MIL-OSI: First Financial Corporation Reports First Quarter Results

Source: GlobeNewswire (MIL-OSI)

TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025.

Net income was $18.4 million compared to $10.9 million reported for the same period of 2024;
Diluted net income per common share of $1.55 compared to $0.93 for the same period of 2024;
Return on average assets was 1.34% compared to 0.91% for the three months ended March 31, 2024;
Credit loss provision was $2.0 million compared to provision of $1.8 million for the first quarter 2024; and
Pre-tax, pre-provision net income was $25.7 million compared to $14.9 million for the same period in 2024.¹

________________________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 first quarter of 2025 were $3.84 billion versus $3.18 billion for the comparable period in 2024, an increase of $662 million or 20.80%. On a linked quarter basis, average loans increased $51 million or 1.35% from $3.79 billion as of December 31, 2024. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

Total Loans Outstanding

Total loans outstanding as of March 31, 2025, were $3.85 billion compared to $3.19 billion as of March 31, 2024, an increase of $662 million or 20.74%. On a linked quarter basis, total loans increased $16.9 million or 0.44% from $3.84 billion as of December 31, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. 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 “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our strong balance sheet, stable credit quality, and strong capital levels for continued growth.”

Average Total Deposits

Average total deposits for the quarter ended March 31, 2025, were $4.65 billion versus $4.05 billion as of March 31, 2024, an increase of $605 million, or 14.95%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

Total Deposits

Total deposits were $4.64 billion as of March 31, 2025, compared to $4.11 billion as of March 31, 2024. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $856 million, and time deposits were $726 million as of March 31, 2025, compared to $738 million and $581 million, respectively for the same period of 2024.

Shareholders’ Equity

Shareholders’ equity at March 31, 2025, was $571.9 million compared to $520.8 million on March 31, 2024. 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 $0.51 per share quarterly dividend in January and declared a $0.51 quarterly dividend, which was paid on April 15, 2025.

Book Value Per Share

Book Value per share was $48.26 as of March 31, 2025, compared to $44.08 as of March 31, 2024, an increase of $4.18 per share, or 9.49%. Tangible Book Value per share was $38.13 as of March 31, 2025, compared to $36.26 as of March 31, 2024, an increase of $1.87 per share or 5.16%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 8.32% at March 31, 2025, compared to 9.00% at March 31, 2024.

Net Interest Income

Net interest income for the first quarter of 2025 was a record $52.0 million, compared to $38.9 million reported for the same period of 2024, an increase of $13.1 million, or 33.5%. Interest income increased $13.6 million and interest expense increased $574 thousand year over year.

Net Interest Margin

The net interest margin for the quarter ended March 31, 2025, was 4.11% compared to the 3.53% reported at March 31, 2024.

Nonperforming Loans

Nonperforming loans as of March 31, 2025, were $10.2 million versus $24.3 million as of March 31, 2024. The ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025, versus 0.76% as of March 31, 2024. On a linked quarter basis, nonperforming loans were $13.3 million, and the ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024.

Credit Loss Provision

The provision for credit losses for the three months ended March 31, 2025, was $2.0 million, compared to $1.8 million for the same period 2024.

Net Charge-Offs

In the first quarter of 2025 net charge-offs were $1.8 million compared to $1.5 million in the same period of 2024.

Allowance for Credit Losses

The Corporation’s allowance for credit losses as of March 31, 2025, was $46.8 million compared to $40.0 million as of March 31, 2024. The allowance for credit losses as a percent of total loans was 1.22% as of March 31, 2025, compared to 1.25% as of March 31, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans was unchanged from December 31, 2024.

Non-Interest Income

Non-interest income for the three months ended March 31, 2025 and 2024 was $10.5 million and $9.4 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended March 31, 2025, was $36.8 million compared to $33.4 million in 2023.

Efficiency Ratio

The Corporation’s efficiency ratio was 57.54% for the quarter ending March 31, 2025, versus 67.21% for the same period in 2024.

Income Taxes

Income tax expense for the three months ended March 31, 2025, was $5.4 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 22.59% compared to 16.79% for 2024.

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 www.first-online.bank.

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


	Three Months Ended
	March 31,		December 31,		March 31,
	2025		2024		2024
END OF PERIOD BALANCES
Assets	$	5,549,094	$	5,560,348	$	4,852,615
Deposits	$	4,640,003	$	4,718,914	$	4,105,103
Loans, including net deferred loan costs	$	3,854,020	$	3,837,141	$	3,191,983
Allowance for Credit Losses	$	46,835	$	46,732	$	40,045
Total Equity	$	571,945	$	549,041	$	520,766
Tangible Common Equity ^(a)	$	451,874	$	427,470	$	428,430

AVERAGE BALANCES
Total Assets	$	5,508,767	$	5,516,036	$	4,804,364
Earning Assets	$	5,194,478	$	5,196,352	$	4,566,461
Investments	$	1,266,300	$	1,311,415	$	1,308,322
Loans	$	3,841,752	$	3,790,515	$	3,180,147
Total Deposits	$	4,650,883	$	4,757,438	$	4,045,838
Interest-Bearing Deposits	$	3,837,679	$	3,925,740	$	3,326,090
Interest-Bearing Liabilities	$	261,174	$	134,553	$	221,425
Total Equity	$	564,742	$	556,330	$	522,720

INCOME STATEMENT DATA
Net Interest Income	$	51,975	$	49,602	$	38,920
Net Interest Income Fully Tax Equivalent ^(b)	$	53,373	$	50,985	$	40,297
Provision for Credit Losses	$	1,950	$	2,000	$	1,800
Non-interest Income	$	10,511	$	12,213	$	9,431
Non-interest Expense	$	36,759	$	39,801	$	33,422
Net Income	$	18,406	$	16,241	$	10,924

PER SHARE DATA
Basic and Diluted Net Income Per Common Share	$	1.55	$	1.37	$	0.93
Cash Dividends Declared Per Common Share	$	0.51	$	0.51	$	0.45
Book Value Per Common Share	$	48.26	$	46.36	$	44.08
Tangible Book Value Per Common Share ^(c)	$	38.13	$	36.77	$	36.26
Basic Weighted Average Common Shares Outstanding		11,842		11,824		11,803

________________________
(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
	March 31,		December 31,		March 31,
	2025		2024		2024
Return on average assets	1.34	%	1.18	%	0.91	%
Return on average common shareholder’s equity	13.04	%	11.68	%	8.36	%
Efficiency ratio	57.54	%	62.98	%	67.21	%
Average equity to average assets	10.25	%	10.09	%	10.88	%
Net interest margin ^(a)	4.11	%	3.94	%	3.53	%
Net charge-offs to average loans and leases	0.19	%	0.15	%	0.19	%
Credit loss reserve to loans and leases	1.22	%	1.22	%	1.25	%
Credit loss reserve to nonperforming loans	460.57	%	351.37	%	165.12	%
Nonperforming loans to loans and leases	0.26	%	0.35	%	0.76	%
Tier 1 leverage	10.63	%	10.38	%	12.02	%
Risk-based capital – Tier 1	12.70	%	12.43	%	14.69	%

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


Asset Quality	Three Months Ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Accruing loans and leases past due 30-89 days	$	17,007	$	22,486	$	17,937
Accruing loans and leases past due 90 days or more	$	1,109	$	1,821	$	1,395
Nonaccrual loans and leases	$	9,060	$	11,479	$	22,857
Other real estate owned	$	560	$	523	$	167
Nonperforming loans and other real estate owned	$	10,729	$	13,823	$	24,419
Total nonperforming assets	$	13,631	$	16,719	$	27,307
Gross charge-offs	$	3,241	$	3,070	$	3,192
Recoveries	$	1,394	$	1,633	$	1,670
Net charge-offs/(recoveries)	$	1,847	$	1,437	$	1,522


Non-GAAP Reconciliations	Three Months Ended March 31,
	2025		2024
($in thousands, except EPS)
Income before Income Taxes	$	23,777	$	13,129
Provision for credit losses		1,950		1,800
Provision for unfunded commitments		—		—
Pre-tax, Pre-provision Income	$	25,727	$	14,929


CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)

	March 31,			December 31,
	2025			2024
	(unaudited)
ASSETS
Cash and due from banks	$	86,211		$	93,526
Federal funds sold		427			820
Securities available-for-sale		1,182,495			1,195,990
Loans:
Commercial		2,208,426			2,196,351
Residential		966,521			967,386
Consumer		673,751			668,058
		3,848,698			3,831,795
(Less) plus:
Net deferred loan costs		5,322			5,346
Allowance for credit losses		(46,835	)		(46,732	)
		3,807,185			3,790,409
Restricted stock		17,528			17,555
Accrued interest receivable		25,556			26,934
Premises and equipment, net		80,317			81,508
Bank-owned life insurance		129,410			128,766
Goodwill		100,026			100,026
Other intangible assets		20,045			21,545
Other real estate owned		560			523
Other assets		99,334			102,746
TOTAL ASSETS	$	5,549,094		$	5,560,348

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	856,063		$	859,014
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits		145,609			144,982
Other interest-bearing deposits		3,638,331			3,714,918
		4,640,003			4,718,914
Short-term borrowings		137,609			187,057
FHLB advances		124,898			28,120
Other liabilities		74,639			77,216
TOTAL LIABILITIES		4,977,149			5,011,307

Shareholders’ equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,190,157 in 2025 and 16,165,023 in 2024
Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024		2,019			2,018
Additional paid-in capital		146,159			145,927
Retained earnings		699,729			687,366
Accumulated other comprehensive income/(loss)		(121,182	)		(132,285	)
Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024		(154,780	)		(153,985	)
TOTAL SHAREHOLDERS’ EQUITY		571,945			549,041
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,549,094		$	5,560,348


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data)

	Three Months Ended
	March 31,
	2025		2024

INTEREST INCOME:
Loans, including related fees	$	63,612	$	50,052
Securities:
Taxable		6,002		5,931
Tax-exempt		2,604		2,603
Other		814		817
TOTAL INTEREST INCOME		73,032		59,403
INTEREST EXPENSE:
Deposits		18,199		17,731
Short-term borrowings		1,693		976
Other borrowings		1,165		1,776
TOTAL INTEREST EXPENSE		21,057		20,483
NET INTEREST INCOME		51,975		38,920
Provision for credit losses		1,950		1,800
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		50,025		37,120
NON-INTEREST INCOME:
Trust and financial services		1,393		1,333
Service charges and fees on deposit accounts		7,585		6,708
Other service charges and fees		316		223
Interchange income		214		179
Loan servicing fees		165		269
Gain on sales of mortgage loans		225		176
Other		613		543
TOTAL NON-INTEREST INCOME		10,511		9,431
NON-INTEREST EXPENSE:
Salaries and employee benefits		19,248		17,330
Occupancy expense		2,676		2,359
Equipment expense		4,505		4,144
FDIC Expense		750		662
Other		9,580		8,927
TOTAL NON-INTEREST EXPENSE		36,759		33,422
INCOME BEFORE INCOME TAXES		23,777		13,129
Provision for income taxes		5,371		2,205
NET INCOME		18,406		10,924
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes		11,100		(11,096	)
Change in funded status of post retirement benefits, net of taxes		3		73
COMPREHENSIVE INCOME (LOSS)	$	29,509	$	(99	)
PER SHARE DATA
Basic and Diluted Earnings per Share	$	1.55	$	0.93
Weighted average number of shares outstanding (in thousands)		11,842		11,803

The MIL Network –

April 23, 2025

MIL-OSI United Kingdom: Salford City Council policy approved to deliver a ‘consistent and equitable’ approach for the allocation of housing

Source: City of Salford

Housing Allocation Policy for 2025 to 2028 approved by Salford City Council.
The policy underpins the council’s wider strategic priorities of its Corporate Plan 2024 to 2028 and commitment to ‘a good home for all’.
Housing options available will be dependent upon the level and type of housing need, in addition to the size, type and location of available properties. Each application is assessed on its own merits.

Salford City Council’s cabinet has approved its Housing Allocation Policy for 2025 – 2028, which sets out how social rented housing is allocated within the area and how residents on the housing register are prioritised taking into account local considerations and needs.

The need and strong demand for social housing currently outweighs the availability of social housing, with around 4,500 people on the council’s housing register, at any one time. This includes many of the 787 households currently housed in temporary accommodation. However, fewer than 900 properties are advertised or let every year, through the register.

Furthermore, the city faces a number of challenges in the form of increasing homelessness, temporary accommodation use and costs. This policy, therefore underpins the council’s wider strategic priorities which are: homelessness prevention, making the best use of housing assets, supporting the councils corporate parenting role/responsibilities, reducing the impact of domestic abuse including the cycle of abuse and an anti-poverty approach.

The policy is based on:

A fair system for the allocation of housing accommodation, which is transparent and easy to understand.
Making best use of increasingly scarce social housing stock (Homes available for rent below market rate to households whose needs cannot be met by the commercial housing market – Housing and Regeneration Act 2008).
Preventing homelessness and reduce the usage and length of stay in temporary accommodation.
Giving priority to applicants with the greatest housing need.
Managing customer expectations by supporting people to make realistic and informed choices about where they live.
Creating sustainable tenancies in the light of welfare reform.
Creating balanced and stable communities.

A first stage public consultation took place in March 2024, to review the existing policy criteria, which included members of the public, local organisations, key stakeholders and partners. A second stage public consultation was held in December 2024, to further explore the suggested and proposed policy changes – including engagement with vulnerable people who shared their real-life experiences.

The outcome of this review and public consultation recommended 16 changes to be implemented within the new Allocation Policy (Adobe PDF format). A further review will take place in 2027/28 or earlier if required by new legislation or government guidance.

The housing options available to a household will be dependent upon the level and type of housing need. Each application will be assessed on its own merits and exceptional circumstances will also be taken into consideration. Housing options and advice aim to achieve:

Help and support to remain in current accommodation.
Advice on securing alternative private rented accommodation.
Advice on mobility schemes that may help a household move out of the area.
Advice to current social housing tenants on mutual exchange.
Advice on low-cost home ownership options.
Access to the housing register to obtain social housing.

Councillor Tracy Kelly, Lead Member for Housing and Anti-Poverty at Salford City Council said: “The policy enables the council to deliver a consistent and equitable approach to the allocation of social housing in Salford, to help us meet the housing needs of residents in our communities.

“We recognise that social housing is in high demand, both in Salford and across the country, which is why we are continuing to deliver on our pledge to build good quality homes as well as truly affordable homes for social rent alongside support for people at risk of or experiencing homelessness.

“The need for affordable housing options in Salford means that it’s vital we continue to work to create long-term solutions to turn the situation around and provide truly affordable housing in our city which local people need and deserve.”

People wanting to apply to the housing register can do so on the housing register. Anyone who needs housing advice, is homeless or feel they are at risk of losing their home can request an appointment on the Salford City Council website. A number of Registered Housing Providers (landlords of social rented homes) also advertise properties on the Salford Home Search website.

MIL-OSI Economics: Consistent commercial real estate market indicators: Methodology and an application to the German office market | Discussion paper 09/2025: Thomas A. Knetsch, Martin Micheli, Phil Kafke, Mario Schimmelpfennig

Source: Bundesbank

Non-technical summary

Research Question

The need for information on current developments in the commercial real estate markets has increased considerably since the global financial crisis of 2007-08. Price, rent and yield indicators as well as information on vacancies in office, retail and rental housing markets are essential when analysing financial stability. Since then, official statisticians have made considerable efforts to develop suitable datasets, enhance statistical methodologies and resolve practical challenges that arise when calculating indicators.

Contribution

At the individual property level, there is a mathematical relationship between market price, rental income, yield and vacancy. We argue that this relationship should also be present at the level of the aggregated indicators. We call this property “macro-consistency”. Macro-consistency increases the informative value of the data in macroeconomic and macroprudential analysis. The conditions for macro-consistency include requirements for the completeness and structure of the granular or sub-aggregated dataset needed to calculate the indicators, the definition of the indicators, and their weighting in the aggregation.

Results

A macro-consistent set of core indicators for the commercial real estate market may consist of a price index, a gross rental index, a net yield index and a vacancy rate. In order to achieve macro consistency, prices and price-determining characteristics as well as information on rental income and vacancies must be available in full and in a consistent form for all observation units to calculate indicators based on granular or sub-aggregated data. In addition, when aggregating, price and yield indices need to be weighted with the capital value; rent indices and vacancy ratios need to be weighted with the rental value.

Using the German office market as a case study, we demonstrate that there are empirically significant differences between the commercial real estate market developments shown by macro-consistent indicators and those suggested by alternative indicators.

MIL OSI Economics –

April 22, 2025

MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted

Total loans increased by $653 million, or 6% annualized.
Total deposits increased by approximately $1.1 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.
- Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
- Net gains on investment securities totaled $3.2 million.
- Macatawa Bank acquisition-related costs were $2.7 million.
Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

										% or ⁽¹⁾basis point (bp) change from 4th Quarter 2024			% or basis point (bp) change from 1st Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Net income	$	189,039		$	185,362		$	187,294		2		%	1		%
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽²⁾		277,018			270,060			271,629		3			2
Net income per common share – Diluted		2.69			2.63			2.89		2			(7	)
Cash dividends declared per common share		0.50			0.45			0.45		11			11
Net revenue ⁽³⁾		643,108			638,599			604,774		1			6
Net interest income		526,474			525,148			464,194		0			13
Net interest margin		3.54	%		3.49	%		3.57	%	5		bps	(3	)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽²⁾		3.56			3.51			3.59		5			(3	)
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.39		(2	)		19
Return on average assets		1.20			1.16			1.35		4			(15	)
Return on average common equity		12.21			11.82			14.42		39			(221	)
Return on average tangible common equity (non-GAAP) ⁽²⁾		14.72			14.29			16.75		43			(203	)
At end of period
Total assets	$	65,870,066		$	64,879,668		$	57,576,933		6		%	14		%
Total loans ⁽⁵⁾		48,708,390			48,055,037			43,230,706		6			13
Total deposits		53,570,038			52,512,349			46,448,858		8			15
Total shareholders’ equity		6,600,537			6,344,297			5,436,400		16			21

^{(1)   Period-end balance sheet percentage changes are annualized.
(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)   Net revenue is net interest income plus non-interest income.
(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)   Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Total loans ⁽¹⁾		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Selected Statements of Income Data:
Net interest income	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
Net revenue ⁽²⁾		643,108			638,599			615,730			591,757			604,774
Net income		189,039			185,362			170,001			152,388			187,294
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽³⁾		277,018			270,060			255,043			251,404			271,629
Net income per common share – Basic		2.73			2.68			2.51			2.35			2.93
Net income per common share – Diluted		2.69			2.63			2.47			2.32			2.89
Cash dividends declared per common share		0.50			0.45			0.45			0.45			0.45
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽³⁾		3.56			3.51			3.51			3.52			3.59
Non-interest income to average assets		0.74			0.71			0.74			0.85			1.02
Non-interest expense to average assets		2.32			2.31			2.36			2.38			2.41
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.62			1.53			1.39
Return on average assets		1.20			1.16			1.11			1.07			1.35
Return on average common equity		12.21			11.82			11.63			11.61			14.42
Return on average tangible common equity (non-GAAP) ⁽³⁾		14.72			14.29			13.92			13.49			16.75
Average total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695
Average total shareholders’ equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Average loans to average deposits ratio		92.3	%		91.9	%		93.8	%		95.1	%		94.5	%
Period-end loans to deposits ratio		90.9			91.5			91.6			93.0			93.1
Common Share Data at end of period:
Market price per common share	$	112.46		$	124.71		$	108.53		$	98.56		$	104.39
Book value per common share		92.47			89.21			90.06			82.97			81.38
Tangible book value per common share (non-GAAP) ⁽³⁾		78.83			75.39			76.15			72.01			70.40
Common shares outstanding		66,919,325			66,495,227			66,481,543			61,760,139			61,736,715
Other Data at end of period:
Common equity to assets ratio		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) ⁽³⁾		8.1			7.8			8.1			7.5			7.6
Tier 1 leverage ratio ⁽⁵⁾		9.6			9.4			9.6			9.3			9.4
Risk-based capital ratios:
Tier 1 capital ratio ⁽⁵⁾		10.8			10.7			10.6			10.3			10.3
Common equity tier 1 capital ratio ⁽⁵⁾		10.1			9.9			9.8			9.5			9.5
Total capital ratio ⁽⁵⁾		12.5			12.3			12.2			12.1			12.2
Allowance for credit losses ⁽⁶⁾	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504
Allowance for loan and unfunded lending-related commitment losses to total loans		0.92	%		0.91	%		0.93	%		0.98	%		0.99	%
Number of:
Bank subsidiaries		16			16			16			15			15
Banking offices		208			205			203			177			176

