payment of additional consideration or further action by the holder thereof, into one unit of the Company (a “Unit“) and one flow-through unit of the Company (a “FT Unit”), respectively, immediately upon the satisfaction or waiver of the Escrow Release Conditions (as defined below) at or before the date that is 120 days from the closing date of the Offering (the “Escrow Release Deadline”).

    Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Type 1 Warrant”). Each Type 1 Warrant will entitle the holder to acquire one Common Share (a “Type 1 Warrant Share”) at a price of C$0.08 per Type 1 Warrant Share for a period of 36 months following the closing date of the Offering. Each FT Unit will consist of one flow-through common share in the capital of the Company (a “FT Share”) and one common share purchase warrant of the Company (a “Type 2 Warrant”). Each Type 2 Warrant will entitle the holder to acquire one Common Share (a “Type 2 Warrant Share”) at a price of C$0.08 per Type 2 Warrant Share for a period of 24 months following the closing date of the Offering. Each FT Share shall qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”).

    The gross proceeds from the sale of FT Subscription Receipts will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Tax Act (the “Qualifying Expenditures”) related to the Company’s project in Quebec. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Subscription Receipts effective December 31, 2024. The net proceeds from the sale of Subscription Receipts will be used by the Company for general working capital and corporate purposes, and for exploration costs incurred at the Company’s project in Quebec.

    Upon closing of the Offering, the gross proceeds of the Offering will be deposited in escrow with the Company’s legal counsel pending satisfaction or waiver of the Escrow Release Conditions, in accordance with the provisions of the Subscription Receipt Agreement. If the Escrow Release Conditions are not satisfied at or before the Escrow Release Deadline, each of the then issued and outstanding Subscription Receipts and FT Subscription Receipts will be cancelled and the Company’s legal counsel will return to each holder of Subscription Receipts and FT Subscription Receipts an amount equal to the aggregate issue price of the Subscription Receipts and FT Subscription Receipts held by such holder. To the extent that the escrowed funds are insufficient to refund such amounts to each holder of the Subscription Receipts and FT Subscription Receipts, the Company shall be liable for and will contribute such amounts as are necessary to satisfy the shortfall.

    Pursuant to the terms of the Subscription Receipt Agreement, each Subscription Receipt and FT Subscription Receipt shall automatically convert into one Unit and one FT Unit, respectively, upon:

    (a)  the receipt of all required regulatory approvals in connection with the uplisting of the Common Shares from the NEX to Tier 2 of the TSX Venture Exchange (the “Exchange”);

    (b)  the receipt of all required regulatory approvals in connection with the conditional listing approval by the Exchange for the listing of the Common Shares and FT Shares issued under the Offering, together with the listing of the Type 1 Warrant Shares and Type 2 Warrant Shares upon exercise of the Type 1 Warrants and Type 2 Warrants, respectively; and

    (c)  the Company having delivered a notice to the Company’s legal counsel confirming that all escrow release conditions have been met or waived;

    (collectively, the “Escrow Release Conditions”).

    The Offering is subject to the receipt of all regulatory approvals including the approval of the Exchange. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date of issuance. The Offering is expected to close on or about November 13, 2024, or such other date as determined by the Company.

    The Company may pay finders’ fees of up to 7.0% of the gross proceeds raised by the Company from the sale of Subscription Receipts and FT Subscription Receipts to subscribers directly introduced to the Company by eligible finders. The Company may issue to eligible finders non-transferable finders’ warrants of up to 7.0% of the number of Subscription Receipt and FT Subscription Receipts sold in the Offering. Each finders’ warrant will entitle the holder to acquire one Unit at a price of the greater of (i) C$0.05 and (ii) the Discounted Market Price (as such term is defined in the policies of the Exchange) of the common shares of the Company as of the date hereof per Unit for a period of 24 months from the date of issuance.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold in the United States or to U.S. persons or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S. Securities Act of 1933 and applicable state securities laws or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom, respectively.

    About O2Gold

    O2Gold is a mineral exploration company.
    For additional information, please contact:
    Scott Moore, Chief Executive Officer
    Phone: (416) 861-1685
    Email: smoore@miningsm.com

    Regulatory Statements

    This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, including the Company’s intended use of proceeds, closing conditions and timing, and other matters related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

    NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces Risk Rating Change for NVIDIA (NVDA) Yield Shares Purpose ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today that it has changed the risk rating for NVIDIA (NVDA) Yield Shares Purpose ETF (the “Fund”) from “medium-to-high” to “high”. Such change is a result of the risk rating methodology mandated by the Canadian Securities Administrators and the periodic review by Purpose to determine the risk level of its publicly-offered mutual funds.

    No material changes have been made to the investment objective, strategies or management of the Fund as a result. The change of the risk rating will be reflected in the Fund’s offering documents, which will be completed in accordance with applicable securities laws.

    About Purpose Investments

    Purpose Investments is an asset management company with approximately $20 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.

    The MIL Network –

  • MIL-OSI: Enterprise Bancorp, Inc. Announces Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOWELL, Mass., Oct. 22, 2024 (GLOBE NEWSWIRE) — Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended September 30, 2024. Net income amounted to $10.0 million, or $0.80 per diluted common share, for the three months ended September 30, 2024 compared to $9.5 million, or $0.77 per diluted common share, for the three months ended June 30, 2024 and $9.7 million, or $0.79 per diluted common share, for the three months ended September 30, 2023.

    Selected financial results at or for the quarter ended September 30, 2024 compared to June 30, 2024 were as follows:

    • The returns on average assets and average equity were 0.82% and 11.20%, respectively.
    • Tax-equivalent net interest margin (non-GAAP) (“net interest margin”) was 3.22%, an increase of 3 basis points.
    • Total loans amounted to $3.86 billion, an increase of 2.4%.
    • Total deposits amounted to $4.19 billion, a decrease of 1.4%.
    • Wealth assets under management and administration amounted to $1.51 billion, an increase of 8.5%.

    Chief Executive Officer Steven Larochelle commented, “Our team continued to deliver strong results in the third quarter. Loan growth was 2.4% for the quarter and 13.4% over the past twelve months. Customer deposits, which were down slightly during the quarter, have increased 5.3% in 2024 and 3.2% over the last twelve months. We continue to be primarily core funded and had no brokered deposits at September 30, 2024. Total borrowings were down $1.8 million compared to June 30, 2024, and amounted to only $59.9 million, or 1.3% of total assets. Higher deposit costs and the inverted yield curve continued to be a headwind, but net interest margin increased to 3.22% in the third quarter of 2024 from 3.19% in the prior quarter and benefited by 2 basis points from a large seasonal deposit.”

    Mr. Larochelle continued, “We remain committed to our long-term strategy of geographic expansion and customer acquisition through organic growth and investment in our team members, communities, products and technology. We are well positioned with a strong balance sheet, centered around a high-quality loan portfolio and favorable liquidity, core deposit funding and capital, paired with a conservative credit and reserve culture.”

    Executive Chairman & Founder George Duncan stated, “I would like to congratulate Steve, who completed his first quarter as CEO of Enterprise, and the whole team for a very successful quarter. I am particularly impressed that the team has been able to achieve such strong loan and deposit growth while stabilizing our net interest margin and without significant increases in wholesale funding. I firmly believe this is a testament to our relationship based, sales and service culture partnered with our strong commitment to community outreach and involvement.”

    Mr. Duncan added, “On September 5th, we were once again recognized at the Boston Business Journal’s Corporate Citizenship Summit for our significant contributions in employee volunteerism and corporate philanthropy. In particular, I am very proud that we ranked 2nd in the Commonwealth of Massachusetts for the highest average of volunteer hours per employee.”

    Net Interest Income
    Net interest income for the three months ended September 30, 2024, amounted to $38.0 million, a decrease of $482 thousand, or 1%, compared to the three months ended September 30, 2023. The decrease was due primarily to increases in deposit interest expense of $7.7 million and borrowings interest expense of $646 thousand and a decrease in income on other interest-earning assets of $971 thousand, partially offset by an increase in loan interest income of $9.3 million.

    The increase in interest expense during the period was attributed primarily to an increase in the cost of funds and changes in deposit mix, while the increase in interest income during the period was due primarily to loan growth and higher market interest rates.

    Net Interest Margin
    Net interest margin was 3.22% for the three months ended September 30, 2024, compared to 3.19% for the three months ended June 30, 2024 and 3.46% for the three months ended September 30, 2023.

    Asset yields for the third quarter of 2024 were 5.09%, an increase of 8 basis points compared to the second quarter of 2024, due primarily to new loan originations, loans repricing and an increase in the average balance of other interest-earning assets, which resulted mainly from deposit inflows during the period. Average total loans increased $105.3 million, or 3%, and average other interest-earning assets increased $57.6 million, or 46%, compared to the second quarter of 2024.

    The cost of funds for the third quarter of 2024 was 1.99%, an increase of 5 basis points compared to the second quarter of 2024. During the third quarter of 2024, average total deposits increased $128.8 million, or 3%, and the cost of deposits increased 6 basis points, compared to the second quarter of 2024. The increase in average total deposits was comprised of increases in average lower-cost checking account balances of $59.4 million, or 3%, which was driven primarily by a large seasonal deposit, and higher-cost savings, money market and certificate of deposit account balances of $69.4 million, or 3%.

    Provision for Credit Losses
    The provision for credit losses for the three-month periods ended September 30, 2024 and September 30, 2023 are presented below:

        Three months ended   Increase / (Decrease)
    (Dollars in thousands)   September 30,
    2024    		   September 30,
    2023
    Provision for credit losses on loans – collectively evaluated   $ (663 )   $ (1,518 )   $ 855  
    Provision for credit losses on loans – individually evaluated     2,311       2,512       (201 )
    Provision for credit losses on loans     1,648       994       654  
                 
    Provision for unfunded commitments     (316 )     758       (1,074 )
                 
    Provision for credit losses   $ 1,332     $ 1,752     $ (420 )

    The increase in the provision for credit losses on loans of $654 thousand was due primarily to a net increase in reserves on individually evaluated loans. The increase in reserves on individually evaluated loans for the three months ended September 30, 2024 was driven by one individually evaluated commercial relationship which was downgraded, placed on non-accrual and assigned specific reserves of $3.4 million, partially offset by a reduction of $1.2 million in specific reserves resulting from a commercial relationship that experienced improvement in its collateral valuation during the period. The reduction in the provision for unfunded commitments of $1.1 million was driven primarily by a decrease in off-balance sheet commitments during the period.

    Non-Interest Income
    Non-interest income for the three months ended September 30, 2024, amounted to $6.1 million, an increase of $1.7 million compared to the three months ended September 30, 2023. The increase in non-interest income was due primarily to increases in gains on equity securities, wealth management fees and deposit and interchange fees.

    Non-Interest Expense
    Non-interest expense for the three months ended September 30, 2024, amounted to $29.4 million, an increase of $1.0 million, or 4%, compared to the three months ended September 30, 2023. The increase in non-interest expense was due primarily to an increase in salaries and employee benefits expense of $938 thousand, or 5%.

    Balance Sheet
    Total assets amounted to $4.74 billion at September 30, 2024, compared to $4.47 billion at December 31, 2023, an increase of 6%.

    Total investment securities at fair value amounted to $632.0 million at September 30, 2024, compared to $668.2 million at December 31, 2023. The decrease of 5% during the nine months ended September 30, 2024 was largely attributable to principal pay-downs, calls and maturities. Unrealized losses on debt securities amounted to $80.8 million at September 30, 2024, compared to $102.9 million at December 31, 2023, a decrease of 21% that resulted from lower term interest rates.

    Total loans amounted to $3.86 billion at September 30, 2024, compared to $3.57 billion at December 31, 2023. The increase of 8% during the nine months ended September 30, 2024 was due primarily to increases in commercial real estate and construction loans of $175.2 million and $89.3 million, respectively.

    Total deposits amounted to $4.19 billion at September 30, 2024, compared to $3.98 billion at December 31, 2023. The increase of 5% during the nine months ended September 30, 2024 was due primarily to increases in money market and certificate of deposit balances of $85.5 million and $153.6 million, respectively.

    Total borrowed funds amounted to $59.9 million at September 30, 2024, compared to $25.8 million at December 31, 2023. The increase during the nine months ended September 30, 2024 resulted from a term advance in the first quarter of 2024.

    Total shareholders’ equity amounted to $368.1 million at September 30, 2024, compared to $329.1 million at December 31, 2023. The increase of 12% during the nine months ended September 30, 2024 was due primarily to an increase in retained earnings of $19.1 million and a decrease in the accumulated other comprehensive loss of $17.1 million.

    Credit Quality
    Selected credit quality metrics at September 30, 2024, compared to December 31, 2023, were as follows:

    • The ACL for loans amounted to $63.7 million, or 1.65% of total loans, compared to $59.0 million, or 1.65% of total loans.
    • The reserve for unfunded commitments (included in other liabilities) amounted to $4.6 million, compared to $7.1 million.
    • Non-performing loans amounted to $25.9 million, or 0.67% of total loans, compared to $11.4 million, or 0.32% of total loans. The increase in non-performing loans during the nine months ended September 30, 2024 resulted primarily from two individually evaluated commercial construction loans which were placed on non-accrual.

    Net recoveries amounted to $7 thousand for the three months ended September 30, 2024, compared to $12 thousand for the three months ended September 30, 2023.

    Wealth Management
    Wealth assets under management and administration, which are not carried as assets on the Company’s consolidated balance sheets, amounted to $1.51 billion at September 30, 2024, an increase of $194.9 million, or 15%, compared to December 31, 2023, and resulted primarily from an increase in market values.

    About Enterprise Bancorp, Inc.
    Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 140 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company’s headquarters and Enterprise Bank’s main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company’s primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

    Forward-Looking Statements
    This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures in our market areas and the United States; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    ENTERPRISE BANCORP, INC.
    Consolidated Balance Sheets
    (unaudited)

    (Dollars in thousands, except per share data)   September 30,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Assets            
    Cash and cash equivalents:            
    Cash and due from banks   $ 60,466     $ 37,443     $ 45,345  
    Interest-earning deposits with banks     28,166       19,149       180,076  
    Total cash and cash equivalents     88,632       56,592       225,421  
    Investments:            
    Debt securities at fair value (amortized cost of $703,311, $763,981 and $806,077, respectively)     622,527       661,113       672,894  
    Equity securities at fair value     9,448       7,058       6,038  
    Total investment securities at fair value     631,975       668,171       678,932  
    Federal Home Loan Bank stock     2,482       2,402       2,403  
    Loans held for sale     1,229       200       —  
    Loans:            
    Total loans     3,858,940       3,567,631       3,404,014  
    Allowance for credit losses     (63,654 )     (58,995 )     (57,905 )
    Net loans     3,795,286       3,508,636       3,346,109  
    Premises and equipment, net     43,291       44,931       43,391  
    Lease right-of-use asset     24,291       24,820       24,979  
    Accrued interest receivable     20,529       19,233       18,572  
    Deferred income taxes, net     44,067       49,166       55,080  
    Bank-owned life insurance     66,899       65,455       65,106  
    Prepaid income taxes     4,645       1,589       2,548  
    Prepaid expenses and other assets     13,827       19,183       14,177  
    Goodwill     5,656       5,656       5,656  
    Total assets   $ 4,742,809     $ 4,466,034     $ 4,482,374  
    Liabilities and Shareholders‘Equity            
    Liabilities            
    Deposits   $ 4,189,461     $ 3,977,521     $ 4,060,403  
    Borrowed funds     59,949       25,768       4,290  
    Subordinated debt     59,736       59,498       59,419  
    Lease liability     24,010       24,441       24,589  
    Accrued expenses and other liabilities     32,116       45,011       31,288  
    Accrued interest payable     9,428       4,678       2,686  
    Total liabilities     4,374,700       4,136,917       4,182,675  
    Commitments and Contingencies            
    Shareholders‘Equity            
    Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued     —       —       —  
    Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,428,426, 12,272,674 and 12,256,964 shares issued and outstanding, respectively.     124       123       123  
    Additional paid-in capital     110,110       107,377       106,451  
    Retained earnings     320,497       301,380       296,291  
    Accumulated other comprehensive loss     (62,622 )     (79,763 )     (103,166 )
    Total shareholders’ equity     368,109       329,117       299,699  
    Total liabilities and shareholders’ equity   $ 4,742,809     $ 4,466,034     $ 4,482,374  

    ENTERPRISE BANCORP, INC.
    Consolidated Statements of Income
    (unaudited)

        Three months ended   Nine months ended
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Interest and dividend income:                    
    Other interest-earning assets   $         2,497             $         1,697           $         3,468             $         5,366             $         7,593          
    Investment securities             3,835                       3,943                     4,316                       11,812                       14,356          
    Loans and loans held for sale             53,809                       51,224                     44,501                       153,850                       125,855          
    Total interest and dividend income             60,141                       56,864                     52,285                       171,028                       147,804          
    Interest expense:                    
    Deposits             20,581                       19,172                     12,889                       57,025                       28,568          
    Borrowed funds             674                       664                     28                       2,032                       70          
    Subordinated debt             866                       867                     866                       2,600                       2,600          
    Total interest expense             22,121                       20,703                     13,783                       61,657                       31,238          
    Net interest income             38,020                       36,161                     38,502                       109,371                       116,566          
    Provision for credit losses             1,332                       137                     1,752                       2,091                       6,756          
    Net interest income after provision for credit losses             36,688                       36,024                     36,750                       107,280                       109,810          
    Non-interest income:                    
    Wealth management fees             2,025                       1,970                     1,673                       5,845                       4,933          
    Deposit and interchange fees             2,282                       2,284                     1,987                       6,635                       6,330          
    Income on bank-owned life insurance, net             518                       503                     327                       1,479                       950          
    Net losses on sales of debt securities             (2 )             —                     —                       (2 )             (2,419 )
    Net gains on sales of loans             57                       44                     14                       123                       34          
    Net gains (losses) on equity securities             604                       101                     (181 )             1,170                       (8 )
    Other income             656                       726                     666                       2,013                       2,242          
    Total non-interest income             6,140                       5,628                     4,486                       17,263                       12,062          
    Non-interest expense:                    
    Salaries and employee benefits             20,097                       19,675                     19,159                       58,948                       53,815          
    Occupancy and equipment expenses             2,438                       2,406                     2,433                       7,303                       7,439          
    Technology and telecommunications expenses             2,618                       2,658                     2,626                       8,021                       7,937          
    Advertising and public relations expenses             559                       674                     592                       1,976                       2,077          
    Audit, legal and other professional fees             569                       711                     735                       2,014                       2,157          
    Deposit insurance premiums             900                       862                     654                       2,621                       1,944          
    Supplies and postage expenses             261                       240                     251                       738                       753          
    Other operating expenses             1,911                       1,803                     1,862                       5,669                       5,853          
    Total non-interest expense             29,353                       29,029                     28,312                       87,290                       81,975          
    Income before income taxes             13,475                       12,623                     12,924                       37,253                       39,897          
    Provision for income taxes             3,488                       3,111                     3,225                       9,247                       9,746          
    Net income   $         9,987             $         9,512           $         9,699             $         28,006             $         30,151          
                         
    Basic earnings per common share   $         0.80             $         0.77           $         0.79             $         2.26             $         2.47          
    Diluted earnings per common share   $         0.80             $         0.77           $         0.79             $         2.26             $         2.46          
                         
    Basic weighted average common shares outstanding             12,428,543                       12,389,917                     12,247,892                       12,370,812                       12,210,740          
    Diluted weighted average common shares outstanding             12,438,160                       12,394,463                     12,264,778                       12,379,390                       12,233,861          

    ENTERPRISE BANCORP, INC.
    Selected Consolidated Financial Data and Ratios
    (unaudited)

        At or for the three months ended
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Balance Sheet Data                    
    Total cash and cash equivalents   $ 88,632     $ 199,719     $ 147,834     $ 56,592     $ 225,421  
    Total investment securities at fair value     631,975       636,838       652,026       668,171       678,932  
    Total loans     3,858,940       3,768,649       3,654,322       3,567,631       3,404,014  
    Allowance for credit losses     (63,654 )     (61,999 )     (60,741 )     (58,995 )     (57,905 )
    Total assets     4,742,809       4,773,681       4,624,015       4,466,034       4,482,374  
    Total deposits     4,189,461       4,248,801       4,106,119       3,977,521       4,060,403  
    Borrowed funds     59,949       61,785       63,246       25,768       4,290  
    Subordinated debt     59,736       59,657       59,577       59,498       59,419  
    Total shareholders’ equity     368,109       340,441       333,439       329,117       299,699  
    Total liabilities and shareholders’ equity     4,742,809       4,773,681       4,624,015       4,466,034       4,482,374  
                         
    Wealth Management                    
    Wealth assets under management   $ 1,212,076     $ 1,129,147     $ 1,105,036     $ 1,077,761     $ 984,647  
    Wealth assets under administration   $ 302,891     $ 267,529     $ 268,074     $ 242,338     $ 211,046  
                         
    Shareholders’ Equity Ratios                    
    Book value per common share   $ 29.62     $ 27.40     $ 26.94     $ 26.82     $ 24.45  
    Dividends paid per common share   $ 0.24     $ 0.24     $ 0.24     $ 0.23     $ 0.23  
                         
    Regulatory Capital Ratios                    
    Total capital to risk weighted assets     13.07 %     13.07 %     13.20 %     13.12 %     13.45 %
    Tier 1 capital to risk weighted assets(1)     10.36 %     10.34 %     10.43 %     10.34 %     10.61 %
    Tier 1 capital to average assets     8.68 %     8.76 %     8.85 %     8.74 %     8.59 %
                         
    Credit Quality Data                    
    Non-performing loans   $ 25,946     $ 17,731     $ 18,527     $ 11,414     $ 11,656  
    Non-performing loans to total loans     0.67 %     0.47 %     0.51 %     0.32 %     0.34 %
    Non-performing assets to total assets     0.55 %     0.37 %     0.40 %     0.26 %     0.26 %
    ACL for loans to total loans     1.65 %     1.65 %     1.66 %     1.65 %     1.70 %
    Net (recoveries) charge-offs   $ (7 )   $ (130 )   $ 122     $ 15     $ (12 )
                         
    Income Statement Data                    
    Net interest income   $ 38,020     $ 36,161     $ 35,190     $ 36,518     $ 38,502  
    Provision for credit losses     1,332       137       622       2,493       1,752  
    Total non-interest income     6,140       5,628       5,495       5,547       4,486  
    Total non-interest expense     29,353       29,029       28,908       28,224       28,312  
    Income before income taxes     13,475       12,623       11,155       11,348       12,924  
    Provision for income taxes     3,488       3,111       2,648       3,441       3,225  
    Net income   $ 9,987     $ 9,512     $ 8,507     $ 7,907     $ 9,699  
                         
    Income Statement Ratios                    
    Diluted earnings per common share   $ 0.80     $ 0.77     $ 0.69     $ 0.64     $ 0.79  
    Return on average total assets     0.82 %     0.82 %     0.75 %     0.69 %     0.85 %
    Return on average shareholders’ equity     11.20 %     11.55 %     10.47 %     10.21 %     12.53 %
    Net interest margin (tax-equivalent)(2)     3.22 %     3.19 %     3.20 %     3.29 %     3.46 %

    (1)   Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
    (2)   Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.

    ENTERPRISE BANCORP, INC.
    Consolidated Loan and Deposit Data
    (unaudited)

    Major classifications of loans at the dates indicated were as follows:

    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial real estate owner-occupied   $ 660,063     $ 660,478     $ 635,420     $ 619,302     $ 618,903  
    Commercial real estate non owner-occupied     1,579,827       1,544,386       1,524,174       1,445,435       1,413,555  
    Commercial and industrial     415,642       426,976       417,604       430,749       425,334  
    Commercial construction     674,434       622,094       583,711       585,113       501,179  
    Total commercial loans     3,329,966       3,253,934       3,160,909       3,080,599       2,958,971  
                         
    Residential mortgages     424,030       413,323       400,093       393,142       362,514  
    Home equity loans and lines     95,982       93,220       85,144       85,375       74,433  
    Consumer     8,962       8,172       8,176       8,515       8,096  
    Total retail loans     528,974       514,715       493,413       487,032       445,043  
    Total loans     3,858,940       3,768,649       3,654,322       3,567,631       3,404,014  
                         
    ACL for loans     (63,654 )     (61,999 )     (60,741 )     (58,995 )     (57,905 )
    Net loans   $ 3,795,286     $ 3,706,650     $ 3,593,581     $ 3,508,636     $ 3,346,109  

    Deposits are summarized as follows as of the periods indicated:

    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Non-interest checking   $ 1,064,424   $ 1,041,771   $ 1,038,887   $ 1,061,009   $ 1,118,714
    Interest-bearing checking     682,050     788,822     730,819     697,632     727,817
    Savings     279,824     294,566     285,090     294,865     302,381
    Money market     1,488,437     1,504,551     1,469,181     1,402,939     1,434,036
    CDs $250,000 or less     375,055     358,149     337,367     295,789     262,975
    CDs greater than $250,000     299,671     260,942     244,775     225,287     214,480
    Deposits   $ 4,189,461   $ 4,248,801   $ 4,106,119   $ 3,977,521   $ 4,060,403

    ENTERPRISE BANCORP, INC.
    Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
    (unaudited)

    The following table presents the Company’s average balance sheets, net interest income and average rates for the periods indicated:

        Three months ended September 30, 2024   Three Months Ended June 30, 2024   Three months ended September 30, 2023
    (Dollars in thousands)   Average
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average
    Balance    		   Interest(1)   Average
    Yield(1)
    Assets:                                    
    Other interest-earning assets(2)   $ 181,465   $ 2,497   5.48 %   $ 123,887   $ 1,697   5.51 %   $ 260,475   $ 3,468   5.28 %
    Investment securities(3)(tax-equivalent)     731,815     3,945   2.16 %     750,822     4,057   2.16 %     820,156     4,444   2.17 %
    Loans and loans held for sale(4)(tax-equivalent)     3,813,800     53,956   5.63 %     3,708,485     51,366   5.57 %     3,372,754     44,644   5.25 %
    Total interest-earnings assets (tax-equivalent)     4,727,080     60,398   5.09 %     4,583,194     57,120   5.01 %     4,453,385     52,556   4.69 %
    Other assets     104,284             96,991             82,190        
    Total assets   $ 4,831,364           $ 4,680,185           $ 4,535,575        
                                         
    Liabilities and stockholders’ equity:                                    
    Non-interest checking   $ 1,069,130     —       $ 1,044,648     —       $ 1,186,243     —    
    Interest checking, savings and money market     2,574,439     13,017   2.01 %     2,520,439     12,381   1.98 %     2,491,229     9,185   1.47 %
    CDs     651,614     7,564   4.62 %     601,339     6,791   4.54 %     430,376     3,704   3.41 %
    Total deposits     4,295,183     20,581   1.91 %     4,166,426     19,172   1.85 %     4,107,848     12,889   1.24 %
    Borrowed funds     61,232     674   4.38 %     62,513     664   4.27 %     4,938     28   2.30 %
    Subordinated debt(5)     59,689     866   5.81 %     59,609     867   5.82 %     59,372     866   5.84 %
    Total funding liabilities     4,416,104     22,121   1.99 %     4,288,548     20,703   1.94 %     4,172,158     13,783   1.31 %
    Other liabilities     60,524             60,270             56,414        
    Total liabilities     4,476,628             4,348,818             4,228,572        
    Stockholders’ equity     354,736             331,367             307,003        
    Total liabilities and stockholders’ equity   $ 4,831,364           $ 4,680,185           $ 4,535,575        
                                         
    Net interest-rate spread (tax-equivalent)           3.10 %           3.07 %           3.38 %
    Net interest income (tax-equivalent)         38,277             36,417             38,773    
    Net interest margin (tax-equivalent)           3.22 %           3.19 %           3.46 %
    Less tax-equivalent adjustment         257             256             271    
    Net interest income       $ 38,020           $ 36,161           $ 38,502    
    Net interest margin           3.20 %           3.17 %           3.43 %

    (1)   Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.
    (2)   Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock
    (3)   Average investment securities are presented at average amortized cost.
    (4)   Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.
    (5)   Subordinated debt is net of average deferred debt issuance costs.

    Contact Info:        Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578

    The MIL Network –

  • MIL-OSI: Andrew Cardno to Deliver Keynote at November Gaming Conference in Phoenix: “How are Technology Advancements Impacting Decision Making and Driving Innovation in Gaming?”

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 22, 2024 (GLOBE NEWSWIRE) — The gaming industry continues to evolve with the rapid integration of advanced technologies, offering new pathways for innovation and decision-making. Andrew Cardno, Chief Technology Officer of Quick Custom Intelligence (QCI), will deliver a keynote address titled “How are Technology Advancements Impacting Decision Making and Driving Innovation in Gaming?” at this year’s premier gaming conference, taking place on November 12th and 13th in Phoenix, Arizona.

    Cardno, a leading expert with over two decades of experience in gaming and technology, will explore how advancements such as artificial intelligence, machine learning, and data-driven solutions are reshaping decision-making processes within the gaming industry. His address will provide actionable insights for professionals seeking to stay ahead in this fast-paced environment.

    “Technology is no longer just an enabler; it’s the driving force behind innovation in gaming,” said Andrew Cardno. “At this year’s conference, I will delve into how these advancements can empower industry leaders to make better, faster decisions and capitalize on new opportunities for growth.”

    Mark Pace, President of the International Gaming Standards Association (IGSA), praised Cardno’s expertise: “Andrew Cardno has a deep understanding of how technology is transforming the gaming industry. His ability to translate complex innovations into practical, strategic insights makes him the ideal keynote speaker. His work continues to inspire and guide decision-makers across the gaming world.”

    The conference, held in Phoenix on November 12th and 13th, promises to be a hub of cutting-edge discussions and networking opportunities, bringing together top leaders to explore the future of gaming.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI AGI Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Denver, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at http://www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: SECU Members Benefit from Suncoast Credit Union Mobile ATM During Storm Recovery

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Oct. 22, 2024 (GLOBE NEWSWIRE) — Florida-based Suncoast Credit Union generously provided State Employees’ Credit Union (SECU) with a mobile ATM to help support the financial needs of its members and area residents affected by Hurricane Helene in Western North Carolina (WNC). The mobile ATM offers 24-hour availability and is currently located at SECU’s Asheville-Oak Plaza Branch, which is without a functioning ATM and is operating on a modified schedule until water and other resources are fully restored.

    While most of its area branches and ATMs are operating in some capacity, SECU encourages members to check the online Branch and ATM Locator to determine if their closest location is open or operating on a modified schedule due to ongoing storm recovery.

    “We are very grateful to Suncoast Credit Union for their generosity and swift action in helping us deliver much-needed ATM access to support our members and others in the community who desperately need cash during this difficult time,” said SECU President and CEO Leigh Brady. “Western North Carolina has a long and challenging road ahead, and we will continue to find ways to help our neighbors recover from Helene’s destruction. We also recognize that as our Florida friends are extending helping hands to us, they are also recovering from storm damage, most recently from Hurricane Milton. We are keeping them close to our hearts and are ready to support them as well.”

    “Our goal is to be where we are needed because that is the credit union way,” said Suncoast Credit Union President and CEO Kevin Johnson. “People helping people is part of the Suncoast Credit Union DNA, so our traveling to North Carolina is an act of heartfelt readiness to serve those whose lives have, like many Floridians, been devastated by the fate of nature. Working together, we can create change and expedite restoration.”

    About SECU

    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $56 billion in assets. It serves more than 2.8 million members through 275 branch offices, over 1,100 ATMs, Member Services Support via phone, http://www.ncsecu.org, and the SECU Mobile App.