^{(1)   Excludes mortgage loans held-for-sale.}
^{(2)   Net revenue is net interest income plus non-interest income.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Capital ratios for current quarter-end are estimated.}
^{(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	616,216		$	452,017		$	725,465		$	415,462		$	379,825
Federal funds sold and securities purchased under resale agreements		63			6,519			5,663			62			61
Interest-bearing deposits with banks		4,238,237			4,409,753			3,648,117			2,824,314			2,131,077
Available-for-sale securities, at fair value		4,220,305			4,141,482			3,912,232			4,329,957			4,387,598
Held-to-maturity securities, at amortized cost		3,564,490			3,613,263			3,677,420			3,755,924			3,810,015
Trading account securities		—			4,072			3,472			4,134			2,184
Equity securities with readily determinable fair value		270,442			215,412			125,310			112,173			119,777
Federal Home Loan Bank and Federal Reserve Bank stock		281,893			281,407			266,908			256,495			224,657
Brokerage customer receivables		—			18,102			16,662			13,682			13,382
Mortgage loans held-for-sale, at fair value		316,804			331,261			461,067			411,851			339,884
Loans, net of unearned income		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Allowance for loan losses		(378,207	)		(364,017	)		(360,279	)		(363,719	)		(348,612	)
Net loans		48,330,183			47,691,020			46,707,168			44,311,812			42,882,094
Premises, software and equipment, net		776,679			779,130			772,002			722,295			744,769
Lease investments, net		280,472			278,264			270,171			275,459			283,557
Accrued interest receivable and other assets		1,598,255			1,739,334			1,721,090			1,671,334			1,580,142
Trade date securities receivable		463,023			—			551,031			—			—
Goodwill		796,932			796,942			800,780			655,955			656,181
Other acquisition-related intangible assets		116,072			121,690			123,866			20,607			21,730
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183
Interest-bearing		42,368,179			41,102,331			40,665,834			38,017,586			36,540,675
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Federal Home Loan Bank advances		3,151,309			3,151,309			3,171,309			3,176,309			2,676,751
Other borrowings		529,269			534,803			647,043			606,579			575,408
Subordinated notes		298,360			298,283			298,188			298,113			437,965
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Accrued interest payable and other liabilities		1,466,987			1,785,061			1,613,638			1,861,295			1,747,985
Total liabilities		59,269,529			58,535,371			57,388,710			54,244,888			52,140,533
Shareholders’ Equity:
Preferred stock		412,500			412,500			412,500			412,500			412,500
Common stock		67,007			66,560			66,546			61,825			61,798
Surplus		2,494,347			2,482,561			2,470,228			1,964,645			1,954,532
Treasury stock		(9,156	)		(6,153	)		(6,098	)		(5,760	)		(5,757	)
Retained earnings		4,045,854			3,897,164			3,748,715			3,615,616			3,498,475
Accumulated other comprehensive loss		(410,015	)		(508,335	)		(292,177	)		(512,198	)		(485,148	)
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Total liabilities and shareholders’ equity	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Interest and fees on loans	$	768,362		$	789,038		$	794,163		$	749,812		$	710,341
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Interest-bearing deposits with banks		36,766			46,256			32,608			19,731			16,658
Federal funds sold and securities purchased under resale agreements		179			53			277			17			19
Investment securities		72,016			67,066			69,592			69,779			69,678
Trading account securities		11			6			11			13			18
Federal Home Loan Bank and Federal Reserve Bank stock		5,307			5,157			5,451			4,974			4,478
Brokerage customer receivables		78			302			269			219			175
Total interest income		886,965			913,501			908,604			849,979			805,513
Interest expense
Interest on deposits		320,233			346,388			362,019			335,703			299,532
Interest on Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Interest on other borrowings		6,792			7,519			9,013			8,700			9,248
Interest on subordinated notes		3,714			3,733			3,712			5,185			5,487
Interest on junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense		360,491			388,353			406,021			379,369			341,319
Net interest income		526,474			525,148			502,583			470,610			464,194
Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Net interest income after provision for credit losses		502,511			508,169			480,249			430,549			442,521
Non-interest income
Wealth management		34,042			38,775			37,224			35,413			34,815
Mortgage banking		20,529			20,452			15,974			29,124			27,663
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
Fees from covered call options		3,446			2,305			988			2,056			4,847
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677
Operating lease income, net		15,287			15,327			15,335			13,938			14,110
Other		20,836			20,676			24,137			29,282			42,331
Total non-interest income		116,634			113,451			113,147			121,147			140,580
Non-interest expense
Salaries and employee benefits		211,526			212,133			211,261			198,541			195,173
Software and equipment		34,717			34,258			31,574			29,231			27,731
Operating lease equipment		10,471			10,263			10,518			10,834			10,683
Occupancy, net		20,778			20,597			19,945			19,585			19,086
Data processing		11,274			10,957			9,984			9,503			9,292
Advertising and marketing		12,272			13,097			18,239			17,436			13,040
Professional fees		9,044			11,334			9,783			9,967			9,553
Amortization of other acquisition-related intangible assets		5,618			5,773			4,042			1,122			1,158
FDIC insurance		10,926			10,640			10,512			10,429			14,537
OREO expenses, net		643			397			(938	)		(259	)		392
Other		38,821			39,090			35,767			33,964			32,500
Total non-interest expense		366,090			368,539			360,687			340,353			333,145
Income before taxes		253,055			253,081			232,709			211,343			249,956
Income tax expense		64,016			67,719			62,708			58,955			62,662
Net income	$	189,039		$	185,362		$	170,001		$	152,388		$	187,294
Preferred stock dividends		6,991			6,991			6,991			6,991			6,991
Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Net income per common share – Basic	$	2.73		$	2.68		$	2.51		$	2.35		$	2.93
Net income per common share – Diluted	$	2.69		$	2.63		$	2.47		$	2.32		$	2.89
Cash dividends declared per common share	$	0.50		$	0.45		$	0.45		$	0.45		$	0.45
Weighted average common shares outstanding		66,726			66,491			64,888			61,839			61,481
Dilutive potential common shares		923			1,233			1,053			926			928
Average common shares and dilutive common shares		67,649			67,724			65,941			62,765			62,409

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	181,580	$	189,774	$	314,693	$	281,103	$	193,064	(18	)%	(6	)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		135,224		141,487		146,374		130,748		146,820	(18	)	(8	)
Total mortgage loans held-for-sale	$	316,804	$	331,261	$	461,067	$	411,851	$	339,884	(18	)%	(7	)%

Core loans:
Commercial
Commercial and industrial	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	$	6,117,004	0	%	12	%
Asset-based lending		1,701,962		1,611,001		1,709,685		1,465,867		1,355,255	23		26
Municipal		798,646		826,653		827,125		747,357		721,526	(14	)	11
Leases		2,680,943		2,537,325		2,443,721		2,439,128		2,344,295	23		14
Commercial real estate
Residential construction		55,849		48,617		73,088		55,019		57,558	60		(3	)
Commercial construction		2,086,797		2,065,775		1,984,240		1,866,701		1,748,607	4		19
Land		306,235		319,689		346,362		338,831		344,149	(17	)	(11	)
Office		1,641,555		1,656,109		1,675,286		1,585,312		1,566,748	(4	)	5
Industrial		2,677,555		2,628,576		2,527,932		2,307,455		2,190,200	8		22
Retail		1,402,837		1,374,655		1,404,586		1,365,753		1,366,415	8		3
Multi-family		3,091,314		3,125,505		3,193,339		2,988,940		2,922,432	(4	)	6
Mixed use and other		1,652,759		1,685,018		1,588,584		1,439,186		1,437,328	(8	)	15
Home equity		455,683		445,028		427,043		356,313		340,349	10		34
Residential real estate
Residential real estate loans for investment		3,561,417		3,456,009		3,252,649		2,933,157		2,746,916	12		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		86,952		114,985		92,355		88,503		90,911	(99	)	(4	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		36,790		41,771		43,034		45,675		52,439	(48	)	(30	)
Total core loans	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	4	%	15	%

Niche loans:
Commercial
Franchise	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	(2	)%	12	%
Mortgage warehouse lines of credit		1,019,543		893,854		750,462		593,519		403,245	57		NM
Community Advantage – homeowners association		525,492		525,446		501,645		491,722		475,832	0		10
Insurance agency lending		1,070,979		1,044,329		1,048,686		1,030,119		964,022	10		11
Premium Finance receivables
U.S. property & casualty insurance		6,486,663		6,447,625		6,253,271		6,142,654		6,113,993	2		6
Canada property & casualty insurance		753,199		824,417		878,410		958,099		826,026	(35	)	(9	)
Life insurance		8,365,140		8,147,145		7,996,899		7,962,115		7,872,033	11		6
Consumer and other		116,319		99,562		82,676		87,356		51,121	68		NM
Total niche loans	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	7	%	10	%

Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	6	%	13	%

^{(1) Annualized.}

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		(7	)%	13	%
NOW and interest-bearing demand deposits		6,340,168			5,865,546			5,466,932			5,053,909			5,720,947		33		11
Wealth management deposits ⁽²⁾		1,408,790			1,469,064			1,303,354			1,490,711			1,347,817		(17	)	5
Money market		18,074,733			17,975,191			17,713,726			16,320,017			15,617,717		2		16
Savings		6,576,251			6,372,499			6,183,249			5,882,179			5,959,774		13		10
Time certificates of deposit		9,968,237			9,420,031			9,998,573			9,270,770			7,894,420		24		26
Total deposits	$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		8	%	15	%
Mix:
Non-interest-bearing		21	%		22	%		21	%		21	%		21	%
NOW and interest-bearing demand deposits		12			11			11			11			12
Wealth management deposits ⁽²⁾		3			3			3			3			3
Money market		34			34			34			34			34
Savings		12			12			12			12			13
Time certificates of deposit		18			18			19			19			17
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2025

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,845,120	4.34	%
4-6 months		2,345,184	3.81
7-9 months		2,694,739	3.72
10-12 months		711,206	3.62
13-18 months		210,063	3.03
19-24 months		87,336	2.72
24+ months		74,589	2.47
Total	$	9,968,237	3.94	%

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,520,048		$	3,934,016		$	2,413,728		$	1,485,481		$	1,254,332
Investment securities ⁽²⁾		8,409,735			8,090,271			8,276,576			8,203,764			8,349,796
FHLB and FRB stock		281,702			271,825			263,707			253,614			230,648
Liquidity management assets ⁽³⁾	$	12,211,485		$	12,296,112		$	10,954,011		$	9,942,859		$	9,834,776
Other earning assets ⁽³⁾⁽⁴⁾		13,140			20,528			17,542			15,257			15,081
Mortgage loans held-for-sale		286,710			378,707			376,251			347,236			290,275
Loans, net of unearned income ⁽³⁾⁽⁵⁾		47,833,380			47,153,014			45,920,586			43,819,354			42,129,893
Total earning assets ⁽³⁾	$	60,344,715		$	59,848,361		$	57,268,390		$	54,124,706		$	52,270,025
Allowance for loan and investment security losses		(375,371	)		(367,238	)		(383,736	)		(360,504	)		(361,734	)
Cash and due from banks		476,423			470,033			467,333			434,916			450,267
Other assets		3,661,275			3,642,949			3,563,296			3,294,066			3,244,137
Total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

NOW and interest-bearing demand deposits	$	6,046,189		$	5,601,672		$	5,174,673		$	4,985,306		$	5,680,265
Wealth management deposits		1,574,480			1,430,163			1,362,747			1,531,865			1,510,203
Money market accounts		17,581,141			17,579,395			16,436,111			15,272,126			14,474,492
Savings accounts		6,479,444			6,288,727			6,096,746			5,878,844			5,792,118
Time deposits		9,406,126			9,702,948			9,598,109			8,546,172			7,148,456
Interest-bearing deposits	$	41,087,380		$	40,602,905		$	38,668,386		$	36,214,313		$	34,605,534
Federal Home Loan Bank advances		3,151,309			3,160,658			3,178,973			3,096,920			2,728,849
Other borrowings		582,139			577,786			622,792			587,262			627,711
Subordinated notes		298,306			298,225			298,135			410,331			437,893
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	45,372,700		$	44,893,140		$	43,021,852		$	40,562,392		$	38,653,553
Non-interest-bearing deposits		10,732,156			10,718,738			10,271,613			9,879,134			9,972,646
Other liabilities		1,541,245			1,563,824			1,631,389			1,601,485			1,536,039
Equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Total liabilities and shareholders’ equity	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

Net free funds/contribution ⁽⁶⁾	$	14,972,015		$	14,955,221		$	14,246,538		$	13,562,314		$	13,616,472

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(5)   Loans, net of unearned income, include non-accrual loans.}
^{(6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	36,945		$	46,308		$	32,885		$	19,748		$	16,677
Investment securities		72,706			67,783			70,260			70,346			70,228
FHLB and FRB stock		5,307			5,157			5,451			4,974			4,478
Liquidity management assets ⁽¹⁾	$	114,958		$	119,248		$	108,596		$	95,068		$	91,383
Other earning assets ⁽¹⁾		92			310			282			235			198
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Loans, net of unearned income ⁽¹⁾		770,568			791,390			796,637			752,117			712,587
Total interest income	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314

Interest expense:
NOW and interest-bearing demand deposits	$	33,600		$	31,695		$	30,971		$	32,719		$	34,896
Wealth management deposits		8,606			9,412			10,158			10,294			10,461
Money market accounts		146,374			159,945			167,382			155,100			137,984
Savings accounts		35,923			38,402			42,892			41,063			39,071
Time deposits		95,730			106,934			110,616			96,527			77,120
Interest-bearing deposits	$	320,233		$	346,388		$	362,019		$	335,703		$	299,532
Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Other borrowings		6,792			7,519			9,013			8,700			9,248
Subordinated notes		3,714			3,733			3,712			5,185			5,487
Junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense	$	360,491		$	388,353		$	406,021		$	379,369		$	341,319

Less: Fully taxable-equivalent adjustment		(2,899	)		(3,070	)		(3,144	)		(2,875	)		(2,801	)
Net interest income (GAAP) ⁽²⁾		526,474			525,148			502,583			470,610			464,194
Fully taxable-equivalent adjustment		2,899			3,070			3,144			2,875			2,801
Net interest income, fully taxable-equivalent (non-GAAP) ⁽²⁾	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995

^{(1) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.26	%	4.68	%	5.42	%	5.35	%	5.35	%
Investment securities	3.51		3.33		3.38		3.45		3.38
FHLB and FRB stock	7.64		7.55		8.22		7.89		7.81
Liquidity management assets	3.82	%	3.86	%	3.94	%	3.85	%	3.74	%
Other earning assets	2.84		6.01		6.38		6.23		5.25
Mortgage loans held-for-sale	6.01		5.91		6.59		6.29		5.74
Loans, net of unearned income	6.53		6.68		6.90		6.90		6.80
Total earning assets	5.98	%	6.09	%	6.33	%	6.34	%	6.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.25	%	2.38	%	2.64	%	2.47	%
Wealth management deposits	2.22		2.62		2.97		2.70		2.79
Money market accounts	3.38		3.62		4.05		4.08		3.83
Savings accounts	2.25		2.43		2.80		2.81		2.71
Time deposits	4.13		4.38		4.58		4.54		4.34
Interest-bearing deposits	3.16	%	3.39	%	3.72	%	3.73	%	3.48	%
Federal Home Loan Bank advances	3.27		3.28		3.29		3.22		3.25
Other borrowings	4.73		5.18		5.76		5.96		5.92
Subordinated notes	5.05		4.98		4.95		5.08		5.04
Junior subordinated debentures	6.90		7.32		7.88		7.91		7.94
Total interest-bearing liabilities	3.22	%	3.44	%	3.75	%	3.76	%	3.55	%

Interest rate spread ⁽¹⁾⁽²⁾	2.76	%	2.65	%	2.58	%	2.58	%	2.67	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽³⁾	0.80		0.86		0.93		0.94		0.92
Net interest margin (GAAP) ⁽²⁾	3.54	%	3.49	%	3.49	%	3.50	%	3.57	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) ⁽²⁾	3.56	%	3.51	%	3.51	%	3.52	%	3.59	%

^{(1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	(1.8	)%	(0.6	)%	(0.2	)%	(1.2	)%
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)
Sep 30, 2024	1.2		1.1		0.4		(0.9	)
Jun 30, 2024	1.5		1.0		0.6		(0.0	)
Mar 31, 2024	1.9		1.4		1.5		1.6

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	0.2	%	0.2	%	(0.1	)%	(0.5	)%
Dec 31, 2024	(0.2	)	(0.0	)	0.0		(0.3	)
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2025 (In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	405,736		$	3,600,171	$	2,122,563	$	20,444	$	6,148,914
Variable rate		9,781,709			703		—		—		9,782,412
Total commercial	$	10,187,445		$	3,600,874	$	2,122,563	$	20,444	$	15,931,326
Commercial real estate
Fixed rate	$	658,413		$	2,762,221	$	365,181	$	63,593	$	3,849,408
Variable rate		9,054,583			10,843		67		—		9,065,493
Total commercial real estate	$	9,712,996		$	2,773,064	$	365,248	$	63,593	$	12,914,901
Home equity
Fixed rate	$	8,881		$	838	$	—	$	17	$	9,736
Variable rate		445,947			—		—		—		445,947
Total home equity	$	454,828		$	838	$	—	$	17	$	455,683
Residential real estate
Fixed rate	$	13,336		$	4,473	$	74,883	$	1,055,143	$	1,147,835
Variable rate		97,815			623,879		1,815,630		—		2,537,324
Total residential real estate	$	111,151		$	628,352	$	1,890,513	$	1,055,143	$	3,685,159
Premium finance receivables – property & casualty
Fixed rate	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Premium finance receivables – life insurance
Fixed rate	$	350,802		$	207,832	$	4,000	$	4,248	$	566,882
Variable rate		7,798,258			—		—		—		7,798,258
Total premium finance receivables – life insurance	$	8,149,060		$	207,832	$	4,000	$	4,248	$	8,365,140
Consumer and other
Fixed rate	$	44,731		$	7,937	$	883	$	914	$	54,465
Variable rate		61,854			—		—		—		61,854
Total consumer and other	$	106,585		$	7,937	$	883	$	914	$	116,319

Total per category
Fixed rate	$	8,617,862		$	6,687,371	$	2,567,510	$	1,144,359	$	19,017,102
Variable rate		27,240,166			635,425		1,815,697		—		29,691,288
Total loans, net of unearned income	$	35,858,028		$	7,322,796	$	4,383,207	$	1,144,359	$	48,708,390
Less: Existing cash flow hedging derivatives ⁽¹⁾		(6,700,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	29,158,028

Variable Rate Loan Pricing by Index:
SOFR tenors ⁽²⁾										$	18,328,835
12- month CMT ⁽³⁾											6,722,305
Prime											3,420,624
Fed Funds											819,437
Other U.S. Treasury tenors											190,187
Other											209,900
Total variable rate										$	29,691,288

^{(1)   Excludes cash flow hedges with future effective starting dates.}
^{(2)   SOFR – Secured Overnight Financing Rate.}
^{(3)   CMT – Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
First Quarter 2025	(1	)	bps	(13	)	bps	0		bps
Fourth Quarter 2024	(52	)		18			(50	)
Third Quarter 2024	(49	)		(111	)		(50	)
Second Quarter 2024	1			6			0
First Quarter 2024	(2	)		24			0

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Allowance for credit losses at beginning of period	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612
Provision for credit losses – Other		23,963			16,979			6,787			40,061			21,673
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			3,004			—			—
Other adjustments		4			(187	)		30			(19	)		(31	)
Charge-offs:
Commercial		9,722			5,090			22,975			9,584			11,215
Commercial real estate		454			1,037			95			15,526			5,469
Home equity		—			—			—			—			74
Residential real estate		—			114			—			23			38
Premium finance receivables – property & casualty		7,114			13,301			7,790			9,486			6,938
Premium finance receivables – life insurance		12			—			4			—			—
Consumer and other		147			189			154			137			107
Total charge-offs		17,449			19,731			31,018			34,756			23,841
Recoveries:
Commercial		929			775			649			950			479
Commercial real estate		12			172			30			90			31
Home equity		216			194			101			35			29
Residential real estate		136			0			5			8			2
Premium finance receivables – property & casualty		3,487			2,646			3,436			3,658			1,519
Premium finance receivables – life insurance		—			—			41			5			8
Consumer and other		29			19			21			24			23
Total recoveries		4,809			3,806			4,283			4,770			2,091
Net charge-offs		(12,640	)		(15,925	)		(26,735	)		(29,986	)		(21,750	)
Allowance for credit losses at period end	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.23	%		0.11	%		0.61	%		0.25	%		0.33	%
Commercial real estate		0.01			0.03			0.00			0.53			0.19
Home equity		(0.20	)		(0.18	)		(0.10	)		(0.04	)		0.05
Residential real estate		(0.02	)		0.01			0.00			0.00			0.01
Premium finance receivables – property & casualty		0.20			0.59			0.24			0.33			0.32
Premium finance receivables – life insurance		0.00			—			(0.00	)		(0.00	)		(0.00	)
Consumer and other		0.45			0.63			0.63			0.56			0.42
Total loans, net of unearned income		0.11	%		0.13	%		0.23	%		0.28	%		0.21	%

Loans at period end	$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706
Allowance for loan losses as a percentage of loans at period end		0.78	%		0.76	%		0.77	%		0.81	%		0.81	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.92			0.91			0.93			0.98			0.99

^{PCD – Purchase Credit Deteriorated}

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Provision for loan losses – Other	$	26,826		$	19,852		$	6,782		$	45,111		$	26,159
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Provision for unfunded lending-related commitments losses – Other		(2,852	)		(2,851	)		17			(5,212	)		(4,468	)
Provision for held-to-maturity securities losses		(11	)		(22	)		(12	)		162			(18	)
Provision for credit losses	$	23,963		$	16,979		$	22,334		$	40,061		$	21,673

Allowance for loan losses	$	378,207		$	364,017		$	360,279		$	363,719		$	348,612
Allowance for unfunded lending-related commitments losses		69,734			72,586			75,435			73,350			78,563
Allowance for loan losses and unfunded lending-related commitments losses		447,941			436,603			435,714			437,069			427,175
Allowance for held-to-maturity securities losses		446			457			479			491			329
Allowance for credit losses	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

^{PCD – Purchase Credit Deteriorated}

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

	As of Mar 31, 2025						As of Dec 31, 2024						As of Sep 30, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%
Commercial real estate:
Construction and development		2,448,881		71,388	2.92			2,434,081		87,236	3.58			2,403,690		97,949	4.07
Non-construction		10,466,020		138,622	1.32			10,469,863		135,620	1.30			10,389,727		133,195	1.28
Total commercial real estate	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%	$	12,793,417	$	231,144	1.81	%
Total commercial and commercial real estate	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%	$	28,041,110	$	402,742	1.44	%
Home equity		455,683		9,139	2.01			445,028		8,943	2.01			427,043		8,823	2.07
Residential real estate		3,685,159		10,652	0.29			3,612,765		10,335	0.29			3,388,038		9,745	0.29
Premium finance receivables
Property and casualty insurance		7,239,862		15,310	0.21			7,272,042		17,111	0.24			7,131,681		13,045	0.18
Life insurance		8,365,140		729	0.01			8,147,145		709	0.01			7,996,899		698	0.01
Consumer and other		116,319		918	0.79			99,562		812	0.82			82,676		661	0.80
Total loans, net of unearned income	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%