    About Suncoast Credit Union

    Suncoast Credit Union is the largest credit union in the state of Florida, the 8th largest in the United States based on membership, and the 10th largest in the United States based on its $18.7 billion in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently operates 78 full-service branches and serves more than 1.2 million members across Florida. As a community credit union, anyone who lives, works, attends school, or worships in Suncoast Credit Union’s service area is eligible for membership. In 2021, Suncoast Credit Union’s field of membership was expanded to include public K-12 teachers, college educators, and educational support staff from all of Florida’s 67 counties. Suncoast is passionate about community support. Since its founding in 1990, the Suncoast Credit Union Foundation has raised and donated more than $45 million to organizations and initiatives that support the health, education, and emotional well-being of children in the communities that the credit union serves. For more information, visit http://www.suncoast.com or follow us on social media: Facebook, LinkedIn, Twitter, and Instagram.

    SECU Contact:  Sandra Jones, SVP – Communications
    Office:  (919) 508-8773 | sandra.jones@ncsecu.org

    Suncoast Contact:  Patti Barrow, Vice President of Media Relations
    Office:  (813) 280-4441 | patti.barrow@suncoastcreditunion.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be2b89b6-5cac-422a-9af2-a3a3209ec1de

    The MIL Network –

  • MIL-OSI: Altai Mourns the Passing of Chairman and President Niyazi Kacira, and Announces Election of the Board of Directors, Appointment of New Chairman and President, and Stock Option Grants

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Altai Resources Inc. (ATI, TSX VENTURE; US SEC Rule 12g3-2(b) File # 82-2950) (“Altai” or the “Company”) announces with great sadness the passing of its Chairman and President, Dr. Niyazi Kacira following a short illness. We extend our deepest sympathies to his family.

    The Board and the Altai family will greatly miss his extraordinary passion and devotion to the Company, thoughtful leadership and ability to connect with people. He was a person of great integrity and unparalleled reputation.

    Dr. Kacira took over the helm of the dormant Black Cliff Mines Ltd. (later changed the name to Altai Resources Inc) in 1987, revived it and listed it on the Toronto Stock Exchange. Since 1987, he served as President (except for a short period of time) and Chairman until his passing. He has made an invaluable and immeasurable contribution in nurturing, building and growing Altai with his tremendous geological expertise and foresight and always with the best interest of the Company in mind and in action, and has set the highest standard of integrity for the Company.

    At its annual general meeting of the shareholders held on October 21, 2024 (the “Meeting”) in Toronto, Jeffrey S. Ackert, Maria Au and Eric Yao as described in the Management Information Circular of the Meeting, were elected as Directors of the Company. Due to his passing, Dr. Kacira was not nominated as director in the Meeting. In the Meeting, Kursat Kacira, who has advised that he is willing and able to serve as a Director of Altai if elected, was nominated as permitted in accordance with the Company’s Advance Notice By-laws and was duly elected as a Director of the Company.

    Mr. Kursat Kacira, a resident of Ontario, Canada, is an accomplished finance and investment executive with over 25 years of global experience in investment management, real estate, corporate finance, capital markets, investment banking, and public accounting. He is a Chartered Professional Accountant (Ontario), has a Master of Business Administration (Dean’s Scholarship) from the Stern School of Business at New York University, and a Bachelor of Mathematics (Honours) from the University of Waterloo.

    He is currently the President of Kacira Holdings Ltd., a private family office investment company. Previously, he served as Managing Director, Head of Global Capital Markets in the Private Markets group at Manulife Investment Management, the Global Wealth & Asset Management division of Manulife Financial Corporation. Prior to joining Manulife, he was the CEO and a director of Firm Capital American Realty Partners Corp., a publicly traded real estate company focused on investing in multi-family residential real estate in the United States. He has also previously been the CEO (and Board Trustee) of Maplewood International REIT (a publicly traded REIT focused on investing in commercial real estate in Europe); CFO of NorthWest International Healthcare Properties REIT (a publicly traded REIT focused on investing in healthcare real estate in Europe, South America, and Australasia); CFO of Whiterock REIT, a publicly traded REIT focused on investing in commercial real estate in Canada and the United States, where he was responsible for the ultimate sale of Whiterock to publicly traded Dundee REIT in 2012, for an enterprise value of $1.4 billion (at the time, the 3rd largest Canadian commercial real estate M&A transaction since 2006). Prior to the above, he had been Vice President & Director in the Real Estate Group, Investment Banking at TD Securities Inc. in Toronto, Ontario, in investment banking with Bear, Stearns & Co. Inc. in New York, US and in public accounting in Canada and Europe (Price Waterhouse in Toronto and Paris). Through his investment banking career in Canada and the United States, he was responsible for completing over $10 billion of capital raising (equity and debt) and M&A transactions for companies across numerous industries, primarily in the real estate sector.

    Mr. Harold Tan, a director of the Company since 2023, did not stand for renomination as a director in this Meeting, for personal reasons. Altai sincerely thanks him for his contributions to the Company during his directorship and wishes him well in all his future ventures.

    In the Meeting, CAN Partners LLP, Chartered Professional Accountants were appointed as Auditors of the Company.

    On October 21, 2024 and after the Meeting, the Board appointed Kursat Kacira as the Chairman and President of the Company.

    On October 21, 2024, the Company granted to each of the two new directors and a new officer, a stock option of 200,000 shares to purchase common shares of the Company at an exercise price of $0.10 per share and expiring October 19, 2029.

    ABOUT ALTAI
    Altai Resources Inc. is a resource company with a producing oil property in Alberta and an exploration gold property in Quebec.

    For further information, please contact
    Maria Au, Secretary-Treasurer
    Tel: (416) 383-1328 Fax: (416) 383-1686
    Email: info@altairesources.com Internet: http://www.altairesources.com

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: TruGolf Announces Guidance for Second Half 2024

    Source: GlobeNewswire (MIL-OSI)

    Expects Strong Revenues Driven by Franchising and New Products

    Will Issue Q3 Results in First Half of November

    Salt Lake City, Utah, Oct. 22, 2024 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its financial outlook for the balance of 2024. The Company expects to report strong revenues for the second half of 2024 driven in part by new revenues from its franchising business, TruGolf Links, as well as by market adoption of new products launched earlier this year.

    Chief Executive Officer and Director Chris Jones said, “We have seen strong lift in interest, leads, and closes in Q2 and Q3 which has us excited for the dynamic growth ahead of TruGolf. The launch of our franchise concept has been very well received in the market and we expect it to continue growing in the years ahead. Additionally, our recently launched hardware and software products are finding broad market acceptance as a leading provider of golf simulator equipment. The combination of franchising and growing product sales should lead to strong revenues in the second half of 2024.”

    Outlook:

    • Total sales are expected to grow by 8%-12% by the end of 2024 as compared to 2023 levels.
    • EBITDA for the second half should be greater than $500,000 showing a return to profitability.

    Mr. Jones continued, “We are proud of our team for their hard work in the transition to becoming a public company. In addition we added both an interim Comptroller and additional outside accounting staff to reinforce the team in order to ensure timely monthly closings, audits and filing. As a result, we expect to report our third quarter results in the first half of November, 2024.”

    Disclaimer on Forward Looking Statements

    This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company’s forecasts for total sales and EBITDA discussed above. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company’s S-1 filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.

    About TruGolf, Inc.:

    Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf’s mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology – because TruGolf believes Golf is for Everyone. TruGolf’s team has built award-winning video games (“Links”), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf’s beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

    Contact:
    TruGolf Inc.
    Brenner Adams, Chief Growth Officer
    801-298-1997
    trug@trugolf.com

    The MIL Network –

  • MIL-OSI: Mount Logan Capital Inc. Schedules Release of Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (CBOE: MLC) (“Mount Logan” or the “Company”) will release its financial results for the third quarter ended September 30, 2024 after market close on Thursday, November 7, 2024. The Company will host a conference call on Tuesday, November 12, 2024, at 12:00 p.m. Eastern Time to discuss these results. Shareholders, prospective shareholders, and analysts are welcome to listen to the conference call. To join the call, please use the dial-in information below. A recording of the conference call will be available on Mount Logan’s website http://www.mountlogancapital.ca in the Investor Relations section under “Events”.

    Canada Dial-in Toll Free: 1-833-950-0062
    US Dial-in Toll Free: 1-833-470-1428
    International Dial-in:
    Access Code: 672430

    About Mount Logan Capital Inc.
    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly-owned subsidiaries Mount Logan Management LLC and Ability Insurance Company (“Ability”), respectively. The Company also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is unique in the insurance industry in that its long-term care portfolio’s morbidity risk has been largely re-insured to third parties, and Ability is no longer insuring or re-insuring new long-term care risk.

    This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933, as amended, and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

    Contacts:
    Mount Logan Capital Inc.
    365 Bay Street, Suite 800
    Toronto, ON M5H 2V1
    info@mountlogancapital.ca

    Nikita Klassen
    Chief Financial Officer
    Nikita.Klassen@mountlogancapital.ca

    The MIL Network –

  • MIL-OSI: Pulse Seismic Inc. Reports Q3 2024 Results and Approves Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 22, 2024 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and nine months ended September 30, 2024. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR (http://www.sedar.com) and will be available on Pulse’s website at http://www.pulseseismic.com.

    Today, Pulse’s Board of Directors approved a regular quarterly dividend of $0.015 per common share. The total dividend will be approximately $764,000 based on Pulse’s 50,904,663 common shares outstanding as of October 22, 2024, and will be paid on November 28, 2024, to shareholders of record on November 14, 2024. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “While Pulse’s third quarter sales were not as robust as in 2023, it is common in our business to have significant variances between quarterly and annual results, which is why we focus on keeping costs low and maintaining a strong balance sheet,” stated Neal Coleman, Pulse’s President and CEO. “Already in October, we have completed another $2.7 million in sales, bringing year to date total revenue to $20.5 million,” Coleman continued. “We have consistently generated positive quarterly free cashflow and remain committed to providing a significant return of capital to shareholders. Pulse has declared $0.10875 per share in dividends up to today and bought back nearly 1.7 million shares under the NCIB in the first three quarters of the year. Total capital returned to shareholders is approximately 92% of the shareholder free cashflow generated as of September 30, 2024,” he concluded.

    HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

    • A regular quarterly dividend of $0.015 per share and a special dividend of $0.05 per share were declared and paid in the third quarter. For the nine-month period, regular quarterly dividends totalled $0.04375 per share. Regular and special dividends declared and paid in the first three quarters of 2024 totalled $4.8 million;
    • In the nine-month period ended September 30, 2024, Pulse purchased and cancelled, through its normal course issuer bid, 3.2% of the shares outstanding at December 31, 2023, for a total of 1,686,300 common shares at a total cost of approximately $3.7 million (at an average cost of $2.17 per common share including commissions);
    • At September 30, 2024, Pulse was debt-free and held cash of $7.5 million;
    • Shareholder free cash flow(a) was $1.1 million ($0.02 per share basic and diluted) for the third quarter of 2024 compared to $2.8 million ($0.05 per share basic and diluted) for the comparable period in 2023. Shareholder free cash flow was $10.0 million ($0.19 per share basic and diluted) for the nine months ended September 30, 2024, compared to $13.9 million ($0.26 per share basic and diluted) for the nine months ended September 30, 2023;
    • EBITDA(a) was $1.1 million ($0.02 per share basic and diluted) for the three months ended September 30, 2024, compared to $3.3 million ($0.06 per share basic and diluted) for the three months ended September 30, 2023. EBITDA was $11.7 million ($0.23 per share basic and diluted) for the nine months ended September 30, 2024, compared to $16.8 million ($0.32 per share basic and diluted) for the nine months ended September 30, 2023;
    • For the three months ended September 30, 2024, there was a net loss of $1.4 million ($0.03 per share basic and diluted) compared to net earnings of $393,000 ($0.01 per share basic and diluted) for the three months ended September 30, 2023. Net earnings for the nine months ended September 30, 2024, was $2.6 million ($0.05 per share basic and diluted) compared to net earnings of $6.7 million ($0.13 per share basic and diluted) for the nine months ended September 30, 2023; and
    • Total revenue was $2.7 million for the three months ended September 30, 2024, compared to $5.1 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, total revenue was $17.8 million compared to $22.3 million for the nine months ended September 30, 2023.
     
    SELECTED FINANCIAL AND
    OPERATING INFORMATION    		          
               
               
    (Thousands of dollars except per share data, Three months ended
    September 30,    		 Nine months ended
    September 30,    		 Year ended
    numbers of shares and kilometres of seismic data) 2024 2023 2024 2023 December 31,
      (Unaudited) (Unaudited) 2023
    Revenue        
    Data library sales 2,726 5,103 17,803 22,266 39,127
               
    Amortization of seismic data library 2,278 2,273 6,827 6,833 9,103
    Net earnings (loss) (1,405) 393 2,617 6,700 15,007
    Per share basic and diluted (0.03) 0.01 0.05 0.13 0.28
    Cash provided by operating activities 2,665 10,564 11,860 16,524 23,524
    Per share basic and diluted 0.05 0.20 0.23 0.31 0.44
    EBITDA (a) 1,064 3,289 11,711 16,839 30,431
    Per share basic and diluted (a) 0.02 0.06 0.23 0.32 0.57
    Shareholder free cash flow (a) 1,061 2,793 9,968 13,883 24,829
    Per share basic and diluted (a) 0.02 0.05 0.19 0.26 0.47
               
    Capital expenditures          
    Seismic data – – 225 – –
    Property and equipment 45 14 45 28 28
    Total capital expenditures 45 14 270 28 28
               
    Dividends          
    Regular dividends 766 731 2,255 2,138 2,862
    Special dividends 2,548 7,992 2,548 7,992 18,519
    Total dividends 3,314 8,723 4,803 10,130 21,381
               
    Normal course issuer bid          
    Number of shares purchased and cancelled 519,500 853,158 1,686,300 945,506 1,005,006
    Cost of shares purchased and cancelled 1,245 1,670 3,653 1,830 1,943
               
    Weighted average shares outstanding          
    Basic and diluted 51,071,111 53,135,041 51,640,483 53,436,340 53,237,569
    Shares outstanding at period-end     50,935,563 52,681,363 52,621,863
               
    Seismic library          
    2D in kilometres     829,207 829,207 829,207
    3D in square kilometres     65,310 65,310 65,310
               

    FINANCIAL POSITION AND RATIO

    		          
          September 30, September 30, December 31,
    (Thousands of dollars except ratio)     2024 2023 2023
    Working capital     7,460 7,820 7,468
    Working capital ratio     3.8:1 2.3:1 1.5:1
    Cash and cash equivalents     7,414 9,821 15,948
    Total assets     22,374 34,727 41,249
    Trailing 12-month (TTM) EBITDA (b)     25,303 17,306 30,431
    Shareholders’ equity     19,351 28,225 25,655
               

    (a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available to invest in growing the Company’s seismic data library, pay interest and principal on long-term debt when applicable, purchase its common shares, pay taxes and the payment of dividends. EBITDA is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. Shareholder free cash flow further refines the calculation by adding back non-cash expenses and deducting net financing costs and current income tax expense from EBITDA. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    So far in 2024, there have been a variety of factors influencing industry conditions which impact Pulse’s revenue generation. While land sales in Alberta at September 30, 2024 were approximately $300 million, down slightly from the $318 million for the same period in 2023, they remain significantly higher than in recent years going back to 2014. There are several notable infrastructure improvements which will lead to increased offtake capacity for Canadian oil and gas, such as the recent completion of the TMX pipeline expansion and the 2025 forecast completion of LNG Canada’s natural gas export facility. 2024 has also brought improvements in oil prices and an expectation by some for increasing natural gas prices in 2025. These positives, are offset by the factors that create uncertainty for the future, including economic, political, and environmental concerns. Pulse, as always, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at http://www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >   The outlook of the Company for the year ahead, including future operating costs and expected revenues;
    >   Recent events on the political, economic, regulatory, public health and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
    >   The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2024;
    >   Pulse’s capital allocation strategy;
    >   Pulse’s dividend policy;
    >   Oil and natural gas prices and forecast trends;
    >   Oil and natural gas drilling activity and land sales activity;
    >   Oil and natural gas company capital budgets;
    >   Future demand for seismic data;
    >   Future seismic data sales;
    >   Pulse’s business and growth strategy; and
    >   Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.
     

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information. These factors include, but are not limited to:

    >   Uncertainty of the timing and volume of data sales;
    >   Volatility of oil and natural gas prices;
    >   Risks associated with the oil and natural gas industry in general;
    >   The Company’s ability to access external sources of debt and equity capital;
    >   Credit, liquidity and commodity price risks;
    >   The demand for seismic data and;
    >   The pricing of data library licence sales;
    >   Cybersecurity;
    >   Relicensing (change-of-control) fees and partner copy sales;
    >   Environmental, health and safety risks;
    >   Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
    >   Competition;
    >   Dependence on key management, operations and marketing personnel;
    >   The loss of seismic data;
    >   Protection of intellectual property rights;
    >   The introduction of new products; and
    >   Climate change.
     

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR at www.sedar.com.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/684389a6-5b96-4478-ba47-39eb0d1160a8

    The MIL Network –

  • MIL-OSI: Form 8.3 – TRINITY EXPLORATION & PRODUCTION PLC

    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: VELAY FINANCIAL SERVICES LTD
    (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.    		 Not applicable
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 TRINITY EXPLORATION & PRODUCTION PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: Not applicable
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 21/10/2024
    (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:        
    (2)   Cash-settled derivatives: 900 000 2.31    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 900 000 2.31    

    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
           

    (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
    1p ordinary Swap Increasing long position 25 000 0.66066 GBP

    (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
                   

    (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)
           

    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: 22/10/2024
    Contact name: Arnaud STEPHANN
    Telephone number*: 00 41 22 707 42 70

    Additional dealing in this security:

    DATE Buy/Sell QTY Price
           
           

    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.

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

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

    The MIL Network –

  • MIL-OSI: Capital City Bank Group, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Oct. 22, 2024 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.78 per diluted share, for the third quarter of 2024 compared to $14.2 million, or $0.83 per diluted share, for the second quarter of 2024, and $12.7 million, or $0.74 per diluted share, for the third quarter of 2023.

    QUARTER HIGHLIGHTS (3rdQuarter 2024 versus 2ndQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $40.3 million compared to $39.3 million for the prior quarter
      • Net interest margin increased 10 basis points to 4.12% (earning asset yield up 7 basis points and total deposit cost down 3 basis points to 92 basis points)
    • Stable credit quality metrics and credit loss provision – net loan charge-offs were 19 basis points (annualized) of average loans – allowance coverage ratio increased to 1.11% at September 30, 2024
    • Noninterest income remained stable, decreasing $0.1 million, or 0.5%, and reflected a $0.4 million decline in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees
    • Noninterest expense increased $2.5 million, or 6.1%, due to increases in compensation (annual merit and health care) and other expenses (professional and processing). Other expense also included a $0.5 million expense related to a counterparty payment for our VISA Class B share swap

    Balance Sheet

    • Loan balances decreased $33.2 million, or 1.2% (average), and declined $7.1 million, or 0.3% (end of period)
    • Deposit balances decreased by $69.0 million, or 1.9% (average), and decreased $29.5 million, or 0.8% (end of period), reflecting the seasonal decline in our public fund balances
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.91, or 4.2%

    Commenting on the company’s results, William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO, said, “I am pleased with what we accomplished in the quarter to enhance shareowner value – 4.2% growth in tangible book value per share and a 9.5% increase in the dividend. Earnings for the quarter remained stable driven by margin expansion, stable credit, and core deposit growth. Looking ahead, I remain optimistic about our full year financial performance and beyond, driven by our balance sheet flexibility, revenue diversification, and focus on continuous improvement.”      

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the third quarter of 2024 totaled $40.2 million, compared to $39.3 million for the second quarter of 2024, and $39.3 million for the third quarter of 2023. Compared to the second quarter of 2024, the increase was primarily due to increases in loan and investment interest income and a decrease in deposit interest expense, partially offset by a decrease in overnight funds interest income. One additional calendar day also contributed to the increase. Favorable repricing of existing adjustable/fixed rate loans at higher rates drove the increase in loan interest income. The increase in investment interest income was due to the reinvestment of maturing securities at higher rates. The decrease in deposit interest expense was attributable to lower average NOW account balances and average rate, in addition to lower rates on promotional deposit products.

    Compared to the third quarter of 2023, the $0.9 million increase was primarily driven by an increase in loan interest income and to a lesser extent overnight funds interest income, partially offset by an increase in deposit interest expense. For the first nine months of 2024, tax-equivalent net interest income totaled $118.0 million compared to $120.1 million for the same period of 2023 with the decrease primarily attributable to an increase in deposit interest expense and a decrease in investment interest income, partially offset by an increase in loan interest income.

    Our net interest margin for the third quarter of 2024 was 4.12%, an increase of 10 basis points over the second quarter of 2024 and an increase of nine basis points over the third quarter of 2023. For the month of September 2024, our net interest margin was 4.16%. For the first nine months of 2024, our net interest margin was 4.05% compared to 4.04% for the same period of 2023. The increase over the second quarter of 2024 reflected favorable loan and investment repricing, partially offset by a lower overnight funds rate. The increase over both prior year periods reflected higher loan rates partially offset by a higher cost of deposits. For the third quarter of 2024, our cost of funds was 93 basis points, a decrease of four basis points from the second quarter of 2024 and an increase of 27 basis points over the third quarter of 2023. Our cost of deposits (including noninterest bearing accounts) was 92 basis points, 95 basis points, and 58 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $1.2 million for the third quarter of 2024, comparable to the second quarter of 2024 and a $1.2 million decrease from the third quarter of 2023. The provision expense for the third quarter of 2024 reflected a $0.7 million increase in the provision for loans held for investment (“HFI”), a $0.6 million provision benefit for unfunded loan commitments, and a $0.1 million provision benefit for debt securities. The increase in the provision for loans HFI was primarily due to loan grade migration and slightly higher loss rates partially offset by lower loan balances. A lower level of commitments drove the provision benefit for unfunded loan commitments. For the first nine months of 2024, we recorded a provision expense for credit losses of $3.3 million compared to $7.7 million for the same period of 2023 with the decrease driven primarily by lower new loan volume in 2024. We discuss the allowance for credit losses further below.

    Noninterest Income and Noninterest Expense

    Noninterest income for the third quarter of 2024 totaled $19.5 million compared to $19.6 million for the second quarter of 2024 and $16.7 million for the third quarter of 2023. The slight decrease from the second quarter of 2024 reflected a $0.4 million decrease in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees. Compared to the third quarter of 2023, the $2.8 million increase was primarily attributable to a $2.1 million increase in mortgage banking revenues driven by a higher gain on sale margin, and a $0.8 million increase in wealth management fees.

    For the first nine months of 2024, noninterest income totaled $57.2 million compared to $54.5 million for the same period of 2023, primarily attributable to a $3.2 million increase in mortgage banking revenues and a $1.8 million increase in wealth management fees, partially offset by a $2.1 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in the second quarter of 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

    Noninterest expense for the third quarter of 2024 totaled $42.9 million compared to $40.4 million for the second quarter of 2024 and $39.1 million for the third quarter of 2023. The $2.5 million increase over the second quarter of 2024 was primarily due to a $1.4 million increase in compensation and a $1.0 million increase in other expense. The increase in compensation reflected higher salary expense of $0.9 million and associate benefit expense of $0.5 million. The increase in salary expense was driven by annual merit adjustments, and the increase in other associate benefit expense was primarily attributable to higher health insurance cost, and to a lesser extent higher stock-based compensation expense. The increase in other expense was primarily due to a $0.5 million increase in professional fees, processing fees of $0.3 million, and higher miscellaneous expense which included a $0.5 million payment to the counterparty for our VISA Class B share swap due to revision to the share conversion rate related to additional funding by VISA of the merchant litigation reserve. Compared to the third quarter of 2023, the $3.8 million increase was primarily attributable to a $2.8 million increase in compensation expense and a $0.9 million increase in other expense. The unfavorable variance in compensation expense reflected higher salary expense of $2.2 million and associate benefit expense of $0.6 million, with the salary variance driven by merit adjustments and the associate benefit expense variance reflective of higher health insurance cost. Further, salary expense was unfavorably impacted by lower realized loan cost (credit offset to salary expense) of $1.0 million which reflected lower loan volume in 2024. The increase in other expense was attributable to a $0.6 million increase in professional fees and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in the third quarter of 2024.  

    For the first nine months of 2024, noninterest expense totaled $123.5 million compared to $117.1 million for the same period of 2023 with the $6.4 million increase primarily attributable to increases in compensation expense of $4.6 million, occupancy expense of $0.5 million, and other expense of $1.3 million. The increase in compensation expense reflected a $3.9 million increase in salary expense and a $0.7 million increase in associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $2.9 million (lower new loan volume) and higher base salary expense of $1.9 million (primarily annual merit raises), partially offset by lower commission expense of $1.3 million (lower residential mortgage volume). The increase in occupancy was primarily attributable to an increase in maintenance agreement expense (security upgrades and addition of interactive teller machines). The increase in other expense reflected a $1.8 million gain from the sale of a banking office in the first quarter of 2023 and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in 2024, that was partially offset by lower pension plan expense (service cost) of $1.0 million.         

    Income Taxes

    We realized income tax expense of $3.0 million (effective rate of 19.1%) for the third quarter of 2024 compared to $3.2 million (effective rate of 18.5%) for the second quarter of 2024 and $3.0 million (effective rate of 20.7%) for the third quarter of 2023. For the first nine months of 2024, we realized income tax expense of $9.7 million (effective rate of 20.1%) compared to $10.1 million (effective rate of 20.5%) for the same period of 2023. The decrease in our effective tax rate from both prior year periods was primarily due to a higher level of tax benefit accrued from investments in solar tax credit equity funds. Absent discrete items, we expect our annual effective tax rate to approximate 20-21% for 2024.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.883 billion for the third quarter of 2024, a decrease of $51.9 million, or 1.3%, from the second quarter of 2024, and an increase of $59.4 million, or 1.6%, over the fourth quarter of 2023. The change for both prior periods was driven by variances in deposit balances (see below – Deposits). Compared to the second quarter of 2024, the change in the earning asset mix reflected a $33.2 million decrease in loans HFI, a $11.4 million decline in investment securities, and a $5.6 million decrease increase in overnight funds sold. Compared to the fourth quarter of 2023, the change in the earning asset mix reflected a $157.1 million increase in overnight funds that was partially offset by a $17.7 million decrease in loans HFI, a $54.7 million decrease in investment securities and a $25.2 million decline in loans held for sale.

    Average loans HFI decreased $33.2 million, or 1.2%, from the second quarter of 2024 and decreased $17.7 million, or 0.7%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was driven by a $19.4 million decrease in consumer loans (primarily indirect auto), commercial loans of $13.2 million, and commercial real estate loans of $7.7 million, partially offset by a $7.4 million increase in residential real estate loans. Compared to the fourth quarter of 2023, the decrease was primarily attributable to a $54.5 million decrease in consumer loans (primarily indirect auto) and commercial loans of $24.2 million (primarily tax-exempt loans) that was partially offset by a $59.2 million increase in residential real estate loans.

    Period end loans HFI decreased $7.1 million, or 0.3%, from the second quarter of 2024 and decreased $50.8 million, or 1.9%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decline reflected a $20.9 million decrease in consumer loans (primarily indirect auto), a $10.4 million decrease in commercial loans, and a $3.2 million decline in commercial real estate loans, partially offset by a $10.9 million increase in residential real estate loans and a $18.1 million increase in construction loans. The decrease from the fourth quarter of 2023 was primarily attributable to a $57.7 million decrease in consumer loans (primarily indirect auto), a $30.6 million decline in commercial loans, and a $5.5 million decrease in commercial real estate loans, partially offset by a $22.2 million increase in residential real estate loans and a $22.8 million increase in construction real estate loans.     

    Allowance for Credit Losses

    At September 30, 2024, the allowance for credit losses for loans HFI totaled $29.8 million compared to $29.2 million at June 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The increase in the allowance over June 30, 2024 was primarily attributable to slightly higher forecasted unemployment rate utilized in calculating loan loss rates and loan grade migration (see above – Provision for Credit Losses). Net loan charge-offs were 19 basis points of average loans for the third quarter of 2024 versus 18 basis points for the second quarter of 2024. At September 30, 2024, the allowance represented 1.11% of loans HFI compared to 1.09% at June 30, 2024, and 1.10% at December 31, 2023.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $7.2 million at September 30, 2024 compared to $6.2 million at June 30, 2024 and $6.2 million at December 31, 2023. At September 30, 2024, nonperforming assets as a percent of total assets equaled 0.17%, compared to 0.15% at June 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.6 million at September 30, 2024, a $1.1 million increase over June 30, 2024 and a $0.3 million increase over December 31, 2023. Further, classified loans totaled $25.5 million at September 30, 2024, a $0.1 million decrease from June 30, 2024 and a $3.3 million increase over December 31, 2023.

    Deposits

    Average total deposits were $3.572 billion for the third quarter of 2024, a decrease of $69.0 million, or 1.9%, from the second quarter of 2024 and an increase of $23.5 million, or 0.7%, over the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was primarily attributable to lower NOW account balances primarily due to the seasonal decline in our public fund balances. The increase over the fourth quarter of 2023 reflected growth in both money market and certificate of deposit balances which reflected a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

    At September 30, 2024, total deposits were $3.579 billion, a decrease of $29.5 million, or 0.8%, from June 30, 2024, and a decrease of $122.7 million, or 3.3%, from December 31, 2023. The decrease from June 30, 2024 was primarily due to lower noninterest bearing, money market, and savings account balances. The decrease from December 31, 2023 was primarily due to lower NOW account balances, primarily due to the seasonal decline in our public funds, partially offset by higher money market and certificate of deposit balances from both new and existing clients. Total public funds balances were $516.2 million at September 30, 2024, $575.0 million at June 30, 2024, and $709.8 million at December 31, 2023.

    Liquidity

    The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $256.9 million in the third quarter of 2024 compared to $262.4 million in the second quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease reflected lower average deposits (primarily seasonal public funds) that was substantially offset by a decline in average loans. Compared to the fourth quarter of 2023, the increase was primarily driven by higher average deposits and lower average investments.       

    At September 30, 2024, we had the ability to generate approximately $1.522 billion (excludes overnight funds position of $262 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

    We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At September 30, 2024, the weighted-average maturity and duration of our portfolio were 2.51 years and 2.17 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.5 million.    

    Capital

    Shareowners’ equity was $476.5 million at September 30, 2024 compared to $461.0 million at June 30, 2024 and $440.6 million at December 31, 2023. For the first nine months of 2024, shareowners’ equity was positively impacted by net income attributable to shareowners of $39.8 million, a $8.7 million decrease in the net unrealized loss on available for sale securities, net adjustments totaling $0.9 million related to transactions under our stock compensation plans, and stock compensation accretion of $1.1 million. Shareowners’ equity was reduced by a common stock dividend of $11.0 million ($0.65 per share), the repurchase of common stock of $2.3 million (82,540 shares), a $0.6 million increase in the fair value of the interest rate swap related to subordinated debt, and a $0.7 million reclassification to temporary equity.