Total core loans ⁽¹⁾	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%
Total niche loans ⁽¹⁾		19,599,890		50,277	0.26			19,250,899		44,284	0.23			18,703,735		39,320	0.21

^{(1) See Table 1 for additional detail on core and niche loans.}

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	70,560	$	73,490	$	63,826	$	51,087	$	31,740
90+ days and still accruing		46		104		20		304		27
60-89 days past due		15,243		54,844		32,560		16,485		30,248
30-59 days past due		97,397		92,551		46,057		36,358		77,715
Current		15,748,080		15,353,562		15,105,230		14,050,228		13,363,751
Total commercial	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481
Commercial real estate
Nonaccrual	$	26,187	$	21,042	$	42,071	$	48,289	$	39,262
90+ days and still accruing		—		—		225		—		—
60-89 days past due		6,995		10,521		13,439		6,555		16,713
30-59 days past due		83,653		30,766		48,346		38,065		32,998
Current		12,798,066		12,841,615		12,689,336		11,854,288		11,544,464
Total commercial real estate	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437
Home equity
Nonaccrual	$	2,070	$	1,117	$	1,122	$	1,100	$	838
90+ days and still accruing		—		—		—		—		—
60-89 days past due		984		1,233		1,035		275		212
30-59 days past due		3,403		2,148		2,580		1,229		1,617
Current		449,226		440,530		422,306		353,709		337,682
Total home equity	$	455,683	$	445,028	$	427,043	$	356,313	$	340,349
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		22,522		23,762		17,959		18,198		17,901
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,351		5,708		6,364		1,977		—
30-59 days past due		38,943		18,917		2,160		130		24,523
Current		3,498,601		3,407,622		3,226,166		2,912,852		2,704,492
Total residential real estate	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266
Premium finance receivables – property & casualty
Nonaccrual	$	29,846	$	28,797	$	36,079	$	32,722	$	32,648
90+ days and still accruing		18,081		16,031		18,235		22,427		25,877
60-89 days past due		19,717		19,042		18,740		29,925		15,274
30-59 days past due		39,459		68,219		30,204		45,927		59,729
Current		7,132,759		7,139,953		7,028,423		6,969,752		6,806,491
Total Premium finance receivables – property & casualty	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019
Premium finance receivables – life insurance
Nonaccrual	$	—	$	6,431	$	—	$	—	$	—
90+ days and still accruing		2,962		—		—		—		—
60-89 days past due		10,587		72,963		10,902		4,118		32,482
30-59 days past due		29,924		36,405		74,432		17,693		100,137
Current		8,321,667		8,031,346		7,911,565		7,940,304		7,739,414
Total Premium finance receivables – life insurance	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033
Consumer and other
Nonaccrual	$	18	$	2	$	2	$	3	$	19
90+ days and still accruing		98		47		148		121		47
60-89 days past due		162		59		22		81		16
30-59 days past due		542		882		264		366		210
Current		115,499		98,572		82,240		86,785		50,829
Total consumer and other	$	116,319	$	99,562	$	82,676	$	87,356	$	51,121
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		151,203		154,641		161,059		151,399		122,408
90+ days and still accruing		21,187		16,182		18,628		22,852		25,951
60-89 days past due		55,039		164,370		83,062		59,416		94,945
30-59 days past due		293,321		249,888		204,043		139,768		296,929
Current		48,063,898		47,313,200		46,465,266		44,167,918		42,547,123
Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706

^{(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

TABLE 13: NON-PERFORMING ASSETS⁽¹⁾

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	46		$	104		$	20		$	304		$	27
Commercial real estate		—			—			225			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		18,081			16,031			18,235			22,427			25,877
Premium finance receivables – life insurance		2,962			—			—			—			—
Consumer and other		98			47			148			121			47
Total loans past due greater than 90 days and still accruing		21,187			16,182			18,628			22,852			25,951
Non-accrual loans:
Commercial		70,560			73,490			63,826			51,087			31,740
Commercial real estate		26,187			21,042			42,071			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		29,846			28,797			36,079			32,722			32,648
Premium finance receivables – life insurance		—			6,431			—			—			—
Consumer and other		18			2			2			3			19
Total non-accrual loans		151,203			154,641			161,059			151,399			122,408
Total non-performing loans:
Commercial		70,606			73,594			63,846			51,391			31,767
Commercial real estate		26,187			21,042			42,296			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		47,927			44,828			54,314			55,149			58,525
Premium finance receivables – life insurance		2,962			6,431			—			—			—
Consumer and other		116			49			150			124			66
Total non-performing loans	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359
Other real estate owned		22,625			23,116			13,682			19,731			14,538
Total non-performing assets	$	195,015		$	193,939		$	193,369		$	193,982		$	162,897
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.44	%		0.47	%		0.42	%		0.36	%		0.24	%
Commercial real estate		0.20			0.16			0.33			0.40			0.34
Home equity		0.45			0.25			0.26			0.31			0.25
Residential real estate		0.61			0.66			0.53			0.59			0.62
Premium finance receivables – property & casualty		0.66			0.62			0.76			0.78			0.84
Premium finance receivables – life insurance		0.04			0.08			—			—			—
Consumer and other		0.10			0.05			0.18			0.14			0.13
Total loans, net of unearned income		0.35	%		0.36	%		0.38	%		0.39	%		0.34	%
Total non-performing assets as a percentage of total assets		0.30	%		0.30	%		0.30	%		0.32	%		0.28	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		296.25	%		282.33	%		270.53	%		288.69	%		348.98	%

^{(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024

Balance at beginning of period	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Additions from becoming non-performing in the respective period		27,721			30,931			42,335			54,376			23,142
Additions from assets acquired in the respective period		—			—			189			—			—
Return to performing status		(1,207	)		(1,108	)		(362	)		(912	)		(490	)
Payments received		(15,965	)		(12,219	)		(10,894	)		(9,611	)		(8,336	)
Transfer to OREO and other repossessed assets		—			(17,897	)		(3,680	)		(6,945	)		(1,381	)
Charge-offs, net		(8,600	)		(5,612	)		(21,211	)		(7,673	)		(14,810	)
Net change for premium finance receivables		(382	)		(2,959	)		(941	)		(3,343	)		11,204
Balance at end of period	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359

Other Real Estate Owned

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Balance at beginning of period	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309
Disposals/resolved		—			(8,545	)		(9,729	)		(1,752	)		—
Transfers in at fair value, less costs to sell		—			17,979			3,680			6,945			1,436
Fair value adjustments		(491	)		—			—			—			(207	)
Balance at end of period	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

	Period End
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Balance by Property Type:		2025			2024			2024			2024			2024
Residential real estate	$	—		$	—		$	—		$	161		$	1,146
Commercial real estate		22,625			23,116			13,682			19,570			13,392
Total	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

TABLE 14: NON-INTEREST INCOME

	Three Months Ended															Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025			2024			2024			2024			2024		$ Change			% Change		$ Change			% Change
Brokerage	$	4,757		$	5,328		$	6,139		$	5,588		$	5,556		$	(571	)	(11	)%	$	(799	)	(14	)%
Trust and asset management		29,285			33,447			31,085			29,825			29,259			(4,162	)	(12	)		26		0
Total wealth management		34,042			38,775			37,224			35,413			34,815			(4,733	)	(12	)		(773	)	(2	)
Mortgage banking		20,529			20,452			15,974			29,124			27,663			77		0			(7,134	)	(26	)
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811			498		3			4,551		31
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326			6,031		NM			1,870		NM
Fees from covered call options		3,446			2,305			988			2,056			4,847			1,141		50			(1,401	)	(29	)
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677			49		(43	)		(741	)	NM
Operating lease income, net		15,287			15,327			15,335			13,938			14,110			(40	)	(0	)		1,177		8
Other:
Interest rate swap fees		2,269			3,360			2,914			3,392			2,828			(1,091	)	(32	)		(559	)	(20	)
BOLI		796			1,236			1,517			1,351			1,651			(440	)	(36	)		(855	)	(52	)
Administrative services		1,393			1,347			1,450			1,322			1,217			46		3			176		14
Foreign currency remeasurement (losses) gains		(183	)		(682	)		696			(145	)		(1,171	)		499		(73	)		988		(84	)
Changes in fair value on EBOs and loans held-for-investment		383			129			518			604			(439	)		254		NM			822		NM
Early pay-offs of capital leases		768			514			532			393			430			254		49			338		79
Miscellaneous		15,410			14,772			16,510			22,365			37,815			638		4			(22,405	)	(59	)
Total Other		20,836			20,676			24,137			29,282			42,331			160		1			(21,495	)	(51	)
Total Non-Interest Income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580		$	3,183		3	%	$	(23,946	)	(17	)%

^{NM – Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.}

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Originations:
Retail originations	$	348,468		$	483,424		$	527,408		$	544,394		$	331,504
Veterans First originations		111,985			176,914			239,369			177,792			144,109
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Originations for investment		217,177			355,119			218,984			275,331			169,246
Total originations	$	677,630		$	1,015,457		$	985,761		$	997,517		$	644,859
As a percentage of originations for sale:
Retail originations		76	%		73	%		69	%		75	%		70	%
Veterans First originations		24			27			31			25			30
Purchases		77	%		65	%		72	%		83	%		75	%
Refinances		23			35			28			17			25
Production Margin:
Production revenue (B) ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		197,297			103,946			272,072			222,738			207,775
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			272,072			222,738			207,775			119,624
Total mortgage production volume (C)	$	553,804		$	492,212		$	816,111		$	737,149		$	563,764
Production margin (B / C)		1.80	%		1.42	%		1.61	%		2.03	%		2.38	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)		196,307			203,788			186,308			204,610			201,044
Percentage of MSRs to loans serviced for others (E / D)		1.58	%		1.64	%		1.52	%		1.68	%		1.67	%
Servicing income	$	10,611		$	10,731		$	10,809		$	10,586		$	10,498
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
MSR – current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – collection of expected cash flows – payoffs and repurchases		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
MSR – changes in fair value model assumptions		(7,514	)		13,248			(17,331	)		877			7,595
MSR Fair Value at end of period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044
Summary of Mortgage Banking Revenue:
Operational:
Production revenue ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
MSR – Current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – Collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – Collection of expected cash flows – pay offs		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
Servicing Income		10,611			10,731			10,809			10,586			10,498
Other Revenue		(172	)		(51	)		(67	)		112			(91	)
Total operational mortgage banking revenue	$	20,413		$	21,905		$	22,884		$	28,377		$	24,835
Fair Value:
MSR – changes in fair value model assumptions	$	(7,514	)	$	13,248		$	(17,331	)	$	877		$	7,595
Gain (loss) on derivative contract held as an economic hedge, net		4,897			(11,452	)		6,892			(772	)		(2,577	)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		2,733			(3,249	)		3,529			642			(2,190	)
Total fair value mortgage banking revenue	$	116		$	(1,453	)	$	(6,910	)	$	747		$	2,828
Total mortgage banking revenue	$	20,529		$	20,452		$	15,974		$	29,124		$	27,663

^{(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}
^{(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended												Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,		Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025		2024		2024			2024			2024	$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	123,917	$	120,969	$	118,971		$	113,860		$	112,172	$	2,948		2	%	$	11,745		10	%
Commissions and incentive compensation		52,536		54,792		57,575			52,151			51,001		(2,256	)	(4	)		1,535		3
Benefits		35,073		36,372		34,715			32,530			32,000		(1,299	)	(4	)		3,073		10
Total salaries and employee benefits		211,526		212,133		211,261			198,541			195,173		(607	)	(0	)		16,353		8
Software and equipment		34,717		34,258		31,574			29,231			27,731		459		1			6,986		25
Operating lease equipment		10,471		10,263		10,518			10,834			10,683		208		2			(212	)	(2	)
Occupancy, net		20,778		20,597		19,945			19,585			19,086		181		1			1,692		9
Data processing		11,274		10,957		9,984			9,503			9,292		317		3			1,982		21
Advertising and marketing		12,272		13,097		18,239			17,436			13,040		(825	)	(6	)		(768	)	(6	)
Professional fees		9,044		11,334		9,783			9,967			9,553		(2,290	)	(20	)		(509	)	(5	)
Amortization of other acquisition-related intangible assets		5,618		5,773		4,042			1,122			1,158		(155	)	(3	)		4,460		NM
FDIC insurance		10,926		10,640		10,512			10,429			9,381		286		3			1,545		16
FDIC insurance – special assessment		—		—		—			—			5,156		—		—			(5,156	)	(100	)
OREO expense, net		643		397		(938	)		(259	)		392		246		62			251		64
Other:
Lending expenses, net of deferred origination costs		5,866		6,448		4,995			5,335			5,078		(582	)	(9	)		788		16
Travel and entertainment		5,270		8,140		5,364			5,340			4,597		(2,870	)	(35	)		673		15
Miscellaneous		27,685		24,502		25,408			23,289			22,825		3,183		13			4,860		21
Total other		38,821		39,090		35,767			33,964			32,500		(269	)	(1	)		6,321		19
Total Non-Interest Expense	$	366,090	$	368,539	$	360,687		$	340,353		$	333,145	$	(2,449	)	(1	)%	$	32,945		10	%

^{NM – Not meaningful.}

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	886,965		$	913,501		$	908,604		$	849,979		$	805,513
Taxable-equivalent adjustment:
– Loans		2,206			2,352			2,474			2,305			2,246
– Liquidity Management Assets		690			716			668			567			550
– Other Earning Assets		3			2			2			3			5
(B) Interest Income (non-GAAP)	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314
(C) Interest Expense (GAAP)		360,491			388,353			406,021			379,369			341,319
(D) Net Interest Income (GAAP) (A minus C)	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
(E) Net Interest Income (non-GAAP) (B minus C)	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995
Net interest margin (GAAP)		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.56			3.51			3.51			3.52			3.59
(F) Non-interest income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580
(G) Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
(H) Non-interest expense		366,090			368,539			360,687			340,353			333,145
Efficiency ratio (H/(D+F-G))		57.21	%		57.46	%		58.88	%		57.10	%		55.21	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		56.95			57.18			58.58			56.83			54.95
	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989
(J) Total assets (GAAP)	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(K) Total tangible assets (non-GAAP)	$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022
Common equity to assets ratio (GAAP) (L/J)		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) (I/K)		8.1			7.8			8.1			7.5			7.6

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900
(M) Actual common shares outstanding		66,919			66,495			66,482			61,760			61,737
Book value per common share (L/M)	$	92.47		$	89.21		$	90.06		$	82.97		$	81.38
Tangible book value per common share (non-GAAP) (I/M)		78.83			75.39			76.15			72.01			70.40

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Add: Intangible asset amortization		5,618			5,773			4,042			1,122			1,158
Less: Tax effect of intangible asset amortization		(1,421	)		(1,547	)		(1,087	)		(311	)		(291	)
After-tax intangible asset amortization	$	4,197		$	4,226		$	2,955		$	811		$	867
(O) Tangible net income applicable to common shares (non-GAAP)	$	186,245		$	182,597		$	165,965		$	146,208		$	181,170
Total average shareholders’ equity	$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457
Less: Average preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957
Less: Average intangible assets		(916,069	)		(921,438	)		(833,574	)		(677,207	)		(678,731	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226
Return on average common equity, annualized (N/P)		12.21	%		11.82	%		11.63	%		11.61	%		14.42	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.72			14.29			13.92			13.49			16.75

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,055		$	253,081		$	232,709		$	211,343		$	249,956
Add: Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	277,018		$	270,060		$	255,043		$	251,404		$	271,629

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
the ability of the Company to receive dividends from its subsidiaries;
the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

The MIL Network –

April 22, 2025

MIL-OSI Global: Canada’s federal election must grapple with the limits of neoliberal economics

Source: The Conversation – Canada – By Daniel Horen Greenford, Lecturer and postdoctoral researcher in Ecological Economics and Climate Policy, Department of Geography, Planning and Environment, Concordia University

With a federal election on the horizon, economic policy is once again taking centre stage. Yet missing from the national debate is a serious reckoning with the failures of neoliberalism and the urgent need for alternatives.

A continued adherence to neoliberal policy, and the fiscal austerity it entails, risks deepening social divides and strengthening the electoral prospects of the far right (absent a compelling populist left). To meet today’s challenges, parties must explore more progressive schools of economic thought like modern monetary theory.

Liberal Leader Mark Carney, with his experience across banking and global finance, is one figure who could potentially steer that shift. Carney’s career, spanning Morgan Stanley, the Bank of Canada, the Bank of England and Brookfield Asset Management, has exemplified his competence within the bounds of economic orthodoxy.

As the Bank of Canada’s governor, Carney pre-emptively cut interest rates to cushion the blow of the 2008 financial crisis. Standard measures like interest rate cuts and quantitative easing are meant to keep economies afloat during downturns. While necessary, these steps remained squarely within the bounds of conventional economic thinking.

Today, however, those old tricks aren’t enough. The twin crises of climate collapse and socioeconomic inequality demand bolder policy and braver leadership from policymakers.

The case for modern monetary theory

Modern monetary theory (MMT) offers a more ambitious economic toolkit to policymakers than current approaches do.

MMT scholars argue that countries that issue their own currency, like Canada, have monetary sovereignty. These governments don’t need to rely on bond markets for funding; instead, they can create money directly through public spending. And, when they do sell debt, there’s never a shortage of demand for it.

From this perspective, the real constraint isn’t money, but productive capacity: materials, energy and labour. Public debt is neither inherently dangerous, nor is it “owed” to anyone.

MMT also argues the “tax and spend” perspective is backwards — taxes are not needed to fund public spending. In its view, governments spend first, then tax to remove money from circulation to keep inflation under control.

Inflation risk stems not from government spending, but from economic over-demand or supply constraints. During periods of low growth, spending is not just safe — it’s essential, as we saw during the COVID-19 pandemic.

Inflation during the pandemic was driven predominantly by supply chain disruptions and gas price spikes, not overspending. Strategic taxation can be used to curb demand and reduce inequality when inflation emerges.

MMT’s job guarantee

The hallmark policy of MMT is a job guarantee — a public option for employment that would employ anyone wanting to work. This would effectively end structural unemployment while improving conditions for those employed in the private sector through competition.

Such an initiative would help unlock productivity needed to revitalize and decarbonize housing, transport, energy and other critical infrastructure.

Yet instead of embracing such ideas, centrist parties like the Canadian Liberal Party and United Kingdom’s Labour Party cling to outdated concerns over “fiscal responsibility,” echoing debates that have been outdated since the end of the gold standard in the 1970s.

The cost of playing it safe

Carney appears to have retreated into political caution and has avoided challenging fiscal conservatism in any substantive way. Immediately upon taking office, he capitulated to misleading narratives promoted by politicians like Conservative Leader Pierre Poilievre, and cut the consumer carbon price.

Carney also is cancelling a proposed hike to the amount of capital gains subject to tax to avoid penalizing Canada’s “builders.” But who are the real “builders”? Not hedge fund managers, but the workers who actually produce goods and services.

According to the government’s own analysis, only the top 0.13 per cent of Canadians stood to lose from a modest increase in the inclusion rate for taxing unearned income.

Like Poilievre, Carney has expressed support for new oil and gas projects, including pipelines — despite the scientific consensus that any new fossil fuel infrastructure is incompatible with avoiding climate catastrophe. Poilievre and Carney’s positions contradict the urgent need for a rapid energy transition — which begins with no new fossil fuel projects.

During the Liberal leadership race, Carney advocated for using public investment to attract private capital during a CBC News interview. Sidestepping a direct answer about whether he’d balance the overall budget, he instead committed to balancing “operational spending.” When pressed, he said he would run deficits when necessary to “invest [in] and grow Canada’s economy.”

Carney’s approach frames public spending as a way to mobilize private capital, rather than as a driver of public-led economic transformation. True to his background, his language casts the government as a shrewd investor, not a driver of structural change.

Carney also framed public investment as “borrowing,” which MMT clarifies is a misnomer: unlike a household or a business, a currency-issuing government doesn’t need to borrow in the traditional sense and faces no risk of running out of its own currency.

A bolder path forward is needed

Canada needs more than cautious tweaks to the status quo. A climate jobs program, like a Youth Climate Corps, could guarantee well-paid, meaningful work in communities across the country for anyone ready to contribute. Public opinion is already there: more than half of Canadians support a climate corps.

Public-sector competition in industries like housing and renewable energy could keep private firms efficient and accountable. During World War II, engineer and businessman C.D. Howe became Minister of the Department of Munitions and Supply and oversaw the creation of 28 Crown corporations that drove wartime production.

That same spirit of pragmatic, state-led investment could help address the ongoing climate and economic crises, instead of being used to buy more pipelines.

Towards more affordable housing

Canada already has a Crown corporation mandated to support affordable housing: the Canada Mortgage and Housing Corporation. This agency could be expanded to not only finance, but also tender contracts and build housing. It could be a federal landlord, with long-term goals of community management and ownership.

The more affordable units kept out of an increasingly profit-driven market, the more accessible housing will be. This would stabilize the market and provide a floor (and roof) for affordability.

Some MMT scholars and social movements have even called for a homes guarantee — a federally-funded program to guarantee a place to live for anyone squeezed out of the housing market.

Critics might say bold investment is politically infeasible. But is it? Or could one of Canada’s federal parties champion policies that inspire instead of capitulate? Traditionally, the NDP would pick up this mantle, but they ceded their place as the progressive vanguard after former NDP Leader Tom Mulcair promised to balance the budget in 2015.

The real risk isn’t ambitious reform, but relying on outdated tricks in a world that demands new solutions.

Daniel Horen Greenford receives funding from the Social Sciences and Humanities Research Council.

– ref. Canada’s federal election must grapple with the limits of neoliberal economics – https://theconversation.com/canadas-federal-election-must-grapple-with-the-limits-of-neoliberal-economics-254364

MIL OSI – Global Reports –

April 22, 2025

MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net income for the first quarter of 2025 was $10.6 million, compared to $10.7 million in the prior quarter and $7.9 million in the first quarter of 2024. Net income for the first quarter of 2025 represents a return on average assets of 1.74% and a return on average tangible common equity of 18.74%
Diluted earnings per share for the first quarter of 2025 was $1.80, compared to $1.82 in the prior quarter and $1.36 in the first quarter of 2024
Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million or 2.7% from December 31, 2024, which included a reduction in brokered deposits of $96.9 million. Total deposits increased 15.1% year over year. Core deposits were $2.05 billion as of March 31, 2025, an increase of $154.6 million or 8.2% from December 31, 2024. Core deposits increased 27.5% year over year
Total cost of deposits was 2.22% for the first quarter of 2025, a decrease from 2.36% in the prior quarter and 2.61% in the first quarter of 2024. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024. Total cost of funding sources was 2.29% for the first quarter of 2025, a decrease from 2.45% in the prior quarter and 2.70% in the first quarter of 2024
Loans held-for-investment (“HFI”) totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% from December 31, 2024. Loans HFI increased 9.0% year over year
Net interest margin was 4.61% for the first quarter of 2025, compared to 4.67% in the prior quarter and 4.31% in the first quarter of 2024
Provision for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand for the prior quarter and $0.2 million for the first quarter of 2024. The allowance for loan losses was 1.27% of loans HFI as of March 31, 2025 compared to 1.31% at December 31, 2024
As of March 31, 2025, criticized and classified loans totaled $40.8 million, or 1.96% of total loans, up from $24.7 million, or 1.18% of total loans, in the prior quarter
Tangible book value per share was $40.29 as of March 31, 2025, an increase of $1.89 since December 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased 4.9% quarter-over-quarter and 20.1% year over year.

LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of $10.6 million, or $1.80 per diluted share, for the first quarter of 2025, compared to $10.7 million, or $1.82 per diluted share, in the prior quarter, and $7.9 million, or $1.36 per diluted share, in the first quarter of 2024.

Rick Sowers, President and CEO of the Company and the Bank stated, “We continue to be pleased by the Company and the Team’s performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank.”

Sowers added, “The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank’s dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:

#1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets
#1 SBA 504 Community Bank Lender in the United States
#10 Best U.S. Bank by Bank Director’s RankingBanking^®
Client Net Promoter Score of 81 (World Class)
Bauer 5 Star Rating
2025 Best 50 OTCQX

“As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve.”

“As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

STATEMENT OF INCOME

Net Interest Income

Net interest income for the first quarter of 2025 totaled $27.7 million, an increase of $0.3 million or 1.2% from the prior quarter and an increase of $5.0 million or 21.8% from the first quarter of 2024. The increase from the prior quarter was due to a $0.5 million decrease in interest expense, resulting from a 22 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

Net Interest Margin

Net interest margin for the first quarter of 2025 was 4.61%, compared to 4.67% for the prior quarter and 4.31% in the first quarter of 2024. The 6 basis point decrease in net interest margin from the prior quarter was primarily due to lower yields on interest-earning assets and a decrease in prepayment-penalty fees. The yield on interest-earning assets was 6.70% for the first quarter of 2025 compared to 6.89% for the prior quarter, and the cost of interest-bearing liabilities was 3.14% for the first quarter of 2025 compared to 3.36% in the prior quarter. The cost of total deposits was 2.22% for the first quarter of 2025 compared to 2.36% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.99% in the first quarter of 2025 compared to 2.07% in the prior quarter. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024.

Provision for Credit Losses

Provision expense for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand in the prior quarter and $0.2 million in the first quarter of 2024. The provision expense for loans HFI for the first quarter of 2025 was $0.5 million, primarily reflecting heightened macroeconomic uncertainty incorporated into our forecasts. This was offset by a $0.2 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

Noninterest Income

Noninterest income was $1.6 million for the first quarter of 2025, compared to $1.9 million in the prior quarter and $1.4 million in the first quarter of 2024. SBA loan sales for the first quarter of 2025 were $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand, compared with $14.9 million with a 11.45% average trade premium resulting in a net gain on sale of $932 thousand in the prior quarter.

Noninterest Expense

Noninterest expense was $14.1 million for the first quarter of 2025, compared to $14.2 million in the prior quarter and $12.8 million in the first quarter of 2024. The efficiency ratio was 47.90% for the first quarter of 2025 compared to 48.34% in the prior quarter and 52.84% in the first quarter of 2024. The slight decrease in the efficiency ratio from the prior quarter was due to the decrease in noninterest expense.

The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

Provision for Income Tax Expense

Provision for income tax expense was $4.4 million for the first quarter of 2025, compared to $4.5 million for the prior quarter. The effective tax rate for the first quarter of 2025 was 29.5%, compared to 29.6% in the prior quarter and 29.5% in the first quarter of 2024.

STATEMENT OF FINANCIAL CONDITION

As of March 31, 2025, total assets were $2.48 billion, an increase of $58.9 million since December 31, 2024. The increase in assets from the prior quarter was primarily due to higher cash and due from banks and investment securities, partially offset by lower loans receivable. Our total cash and due from banks increased to $218.5 million as of March 31, 2025, an increase of $54.6 million or 33.3% since December 31, 2024, primarily due to strong growth in core deposits along with lower loan demand. Investment securities available-for-sale (“AFS”) were $156.3 million as of March 31, 2025, an increase of $11.1 million or 7.6% since December 31, 2024, primarily as a result of new securities purchased. As of March 31, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $10.1 million (pre-tax) compared to a loss of $12.1 million (pre-tax) as of December 31, 2024. The average duration of the Bank’s AFS portfolio is 3.8 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% since December 31, 2024, reflecting lower loan production as borrowers deferred new financings amid economic and interest-rate uncertainty as well as wildfire-related disruptions in Southern California.

Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million since December 31, 2024. During the quarter, core deposits increased by $154.6 million, which was driven by a $108.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $45.7 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.2% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $96.9 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.1% of total deposits as of March 31, 2025.

As of March 31, 2025, total available liquidity was $2.1 billion or 192.8% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $366 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

Asset Quality and Allowance for Credit Losses (“ACL”)

As of March 31, 2025, the allowance for loan losses was $26.4 million or 1.27% of loans HFI, compared to $27.3 million or 1.31% of loans HFI as of December 31, 2024. The decrease in the coverage ratio from December 31, 2024 is due primarily to a $1.1 million partial charge-off of a nonaccrual loan that previously had a specific reserve of $2.0 million. The Company continues to have strong credit metrics and its nonperforming assets are 0.63% of total assets as of March 31, 2025 compared to 0.47% as of December 31, 2024. The reserve for unfunded commitments was $1.3 million as of March 31, 2025, compared to $1.5 million as of December 31, 2024. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

At March 31, 2025 and December 31, 2024, there were no doubtful credits and classified assets were $27.8 million and $14.9 million, respectively. Total classified assets consisted of 20 loans as of March 31, 2025, which included 17 loans totaling $24.7 million secured by real estate with a weighted average LTV of 52.7%, of which 11 loans totaling $16.4 million had SBA guarantees. The remaining three loans were $3.1 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (net of a $1.1 million partial charge off).

The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

Capital Ratios ⁽²⁾

The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

	March 31, 2025⁽²⁾	December 31, 2024
CalPrivate Bank
Tier I leverage ratio	10.35%	10.39%
Tier I risk-based capital ratio	11.75%	11.29%
Total risk-based capital ratio	13.00%	12.54%

(2) March 31, 2025 capital ratios are preliminary and subject to change.

About Private Bancorp of America, Inc. (OTCQX: PBAM)

PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10^th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

CalPrivate Bank’s website is www.calprivate.bank.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

Investor Relations Contacts

Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894

Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669

Safe Harbor Paragraph

This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)

	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	34,720		$	16,528		$	13,136
Interest-bearing deposits in other financial institutions		16,155			10,419			34,790
Interest-bearing deposits at Federal Reserve Bank		167,606			136,929			93,575
Total cash and due from banks		218,481			163,876			141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,032
Investment debt securities available for sale		156,346			145,238			114,067
Loans held for sale		2,066			3,008			383
Loans, net of deferred fees and costs and unaccreted discounts		2,078,653			2,085,149			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,882,299
Federal Home Loan Bank stock, at cost		9,586			9,586			8,915
Operating lease right of use assets		6,383			6,819			2,765
Premises and equipment, net		2,432			2,335			1,804
Servicing assets, net		1,993			2,087			2,203
Accrued interest receivable		8,148			7,993			7,931
Other assets		21,009			20,998			21,877
Total assets	$	2,482,873		$	2,424,011		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest bearing	$	599,095		$	553,405		$	516,294
Interest bearing		1,593,014			1,581,054			1,388,381
Total deposits		2,192,109			2,134,459			1,904,675
FHLB borrowings		16,000			28,000			53,000
Other borrowings		17,970			17,969			17,963
Accrued interest payable and other liabilities		21,559			20,049			18,107
Total liabilities		2,247,638			2,200,477			1,993,745

Shareholders’ equity
Common stock		76,156			75,377			74,105
Additional paid-in capital		3,712			4,393			4,108
Retained earnings		162,462			152,252			124,464
Accumulated other comprehensive (loss) income, net		(7,095	)		(8,488	)		(8,645	)
Total shareholders’ equity		235,235			223,534			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,187,777

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Interest Income
Loans	$	36,565	$	37,259	$	33,006
Investment securities		1,505		1,510		979
Deposits in other financial institutions		2,198		1,661		1,799
Total interest income		40,268		40,430		35,784

Interest Expense
Deposits		11,899		12,297		12,130
Borrowings		637		726		886
Total interest expense		12,536		13,023		13,016

Net interest income		27,732		27,407		22,768
Provision for credit losses		299		17		233
Net interest income after provision for credit losses		27,433		27,390		22,535

Noninterest income:
Service charges on deposit accounts		557		558		388
Net gain on sale of loans		469		932		681
Other noninterest income		587		456		357
Total noninterest income		1,613		1,946		1,426

Noninterest expense:
Compensation and employee benefits		9,748		9,539		8,861
Occupancy and equipment		844		847		770
Data processing		1,326		1,195		1,058
Professional services		508		573		488
Other expenses		1,629		2,036		1,606
Total noninterest expense		14,055		14,190		12,783
Income before provision for income taxes		14,991		15,146		11,178
Provision for income taxes		4,429		4,488		3,294
Net income	$	10,562	$	10,658	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,754,937

PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands)

	For the three months ended
	Mar 31, 2025							Dec 31, 2024							Mar 31, 2024
	Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate
Interest-Earnings Assets
Deposits in other financial institutions	$	202,907	$	2,198		4.39	%	$	143,053	$	1,661		4.62	%	$	135,511	$	1,799		5.34	%
Investment securities		157,747		1,505		3.82	%		155,768		1,510		3.88	%		119,690		979		3.27	%
Loans, including LHFS		2,078,588		36,565		7.13	%		2,036,178		37,259		7.28	%		1,868,308		33,006		7.11	%
Total interest-earning assets		2,439,242		40,268		6.70	%		2,334,999		40,430		6.89	%		2,123,509		35,784		6.78	%
Noninterest-earning assets		28,536							24,951							25,469
Total Assets	$	2,467,778						$	2,359,950						$	2,148,978

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		244,301		970		1.61	%		178,811		634		1.41	%		109,838		441		1.61	%
Savings & MMA, excluding brokered		955,259		6,830		2.90	%		904,191		6,991		3.08	%		765,770		6,421		3.37	%
Time deposits, excluding brokered		196,375		1,956		4.04	%		191,794		2,004		4.16	%		155,703		1,583		4.09	%
Total deposits, excluding brokered		1,395,935		9,756		2.83	%		1,274,796		9,629		3.00	%		1,031,311		8,445		3.29	%
Total brokered deposits		183,059		2,143		4.75	%		218,792		2,668		4.85	%		287,885		3,685		5.15	%
Total Interest-Bearing Deposits		1,578,994		11,899		3.06	%		1,493,588		12,297		3.28	%		1,319,196		12,130		3.70	%

FHLB advances		24,122		272		4.57	%		29,446		343		4.63	%		49,935		614		4.95	%
Other borrowings		17,981		365		8.23	%		17,967		383		8.48	%		17,962		272		6.09	%
Total Interest-Bearing Liabilities		1,621,097		12,536		3.14	%		1,541,001		13,023		3.36	%		1,387,093		13,016		3.77	%

Noninterest-bearing deposits		594,408							577,462							553,541
Total Funding Sources		2,215,505		12,536		2.29	%		2,118,463		13,023		2.45	%		1,940,634		13,016		2.70	%

Noninterest-bearing liabilities		21,542							21,524							18,018
Shareholders’ equity		230,731							219,963							190,326

Total Liabilities and Shareholders’ Equity	$	2,467,778						$	2,359,950						$	2,148,978

Net interest income/spread			$	27,732		4.41	%			$	27,407		4.44	%			$	22,768		4.08	%
Net interest margin						4.61	%						4.67	%						4.31	%

PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	218,481		$	163,876		$	207,174		$	158,377		$	141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,124			4,097			4,032
Investment securities		156,346			145,238			141,100			121,725			114,067
Loans held for sale		2,066			3,008			2,040			–			383
Total loans held-for-investment		2,078,653			2,085,149			2,012,457			1,979,720			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(26,594	)		(26,591	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,985,863			1,953,129			1,882,299
Operating lease right of use assets		6,383			6,819			4,344			4,719			2,765
Premises and equipment, net		2,432			2,335			2,345			2,207			1,804
Other assets and interest receivable		40,736			40,664			39,383			41,430			40,926
Total assets	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest Bearing	$	599,095		$	553,405		$	584,292		$	557,055		$	516,294
Interest Bearing		1,593,014			1,581,054			1,522,839			1,444,671			1,388,381
Total Deposits		2,192,109			2,134,459			2,107,131			2,001,726			1,904,675
Borrowings		33,970			45,969			45,967			65,965			70,963
Accrued interest payable and other liabilities		21,559			20,049			19,062			16,551			18,107
Total liabilities		2,247,638			2,200,477			2,172,160			2,084,242			1,993,745
Shareholders’ equity
Common stock		76,156			75,377			74,688			74,636			74,105
Additional paid-in capital		3,712			4,393			4,271			3,717			4,108
Retained earnings		162,462			152,252			141,623			132,179			124,464
Accumulated other comprehensive (loss) income		(7,095	)		(8,488	)		(6,369	)		(9,090	)		(8,645	)
Total shareholders’ equity		235,235			223,534			214,213			201,442			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Book value per common share	$	40.63		$	38.76		$	37.21		$	35.03		$	33.94
Tangible book value per common share⁽¹⁾	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.


PRIVATE BANCORP OF AMERICA, INC. Condensed Statements of Income (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Interest income	$	40,268	$	40,430	$	40,018	$	38,662	$	35,784
Interest expense		12,536		13,023		14,311		13,992		13,016
Net interest income		27,732		27,407		25,707		24,670		22,768
Provision for credit losses		299		17		304		2,136		233
Net interest income after provision for credit losses		27,433		27,390		25,403		22,534		22,535

Service charges on deposit accounts		557		558		504		430		388
Net gain on sale of loans		469		932		587		661		681
Other noninterest income		587		456		343		447		357
Total noninterest income		1,613		1,946		1,434		1,538		1,426

Compensation and employee benefits		9,748		9,539		9,422		8,836		8,861
Occupancy and equipment		844		847		818		822		770
Data processing		1,326		1,195		1,238		1,183		1,058
Professional services		508		573		252		424		488
Other expenses		1,629		2,036		1,695		1,697		1,606
Total noninterest expense		14,055		14,190		13,425		12,962		12,783

Income before provision for income taxes		14,991		15,146		13,412		11,110		11,178
Income taxes		4,429		4,488		3,959		3,283		3,294
Net income	$	10,562	$	10,658	$	9,453	$	7,827	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	9,373	$	7,761	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.64	$	1.36	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.63	$	1.35	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,707,723		5,702,938		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,767,401		5,762,616		5,754,937

	Performance Ratios
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ROAA		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
ROAE		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
ROATCE⁽¹⁾		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%
Net interest margin		4.61	%		4.67	%		4.44	%		4.48	%		4.31	%
Net interest spread		4.41	%		4.44	%		4.20	%		4.24	%		4.08	%
Efficiency ratio⁽¹⁾		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%
Noninterest expense / average assets		2.31	%		2.39	%		2.29	%		2.32	%		2.39	%

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Selected Quarterly Average Balances
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Total assets	$	2,467,778	$	2,359,950	$	2,328,399	$	2,241,860	$	2,148,978
Earning assets	$	2,439,242	$	2,334,999	$	2,303,537	$	2,216,185	$	2,123,509
Total loans, including loans held for sale	$	2,078,588	$	2,036,178	$	1,989,748	$	1,939,746	$	1,868,308
Total deposits	$	2,173,402	$	2,071,050	$	2,047,197	$	1,961,099	$	1,872,737
Total shareholders’ equity	$	230,731	$	219,963	$	208,889	$	199,088	$	190,326

	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Commercial Real Estate (CRE):
Investor owned	$	577,512	$	572,659	$	560,481	$	566,314	$	573,587
Owner occupied		228,232		223,442		221,364		216,876		216,123
Multifamily		163,218		162,330		175,387		177,390		175,629
Secured by single family		200,650		198,579		190,738		181,744		157,092
Land and construction		70,293		62,638		68,186		58,109		35,975
SBA secured by real estate		402,524		401,990		395,646		388,271		385,416
Total CRE		1,642,429		1,621,638		1,611,802		1,588,704		1,543,822
Commercial business:
Commercial and industrial		417,258		441,182		383,874		378,161		352,417
SBA non-real estate secured		17,004		20,205		15,101		10,758		8,657
Total commercial business		434,262		461,387		398,975		388,919		361,074
Consumer		1,962		2,124		1,680		2,097		2,096
Total loans held for investment	$	2,078,653	$	2,085,149	$	2,012,457	$	1,979,720	$	1,906,992

	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest-bearing DDA	$	599,095	$	553,405	$	584,292	$	557,055	$	516,294
Interest-bearing DDA, excluding brokered		257,720		251,594		182,268		156,253		117,129
Savings & MMA, excluding brokered		981,491		887,740		920,219		861,508		812,841
Time deposits, excluding brokered		210,845		201,851		186,583		168,664		160,605
Total deposits, excluding brokered		2,049,151		1,894,590		1,873,362		1,743,480		1,606,869
Total brokered deposits		142,958		239,869		233,769		258,246		297,806
Total deposits	$	2,192,109	$	2,134,459	$	2,107,131	$	2,001,726	$	1,904,675

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Rollforward of Allowance for Credit Losses
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025			Dec 31, 2024		Sep 30, 2024		Jun 30, 2024			Mar 31, 2024
Allowance for loan losses:
Beginning balance	$	27,267		$	26,594	$	26,591	$	24,693		$	24,476
Provision for loan losses		460			673		3		1,994			251
Net (charge-offs) recoveries		(1,290	)		–		–		(96	)		(34	)
Ending balance		26,437			27,267		26,594		26,591			24,693
Reserve for unfunded commitments		1,348			1,509		2,165		1,865			1,723
Total allowance for credit losses	$	27,785		$	28,776	$	28,759	$	28,456		$	26,416

	Asset Quality
	(Dollars in thousands)
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Total loans held-for-investment	$	2,078,653		$	2,085,149		$	2,012,457		$	1,979,720		$	1,906,992
Allowance for loan losses	$	(26,437	)	$	(27,267	)	$	(26,594	)	$	(26,591	)	$	(24,693	)
30-89 day past due loans	$	2,399		$	1,952		$	–		$	–		$	–
90+ day past due loans	$	13,223		$	11,512		$	11,512		$	2,500		$	3,530
Nonaccrual loans	$	15,565		$	11,512		$	11,512		$	2,500		$	4,656
NPAs / Assets		0.63	%		0.47	%		0.48	%		0.11	%		0.21	%
NPLs / Total loans held-for-investment & OREO		0.75	%		0.55	%		0.57	%		0.13	%		0.24	%
Net quarterly charge-offs (recoveries)	$	1,290		$	–		$	–		$	96		$	34
Net charge-offs (recoveries) /avg loans (annualized)		0.25	%		0.00	%		0.00	%		0.02	%		0.01	%
Allowance for loan losses to loans HFI		1.27	%		1.31	%		1.32	%		1.34	%		1.29	%
Allowance for loan losses to nonaccrual loans		169.85	%		236.86	%		231.01	%		1,063.64	%		530.35	%

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	For the three months ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Efficiency Ratio
Noninterest expense	$	14,055		$	14,190		$	13,425		$	12,962		$	12,783
Net interest income		27,732			27,407			25,707			24,670			22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Efficiency ratio (non-GAAP)		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%

Pretax pre-provision net revenue
Net interest income	$	27,732		$	27,407		$	25,707		$	24,670		$	22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Less: Noninterest expense		14,055			14,190			13,425			12,962			12,783
Pretax pre-provision net revenue (non-GAAP)	$	15,290		$	15,163		$	13,716		$	13,246		$	11,411

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	10,562		$	10,658		$	9,453		$	7,827		$	7,884
Average assets		2,467,778			2,359,950			2,328,399			2,241,860			2,148,978
Average shareholders’ equity		230,731			219,963			208,889			199,088			190,326
Less: Average intangible assets		2,098			2,028			2,051			2,163			2,208
Average tangible common equity (non-GAAP)		228,633			217,935			206,838			196,925			188,118

Return on average assets		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
Return on average equity		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
Return on average tangible common equity (non-GAAP)		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%

Tangible book value per share
Total equity		235,235			223,534			214,213			201,442			194,032
Less: Total intangible assets		1,993			2,087			2,006			2,164			2,203
Total tangible equity		233,242			221,447			212,207			199,278			191,829
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519
Tangible book value per share (non-GAAP)	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55

The MIL Network –

April 22, 2025

MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

QUARTER HIGHLIGHTS (1^stQuarter 2025 versus 4^thQuarter 2024)

Income Statement

Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
- Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

Balance Sheet

Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

“I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods. For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees. The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue. Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.

Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024. The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

Income Taxes

We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation. Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”). Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

Allowance for Credit Losses

At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs. The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

Deposits

Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024. Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances. The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to 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 March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024. The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

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 $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.

At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 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 March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.