    At September 30, 2024, our total risk-based capital ratio was 17.97% compared to 17.50% at June 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 14.88%, 14.44%, and 13.52%, respectively, on these dates. Our leverage ratio was 10.89%, 10.51%, and 10.30%, respectively, on these dates. At September 30, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.28% at September 30, 2024 compared to 8.91% and 8.26% at June 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $12.9 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.00%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.2 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit http://www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows; any deficiencies in the processes undertaken to effect these restatements and to identify and correct all errors in our historical financial statements that may require restatement; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    Shareowners’ Equity (GAAP)     $ 476,499   $ 460,999   $ 448,314   $ 440,625   $ 419,706  
    Less: Goodwill and Other Intangibles (GAAP)       92,813     92,853     92,893     92,933     92,973  
    Tangible Shareowners’ Equity (non-GAAP) A     383,686     368,146     355,421     347,692     326,733  
    Total Assets (GAAP)       4,225,316     4,225,695     4,259,922     4,304,477     4,138,287  
    Less: Goodwill and Other Intangibles (GAAP)       92,813     92,853     92,893     92,933     92,973  
    Tangible Assets (non-GAAP) B   $ 4,132,503   $ 4,132,842   $ 4,167,029   $ 4,211,544   $ 4,045,314  
    Tangible Common Equity Ratio (non-GAAP) A/B     9.28%     8.91%     8.53%     8.26%     8.08%  
    Actual Diluted Shares Outstanding (GAAP) C     16,980,686     16,970,228     16,947,204     17,000,758     16,997,886  
    Tangible Book Value per Diluted Share (non-GAAP) A/C   $ 22.60   $ 21.69   $ 20.97   $ 20.45   $ 19.22  
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Nine Months Ended  
    (Dollars in thousands, except per share data)   Sep 30, 2024   Jun 30, 2024   Sep 30, 2023   Sep 30, 2024   Sep 30, 2023  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 13,118 $ 14,150 $ 12,655 $ 39,825 $ 40,539  
    Diluted Net Income Per Share $ 0.78 $ 0.83 $ 0.74 $ 2.35 $ 2.38  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.24 % 1.33 % 1.19 % 1.26 % 1.26 %
    Return on Average Equity (annualized)   10.87   12.23   11.74   11.39   13.00  
    Net Interest Margin   4.12   4.02   4.03   4.05   4.04  
    Noninterest Income as % of Operating Revenue   32.67   33.30   29.87   32.69   31.25  
    Efficiency Ratio   71.81 % 68.61 % 69.88 % 70.49 % 67.07 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   16.77 % 16.31 % 15.11 % 16.77 % 15.11 %
    Total Capital   17.97   17.50   16.30   17.97   16.30  
    Leverage   10.89   10.51   9.98   10.89   9.98  
    Common Equity Tier 1   14.88   14.44   13.26   14.88   13.26  
    Tangible Common Equity (1)   9.28   8.91   8.08   9.28   8.08  
    Equity to Assets   11.28 % 10.91 % 10.14 % 11.28 % 10.14 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   452.64 % 529.79 % 619.58 % 452.64 % 619.58 %
    Allowance as a % of Loans HFI   1.11   1.09   1.08   1.11   1.08  
    Net Charge-Offs as % of Average Loans HFI   0.19   0.18   0.17   0.20   0.16  
    Nonperforming Assets as % of Loans HFI and OREO   0.27   0.23   0.17   0.27   0.17  
    Nonperforming Assets as % of Total Assets   0.17 % 0.15 % 0.11 % 0.17 % 0.11 %
    STOCK PERFORMANCE                      
    High $ 36.67 $ 28.58 $ 33.44 $ 36.67 $ 36.86  
    Low   26.72   25.45   28.64   25.45   28.03  
    Close $ 35.29 $ 28.44 $ 29.83 $ 35.29 $ 29.83  
    Average Daily Trading Volume   37,151   29,861   26,774   32,720   33,936  
                           
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
    reconciliation to GAAP, refer to Page 6.    
                           
    CAPITAL CITY BANK GROUP, INC.          
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
    Unaudited          
                         
      2024     2023  
    (Dollars in thousands) Third Quarter   Second Quarter   First Quarter   Fourth Quarter   Third Quarter
    ASSETS                    
    Cash and Due From Banks $ 83,431   $ 75,304   $ 73,642   $ 83,118   $ 72,379  
    Funds Sold and Interest Bearing Deposits   261,779     272,675     231,047     228,949     95,119  
    Total Cash and Cash Equivalents   345,210     347,979     304,689     312,067     167,498  
                         
    Investment Securities Available for Sale   336,187     310,941     327,338     337,902     334,052  
    Investment Securities Held to Maturity   561,480     582,984     603,386     625,022     632,076  
    Other Equity Securities   6,976     2,537     3,445     3,450     3,585  
    Total Investment Securities   904,643     896,462     934,169     966,374     969,713  
                         
    Loans Held for Sale   31,251     24,022     24,705     28,211     34,013  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   194,625     204,990     218,298     225,190     221,704  
    Real Estate – Construction   218,899     200,754     202,692     196,091     197,526  
    Real Estate – Commercial   819,955     823,122     823,690     825,456     828,234  
    Real Estate – Residential   1,023,485     1,012,541     1,012,791     1,001,257     966,512  
    Real Estate – Home Equity   210,988     211,126     214,617     210,920     203,606  
    Consumer   213,305     234,212     254,168     270,994     285,122  
    Other Loans   461     2,286     3,789     2,962     1,401  
    Overdrafts   1,378     1,192     1,127     1,048     1,076  
    Total Loans Held for Investment   2,683,096     2,690,223     2,731,172     2,733,918     2,705,181  
    Allowance for Credit Losses   (29,836 )   (29,219 )   (29,329 )   (29,941 )   (29,083 )
    Loans Held for Investment, Net   2,653,260     2,661,004     2,701,843     2,703,977     2,676,098  
                         
    Premises and Equipment, Net   81,876     81,414     81,452     81,266     81,677  
    Goodwill and Other Intangibles   92,813     92,853     92,893     92,933     92,973  
    Other Real Estate Owned   650     650     1     1     1  
    Other Assets   115,613     121,311     120,170     119,648     116,314  
    Total Other Assets   290,952     296,228     294,516     293,848     290,965  
    Total Assets $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477   $ 4,138,287  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,330,715   $ 1,343,606   $ 1,361,939   $ 1,377,934   $ 1,472,165  
    NOW Accounts   1,174,585     1,177,180     1,212,452     1,327,420     1,092,996  
    Money Market Accounts   401,272     413,594     398,308     319,319     304,323  
    Savings Accounts   507,604     514,560     530,782     547,634     571,003  
    Certificates of Deposit   164,901     159,624     151,320     129,515     99,958  
    Total Deposits   3,579,077     3,608,564     3,654,801     3,701,822     3,540,445  
                         
    Repurchase Agreements   29,339     22,463     23,477     26,957     22,910  
    Other Short-Term Borrowings   7,929     3,307     8,409     8,384     18,786  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     1,009     265     315     364  
    Other Liabilities   71,974     69,987     65,181     66,080     75,585  
    Total Liabilities   3,742,000     3,758,217     3,805,020     3,856,445     3,710,977  
                         
    Temporary Equity   6,817     6,479     6,588     7,407     7,604  
    SHAREOWNERS’ EQUITY                    
    Common Stock   169     169     169     170     170  
    Additional Paid-In Capital   36,070     35,547     34,861     36,326     36,182  
    Retained Earnings   454,342     445,959     435,364     426,275     418,030  
    Accumulated Other Comprehensive Loss, Net of Tax   (14,082 )   (20,676 )   (22,080 )   (22,146 )   (34,676 )
    Total Shareowners’ Equity   476,499     460,999     448,314     440,625     419,706  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477   $ 4,138,287  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 3,880,769   $ 3,883,382   $ 3,921,093   $ 3,957,452   $ 3,804,026  
    Interest Bearing Liabilities   2,339,311     2,344,624     2,377,900     2,412,431     2,163,227  
    Book Value Per Diluted Share $ 28.06   $ 27.17   $ 26.45   $ 25.92   $ 24.69  
    Tangible Book Value Per Diluted Share(1)   22.60     21.69     20.97     20.45     19.22  
    Actual Basic Shares Outstanding   16,944     16,942     16,929     16,950     16,958  
    Actual Diluted Shares Outstanding   16,981     16,970     16,947     17,001     16,998  
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 6.
     
    CAPITAL CITY BANK GROUP, INC.              
    CONSOLIDATED STATEMENT OF OPERATIONS           
    Unaudited              
                                 
        2024   2023   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   2024   2023
    INTEREST INCOME                            
    Loans, including Fees $ 41,659 $ 41,138 $ 40,683 $ 40,407 $ 39,344 $ 123,480 $ 111,845
    Investment Securities   4,155   4,004   4,244   4,392   4,561   12,403   14,300
    Federal Funds Sold and Interest Bearing Deposits   3,514   3,624   1,893   1,385   1,848   9,031   8,741
    Total Interest Income   49,328   48,766   46,820   46,184   45,753   144,914   134,886
    INTEREST EXPENSE                            
    Deposits   8,223   8,579   7,594   5,872   5,214   24,396   11,710
    Repurchase Agreements   221   217   201   199   190   639   314
    Other Short-Term Borrowings   52   68   39   310   440   159   1,228
    Subordinated Notes Payable   610   630   628   627   625   1,868   1,800
    Other Long-Term Borrowings   11   3   3   5   4   17   15
    Total Interest Expense   9,117   9,497   8,465   7,013   6,473   27,079   15,067
    Net Interest Income   40,211   39,269   38,355   39,171   39,280   117,835   119,819
    Provision for Credit Losses   1,206   1,204   920   2,025   2,393   3,330   7,689
    Net Interest Income after Provision for Credit Losses   39,005   38,065   37,435   37,146   36,887   114,505   112,130
    NONINTEREST INCOME                            
    Deposit Fees   5,512   5,377   5,250   5,304   5,456   16,139   16,021
    Bank Card Fees   3,624   3,766   3,620   3,713   3,684   11,010   11,205
    Wealth Management Fees   4,770   4,439   4,682   4,276   3,984   13,891   12,061
    Mortgage Banking Revenues   3,966   4,381   2,878   2,327   1,839   11,225   8,072
    Other   1,641   1,643   1,667   1,537   1,765   4,951   7,093
    Total Noninterest Income   19,513   19,606   18,097   17,157   16,728   57,216   54,452
    NONINTEREST EXPENSE                            
    Compensation   25,800   24,406   24,407   23,822   23,003   74,613   69,965
    Occupancy, Net   7,098   6,997   6,994   7,098   6,980   21,089   20,562
    Other   10,023   9,038   8,770   9,038   9,122   27,831   26,539
    Total Noninterest Expense   42,921   40,441   40,171   39,958   39,105   123,533   117,066
    OPERATING PROFIT   15,597   17,230   15,361   14,345   14,510   48,188   49,516
    Income Tax Expense   2,980   3,189   3,536   2,909   3,004   9,705   10,130
    Net Income   12,617   14,041   11,825   11,436   11,506   38,483   39,386
    Pre-Tax Loss Attributable to Noncontrolling Interest   501   109   732   284   1,149   1,342   1,153
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 13,118 $ 14,150 $ 12,557 $ 11,720 $ 12,655 $ 39,825 $ 40,539
    PER COMMON SHARE                            
    Basic Net Income $ 0.77 $ 0.84 $ 0.74 $ 0.69 $ 0.75 $ 2.35 $ 2.38
    Diluted Net Income   0.78   0.83   0.74   0.70   0.74   2.35   2.38
    Cash Dividend $ 0.23 $ 0.21 $ 0.21 $ 0.20 $ 0.20 $ 0.65 $ 0.56
    AVERAGE SHARES                            
    Basic   16,943   16,931   16,951   16,947   16,985   16,942   17,001
    Diluted   16,979   16,960   16,969   16,997   17,025   16,966   17,031
     
    CAPITAL CITY BANK GROUP, INC.              
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)
    AND CREDIT QUALITY              
    Unaudited              
                                 
        2024     2023     Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   2024     2023
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 28,243   $ 29,941   $ 25,068
    Transfer from Other (Assets) Liabilities   –     –     (50 )   66     –     (50 )   –
    Provision for Credit Losses   1,879     1,129     932     2,354     1,993     3,940     7,175
    Net Charge-Offs (Recoveries)   1,262     1,239     1,494     1,562     1,153     3,995     3,160
    Balance at End of Period $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 29,836   $ 29,083
    As a % of Loans HFI   1.11%     1.09%     1.07%     1.10%     1.08%     1.11%     1.08%
    As a % of Nonperforming Loans   452.64%     529.79%     431.46%     479.70%     619.58%     452.64%     619.58%
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   3,139   $ 3,121   $ 3,191   $ 3,502   $ 3,120   $ 3,191   $ 2,989
    Provision for Credit Losses   (617 )   18     (70 )   (311 )   382     (669 )   513
    Balance at End of Period(1)   2,522     3,139     3,121     3,191     3,502     2,522     3,502
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (56 ) $ 57   $ 58   $ (18 ) $ 18   $ 59   $ 1
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 331   $ 400   $ 282   $ 217   $ 76   $ 1,013   $ 294
    Real Estate – Construction   –     –     –     –     –     –     –
    Real Estate – Commercial   3     –     –     –     –     3     120
    Real Estate – Residential   –     –     17     79     –     17     –
    Real Estate – Home Equity   23     –     76     –     –     99     39
    Consumer   1,315     1,061     1,550     1,689     1,340     3,926     4,065
    Overdrafts   611     571     638     602     659     1,820     2,187
    Total Charge-Offs $ 2,283   $ 2,032   $ 2,563   $ 2,587   $ 2,075   $ 6,878   $ 6,705
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 176   $ 59   $ 41   $ 83   $ 28   $ 276   $ 194
    Real Estate – Construction   –     –     –     –     –     –     2
    Real Estate – Commercial   5     19     204     16     17     228     36
    Real Estate – Residential   88     23     37     34     30     148     219
    Real Estate – Home Equity   59     37     24     17     53     120     209
    Consumer   405     313     410     433     418     1,128     1,503
    Overdrafts   288     342     353     442     376     983     1,382
    Total Recoveries $ 1,021   $ 793   $ 1,069   $ 1,025   $ 922   $ 2,883   $ 3,545
    NET CHARGE-OFFS (RECOVERIES) $ 1,262   $ 1,239   $ 1,494   $ 1,562   $ 1,153   $ 3,995   $ 3,160
    Net Charge-Offs as a % of Average Loans HFI(2)   0.19%     0.18%     0.22%     0.23%     0.17%     0.20%     0.16%
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,592   $ 5,515   $ 6,798   $ 6,242   $ 4,694          
    Other Real Estate Owned   650     650     1     1     1          
    Total Nonperforming Assets (“NPAs”) $ 7,242   $ 6,165   $ 6,799   $ 6,243   $ 4,695          
                                 
    Past Due Loans 30-89 Days $ 9,388   $ 5,672   $ 5,392   $ 6,855   $ 5,577          
    Classified Loans   25,501     25,566     22,305     22,203     21,812          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25%     0.21%     0.25%     0.23%     0.17%          
    NPAs as a % of Loans HFI and Other Real Estate   0.27%     0.23%     0.25%     0.23%     0.17%          
    NPAs as a % of Total Assets   0.17%     0.15%     0.16%     0.15%     0.11%          
                                 
    (1)Recorded in other liabilities              
    (2)Annualized              
     
    CAPITAL CITY BANK GROUP, INC.      
    AVERAGE BALANCE AND INTEREST RATES      
    Unaudited                                                     
                                                                                                       
        Third Quarter 2024     Second Quarter 2024     First Quarter 2024     Fourth Quarter 2023     Third Quarter 2023     Sep 2024 YTD     Sep 2023 YTD  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                                                  
    Loans Held for Sale $ 24,570   $ 720   7.49 % $ 26,281   $ 517   5.26 % $ 27,314   $ 563   5.99 % $ 49,790     817   6.50 % $ 62,768   $ 971   6.14 % $ 26,050   $ 1,800   6.22 % $ 57,438   $ 2,416   5.62 %
    Loans Held for Investment(1)   2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95     2,711,243     39,679   5.81     2,672,653     38,455   5.71     2,716,220     121,864   6.02     2,637,911     109,688   5.56  
                                                                                                       
    Investment Securities                                                                                                  
    Taxable Investment Securities   907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,239   1.78     962,322     4,389   1.81     1,002,547     4,549   1.80     926,241     12,385   1.78     1,034,825     14,265   1.84  
    Tax-Exempt Investment Securities(1)   846     10   4.33     843     9   4.36     856     9   4.34     862     7   4.32     2,456     17   2.66     848     28   4.34     2,649     50   2.49  
                                                                                                       
    Total Investment Securities   908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78     963,184     4,396   1.82     1,005,003     4,566   1.81     927,089     12,413   1.78     1,037,474     14,315   1.84  
                                                                                                       
    Federal Funds Sold and Interest Bearing Deposits   256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42     99,763     1,385   5.51     136,556     1,848   5.37     220,056     9,031   5.48     237,987     8,741   4.91  
                                                                                                       
    Total Earning Assets   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %   3,823,980   $ 46,277   4.80 %   3,876,980   $ 45,840   4.69 %   3,889,415   $ 145,108   4.98 %   3,970,810   $ 135,160   4.55 %
                                                                                                       
    Cash and Due From Banks   70,994               74,803               75,763               76,681               75,941               73,843               75,483            
    Allowance for Credit Losses   (29,905 )             (29,564 )             (30,030 )             (29,998 )             (29,172 )             (29,833 )             (27,581 )          
    Other Assets   291,359               291,669               295,275               296,114               295,106               292,762               297,688            
                                                                                                       
    Total Assets $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777             $ 4,218,855             $ 4,226,187             $ 4,316,400            
                                                                                                       
    LIABILITIES:                                                                                                  
    Noninterest Bearing Deposits $ 1,332,305             $ 1,346,546             $ 1,344,188             $ 1,416,825             $ 1,474,574             $ 1,340,981             $ 1,538,268            
    NOW Accounts   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %   1,138,461   $ 3,696   1.29 %   1,125,171   $ 3,489   1.23 %   1,184,596   $ 13,009   1.47 %   1,184,453   $ 8,679   0.98 %
    Money Market Accounts   418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26     318,844     1,421   1.77     322,623     1,294   1.59     393,294     7,431   2.52     293,089     2,249   1.03  
    Savings Accounts   512,098     180   0.14     519,374     176   0.14     539,374     188   0.14     557,579     202   0.14     579,245     200   0.14     523,573     544   0.14     603,643     396   0.09  
    Time Deposits   163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69     116,797     553   1.88     95,203     231   0.96     153,991     3,412   2.96     90,970     386   0.57  
    Total Interest Bearing Deposits   2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37     2,131,681     5,872   1.09     2,122,242     5,214   0.97     2,255,454     24,396   1.44     2,172,155     11,710   0.72  
    Total Deposits   3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85     3,548,506     5,872   0.66     3,596,816     5,214   0.58     3,596,435     24,396   0.91     3,710,423     11,710   0.42  
    Repurchase Agreements   27,126     221   3.24     26,999     217   3.24     25,725     201   3.14     26,831     199   2.94     25,356     190   2.98     26,619     639   3.21     17,588     314   2.39  
    Other Short-Term Borrowings   2,673     52   7.63     6,592     68   4.16     3,758     39   4.16     16,906     310   7.29     24,306     440   7.17     4,334     159   4.88     26,586     1,228   6.17  
    Subordinated Notes Payable   52,887     610   4.52     52,887     630   4.71     52,887     628   4.70     52,887     627   4.64     52,887     625   4.62     52,887     1,868   4.64     52,887     1,800   4.49  
    Other Long-Term Borrowings   795     11   5.55     258     3   4.31     281     3   4.80     336     5   4.72     387     4   4.73     447     17   5.16     433     15   4.78  
    Total Interest Bearing Liabilities   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %   2,228,641   $ 7,013   1.25 %   2,225,178   $ 6,473   1.15 %   2,339,741   $ 27,079   1.55 %   2,269,649   $ 15,067   0.89 %
                                                                                                       
    Other Liabilities   73,767               72,634               68,295               78,772               83,099               71,574               82,877            
                                                                                                       
    Total Liabilities   3,729,282               3,800,398               3,727,459               3,724,238               3,782,851               3,752,296               3,890,794            
    Temporary Equity   6,443               6,493               7,150               7,423               8,424               6,694               8,719            
                                                                                                       
    SHAREOWNERS’ EQUITY:   480,137               465,297               456,014               435,116               427,580               467,197               416,887            
                                                                                                       
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777             $ 4,218,855             $ 4,226,187             $ 4,316,400            
                                                                                                       
    Interest Rate Spread     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %     $ 39,264   3.55 %     $ 39,367   3.54 %     $ 118,029   3.43 %     $ 120,093   3.66 %
                                                                                                       
    Interest Income and Rate Earned(1)       49,377   5.06         48,831   4.99         46,900   4.90         46,277   4.80         45,840   4.69         145,108   4.98         135,160   4.55  
    Interest Expense and Rate Paid(2)       9,117   0.93         9,497   0.97         8,465   0.88         7,013   0.73         6,473   0.66         27,079   0.93         15,067   0.51  
                                                                                                       
    Net Interest Margin     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %     $ 39,264   4.07 %     $ 39,367   4.03 %     $ 118,029   4.05 %     $ 120,093   4.04 %
                                                                                                       
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                    
    (2)Rate calculated based on average earning assets.      
     

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    The MIL Network –

  • MIL-OSI: Dime Community Bancshares, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Acceleration in Core Deposit Growth Drives Increase in Quarterly Net Interest Margin to 2.50%

    Balance Sheet Well Positioned to Benefit From Federal Reserve Rate Cuts

    HAUPPAUGE, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $11.5 million for the quarter ended September 30, 2024, or $0.29 per diluted common share, compared to $16.7 million, or $0.43 per diluted common share, for the quarter ended June 30, 2024, and $13.2 million, or $0.34 per diluted common share for the quarter ended September 30, 2023.

    Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Strong growth in low-cost core deposits drove a significant linked quarter expansion in the Net Interest Margin. Importantly, following the recent 50 basis point reduction in the Federal Funds rate, we lowered deposit costs and expect to benefit from these actions in the fourth quarter and beyond. Since the Federal Reserve rate cut in mid-September, the spread between the weighted average rate on loans and core deposits has improved by approximately 15 basis points. We anticipate the full quarter impact of this spread improvement to drive continued Net Interest Margin expansion in the fourth quarter.”

    Mr. Lubow commented, “During the third quarter, our Business loan portfolio increased by over $120 million and we continue to have strong pipelines in our Middle Market and Healthcare verticals. Compared to the prior quarter, the level of net charge-offs and criticized and classified loans remained stable and we continued to prudently build our allowance for credit losses to total loans and risk-based capital levels. In conclusion, I am extremely proud of our employees for their unwavering focus on our customers and enabling us to be the premier business bank on Greater Long Island.”

    Highlights for the Third Quarter of 2024 Included:

    • Total deposits increased $389 million compared to the second quarter of 2024;
    • Core deposits (excluding brokered and time deposits) increased $505 million compared to the second quarter of 2024;
    • The ratio of average non-interest-bearing deposits to average total deposits for the third quarter was 29% compared to 28% for the second quarter of 2024;
    • The cost of total deposits declined by 4 basis point versus the prior quarter;
    • The net interest margin increased to 2.50% for the third quarter of 2024 compared to 2.41% for the prior quarter;
    • The loan to deposit ratio declined to 95.4% at the end of the third quarter compared to 98.2% for the prior quarter;
    • Net charge-offs to average loans was 0.15% for the third quarter of 2024 compared to 0.14% for prior quarter;
    • The allowance for credit losses to total loans increased to 0.78% at the end of the third quarter compared to 0.72% for the prior quarter; and
    • The Company’s total risk based capital ratio increased to 14.76% at the end of the third quarter compared to 14.46% for the prior quarter.

    Management’s Discussion of Quarterly Operating Results

    Net Interest Income

    Net interest income for the third quarter of 2024 was $79.9 million compared to $75.5 million for the second quarter of 2024 and $76.5 million for the third quarter of 2023.

    The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.

                         
    (Dollars in thousands)   Q3 2024   Q2 2024   Q3 2023  
    Net interest income   $ 79,924     $ 75,502     $ 76,479  
    Purchase accounting amortization (accretion) on loans (“PAA”)     (266 )     (101 )     186  
    Adjusted net interest income excluding PAA on loans (non-GAAP)   $ 79,658     $ 75,401     $ 76,665  
                         
    Average interest-earning assets   $ 12,734,246     $ 12,624,556     $ 12,984,061  
                         
    NIM (1)     2.50   %   2.41   %   2.34 %
    Adjusted NIM excluding PAA on loans (non-GAAP) (2)     2.49   %   2.40   %   2.34 %

    (1) NIM represents net interest income divided by average interest-earning assets.
    (2) Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

    During the quarter ended June 30, 2024, there was a recovery of interest income from a loan that was previously on non-accrual status in the amount of $1.3 million. Excluding the impact of this item, the second quarter NIM was 2.37%.

    Loan Portfolio

    The ending WAR on the total loan portfolio was 5.40% at September 30, 2024, a 1 basis point increase compared to the ending WAR of 5.39% on the total loan portfolio at June 30, 2024.

    Outlined below are loan balances and WARs for the quarter ended as indicated.

                                     
        September 30, 2024   June 30, 2024   September 30, 2023  
    (Dollars in thousands)      Balance      WAR (1)      Balance      WAR (1)      Balance      WAR (1)  
    Loans held for investment balances at period end:                                
    Business loans (2)   $ 2,653,624   6.82 % $ 2,530,896   6.92 % $ 2,271,768   6.72 %
    One-to-four family residential, including condominium and cooperative apartment     934,209   4.65     906,949   4.55     892,869   4.39  
    Multifamily residential and residential mixed-use (3)(4)     3,866,931   4.60     3,920,354   4.59     4,102,024   4.45  
    Non-owner-occupied commercial real estate     3,281,923   5.25     3,315,100   5.25     3,374,281   5.09  
    Acquisition, development, and construction     149,299   8.46     144,860   8.96     203,402   8.92  
    Other loans     6,058   10.71     6,699   3.39     6,267   6.28  
    Loans held for investment   $ 10,892,044   5.40 % $ 10,824,858   5.39 % $ 10,850,611   5.20 %

    (1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
    (2) Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
    (3) Includes loans underlying multifamily cooperatives.
    (4) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    Outlined below are the loan originations, for the quarter ended as indicated.

                       
    (Dollars in millions)   Q3 2024   Q2 2024   Q3 2023
    Loan originations   $ 122.7   $ 162.4   $ 153.4


    Deposits and Borrowed Funds

    Period end total deposits (including mortgage escrow deposits) at September 30, 2024 were $11.42 billion, compared to $11.03 billion at June 30, 2024 and $10.53 billion at December 31, 2023.

    Total Federal Home Loan Bank advances were $508.0 million at September 30, 2024 compared to $633.0 million at June 30, 2024 and $1.31 billion at December 31, 2023.

    Mr. Lubow commented, “During the third quarter of 2024, we continued our strategy of utilizing core deposit growth to reduce our wholesale funding position.”

    Non-Interest Income

    Non-interest income was $7.6 million during the third quarter of 2024, $11.8 million during the second quarter of 2024, and $7.9 million during the third quarter of 2023. Included in non-interest income for the second quarter of 2024, was income related to the sale of premises of approximately $3.7 million.

    Non-Interest Expense

    Total non-interest expense was $57.7 million during the third quarter of 2024, $55.7 million during the second quarter of 2024, and $59.5 million during the third quarter of 2023. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets and severance expense, adjusted non-interest expense was $57.4 million during the third quarter of 2024, $55.4 million during the second quarter of 2024, and $50.6 million during the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Mr. Lubow commented, “As we have communicated previously, the increase in non-interest expense has been due to the significant investments and hires in the Private and Commercial Bank and the Middle Market C&I Lending operations. Third quarter results reflected a fully-loaded run-rate for these initiatives and we expect to keep our expense base relatively flat in the fourth quarter of 2024.”

    The ratio of non-interest expense to average assets was 1.71% during the third quarter of 2024, compared to 1.66% during the linked quarter and 1.73% for the third quarter of 2023. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets and severance expense, the ratio of adjusted non-interest expense to average assets was 1.70% during the third quarter of 2024, compared to 1.65% during the linked quarter and 1.48% for the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    The efficiency ratio was 65.9% during the third quarter of 2024, compared to 63.8% during the linked quarter and 70.5% during the third quarter of 2023. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 65.6% during the third quarter of 2024, compared to 65.9% during the linked quarter and 59.7% during the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Income Tax Expense

    The reported effective tax rate for the third quarter of 2024 was 26.9% compared to 29.0% for the second quarter of 2024, and 35.1% for the third quarter of 2023.

    Credit Quality

    Non-performing loans were $49.5 million at September 30, 2024, compared to $24.8 million for the prior quarter.

    A credit loss provision of $11.6 million was recorded during the third quarter of 2024, compared to a credit loss provision of $5.6 million during the second quarter of 2024, and a credit loss provision of $1.8 million during the third quarter of 2023.

    Capital Management

    The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of September 30, 2024. All risk-based regulatory capital ratios increased in the third quarter of 2024.

    Dividends per common share were $0.25 during the third and second quarters of 2024, respectively.

    Book value per common share was $29.31 at September 30, 2024 compared to $28.97 at June 30, 2024.

    Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.22 at September 30, 2024 compared to $24.87 at June 30, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Earnings Call Information

    The Company will conduct a conference call at 9:00 a.m. (ET) on Tuesday, October 22, 2024, during which CEO Lubow will discuss the Company’s third quarter 2024 financial performance, with a question-and-answer session to follow.

    Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/hfnjf6ym. To participate via telephone, please register in advance using this link: https://register.vevent.com/register/BI017781a02def49c0ad228b72ba201600. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/hfnjf6ym.

    ABOUT DIME COMMUNITY BANCSHARES, INC.
    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on Greater Long Island(1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    This news release contains a number of 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”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

    Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contact: Avinash Reddy  
    Senior Executive Vice President – Chief Financial Officer  
    718-782-6200 extension 5909  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands)
                       
        September 30,    June 30,    December 31, 
        2024
    		   2024
    		   2023
    Assets:                    
    Cash and due from banks   $ 626,056     $ 413,983     $ 457,547  
    Securities available-for-sale, at fair value     774,608       819,222       886,240  
    Securities held-to-maturity     592,414       588,000       594,639  
    Loans held for sale     13,098       14,766       10,159  
    Loans held for investment, net:                  
    Business loans (1)     2,653,624       2,530,896       2,310,379  
    One-to-four family and cooperative/condominium apartment     934,209       906,949       889,236  
    Multifamily residential and residential mixed-use (2)(3)     3,866,931       3,920,354       4,017,703  
    Non-owner-occupied commercial real estate     3,281,923       3,315,100       3,381,842  
    Acquisition, development and construction     149,299       144,860       168,513  
    Other loans     6,058       6,699       5,755  
    Allowance for credit losses     (85,221 )     (77,812 )     (71,743 )
    Total loans held for investment, net     10,806,823       10,747,046       10,701,685  
    Premises and fixed assets, net     35,066       36,054       44,868  
    Premises held for sale     —       —       905  
    Restricted stock     64,235       68,445       98,750  
    Bank Owned Life Insurance (“BOLI”)     372,367       354,761       349,816  
    Goodwill     155,797       155,797       155,797  
    Other intangible assets     4,181       4,467       5,059  
    Operating lease assets     48,537       51,703       52,729  
    Derivative assets     105,636       134,489       122,132  
    Accrued interest receivable     54,578       55,588       55,666  
    Other assets     93,133       104,442       100,013  
    Total assets   $ 13,746,529     $ 13,548,763     $ 13,636,005  
    Liabilities:                   
    Non-interest-bearing checking (excluding mortgage escrow deposits)   $ 3,231,160     $ 3,012,481     $ 2,884,378  
    Interest-bearing checking     938,070       633,721       515,987  
    Savings (excluding mortgage escrow deposits)     1,845,266       2,340,222       2,335,354  
    Money market     3,898,509       3,607,090       3,125,996  
    Certificates of deposit     1,416,467       1,382,271       1,607,683  
    Deposits (excluding mortgage escrow deposits)     11,329,472       10,975,785       10,469,398  
    Non-interest-bearing mortgage escrow deposits     87,841       52,647       61,121  
    Interest-bearing mortgage escrow deposits     5       2       136  
    Total mortgage escrow deposits     87,846       52,649       61,257  
    FHLBNY advances     508,000       633,000       1,313,000  
    Subordinated debt, net     272,300       262,814       200,196  
    Derivative cash collateral     68,960       130,090       108,100  
    Operating lease liabilities     51,362       54,530       55,454  
    Derivative liabilities     98,108       122,567       121,265  
    Other liabilities     66,552       66,732       81,110  
    Total liabilities     12,482,600       12,298,167       12,409,780  
    Stockholders’ equity:                   
    Preferred stock, Series A     116,569       116,569       116,569  
    Common stock     416       416       416  
    Additional paid-in capital     488,607       488,760       494,454  
    Retained earnings     827,690       826,080       813,007  
    Accumulated other comprehensive loss (“AOCI”), net of deferred taxes     (72,970 )     (82,780 )     (91,579 )
    Unearned equity awards     (10,111 )     (12,023 )     (8,622 )
    Treasury stock, at cost     (86,272 )     (86,426 )     (98,020 )
    Total stockholders’ equity     1,263,929       1,250,596       1,226,225  
    Total liabilities and stockholders’ equity   $ 13,746,529     $ 13,548,763     $ 13,636,005  

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
    (2) Includes loans underlying multifamily cooperatives.