Capital

Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, 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 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

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 $4.5 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 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit 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: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 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.

For Information Contact:

Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

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)		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Shareowners’ Equity (GAAP)		$	512,575	$	495,317	$	476,499	$	460,999	$	448,314
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Shareowners’ Equity (non-GAAP)	A		419,842		402,544		383,686		368,146		355,421
Total Assets (GAAP)			4,461,233		4,324,932		4,225,316		4,225,695		4,259,922
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Assets (non-GAAP)	B	$	4,368,500	$	4,232,159	$	4,132,503	$	4,132,842	$	4,167,029
Tangible Common Equity Ratio (non-GAAP)	A/B		9.61%		9.51%		9.28%		8.91%		8.53%
Actual Diluted Shares Outstanding (GAAP)	C		17,072,330		17,018,122		16,980,686		16,970,228		16,947,204
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	24.59	$	23.65	$	22.60	$	21.69	$	20.97

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended
(Dollars in thousands, except per share data)		Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	16,858	$	13,090	$	12,557	$
Diluted Net Income Per Share	$	0.99	$	0.77	$	0.74	$
PERFORMANCE
Return on Average Assets (annualized)		1.58	%	1.22	%	1.21	%
Return on Average Equity (annualized)		13.32		10.60		11.07
Net Interest Margin		4.22		4.17		4.01
Noninterest Income as % of Operating Revenue		32.39		31.34		32.06
Efficiency Ratio		62.93	%	69.74	%	71.06	%
CAPITAL ADEQUACY
Tier 1 Capital		18.01	%	17.46	%	15.67	%
Total Capital		19.20		18.64		16.84
Leverage		11.17		11.05		10.45
Common Equity Tier 1		16.08		15.54		13.82
Tangible Common Equity ⁽¹⁾		9.61		9.51		8.53
Equity to Assets		11.49	%	11.45	%	10.52	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		692.10	%	464.14	%	431.46	%
Allowance as a % of Loans HFI		1.12		1.10		1.07
Net Charge-Offs as % of Average Loans HFI		0.09		0.25		0.22
Nonperforming Assets as % of Loans HFI and OREO		0.17		0.25		0.25
Nonperforming Assets as % of Total Assets		0.10	%	0.15	%	0.16	%
STOCK PERFORMANCE
High	$	38.27	$	40.86	$	31.34	$
Low		33.00		33.00		26.59
Close	$	35.96	$	36.65	$	27.70	$
Average Daily Trading Volume		24,486		27,484		31,023

⁽¹⁾ Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025				2024
(Dollars in thousands)	First Quarter				Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ASSETS
Cash and Due From Banks	$	78,521		$	70,543		$	83,431		$	75,304		$	73,642
Funds Sold and Interest Bearing Deposits		446,042			321,311			261,779			272,675			231,047
Total Cash and Cash Equivalents		524,563			391,854			345,210			347,979			304,689

Investment Securities Available for Sale		461,224			403,345			336,187			310,941			327,338
Investment Securities Held to Maturity		517,176			567,155			561,480			582,984			603,386
Other Equity Securities		2,315			2,399			6,976			2,537			3,445
Total Investment Securities		980,715			972,899			904,643			896,462			934,169

Loans Held for Sale (“HFS”):		21,441			28,672			31,251			24,022			24,705

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		184,393			189,208			194,625			204,990			218,298
Real Estate – Construction		192,282			219,994			218,899			200,754			202,692
Real Estate – Commercial		806,942			779,095			819,955			823,122			823,690
Real Estate – Residential		1,040,594			1,028,498			1,023,485			1,012,541			1,012,791
Real Estate – Home Equity		225,987			220,064			210,988			211,126			214,617
Consumer		206,191			199,479			213,305			234,212			254,168
Other Loans		3,227			14,006			461			2,286			3,789
Overdrafts		1,154			1,206			1,378			1,192			1,127
Total Loans Held for Investment		2,660,770			2,651,550			2,683,096			2,690,223			2,731,172
Allowance for Credit Losses		(29,734	)		(29,251	)		(29,836	)		(29,219	)		(29,329	)
Loans Held for Investment, Net		2,631,036			2,622,299			2,653,260			2,661,004			2,701,843

Premises and Equipment, Net		80,043			81,952			81,876			81,414			81,452
Goodwill and Other Intangibles		92,733			92,773			92,813			92,853			92,893
Other Real Estate Owned		132			367			650			650			1
Other Assets		130,570			134,116			115,613			121,311			120,170
Total Other Assets		303,478			309,208			290,952			296,228			294,516
Total Assets	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606		$	1,361,939
NOW Accounts		1,292,654			1,285,281			1,174,585			1,177,180			1,212,452
Money Market Accounts		445,999			404,396			401,272			413,594			398,308
Savings Accounts		511,265			506,766			507,604			514,560			530,782
Certificates of Deposit		170,233			169,280			164,901			159,624			151,320
Total Deposits		3,783,890			3,671,977			3,579,077			3,608,564			3,654,801

Repurchase Agreements		22,799			26,240			29,339			22,463			23,477
Other Short-Term Borrowings		14,401			2,064			7,929			3,307			8,409
Subordinated Notes Payable		52,887			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		794			794			794			1,009			265
Other Liabilities		73,887			75,653			71,974			69,987			65,181
Total Liabilities		3,948,658			3,829,615			3,742,000			3,758,217			3,805,020

Temporary Equity		–			–			6,817			6,479			6,588
SHAREOWNERS’ EQUITY
Common Stock		171			170			169			169			169
Additional Paid-In Capital		38,576			37,684			36,070			35,547			34,861
Retained Earnings		476,715			463,949			454,342			445,959			435,364
Accumulated Other Comprehensive Loss, Net of Tax		(2,887	)		(6,486	)		(14,082	)		(20,676	)		(22,080	)
Total Shareowners’ Equity		512,575			495,317			476,499			460,999			448,314
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
OTHER BALANCE SHEET DATA
Earning Assets	$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382		$	3,921,093
Interest Bearing Liabilities		2,511,032			2,447,708			2,339,311			2,344,624			2,377,900
Book Value Per Diluted Share	$	30.02		$	29.11		$	28.06		$	27.17		$	26.45
Tangible Book Value Per Diluted Share⁽¹⁾		24.59			23.65			22.60			21.69			20.97
Actual Basic Shares Outstanding		17,055			16,975			16,944			16,942			16,929
Actual Diluted Shares Outstanding		17,072			17,018			16,981			16,970			16,947

⁽¹⁾ Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025		2024
(Dollars in thousands, except per share data)		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
INTEREST INCOME
Loans, including Fees	$	40,478	$	41,453		$	41,659	$	41,138	$	40,683
Investment Securities		5,808		4,694			4,155		4,004		4,244
Federal Funds Sold and Interest Bearing Deposits		3,496		3,596			3,514		3,624		1,893
Total Interest Income		49,782		49,743			49,328		48,766		46,820
INTEREST EXPENSE
Deposits		7,383		7,766			8,223		8,579		7,594
Repurchase Agreements		164		199			221		217		201
Other Short-Term Borrowings		117		83			52		68		39
Subordinated Notes Payable		560		581			610		630		628
Other Long-Term Borrowings		11		11			11		3		3
Total Interest Expense		8,235		8,640			9,117		9,497		8,465
Net Interest Income		41,547		41,103			40,211		39,269		38,355
Provision for Credit Losses		768		701			1,206		1,204		920
Net Interest Income after Provision for Credit Losses		40,779		40,402			39,005		38,065		37,435
NONINTEREST INCOME
Deposit Fees		5,061		5,207			5,512		5,377		5,250
Bank Card Fees		3,514		3,697			3,624		3,766		3,620
Wealth Management Fees		5,763		5,222			4,770		4,439		4,682
Mortgage Banking Revenues		3,820		3,118			3,966		4,381		2,878
Other		1,749		1,516			1,641		1,643		1,667
Total Noninterest Income		19,907		18,760			19,513		19,606		18,097
NONINTEREST EXPENSE
Compensation		26,248		26,108			25,800		24,406		24,407
Occupancy, Net		6,793		6,893			7,098		6,997		6,994
Other		5,660		8,781			10,023		9,038		8,770
Total Noninterest Expense		38,701		41,782			42,921		40,441		40,171
OPERATING PROFIT		21,985		17,380			15,597		17,230		15,361
Income Tax Expense		5,127		4,219			2,980		3,189		3,536
Net Income		16,858		13,161			12,617		14,041		11,825
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		(71	)		501		109		732
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	16,858	$	13,090		$	13,118	$	14,150	$	12,557
PER COMMON SHARE
Basic Net Income	$	0.99	$	0.77		$	0.77	$	0.84	$	0.74
Diluted Net Income		0.99		0.77			0.77		0.83		0.74
Cash Dividend	$	0.24	$	0.23		$	0.23	$	0.21	$	0.21
AVERAGE SHARES
Basic		17,027		16,946			16,943		16,931		16,951
Diluted		17,044		16,990			16,979		16,960		16,969

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025			2024
(Dollars in thousands, except per share data)		First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,251		$	29,836		$	29,219		$	29,329		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			(50	)
Provision for Credit Losses		1,083			1,085			1,879			1,129			932
Net Charge-Offs (Recoveries)		600			1,670			1,262			1,239			1,494
Balance at End of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329
As a % of Loans HFI		1.12	%		1.10	%		1.11	%		1.09	%		1.07	%
As a % of Nonperforming Loans		692.10	%		464.14	%		452.64	%		529.79	%		431.46	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		2,155		$	2,522		$	3,139		$	3,121		$	3,191
Provision for Credit Losses		(323	)		(367	)		(617	)		18			(70	)
Balance at End of Period⁽¹⁾		1,832			2,155			2,522			3,139			3,121
ACL – DEBT SECURITIES
Provision for Credit Losses	$	8		$	(17	)	$	(56	)	$	57		$	58
CHARGE-OFFS
Commercial, Financial and Agricultural	$	168		$	499		$	331		$	400		$	282
Real Estate – Construction		–			47			–			–			–
Real Estate – Commercial		–			–			3			–			–
Real Estate – Residential		8			44			–			–			17
Real Estate – Home Equity		–			33			23			–			76
Consumer		865			1,307			1,315			1,061			1,550
Overdrafts		570			574			611			571			638
Total Charge-Offs	$	1,611		$	2,504		$	2,283		$	2,032		$	2,563
RECOVERIES
Commercial, Financial and Agricultural	$	75		$	103		$	176		$	59		$	41
Real Estate – Construction		–			3			–			–			–
Real Estate – Commercial		3			33			5			19			204
Real Estate – Residential		119			28			88			23			37
Real Estate – Home Equity		9			17			59			37			24
Consumer		481			352			405			313			410
Overdrafts		324			298			288			342			353
Total Recoveries	$	1,011		$	834		$	1,021		$	793		$	1,069
NET CHARGE-OFFS (RECOVERIES)	$	600		$	1,670		$	1,262		$	1,239		$	1,494
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.25	%		0.19	%		0.18	%		0.22	%
CREDIT QUALITY
Nonaccruing Loans	$	4,296		$	6,302		$	6,592		$	5,515		$	6,798
Other Real Estate Owned		132			367			650			650			1
Total Nonperforming Assets (“NPAs”)	$	4,428		$	6,669		$	7,242		$	6,165		$	6,799

Past Due Loans 30-89 Days	$	3,735		$	4,311		$	9,388		$	5,672		$	5,392
Classified Loans		19,194			19,896			25,501			25,566			22,305

Nonperforming Loans as a % of Loans HFI		0.16	%		0.24	%		0.25	%		0.21	%		0.25	%
NPAs as a % of Loans HFI and Other Real Estate		0.17	%		0.25	%		0.27	%		0.23	%		0.25	%
NPAs as a % of Total Assets		0.10	%		0.15	%		0.17	%		0.15	%		0.16	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							First Quarter 2024
(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
ASSETS:
Loans Held for Sale	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570		$	720	7.49	%	$	26,281			517	5.26	%	$	27,314		$	563	5.99	%
Loans Held for Investment⁽¹⁾		2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,728,629			40,196	5.95

Investment Securities
Taxable Investment Securities		981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			952,328			4,238	1.78
Tax-Exempt Investment Securities⁽¹⁾		845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			856			10	4.34

Total Investment Securities		982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			953,184			4,248	1.78

Federal Funds Sold and Interest Bearing Deposits		320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			140,488			1,893	5.42

Total Earning Assets		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		3,849,615		$	46,900	4.90	%

Cash and Due From Banks		73,467							73,992							70,994							74,803							75,763
Allowance for Credit Losses		(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,030	)
Other Assets		297,660							293,884							291,359							291,669							295,275

Total Assets	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

LIABILITIES:
Noninterest Bearing Deposits	$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,344,188
NOW Accounts		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,201,032		$	4,497	1.51	%
Money Market Accounts		420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			353,591			1,985	2.26
Savings Accounts		507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			539,374			188	0.14
Time Deposits		170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			138,328			924	2.69
Total Interest Bearing Deposits		2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,232,325			7,594	1.37
Total Deposits		3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,576,513			7,594	0.85
Repurchase Agreements		29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			25,725			201	3.14
Other Short-Term Borrowings		7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			3,758			39	4.16
Subordinated Notes Payable		52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,887			628	4.70
Other Long-Term Borrowings		794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			281			3	4.80
Total Interest Bearing Liabilities		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,314,976		$	8,465	1.47	%

Other Liabilities		65,211							73,130							73,767							72,634							68,295

Total Liabilities		3,821,632							3,761,763							3,729,282							3,800,398							3,727,459
Temporary Equity		–							6,763							6,443							6,493							7,150

SHAREOWNERS’ EQUITY:		513,401							491,143							480,137							465,297							456,014

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

Interest Rate Spread				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	38,435	3.43	%

Interest Income and Rate Earned⁽¹⁾					49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						46,900	4.90
Interest Expense and Rate Paid⁽²⁾					8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						8,465	0.88

Net Interest Margin				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	38,435	4.01	%

⁽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.

The MIL Network –

April 21, 2025

MIL-OSI: Chino Commercial Bancorp Reports 8.7% Increase in Net Earnings

Source: GlobeNewswire (MIL-OSI)

CHINO, Calif., April 18, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the first quarter ended March 31, 2025.

Net earnings for the first quarter of 2025 were $1.35 million, reflecting an increase of $108.6 thousand, or 8.7%, compared to the same period last year. Basic and diluted earnings per share were $0.41 for the first quarter of 2025, up from $0.38 for the same quarter in 2024.

Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in the first quarter of 2025. At the end of first quarter, the Bank set new records for total Assets, total Deposits, total Loans, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at the end of the first quarter.

In 2024, the Bank acquired a building in Corona and remains on track to open its fifth branch office during the second quarter of 2025. Early business development efforts have been very successful, and we are excited about the new office and many opportunities in the Corona market.

In 2023, the Bank became a member of the Card Brand Association and launched credit card processing (Merchant Services) for its customers. This service has not only introduced a valuable source of non-interest income but also provided significant cost savings and improved transparency for our clients. Efficient and cost-effective electronic payment processing has become essential to cash flow management for businesses. Looking ahead, we see potential to expand this offering beyond our immediate market, with expectations that merchant services revenue will become an increasingly important component of our business model.”

Financial Condition

As of March 31, 2025, total assets reached $471.3 million, representing an increase of $4.6 million, or 1.0%, from $466.7 million at December 31, 2024. Total deposits rose by $18.4 million, or 5.3%, to $367.3 million, up from $348.9 million at the end of the prior quarter. Core deposits accounted for 96.85% of total deposits as of March 31, 2025.

Gross loans increased by $2.9 million, or 1.4%, totaling $208.2 million as of March 31, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, five non-performing loans, all on non-accrual status, as of March 31, 2025 and December 31, 2024. Three of the five non-performing loans have been in the process of foreclosure, however there were no Other Real Estate Owned (OREO) properties reported at either date.

Earnings

The Company reported net interest income of $3.6 million for the three months ended March 31, 2025, compared to $3.3 million for the same period in 2024. Average interest-earning assets were $419.0 million, while average interest-bearing liabilities totaled $231.1 million, resulting in a net interest margin of 3.51% for the first quarter of 2025. This compares favorably to the prior year’s first-quarter margin of 2.86%, based on average interest-earning assets of $469.3 million and average interest-bearing liabilities of $276.9 million.

Non-interest income totaled $855.6 thousand in the first quarter of 2025, an increase of 10.6% compared to $773.5 thousand in the first quarter of 2024. The majority of this increase was driven by higher service charges and fees on deposit accounts, which rose to $506.4 thousand—an increase of $66.5 thousand, or 15.1%, compared to $439.8 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $141.3 thousand for the quarter, up $8.0 thousand, or 6.4%, from $132.7 thousand in the first quarter of 2024.

General and administrative expenses totaled $2.6 million for the three months ended March 31, 2025, compared to $2.4 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the first quarter of 2025, up from $1.5 million in the prior year.

Income tax expense for the quarter was $535.9 thousand, reflecting an increase of $46.6 thousand, or 9.5%, compared to $489.3 thousand for the same period last year. The Company’s effective income tax rate was approximately 28.3% for both Q1 2025 and Q1 2024.

Forward-Looking Statements

The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including but not limited to, the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.

Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.

Consolidated Statements of Financial Condition

	Mar-2025 Ending Balance	Dec-2024 Ending Balance
Assets
Cash and due from banks	$52,791,324	$45,256,619
Cash and cash equivalents	$52,791,324	$45,256,619

Fed Funds Sold	$6,931	$31,029

Investment securities available for sale, net of zero
allowance for credit losses	$6,347,971	$6,558,341
Investment securities held to maturity, net of zero
allowance for credit losses	$185,242,891	$190,701,756
Total Investments	$191,590,862	$197,260,097

Gross loans held for investments	$208,160,713	$205,235,497
Allowance for Loan Losses	($4,631,422)	($4,623,740)
Net Loans	$203,529,291	$200,611,757
Stock investments, restricted, at cost	$3,576,000	$3,576,000
Fixed assets, net	$7,648,905	$7,255,785
Accrued Interest Receivable	$1,547,695	$1,539,505
Bank Owned Life Insurance	$8,540,316	$8,482,043
Other Assets	$2,565,398	$3,170,159

Total Assets	$471,319,006	$466,678,432

Liabilities
Deposits
Noninterest-bearing	$171,815,265	$166,668,725
Interest-bearing	$195,489,783	$182,200,703
Total Deposits	$367,305,048	$348,869,428

Federal Home Loan Bank advances	$0	$0
Federal Reserve Bank borrowings	$45,000,000	$60,000,000
Subordinated debt	$10,000,000	$10,000,000
Subordinated notes payable to subsidiary trust	$3,093,000	$3,093,000
Accrued interest payable	$276,545	$132,812
Other Liabilities	$1,688,305	$1,877,996
Total Liabilities	$427,362,898	$423,973,236

Shareholder Equity
Common Stock **	$10,502,558	$10,502,558
Retained Earnings	$35,412,219	$34,059,943
Unrealized Gain (Loss) AFS Securities	($1,958,669)	($1,857,305)
Total Shareholders’ Equity	$43,956,108	$42,705,196

Total Liab & Shareholders’ Equity	$471,319,006	$466,678,432

** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 3/31/2025 and 12/31/2024

Consolidated Statements of Net Income

	Mar-2025 QTD Balance	Mar-2024 QTD Balance
Interest Income
Interest & Fees On Loans	$3,321,616	$2,727,801
Interest on Investment Securities	$1,702,790	$1,936,105
Other Interest Income	$256,326	$1,030,948
Total Interest Income	$5,280,732	$5,694,854

Interest Expense
Interest on Deposits	$1,190,301	$1,032,935
Interest on Borrowings	$469,920	$1,312,693
Total Interest Expense	$1,660,221	$2,345,628

Net Interest Income	$3,620,511	$3,349,226

Provision For Loan Losses	$10,705	($2,933)

Net Interest Income After Provision for Loan Losses	$3,609,806	$3,352,159

Noninterest Income
Service Charges and Fees on Deposit Accounts	$506,358	$439,857
Interchange Fees	$106,469	$92,271
Earnings from Bank-Owned Life Insurance	$58,273	$56,295
Merchant Services Processing	$141,296	$132,768
Other Miscellaneous Income	$43,194	$52,272

Total Noninterest Income	$855,590	$773,463

Noninterest Expense
Salaries and Employee Benefits	$1,588,471	$1,501,427
Occupancy and Equipment	$181,453	$164,070
Merchant Services Processing	$77,041	$71,209
Other Expenses	$730,263	$655,978

Total Noninterest Expense	$2,577,228	$2,392,684

Income Before Income Tax Expense	$1,888,171	$1,732,939
Provision For Income Tax	$535,895	$489,266

Net Income	$1,352,276	$1,243,673

Basic earnings per share	$0.42	$0.39

Diluted earnings per share	$0.42	$0.39

Financial Highlights

	Mar-2025 QTD	Mar-2024 QTD
Key Financial Ratios
Annualized Return on Average Equity	12.72%	13.10%
Annualized Return on Average Assets	1.24%	1.01%
Net Interest Margin	3.51%	2.86%
Core Efficiency Ratio	57.58%	58.04%
Net Chargeoffs/Recoveries to Average Loans	-0.004%	0.000%

	3 month ended Mar-2025 QTD Avg	3 month ended Mar-2024 QTD Avg
Average Balances
(thousands, unaudited)
Average assets	$444,235	$492,218
Average interest-earning assets	$418,980	$469,334
Average interest-bearing liabilities	$231,101	$276,918
Average gross loans	$207,980	$182,133
Average deposits	$357,417	$329,949
Average equity	$43,224	$38,073

	Mar-2025 QTD	Dec-2024 YTD
Credit Quality
Non-performing loans	$1,110,738	$1,228,165
Non-performing loans to total loans	0.53%	0.60%
Non-performing loans to total assets	0.24%	0.26%
Allowance for credit losses to total loans	2.22%	2.25%
Nonperforming assets as a percentage of total loans and OREO	0.53%	0.60%
Allowance for credit losses to non-performing loans	416.97%	376.48%

Other Period-end Statistics
Shareholders equity to total assets	9.33%	9.15%
Net Loans to Deposits	55.28%	57.36%
Non-interest bearing deposits to total deposits	46.78%	47.77%
Company Leverage Ratio	11.03%	10.40%
Core Deposits / Total Deposits	96.85%	97.31%

The MIL Network –

April 19, 2025

MIL-OSI: Purpose Investments Inc. Announces April 2025 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 17, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of April 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is April 28, 2025. The ex-distribution date for all closed-end funds is April 30, 2025.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	04/28/2025	05/02/2025	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	04/28/2025	05/02/2025	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	04/28/2025	05/02/2025	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	04/28/2025	05/02/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.0850	04/28/2025	05/02/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0970	04/28/2025	05/02/2025	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0815	04/28/2025	05/02/2025	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	04/28/2025	05/02/2025	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	04/28/2025	05/02/2025	Monthly
Purpose Ether Yield – ETF Units	ETHY	$0.0405	04/28/2025	05/02/2025	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0500	04/28/2025	05/02/2025	Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units	ETHY.U	US $0.0395	04/28/2025	05/02/2025	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	04/28/2025	05/02/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units	FLX.B	$0.0551	04/28/2025	05/02/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units	FLX.U	US $0.0385	04/28/2025	05/02/2025	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	04/28/2025	05/02/2025	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units	MSFY	$0.1100	04/28/2025	05/02/2025	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	04/28/2025	05/02/2025	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	04/28/2025	05/02/2025	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	04/28/2025	05/02/2025	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	04/28/2025	05/02/2025	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	04/28/2025	05/02/2025	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	04/28/2025	05/02/2025	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	04/28/2025	05/02/2025	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	04/28/2025	05/02/2025	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	04/28/2025	05/02/2025	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	04/28/2025	05/02/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series	PYF.B	$0.1230¹	04/28/2025	05/02/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series	PYF.U	US $0.1200¹	04/28/2025	05/02/2025	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	04/28/2025	05/02/2025	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	04/28/2025	05/02/2025	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	04/28/2025	05/02/2025	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	04/28/2025	05/02/2025	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2	RPU.B / RPU.U	$0.0940	04/28/2025	05/02/2025	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	04/28/2025	05/02/2025	Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series	YAMD	$0.2000	04/28/2025	05/02/2025	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.4000	04/28/2025	05/02/2025	Monthly
Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series	YAVG	$0.1500	04/28/2025	05/02/2025	Monthly
Coinbase (COIN) Yield Shares Purpose ETF – ETF Series	YCON	$0.3000	04/28/2025	05/02/2025	Monthly
Costco (COST) Yield Shares Purpose ETF – ETF Series	YCST	$0.1000	04/28/2025	05/02/2025	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2500	04/28/2025	05/02/2025	Monthly
Tech Innovators Yield Shares Purpose ETF – ETF Series	YMAG	$0.2000	04/28/2025	05/02/2025	Monthly
META (META) Yield Shares Purpose ETF – ETF Series	YMET	$0.1600	04/28/2025	05/02/2025	Monthly
Netflix (NFLX) Yield Shares Purpose ETF – ETF Series	YNET	$0.1100	04/28/2025	05/02/2025	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	04/28/2025	05/02/2025	Monthly
Palantir (PLTR) Yield Shares Purpose ETF – ETF Series	YPLT	$0.2500	04/28/2025	05/02/2025	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.5500	04/28/2025	05/02/2025	Monthly
UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series	YUNH	$0.1100	04/28/2025	05/02/2025	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp, Class A	BNK	$0.1200¹	04/30/2025	05/14/2025	Monthly
Big Banc Split Corp – Preferred Shares	BNK.PR.A	$0.0700¹	04/30/2025	05/14/2025	Monthly

Estimated April 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The April 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $ 0.3785	04/28/2025	05/02/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2705	04/28/2025	05/02/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1146	04/28/2025	05/02/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $ 0.3720	04/28/2025	05/02/2025	Monthly

Purpose expects to issue a press release on or about April 25, 2025 , which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be April 28, 2025.

(1) Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $21 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.

The MIL Network –

April 18, 2025

MIL-OSI: Oak Valley Community Bank Announces Commercial Banking Officer Hiring

Source: GlobeNewswire (MIL-OSI)

OAKDALE, Calif., April 17, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that Emma Brandstad has joined the bank as a Commercial Banking Officer. She will be based in the Stockton Office located at 2935 West March Lane.

Brandstad has nearly three years of experience in commercial lending and portfolio lending. In her new role, she will focus on business development, managing loan portfolios, and fostering strong client relationships.

Brandstad earned a bachelor’s degree in agriculture business from CSU Fresno, graduating Magna Cum Laude and holds a California Real Estate License. She is a member of Young Farmers and Ranchers. Outside of work, she is a Crossfit trainer at LindenFit, enjoys gardening, camping, wine tasting, and spending time with her family and dogs Lexy and Lucy.

“We are excited to welcome Emma to Oak Valley,” stated Gary Stephens, Executive Vice President, Commercial Banking Group. “Her deep roots in Stockton and the surrounding communities, combined with her lending experience and relationship-focused approach, make her a valuable asset to our team.”

Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The company will open its 19^th branch location in Lodi later this year.

For more information, call 1-866-844-7500 or visit www.ovcb.com.

Contact:	Chris Courtney/Rick McCarty
Phone:	(209) 848-BANK (2265)
	Toll Free (866) 844–7500
	www.ovcb.com

The MIL Network –

April 18, 2025

MIL-OSI USA: Secretary of State Hoskins Identifies Top 5 Threats to Missouri Investors

Source: US State of Missouri

Secretary of State Hoskins Identifies Top 5 Threats to Missouri Investors

From the Missouri Securities Division, a division of Missouri Secretary of State Denny Hoskins’ Office

1. Scams Involving Digital Assets and Cryptocurrency

Scammers often use Facebook, Telegram, WhatsApp, TikTok, YouTube, Instagram and other social media apps to find victims. Be cautious if someone asks you to cash out a retirement account like a 401(k) or to move money from an investment account into some sort of crypto platform. Always check the person’s background and qualifications before investing. If they hesitate to share that information, that’s a red flag. Walk away.

2. Unregistered Promissory Notes

Securities must be either registered or legally exempt—and so must the people selling them. Scammers often build trust and then ask for money. No friendship should require an investment. If it does, it’s likely a scam.

3. Risky Real Estate Investments

Real estate investment scams are on the rise. Scammers may try to sell you a share in a company that plans to buy and fix up distressed property for big profits. In many cases, the property is worthless, and investors lose most of their money. Always ask for a prospectus and read all disclosure documents before investing. Never invest more than you can afford to lose—there’s no such thing as a risk-free investment.

4. Gold, Silver and Other Precious Metals

Precious metals can help diversify your portfolio, but scammers use fear and pressure to convince people to invest too much in them. These investments may have hidden fees or be hard to sell. Some buyers have found it would take years to recover what they lost—time that older investors may not have.

5. AI-Generated Testimonials

Many online celebrity endorsements and reviews are fake and made using artificial intelligence. Whether real or not, a testimonial is never a reliable way to judge an investment. Always talk to a registered investment adviser. (You can check registrations on the Missouri Securities Commission website!) Don’t invest just because someone famous—or even a friend—recommended it.

Stay alert when it comes to your finances. If someone asks for your investment, you can check their background by calling the Missouri Investor Protection Hotline at 1-800-721-7996.

The Missouri Securities Division, a division of Missouri Secretary of State Denny Hoskins’ Office, is here to help protect your hard-earned money.

About the Missouri Securities Division

The Missouri Securities Division, a division of the Missouri Secretary of State’s Office, is responsible for protecting Missouri investors and ensuring fair and transparent securities markets. Under the authority of the Missouri Securities Act of 2003, the Division regulates the offer and sale of securities and the licensing of broker-dealers, agents, investment advisers, and investment adviser representatives.

The Division investigates allegations of securities fraud and unregistered activity, brings enforcement actions against violators, and provides investor education resources to help Missourians make informed financial decisions. Through proactive oversight and enforcement, the Securities Division plays a critical role in promoting public trust and financial integrity in Missouri’s investment landscape. The Division is led by Commissioner Michael O’Donnell.

About the Missouri Secretary of State’s Office

The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins

Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

MIL OSI USA News –

April 18, 2025

MIL-OSI: Westamerica Bancorporation Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) — Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share (“EPS”) of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19.

“Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024.

The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025.

Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024.

Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments.

The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns.

Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:
  Westamerica Bancorporation
                1108 Fifth Avenue, San Rafael, CA 94901
  Robert A. Thorson – Investor Relations Contact
                707-863-6090
                investments@westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

Public Information April 17, 2025

WESTAMERICA BANCORPORATION

FINANCIAL HIGHLIGHTS

March 31, 2025

1. Net Income Summary.

(in thousands except per-share amounts)

%

Q1’2025

Q1’2024

Change

Q4’2024

Net Interest and Loan Fee

Income (FTE)

$

56,390

$

66,094

-14.7

%

$

59,247

(Reversal of ) Provision

for Credit Losses

(550

)

300

n/m

–

Noninterest Income

10,321

10,097

2.2

%

10,633

Noninterest Expense

25,127

26,099

-3.7

%

25,853

Income Before Taxes (FTE)

42,134

49,792

-15.4

%

44,027

Income Tax Provision (FTE)

11,097

13,375

-17.0

%

12,327

Net Income

$

31,037

$

36,417

-14.8

%

$

31,700

Average Common Shares

Outstanding

26,642

26,674

-0.1

%

26,699

Diluted Average Common

Shares Outstanding

26,642

26,675

-0.1

%

26,701

Operating Ratios:

Basic Earnings Per Common

Share

$

1.16

$

1.37

-15.3

%

$

1.19

Diluted Earnings Per

Common Share

1.16

1.37

-15.3

%

1.19

Return On Assets (a)

2.03

%

2.24

%

2.02

%

Return On Common

Equity (a)

11.9

%

15.2

%

12.1

%

Net Interest Margin (FTE) (a)

3.90

%

4.30

%

4.01

%

Efficiency Ratio (FTE)

37.7

%

34.3

%

37.0

%

Dividends Paid Per Common

Share

$

0.44

$

0.44

0.0

%

$

0.44

Common Dividend Payout

Ratio

38

%

32

%

37

%

2. Net Interest Income.

(dollars in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Interest and Loan Fee

Income (FTE)

$

59,786

$

69,095

-13.5

%

$

62,713

Interest Expense

3,396

3,001

13.2

%

3,466

Net Interest and Loan Fee

Income (FTE)

$

56,390

$

66,094

-14.7

%

$

59,247

Average Earning Assets

$

5,794,836

$

6,119,368

-5.3

%

$

5,850,620

Average Interest-Bearing

Liabilities

2,770,099

2,955,565

-6.3

%

2,796,675

Yield on Earning Assets

(FTE) (a)

4.14

%

4.50

%

4.25

%

Cost of Funds (a)

0.24

%

0.20

%

0.24

%

Net Interest Margin (FTE) (a)

3.90

%

4.30

%

4.01

%

Interest Expense /

Interest-Bearing

Liabilities (a)

0.50

%

0.41

%

0.49

%

Net Interest Spread (FTE) (a)

3.64

%

4.09

%

3.76

%

3. Loans & Other Earning Assets.

(average volume, dollars in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Total Assets

$

6,187,321

$

6,525,921

-5.2

%

$

6,243,799

Total Earning Assets

5,794,836

6,119,368

-5.3

%

5,850,620

Total Loans

789,935

853,553

-7.5

%

821,767

Commercial Loans

120,189

133,422

-9.9

%

131,088

Commercial Real Estate

Loans

497,379

488,989

1.7

%

503,546

Consumer Loans

172,367

231,142

-25.4

%

187,133

Total Investment Securities

4,395,565

5,098,539

-13.8

%

4,557,436

Debt Securities Available for

Sale

3,553,755

4,224,474

-15.9

%

3,710,378

Debt Securities Held to

Maturity

841,810

874,065

-3.7

%

847,058

Total Interest-Bearing Cash

609,336

167,276

264.3

%

471,417

Loans / Deposits

15.9

%

15.9

%

16.3

%

4. Deposits, Other Interest-Bearing Liabilities & Equity.

(average volume, dollars in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Total Deposits

$

4,958,554

$

5,379,060

-7.8

%

$

5,028,363

Noninterest Demand

2,293,059

2,532,381

-9.5

%

2,342,092

Interest-Bearing Transaction

935,054

1,058,292

-11.6

%

934,876

Savings

1,649,631

1,691,716

-2.5

%

1,666,542

Time greater than $100K

29,460

36,135

-18.5

%

31,541

Time less than $100K

51,350

60,536

-15.2

%

53,312

Total Short-Term Borrowings

104,604

108,886

-3.9

%

110,404

Bank Term Funding Program

Borrowings

–

62,582

n/m

–

Securities Sold under

Repurchase Agreements

104,604

46,304

125.9

%

110,404

Shareholders’ Equity

1,055,925

965,840

9.3

%

1,039,017

Demand Deposits /

Total Deposits

46.2

%

47.1

%

46.6

%

Transaction & Savings

Deposits / Total Deposits

98.4

%

98.2

%

98.3

%

5. Interest Yields Earned & Rates Paid.

(dollars in thousands)

Q1’2025

Average

Income/

Yield (a) /

Volume

Expense

Rate (a)

Interest & Loan Fee Income Earned:

Total Earning Assets (FTE)

$

5,794,836

$

59,786

4.14

%

Total Loans (FTE)

789,935

10,744

5.51

%

Commercial Loans (FTE)

120,189

1,845

6.21

%

Commercial Real Estate

Loans

497,379

6,473

5.28

%

Consumer Loans

172,367

2,426

5.70

%

Total Investments (FTE)

4,395,565

42,339

3.85

%

Total Debt Securities

Available for Sale (FTE)

3,553,755

33,753

3.80

%

Corporate Securities

1,991,278

13,522

2.72

%

Collateralized Loan

Obligations

915,873

14,422

6.30

%

Agency Mortgage Backed

Securities

254,126

2,034

3.20

%

Securities of U.S.

Government Sponsored

Entities

311,297

2,777

3.57

%

Obligations of States and

Political Subdivisions

(FTE)

62,651

496

3.17

%

U.S. Treasury Securities

4,303

54

5.13

%

Other Debt Securities

Available for Sale (FTE)

14,227

448

12.60

%

Total Debt Securities Held to

Maturity (FTE)

841,810

8,586

4.08

%

Agency Mortgage Backed

Securities

56,006

329

2.35

%

Corporate Securities

736,089

7,815

4.25

%

Obligations of States and

Political Subdivisions

(FTE)

49,715

442

3.56

%

Total Interest-Bearing Cash

609,336

6,703

4.40

%

Interest Expense Paid:

Total Earning Assets

5,794,836

3,396

0.24

%

Total Interest-Bearing

Liabilities

2,770,099

3,396

0.50

%

Total Interest-Bearing

Deposits

2,665,495

3,229

0.49

%

Interest-Bearing Transaction

935,054

46

0.02

%

Savings

1,649,631

3,128

0.77

%

Time less than $100K

51,350

38

0.30

%

Time greater than $100K

29,460

17

0.24

%

Total Short-Term Borrowings

104,604

167

0.65

%

Securities Sold under

Repurchase Agreements

104,604

167

0.65

%

Net Interest Income and

Margin (FTE)

$

56,390

3.90

%

(dollars in thousands)

Q1’2024

Average

Income/

Yield (a) /

Volume

Expense

Rate (a)

Interest & Loan Fee Income Earned:

Total Earning Assets (FTE)

$

6,119,368

$

69,095

4.50

%

Total Loans (FTE)

853,553

11,413

5.38

%

Commercial Loans (FTE)

133,422

2,385

7.19

%

Commercial Real Estate

Loans

488,989

5,911

4.86

%

Consumer Loans

231,142

3,117

5.42

%

Total Investments (FTE)

5,098,539

55,399

4.32

%

Total Debt Securities

Available for Sale (FTE)

4,224,474

46,552

4.38

%

Corporate Securities

2,114,861

14,555

2.75

%

Collateralized Loan

Obligations

1,461,182

26,700

7.23

%

Agency Mortgage Backed

Securities

252,828

1,552

2.45

%

Securities of U.S.

Government sponsored

entities

308,807

2,777

3.60

%

Obligations of States and

Political Subdivisions

(FTE)

72,569

544

3.00

%

Other Debt Securities

Available for Sale (FTE)

14,227

424

11.92

%

Total Debt Securities Held to

Maturity (FTE)

874,065

8,847

4.05

%

Agency Mortgage Backed

Securities

76,062

427

2.25

%

Corporate Securities

729,273

7,816

4.29

%

Obligations of States and

Political Subdivisions

(FTE)

68,730

604

3.52

%

Total Interest-Bearing Cash

167,276

2,283

5.40

%

Interest Expense Paid:

Total Earning Assets

6,119,368

3,001

0.20

%

Total Interest-Bearing

Liabilities

2,955,565

3,001

0.41

%

Total Interest-Bearing

Deposits

2,846,679

2,106

0.30

%

Interest-Bearing Transaction

1,058,292

119

0.05

%

Savings

1,691,716

1,917

0.46

%

Time less than $100K

60,536

49

0.33

%

Time greater than $100K

36,135

21

0.23

%

Total Short-Term Borrowings

108,886

895

3.30

%

Bank Term Funding Program

Borrowings

62,582

843

5.40

%

Securities Sold under

Repurchase Agreements

46,304

52

0.45

%

Net Interest Income and

Margin (FTE)

$

66,094

4.30

%

6. Noninterest Income.

(dollars in thousands except per-share amounts)

%

Q1’2025

Q1’2024

Change

Q4’2024

Service Charges on Deposit

Accounts

$

3,381

$

3,470

-2.6

%

$

3,501

Merchant Processing

Services

2,733

2,507

9.0

%

2,735

Debit Card Fees

1,581

1,543

2.5

%

1,902

Trust Fees

899

794

13.2

%

867

ATM Processing Fees

463

591

-21.7

%

506

Other Service Fees

429

438

-2.1

%

428

Life Insurance Gains

102

–

n/m

–

Other Noninterest Income

733

754

-2.8

%

694

Total Noninterest Income

$

10,321

$

10,097

2.2

%

$

10,633

Operating Ratios:

Total Revenue (FTE)

$

66,711

$

76,191

-12.4

%

$

69,880

Noninterest Income /

Revenue (FTE)

15.5

%

13.3

%

15.2

%

Service Charges /

Avg. Deposits (a)

0.28

%

0.26

%

0.28

%

Total Revenue (FTE) Per

Avg. Common Share (a)

$

10.16

$

11.49

-11.6

%

$

10.41

7. Noninterest Expense.

(dollars in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Salaries and Related Benefits

$

12,126

$

12,586

-3.7

%

$

12,461

Occupancy and Equipment

5,038

5,040

-0.0

%

5,219

Outsourced Data Processing

2,697

2,536

6.3

%

2,610

Limited Partnership

Operating Losses

915

1,440

-36.5

%

1,095

Professional Fees

395

402

-1.7

%

369

Courier Service

688

649

6.0

%

692

Other Noninterest Expense

3,268

3,446

-5.2

%

3,407

Total Noninterest Expense

$

25,127

$

26,099

-3.7

%

$

25,853

Operating Ratios:

Noninterest Expense /

Avg. Earning Assets (a)

1.76

%

1.72

%

1.76

%

Noninterest Expense /

Revenues (FTE)

37.7

%

34.3

%

37.0

%

8. Allowance for Credit Losses.

(dollars in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Average Total Loans

$

789,935

$

853,553

-7.5

%

$

821,767

Beginning of Period

Allowance for Credit

Losses on Loans (ACLL)

$

14,780

$

16,867

-12.4

%

$

15,318

(Reversal of ) Provision

for Credit Losses

(550

)

300

n/m

–

Net ACLL Losses

(316

)

(1,288

)

-75.5

%

(538

)

End of Period ACLL

$

13,914

$

15,879

-12.4

%

$

14,780

Gross ACLL Recoveries /

Gross ACLL Losses

82

%

36

%

63

%

Net ACLL Losses /

Avg. Total Loans (a)

-0.16

%

-0.61

%

-0.26

%

(dollars in thousands)

%

3/31/25

3/31/24

Change

12/31/24

Allowance for Credit Losses

on Loans

$

13,914

$

15,879

-12.4

%

$

14,780

Allowance for Credit Losses

on Held to Maturity

Securities

1

0.0

%

1

Total Allowance for Credit

Losses

$

13,915

$

15,880

-12.4

%

$

14,781

Allowance for Unfunded

Credit Commitments

$

201

$

201

0.0

%

$

201

9. Credit Quality.

(dollars in thousands)

%

3/31/25

3/31/24

Change

12/31/24

Nonperforming Loans:

Nonperforming Nonaccrual

Loans

$

–

$

957

n/m

$

201

Performing Nonaccrual

Loans

–

1

n/m

–

Total Nonaccrual Loans

–

958

n/m

201

Accruing Loans 90+ Days

Past Due

277

525

-47.2

%

534

Total Nonperforming Loans

$

277

$

1,483

-81.3

%

$

735

Total Loans Outstanding

$

771,030

$

844,677

-8.7

%

$

820,300

Total Assets

5,966,624

6,464,685

-7.7

%

6,076,274

Loans:

Allowance for Credit Losses

on Loans

$

13,914

$

15,879

-12.4

%

$

14,780

Allowance for Credit Losses

on Loans / Loans

1.80

%

1.88

%

1.80

%

Nonperforming Loans /

Total Loans

0.04

%

0.18

%

0.09

%

10. Liquidity.

At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value.