    (3) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands except share and per share amounts)
                                   
        Three Months Ended   Nine Months Ended
        September 30,    June 30,    September 30,    September 30,    September 30, 
        2024   2024
    		   2023
    		   2024
    		   2023
    Interest income:                               
    Loans   $ 151,828   $ 147,099     $ 142,995     $ 442,492     $ 409,744  
    Securities     7,766     7,907       7,916       23,553       24,261  
    Other short-term investments     4,645     4,412       6,930       18,621       16,599  
    Total interest income     164,239     159,418       157,841       484,666       450,604  
    Interest expense:                                
    Deposits and escrow     74,025     72,878       62,507       219,972       152,395  
    Borrowed funds     8,764     9,033       16,925       32,494       50,855  
    Derivative cash collateral     1,526     2,005       1,930       5,244       4,904  
    Total interest expense     84,315     83,916       81,362       257,710       208,154  
    Net interest income     79,924     75,502       76,479       226,956       242,450  
    Provision (recovery) for credit losses     11,603     5,585       1,806       22,398       (950 )
    Net interest income after provision (recovery)     68,321     69,917       74,673       204,558       243,400  
    Non-interest income:                                
    Service charges and other fees     4,267     3,972       3,963       12,783       12,633  
    Title fees     190     294       291       617       829  
    Loan level derivative income     132     1,085       783       1,623       6,353  
    BOLI income     2,606     2,484       2,317       7,551       7,332  
    Gain on sale of Small Business Administration (“SBA”) loans     19     113       335       385       1,061  
    Gain on sale of residential loans     38     27       21       142       103  
    Fair value change in equity securities and loans held for sale     39     (416 )     (299 )     (1,219 )     (1,079 )
    Net loss on sale of securities     —     —       —       —       (1,447 )
    Gain (loss) on sale of other assets     2     3,695       (22 )     6,665       (22 )
    Other     338     554       539       1,359       1,571  
    Total non-interest income     7,631     11,808       7,928       29,906       27,334  
    Non-interest expense:                                
    Salaries and employee benefits     36,132     32,184       30,520       100,353       87,054  
    Severance     —     —       8,562       42       9,068  
    Occupancy and equipment     7,448     7,409       7,277       22,225       21,794  
    Data processing costs     4,544     4,405       4,309       13,262       12,744  
    Marketing     1,629     1,637       2,079       4,763       5,016  
    Professional services     2,036     2,766       1,277       6,269       4,876  
    Federal deposit insurance premiums     2,105     2,250       1,866       6,594       5,613  
    Loss on extinguishment of debt     1     —       —       454       —  
    Amortization of other intangible assets     286     285       349       878       1,075  
    Other     3,548     4,758       3,284       11,094       11,944  
    Total non-interest expense     57,729     55,694       59,523       165,934       159,184  
    Income before taxes     18,223     26,031       23,078       68,530       111,550  
    Income tax expense     4,896     7,552       8,093       19,033       31,764  
    Net income     13,327     18,479       14,985       49,497       79,786  
    Preferred stock dividends     1,822     1,822       1,822       5,465       5,465  
    Net income available to common stockholders   $ 11,505   $ 16,657     $ 13,163     $ 44,032     $ 74,321  
    Earnings per common share (“EPS”):                                
    Basic   $ 0.29   $ 0.43     $ 0.34     $ 1.13     $ 1.92  
    Diluted   $ 0.29   $ 0.43     $ 0.34     $ 1.13     $ 1.92  
                                   
    Average common shares outstanding for diluted EPS     38,366,619     38,329,485       38,203,961       38,317,223       38,177,704  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
    (Dollars in thousands except per share amounts)
                                             
        At or For the Three Months Ended   At or For the Nine Months Ended  
        September 30,      June 30,      September 30,    September 30,      September 30,   
        2024     2024     2023   2024     2023  
    Per Share Data:                                        
    Reported EPS (Diluted)   $ 0.29     $ 0.43     $ 0.34     $ 1.13     $ 1.92  
    Cash dividends paid per common share     0.25       0.25       0.25       0.75       0.74  
    Book value per common share     29.31       28.97       28.03       29.31       28.03  
    Tangible common book value per share (1)     25.22       24.87       23.87       25.22       23.87  
    Common shares outstanding     39,152       39,148       38,811       39,152       38,811  
    Dividend payout ratio     86.21 %       58.14 %     73.53 %     66.37 %     38.54 %
                                             
    Performance Ratios (Based upon Reported Net Income):                                         
    Return on average assets     0.39 %       0.55 %     0.44 %     0.49 %     0.78 %
    Return on average equity     4.19       5.88       4.91       5.24       8.78  
    Return on average tangible common equity (1)     4.70       6.88       5.69       6.06       10.73  
    Net interest margin     2.50       2.41       2.34       2.37       2.52  
    Non-interest expense to average assets     1.71       1.66       1.73       1.63       1.56  
    Efficiency ratio     65.9       63.8       70.5       64.6       59.0  
    Effective tax rate     26.87       29.01       35.07       27.77       28.48  
                                             
    Balance Sheet Data:                                         
    Average assets   $ 13,502,753     $ 13,418,441     $ 13,759,493     $ 13,571,710     $ 13,623,570  
    Average interest-earning assets     12,734,246       12,624,556       12,984,061       12,791,233       12,853,701  
    Average tangible common equity (1)     996,578       979,611       943,805       981,614       933,072  
    Loan-to-deposit ratio at end of period (2)     95.4       98.2       102.0       95.4       102.0  
                                             
    Capital Ratios and Reserves – Consolidated: (3)                                         
    Tangible common equity to tangible assets (1)     7.27 %       7.27 %     6.87 %                
    Tangible equity to tangible assets (1)     8.13       8.14       7.73                  
    Tier 1 common equity ratio     10.16       10.06       9.67                  
    Tier 1 risk-based capital ratio     11.28       11.17       10.76                  
    Total risk-based capital ratio     14.76       14.46       13.33                  
    Tier 1 leverage ratio     8.76       8.78       8.38                  
    Consolidated CRE concentration ratio (4)     487       499       547                  
    Allowance for credit losses/ Total loans     0.78       0.72       0.67                  
    Allowance for credit losses/ Non-performing loans     172.29       313.21       311.16                  

    (1) See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
    (2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
    (3) September 30, 2024 ratios are preliminary pending completion and filing of the Company’s regulatory reports.

    (4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The September 30, 2024 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
    (Dollars in thousands)
                                                       
        Three Months Ended  
        September 30, 2024   June 30, 2024   September 30, 2023  
                    Average               Average               Average  
        Average         Yield/   Average         Yield/   Average         Yield/  
        Balance   Interest   Cost   Balance   Interest   Cost   Balance   Interest   Cost  
    Assets:                                                     
    Interest-earning assets:                                                     
    Business loans (1)   $ 2,609,934   $ 46,656   7.11 %   $ 2,400,219   $ 42,933   7.19 % $ 2,260,203   $ 38,384   6.74 %
    One-to-four family residential, including condo and coop     924,150     11,024   4.75     886,037     9,968   4.52     879,688     9,165   4.13  
    Multifamily residential and residential mixed-use     3,902,220     45,790   4.67     3,958,617     45,775   4.65     4,114,476     46,099   4.45  
    Non-owner-occupied commercial real estate     3,297,760     44,804   5.40     3,359,004     44,728   5.36     3,382,927     44,184   5.18  
    Acquisition, development, and construction     147,875     3,505   9.43     164,283     3,638   8.91     222,039     5,075   9.07  
    Other loans     4,891     49   3.99     5,100     57   4.50     6,156     88   5.67  
    Securities     1,493,492     7,766   2.07     1,537,487     7,907   2.07     1,619,960     7,916   1.94  
    Other short-term investments     353,924     4,645   5.22     313,809     4,412   5.65     498,612     6,930   5.51  
    Total interest-earning assets     12,734,246     164,239   5.13 %     12,624,556     159,418   5.08 %   12,984,061     157,841   4.82 %
    Non-interest-earning assets     768,507                 793,885               775,432            
    Total assets   $ 13,502,753               $ 13,418,441             $ 13,759,493            
                                                       
    Liabilities and Stockholders’ Equity:                                                  
    Interest-bearing liabilities:                                                  
    Interest-bearing checking (2)   $ 798,024   $ 4,635   2.31 %   $ 631,403   $ 1,499   0.95 % $ 786,892   $ 2,896   1.46 %
    Money market     3,771,562     36,841   3.89     3,495,989     33,193   3.82     2,975,267     24,275   3.24  
    Savings (2)     2,102,282     19,492   3.69     2,336,202     23,109   3.98     2,342,424     20,316   3.44  
    Certificates of deposit     1,232,984     13,057   4.21     1,393,678     15,077   4.35     1,494,491     15,020   3.99  
    Total interest-bearing deposits     7,904,852     74,025   3.73     7,857,272     72,878   3.73     7,599,074     62,507   3.26  
    FHLBNY advances     528,652     4,455   3.35     671,242     6,429   3.85     1,250,717     14,370   4.56  
    Subordinated debt, net     271,450     4,307   6.31     202,232     2,604   5.18     200,232     2,553   5.06  
    Other short-term borrowings     131     2   6.07     —     —   —     120     2   6.61  
    Total borrowings     800,233     8,764   4.36     873,474     9,033   4.16     1,451,069     16,925   4.63  
    Derivative cash collateral     91,305     1,526   6.65     145,702     2,005   5.53     156,795     1,930   4.88  
    Total interest-bearing liabilities     8,796,390     84,315   3.81 %     8,876,448     83,916   3.80 %   9,206,938     81,362   3.51 %
    Non-interest-bearing checking (2)     3,209,502                 3,042,382               3,065,186            
    Other non-interest-bearing liabilities     223,546                 242,980               265,559            
    Total liabilities     12,229,438                 12,161,810               12,537,683            
    Stockholders’ equity     1,273,315                 1,256,631               1,221,810            
    Total liabilities and stockholders’ equity   $ 13,502,753               $ 13,418,441             $ 13,759,493            
    Net interest income          $ 79,924              $ 75,502             $ 76,479      
    Net interest rate spread                 1.32 %               1.28 %             1.31 %
    Net interest margin                 2.50 %               2.41 %               2.34 %
    Deposits (including non-interest-bearing checking accounts) (2)   $ 11,114,354   $ 74,025   2.65 %   $ 10,899,654   $ 72,878   2.69 % $ 10,664,260   $ 62,507   2.33 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Includes mortgage escrow deposits.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
    (Dollars in thousands)
                       
        At or For the Three Months Ended
        September 30,    June 30,    September 30, 
    Asset Quality Detail   2024
    		   2024
    		   2023
    Non-performing loans (“NPLs”)                   
    Business loans (1)   $ 25,411     $ 20,287     $ 19,555  
    One-to-four family residential, including condominium and cooperative apartment     3,880       3,884       2,874  
    Multifamily residential and residential mixed-use     —       —       —  
    Non-owner-occupied commercial real estate     19,509       15       15  
    Acquisition, development, and construction     657       657       657  
    Other loans     6       —       219  
    Total Non-accrual loans   $ 49,463     $ 24,843     $ 23,320  
    Total Non-performing assets (“NPAs”)   $ 49,463     $ 24,843     $ 23,320  
                       
    Total loans 90 days delinquent and accruing (“90+ Delinquent”)   $ —     $ —     $ —  
                       
    NPAs and 90+ Delinquent   $ 49,463     $ 24,843     $ 23,320  
                       
    NPAs and 90+ Delinquent / Total assets     0.36 %     0.18 %     0.17 %
    Net charge-offs (“NCOs”)   $ 4,199     $ 3,640     $ 4,864  
    NCOs / Average loans (2)     0.15 %     0.14 %     0.18 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.

                         

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    NON-GAAP RECONCILIATION
    (Dollars in thousands except per share amounts)

    The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

    The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net (gain) loss on sale of securities and other assets, severance, the FDIC special assessment and loss on extinguishment of debt:  

                                     
        Three Months Ended   Nine Months Ended  
        September 30,    June 30,       September 30,    September 30,    September 30,   
        2024
    		   2024
    		   2023
    		   2024
    		   2023
    		  
    Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders                                
    Reported net income available to common stockholders   $ 11,505     $ 16,657     $ 13,163     $ 44,032     $ 74,321    
    Adjustments to net income (1):                                 
    Fair value change in equity securities and loans held for sale     (39 )     416       299       1,219       1,079    
    Net (gain) loss on sale of securities and other assets     (2 )     (3,695 )     22       (6,665 )     1,469    
    Severance     —       —       8,562       42       9,068    
    Loss on extinguishment of debt     1       —       —       454       —    
    Income tax effect of adjustments     13       1,043       (176 )     1,574       (985 )  
    Adjusted net income available to common stockholders (non-GAAP)   $ 11,478     $ 14,421     $ 21,870     $ 40,656     $ 84,952    
                                     
    Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above)                                
    Adjusted EPS (Diluted)   $ 0.29     $ 0.37     $ 0.56     $ 1.04     $ 2.19    
    Adjusted return on average assets     0.39   %     0.48   %   0.69   %   0.45   %   0.88   %
    Adjusted return on average equity     4.18       5.17       7.76       4.89       9.95    
    Adjusted return on average tangible common equity     4.69       5.97       9.38       5.60       12.25    
    Adjusted non-interest expense to average assets     1.70       1.65       1.48       1.62       1.46    
    Adjusted efficiency ratio     65.6       65.9       59.7       65.5       54.7    

    (1) Adjustments to net income are taxed at the Company’s approximate statutory tax rate.

    The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):

                                   
        Three Months Ended     Nine Months Ended
           September 30,      June 30,      September 30,      September 30,         September 30,   
        2024       2024       2023       2024       2023    
    Operating expense as a % of average assets – as reported   1.71   %     1.66   %   1.73   %   1.63   %     1.56   %
    Loss on extinguishment of debt   —       —       —       —       —    
    Severance   —       —       (0.25 )     —       (0.09 )  
    Amortization of other intangible assets   (0.01 )     (0.01 )     —       (0.01 )     (0.01 )  
    Adjusted operating expense as a % of average assets (non-GAAP)   1.70   %     1.65   %   1.48   %   1.62   %   1.46   %

    The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):

                                     
        Three Months Ended   Nine Months Ended  
           September 30,       June 30,       September 30,       September 30,    September 30,   
        2024
    		   2024
    		   2023
    		   2024
    		   2023
    		  
    Efficiency ratio – as reported (non-GAAP) (1)        65.9   %     63.8   %   70.5   %   64.6   %     59.0   %
    Non-interest expense – as reported   $ 57,729     $ 55,694     $ 59,523     $ 165,934     $ 159,184    
    Severance     —       —       (8,562 )     (42 )     (9,068 )  
    Loss on extinguishment of debt     (1 )     —       —       (454 )     —    
    Amortization of other intangible assets     (286 )     (285 )     (349 )     (878 )     (1,075 )  
    Adjusted non-interest expense (non-GAAP)   $ 57,442     $ 55,409     $ 50,612     $ 164,560     $ 149,041    
    Net interest income – as reported   $ 79,924     $ 75,502     $ 76,479     $ 226,956     $ 242,450    
    Non-interest income – as reported   $ 7,631     $ 11,808     $ 7,928     $ 29,906     $ 27,334    
    Fair value change in equity securities and loans held for sale     (39 )     416       299       1,219       1,079    
    Net (gain) loss on sale of securities and other assets     (2 )     (3,695 )     22       (6,665 )     1,469    
    Adjusted non-interest income (non-GAAP)   $ 7,590     $ 8,529     $ 8,249     $ 24,460     $ 29,882    
    Adjusted total revenues for adjusted efficiency ratio (non-GAAP)   $ 87,514     $ 84,031     $ 84,728     $ 251,416     $ 272,332    
    Adjusted efficiency ratio (non-GAAP) (2)     65.6   %     65.9   %   59.7   %   65.5   %     54.7   %

    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
    (2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

    The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):

                         
           September 30,       June 30,       September 30,   
        2024
    		   2024
    		   2023
    		  
    Reconciliation of Tangible Assets:                    
    Total assets   $ 13,746,529     $ 13,548,763     $ 13,651,405    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (4,181 )     (4,467 )     (5,409 )  
    Tangible assets (non-GAAP)   $ 13,586,551     $ 13,388,499     $ 13,490,199    
                         
    Reconciliation of Tangible Common Equity – Consolidated:                    
    Total stockholders’ equity   $ 1,263,929     $ 1,250,596     $ 1,204,344    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (4,181 )     (4,467 )     (5,409 )  
    Tangible equity (non-GAAP)     1,103,951       1,090,332       1,043,138    
    Preferred stock, net     (116,569 )     (116,569 )     (116,569 )  
    Tangible common equity (non-GAAP)   $ 987,382     $ 973,763     $ 926,569    
                         
    Common shares outstanding     39,152       39,148       38,811    
                         
    Tangible common equity to tangible assets (non-GAAP)     7.27   %   7.27   %   6.87   %
    Tangible equity to tangible assets (non-GAAP)     8.13       8.14       7.73    
                         
    Book value per common share   $ 29.31     $ 28.97     $ 28.03    
    Tangible common book value per share (non-GAAP)     25.22       24.87       23.87    

    The MIL Network –

  • MIL-OSI: Gabelli Funds to Host 48th Annual Automotive Symposium at The Encore at Wynn, Las Vegas, Nevada

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Oct. 22, 2024 (GLOBE NEWSWIRE) — Gabelli Funds will host its 48th Annual Automotive Symposium on November 4th and 5th, 2024 at the Encore at Wynn in Las Vegas, Nevada. This two-day symposium will feature presentations by senior managements of leading automotive and trucking companies, with a lineup that enables investors to understand ever-changing dynamics within the automotive industry.

    Presenting attendees, which include original equipment suppliers, automotive retailers, aftermarket service participants and next-gen tech companies driving vehicle electrification will provide a “cradle to grave” look at the automotive ecosystem and help investors understand “What’s Next?” for the automotive space.

    Agenda

      Monday, November 4   Tuesday, November 5
    11:00AM Gabelli Auto Team 8:20AM Introduction
    11:20 NN, Inc. (NASDAQ: NNBR) 8:30 Dorman Products, Inc. (NASDAQ: DORM)
    11:50 MP Materials Corp. (NYSE: MP) 9:00 AutoNation, Inc. (NYSE: AN)
    12:10PM Lunch Break 9:30 PHINIA Inc. (NYSE: PHIN)
    12:30 Gentex Corporation (NASDAQ: GNTX) 10:00 AutoZone, Inc. (NYSE: AZO)
    1:00 Garrett Motion Inc. (NASDAQ: GTX) 10:30 Standard Motor Products, Inc. (NYSE: SMP)
    1:30 Donaldson Company, Inc. (NYSE: DCI) 11:00 Genuine Parts Company (NYSE: GPC)
    2:00 MEMA / AASA 11:30 Monro, Inc. (NASDAQ: MNRO)
    3:00 Dana Incorporated (NYSE: DAN) 12:00PM Lunch Break
    3:30 Rush Enterprises, Inc. (NASDAQ: RUSHA/RUSHB) 12:15 Keynote – EVolving Landscape in Auto Repair
    4:00 Penske Automotive Group, Inc. (NYSE: PAG) 1:00 Motorcar Parts of America, Inc. (NASDAQ: MPAA)
    4:30 Myers Industries, Inc. (NYSE: MYE) 1:30 O’Reilly Automotive, Inc. (NASDAQ: ORLY)
    TBD Gabelli Funds’ Cocktail Reception 2:00 CarParts.com, Inc. (NASDAQ: PRTS)
        2:30 Strattec Security Corporation (NASDAQ: STRT)
           

    The Encore at Wynn, Las Vegas, NV
    Monday, November 4th and Tuesday, November 5th

    Registration link: CLICK HERE

    For general inquiries, contact:
    James Carey, Associate – Private Wealth Management, 914-921-8318, jcarey@gabelli.com
    Miles McQuillen, AVP – Private Wealth Management, 914-921-5112, mmcquillen@gabelli.com

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.

    Contact: Brian Sponheimer
    Portfolio Manager
    (914) 921-8336

    The MIL Network –

  • MIL-OSI: Old National Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1basis, respectively.

    CEO COMMENTARY:

    “Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management,” said Chairman and CEO Jim Ryan. “As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise.”


    THIRD     QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
    • Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS1 of $0.46
       
    Net Interest Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $397.9 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.32%, down 1 basis point (“bp”)
       
    Operating Performance
    • Pre-provision net revenue1 (“PPNR”) of $219.7 million; adjusted PPNR1 of $229.3 million
    • Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
    • Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
       
    Deposits and Funding
    • Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
    • Granular low-cost deposit franchise; total deposit costs of 225 bps
       
    Loans and Credit Quality
    • End-of-period total loans3 of $36.5 billion, up 2.7% annualized
    • Provision for credit losses4 (“provision”) of $28.5 million
    • Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
     
    Return Profile & Capital
    • Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
    • Tangible common equity to tangible assets1 of 7.4%, up 7.2%
       
    Notable Items
    • $6.9 million of pre-tax merger-related charges
    • $2.6 million of pre-tax separation expense5


    1     Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Expense associated with a mutual separation agreement with a former Old National executive

    RESULTS OF OPERATIONS2
    Old National Bancorp (“Old National”) reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.

    Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. (“CapStar”) and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.

    • Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
    • On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
    • Granular low-cost deposit franchise; total deposit costs of 225 bps.
    • A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Broad-based disciplined commercial loan growth.

    • Period-end total loans3 were $36.5 billion, up 2.7% annualized.
    • Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
    • Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss (“CECL”) Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
    • Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
    • 30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
    • Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
    • Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
    • The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.

    NET INTEREST INCOME AND MARGIN
    Higher net interest income and stable margin reflective of the rate environment.

    • Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
    • Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
    • Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
    • Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.

    NONINTEREST INCOME
    Increase driven by higher service charges, mortgage fees, capital markets income, and other income.

    • Total noninterest income was $94.1 million compared to $87.3 million.
    • Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.

    NONINTEREST EXPENSE
    Disciplined expense management.

    • Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
      • Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
    • The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.

    INCOME TAXES

    • Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.8% compared to 25.5%.
    • Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
    • Tangible common equity to tangible assets was 7.44% compared to 6.94%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location (“Louisville expenses”), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

    CONTACTS:    
    Media: Kathy Schoettlin   Investors: Lynell Durchholz
    (812) 465-7269   (812) 464-1366
    Kathy.Schoettlin@oldnational.com   Lynell.Durchholz@oldnational.com
                   
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Income Statement                
    Net interest income $ 391,724   $ 388,421   $ 356,458   $ 364,408   $ 375,086     $ 1,136,603   $ 1,138,745  
    FTE adjustment1,3   6,144     6,340     6,253     6,100     5,837       18,737     17,328  
    Net interest income – tax equivalent basis3   397,868     394,761     362,711     370,508     380,923       1,155,340     1,156,073  
    Provision for credit losses   28,497     36,214     18,891     11,595     19,068       83,602     47,292  
    Noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Noninterest expense   272,283     282,999     262,317     284,235     244,776       817,599     742,071  
    Net income available to common shareholders $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Per Common Share Data                
    Weighted average diluted shares   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Cash dividends   0.14     0.14     0.14     0.14     0.14       0.42     0.42  
    Dividend payout ratio2   32 %   38 %   35 %   32 %   29 %     35 %   28 %
    Book value $ 19.20   $ 18.28   $ 18.24   $ 18.18   $ 17.07     $ 19.20   $ 17.07  
    Stock price   18.66     17.19     17.41     16.89     14.54       18.66     14.54  
    Tangible book value3   11.97     11.05     11.10     11.00     9.87       11.97     9.87  
    Performance Ratios                
    ROAA   1.08 %   0.92 %   0.98 %   1.09 %   1.22 %     0.99 %   1.25 %
    ROAE   9.4 %   8.2 %   8.7 %   10.2 %   11.4 %     8.8 %   11.7 %
    ROATCE3   16.0 %   14.1 %   14.9 %   18.1 %   20.2 %     15.0 %   20.8 %
    NIM (FTE)   3.32 %   3.33 %   3.28 %   3.39 %   3.49 %     3.31 %   3.59 %
    Efficiency ratio3   53.8 %   57.2 %   58.3 %   59.0 %   51.7 %     56.4 %   51.9 %
    NCOs to average loans   0.19 %   0.16 %   0.14 %   0.12 %   0.24 %     0.16 %   0.19 %
    ACL on loans to EOP loans   1.05 %   1.01 %   0.95 %   0.93 %   0.93 %     1.05 %   0.93 %
    ACL4 to EOP loans   1.12 %   1.08 %   1.03 %   1.03 %   1.03 %     1.12 %   1.03 %
    NPLs to EOP loans   1.22 %   0.94 %   0.98 %   0.83 %   0.80 %     1.22 %   0.80 %
    Balance Sheet (EOP)                
    Total loans $ 36,400,643   $ 36,150,513   $ 33,623,319   $ 32,991,927   $ 32,577,834     $ 36,400,643   $ 32,577,834  
    Total assets   53,602,293     53,119,645     49,534,918     49,089,836     49,059,448       53,602,293     49,059,448  
    Total deposits   40,845,746     39,999,228     37,699,418     37,235,180     37,252,676       40,845,746     37,252,676  
    Total borrowed funds   5,449,096     6,085,204     5,331,161     5,331,147     5,556,010       5,449,096     5,556,010  
    Total shareholders’ equity   6,367,298     6,075,072     5,595,408     5,562,900     5,239,537       6,367,298     5,239,537  
    Capital Ratios                
    Risk-based capital ratios (EOP):                
    Tier 1 common equity   11.00 %   10.73 %   10.76 %   10.70 %   10.41 %     11.00 %   10.41 %
    Tier 1 capital   11.60 %   11.33 %   11.40 %   11.35 %   11.06 %     11.60 %   11.06 %
    Total capital   12.94 %   12.71 %   12.74 %   12.64 %   12.32 %     12.94 %   12.32 %
    Leverage ratio (average assets)   9.05 %   8.90 %   8.96 %   8.83 %   8.70 %     9.05 %   8.70 %
    Equity to assets (averages)3   11.60 %   11.31 %   11.32 %   10.81 %   10.88 %     11.41 %   10.95 %
    TCE to TA3   7.44 %   6.94 %   6.86 %   6.85 %   6.15 %     7.44 %   6.15 %
    Nonfinancial Data                
    Full-time equivalent employees   4,105    4,267    3,955    3,940    3,981      4,105    3,981 
    Banking centers   280    280    258    258    257      280    257 
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.          
    2 Cash dividends per common share divided by net income per common share (basic).          
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        September 30, 2024 capital ratios are preliminary.
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.          
                     