(in thousands)

3/31/25

Debt Securities Eligible as

Collateral:

Corporate Securities

$

2,517,299

Collateralized Loan

Obligations rated AAA

269,817

Obligations of States and

Political Subdivisions

109,065

Agency Mortgage Backed

Securities

302,248

Securities of U.S. Government

Sponsored Entities

299,722

Total Debt Securities Eligible

as Collateral

$

3,498,151

Debt Securities Pledged

as Collateral:

Debt Securities Pledged

at the Federal Reserve Bank

($

724,966

)

Deposits by Public Entities

(713,752

)

Securities Sold under

Repurchase Agreements

(439,287

)

Other

(4,713

)

Total Debt Securities Pledged

as Collateral

($

1,882,718

)

Estimated Debt Securities

Available to Pledge

$

1,615,433

11. Capital.

(in thousands, except per-share amounts)

%

3/31/25

3/31/24

Change

12/31/24

Shareholders’ Equity

$

923,138

$

791,691

16.6

%

$

889,957

Total Assets

5,966,624

6,464,685

-7.7

%

6,076,274

Shareholders’ Equity/

Total Assets

15.47

%

12.25

%

14.65

%

Shareholders’ Equity/

Total Loans

119.73

%

93.73

%

108.49

%

Tangible Common Equity

Ratio

13.71

%

10.56

%

12.90

%

Common Shares Outstanding

26,360

26,678

-1.2

%

26,708

Common Equity Per Share

$

35.02

$

29.68

18.0

%

$

33.32

Market Value Per Common

Share

50.63

48.88

3.6

%

52.46

(shares in thousands)

%

Q1’2025

Q1’2024

Change

Q4’2024

Share Retirements (Issuances):

Total Shares Retired

361

4

n/m

–

Average Retirement Price

$

50.96

$

45.58

n/m

$

–

Net Shares Retired (Issued)

348

(7

)

n/m

(22

)

12. Period-End Balance Sheets.

(unaudited, dollars in thousands)

%

3/31/25

3/31/24

Change

12/31/24

Assets:

Cash and Due from Banks

$

727,336

$

434,250

67.5

%

$

601,494

Debt Securities Available for

Sale:

Corporate Securities

1,802,791

1,879,980

-4.1

%

1,835,937

Collateralized Loan

Obligations

822,111

1,420,584

-42.1

%

982,589

Agency Mortgage Backed

Securities

250,844

225,564

11.2

%

218,026

Securities of U.S.

Government Sponsored

Entities

299,722

292,583

2.4

%

292,117

Obligations of States and

Political Subdivisions

60,581

70,466

-14.0

%

62,186

U.S. Treasury Securities

–

n/m

4,955

Total Debt Securities

Available for Sale

3,236,049

3,889,177

-16.8

%

3,395,810

Debt Securities Held to

Maturity:

Agency Mortgage Backed

Securities

53,528

73,023

-26.7

%

57,927

Corporate Securities

737,146

730,350

0.9

%

735,447

Obligations of States and

Political Subdivisions (1)

48,674

65,352

-25.5

%

51,260

Total Debt Securities

Held to Maturity (1)

839,348

868,725

-3.4

%

844,634

Loans

771,030

844,677

-8.7

%

820,300

Allowance For Credit Losses

on Loans

(13,914

)

(15,879

)

-12.4

%

(14,780

)

Total Loans, net

757,116

828,798

-8.6

%

805,520

Premises and Equipment, net

25,722

26,458

-2.8

%

26,133

Identifiable Intangibles, net

72

291

-75.2

%

125

Goodwill

121,673

0.0

%

121,673

Other Assets

259,308

295,313

-12.2

%

280,885

Total Assets

$

5,966,624

$

6,464,685

-7.7

%

$

6,076,274

Liabilities and Shareholders’

Equity:

Deposits:

Noninterest-Bearing

$

2,241,802

$

2,514,161

-10.8

%

$

2,333,389

Interest-Bearing Transaction

920,461

1,066,038

-13.7

%

953,863

Savings

1,633,445

1,681,921

-2.9

%

1,642,360

Time

78,387

92,805

-15.5

%

82,238

Total Deposits

4,874,095

5,354,925

-9.0

%

5,011,850

Bank Term Funding

Program Borrowings

–

200,000

n/m

–

Securities Sold under

Repurchase Agreements

113,219

50,334

124.9

%

120,322

Total Short-Term

Borrowed Funds

113,219

250,334

-54.8

%

120,322

Other Liabilities

56,172

67,735

-17.1

%

54,145

Total Liabilities

5,043,486

5,672,994

-11.1

%

5,186,317

Shareholders’ Equity:

Common Equity:

Paid-In Capital

470,844

473,989

-0.7

%

476,506

Accumulated Other

Comprehensive Loss

(136,768

)

(196,857

)

-30.5

%

(168,104

)

Retained Earnings

589,062

514,559

14.5

%

581,555

Total Shareholders’ Equity

923,138

791,691

16.6

%

889,957

Total Liabilities and

Shareholders’ Equity

$

5,966,624

$

6,464,685

-7.7

%

$

6,076,274

13. Income Statements.

(unaudited, in thousands except per-share amounts)

%

Q1’2025

Q1’2024

Change

Q4’2024

Interest and Loan Fee Income:

Loans

$

10,669

$

11,324

-5.8

%

$

11,167

Equity Securities

195

174

12.1

%

195

Debt Securities Available

for Sale

33,430

46,243

-27.7

%

36,843

Debt Securities Held to

Maturity

8,494

8,722

-2.6

%

8,538

Interest-Bearing Cash

6,703

2,283

193.6

%

5,659

Total Interest and Loan

Fee Income

59,491

68,746

-13.5

%

62,402

Interest Expense:

Transaction Deposits

46

119

-61.3

%

46

Savings Deposits

3,128

1,917

63.2

%

3,148

Time Deposits

55

70

-21.4

%

68

Bank Term Funding Program

Borrowings

–

843

n/m

–

Securities Sold under

Repurchase Agreements

167

52

222.1

%

204

Total Interest Expense

3,396

3,001

13.2

%

3,466

Net Interest and Loan

Fee Income

56,095

65,745

-14.7

%

58,936

(Reversal of) Provision

for Credit Losses

(550

)

300

n/m

–

Noninterest Income:

Service Charges on Deposit

Accounts

3,381

3,470

-2.6

%

3,501

Merchant Processing

Services

2,733

2,507

9.0

%

2,735

Debit Card Fees

1,581

1,543

2.5

%

1,902

Trust Fees

899

794

13.2

%

867

ATM Processing Fees

463

591

-21.7

%

506

Other Service Fees

429

438

-2.1

%

428

Life Insurance Gains

102

–

n/m

–

Other Noninterest Income

733

754

-2.8

%

694

Total Noninterest Income

10,321

10,097

2.2

%

10,633

Noninterest Expense:

Salaries and Related Benefits

12,126

12,586

-3.7

%

12,461

Occupancy and Equipment

5,038

5,040

-0.0

%

5,219

Outsourced Data Processing

2,697

2,536

6.3

%

2,610

Limited Partnership

Operating Losses

915

1,440

-36.5

%

1,095

Professional Fees

395

402

-1.7

%

369

Courier Service

688

649

6.0

%

692

Other Noninterest Expense

3,268

3,446

-5.2

%

3,407

Total Noninterest Expense

25,127

26,099

-3.7

%

25,853

Income Before Income Taxes

41,839

49,443

-15.4

%

43,716

Income Tax Provision

10,802

13,026

-17.1

%

12,016

Net Income

$

31,037

$

36,417

-14.8

%

$

31,700

Average Common Shares

Outstanding

26,642

26,674

-0.1

%

26,699

Diluted Average Common

Shares Outstanding

26,642

26,675

-0.1

%

26,701

Per Common Share Data:

Basic Earnings

$

1.16

$

1.37

-15.3

%

$

1.19

Diluted Earnings

1.16

1.37

-15.3

%

1.19

Dividends Paid

0.44

0.0

%

0.44

Footnotes and Abbreviations:

(1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2025, December 31, 2024 and March 31, 2024.

(FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.

(a) Annualized

The MIL Network –

April 18, 2025

MIL-OSI Europe: Minister for Enterprise, Tourism and Employment Peter Burke secures government approval to publish the Short Term Letting and Tourism Bill General Scheme

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

17th April 2025

Minister James Browne to publish new planning guidance

Minister Peter Burke has today secured Cabinet approval to publish the General Scheme of the new Short Term Letting and Tourism (STLT) Bill. The legislation will introduce a register for all Short Term Lets (STLs) in Ireland, which will be implemented and managed by Fáilte Ireland from 20 May 2026, ensuring compliance with the new EU Short Term Rental Regulation which was adopted by the EU on 11 April 2024.

Minister for Housing James Browne has also secured approval from government to publish a National Planning Statement on Short Term Letting, in order to give greater clarity to the sector with regards planning in advance of the commencement of the new legislation.

Minister Burke said:

“This is a very important piece of legislation that will enable the introduction of new regulatory controls for the Short-Term Letting sector. The self-catering and wider short-term letting sector is an important element of the Irish tourism ecosystem and for the first time, we will have up to date and accurate data on the numbers and spread of this accommodation.

“Tourism is of critical importance to the Irish economy, providing 228,000 jobs and €6 billion income to our economy in 2024. The long-term development of the tourism sector requires that an appropriate balance is achieved between the short-term letting sector and long-term housing market, and the wider needs of local communities, both economically and socially.”

Minister Burke went on to say:

“I am aware of the genuine concerns regarding the impacts on rural tourism and local economies of removing a significant cohort of STL properties from the tourism and other short-term letting market and I continue to engage with the sector in this regard. However, meeting local housing need across Ireland is a critically important consideration and government must use every lever available to assist in providing homes for our people.”

The new STL register will be available online and will provide a full picture of the stock of registered tourist accommodation across the state. Hosts offering STL accommodation for periods up to and including 21 nights will be obliged to register with Fáilte Ireland and hold a valid registration number that must be displayed when advertising their STL property.

The EU STR Regulation and Ireland’s new registration requirements for STLs will both come into full force on 20 May 2026. Fáilte Ireland will apply the enforcement mechanisms provided for in the legislation in respect of non-compliant STL hosts by means of Fixed Payment Notices and/or summary proceedings in the District Court.

The STLT Bill also provides for the introduction of an administrative sanction procedure (ASP) for infringements by online short-term rental platforms of their obligations under the STR Regulation. This will enable the State to impose large financial penalties (a maximum of 2% of turnover) to enforce compliance where necessary.

Minister Burke will appoint an independent panel to determine the level of financial sanction to be imposed.

The Cabinet also approved, for the Minister for Housing, Local Government and Heritage, James Browne, the drafting of new planning guidance and any necessary legislative changes to implement the new Planning Guidelines in the form of a National Planning Statement on short-term letting. That Planning Statement is an important input in balancing local housing, tourism and economic needs and will provide the necessary clarity to the STL sector on the planning requirements around STL properties. The Minister for Housing, Local Government and Heritage will publish these guidelines in advance of the final enactment of the STLT Bill.

Minister Browne said:

“In advance of commencement of the legislation, I will be publishing new planning guidance to give greater clarity to the short term letting sector and to allow those in tourism to plan accordingly. This guidance will seek to recognise the needs of tourism and those who visit Ireland, while also acting on the urgent aim of this government to increase domestic rental supply.”

This new housing policy is to generally preclude new planning permissions for short term lets in cities and towns with a census population in excess of 10,000 persons, or as may be set by regulations, and to enable local authorities have discretion to develop policies for other locations having regard to relevant local criteria to be set out in the guidance.

At present, all STL properties with the exception of your principal private residence (PPR) based in rent pressure zones are required to have appropriate planning permission. If you rent out a room in your PPR, planning permission is generally not required, however if you rent out the entire PPR property for more than 90 days planning permission is necessary.

Minister Burke and his department will consider the full implications for the tourism sector as we await the planning clarification from the Minister for Housing, Local Government and Heritage.

ENDS

Back to Department News

Back to Top

MIL OSI Europe News –

April 18, 2025

MIL-OSI Europe: Minister for Enterprise, Tourism and Employment Peter Burke T.D. secures Government approval to publish the Short Term Letting and Tourism Bill General Scheme Minister James Browne to publish new planning guidance

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

17th April 2025

When: 17th April – 17th April 2028

Minister Peter Burke has secured Cabinet approval to publish the General Scheme of the new Short Term Letting and Tourism (STLT) Bill. The legislation will introduce a register for all Short Term Lets (STLs) in Ireland, which will be implemented and managed by Fáilte Ireland from 20 May 2026, ensuring compliance with the new EU Short Term Rental Regulation which was adopted by the EU on 11 April 2024.

Minister for Housing James Browne has also secured approval from Government to publish a National Planning Statement on Short Term Letting, in order to give greater clarity to the sector with regards planning in advance of the commencement of the new legislation.

Minister Burke said

“This is a very important piece of legislation that will enable the introduction of new regulatory controls for the Short-Term Letting sector. The self-catering and wider short-term letting sector is an important element of the Irish tourism ecosystem and for the first time, we will have up to date and accurate data on the numbers and spread of this accommodation. Tourism is of critical importance to the Irish economy, providing 228,000 jobs and €6 billion income to our economy in 2024. The long-term development of the tourism sector requires that an appropriate balance is achieved between the short-term letting sector and long-term housing market, and the wider needs of local communities, both economically and socially.”

Minister went on to say

“I am aware of the genuine concerns regarding the impacts on rural tourism and local economies of removing a significant cohort of STL properties from the tourism and other short-term letting market and I continue to engage with the sector in this regard. However, meeting local housing need across Ireland is a critically important consideration and Government must use every lever available to assist in providing homes for our people”.

The new STL register will be available online and will provide a full picture of the stock of registered tourist accommodation across the state. Hosts offering STL accommodation for periods up to and including 21 nights will be obliged to register with Fáilte Ireland and hold a valid registration number that must be displayed when advertising their STL property.

The EU STR Regulation and Ireland’s new registration requirements for STLs will both come into full force on 20 May 2026. Fáilte Ireland will apply the enforcement mechanisms provided for in the legislation in respect of non-compliant STL hosts by means of Fixed Payment Notices and/or summary proceedings in the District Court.

The STLT Bill also provides for the introduction of an administrative sanction procedure (ASP) for infringements by online short-term rental platforms of their obligations under the STR Regulation. This will enable the State to impose large financial penalties (a maximum of 2% of turnover) to enforce compliance where necessary.

Minister Burke will appoint an independent panel to determine the level of financial sanction to be imposed.

The Cabinet also approved, for the Minister for Housing, Local Government and Heritage, James Browne T.D., the drafting of new planning guidance and any necessary legislative changes to implement the new Planning Guidelines in the form of a National Planning Statement on short-term letting. That Planning Statement is an important input in balancing local housing, tourism and economic needs and will provide the necessary clarity to the STL sector on the planning requirements around STL properties. The Minister for Housing, Local Government and Heritage will publish these guidelines in advance of the final enactment of the STLT Bill.

Minister Browne said:

“In advance of commencement of the legislation, I will be publishing new planning guidance to give greater clarity to the short term letting sector and to allow those in tourism to plan accordingly. This guidance will seek to recognise the needs of tourism and those who visit Ireland, while also acting on the urgent aim of this Government to increase domestic rental supply. This new Housing policy is to generally preclude new planning permissions for Short term lets in cities and towns with a Census population in excess of 10,000 persons, or as may be set by Regulations, and to enable local authorities have discretion to develop policies for other locations having regard to relevant local criteria to be set out in the guidance. At present, all STL properties based in rent pressure zones are required to have appropriate planning permission in instances where a secondary property is being rented out for more than 90 days per year. If you rent out a room in your principal private residence, planning permission is generally not required.”

Minister Burke and his Department will consider the full implications for the Tourism sector as we await the planning clarification from the Minister for Housing, Local Government and Heritage.

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MIL OSI Europe News –

April 18, 2025

MIL-OSI: YieldMax™ Launches the Target 12™ Real Estate Option Income ETF (RNTY)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, April 17, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following Target 12™ ETF:

YieldMax™ Target 12™ Real Estate Option Income ETF (NYSE Arca: RNTY)

RNTY Overview

RNTY is an actively managed ETF that seeks a target annual income level of 12% and capital appreciation via direct investments in a select portfolio of Real Estate Companies (“Real Estate Companies”) operating in the real estate industry and other real estate related investments, including Real Estate Investment Trusts (“REITs”), and/or Real Estate ETFs. RNTY aims to generate a target annual income level of 12% primarily by selling options contracts on some or all of its Real Estate Companies.

RNTY Equity Portfolio

RNTY seeks capital appreciation via direct investments in its portfolio of Real Estate Companies. To enable RNTY to effectively implement its options strategies (see below), RNTY’s Adviser evaluates the liquidity of a potential company’s common stock and the liquidity of its options contracts. The Advisor will also evaluate such company’s price level and implied volatility (i.e., a measure of how much the market believes the stock price will move in the future) and will monitor these factors when determining whether to select new companies or remove existing companies from the portfolio. Any dividend paid by its Real Estate companies will contribute to RNTY’s income generation.

RNTY Options Portfolio

RNTY seeks to generate a target annual income level of 12% primarily by writing (selling) options contracts on some or all of its Real Estate Companies. Depending on the Advisor’s outlook, it will select one or more options strategies that it believes will best provide RNTY with current income while generally also attempting to participate in a portion of the share price increases experienced by its Real Estate Companies. By strategically entering and exiting options positions, the Advisor seeks to enhance RNTY’s income potential and performance.

RNTY Distribution Schedule

RNTY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, RNTY aims to deliver current income to investors. RNTY’s first distribution is expected to be announced on June 3, 2025, and along with the Target 12™ ETFs, will thereafter aim to announce its distributions on the first Tuesday of every month.

Why Invest in RNTY?

RNTY seeks to generate a target annual income level of 12%, which is not dependent on the value of its portfolio of Real Estate Companies.
RNTY seeks to participate in some of the potential share price gains experienced by its Real Estate Companies.

Please see the table below for distribution and yield information for all outstanding YieldMax™ ETFs.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,⁴	30-Day SEC Yield³	ROC⁵
CHPY	YieldMax™ Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3627	–	–	84.42%
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2545	35.61%	0.00%	63.04%
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4307	65.56%	0.00%	35.49%
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF	*Weekly*	$0.3320	45.17%	0.00%	100.00%
RDTY	YieldMax™ R2000 0DTE Covered Call Strategy ETF	*Weekly*	$0.3745	46.99%	0.00%	100.00%
SDTY	YieldMax™ S&P 500 0DTE Covered Call Strategy ETF	*Weekly*	$0.3085	39.77%	0.00%	100.00%
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.0852	78.42%	2.21%	99.18%
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.0943	35.03%	69.89%	65.96%
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1334	55.21%	96.57%	54.97%
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Monthly	$0.4582	12.78%	0.71%	0.00%
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Monthly	$0.4266	12.95%	0.26%	0.00%
ABNY	YieldMax™ ABNB Option Income Strategy ETF	Every 4 weeks	$0.3665	42.28%	3.62%	0.00%
AIYY	YieldMax™ AI Option Income Strategy ETF	Every 4 weeks	$0.2301	69.42%	4.89%	93.15%
AMDY	YieldMax™ AMD Option Income Strategy ETF	Every 4 weeks	$0.2765	54.51%	2.97%	93.13%
AMZY	YieldMax™ AMZN Option Income Strategy ETF	Every 4 weeks	$0.4877	43.74%	4.40%	89.31%
APLY	YieldMax™ AAPL Option Income Strategy ETF	Every 4 weeks	$0.3023	29.68%	3.44%	44.35%
BABO	YieldMax™ BABA Option Income Strategy ETF	Every 4 weeks	$0.7578	61.39%	1.92%	0.00%
CONY	YieldMax™ COIN Option Income Strategy ETF	Every 4 weeks	$0.4381	79.15%	4.42%	94.62%
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.5616	97.15%	1.79%	0.00%
CVNY	YieldMax™ CVNA Option Income Strategy ETF	Every 4 weeks	$2.9684	108.50%	2.44%	99.08%
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	Every 4 weeks	$0.5851	61.83%	2.36%	96.87%
DISO	YieldMax™ DIS Option Income Strategy ETF	Every 4 weeks	$0.3254	35.28%	4.03%	0.00%
FBY	YieldMax™ META Option Income Strategy ETF	Every 4 weeks	$0.5506	50.96%	4.38%	0.00%
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.6435	62.08%	108.54%	0.00%
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	Every 4 weeks	$0.9240	140.28%	1.73%	98.90%
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$1.0283	38.27%	69.37%	0.00%
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	Every 4 weeks	$0.6394	48.17%	2.77%	0.00%
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3729	40.79%	4.67%	90.74%
JPMO	YieldMax™ JPM Option Income Strategy ETF	Every 4 weeks	$0.3717	31.55%	4.01%	42.17%
MARO	YieldMax™ MARA Option Income Strategy ETF	Every 4 weeks	$1.4783	89.19%	4.90%	95.22%
MRNY	YieldMax™ MRNA Option Income Strategy ETF	Every 4 weeks	$0.1827	93.80%	4.65%	94.71%
MSFO	YieldMax™ MSFT Option Income Strategy ETF	Every 4 weeks	$0.3337	28.35%	3.75%	0.00%
MSTY	YieldMax™ MSTR Option Income Strategy ETF	Every 4 weeks	$1.3356	83.27%	0.50%	0.48%
NFLY	YieldMax™ NFLX Option Income Strategy ETF	Every 4 weeks	$0.6020	46.74%	3.58%	59.10%
NVDY	YieldMax™ NVDA Option Income Strategy ETF	Every 4 weeks	$0.7874	70.46%	4.01%	100.00%
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.2923	52.35%	3.51%	93.61%
PLTY	YieldMax™ PLTR Option Income Strategy ETF	Every 4 weeks	$5.3257	118.21%	2.78%	97.91%
PYPY	YieldMax™ PYPL Option Income Strategy ETF	Every 4 weeks	$0.3521	38.50%	4.19%	0.00%
SMCY	YieldMax™ SMCI Option Income Strategy ETF	Every 4 weeks	$1.5012	108.91%	3.01%	67.02%
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.6864	60.19%	3.01%	94.51%
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.6598	106.59%	3.87%	96.85%
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.5635	53.48%	3.61%	16.38%
WNTR^*	YieldMax™ Short MSTR Option Income Strategy ETF	Every 4 weeks	–	–	–	–
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.3500	34.72%	3.18%	90.74%
XYZY	YieldMax™ XYZ Option Income Strategy ETF	Every 4 weeks	$0.4412	56.34%	6.32%	89.82%
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.4110	52.74%	1.52%	30.49%
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	Every 4 weeks	$0.4437	33.17%	3.08%	0.00%

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

^*The inception date for WNTR is March 26, 2025.