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity
    NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets
                     
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Interest income $ 679,925   $ 663,663   $ 595,981   $ 589,751   $ 576,519     $ 1,939,569   $ 1,617,070  
    Less: interest expense   288,201     275,242     239,523     225,343     201,433       802,966     478,325  
    Net interest income   391,724     388,421     356,458     364,408     375,086       1,136,603     1,138,745  
    Provision for credit losses   28,497     36,214     18,891     11,595     19,068       83,602     47,292  
    Net interest income after provision for credit losses   363,227     352,207     337,567     352,813     356,018       1,053,001     1,091,453  
    Wealth and investment services fees   29,117     29,358     28,304     27,656     26,687       86,779     80,128  
    Service charges on deposit accounts   20,350     19,350     17,898     18,667     18,524       57,598     53,278  
    Debit card and ATM fees   11,362     10,993     10,054     10,700     10,818       32,409     31,453  
    Mortgage banking revenue   7,669     7,064     4,478     3,691     5,063       19,211     12,628  
    Capital markets income   7,426     4,729     2,900     5,416     5,891       15,055     19,003  
    Company-owned life insurance   5,315     5,739     3,434     3,773     3,740       14,488     11,624  
    Gain on sale of Visa Class B restricted shares   —     —     —     21,635     —       —     —  
    Other income   12,975     10,036     10,470     9,381     10,456       33,481     30,574  
    Debt securities gains (losses), net   (76 )   2     (16 )   (825 )   (241 )     (90 )   (5,440 )
    Total noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Salaries and employee benefits   147,494     159,193     149,803     141,649     131,541       456,490     404,715  
    Occupancy   27,130     26,547     27,019     26,514     25,795       80,696     80,162  
    Equipment   9,888     8,704     8,671     8,769     8,284       27,263     23,394  
    Marketing   11,036     11,284     10,634     10,813     9,448       32,954     28,698  
    Technology   23,343     24,002     20,023     20,493     20,592       67,368     59,850  
    Communication   4,681     4,480     4,000     4,212     4,075       13,161     12,768  
    Professional fees   7,278     10,552     6,406     8,250     5,956       24,236     19,085  
    FDIC assessment   11,722     9,676     11,313     27,702     9,000       32,711     29,028  
    Amortization of intangibles   7,411     7,425     5,455     5,869     6,040       20,291     18,286  
    Amortization of tax credit investments   3,277     2,747     2,749     7,200     2,644       8,773     8,167  
    Other expense   19,023     18,389     16,244     22,764     21,401       53,656     57,918  
    Total noninterest expense   272,283     282,999     262,317     284,235     244,776       817,599     742,071  
    Income before income taxes   185,082     156,479     152,772     168,672     192,180       494,333     582,630  
    Income tax expense   41,280     35,250     32,488     36,192     44,304       109,018     133,118  
    Net income $ 143,802   $ 121,229   $ 120,284   $ 132,480   $ 147,876     $ 385,315   $ 449,512  
    Preferred dividends   (4,034 )   (4,033 )   (4,034 )   (4,034 )   (4,034 )     (12,101 )   (12,101 )
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
                     
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Weighted Average Common Shares Outstanding                
    Basic   315,622     315,585     290,980     290,701     290,648       307,426     290,763  
    Diluted   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    Common shares outstanding (EOP)   318,955     318,969     293,330     292,655     292,586       318,955     292,586  
                     
                     
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      September 30, June 30, March 31, December 31, September 30,
        2024     2024     2024     2023     2023  
    Assets          
    Cash and due from banks $ 498,120   $ 428,665   $ 350,990   $ 430,866   $ 381,343  
    Money market and other interest-earning investments   693,450     804,381     588,509     744,192     1,282,087  
    Investments:          
    Treasury and government-sponsored agencies   2,335,716     2,207,004     2,243,754     2,453,950     2,515,249  
    Mortgage-backed securities   6,085,826     5,890,371     5,566,881     5,245,691     4,906,290  
    States and political subdivisions   1,665,128     1,678,597     1,672,061     1,693,819     1,705,200  
    Other securities   783,079     775,623     760,847     779,048     751,404  
    Total investments   10,869,749     10,551,595     10,243,543     10,172,508     9,878,143  
    Loans held-for-sale, at fair value   62,376     66,126     19,418     32,006     122,033  
    Loans:          
    Commercial   10,408,095     10,332,631     9,648,269     9,512,230     9,333,448  
    Commercial and agriculture real estate   16,356,216     16,016,958     14,653,958     14,140,629     13,916,221  
    Residential real estate   6,757,896     6,894,957     6,661,379     6,699,443     6,696,288  
    Consumer   2,878,436     2,905,967     2,659,713     2,639,625     2,631,877  
    Total loans   36,400,643     36,150,513     33,623,319     32,991,927     32,577,834  
    Allowance for credit losses on loans   (380,840 )   (366,335 )   (319,713 )   (307,610 )   (303,982 )
    Premises and equipment, net   599,528     601,945     564,007     565,396     565,607  
    Goodwill and other intangible assets   2,305,084     2,306,204     2,095,511     2,100,966     2,106,835  
    Company-owned life insurance   863,723     862,032     767,423     767,902     774,517  
    Accrued interest receivable and other assets   1,690,460     1,714,519     1,601,911     1,591,683     1,675,031  
    Total assets $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 9,429,285   $ 9,336,042   $ 9,257,709   $ 9,664,247   $ 10,091,352  
    Interest-bearing:          
    Checking and NOW accounts   7,314,245     7,680,865     7,236,667     7,331,487     7,495,417  
    Savings accounts   4,781,447     4,983,811     5,020,095     5,099,186     5,296,985  
    Money market accounts   11,601,461     10,485,491     10,234,113     9,561,116     8,793,218  
    Other time deposits   6,010,070     5,688,432     4,760,659     4,565,137     4,398,182  
    Total core deposits   39,136,508     38,174,641     36,509,243     36,221,173     36,075,154  
    Brokered deposits   1,709,238     1,824,587     1,190,175     1,014,007     1,177,522  
    Total deposits   40,845,746     39,999,228     37,699,418     37,235,180     37,252,676  
               
    Federal funds purchased and interbank borrowings   135,263     250,154     50,416     390     918  
    Securities sold under agreements to repurchase   244,626     240,713     274,493     285,206     279,061  
    Federal Home Loan Bank advances   4,471,153     4,744,560     4,193,039     4,280,681     4,412,576  
    Other borrowings   598,054     849,777     813,213     764,870     863,455  
    Total borrowed funds   5,449,096     6,085,204     5,331,161     5,331,147     5,556,010  
    Accrued expenses and other liabilities   940,153     960,141     908,931     960,609     1,011,225  
    Total liabilities   47,234,995     47,044,573     43,939,510     43,526,936     43,819,911  
    Preferred stock, common stock, surplus, and retained earnings   6,971,054     6,866,480     6,375,036     6,301,709     6,208,352  
    Accumulated other comprehensive income (loss), net of tax   (603,756 )   (791,408 )   (779,628 )   (738,809 )   (968,815 )
    Total shareholders’ equity   6,367,298     6,075,072     5,595,408     5,562,900     5,239,537  
    Total liabilities and shareholders’ equity $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 904,176   $ 11,696 5.15 %   $ 814,944   $ 11,311 5.58 %   $ 980,813   $ 13,194 5.34 %
    Investments:                        
    Treasury and government-sponsored agencies     2,255,629     21,851 3.87 %     2,208,935     21,531 3.90 %     2,376,864     23,037 3.88 %
    Mortgage-backed securities     5,977,058     48,425 3.24 %     5,828,225     47,904 3.29 %     5,079,091     33,237 2.62 %
    States and political subdivisions     1,668,454     14,042 3.37 %     1,686,994     14,290 3.39 %     1,737,037     14,220 3.27 %
    Other securities     785,107     12,547 6.39 %     788,571     12,583 6.38 %     793,196     10,127 5.11 %
    Total investments     10,686,248     96,865 3.63 %     10,512,725     96,308 3.66 %     9,986,188     80,621 3.23 %
    Loans:2                        
    Commercial     10,373,340     183,878 7.09 %     10,345,098     183,425 7.09 %     9,612,102     163,869 6.82 %
    Commercial and agriculture real estate     16,216,842     274,832 6.78 %     15,870,809     260,407 6.56 %     13,711,156     219,575 6.41 %
    Residential real estate loans     6,833,597     67,084 3.93 %     6,952,942     67,683 3.89 %     6,712,269     62,775 3.74 %
    Consumer     2,891,260     51,714 7.12 %     2,910,331     50,869 7.03 %     2,614,928     42,322 6.42 %
    Total loans     36,315,039     577,508 6.36 %     36,079,180     562,384 6.24 %     32,650,455     488,541 5.98 %
                             
    Total earning assets   $ 47,905,463   $ 686,069 5.73 %   $ 47,406,849   $ 670,003 5.66 %   $ 43,617,456   $ 582,356 5.34 %
                             
    Less: Allowance for credit losses on loans     (366,667 )         (331,043 )         (300,071 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 413,583         $ 430,256         $ 382,755      
    Other assets     5,394,032           5,341,022           4,960,383      
                             
    Total assets   $ 53,346,411         $ 52,847,084         $ 48,660,523      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 7,551,264   $ 29,344 1.55 %   $ 8,189,454   $ 34,398 1.69 %   $ 7,515,439   $ 25,531 1.35 %
    Savings accounts     4,860,161     5,184 0.42 %     5,044,800     5,254 0.42 %     5,414,775     4,268 0.31 %
    Money market accounts     11,064,433     106,148 3.82 %     10,728,156     102,560 3.84 %     7,979,999     65,549 3.26 %
    Other time deposits     5,928,241     64,435 4.32 %     5,358,103     56,586 4.25 %     4,229,692     37,110 3.48 %
    Total interest-bearing core deposits     29,404,099     205,111 2.78 %     29,320,513     198,798 2.73 %     25,139,905     132,458 2.09 %
    Brokered deposits     1,829,218     24,616 5.35 %     1,244,237     17,008 5.50 %     1,183,228     14,970 5.02 %
    Total interest-bearing deposits     31,233,317     229,727 2.93 %     30,564,750     215,806 2.84 %     26,323,133     147,428 2.22 %
                             
    Federal funds purchased and interbank borrowings     14,549     292 7.98 %     148,835     1,986 5.37 %     62,921     910 5.74 %
    Securities sold under agreements to repurchase     239,524     612 1.02 %     249,939     639 1.03 %     302,305     710 0.93 %
    Federal Home Loan Bank advances     4,572,046     47,719 4.15 %     4,473,978     44,643 4.01 %     4,537,250     40,382 3.53 %
    Other borrowings     754,544     9,851 5.19 %     891,609     12,168 5.49 %     841,307     12,003 5.66 %
    Total borrowed funds     5,580,663     58,474 4.17 %     5,764,361     59,436 4.15 %     5,743,783     54,005 3.73 %
                             
    Total interest-bearing liabilities   $ 36,813,980   $ 288,201 3.11 %   $ 36,329,111   $ 275,242 3.05 %   $ 32,066,916   $ 201,433 2.49 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 9,371,698         $ 9,558,675         $ 10,338,267      
    Other liabilities     970,662           980,322           961,268      
    Shareholders’ equity     6,190,071           5,978,976           5,294,072      
                             
    Total liabilities and shareholders’ equity   $ 53,346,411         $ 52,847,084         $ 48,660,523      
                             
    Net interest rate spread       2.62 %       2.61 %       2.85 %
                             
    Net interest margin (GAAP)       3.27 %       3.28 %       3.44 %
                             
    Net interest margin (FTE)3       3.32 %       3.33 %       3.49 %
                             
    FTE adjustment     $ 6,144       $ 6,340       $ 5,837  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
                     
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                     
                     
        Nine Months Ended   Nine Months Ended
        September 30, 2024   September 30, 2023
        Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 825,743   $ 32,992 5.34 %   $ 736,225   $ 25,258 4.59 %
    Investments:                
    Treasury and government-sponsored agencies     2,275,607     66,648 3.91 %     2,266,177     58,923 3.47 %
    Mortgage-backed securities     5,721,725     135,217 3.15 %     5,268,509     102,618 2.60 %
    States and political subdivisions     1,678,504     42,308 3.36 %     1,771,155     43,306 3.26 %
    Other securities     781,385     37,303 6.37 %     785,474     28,726 4.88 %
    Total investments   $ 10,457,221   $ 281,476 3.59 %   $ 10,091,315   $ 233,573 3.09 %
    Loans:2                
    Commercial     10,087,322     534,566 7.07 %     9,644,541     475,210 6.57 %
    Commercial and agriculture real estate     15,488,010     765,325 6.59 %     13,180,509     598,337 6.05 %
    Residential real estate loans     6,826,809     197,770 3.86 %     6,626,551     181,592 3.65 %
    Consumer     2,815,837     146,177 6.93 %     2,612,519     120,428 6.16 %
    Total loans     35,217,978     1,643,838 6.22 %     32,064,120     1,375,567 5.72 %
                     
    Total earning assets   $ 46,500,942   $ 1,958,306 5.62 %   $ 42,891,660   $ 1,634,398 5.08 %
                     
    Less: Allowance for credit losses on loans     (337,168 )         (301,909 )    
                     
    Non-earning Assets:                
    Cash and due from banks   $ 402,213         $ 412,998      
    Other assets     5,232,807           4,917,592      
                     
    Total assets   $ 51,798,794         $ 47,920,341      
                     
    Interest-Bearing Liabilities:                
    Checking and NOW accounts   $ 7,627,029   $ 88,994 1.56 %   $ 7,793,561   $ 69,248 1.19 %
    Savings accounts     4,976,361     15,455 0.41 %     5,791,780     9,745 0.22 %
    Money market accounts     10,571,821     302,921 3.83 %     6,577,317     120,917 2.46 %
    Other time deposits     5,327,361     168,453 4.22 %     3,660,156     79,032 2.89 %
    Total interest-bearing core deposits     28,502,572     575,823 2.70 %     23,822,814     278,942 1.57 %
    Brokered deposits     1,375,231     55,149 5.36 %     879,886     32,053 4.87 %
    Total interest-bearing deposits     29,877,803     630,972 2.82 %     24,702,700     310,995 1.68 %
                     
    Federal funds purchased and interbank borrowings     77,262     3,239 5.60 %     306,480     11,404 4.97 %
    Securities sold under agreements to repurchase     261,818     2,168 1.11 %     351,362     2,389 0.91 %
    Federal Home Loan Bank advances     4,477,851     133,529 3.98 %     4,699,074     123,466 3.51 %
    Other borrowings     823,746     33,058 5.36 %     806,575     30,071 4.98 %
    Total borrowed funds     5,640,677     171,994 4.07 %     6,163,491     167,330 3.63 %
                     
    Total interest-bearing liabilities     35,518,480     802,966 3.02 %     30,866,191     478,325 2.07 %
                     
    Noninterest-Bearing Liabilities and Shareholders’ Equity              
    Demand deposits   $ 9,396,081         $ 10,864,375      
    Other liabilities     971,687           944,619      
    Shareholders’ equity     5,912,546           5,245,156      
                     
    Total liabilities and shareholders’ equity   $ 51,798,794         $ 47,920,341      
                     
    Net interest rate spread       2.60 %       3.01 %
                     
    Net interest margin (GAAP)       3.26 %       3.54 %
                     
    Net interest margin (FTE)3       3.31 %       3.59 %
                     
    FTE adjustment     $ 18,737       $ 17,328  
                     
    1 Interest income is reflected on a FTE.
    2 Includes loans held-for-sale.                
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.    
     
                     
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Allowance for credit losses:                
    Beginning allowance for credit losses on loans $ 366,335   $ 319,713   $ 307,610   $ 303,982   $ 300,555     $ 307,610   $ 303,671  
    Allowance established for acquired PCD loans   2,803     23,922     —     —     —       26,725     —  
    Provision for credit losses on loans   29,176     36,745     23,853     13,329     23,115       89,774     46,520  
    Gross charge-offs   (18,965 )   (17,041 )   (14,020 )   (13,202 )   (22,750 )     (50,026 )   (55,261 )
    Gross recoveries   1,491     2,996     2,270     3,501     3,062       6,757     9,052  
    NCOs   (17,474 )   (14,045 )   (11,750 )   (9,701 )   (19,688 )     (43,269 )   (46,209 )
    Ending allowance for credit losses on loans $ 380,840   $ 366,335   $ 319,713   $ 307,610   $ 303,982     $ 380,840   $ 303,982  
    Beginning allowance for credit losses on unfunded commitments $ 25,733   $ 26,264   $ 31,226   $ 32,960   $ 37,007     $ 31,226   $ 32,188  
    Provision (release) for credit losses on unfunded commitments   (679 )   (531 )   (4,962 )   (1,734 )   (4,047 )     (6,172 )   772  
    Ending allowance for credit losses on unfunded commitments $ 25,054   $ 25,733   $ 26,264   $ 31,226   $ 32,960     $ 25,054   $ 32,960  
    Allowance for credit losses $ 405,894   $ 392,068   $ 345,977   $ 338,836   $ 336,942     $ 405,894   $ 336,942  
    Provision for credit losses on loans $ 29,176   $ 36,745   $ 23,853   $ 13,329   $ 23,115     $ 89,774   $ 46,520  
    Provision (release) for credit losses on unfunded commitments   (679 )   (531 )   (4,962 )   (1,734 )   (4,047 )     (6,172 )   772  
    Provision for credit losses $ 28,497   $ 36,214   $ 18,891   $ 11,595   $ 19,068     $ 83,602   $ 47,292  
    NCOs / average loans1   0.19 %   0.16 %   0.14 %   0.12 %   0.24 %     0.16 %   0.19 %
    Average loans1 $ 36,299,544   $ 36,053,845   $ 33,242,739   $ 32,752,406   $ 32,639,812     $ 35,202,727   $ 32,057,989  
    EOP loans1   36,400,643     36,150,513     33,623,319     32,991,927     32,577,834       36,400,643     32,577,834  
    ACL on loans / EOP loans1   1.05 %   1.01 %   0.95 %   0.93 %   0.93 %     1.05 %   0.93 %
    ACL / EOP loans1   1.12 %   1.08 %   1.03 %   1.03 %   1.03 %     1.12 %   1.03 %
    Underperforming Assets:                
    Loans 90 days and over (still accruing) $ 1,177   $ 5,251   $ 2,172   $ 961   $ 1,192     $ 1,177   $ 1,192  
    Nonaccrual loans   443,597     340,181     328,645     274,821     261,346       443,597     261,346  
    Foreclosed assets   4,077     8,290     9,344     9,434     9,761       4,077     9,761  
    Total underperforming assets $ 448,851   $ 353,722   $ 340,161   $ 285,216   $ 272,299     $ 448,851   $ 272,299  
    Classified and Criticized Assets:                
    Nonaccrual loans $ 443,597   $ 340,181   $ 328,645   $ 274,821   $ 261,346     $ 443,597   $ 261,346  
    Substandard loans (still accruing)   1,074,243     841,087     626,157     599,358     563,427       1,074,243     563,427  
    Loans 90 days and over (still accruing)   1,177     5,251     2,172     961     1,192       1,177     1,192  
    Total classified loans – “problem loans”   1,519,017     1,186,519     956,974     875,140     825,965       1,519,017     825,965  
    Other classified assets   59,485     60,772     54,392     48,930     48,998       59,485     48,998  
    Special Mention   837,543     967,655     827,419     843,920     775,526       837,543     775,526  
    Total classified and criticized assets $ 2,416,045   $ 2,214,946   $ 1,838,785   $ 1,767,990   $ 1,650,489     $ 2,416,045   $ 1,650,489  
    Loans 30-89 days past due (still accruing) $ 91,750   $ 51,712   $ 53,112   $ 71,868   $ 56,772     $ 91,750   $ 56,772  
    Nonaccrual loans / EOP loans1   1.22 %   0.94 %   0.98 %   0.83 %   0.80 %     1.22 %   0.80 %
    ACL / nonaccrual loans   92 %   115 %   105 %   123 %   129 %     92 %   129 %
    Under-performing assets/EOP loans1   1.23 %   0.98 %   1.01 %   0.86 %   0.84 %     1.23 %   0.84 %
    Under-performing assets/EOP assets   0.84 %   0.67 %   0.69 %   0.58 %   0.56 %     0.84 %   0.56 %
    30+ day delinquencies/EOP loans1   0.26 %   0.16 %   0.16 %   0.22 %   0.18 %     0.26 %   0.18 %
                     
    1 Excludes loans held-for-sale.            
                     

                    

                     
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Earnings Per Share:                
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Adjustments:                
    Merger-related charges   6,860     19,440     2,908     5,529     6,257       29,208     23,187  
    Tax effect1   (1,528 )   (4,413 )   (710 )   (1,343 )   (1,042 )     (6,651 )   (4,491 )
    Merger-related charges, net   5,332     15,027     2,198     4,186     5,215       22,557     18,696  
    Separation expense   2,646     —     —     —     —       2,646     —  
    Tax effect1   (589 )   —     —     —     —       (589 )   —  
    Separation expense, net   2,057     —     —     —     —       2,057     —  
    Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Tax effect1   (17 )   1     (4 )   (200 )   (40 )     (20 )   (1,175 )
    Debt securities (gains) losses, net   59     (1 )   12     625     201       70     4,265  
    CECL Day 1 non-PCD provision expense   —     15,312     —     —     —       15,312     —  
    Tax effect1   —     (3,476 )   —     —     —       (3,476 )   —  
    CECL Day 1 non-PCD provision expense, net   —     11,836     —     —     —       11,836     —  
    Distribution of excess pension assets   —     —     13,318     —     —   —   13,318     —  
    Tax effect1   —     —     (3,250 )   —     —   —   (3,250 )   —  
    Distribution excess pension assets, net   —     —     10,068     —     —       10,068     —  
    FDIC special assessment   —     —     2,994     19,052     —       2,994     —  
    Tax effect1   —     —     (731 )   (4,628 )   —       (731 )   —  
    FDIC special assessment, net   —     —     2,263     14,424     —       2,263     —  
    Gain on sale of Visa Class B restricted shares   —     —     —     (21,635 )   —       —     —  
    Tax effect1   —     —     —     5,255     —       —     —  
    Gain on sale of Visa Class B restricted shares, net   —     —     —     (16,380 )   —       —     —  
    Contract termination charge   —     —     —     4,413     —       —     —  
    Tax effect1   —     —     —     (1,072 )   —       —     —  
    Contract termination charge, net   —     —     —     3,341     —       —     —  
    Louisville expenses   —     —     —     —     —       —     3,361  
    Tax effect1   —     —     —     —     —       —     (392 )
    Louisville expenses, net   —     —     —     —     —       —     2,969  
    Property optimization charges   —     —     —     —     —       —     1,559  
    Tax effect1   —     —     —     —     —       —     (315 )
    Property optimization charges, net   —     —     —     —     —       —     1,244  
    Total adjustments, net   7,448     26,862     14,541     6,196     5,416       48,851     27,174  
    Net income applicable to common shares, adjusted $ 147,216   $ 144,058   $ 130,791   $ 134,642   $ 149,258     $ 422,065   $ 464,585  
    Weighted average diluted common shares outstanding   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Adjusted EPS, diluted $ 0.46   $ 0.46   $ 0.45   $ 0.46   $ 0.51     $ 1.37   $ 1.59  
    NIM:                
    Net interest income $ 391,724   $ 388,421   $ 356,458   $ 364,408   $ 375,086     $ 1,136,603   $ 1,138,745  
    Add: FTE adjustment2   6,144     6,340     6,253     6,100     5,837       18,737     17,328  
    Net interest income (FTE) $ 397,868   $ 394,761   $ 362,711   $ 370,508   $ 380,923     $ 1,155,340   $ 1,156,073  
    Average earning assets $ 47,905,463   $ 47,406,849   $ 44,175,079   $ 43,701,283   $ 43,617,456     $ 46,500,942   $ 42,891,660  
    NIM (GAAP)   3.27 %   3.28 %   3.23 %   3.34 %   3.44 %     3.26 %   3.54 %
    NIM (FTE)   3.32 %   3.33 %   3.28 %   3.39 %   3.49 %     3.31 %   3.59 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    PPNR:                
    Net interest income (FTE)2 $ 397,868   $ 394,761   $ 362,711   $ 370,508   $ 380,923     $ 1,155,340   $ 1,156,073  
    Add: Noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Total revenue (FTE)   492,006     482,032     440,233     470,602     461,861       1,414,271     1,389,321  
    Less: Noninterest expense   (272,283 )   (282,999 )   (262,317 )   (284,235 )   (244,776 )     (817,599 )   (742,071 )
    PPNR $ 219,723   $ 199,033   $ 177,916   $ 186,367   $ 217,085     $ 596,672   $ 647,250  
    Adjustments:                
    Gain on sale of Visa Class B restricted shares $ —   $ —   $ —   $ (21,635 ) $ —     $ —   $ —  
    Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Noninterest income adjustments   76     (2 )   16     (20,810 )   241       90     5,440  
    Adjusted noninterest income   94,214     87,269     77,538     79,284     81,179       259,021     238,688  
    Adjusted revenue $ 492,082   $ 482,030   $ 440,249   $ 449,792   $ 462,102     $ 1,414,361   $ 1,394,761  
    Adjustments:                
    Merger-related charges $ 6,860   $ 19,440   $ 2,908   $ 5,529   $ 6,257     $ 29,208   $ 23,187  
    Separation expense   2,646     —     —     —     —       2,646     —  
    Distribution of excess pension assets   —     —     13,318     —     —       13,318     —  
    FDIC Special Assessment   —     —     2,994     19,052     —       2,994     —  
    Contract termination charges   —     —     —     4,413     —       —     —  
    Louisville expenses   —     —     —     —     —       —     3,361  
    Property optimization charges   —     —     —     —     —       —     1,559  
    Noninterest expense adjustments   9,506     19,440     19,220     28,994     6,257       48,166     28,107  
    Adjusted total noninterest expense   (262,777 )   (263,559 )   (243,097 )   (255,241 )   (238,519 )     (769,433 )   (713,964 )
    Adjusted PPNR $ 229,305   $ 218,471   $ 197,152   $ 194,551   $ 223,583     $ 644,928   $ 680,797  
    Efficiency Ratio:                
    Noninterest expense $ 272,283   $ 282,999   $ 262,317   $ 284,235   $ 244,776     $ 817,599   $ 742,071  
    Less: Amortization of intangibles   (7,411 )   (7,425 )   (5,455 )   (5,869 )   (6,040 )     (20,291 )   (18,286 )
    Noninterest expense, excl. amortization of intangibles   264,872     275,574     256,862     278,366     238,736       797,308     723,785  
    Less: Amortization of tax credit investments   (3,277 )   (2,747 )   (2,749 )   (7,200 )   (2,644 )     (8,773 )   (8,167 )
    Less: Noninterest expense adjustments   (9,506 )   (19,440 )   (19,220 )   (28,994 )   (6,257 )     (48,166 )   (28,107 )
    Adjusted noninterest expense, excluding amortization $ 252,089   $ 253,387   $ 234,893   $ 242,172   $ 229,835     $ 740,369   $ 687,511  
    Total revenue (FTE)2 $ 492,006   $ 482,032   $ 440,233   $ 470,602   $ 461,861     $ 1,414,271   $ 1,389,321  
    Less: Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Total revenue excl. debt securities (gains) losses   492,082     482,030     440,249     471,427     462,102       1,414,361     1,394,761  
    Less: Gain on sale of Visa Class B restricted shares   —     —     —     (21,635 )   —       —     —  
    Total adjusted revenue $ 492,082   $ 482,030   $ 440,249   $ 449,792   $ 462,102     $ 1,414,361   $ 1,394,761  
    Efficiency Ratio   53.8 %   57.2 %   58.3 %   59.0 %   51.7 %     56.4 %   51.9 %
    Adjusted Efficiency Ratio   51.2 %   52.6 %   53.4 %   53.8 %   49.7 %     52.3 %   49.3 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    ROAE and ROATCE:                
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Amortization of intangibles   7,411     7,425     5,455     5,869     6,040       20,291     18,286  
    Tax effect1   (1,853 )   (1,856 )   (1,364 )   (1,467 )   (1,510 )     (5,073 )   (4,572 )
    Amortization of intangibles, net   5,558     5,569     4,091     4,402     4,530       15,218     13,714  
    Net income applicable to common shares, excluding intangibles amortization   145,326     122,765     120,341     132,848     148,372       388,432     451,125  
    Total adjustments, net (see pg.12)   7,448     26,862     14,541     6,196     5,416       48,851     27,174  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 152,774   $ 149,627   $ 134,882   $ 139,044   $ 153,788     $ 437,283   $ 478,299  
    Average shareholders’ equity $ 6,190,071   $ 5,978,976   $ 5,565,542   $ 5,281,487   $ 5,294,072     $ 5,912,546   $ 5,245,156  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )     (243,719 )   (243,719 )
    Average shareholders’ common equity $ 5,946,352   $ 5,735,257   $ 5,321,823   $ 5,037,768   $ 5,050,353     $ 5,668,827   $ 5,001,437  
    Average goodwill and other intangible assets   (2,304,597 )   (2,245,405 )   (2,098,338 )   (2,103,935 )   (2,109,944 )     (2,216,437 )   (2,115,953 )
    Average tangible shareholder’s common equity $ 3,641,755   $ 3,489,852   $ 3,223,485   $ 2,933,833   $ 2,940,409     $ 3,452,390   $ 2,885,484  
    ROAE   9.4 %   8.2 %   8.7 %   10.2 %   11.4 %     8.8 %   11.7 %
    ROAE, adjusted   9.9 %   10.0 %   9.8 %   10.7 %   11.8 %     9.9 %   12.4 %
    ROATCE   16.0 %   14.1 %   14.9 %   18.1 %   20.2 %     15.0 %   20.8 %
    ROATCE, adjusted   16.8 %   17.2 %   16.7 %   19.0 %   20.9 %     16.9 %   22.1 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      September 30, June 30, March 31, December 31, September 30,
        2024     2024     2024     2023     2023  
    Tangible Common Equity:          
    Shareholders’ equity $ 6,367,298   $ 6,075,072   $ 5,595,408   $ 5,562,900   $ 5,239,537  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 6,123,579   $ 5,831,353   $ 5,351,689   $ 5,319,181   $ 4,995,818  
    Less: Goodwill and other intangible assets   (2,305,084 )   (2,306,204 )   (2,095,511 )   (2,100,966 )   (2,106,835 )
    Tangible shareholders’ common equity $ 3,818,495   $ 3,525,149   $ 3,256,178   $ 3,218,215   $ 2,888,983  
               
    Total assets $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
    Less: Goodwill and other intangible assets   (2,305,084 )   (2,306,204 )   (2,095,511 )   (2,100,966 )   (2,106,835 )
    Tangible assets $ 51,297,209   $ 50,813,441   $ 47,439,407   $ 46,988,870   $ 46,952,613  
               
    Risk-weighted assets3 $ 40,584,608   $ 40,627,117   $ 37,845,139   $ 37,407,347   $ 37,501,646  
               
    Tangible common equity to tangible assets   7.44 %   6.94 %   6.86 %   6.85 %   6.15 %
    Tangible common equity to risk-weighted assets3   9.41 %   8.68 %   8.60 %   8.60 %   7.70 %
    Tangible Common Book Value:          
    Common shares outstanding   318,955     318,969     293,330     292,655     292,586  
    Tangible common book value $ 11.97   $ 11.05   $ 11.10   $ 11.00   $ 9.87  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 September 30, 2024 figures are preliminary.

    The MIL Network –

  • MIL-OSI: First Financial Corporation Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2024. During the quarter, the Corporation closed its acquisition of SimplyBank, Dayton, Tennessee. The quarter was impacted by purchase accounting adjustments and charges, which are reflected in the results.

    • Net income was $8.7 million compared to $16.3 million reported for the same period of 2023;
    • Diluted net income per common share of $0.74 compared to $1.37 for the same period of 2023;
    • Return on average assets was 0.64% compared to 1.35% for the three months ended September 30, 2023;
    • Credit loss provision was $9.4 million compared to provision of $1.2 million for the third quarter 2023; and
    • Pre-tax, pre-provision net income was $19.9 million compared to $20.5 million for the same period in 2023.1

    The Corporation further reported results for the nine months ended September 30, 2024:

    • Net income was $31.0 million compared to $48.3 million reported for the same period of 2023;
    • Diluted net income per common share of $2.63 compared to $4.02 for the same period of 2023;
    • Return on average assets was 0.82% compared to 1.33% for the nine months ended September 30, 2023;
    • Credit loss provision was $14.2 million compared to provision of $4.8 million for the nine months ended September 30, 2023; and
    • Pre-tax, pre-provision net income was $51.1 million compared to $63.1 million for the same period in 2023.1

    ________________
    1Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the third quarter of 2024 were $3.71 billion versus $3.15 billion for the comparable period in 2023, an increase of $558 million or 17.74%. On a linked quarter basis, average loans increased $508 million or 15.89% from $3.20 billion as of June 30, 2024. Increases in average loans over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Loans Outstanding section below.

    Total Loans Outstanding

    Total loans outstanding as of September 30, 2024, were $3.72 billion compared to $3.12 billion as of September 30, 2023, an increase of $598 million or 19.17%. On a linked quarter basis, total loans increased $511 million or 15.96% from $3.20 billion as of June 30, 2024. The main driver of the increase was $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented, “During the quarter, we closed the acquisition of SimplyBank, which gives us access to very attractive markets in Southeast Tennessee and Northwest Georgia. We also experienced another sound quarter of loan and net interest income growth. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”

    Average Total Deposits

    Average total deposits for the quarter ended September 30, 2024, were $4.71 billion versus $4.00 billion as of September 30, 2023, an increase of $705 million or 17.63%. Increases in average deposits over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Deposits section below.

    Total Deposits

    Total deposits were $4.72 billion as of September 30, 2024, compared to $4.04 billion as of September 30, 2023, a $676 million increase, or 16.74%. On a linked quarter basis, total deposits increased $585.2 million, or 14.16%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $831.6 million, and time deposits were $791.1 million as of September 30, 2024, compared to $770.5 million and $471.6 million, respectively for the same period of 2023.

    Shareholders’ Equity

    Shareholders’ equity at September 30, 2024, was $566.0 million compared to $470.2 million on September 30, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in July and declared a $0.45 quarterly dividend, which was paid on October 15, 2024.

    Book Value Per Share

    Book Value per share was $47.93 as of September 30, 2024, compared to $40.00 as of September 30, 2023, an increase of $7.93 per share, or 19.82%. Tangible Book Value per share was $37.84 as of September 30, 2024, compared to $32.10 as of September 30, 2023, an increase of $5.74 per share, or 17.88%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.33% at September 30, 2024, compared to 8.04% at September 30, 2023.

    Net Interest Income

    Net interest income for the third quarter of 2024 was $47.2 million, compared to $41.2 million reported for the same period of 2023, an increase of $6.0 million, or 14.63%.

    Net Interest Margin

    The net interest margin for the quarter ended September 30, 2024, was 3.78% compared to the 3.74% reported at September 30, 2023. On a linked quarterly basis, the net interest margin increased 21 basis points from 3.57% at June 30, 2024.

    Nonperforming Loans

    Nonperforming loans as of September 30, 2024, were $14.1 million versus $12.6 million as of September 30, 2023. The increase was due primarily to the SimplyBank acquisition. The ratio of nonperforming loans to total loans and leases was 0.38% as of September 30, 2024, versus 0.40% as of September 30, 2023.

    Credit Loss Provision

    The provision for credit losses for the three months ended September 30, 2024, was $9.4 million, compared to $1.2 million for the third quarter 2023. The Corporation recorded $5.5 million in provision for the acquisition of SimplyBank. The increase in provision was also related to one previously identified credit, reflecting further deterioration in collateral values during the quarter.

    Net Charge-Offs

    Third quarter net charge-offs were $4.6 million compared to $2.1 million in the same period of 2023.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of September 30, 2024, was $46.2 million compared to $39.0 million as of September 30, 2023. The allowance for credit losses as a percent of total loans was 1.24% as of September 30, 2024, compared to 1.25% as of September 30, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans increased 4 basis points from 1.20% as of June 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 and 2023 was $11.2 million and $11.6 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended September 30, 2024, was $38.6 million compared to $32.3 million in 2023. This includes $844 thousand of acquisition-related expenses during the quarter, as well as an overall increase in operating expenses as a result of the acquisition.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 64.43% for the quarter ending September 30, 2024, versus 59.57% for the same period in 2023.

    Income Taxes

    Income tax expense for the three months ended September 30, 2024, was $1.7 million versus $3.0 million for the same period in 2023. The effective tax rate for 2024 was 16.44% compared to 17.37% for 2023.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at http://www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                                   
        Three Months Ended   Nine Months Ended
        September 30,    June 30,   September 30,    September 30,    September 30, 
        2024   2024   2023   2024   2023
    END OF PERIOD BALANCES                              
    Assets   $ 5,483,351   $ 4,891,068   $ 4,784,806   $ 5,483,351   $ 4,784,806
    Deposits   $ 4,717,489   $ 4,132,327   $ 4,040,995   $ 4,717,489   $ 4,040,995
    Loans, including net deferred loan costs   $ 3,715,235   $ 3,204,009   $ 3,117,626   $ 3,715,235   $ 3,117,626
    Allowance for Credit Losses   $ 46,169   $ 38,334   $ 39,034   $ 46,169   $ 39,034
    Total Equity   $ 565,951   $ 530,670   $ 470,168   $ 565,951   $ 470,168
    Tangible Common Equity (a)   $ 446,786   $ 438,569   $ 377,367   $ 446,786   $ 377,367
                                   
    AVERAGE BALANCES                              
    Total Assets   $ 5,483,572   $ 4,813,308   $ 4,814,251   $ 5,033,748   $ 4,828,165
    Earning Assets   $ 5,165,520   $ 4,556,839   $ 4,575,996   $ 4,762,940   $ 4,590,258
    Investments   $ 1,342,037   $ 1,279,278   $ 1,351,433   $ 1,309,879   $ 1,384,941
    Loans   $ 3,705,779   $ 3,197,695   $ 3,147,317   $ 3,361,207   $ 3,104,623
    Total Deposits   $ 4,705,614   $ 4,113,826   $ 4,000,302   $ 4,288,426   $ 4,124,520
    Interest-Bearing Deposits   $ 4,403,454   $ 3,413,752   $ 3,222,633   $ 3,714,432   $ 3,309,111
    Interest-Bearing Liabilities   $ 157,227   $ 152,303   $ 309,948   $ 176,985   $ 197,142
    Total Equity   $ 546,912   $ 517,890   $ 493,764   $ 529,174   $ 494,428
                                   
    INCOME STATEMENT DATA                              
    Net Interest Income   $ 47,170   $ 39,294   $ 41,150   $ 125,384   $ 127,672
    Net Interest Income Fully Tax Equivalent (b)   $ 48,630   $ 40,673   $ 42,539   $ 129,600   $ 131,774
    Provision for Credit Losses   $ 9,400   $ 2,966   $ 1,200   $ 14,166   $ 4,800
    Non-interest Income   $ 11,223   $ 9,905   $ 11,627   $ 30,559   $ 31,455
    Non-interest Expense   $ 38,564   $ 32,651   $ 32,265   $ 104,637   $ 95,932
    Net Income   $ 8,741   $ 11,369   $ 16,285   $ 31,034   $ 48,252
                                   
    PER SHARE DATA                              
    Basic and Diluted Net Income Per Common Share   $ 0.74   $ 0.96   $ 1.37   $ 2.63   $ 4.02
    Cash Dividends Declared Per Common Share   $ 0.45   $ 0.45   $ —   $ 1.35   $ 0.54
    Book Value Per Common Share   $ 47.93   $ 44.92   $ 40.00   $ 47.93   $ 40.00
    Tangible Book Value Per Common Share (c)   $ 36.22   $ 36.04   $ 33.69   $ 37.84   $ 32.10
    Basic Weighted Average Common Shares Outstanding     11,808     11,814     11,901     11,809     11,993

    ________________
    (a)  Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)  Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)  Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                           
    Key Ratios   Three Months Ended   Nine Months Ended  
        September 30,   June 30,   September 30,   September 30,   September 30,  
        2024   2024   2023   2024   2023  
    Return on average assets   0.64 % 0.94 % 1.35 % 0.82 % 1.33 %
    Return on average common shareholder’s equity   6.39 % 8.78 % 13.19 % 7.80 % 12.98 %
    Efficiency ratio   64.43 % 64.56 % 59.57 % 65.33 % 58.77 %
    Average equity to average assets   9.97 % 10.76 % 10.26 % 10.51 % 10.24 %
    Net interest margin (a)   3.78 % 3.57 % 3.74 % 3.63 % 3.83 %
    Net charge-offs to average loans and leases   0.49 % 0.59 % 0.24 % 0.43 % 0.24 %
    Credit loss reserve to loans and leases   1.24 % 1.20 % 1.25 % 1.24 % 1.25 %
    Credit loss reserve to nonperforming loans   326.65 % 240.85 % 310.19 % 326.65 % 310.19 %
    Nonperforming loans to loans and leases   0.38 % 0.50 % 0.40 % 0.38 % 0.40 %
    Tier 1 leverage   10.25 % 12.14 % 11.72 % 10.25 % 11.72 %
    Risk-based capital – Tier 1   13.63 % 14.82 % 14.61 % 13.63 % 14.61 %

    ________________
    (a)  Net interest margin is calculated on a tax equivalent basis.

                                   
                                   
    Asset Quality   Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
        2024   2024   2023   2024   2023
    Accruing loans and leases past due 30-89 days   $ 16,391   $ 14,913   $ 15,961   $ 16,391   $ 15,961
    Accruing loans and leases past due 90 days or more   $ 1,517   $ 1,353   $ 1,370   $ 1,517   $ 1,370
    Nonaccrual loans and leases   $ 12,617   $ 14,563   $ 11,214   $ 12,617   $ 11,214
    Other real estate owned   $ 169   $ 170   $ 63   $ 169   $ 63
    Nonperforming loans and other real estate owned   $ 14,303   $ 16,086   $ 12,647   $ 14,303   $ 12,647
    Total nonperforming assets   $ 17,179   $ 18,978   $ 15,671   $ 17,179   $ 15,671
    Gross charge-offs   $ 6,936   $ 6,091   $ 3,601   $ 16,219   $ 11,520
    Recoveries   $ 2,365   $ 1,414   $ 1,528   $ 5,449   $ 5,975
    Net charge-offs/(recoveries)   $ 4,571   $ 4,677   $ 2,073   $ 10,770   $ 5,545
                     
    Non-GAAP Reconciliations   Three Months Ended September 30,
        2024   2023
    ($in thousands, except EPS)                
    Income before Income Taxes   $ 10,429     $ 19,312  
    Provision for credit losses     9,400       1,200  
    Provision for unfunded commitments     100       —  
    Pre-tax, Pre-provision Income   $ 19,929     $ 20,512  
                 
    Non-GAAP Reconciliations   Nine Months Ended September 30,
        2024    2023 
    ($ in thousands, except EPS)            
    Income before Income Taxes   $ 37,140     $ 58,395  
    Provision for credit losses     14,166       4,800  
    Provision for unfunded commitments     (200 )     (100 )
    Pre-tax, Pre-provision Income   $ 51,106     $ 63,095  
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
           
        September 30,   December 31, 
        2024   2023
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 77,312     $ 76,759  
    Federal funds sold     1,356       282  
    Securities available-for-sale     1,271,992       1,259,137  
    Loans:            
    Commercial     2,112,738       1,817,526  
    Residential     924,276       695,788  
    Consumer     671,353       646,758  
          3,708,367       3,160,072  
    (Less) plus:            
    Net deferred loan costs     6,868       7,749  
    Allowance for credit losses     (46,169 )     (39,767 )
          3,669,066       3,128,054  
    Restricted stock     15,366       15,364  
    Accrued interest receivable     25,386       24,877  
    Premises and equipment, net     82,213       67,286  
    Bank-owned life insurance     128,242       114,122  
    Goodwill     93,363       86,985  
    Other intangible assets     25,802       5,586  
    Other real estate owned     169       107  
    Other assets     93,084       72,587  
    TOTAL ASSETS   $ 5,483,351     $ 4,851,146  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 831,575     $ 750,335  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     159,618       92,921  
    Other interest-bearing deposits     3,726,296       3,246,812  
          4,717,489       4,090,068  
    Short-term borrowings     84,363       67,221  
    FHLB advances     30,456       108,577  
    Other liabilities     85,092       57,304  
    TOTAL LIABILITIES     4,917,400       4,323,170  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,165,023 in 2024 and 16,137,220 in 2023            
    Outstanding shares-11,808,304 in 2024 and 11,795,024 in 2023     2,016       2,014  
    Additional paid-in capital     144,785       144,152  
    Retained earnings     677,155       663,726  
    Accumulated other comprehensive income/(loss)     (102,800 )     (127,087 )
    Less: Treasury shares at cost-4,356,719 in 2024 and 4,342,196 in 2023     (155,205 )     (154,829 )
    TOTAL SHAREHOLDERS’ EQUITY     565,951       527,976  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,483,351     $ 4,851,146  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
                 
        Three Months Ended   Nine Months Ended
        September 30,   September 30,
        2024   2023   2024   2023
            (unaudited)
    INTEREST INCOME:                        
    Loans, including related fees   $ 61,367   $ 49,146     $ 162,878   $ 140,220  
    Securities:                        
    Taxable     6,319     6,164       18,083     18,631  
    Tax-exempt     2,715     2,661       7,919     7,937  
    Other     1,294     752       2,989     2,864  
    TOTAL INTEREST INCOME     71,695     58,723       191,869     169,652  
    INTEREST EXPENSE:                        
    Deposits     22,197     13,627       59,622     35,111  
    Short-term borrowings     993     1,923       2,928     4,025  
    Other borrowings     1,335     2,023       3,935     2,844  
    TOTAL INTEREST EXPENSE     24,525     17,573       66,485     41,980  
    NET INTEREST INCOME     47,170     41,150       125,384     127,672  
    Provision for credit losses     9,400     1,200       14,166     4,800  
    NET INTEREST INCOME AFTER PROVISION                        
    FOR LOAN LOSSES     37,770     39,950       111,218     122,872  
    NON-INTEREST INCOME:                        
    Trust and financial services     1,251     1,140       3,903     3,642  
    Service charges and fees on deposit accounts     8,139     7,099       21,576     20,971  
    Other service charges and fees     191     213       700     613  
    Securities gains (losses), net     103     —       104     —  
    Interchange income     177     —       490     47  
    Loan servicing fees     274     447       957     997  
    Gain on sales of mortgage loans     411     321       886     811  
    Other     677     2,407       1,943     4,374  
    TOTAL NON-INTEREST INCOME     11,223     11,627       30,559     31,455  
    NON-INTEREST EXPENSE:                        
    Salaries and employee benefits     18,521     17,159       53,231     51,263  
    Occupancy expense     2,556     2,389       7,116     7,120  
    Equipment expense     4,280     3,580       12,736     10,404  
    FDIC Expense     558     613       1,721     1,977  
    Other     12,649     8,524       29,833     25,168  
    TOTAL NON-INTEREST EXPENSE     38,564     32,265       104,637     95,932  
    INCOME BEFORE INCOME TAXES     10,429     19,312       37,140     58,395  
    Provision for income taxes     1,688     3,027       6,106     10,143  
    NET INCOME     8,741     16,285       31,034     48,252  
    OTHER COMPREHENSIVE INCOME (LOSS)                        
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     31,628     (34,934 )     24,067     (36,504 )
    Change in funded status of post retirement benefits, net of taxes     73     146       220     440  
    COMPREHENSIVE INCOME (LOSS)   $ 40,442   $ (18,503 )   $ 55,321   $ 12,188  
    PER SHARE DATA                        
    Basic and Diluted Earnings per Share   $ 0.74   $ 1.37     $ 2.63   $ 4.02  
    Weighted average number of shares outstanding (in thousands)     11,808     11,901       11,809     11,993  

    The MIL Network –

  • MIL-OSI: QNB Corp. Reports Earnings for Third Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    QUAKERTOWN, Pa., Oct. 22, 2024 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the third quarter of 2024 of $3,338,000, or $0.91 per share on a diluted basis. This compares to net income of $2,344,000, or $0.65 per share on a diluted basis, for the same period in 2023. For the nine months ended September 30, 2024, QNB reported net income of $8,397,000, or $2.29 per share on a diluted basis. This compares to net income of $8,349,000, or $2.32 per share on a diluted basis, reported for the same period in 2023.

    For the third quarter of 2024, the annualized rate of return on average assets and average shareholders’ equity was 0.72% and 8.13%, respectively, compared with 0.52% and 5.88%, respectively, for the third quarter 2023. 

    The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended September 30, 2024, in comparison with the same period in 2023, due primarily to improvement in the interest margin causing a $1,182,000 increase in net interest income, decreased provision for credit losses on loans and unfunded commitments of $300,000 and a decrease in non-interest expense of $37,000; this was partly offset by a decrease in non-interest income of $96,000. The change in contribution from QNB Corp. for the quarter ended September 30, 2024, compared with the same period in 2023, is primarily due to more gains on sales from the equities portfolio and less unrealized losses on the equity portfolio; partly offset by interest expense on subordinated debt held at the holding company.

    The following table presents disaggregated net income (loss):

      Three months ended,           Nine months ended,        
      9/30/2024     9/30/2023     Variance     9/30/2024     9/30/2023     Variance  
    QNB Bank $ 3,394,000     $ 2,334,000     $ 1,060,000     $ 8,466,000     $ 8,568,000     $ (102,000 )
    QNB Corp   (56,000 )     10,000       (66,000 )     (69,000 )     (219,000 )     150,000  
    Consolidated net income $ 3,338,000     $ 2,344,000     $ 994,000     $ 8,397,000     $ 8,349,000     $ 48,000  
     

    Total assets as of September 30, 2024 were $1,841,563,000 compared with $1,706,318,000 at December 31, 2023. Total available-for-sale debt securities increased $19,855,000, or 7.9%, to $510,036,000, primarily due to purchases of higher-yielding securities partly offset be the sales of lower-yielding securities and payments. Loans receivable increased $77,828,000, or 7.1%, to $1,171,361,000. Total deposits increased $137,571,000, or 9.2%, to $1,626,284,000. Short-term borrowing declined $71,176,000, or 75.6%. During the third quarter of 2024, the QNB Corp. issued $40,000,000 of subordinated debt; the carrying value net of deferred costs was $39,030,000 at September 30, 2024.

    “We continue to experience strong growth in customer loan and deposit balances, which has led to improvement in our net interest income and margin. Growth combined with solid liquidity and good asset quality, has our franchise positioned for positive momentum,” stated David W. Freeman, President and Chief Executive Officer. Freeman continued, “Our successful Sub-Debt issuance has further strengthened our Capital position and will enable continued growth in the future. I am optimistic that we are well positioned to capitalize on the foundation we have built.”

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended September 30, 2024 totaled $11,127,000, an increase of $914,000, from the same period in 2023. Net interest margin was 2.48% for the third quarter of 2024 and 2.38% for the same period in 2023. Net interest margin was 2.45% for the nine months ended September 30, 2024, compared with 2.40% for the same period in 2023.

    The yield on earning assets was 4.86% for the third quarter 2024, compared with 4.28% in the third quarter of 2023; an increase of 58 basis points. For the nine-month period ended September 30, 2024, the yield on earning assets was 4.71%, compared with 3.97% for the same period in 2023. The cost of interest-bearing liabilities was 2.90% for the quarter ended September 30, 2024, compared with 2.35% for the same period in 2023, an increase of 55 basis points. For the nine-month period ended September 30, 2024, the cost of interest-bearing liabilities was 2.77% compared with 1.96% for the same period in 2023.

    Proceeds from the growth in average deposits and proceeds from the issuance of subordinated debt and the sale and payments received on investment securities over the past year were invested in loans and other interest earning assets, and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45% of average earning assets in the third quarter of 2024 compared with 42% for the same period in 2023, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 47 basis-point increase in the yield on loans. The decline in the available-for-sale portfolio was primarily in mortgage-backed securities, which comprised 19% of average earnings assets in the third quarter of 2024 compared with 23% for the same period in 2023. The 40-basis point increase in rate on investments was primarily due to the impact of the interest rate swaps entered into at the end of the second quarter of 2023, contributing to the increase in net interest margin. The 55 basis-point increase in the rate paid on deposits and the issuance of subordinated debt were the primary contributors to the increase in the cost of funds of 55 basis points.

    Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

    QNB recorded $154,000 in provision for credit losses on loans in the third quarter of 2024 compared to $452,000 in provision in the third quarter of 2023. QNB’s allowance for credit losses on loans of $8,987,000 represents 0.77% of loans receivable at September 30, 2024, compared to $8,852,000, or 0.81% of loans receivable at December 31, 2023. Net loan charge-offs were $25,000 for the quarter ended September 30, 2024, compared with $275,000 for the same period in 2023. Annualized net loan charge-offs for the quarter ended September 30, 2024 were 0.01% and 0.10% for the quarter ended September 30, 2023, of average loans receivable, respectively. Net loan charge-offs were $58,000 for the nine months ended September 30, 2024, compared with recoveries of $219,000 for the same period in 2023 were primarily due to two large commercial customers. Annualized net loan charge-offs for the nine months ended September 30, 2024 were 0.01% compared to annualized net recoveries of 0.03% for the same period in 2023, of average loans receivable, respectively.

    Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $1,696,000, or 0.14% of loans receivable at September 30, 2024, compared with $1,940,000, or 0.18% of loans receivable at December 31, 2023. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At September 30, 2024, $1,021,000, or approximately 60% of the loans classified as non-accrual, are current or past due less than 30 days. Commercial loans classified as substandard or doubtful loans totaled $26,883,000 at September 30, 2024, compared with $11,747,000 at December 31, 2023; these were comprised primarily of commercial real estate loans.

    Non-Interest Income

    Total non-interest income was $1,967,000 for the third quarter of 2024 compared with $1,755,000 for the same period in 2023. There was a net realized gain of $224,000 on the sale of investments for the quarter ended September 30, 2024 compared to a net gain of $131,000 on the sales of securities in the same period in 2023. Unrealized net gain on investment equity securities was $143,000 for the quarter ended September 30, 2024 compared to a net loss of $138,000 for the same period in 2023. During the third quarter of 2024 the Bank sold lower yielding securities to better position its net interest margin.

    Fees for service to customers increased $48,000 for the quarter ended September 30, 2024, as overdraft fees decreased $16,000 and other deposit-related fees increased $32,000. Retail brokerage and advisory income decreased $80,000 to $139,000 for the same period, due to a decrease in customer balances following employee turnover. Other non-interest income decreased $151,000 for the same period due to a sales tax refund of $115,000 received in 2023 and a decline in merchant fee income of $16,000 due to value.

    For the nine months ended September 30, 2024, non-interest income was $5,268,000 an increase of $714,000 compared to the same period in 2023, primarily due to the change in fair value of the equities portfolio of $1,783,000. QNB completed the exchange offer to convert the Bank’s Visa B-1 shares to B-2 and C shares in the second quarter of 2024; the fair value of the Visa C shares was a gain of $1,419,000 at September 30, 2024. Realized loss on sale of securities was $495,000, a decline of $680,000 for the nine months ended September 30, 2024, compared with the same period in 2023. Net gain on sale of loans increased $27,000 when comparing the nine months ended September 30, 2024 with the same period in 2023. Increases in non-interest income for the nine months ended September 30, 2024 compared to the same period in 2023 comprise: fees for services to customers which increased $79,000. Decreases in non-interest income comprised: ATM and debit card fees, retail brokerage and advisory income, and other which decreased $16,000, $297,000 and $182,000, respectively. Other non-interest income decreased the $182,000 due primarily to a sales tax refund of $115,000 received in 2023, losses on disposals of furniture and equipment, mortgage servicing fees and letter of credit fees.

    Non-Interest Expense

    Total non-interest expense was $8,636,000 for the third quarter of 2024 compared with $8,671,000 for the same period in 2023. Salaries and benefits expense decreased $321,000, or 6.5%, to $4,650,000 when comparing the two quarters. Salary expense and related payroll taxes increased $77,000, or 1.9%, to $4,209,000 during the third quarter of 2024 compared to the same period in 2023. Benefits expense decreased $400,000, or 81.1%, when comparing the two periods primarily due to a reduction in medical costs and stop-loss reimbursements.

    Net occupancy and furniture and equipment expense increased $27,000, or 1.8%, to $1,531,000 for the third quarter of 2024 primarily due to software maintenance costs partly offset by a reduction in repairs and maintenance. Other non-interest expense increased $259,000, or 11.8%, when comparing third quarter of 2024 with the same period in 2023 due to an increase in Bank shares tax of $89,000, due to the timing of tax credits received, an increase of $50,000 in debit card expense, an increase in FDIC insurance of $67,000, an increase in third-party services of $69,000, and an increase in write-offs due to fraud on customer accounts of $44,000, partly offset by decreases in director fees of $16,000, a decrease in marketing expense of $19,000 and a reduction loan-related costs of $23,000.

    For the nine months ended September 30, 2024, non-interest expense was $26,403,000, an increase of $1,040,000, or 4.1%, compared to the same period in 2023.

    Income Taxes

    Provision for income taxes increased $467,000 to $961,000 in the third quarter of 2024 due to increased pre-tax income, compared with the same period in 2023. The effective tax rates for the quarter ended September 30, 2024 was 22.4% compared with 17.4% for the same period in 2023. The effective tax rates for the nine months ended September 30, 2024 was 20.5% compared with 18.9% for the same period in 2023. 

    About the Company

    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

    Forward Looking Statement

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    QNB Corp.  
    Consolidated Selected Financial Data (unaudited)  
    (Dollars in thousands)                    
    Balance Sheet (Period End) 9/30/24   6/30/24   3/31/24   12/31/23   9/30/23  
    Assets $ 1,841,563   $ 1,761,487   $ 1,716,081   $ 1,706,318   $ 1,684,392  
    Cash and cash equivalents   104,232     76,909     50,963     62,657     55,141  
    Investment securities                    
    Debt securities, AFS   510,036     460,418     481,596     490,181     505,390  
    Equity securities   2,760     7,233     6,217     5,910     4,765  
    Loans held-for-sale   294     786     —     549     446  
    Loans receivable   1,171,361     1,162,310     1,122,616     1,093,533     1,060,450  
    Allowance for loan losses   (8,987 )   (8,858 )   (8,738 )   (8,852 )   (8,542 )
    Net loans   1,162,374     1,153,452     1,113,878     1,084,681     1,051,908  
    Deposits   1,626,284     1,572,839     1,536,188     1,488,713     1,483,333  
    Demand, non-interest bearing   190,240     190,333     188,260     185,098     192,226  
    Interest-bearing demand, money market and savings   1,055,409     1,003,813     990,451     988,634     1,000,921  
    Time   380,635     378,693     357,477     314,981     290,186  
    Short-term borrowings   22,918     49,066     55,088     94,094     96,703  
    Long-term debt   30,000     30,000     20,000     20,000     20,000  
    Subordinated debt   39,030     —     —     —     —  
    Shareholders’ equity   105,340     96,885     93,686     90,824     74,081  
                         
    Asset Quality Data (Period End)                    
    Non-accrual loans $ 1,696   $ 2,078   $ 2,001   $ 1,940   $ 1,893  
    Loans past due 90 days or more and still accruing   —     —     —     —     —  
    Non-performing loans   1,696     2,078     2,001     1,940     1,893  
    Other real estate owned and repossessed assets   —     —     —     —     —  
    Non-performing assets $ 1,696   $ 2,078   $ 2,001   $ 1,940   $ 1,893  
                         
    Allowance for credit losses on loans $ 8,987   $ 8,858   $ 8,738   $ 8,852   $ 8,542  
                         
    Non-performing loans / Loans excluding held-for-sale   0.14 %   0.18 %   0.18 %   0.18 %   0.18 %
    Non-performing assets / Assets   0.09 %   0.12 %   0.12 %   0.11 %   0.11 %
    Allowance for credit losses on loans / Loans excluding held-for-sale   0.77 %   0.76 %   0.78 %   0.81 %   0.81 %
    QNB Corp.
    Consolidated Selected Financial Data (unaudited)
    (Dollars in thousands, except per share data) Three months ended,   Nine months ended,
    For the period: 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23   9/30/24 9/30/23
    Interest income $ 21,945   $ 20,345   $ 19,569   $ 19,257   $ 18,497     $ 61,859   $ 49,825  
    Interest expense   10,818     9,753     9,401     9,065     8,284       29,972     19,862  
    Net interest income   11,127     10,592     10,168     10,192     10,213       31,887     29,963  
    Provision for credit losses   159     114     (86 )   293     459       187     (1,137 )
    Net interest income after provision for credit losses   10,968     10,478     10,254     9,899     9,754       31,700     31,100  
    Non-interest income:                
    Fees for services to customers   469     427     420     414     421       1,316     1,237  
    ATM and debit card   691     705     636     687     685       2,032     2,048  
    Retail brokerage and advisory income   139     126     93     207     219       358     655  
    Net realized (loss) gain on investment securities   224     (1,096 )   377     (2,262 )   131       (495 )   185  
    Unrealized gain (loss) on equity securities   143     1,016     (30 )   904     (138 )     1,129     (654 )
    Net gain on sale of loans   19     (2 )   15     11     4       32     5  
    Other   282     289     325     322     433       896     1,078  
    Total non-interest income   1,967     1,465     1,836     283     1,755       5,268     4,554  
    Non-interest expense:                
    Salaries and employee benefits   4,650     5,038     4,974     4,717     4,971       14,662     14,309  
    Net occupancy and furniture and equipment   1,531     1,481     1,515     1,477     1,504       4,527     4,348  
    Other   2,455     2,415     2,344     2,552     2,196       7,214     6,706  
    Total non-interest expense   8,636     8,934     8,833     8,746     8,671       26,403     25,363  
    Income before income taxes   4,299     3,009     3,257     1,436     2,838       10,565     10,291  
    Provision for income taxes   961     544     663     302     494       2,168     1,942  
    Net income $ 3,338   $ 2,465   $ 2,594   $ 1,134   $ 2,344     $ 8,397   $ 8,349  
                     
    Share and Per Share Data:                
    Net income – basic $ 0.91   $ 0.67   $ 0.71   $ 0.31   $ 0.65     $ 2.29   $ 2.32  
    Net income – diluted $ 0.91   $ 0.67   $ 0.71   $ 0.31   $ 0.65     $ 2.29   $ 2.32  
    Book value $ 28.57   $ 26.34   $ 25.57   $ 24.86   $ 20.35     $ 28.57   $ 20.35  
    Cash dividends $ 0.37   $ 0.37   $ 0.37   $ 0.37   $ 0.37     $ 1.11   $ 1.11  
    Average common shares outstanding -basic   3,679,799     3,665,695     3,655,176     3,642,096     3,613,230       3,666,937     3,600,137  
    Average common shares outstanding -diluted   3,682,773     3,665,695     3,655,176     3,642,096     3,613,230       3,666,937     3,600,137  
    Selected Ratios:                
    Return on average assets   0.72 %   0.55 %   0.59 %   0.25 %   0.52 %     0.62 %   0.64 %
    Return on average shareholders’ equity   8.13 %   6.14 %   6.53 %   2.83 %   5.88 %     6.95 %   7.13 %
    Net interest margin (tax equivalent)   2.48 %   2.46 %   2.39 %   2.36 %   2.38 %     2.45 %   2.40 %
    Efficiency ratio (tax equivalent)   65.28 %   73.26 %   72.73 %   82.38 %   71.59 %     70.28 %   72.55 %
    Average shareholders’ equity to total average assets   8.80 %   8.97 %   8.98 %   8.93 %   8.91 %     8.92 %   9.01 %
    Net loan charge-offs (recoveries) $ 25   $ 12   $ 21   $ (19 ) $ 275     $ 58   $ (219 )
    Net loan charge-offs (recoveries) – annualized / Average loans excluding held-for-sale   0.01 %   0.00 %   0.01 %   -0.01 %   0.10 %     0.01 %   -0.03 %
    Balance Sheet (Average)                
    Assets $ 1,856,034   $ 1,798,040   $ 1,778,585   $ 1,779,627   $ 1,773,138     $ 1,811,051   $ 1,737,417  
    Investment securities (AFS & Equities)   552,323     569,135     578,615     604,292     624,423       566,638     636,498  
    Loans receivable   1,158,731     1,139,874     1,108,836     1,072,616     1,039,170       1,135,898     1,029,042  
    Deposits   1,600,925     1,542,661     1,497,692     1,490,244     1,488,632       1,547,290     1,443,816  
    Shareholders’ equity   163,274     161,340     159,739     158,987     158,063       161,458     156,499  
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Three Months Ended  
      September 30, 2024     September 30, 2023  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 12,811     4.94 % $ 159     $ 7,111     5.17 % $ 92  
    U.S. Government agencies   75,956     1.18     224       101,947     1.11     283  
    State and municipal   105,674     3.74     989       109,157     3.30     901  
    Mortgage-backed and CMOs   345,119     2.84     2,453       394,607     2.53     2,500  
    Corporate debt securities and mutual funds   8,804     5.97     131       6,648     4.40     73  
    Equities   3,959     4.61     46       4,953     4.70     59  
    Total investment securities   552,323     2.90     4,002       624,423     2.50     3,908  
    Loans:                          
    Commercial real estate   819,091     5.60     11,525       722,833     5.10     9,288  
    Residential real estate   110,760     4.21     1,165       107,332     3.81     1,022  
    Home equity loans   66,239     6.84     1,138       57,694     6.65     967  
    Commercial and industrial   140,980     7.61     2,696       128,601     7.23     2,343  
    Consumer loans   3,613     7.75     70       3,823     7.53     73  
    Tax-exempt loans   18,305     3.88     179       19,630     3.59     178  
    Total loans, net of unearned income*   1,158,988     5.76     16,773       1,039,913     5.29     13,871  
    Other earning assets   95,780     5.43     1,307       62,420     5.48     862  
    Total earning assets   1,807,091     4.86     22,082       1,726,756     4.28     18,641  
    Cash and due from banks   15,540               15,679          
    Allowance for loan losses   (8,860 )             (8,396 )        
    Other assets   42,263               39,099          
    Total assets $ 1,856,034             $ 1,773,138          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 356,763     1.00 %   898     $ 319,335     0.74 %   600  
    Municipals   154,619     4.69     1,823       157,391     4.63     1,837  
    Money market   238,494     3.56     2,132       201,277     3.01     1,527  
    Savings   278,247     1.28     896       325,567     1.27     1,038  
    Time < $100   178,228     4.12     1,846       128,884     2.92     947  
    Time $100 through $250   152,416     4.64     1,777       106,920     3.69     996  
    Time > $250   49,506     4.61     573       43,856     3.41     377  
    Total interest-bearing deposits   1,408,273     2.81     9,945       1,283,230     2.26     7,322  
    Short-term borrowings   34,078     2.18     186       95,568     3.07     740  
    Long-term debt   30,000     4.75     364       20,000     4.36     222  
    Subordinated debt   13,716     9.42     323       —     —     —  
    Total interest-bearing liabilities   1,486,067     2.90     10,818       1,398,798     2.35     8,284  
    Non-interest-bearing deposits   192,652               205,402          
    Other liabilities   14,041               10,875          
    Shareholders’ equity   163,274               158,063          
    Total liabilities and                          
    shareholders’ equity $ 1,856,034             $ 1,773,138          
    Net interest rate spread       1.96 %             1.93 %    
    Margin/net interest income       2.48 % $ 11,264           2.38 % $ 10,357  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale  
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Nine Months Ended  
      September 30, 2024     September 30, 2023  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 8,820     5.10 % $ 337     $ 3,618     4.97 % $ 134  
    U.S. Government agencies   81,800     1.17     718       101,945     1.11     849  
    State and municipal   107,237     3.56     2,860       109,877     2.64     2,173  
    Mortgage-backed and CMOs   355,878     2.72     7,262       405,979     1.96     5,971  
    Corporate debt securities and mutual funds   7,416     5.78     321       6,637     4.41     219  
    Equities   5,487     3.87     159       8,442     4.07     257  
    Total investment securities   566,638     2.74     11,657       636,498     2.01     9,603  
    Loans:                          
    Commercial real estate   798,714     5.47     32,701       700,375     4.79     25,091  
    Residential real estate   109,463     4.07     3,337       106,817     3.67     2,943  
    Home equity loans   64,700     6.83     3,307       57,317     6.44     2,762  
    Commercial and industrial   141,148     7.57     7,997       141,176     7.55     7,977  
    Consumer loans   3,679     7.78     214       3,942     7.15     211  
    Tax-exempt loans   18,410     3.86     532       19,984     3.53     527  
    Total loans, net of unearned income*   1,136,114     5.65     48,088       1,029,611     5.13     39,511  
    Other earning assets   61,999     5.45     2,530       27,195     5.67     1,153  
    Total earning assets   1,764,751     4.71     62,275       1,693,304     3.97     50,267  
    Cash and due from banks   13,880               14,046          
    Allowance for loan losses   (8,897 )             (8,871 )        
    Other assets   41,317               38,938          
    Total assets $ 1,811,051             $ 1,737,417          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 337,632     0.89 %   2,243     $ 314,012     0.52 %   1,227  
    Municipals   139,810     4.76     4,987       128,270     4.34     4,163  
    Money market   232,140     3.57     6,196       169,308     2.30     2,913  
    Savings   288,885     1.28     2,769       363,496     1.18     3,208  
    Time < $100   168,894     3.98     5,027       113,951     2.30     1,960  
    Time $100 through $250   141,156     4.53     4,790       104,697     3.42     2,676  
    Time > $250   50,855     4.49     1,709       36,590     2.80     767  
    Total interest-bearing deposits   1,359,372     2.72     27,721       1,230,324     1.84     16,914  
    Short-term borrowings   57,880     2.33     1,010       112,724     2.99     2,518  
    Long-term debt   26,058     4.63     918       14,267     3.98     430  
    Subordinated debt   4,605     9.35     323       —     —     —  
    Total interest-bearing liabilities   1,447,915     2.77     29,972       1,357,315     1.96     19,862  
    Non-interest-bearing deposits   187,918               213,492          
    Other liabilities   13,760               10,111          
    Shareholders’ equity   161,458               156,499          
    Total liabilities and                          
    shareholders’ equity $ 1,811,051             $ 1,737,417          
    Net interest rate spread       1.94 %             2.01 %    
    Margin/net interest income       2.45 % $ 32,303           2.40 % $ 30,405  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale                          

    The MIL Network –

  • MIL-OSI: HEROWORKS to Participate in TTA 2024, Initiating Comprehensive Expansion into the Singapore Market

    Source: GlobeNewswire (MIL-OSI)

    SEOUL, KOREA, Oct. 21, 2024 (GLOBE NEWSWIRE) — South Korean hospitality tech company HEROWORKS is set to enter the Singapore market by introducing its hotel revenue management solution, ‘DatAmenity.’

    – HEROWORKS to Participate in ‘TTA 2024’, the Largest Tourism & Tech Expo in the Asia-Pacific Region

    – HEROWORKS to Supply its Hotel Revenue Management Solution ‘DatAmenity’ to the Singapore Market

    – Seeking Global Tourism Partners to Target the Asian Market with Localized Systems

    HEROWORKS has been selected as a participating company for the Travel & Tech Expo organized by the Singapore Tourism Enterprises Support Center (KTSC). From the 23rd to the 25th of this month, HEROWORKS will attend ‘Travel Tech Asia (TTA) 2024’ and ‘2024 ITB-Asia’ at the Marina Bay Sands Convention Centre in Singapore, seeking new business opportunities targeting the Asian hospitality tech market.

    With the aim of providing optimized solutions for the Singapore market, HEROWORKS will engage in networking and one-on-one investment meetings with key stakeholders, including venture capitalists, angel investors, and other investors. Through business consultations with these stakeholders, HEROWORKS plans to identify the specific needs of Singapore’s tourism and hospitality industries and to localize the ‘DatAmenity’ technology by partnering with companies that can create synergistic effects.

    DatAmenity is the first service in Korea to develop and implement a Revenue Management System (RMS) for hotels, and currently holds Korea’s number one market share. The solution collects and analyzes room data registered with Online Travel Agencies (OTAs), including pricing information and sales status, for all types of accommodations, such as hotels, motels, resorts, and pensions, assisting in optimally setting room sale prices.

    Unlike traditional hotel solutions, the DatAmenity solution is offered as a cloud-based SaaS (Software as a Service) model, allowing users to easily access and utilize the system anytime, anywhere. It currently serves approximately 500 accommodation facilities and has received significant positive feedback.

    Notably, DatAmenity has been recognized for its differentiated technological prowess in ‘Comparing Room Sales by Room Type.’ HEROWORKS identified the challenge that, despite having identical room configurations, differing room nomenclatures across hotels make accurate price comparisons difficult. In response, HEROWORKS developed a system allowing users (client companies) to set competitive hotels’ room classifications by their hotel’s room standards. This system, a proprietary technology exclusive to DatAmenity, has been proven innovative by acquiring a technology patent.

    HEROWORKS CEO Lee Chang-ju stated, “The demand for data-driven revenue management is increasing in Singapore’s hospitality industry.” He added, “Through participating in the TTA and ITB-Asia expos, we expect to accelerate our penetration into the Asian market by establishing partnerships with Singapore’s tourism and tech companies.”

    Meanwhile, HEROWORKS is a hospitality technology company specializing in developing automated systems for hotel revenue management. To address the gaps that existing hotel operational systems, such as Property Management Systems (PMS) and Channel Management Systems (CMS), cannot resolve, HEROWORKS has developed and operates a distinctive ‘Hotel Revenue Management Solution.’ Notably, the solution provides features that establish ‘optimal room sale prices’ and enable comprehensive viewing and management of ‘hotel customer reviews,’ contributing to enhanced hotel revenues.

    Social Links

    YouTube: https://youtu.be/e1kOthMDeUo?feature=shared

    Blog: https://blog.naver.com/datamenity

    Media Contact

    Brand: HEROWORKS

    Contact: Planning & Marketing Team

    Email: dyeong@heroworks.co.kr

    Website: https://www.heroworks.co.kr

    The MIL Network –

  • MIL-OSI: Balchug Capital Welcomes Leading Sanctions and AML Expert as Counsel to its Global Advisory Board

    Source: GlobeNewswire (MIL-OSI)

    YEREVAN, Armenia, Oct. 22, 2024 (GLOBE NEWSWIRE) — Balchug Capital, a global investment management firm headquartered in Armenia specializing in event-driven and value liquid strategies and private equity investments, is pleased to welcome Michael Parker, a renowned expert in U.S. sanctions and anti-money laundering (AML) compliance, as Counsel to its Global Advisory Board.

    With a distinguished career that includes serving as a U.S. Federal Prosecutor and Office of Foreign Assets Control (OFAC) official, Mr. Parker brings an in-depth understanding of the international regulatory landscape, further strengthening the firm’s commitment to responsible investing in global markets.

    “We have always placed full and unequivocable compliance with all relevant international laws and regulations at the heart of our firm. This is critical given the complexity of the regulatory and legal landscape in some geographies where we invest. This move is the strongest signal we can make of our commitment to the highest standards of compliance, and we are delighted to have Michael Parker as Counsel to our Global Advisory Board. His expertise will be invaluable as Balchug Capital continues to expand its global reach,” said David Amaryan, CEO and founder of Balchug Capital.

    “I’m honored to serve as Counsel to the Global Advisory Board and contribute together with its esteemed members to the success of Balchug Capital. The company’s resolute dedication to ethical governance and proactive commitment to its regulatory and legal requirements as part of its strategic vision is highly commendable,” said Michael Parker.

    Balchug Capital had previously announced the formation of its Global Advisory Board with esteemed leader in ethical governance, Mr. Robert H. Tembeckjian, as its inaugural member. The addition of Michael Parker as the Global Advisory Board’s Counsel further strengthens Balchug Capital’s commitment to best practices in corporate governance and compliance. 

    The Global Advisory Board supports Balchug Capital and its portfolio companies by providing strategic counsel and mentorship for continued growth. 

    About Michael Parker
    Michael Parker is a recognized expert in U.S. economic sanctions and anti-money laundering (AML) compliance. Having served as a U.S. Federal Prosecutor and an official with the Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury, Michael Parker is currently a Partner at Arktouros pllc in Washington, DC, USA. Michael Parker is also an Adjunct Professor of National Security Law in the Georgetown University School of Foreign Service Security Studies Program, where he teaches on topics related to U.S. sanctions and national security.

    About Balchug Capital
    Balchug Capital is a global investment management firm headquartered in Armenia. It was founded in 2010 by David Amaryan and specializes in event-driven and value liquid strategies and private equity investments.

    Media contact:

    For further information please contact Lena Gyulkhasyan:

    l.gyulkhasyan@balchug.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56203113-0790-4449-8a56-dd9b5262a51e

    The MIL Network –

  • MIL-OSI: LHV Group’s unaudited financial results for Q3 and nine months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Q3 of 2024 for LHV was marked by strong loan portfolio growth and the highest business volumes so far.

    AS LHV Group earned EUR 84.9 million in revenue on a consolidated basis in Q3 of this year, which is 3% less than in Q2, but 4% more than at the same time a year ago. Of the revenue, net interest income accounted for EUR 67.4 million, and net fee and commission income for EUR 16.3 million. The Group’s operating expenses amounted to EUR 37.2 million in Q3, which is 1% less than in the previous quarter, but 14% more than a year earlier.

    In Q3, AS LHV Group earned EUR 34.7 million in consolidated net profit. It was 10% lower than in Q2 and 12% less than in Q3 of 2023. The return on equity attributable to the Group’s shareholders was 22.4% in Q3.

    During the quarter, AS LHV Pank earned EUR 34.1 million euros in net profit, AS LHV Varahaldus EUR 0.6 million, and AS LHV Kindlustus EUR 0.5 million. LHV Bank Limited reported a net loss of EUR 0.6 million in Q3.

    By the end of September, the volume of LHV Group’s consolidated assets increased to EUR 7.82 billion. Over the quarter, the volume of assets increased by EUR 491 million, i.e. 7%. Compared to the previous quarter, the Group’s consolidated loan portfolio increased by EUR 236 million to EUR 4.13 billion (+6%; + EUR 246 million in Q2). Consolidated deposits increased by EUR 502 million to EUR 6.29 billion during the quarter (+9%; + EUR 150 million in Q2). The total volume of funds managed by LHV was EUR 1.52 billion at the end of September, which is EUR 8 million less than in the previous quarter (-1%; – EUR 11 million in Q2). The number of processed payments to financial intermediaries’ clients amounted to 18.8 million in Q3 (+3% compared to 18.3 million payments in Q2).

    In the nine months of 2024, LHV Group has earned EUR 257.6 million in net income on a consolidated basis (+15% compared to 2023), and the total expenses have been EUR 110.4 million (+14%). This year, LHV’s consolidated loan portfolio has increased by EUR 564 million, i.e. 16%, and deposits (excluding deposits of financial intermediaries) by EUR 659 million (+14%).

    The Group’s consolidated net profit for the nine months was EUR 114 million, which is EUR 5.8 million more than a year earlier (+5%). In nine months, AS LHV Pank earned EUR 105.7 million, LHV Bank Limited EUR 5.2 million, AS LHV Varahaldus EUR 1.1 million, and AS LHV Kindlustus EUR 1.1 million in net profit. LHV Group’s nine-month return on equity was 25.6%.

    LHV’s nine-month net profit fell EUR 0.4 million short of the financial plan published at the beginning of October.

    Income statement, EUR thousand Q3-2024 Q2-2024 Q3-2023
       Net interest income 67 427 70 424 68 141
       Net fee and commission income 16 320 16 262 13 617
       Net gains from financial assets 798 -37 -589
       Other income 355 638 311
    Total revenue 84 900 87 287 81 480
       Staff costs -20 166 -21 108 -16 308
       Office rent and expenses -854 -609 -1 085
       IT expenses -3 820 -3 471 -3 379
       Marketing expenses -1 338 -973 -845
       Other operating expenses -11 066 -11 426 -11 190
    Total operating expenses -37 245 -37 587 -32 807
    EBIT 47 655 49 700 48 673
    Earnings before impairment losses 47 655 49 700 48 673
       Impairment losses on loans and advances -7 276 -5 043 -2 883
       Income tax -5 681 -6 071 -6 314
    Net profit 34 697 38 586 39 476
       Profit attributable to non-controlling interest 312 300 418
       Profit attributable to share holders of the parent 34 385 38 286 39 058
           
       Profit attributable to non-controlling interest 0.11 0.12 0.12
       Profit attributable to share holders of the parent 0.10 0.12 0.12
    Balance sheet, EUR thousand Sep 2024 Jun 2024 Sep 2023
       Cash and cash equivalents 3 376 016 3 217 448 2 857 964
       Financial assets 259 933 157 131 269 828
       Loans granted 4 168 778 3 925 877 3 396 048
       Loan impairments -42 543 -35 333 -20 466
       Receivables from customers 10 598 15 919 36 873
       Other assets 47 567 48 681 50 924
    Total assets 7 820 348 7 329 723 6 591 170
          Demand deposits 4 160 516 3 882 999 3 814 480
          Term deposits 2 125 844 1 900 930 1 501 724
          Loans received 679 550 735 281 461 635
       Loans received and deposits from customers 6 965 910 6 519 211 5 777 839
       Other liabilities 108 605 100 710 124 238
       Subordinated loans 106 079 107 521 166 848
    Total liabilities 7 180 595 6 727 441 6 068 925
    Equity 639 754 602 282 522 245
       Minority interest 8 006 7 695 7 706
    Total liabilities and equity 7 820 348 7 329 723 6 591 170

    Although the business environment is still affected by the economic downturn, both the growth and quality of LHV’s loan portfolio remained at a strong level. In addition to the growing number of clients, the activity of clients was also at a good level. The share of overdue loans remains low, but both model-based discounts and discounts to individual clients have been added.

    The number of clients of LHV Pank increased by 11,200 during the quarter, and a total of 37,200 bank clients (+9%) have been added in a year. The activity of clients in terms of settlements and the use of bank cards was good, and the active issuance of home loans continued: one in four home loans in Estonia continued to be taken out with LHV Pank. Retail loans increased by EUR 112 million over the quarter and corporate loans by EUR 47 million. The growth in deposits resulted in EUR 174 million from regular clients and EUR 52 million from financial intermediaries. Platform deposits were added in the amount of EUR 92 million. In a situation where interest rates on fixed-term deposits are falling, the bank’s focus remains on attracting deposits.

    During the quarter, the offer of student loans was reopened, and with the help of LHV Pank, both Estonian Treasury Bills and several other securities offers were organised on the Baltic markets. In September, the Instar survey identified LHV Pank as the most preferred employer in Estonia in terms of students, business students, and experienced employees.

    For LHV Bank operating in the United Kingdom, Q3 saw record loan growth, as the loan portfolio increased by EUR 76 million. There are EUR 150 million of loans approved by the Credit Committee but not yet issued. The quality of the loan portfolio remains strong, as there are no debtors. The focus on loans will continue to be relevant: to date, LHV Bank has entered into cooperation agreements with more than 50 loan brokers and has assembled the entire team. The deposits included by LHV Bank increased by EUR 189 million over the quarter. The payment volumes of financial intermediaries remained at the same level as in Q2. In September, the results reflected one-off expenses incurred in the previous months, which affected the quarterly profit.

    The development of LHV Bank’s retail banking offering, mobile bank, and website continued. At the beginning of October, the mobile bank was opened for testing by own employees, the first accounts were opened and the first payments were made. At the beginning of July, LHV Bank joined the SEPA scheme, and joining the TIPS scheme is scheduled for April 2025.

    All pension funds managed by LHV Varahaldus had a positive rate of return in Q3. The quarter was characterised by a more volatile and weaker time in the markets. The volume of the II pillar was affected by the movements of clients at the beginning of September and the exit from the II pillar, which reduced the number of active clients making monthly contributions by 2,000. At the same time, the volume of the III pillar exceeded the level of EUR 100 million. Business results were largely in line with the financial plan revised in October. Approximately 8,000 people had submitted applications for larger contributions to the II pillar by the end of the quarter, and applications for the coming year can be submitted until the end of November.

    LHV Kindlustus continued on the path of good sales performance and profitability. For the second quarter in a row, home and travel insurance sales showed excellent growth. At the same time, there were few major loss events. The number of clients continued to grow. Net earned bonuses are outpacing the financial plan, with operating expenses being lower than planned. The decreasing net cost ratio supports the achievement of profitability goals.

    As at the end of the quarter, LHV Group is well capitalised and the Group’s internal capital generation capacity exceeds loan growth. If the growth continues, there is a possibility that LHV Group will organise the offering of T2 bonds in Q4.

    Comment by Madis Toomsalu, Chairman of the Management Board of the LHV Group: “During Q3, we achieved the highest business volumes in history, both in Estonian home and corporate loans, and in UK corporate loans. The total loan portfolio increased by EUR 236 million, showing a very strong result. To finance loan growth, deposits increased by EUR 502 million. In Estonia, the activity of clients continued to grow, and free euro payments bring in clients who make settlements and receive wages to their account. More and more clients are also using the insurance services of LHV. In the United Kingdom, the focus is on preparing for the launch of mobile banking, payments, and bank cards aimed at retail clients.”

    To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/en/reports/.

    In order to present the results of the quarter, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 22 October at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_3bEDDGaqQL-Q3rXLMkk-eA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachments

    The MIL Network –

  • MIL-OSI: eQ Plc’s interim report Q3 2024 – eQ’s operating profit EUR 27.6 million

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc interim report
    22 October 2024 at 8:00 AM

    January to September 2024 in brief

    • During the period under review, the Group’s net revenue totalled EUR 50.9 million (EUR 52.3 million from 1 Jan. to 30 Sept. 2023). The Group’s net fee and commission income was EUR 49.8 million (EUR 51.5 million).
    • The Group’s operating profit fell by 8% to EUR 27.6 million (EUR 30.0 million).
    • The Group’s profit was EUR 21.9 million (EUR 23.8 million).
    • The consolidated earnings per share were EUR 0.53 (EUR 0.59).
    • The net revenue of the Asset Management segment decreased by 10% to EUR 45.5 million (EUR 50.3 million) and the operating profit by 15% to EUR 26.9 million (EUR 31.7 million). The management fees of the Asset Management segment fell by 10% to EUR 42.0 million (EUR 46.8 million) and the performance fees increased by 3% to EUR 4.0 million (EUR 3.9 million). During the review period, the assets managed by eQ Asset Management grew by 3% to EUR 13.3 billion (EUR 12.9 billion on 31 Dec. 2023).
    • The net revenue of the Corporate Finance segment was EUR 4.3 million (EUR 1.2 million)
       and the operating profit was EUR 1.5 million (EUR -0.9 million).
    • The operating profit of the Investments segment was EUR 0.5 million (EUR 0.4 million).
    • The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR 0.7 million (EUR 0.2 million).

    July to September 2024 in brief

    • In the third quarter, the Group’s net revenue totalled EUR 16.7 million (EUR 16.6 million from 1 July to 30 Sept. 2023). The Group’s net fee and commission income was EUR 16.6 million (EUR 16.2 million).
    • The Group’s operating profit fell by 6% to EUR 9.6 million (EUR 10.2 million).
    • The Group’s profit was EUR 7.6 million (EUR 8.1 million).
    • The consolidated earnings per share were EUR 0.18 (EUR 0.20).
    Key ratios 1-9/24 1-9/23 Change 7-9/24 7-9/23 Change 1-12/23
    Net revenue, Group, MEUR 50.9 52.3 -3% 16.7 16.6 1% 70.9
    Net revenue, Asset Management, MEUR 45.5 50.3 -10% 15.2 15.9 -4% 66.9
    Net revenue, Corporate Finance, MEUR 4.3 1.2 251% 1.3 0.3 300% 3.9
    Net revenue, Investments, MEUR 0.5 0.4 15% -0.1 0.3 -133% -0.6
    Net revenue, Group administration and eliminations, MEUR 0.7 0.4   0.2 0.1    0.6
                   
    Operating profit, Group, MEUR 27.6 30.0 -8% 9.6 10.2 -6% 39.7
    Operating profit, Asset Management, MEUR 26.9 31.7 -15% 9.4 10.5 -10% 41.4
    Operating profit, Corporate Finance, MEUR 1.5 -0.9 265% 0.5 -0.2 331% 0.7
    Operating profit, Investments, MEUR 0.5 0.4 15% -0.1 0.3 -133% -0.6
    Operating profit, Group administration, MEUR -1.1 -1.3   -0.3 -0.4   -1.7
                   
    Profit for the period, MEUR 21.9 23.8 -8% 7.6 8.1 -6% 31.5
                   
    Key ratios 1-9/24 1-9/23 Change 7-9/24 7-9/23 Change 1-12/23
    Earnings per share, EUR 0.53 0.59 -9% 0.18 0.20 -8% 0.78
    Equity per share, EUR 1.64 1.65 -1% 1.64 1.65 -1% 1.85
    Cost/income ratio, Group, % 45.7 42.6 7% 42.8 38.5 11% 43.8
                   
    Liquid assets, MEUR 29.0 22.4 29% 29.0 22.4 29% 33.4
    Private equity and real estate fund investments, MEUR 16.5 17.1 -4% 16.5 17.1 -4% 16.6
    Interest-bearing loans, MEUR 0.0 0.0 0% 0.0 0.0 0% 0.0
                   
    Assets under management excluding reporting services, EUR billion 10.4 9.9 4% 10.4 9.9 4% 10.0
    Assets under management, EUR billion 13.3 12.8 4% 13.3 12.8 4% 12.9

    Mikko Koskimies, CEO

    Before the summer, it was expected that the Federal Reserve would not be able to cut its reference rate until late 2024 or in 2025. However, this view changed in early August, when labour market data was clearly weaker than expected. Strong fears emerged in the markets that the central bank acted too late when cutting interest rates and that the economy was at risk of a recession. Interest rate markets immediately anticipated that the Federal Reserve would cut its reference rate exceptionally quickly and sharply. Stock markets fell. Market positions were unwound at a rapid pace, resulting in Japanese yen’s sharp value increase and the Japanese stock market’s steep decline.

    Economic data released in the following weeks showed that market reactions had been disproportionate. However, the increased risk of recession was reflected in the Federal Reserve cutting its reference rate by 0.5 percentage points in September. The European Central Bank had already cut its reference rate in the summer and implemented another 0.25 percentage point cut in September. In Europe, economic growth differentials are exceptionally high, complicating the ECB’s monetary policy stance. Towards the end of the third quarter, China announced larger economic policy measures to boost growth. This led to a sharp rise in share prices at the very end of the quarter.

    Equity markets fluctuated in line with the recession, but as predictions of the economy’s soft landing returned, third-quarter returns turned clearly positive. At the beginning of the year, the US was the frontrunner, with the S&P 500 index returning as much as 21.7% in dollars (20.5% in euros). The rise of US share prices continues to be driven by a few technology companies. MSCI Europe had risen 11.6% since the beginning of the year. The Finnish stock market rose rapidly in the third quarter, up 8.8% from the start of the year. In emerging markets, share prices rose by 15.7% at the start of the year.

    eQ’s operating profit EUR 27.6 million

    The net revenue of the Group during the review period was EUR 50.9 million and the operating profit was EUR 27.6 million. Operating profit fell by 8 per cent from the previous year.

    eQ Asset Management’s assets under management increased

    eQ Asset Management’s net revenue in the review period fell by 10 per cent to EUR 45.5 million. The operating profit of the period fell by 15 per cent to EUR 26.9 million. The assets managed by eQ Asset Management grew by 3 per cent to EUR 13.3 billion during the period under review.

    As for traditional interest and equity investments, the returns of client portfolios in the first half were very good. Of the funds that eQ manages itself, 38 per cent surpassed their benchmark indices, and during a three-year period the corresponding figure was 62 per cent. During the review period eQ’s funds also received awards from both Morningstar and Lipper.

    As for sales, the year 2024 has gone well especially in Private Equity asset management. In 2024, Private Equity assets are raised to the eQ PE XVI North and eQ PE SF V funds, which make investments in Northern Europe. Their sizes increased to almost EUR 300 million in total at the end September. At the same time, the size the eQ VC II fund, which makes Venture Capital investments and which was started with the first closing of EUR 20 million last October, grew to 49 million dollars.

    Advium’s profit grew

    During the period under review, Advium’s net revenue totalled EUR 4.3 million (EUR 1.2 million). Operating profit was EUR 1.5 million (EUR -0.9 million).

    M&A activity in the third quarter of the year has remained at the same level as at the beginning of the year, but at a clearly lower level compared to the longer-term average. Volumes of the real estate transaction market are also still significantly below the long-term average.

    During the first nine months of 2024, Advium advised on four M&A transactions and one real estate transaction: Advising Aspo Plc on its minority investment in OP Suomi Infra, advising the eQ Commercial Properties fund on the sale of the Bredis retail park, advising an acquiring consortium on the public offer for Purmo Group, advising Innofactor Board of Directors on public cash offer for the company and advising Forcit on its agreement to acquire part of Orica’s Finnish and Swedish businesses.

    Jacob af Forselles was appointed as the Managing Director of Advium Corporate Finance Ltd and as a member to eQ Group’s Management Team. He started in his position at the beginning of August.

    The operating profit of Investments increased slightly

    The operating profit of the Investments segment was EUR 0.5 million (EUR 0.4 million), and the net cash flow was EUR 0.7 million (EUR 0.2 million). The balance sheet value of the private equity and real estate fund investments at the end of the period was EUR 16.5 million (EUR 16.6 million on 31 Dec. 2023). During the period, eQ Plc made a EUR 1 million investment commitment in the new eQ PE XVI North fund.

    Outlook

    The asset management market in Finland has grown strongly, and eQ’s growth has outpaced the market. We estimate that the long-term outlook for growth in the asset management market and for eQ in Finland is still good.

    For eQ’s real estate funds, 2023 was a difficult year due to an increase of the yields resulting from a strong rise in the interest rate level. As yields rose, values of properties clearly declined. Also, net subscriptions in funds were negative. The limited availability of real estate financing also contributed to a significant decrease in real estate transactions. With regard to the real estate funds, we expect 2024 to be a challenging year, although the long-term outlook for growth is good. Sales of eQ’s Private Equity products has continued to be strong, and the desire of Finnish asset management clients to increase Private Equity allocations in their portfolios will continue to support the growth of eQ’s Private Equity products. We also anticipate a growth in performance fees from 2025 onwards, due to the transfer of several Private Equity products to a performance fee stage. eQ’s competitive position in traditional asset management products and discretionary asset management is good thanks to excellent returns on investments. We believe that traditional asset management has great potential for growth in future years, considering however its characteristic short-term variation according to market conditions.

    ***

    eQ’s interim report 1 January to 30 September 2024 is enclosed to this release and it is also available on the company website at http://www.eQ.fi.

    eQ Plc

    Additional information:
    Mikko Koskimies, CEO, tel. +358 9 6817 8799
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, http://www.eQ.fi, media

    eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. More information about the Group is available on our website http://www.eQ.fi.

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    The MIL Network –

  • MIL-OSI: Exosens announces agreement to acquire NVLS (Night Vision Laser Spain), specialist in night vision equipment

    Source: GlobeNewswire (MIL-OSI)

    EXOSENS ANNOUNCES AGREEMENT TO ACQUIRE NVLS (NIGHT VISION LASER SPAIN), SPECIALIST IN NIGHT VISION EQUIPMENT

    PRESS RELEASE
    MÉRIGNAC, FRANCE– MADRID, SPAIN, OCTOBER, 22nd 2024

    • Exosens announces having reached a definitive agreement to acquire Spanish-based NVLS, a specialist in night vision equipment, widening its optical and mechanical deep know-how
    • This acquisition will enable NVLS to develop its business in Spain, Latin America and Asia and will contribute to providing enhanced night vision solutions to Armed Forces.

    Exosens, a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today announces the signing of the acquisition of Spain-based company NVLS, a specialist developer and manufacturer of man-portable night vision and thermal devices.

    “With the acquisition of NVLS, we will enhance our long-term innovation capabilities for multi-sensor platforms using detectors and cameras made by Exosens.

    Serving and delivering large volumes of high-performance image intensifiers to all our customers and end-users remain our priority in the years to come. We are committed to our customers to maintain the same high level of service and support that we have thrived to constantly deliver as the reference ITAR-free image intensifier tube provider».” commented Jérôme Cerisier, CEO of Exosens.

    NVLS, based in Spain with 63 employees, has developed a strong expertise in the field of man-portable night vision equipment, offering ultra-compact large field of view devices that provide enhanced visibility for land and aviation missions. These devices have been introduced as the new standards within the Spanish Armed Forces, Customs Police and Guardia Civil.

    “We are very pleased to join Exosens group with which we have built a strong supplier relationship since many years. All our products lines have always been using Photonis image intensifier tubes which ensure a high level of image quality and reliability. We will continue to benefit from their extended sensors technology platform to develop a new generation of devices, bringing unrivaled performances to armed forces.” stated Jorge de la Torre, CEO of NVLS.

    The transaction is expected to be finalized in the coming months. Terms of the transaction are not being disclosed and are pending customary clearances and approvals.

    ABOUT EXOSENS:

    Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 11 sites, in Europe and North America and with over 1,700 employees.

    Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿ and is a member of Euronext Tech Leaders segment.

    For more information: exosens.com

    Forward-looking statements

    Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release.

    Media contacts for Exosens:
    Brunswick group – exosens@brunswickgroup.com
    Laetitia Quignon, + 33 6 83 17 89 13
    Nicolas Buffenoir, + 33 6 31 89 36 78

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    The MIL Network –

  • MIL-OSI: BW Energy: Q3 2024 trading update 

    Source: GlobeNewswire (MIL-OSI)

    BW Energy: Q3 2024 trading update

    BW Energy will publish financial figures for Q3 2024 on Friday, 15 November 2024. 

    Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024, equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.    

    Volume (mmbbls)  Q3 2024  Q2 2024 
    Net production    2.4  2.1 
    Dussafu    1.9  1.4 
    Golfinho    0.5  0.7 
         
    Net volume sold    2.5  1.9 
    Dussafu*    2.0  0.9 
    Golfinho    0.5  1.0 
           
    Average realised price (USD/bbl)     
    Dussafu    82.0  76.3 
    Golfinho    81.7  86.4 
           
    *Includes State Profit Oil and DMO deliveries     

    DUSSAFU 

    • Highest quarterly production since inception 
    • Operating cost (excluding royalties) of USD 20.5/bbl 
    • The net volume sold (basis for revenue recognition), included 195,000 bbls of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift position of 391,500 bbls at period-end 
    • The DHBSM-2H well on Hibiscus South was completed in July with the first conventional ESP (Electrical Submersible Pump) system 
    • The DHIBM-3H well was worked over in early August with a conventional ESP 
    • The DHIBM-7H well, on the northern flank of Hibiscus Main, started production utilizing a conventional ESP in early October and is performing to expectation 
    • The DHBSM-1H ESP failed on 20 September, as the last of the defective generation, with change-out to a conventional ESP completed and production restarted mid-October  
    • The ESP replacement program on track for completion by year-end and to reach gross production target of 40,000 bbls/day  

    GOLFINHO 

    • Inventory at period end of 340,700 bbls  
    • Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower production 
    • Production impacted by a planned maintenance shutdown on the FPSO Cidade de Vitória. Production availability set to improve in Q4 following maintenance completion on one gas lift compressor, with full compressor capacity expected to be back in service in Q1 2025 

    HEDGING, LIQUIDITY AND DEBT 

    • Q3 expected gain from hedging of USD 8.6 million, all of which is unrealised.  
    • Period-end cash balance of USD 209 million vs. USD 244 million end-June 2024, with the change reflecting cash flow from operations, debt repayment and investments including acquisition of shares in ReconAfrica. 
    • Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt. 

    For further information, please contact:

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

    ir@bwenergy.no 

    About BW Energy: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024. 

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

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 21 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 22 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 21 October 2024

    On 21 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,877 41.73 AQEU        
      44,103 41.69 CEUX
      594 41.74 TQEX
      40,928 41.70 XHEL
    TOTAL 90,502 41.70  

    *rounded to two decimals                

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

    After the disclosed transactions, the company owns in total 9,042,747 Sampo A shares representing 1.64 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

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

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

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

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

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    The MIL Network –

  • MIL-OSI: Wendel announces a transformational transaction in line with its strategic roadmap

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – OCTOBER 22, 2024

    Wendel announces a transformational transaction
    in line with its strategic roadmap

    • Acquisition of Monroe Capital LLC dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
    • Wendel’s Asset Management platform will represent c.€31 billion1 of AuM in private assets and is expected to generate c.€160 million2 of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025

    Wendel (MF-FP) today announced that it has entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding principal investments business.

    This transaction follows Wendel’s recent acquisition of IK Partners, a European leader in middle market private equity, as it seeks to build a scaled third-party asset management platform, based on strong performing General Partners with distinctive and focused expertise, an entrepreneurial mindset and an emphasis on the middle market. The embedded organic growth of those acquisitions will be complemented by Wendel’s unique value proposition which includes:

    • Capital to sponsor new strategies and fund organic and inorganic initiatives ($800 million in the sponsoring program and up to $200m of GP commitment for Monroe Capital)
    • Wendel’s network to develop long term strategic partnerships with highly regarded LPs (Wendel and Monroe Capital intend for AXA-IM Prime to participate in the transaction)
    • Cross selling opportunities by combining the expertise and client bases of GPs
    • Development of centralized fundraising platform to address new markets

    The transaction is subject to the satisfaction of closing conditions and receipt of regulatory approvals. It is expected to be completed in the first half of 2025.

    A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles

    Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing $19.53 billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

    Through July 1, 2024, Monroe Capital has directly originated over 700 transactions, has invested over $44 billion and has earned c.10% gross unlevered IRR4 for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth individuals from across the globe.

    The firm, which is headquartered in Chicago, maintains eleven offices, of which nine are in the U.S., one in Abu Dhabi, UAE and one in Seoul, South Korea. Monroe Capital has grown to a team of over 270 employees, including 110 investment professionals.

    A transaction aligning strategic interests of all stakeholders over the long-term

    The envisaged transaction is a strategic partnership in which Monroe Capital’s teams — who remain committed for the long term — will continue to operate independently and autonomously in day-to-day management of current markets and strategies, under the same brand. Monroe Capital’s Investment Committee also would remain fully independent.

    A key feature of the planned partnership will be the commitment of significant capital by Wendel to support Monroe Capital’s present and future funds, as well as the development of new strategies. The contemplated transaction would lead to the full acquisition by Wendel of Monroe Capital over time, with subsequent transactions structured to ensure alignment of interests of all stakeholders:

    (i)      Initial transaction

    As part of the initial transaction, which is expected to be finalized in the first half of 2025, Wendel shall invest $1.13 billion, to acquire 75% of Monroe Capital’s shares (50% from Monroe management and 25% from Bonaccord Capital Partners who is a minority interest owner of Monroe) together with rights to c.20% of the carried interest generated on past and future funds. Monroe management will continue to own 25% of the Company post-closing.

    (ii)      Long-term alignment and subsequent transactions

    This transaction aims to maintain a long term and uncapped alignment of interests between Wendel and Monroe Capital’s 23 partners and employees:

    The initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism in the maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.

    The total consideration for the 75% would correspond to c. 14.7x to 18.5x 2025e pre-tax FRE depending on the earn out effectively paid and a 4.2x 2025e pre-tax Performance Related Earnings.

    Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.

    (iii)      Capital commitment

    In addition, to accelerate Monroe Capital’s growth, Wendel would seed future new initiatives launched by the Company, with sponsor money, up to a maximum of $800 million in total, thereby supporting Monroe’s growth and diversifying Wendel’s investments in asset classes. In addition, Wendel will fund GP commitment of c.1% of funds to be raised, up to a maximum of $200 million. In total, Wendel will invest $1 billion into Monroe Capital’s funds.

    (iv)      AXA IM Prime’s investment alongside Wendel

    In addition, Wendel and Monroe Capital intend for AXA IM Prime to participate in the transaction. Wendel and AXA IM Prime have longstanding relationship and have jointly worked since inception on the current transaction. Both companies are now in discussion to confirm AXA IM Prime investment (up to $50m) as a minority shareholder, through its GP-stake fund “AXA IM Prime Capital Partners I” (“PCP I”), alongside Wendel in Monroe Capital. AXA Group (CS-FP) is the anchor investor of PCP I and already a significant and historic Limited Partner in Monroe Capital’s funds.

    Wendel to become an Asset Manager alongside its historical Principal Investment activity

    Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

    With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€31 billion in AUM5, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

    This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.

    The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.

    Laurent Mignon, Wendel Group CEO, commented:

    “One year after announcing the acquisition of 51% of IK Partners, we are proud to announce the acquisition of 75% of Monroe Capital LLC, creating a strong partnership with a private credit leader in the U.S. lower midmarket. This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors.

    Through this partnership with Monroe Capital, we are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years. It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime.

    Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.

    I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”

    Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:

    “We are excited to partner with Wendel and AXA IM on this next chapter of Monroe’s growth. Their commitment to our business will provide meaningful and stable capital to thoughtfully scale our platform and better capture the attractive and expanding opportunity in middle market private credit. Specifically, Wendel’s $1 billion commitment will accelerate our client-centric growth strategy and deliver meaningful benefits to our global investor base.”

    UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.

    About Monroe Capital

    Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States and Asia.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. The Group historically has made long-term equity investments in European and North American companies that are leaders in their field, including its current investments ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. With Wendel Growth, Wendel also invests via funds or directly in innovative, high-growth companies. In 2023, Wendel announced its intention to build out a third-party private asset management platform to complement its principal investment activities. In the first step in advancing this dual-strategy model, Wendel in May 2024 finalized the acquisition of a 51% stake in IK Partners.

    Agenda

    Thursday, October 24, 2024

    Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release)

    Friday, December 6, 2024,

    2024 Investor Day.

    Wednesday, February 26, 2025

    Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    1 As of September 2024

    2 c.€101m of FRE expected in 2025, Wendel share.

    3 committed and managed capital (as of July 1, 2024)

    4 Across fully exited companies

    5 As of September 2024

    Attachment

    The MIL Network –

  • MIL-OSI: EBC Financial Group Expands Partnership with DiNapoli’s Leading Indicators, Revealing Key Strategies for Navigating Black Swan Events

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan, Oct. 22, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC), in partnership with DiNapoli Experts, is proud to host ‘Harnessing the Power of DiNapoli Indicators to Conquer Black Swan Events,’ an exclusive gathering that brought together financial experts, traders, investors, and economic strategists to explore key strategies for navigating volatile markets. This event, part of EBC’s broader commitment to thought leadership in finance, offered critical insights not only for traders but for those seeking a deeper understanding of global financial trends, including the impacts of geopolitical tensions, inflation, and the evolving role of technology in market prediction.

    Operating across global financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, EBC Financial Group is regulated by major international bodies, including the UK’s FCA, CIMA in the Cayman Islands, and ASIC in Australia. These credentials underscore the Group’s mission to deliver sound, ethical, and transparent financial services across key markets.

    With markets facing challenges from geopolitical instability, rising inflation, and shifting monetary policies, EBC’s commitment to investor empowerment and education stands firm. The discussions provided participants with exclusive insights into managing risk and seizing opportunities in global markets, and attendees engaged with some of the industry’s top experts, gaining hands-on insights into critical factors influencing today’s global markets.

    Building on the momentum from the successful signing ceremony in Thailand, where EBC Financial Group solidified its partnership with DiNapoli’s Leading Indicators, the Taiwan event marks a key milestone in EBC’s ongoing mission. Through this collaboration, EBC is empowering traders with advanced tools to navigate Black Swan events.

    Global Instabilities Threaten Market Stability: Insights from David Barrett
    David Barrett, CEO of EBC Financial Group (UK) Ltd, issued a stark warning about the growing economic fragility facing global markets. Speaking to an audience of financial professionals, Barrett highlighted that the Federal Reserve’s recent rate cuts have unsettled bond markets, exposing deep vulnerabilities in the global financial system. While the U.S. equity market has enjoyed a brief rally, Germany’s economic downturn threatens to spiral into a wider Eurozone crisis, Barrett explained.

    Barrett emphasised that the risks extend far beyond economics. Geopolitical conflicts—from the ongoing war in Ukraine to instability in the Middle East—are now global flashpoints, disrupting energy supplies and pushing commodity markets toward dangerous levels of volatility. According to Barrett, this combination of factors could drag the global economy into deeper, more unpredictable volatility, leaving even experienced investors facing unprecedented uncertainty.

    As part of the Group’s mission to help investors navigate these turbulent markets, Barrett reiterated EBC’s focus on providing cutting-edge trading tools and educational initiatives. EBC’s partnership with DiNapoli Indicators is instrumental in equipping traders with the tools necessary to interpret market movements, especially in unpredictable environments. By combining advanced predictive tools like DiNapoli Indicators with real-time market analysis, EBC is ensuring that traders are not only informed but prepared to respond to global financial shifts.

    EBC’s expansion into emerging markets and its commitment to establishing regulated entities in new jurisdictions also reflect the Group’s dedication to offering clients access to global trading opportunities. With its rapidly growing footprint, EBC continues to lead with integrity and transparency, providing traders worldwide with the tools to manage risk effectively.

    As the U.S. presidential election approaches, Barrett warned that this divisive political battle could be another major destabilising factor for markets, as investors brace for shifting economic policies and potential political upheaval.

    “We are not just seeing market volatility; we are looking at a perfect storm where geopolitical tensions, inflation, and monetary policies are converging like never before,” Barrett cautioned. He urged investors and traders to take urgent action, adapting to this new reality with precision, foresight, and advanced tools like DiNapoli Indicators to help navigate through the uncertainty. Without this, Barrett stated, market participants risk being left behind in a financial environment that demands data-driven decision-making and the ability to manage complex risks.

    Capturing Trading Opportunities: Jason Zeng on DiNapoli Indicators
    At the event, Jason Zeng, General Manager of Fibonacci Investment Consulting, LLC, presented the critical role that DiNapoli Indicators play in helping investors identify key market retracement points and timing trades effectively. Zeng, a long-standing expert in DiNapoli-Levels trading, explained how these indicators are not just tools for predicting price movements, but vital systems for managing risk and profitability in highly volatile markets.

    Zeng focused on how the Fibonacci-based DiNapoli Levels have been successfully applied to forecast market retracements in a range of asset classes, including equities, commodities, and currencies. He cited recent examples where DiNapoli Indicators enabled traders to accurately pinpoint entry and exit points, even in the face of significant market fluctuations caused by geopolitical instability and central bank policy shifts.

    “Traders who rely on these indicators can enhance their risk management and improve trade execution,” Zeng said. He highlighted the use of real-world case studies, showing how DiNapoli’s approach has repeatedly outperformed traditional technical analysis by offering actionable insights during times of heightened uncertainty.

    Zeng stressed that in today’s fast-moving financial markets, timing is everything, and DiNapoli Indicators offer the precision necessary to navigate the complexities of modern trading environments. According to Zeng, these indicators are essential for traders and financial professionals aiming to capture opportunities while minimising exposure to unpredictable market swings.

    As EBC continues to expand its operations across emerging markets, it remains committed to providing global traders with tailored tools and educational resources, ensuring that they are equipped to navigate both local and international market dynamics.

    Capital Markets Under Pressure: Dr. Hua-Shen Pan on Geopolitical Risks and Economic Countermeasures
    Dr. Hua-Shen Pan, an esteemed economic analyst and columnist, delivered a pointed examination of the global geopolitical risks that are currently shaping capital flows and investment strategies. Addressing the audience, Dr. Pan highlighted how geopolitical volatility has become a primary driver of market instability, overshadowing traditional economic indicators.

    Dr. Pan drew attention to China’s economic trajectory, which he identified as a critical factor influencing the global financial system. As the Chinese government introduces new stimulus measures, the global financial community is watching closely to gauge the effectiveness of these policies in stabilising the world’s second-largest economy.

    He further explained how geopolitical flashpoints, including the ongoing conflict in Ukraine and instability in the Middle East, are exacerbating energy price shocks and complicating efforts by central banks to control inflation. Dr. Pan highlighted the growing disconnect between economic fundamentals and market reactions, pointing out that traditional models of economic forecasting are struggling to account for the disruptive influence of geopolitical events.

    Dr. Pan argued that while geopolitical tensions will continue to be a source of market volatility, investors must adapt by focusing on risk management and long-term strategies that account for unpredictable economic shifts. He highlighted the importance of understanding how global policy responses—from Federal Reserve actions to China’s economic policy—will shape the investment landscape in the years to come.

    “Markets are no longer simply reacting to economic data,” Dr. Pan observed. “We are now in an era where geopolitical conflicts are driving capital decisions, and this requires a new strategic approach.”

    Navigating Post-Fed Market Reactions: Joseph AuXano’s Key Insights
    Joseph AuXano, Director of the DiNapoli Online Course (DAP), addressed one of the most pressing concerns for market participants—the aftermath of Federal Reserve rate cuts and their impact on market dynamics. AuXano demonstrated how DiNapoli Indicators can be used to accurately assess market reactions following Fed decisions, offering traders a powerful tool to anticipate volatility and make informed decisions.

    Through a detailed analysis of recent FOMC meetings, AuXano illustrated how major stocks, including Tesla and Nvidia, responded to rate cuts. He demonstrated how the MACD Predictor and DiNapoli Expansion tools provide crucial early signals, enabling traders to identify high-probability trades by spotting key support and resistance levels in advance.

    AuXano emphasised the importance of using multi-timeframe analysis, highlighting that relying solely on short-term trends leaves traders vulnerable to unpredictable market swings. By incorporating the DiNapoli Indicators, investors are better equipped to navigate both short-term fluctuations and long-term trends.

    “After each Fed decision, markets are often thrown into chaos, with unpredictable movements. But by using these tools, traders can stay one step ahead, reading market signals more effectively,” AuXano explained.

    He added, “Today’s economic forum has provided valuable insights into the various factors impacting markets, reading the markets by observing how price interacts with DiNapoli Indicators gives traders and investors an additional edge when seeking to navigate market volatility. It’s about staying disciplined and structured, especially in today’s economic and political climate, where interest rate changes and central bank policies play a key role.”

    Mitigating Algorithmic Trading Risks: Insights from Rich Wang
    Rich Wang, CTO of Provider Space, delved into the growing reliance on algorithmic trading and the risks that come with automated systems in today’s financial markets. Wang’s presentation centred on the need for robust risk management strategies that ensure consistent profitability, even as markets become increasingly volatile.

    Wang highlighted the advantages and dangers of algorithmic trading, explaining that while automation can enhance trading efficiency and speed, it also exposes traders to greater risk if not properly managed. He shared real-world examples of how market volatility can trigger automated systems to make rapid, high-stakes trades that can spiral into significant losses without adequate safeguards in place.

    Wang stressed the importance of incorporating stop-loss mechanisms and conducting thorough backtesting of algorithms to prevent systems from failing during market disruptions. He underscored that risk management needs to evolve alongside trading technology, particularly as markets become more sensitive to geopolitical events and central bank policy shifts.

    “Automation can give traders an edge, but only when combined with solid risk management frameworks,” Wang said. He demonstrated how the latest risk mitigation strategies can be integrated into automated trading systems, allowing traders to maintain control and reduce their exposure to sudden market shocks.

    Wrapping Up the Event
    The event provided a wealth of strategic insights, equipping market participants with the tools and knowledge necessary to navigate today’s volatile financial landscape. From geopolitical risks to algorithmic trading and Fed rate-cut reactions, the symposium underscored the importance of using advanced technical indicators, like DiNapoli Levels, to manage risk and seize market opportunities.

    As the global economic outlook remains uncertain, EBC Financial Group continues to lead the conversation around financial resilience, offering investors and traders the necessary foresight to adapt to these evolving challenges.

    For more information, high-resolution images, or speaker materials, please contact:

    Media Contact:
    Angela Wu
    Global Public Relations (Taiwan)
    angela.wu@ebc.com

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

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

    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/

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/564383fa-f7de-4825-8a3d-d644cd768c51
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fd1d9d72-b653-4979-ba30-f35bb4ed4402
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f89d66ee-0f78-44df-8b49-fe8f8d96d3aa

    The MIL Network –

  • MIL-OSI: Transaction in own shares

    Source: GlobeNewswire (MIL-OSI)

    OSB GROUP PLC                                        
    ISIN: GB00BLDRH360
    22 October 2024

    LEI number: 213800ZBKL9BHSL2K459

    OSB GROUP PLC (the “Company”)
    Transaction in Own Shares

    The Company announces that on 21 October 2024 it had purchased a total of 255,244 of its ordinary shares of £0.01 each (the “ordinary shares“) on the London Stock Exchange, through the Company’s broker Citigroup Global Markets Limited as detailed below. The repurchased ordinary shares will be cancelled.

      London Stock Exchange CBOE BXE CBOE CXE
    Number of ordinary shares purchased 156,244 70,000 29,000
    Highest price paid (per ordinary share) 392.00p 381.00p 381.00p
    Lowest price paid (per ordinary share) 378.20p 378.80p 378.80p
    Volume weighted average price paid (per ordinary share) 384.09p 380.29p 380.12p

    The purchases form part of the Company’s share buyback programme announced on 05 September 2024.

    Following settlement of the above purchases and cancellation of the purchased ordinary shares, the Company’s total number of ordinary shares in issue shall be 377,402,773 ordinary shares.

    No ordinary shares are held in treasury. Therefore, the total number of voting rights in the Company is 377,402,773.

    In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 as incorporated into and implemented under English law (including by virtue of the European Union (Withdrawal) Act 2018), the detailed breakdown of individual trades made by Citigroup Global Markets Limited on behalf of the Company as part of the share buyback programme is set out below.

    This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

    Schedule of Purchases – Individual Transactions

    Issuer Name OSB GROUP PLC
    LEI 213800ZBKL9BHSL2K459
    ISIN GB00BLDRH360
    Intermediary Name Citigroup Global Markets Limited
    Intermediary Code SBILGB2L
    Timezone GMT + 1
    Currency GBP
    Transaction Date Trade Time Currency Volume Price Trading Venue Transaction ID
    21/10/2024 16:28:54 GBp 613 379.80 XLON xHaNOzHefeC
    21/10/2024 16:28:50 GBp 576 380.00 XLON xHaNOzHefnu
    21/10/2024 16:28:49 GBp 122 380.00 XLON xHaNOzHefmg
    21/10/2024 16:28:49 GBp 492 380.00 XLON xHaNOzHefmp
    21/10/2024 16:28:49 GBp 417 380.00 XLON xHaNOzHefmr
    21/10/2024 16:28:49 GBp 176 380.00 XLON xHaNOzHefmw
    21/10/2024 16:28:49 GBp 260 380.00 XLON xHaNOzHefmy
    21/10/2024 16:28:46 GBp 1,040 380.00 XLON xHaNOzHefoo
    21/10/2024 16:28:46 GBp 507 380.00 XLON xHaNOzHefot
    21/10/2024 16:28:46 GBp 801 380.20 CHIX xHaNOzHefoH
    21/10/2024 16:28:46 GBp 43 380.20 CHIX xHaNOzHefoJ
    21/10/2024 16:28:46 GBp 45 380.20 CHIX xHaNOzHefoL
    21/10/2024 16:28:45 GBp 622 380.00 XLON xHaNOzHefza
    21/10/2024 16:28:45 GBp 47 380.00 XLON xHaNOzHefzc
    21/10/2024 16:28:45 GBp 435 380.00 XLON xHaNOzHefzm
    21/10/2024 16:28:45 GBp 790 380.00 XLON xHaNOzHefzo
    21/10/2024 16:28:45 GBp 300 380.20 CHIX xHaNOzHefzt
    21/10/2024 16:28:45 GBp 788 380.20 CHIX xHaNOzHefzv
    21/10/2024 16:28:45 GBp 47 380.20 CHIX xHaNOzHefzx
    21/10/2024 16:28:45 GBp 260 380.00 CHIX xHaNOzHefzz
    21/10/2024 16:28:45 GBp 41 380.20 CHIX xHaNOzHefz7
    21/10/2024 16:28:45 GBp 330 380.20 CHIX xHaNOzHefz9
    21/10/2024 16:28:44 GBp 1,591 380.20 BATE xHaNOzHefy1
    21/10/2024 16:28:44 GBp 489 380.20 XLON xHaNOzHefy5
    21/10/2024 16:28:44 GBp 532 380.20 XLON xHaNOzHefy7
    21/10/2024 16:28:44 GBp 600 380.20 CHIX xHaNOzHefyA
    21/10/2024 16:28:44 GBp 600 380.20 CHIX xHaNOzHefyC
    21/10/2024 16:28:44 GBp 44 380.20 CHIX xHaNOzHefyE
    21/10/2024 16:28:44 GBp 23 380.20 CHIX xHaNOzHefyG
    21/10/2024 16:28:41 GBp 855 380.40 BATE xHaNOzHefvD
    21/10/2024 16:28:41 GBp 75 380.40 BATE xHaNOzHefvF
    21/10/2024 16:28:41 GBp 22 380.40 BATE xHaNOzHefvH
    21/10/2024 16:28:41 GBp 809 380.20 BATE xHaNOzHefvO
    21/10/2024 16:28:41 GBp 59 380.40 BATE xHaNOzHefvT
    21/10/2024 16:28:40 GBp 75 380.40 BATE xHaNOzHefw0
    21/10/2024 16:28:40 GBp 75 380.40 BATE xHaNOzHefwM
    21/10/2024 16:28:40 GBp 75 380.40 BATE xHaNOzHef5a
    21/10/2024 16:28:40 GBp 75 380.40 BATE xHaNOzHef5o
    21/10/2024 16:28:40 GBp 1,572 380.40 BATE xHaNOzHef5u
    21/10/2024 16:28:40 GBp 1,897 380.40 BATE xHaNOzHef51
    21/10/2024 16:28:40 GBp 26 380.40 BATE xHaNOzHef53
    21/10/2024 16:28:40 GBp 1,850 380.40 BATE xHaNOzHef58
    21/10/2024 16:28:40 GBp 330 380.40 BATE xHaNOzHef5A
    21/10/2024 16:28:40 GBp 75 380.40 BATE xHaNOzHef5C
    21/10/2024 16:28:38 GBp 581 380.40 BATE xHaNOzHef47
    21/10/2024 16:28:38 GBp 300 380.40 BATE xHaNOzHef4R
    21/10/2024 16:28:38 GBp 600 380.40 BATE xHaNOzHef4T
    21/10/2024 16:28:38 GBp 632 380.20 XLON xHaNOzHef7d
    21/10/2024 16:28:38 GBp 1,920 380.40 BATE xHaNOzHef7l
    21/10/2024 16:28:38 GBp 32 380.20 CHIX xHaNOzHef7v
    21/10/2024 16:28:38 GBp 600 380.20 CHIX xHaNOzHef7x
    21/10/2024 16:28:38 GBp 1,378 380.20 BATE xHaNOzHef72
    21/10/2024 16:28:38 GBp 946 380.40 BATE xHaNOzHef77
    21/10/2024 16:28:15 GBp 2,324 380.00 BATE xHaNOzHefMi
    21/10/2024 16:28:15 GBp 1,975 380.00 CHIX xHaNOzHefMk
    21/10/2024 16:28:07 GBp 75 379.60 BATE xHaNOzHefTX
    21/10/2024 16:28:07 GBp 22 379.60 BATE xHaNOzHefTZ
    21/10/2024 16:28:07 GBp 103 379.60 BATE xHaNOzHefTd
    21/10/2024 16:26:16 GBp 1,025 379.40 XLON xHaNOzHeNW@
    21/10/2024 16:22:43 GBp 390 379.40 XLON xHaNOzHeLPX
    21/10/2024 16:22:25 GBp 527 379.60 XLON xHaNOzHeIm6
    21/10/2024 16:22:25 GBp 45 379.60 CHIX xHaNOzHeIpd
    21/10/2024 16:22:25 GBp 336 379.60 CHIX xHaNOzHeIpf
    21/10/2024 16:22:25 GBp 364 379.60 BATE xHaNOzHeIpY
    21/10/2024 16:22:25 GBp 1,025 379.60 XLON xHaNOzHeIpn
    21/10/2024 16:22:25 GBp 1,025 379.60 BATE xHaNOzHeIpp
    21/10/2024 16:22:25 GBp 257 379.60 CHIX xHaNOzHeIpr
    21/10/2024 16:22:24 GBp 768 379.60 CHIX xHaNOzHeIpy
    21/10/2024 16:21:40 GBp 106 379.80 XLON xHaNOzHeJdk
    21/10/2024 16:21:40 GBp 46 379.80 CHIX xHaNOzHeJdq
    21/10/2024 16:21:40 GBp 51 379.80 CHIX xHaNOzHeJds
    21/10/2024 16:21:40 GBp 336 379.80 CHIX xHaNOzHeJdy
    21/10/2024 16:21:40 GBp 45 379.80 CHIX xHaNOzHeJd@
    21/10/2024 16:21:40 GBp 221 379.60 XLON xHaNOzHeJd5
    21/10/2024 16:21:40 GBp 68 379.60 BATE xHaNOzHeJd7
    21/10/2024 16:21:40 GBp 340 379.60 BATE xHaNOzHeJdD
    21/10/2024 16:21:37 GBp 232 379.80 XLON xHaNOzHeJWn
    21/10/2024 16:21:37 GBp 943 379.80 XLON xHaNOzHeJWt
    21/10/2024 16:21:37 GBp 374 380.00 CHIX xHaNOzHeJWu
    21/10/2024 16:21:37 GBp 272 380.00 CHIX xHaNOzHeJWw
    21/10/2024 16:21:37 GBp 47 380.00 CHIX xHaNOzHeJWU
    21/10/2024 16:21:37 GBp 197 380.00 CHIX xHaNOzHeJWP
    21/10/2024 16:21:37 GBp 23 380.00 CHIX xHaNOzHeJWR
    21/10/2024 16:21:37 GBp 274 380.00 CHIX xHaNOzHeJWT
    21/10/2024 16:21:37 GBp 82 379.80 XLON xHaNOzHeJZc
    21/10/2024 16:21:37 GBp 1,025 379.80 CHIX xHaNOzHeJZe
    21/10/2024 16:21:37 GBp 1,025 379.80 BATE xHaNOzHeJZg
    21/10/2024 16:20:12 GBp 565 379.80 XLON xHaNOzHeGzX
    21/10/2024 16:15:58 GBp 289 379.60 BATE xHaNOzHeScS
    21/10/2024 16:15:58 GBp 340 379.60 XLON xHaNOzHeScQ
    21/10/2024 16:15:56 GBp 580 379.60 BATE xHaNOzHeSXF
    21/10/2024 16:15:55 GBp 285 380.00 BATE xHaNOzHeSWl
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSWC
    21/10/2024 16:15:55 GBp 364 380.00 BATE xHaNOzHeSZX
    21/10/2024 16:15:55 GBp 423 380.00 BATE xHaNOzHeSZp
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSZv
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSZ3
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSZC
    21/10/2024 16:15:55 GBp 691 380.00 BATE xHaNOzHeSZP
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSZR
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSYX
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSYY
    21/10/2024 16:15:55 GBp 918 380.00 BATE xHaNOzHeSYg
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSYi
    21/10/2024 16:15:55 GBp 600 380.00 BATE xHaNOzHeSYr
    21/10/2024 16:15:55 GBp 900 380.00 BATE xHaNOzHeSYt
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSYv
    21/10/2024 16:15:55 GBp 1,751 380.00 BATE xHaNOzHeSY$
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSY1
    21/10/2024 16:15:55 GBp 232 379.80 XLON xHaNOzHeSY4
    21/10/2024 16:15:55 GBp 1,180 380.00 BATE xHaNOzHeSYL
    21/10/2024 16:15:55 GBp 330 380.00 BATE xHaNOzHeSYN
    21/10/2024 16:15:55 GBp 469 380.00 BATE xHaNOzHeSYP
    21/10/2024 16:15:55 GBp 75 380.00 BATE xHaNOzHeSYR
    21/10/2024 16:15:55 GBp 17 380.00 BATE xHaNOzHeSYV
    21/10/2024 16:15:55 GBp 18 380.00 BATE xHaNOzHeSYT
    21/10/2024 16:15:55 GBp 1,025 379.80 XLON xHaNOzHeSjc
    21/10/2024 16:15:55 GBp 1,025 379.80 BATE xHaNOzHeSje
    21/10/2024 16:15:55 GBp 961 379.80 CHIX xHaNOzHeSjg
    21/10/2024 16:14:46 GBp 177 379.80 XLON xHaNOzHeTWd
    21/10/2024 16:11:55 GBp 95 379.80 CHIX xHaNOzHeRiI
    21/10/2024 16:08:44 GBp 950 380.00 XLON xHaNOzHePsv
    21/10/2024 16:08:44 GBp 93 380.00 XLON xHaNOzHePsx
    21/10/2024 16:08:44 GBp 1 380.00 XLON xHaNOzHePsz
    21/10/2024 16:08:44 GBp 89 380.00 XLON xHaNOzHePst
    21/10/2024 16:08:44 GBp 447 380.00 XLON xHaNOzHePsA
    21/10/2024 16:08:44 GBp 449 379.80 XLON xHaNOzHePsK
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