¹All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
²The Distribution Rate shown is as of close on April 16, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
⁴Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
⁵ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For XYZY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here. For WNTR, click here. For CHPY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

April 17, 2025

MIL-Evening Report: Grattan on Friday: Peter Dutton’s tax indexation ‘aspiration’ has merit – so why didn’t we hear about it before?

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Peter Dutton, now seriously on the back foot, has made an extraordinarily big “aspirational” commitment at the back end of this campaign.

He says he wants to see a move to indexing personal income tax – an assault on the “bracket creep” that sees people pushed into higher tax brackets when their income rises due to inflation.

He suggests this would be a task for after a Coalition government had the budget back in shape, so he puts no timing on it.

If Dutton is serious, this is the most radical proposal we’ve heard for the election, apart from the nuclear policy.

The opposition leader produced the indexation idea, out of the blue, in an interview with The Australian, saying, “I want to see us move as quickly as we can as a country to changes around personal income tax, including indexation, because bracket creep, as we know, is a killer in the economy”.

When there are widespread calls from business and experts for an overhaul of the taxation system, but apparent deafness from most politicians, dealing with bracket creep would be one major step forward.

Economist Richard Holden from the University of New South Wales, is a strong advocate. “The current system has been built on tax increases on every working Australian all the time,” he says. An indexed system would be “more honest”, as well as forcing fiscal discipline on governments.

The latter constraint is one big reason governments shy away from it. Bracket creep provides a huge amount of revenue automatically, and indexing tax brackets would be very costly. The spending discipline the system would then require is probably beyond any modern government, given the enormous demands from voters.

There’s another point. Governments like to make good fellows of themselves by handing back some of this bracket creep in tax cuts at times of their choosing, particularly at elections – as we’ve seen this time.

Ken Henry, former treasury secretary and lead author of the major taxation review commissioned by the Rudd government, urged indexation in a February speech outlining a blueprint for tax change.

Henry is particularly concerned with intergenerational equity. “Young workers are being robbed by a tax system that relies increasingly upon fiscal drag,” he said. “Fiscal drag forces them to pay higher and higher average tax rates, even if their real incomes are falling.”

A conservative government did index income tax, way back in Malcolm Fraser’s day, when the then-prime minister described it as a “great taxation reform”.

Fraser argued: “Perhaps the single most important feature of the reform, is that it is not a once-and-for-all measure. It will continue to have significant beneficial effects in personal income tax payments from year to year”.

The change, however, didn’t last long – after introducing it in 1976, Fraser cut it back in 1979 and then scrapped it in 1982.

But, accepting the potential upsides of the idea, the fact that Dutton has come out with this ambitious, “aspirational” policy in this way, at this time, raises questions about his campaign strategy.

If he means it, this should have been front and centre of his election pitch, advanced much earlier and cast as part of a reform agenda.

Instead, all we got from the Liberals on tax was the weekend commitment to a one-off income tax offset. And that followed the party earlier saying it would not be able, for financial reasons, to produce anything at all. Also, of course, they rejected the modest tax cuts in the budget.

Some Liberal sources say Dutton always intended to float the indexation idea. If so, he and those running the Liberals’ campaign missed a big opportunity.

The other view is to think Dutton could have been freelancing – talking up his commitment to economic reform, going for an easy headline, but knowing he would never have to deliver. Most likely, he would not reach office. If he did win government – well, this was an “aspiration”, whose time would never arrive.

Questioned on Thursday about his idea, Dutton argued the difficulty of writing tax policies from opposition.

He pointed to the example of the Howard government, which unveiled the GST after winning power in 1996, then took it to a subsequent election in 1998.

It is a risky precedent to highlight, however. John Howard promised in opposition he would “never, ever” bring in a GST. Dutton can’t afford to fan any suggestion that we don’t really know his full tax agenda – that he might surprise if he won.

For its part, Labor this week found itself again caught in the weeds of a perennial tax debate – over whether, despite its denials, it might abolish the negative gearing tax break for property investors.

Anthony Albanese kicked an own goal in Wednesday’s debate when he insisted the government hadn’t commissioned Treasury modelling on the impact of negative gearing for the housing market. There was much to-ing and fro-ing last year about this, but it finally became clear Treasurer Jim Chalmers had requested advice.

Chalmers on Thursday made a Jesuitical distinction between asking Treasury for “a view” and commissioning modelling.

“I said last year […] I sought a view. That’s different to commissioning modelling,” Chalmers told a news conference alongside Albanese. “The prime minister was asked about commissioning modelling. I sought a view.

“The view from the Treasury is that a change to negative gearing wouldn’t get the sort of improvement that we desperately need to see in our economy when it comes to supply and that’s why our focus is not on changing that.”

Pressed to “rule out” any changes to negative gearing, Chalmers said “we’re not proposing any changes in this area”.

Dutton claimed Chalmers was “an advocate for the abolition of negative gearing”, and was “at war” with Albanese.

Once again, the opposition is trying to sow doubt about what Labor might do, regardless of what it might say, on this thorny issue. Or, as the government claims, it is trying to distract from its own problems.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Grattan on Friday: Peter Dutton’s tax indexation ‘aspiration’ has merit – so why didn’t we hear about it before? – https://theconversation.com/grattan-on-friday-peter-duttons-tax-indexation-aspiration-has-merit-so-why-didnt-we-hear-about-it-before-254589

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

LOGANSPORT, Ind., April 16, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2025 of $377,000 or $0.61 per diluted share, compared to earnings in 2024 of $268,000 or $0.44 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2025.

Total loans were $172.3 million on March 31, 2025 compared to loans in 2024 of $168.5 million. Deposits were $229.5 million on March 31, 2025 compared to deposits in 2024 of $194.6 million. Total assets on March 31, 2025 were $266.2 million compared to assets in 2024 of $243.5 million.

The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Logansport Financial Corp.
Selected Financial Data
(Dollars in thousands except for share data)


	3/31/2025		3/31/2024

Total Assets	$	266,202	$	243,484

Loans receivable, net		172,300		168,491
Allowance for loan losses		1,947		2,934
Cash and cash equivalents		21,367		2,588
Interest Bearing Time Deposits in banks		–		–
Securities available for sale		53,820		57,318
Federal Home Loan Bank stock		3,150		3,150
Deposits		229,461		194,598
FHLB borrowings and note payable		15,000		26,136
Shareholders’ equity		20,843		20,801
Shares Issued and Outstanding		613,153		612,822
Nonperforming loans		3,106		545
Real Estate Owned		–		–


	Three months ended 3/31
		2025		2024

Interest income	$	3,442	$	3,088
Interest expense		1,520		1,474
Net interest income		1,922		1,614
Provision for loan losses		–		–
Net interest income after provision		1,922		1,614
Gain on sale of loans		53		51
Other income		190		240
General, admin. & other expense		1,756		1,653
Earnings before income taxes		409		252
Income tax expense		32		(16	)
Net earnings	$	377	$	268
Earnings per share	$0.61		$0.44
Weighted avg. shares o/s-diluted		613,153		612,822

Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857

The MIL Network –

April 17, 2025

MIL-OSI: Surgent Unveils New Lineup of Continuing Professional Education (CPE) Courses on CPA Day 2025

Source: GlobeNewswire (MIL-OSI)

RADNOR, Pa., April 16, 2025 (GLOBE NEWSWIRE) — Surgent CPE, a leader in continuing professional education for accounting and finance professionals, on April 16 — in celebration of CPA Day — announced the launch of nearly 50 new CPE courses as the 2025 post-busy season begins.

These courses arrive just after the tax filing and year-end audit report deadlines — a critical time for CPAs to pivot their focus toward fulfilling their CPE credit requirements by the June 30 deadline and before summer breaks.

“Understanding the pressing needs of our audience, Surgent is excited to offer a robust selection of timely and practical courses that empower accounting professionals to stay ahead in a dynamic industry,” said Elizabeth Kolar, executive vice president and managing director of Surgent. “Our new offerings include engaging webinars and on-demand options ensuring busy professionals can select learning paths that fit their schedules.”

This new CPE lineup includes 30 live webinars starting April 22, along with 18 new on-demand Microsoft Excel and Power BI courses, which are available now for immediate access.

Nick Spoltore, vice president of tax and advisory content at Surgent, emphasized the importance of staying informed post-tax season. “With new tax laws expected to emerge in 2025, our tax-focused courses provide essential tools for enhancing practitioner effectiveness and delivering value to clients,” said Spoltore.

For professionals navigating the growing influence of technology in accounting, the addition of five specialized courses on artificial intelligence will enhance knowledge and skills in this critical area.

Jack Castonguay, Surgent’s vice president of learning and development, highlighted the relevance of the AI-focused courses, “These courses are designed to help professionals harness the power of generative artificial intelligence and data analysis tools such as Excel and Power BI, thereby transforming how they analyze complex information.”

The new CPE offerings cover a variety of fields of study, including courses on taxes (12), information technology (12), specialized knowledge (three), governmental auditing (two) and regulatory ethics (one).

New Live Webinars:

April 22: Exploring Business Valuation Fundamentals (BVF2) – Learn the foundational concepts and practical application of business valuation and corporate finance in determining what makes a business valuable. Field of Study: Specialized Knowledge | Credits: 2
April 29: A Complete Guide to Form 1099-K (GFK2) – Gain insights into the IRS filing requirements for payment settlement entities and how Form 1099-K helps improve tax compliance. Field of Study: Taxes | Credits: 2
May 7: Introduction to Required Minimum Distributions (RMD2) – Understand the complex rules behind required minimum distributions (RMDs) for retirement accounts and how to help clients meet their obligations efficiently. Field of Study: Taxes | Credits: 2
May 8: Data at 30,000 Feet: Traveling Smart with Client and Personal Information (TSA2) – Explore essential strategies for safeguarding sensitive client and firm data while traveling, addressing cybersecurity risks and ethical obligations. Field of Study: Information Technology | Credits: 2
May 13: Introduction to AI in Accounting (AIA2) – Discover the fundamentals of AI and its transformative potential for accounting practices, including applications, challenges, and future trends. Field of Study: Information Technology | Credits: 2
May 14: Defending Firms: Email Fraud, Cloud Risks, Cyber Insurance, and Remote Work Security (DEF2) – Strengthen your firm’s cybersecurity defenses by addressing common threats such as email fraud, cloud risks, and remote work vulnerabilities. Field of Study: Information Technology | Credits: 2
May 14: Basis Shifting: Final Regulations (BSR4) – Delve into the IRS’s final regulations targeting partnership-based tax abuses and learn how to navigate complex transactions to avoid scrutiny. Field of Study: Taxes | Credits: 4
May 15: Navigating AI Compliance: The EU AI Act for U.S. Finance and Accounting Leaders (AIC2) – Master the EU AI Act’s compliance requirements and prepare your organization for regulatory challenges in the age of artificial intelligence. Field of Study: Specialized Knowledge | Credits: 2
May 20: AI and Data Ethics in Accounting (ETA2) – Examine the ethical implications of AI use in accounting, focusing on data ethics, regulatory requirements, and best practices for ethical AI implementation. Field of Study: Regulatory Ethics | Credits: 2
May 21: Leveraging AI for Data Analytics in Accounting (LDA2) – Learn to apply AI tools to enhance data analytics in accounting, improving decision-making and operational efficiency. Field of Study: Information Technology | Credits: 2
May 23: A Complete Guide to Reporting Form 1099-DA (FDA2) – Understand the IRS reporting rules for digital asset transactions and how to properly file Form 1099-DA for 2025 sales. Field of Study: Taxes | Credits: 2
June 4: Forms 7217 and 7203 (F722) – Explore new IRS reporting forms, Form 7217 for partnership property distributions, and Form 7203 for S corporation shareholder basis calculations. Field of Study: Taxes | Credits: 2
June 6: IT Systems and Data Management (ITD2) – Strengthen your organization’s IT infrastructure by mastering data management, business resiliency, and disaster recovery strategies. Field of Study: Information Technology | Credits: 2
June 10: Where To Live in Retirement (WTR2) – Help clients evaluate key factors in choosing their ideal retirement location, based on lifestyle, finances, and personal goals. Field of Study: Taxes | Credits: 2
June 17: Fraud In Single Audits (FSA4) – Learn from real-world fraud cases that slipped through single audits, improving your ability to detect and prevent fraud in future audits. Field of Study: Auditing (Governmental) | Credits: 4
June 17: Elder Fraud (EFR2) – Protect vulnerable seniors from fraud by understanding common scams and implementing effective cybersecurity practices. Field of Study: Specialized Knowledge | Credits: 2
June 24: IT Governance and Risk Management (GRM2) – Master IT governance frameworks and risk management techniques to safeguard your organization’s technology infrastructure. Field of Study: Information Technology | Credits: 2
June 24: Home Office Rules (HOF2) – Explore the tax implications of home office deductions for the self-employed and understand the rules for office-related expenses. Field of Study: Taxes | Credits: 2
June 26: Information Security and Privacy (SPR2) – Learn the latest strategies to protect data privacy and security in today’s rapidly evolving technological landscape. Field of Study: Information Technology | Credits: 2
June 30: System and Organization Controls (SOC) Engagements (SOC2) – Gain a deep understanding of SOC reports and their application in safeguarding financial reporting and operations through effective internal controls. Field of Study: Information Technology | Credits: 2
July 2: Simply Auditing Not-for-Profits Efficiently (SAN4) – Learn how to audit not-for-profit entities effectively by incorporating their unique characteristics into audit planning and execution. Field of Study: Auditing (Governmental) | Credits: 4
July 15: Virtual Currency: Keeping Up with the Tax Code (VCR2) – Explore recent tax law changes and the nuances of virtual currency, including new reporting requirements for tax practitioners. Field of Study: Taxes | Credits: 2
July 22: Tax Planning for Rental Real Estate (RRE4) – Delve into the complex taxation of real estate, exploring exceptions, qualifications for material participation, and strategies for minimizing tax liabilities. Field of Study: Taxes | Credits: 4
Aug. 5: Introduction to Charitable Gifting for Individual Taxpayers (CGI2) – Understand charitable gifting strategies and their tax implications for individuals, including methods to maximize tax efficiency. Field of Study: Taxes | Credits: 2
Aug. 5: Incident Response and Case Studies in AI-powered Cybersecurity (CYC2) – Examine AI-powered cybersecurity incident response through real-world case studies and enhance crisis management skills. Field of Study: Information Technology | Credits: 2
Aug. 11: Foundations of Cybersecurity for Financial Professionals (CFY2) – Learn essential cybersecurity concepts tailored to financial professionals and their critical role in risk management and financial reporting. Field of Study: Information Technology | Credits: 2
Aug. 14: Tax Research – Intermediate Concepts (TRS2) – Master intermediate tax research techniques to efficiently answer clients’ questions with clear, concise explanations. Field of Study: Taxes | Credits: 2
Aug. 19: Generative AI and Cybersecurity: Opportunities and Threats (CYG2) – Understand the transformative impact of generative AI on cybersecurity, focusing on both the benefits and risks in financial contexts. Field of Study: Information Technology | Credits: 2
Aug. 25: Capital Assets: Basis and Taxation for Financial Professionals (CAB2) – Explore the intricacies of capital asset taxation, including basis determination, gain/loss classification, and advanced tax planning strategies. Field of Study: Taxes | Credits: 2
Aug. 25: Cybersecurity Risk Management for Financial Professionals: Policies, Controls, and Emerging Threats (CYR2) – Learn to implement effective cybersecurity policies and controls tailored to financial environments, with a focus on global compliance standards. Field of Study: Information Technology | Credits: 2

On-Demand Webcasts: The 18 new on-demand Microsoft Excel and Power BI courses can be accessed immediately via Surgent’s course catalog here.

Surgent CPE remains committed to delivering flexible, relevant and premium CPE content tailored for busy professionals. With a goal to keep accounting and finance professionals at the forefront of industry changes, Surgent offers unmatched resources to foster ongoing career development.

Professionals can now register for the nearly 50 new courses through the Surgent CPE website, providing the flexibility needed to earn CPE credits while balancing their busy schedules.

For further details about the new course offerings, please visit SurgentCPE.com.

About Surgent Accounting & Financial Education
Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is a provider of the high-impact education experiences that accounting, tax and financial professionals need throughout their careers. For most of the company’s 40-year history, Surgent has been a trusted provider of continuing professional education (CPE), continuing education (CE) and skill-based training that professionals need to maintain their credentials and stay current on industry changes. More recently, Surgent became one of the fastest-growing certification exam review providers, offering adaptive learning-based courses that help learners pass accounting and finance credentialing exams faster. Learn more at Surgent.com.

About KnowFully Learning Group
The KnowFully Learning Group provides continuing professional education, exam preparation courses and education resources to the accounting, finance and healthcare sectors. KnowFully’s suite of learning solutions helps learners become credentialed, satisfy required credit hours to maintain credentials and stay informed on the latest trends and critical changes in their industries over the course of their careers. The company provides exam preparation and continuing education for accounting, finance and tax professionals headlined by the Surgent Accounting & Financial Education brand. KnowFully’s healthcare education brands include American Fitness Professionals & Associates, ChiroCredit, freeCE, Impact EMS Training, Online CE, PharmCon, Rx Consultant and Psychotherapy.net. For more information, please visit KnowFully.com.

Contact:
marketing@surgent.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/362cc968-4df5-431f-bb4a-d5b2c183deed

The MIL Network –

April 17, 2025

MIL-Evening Report: Second leaders’ debate is a tame affair befitting a ‘deeply uninspiring’ campaign

Source: The Conversation (Au and NZ) – By Andy Marks, Vice-President, Public Affairs and Partnerships, Western Sydney University

Prime Minister Anthony Albanese and Opposition Leader Peter Dutton have had their second showdown of the 2025 federal election campaign. The debate, hosted by the ABC, was moderated by David Speers in the national broadcaster’s studios in Western Sydney.

The leaders were asked a wide range of questions on topics such as negative gearing, nuclear energy and Australia’s relationships with the US and China. But the debate was kicked off on housing, which has been a major focus of the campaign over the last few days.

So, how did it shape up, and how did it compare to the first debate a fortnight ago? Three experts give their analysis.

Matthew Ricketson, Deakin University

Ahead of tonight’s debate, commentators predicted it would have little impact because most people no longer get their news from television and because the election campaign has been deeply uninspiring.

That’s partly an index of how drastically the media landscape has changed. As recently as 2010, nearly 3.4 million people tuned in to watch the debate between Julia Gillard and Tony Abbott, which was broadcast on all three commercial networks, as well as the ABC. That number showed evidence of widespread interest in politics.

The number of viewers’ advance questions to the ABC tonight also illustrated keen interest, particularly on issues like the plight of potentially lifelong renters in an overheated housing market and the urgent need to tackle climate change.

The second leaders’ debate didn’t become heated or hostile. Both the prime minister and the opposition leader stayed relentlessly on-message.

As is well known, Albanese is no Cicero, but he was well prepared and generally clear. He was stronger on housing than his opponent, but clearly did not want to get trapped predicting energy prices again, as he had during the 2022 campaign.

Dutton was also clear when he focused on the issue at hand. His strongest line was one he used at least three times: are you better off now than you were three years ago? It is a line used by US President Donald Trump during his successful campaign last year.

But it was on Trump that Dutton tied himself in knots, asserting he would be able to get a deal done with Trump when virtually no one else has and then saying he did not know him. Huh?

He was also defensive when pressed on his nuclear policy and he was all over the shop on climate change.

Befitting the current election campaign, there were meme-able moments on offer for both. Dutton got out his line about Albanese having a problem with the truth. But he coughed up his own when he admitted making a mistake in saying Indonesian President Prabowo Subianto had “publicly announced” Russia had asked his country for a base for its aircraft.

Michelle Cull, Western Sydney University

After both leaders finished their opening statements in good spirits, the debate quickly turned to housing. As suggested by host David Speers, both parties have “put forward ideas that a lot of experts and economists are warning will only push up prices even more”.

So, could the leaders explain how their plans will make housing more affordable in five or ten years?

Albanese said his party had a plan for both demand and supply. He mentioned the Building Australia’s Future Fund to build more public housing, Build to Rent scheme to increase the private rental supply, and the 5% deposit for first home buyers. He also made note of the 100,000 homes that would be allocated only to first home buyers.

Dutton blamed Albanese for the current housing crisis. He promoted the Coalition’s plans to allow first home buyers access up to $50,000 of their superannuation to buy a home and a planned $5 billion infrastructure fund to free up to 500,000 new home lots. Reducing immigration and foreign ownership also rated a mention.

Dutton explained the most important part of the Coalition’s plan was to allow first home buyers a tax deduction for interest on the first $650,000 of their mortgage. When questioned about this favouring higher income earners, Dutton quickly responded that the average taxpayer would save around $11,000 a year.

Talking tax, this provided the perfect opportunity for Speers to pose the question that many viewers wanted to ask – why are both parties not willing to review the tax breaks for investors and the capital gains tax discount?

Dutton jumped at the chance to challenge Albanese about the modelling on negative gearing conducted by Treasury for the government last year. Albanese replied Treasury was just doing their job and looking at ideas.

The host reminded both leaders that they themselves are property investors. When pressed about possibly placing limits on the number of properties held by investors, Dutton argued there should be no limit as we need the rentals.

Talking rentals, Dutton said renters’ rights were up to the states, while Albanese said his party has delivered the Renter’s Rights Program and increased rental assistance.

Andy Marks, Western Sydney University

For the second leaders’ debate, the ABC’s new Parramatta digs, Studio 91, felt more like the legendary New York dance club, Studio 54. Prime Minister Anthony Albanese and Opposition Leader Peter Dutton stuck to their steps while the host, “DJ” David Speers, tried to disrupt their rhythm.

Dutton opened with the Reaganesque classic, asking viewers: “Are you better off than you were three years ago?”. Albanese countered by saying Australians have done the “hard work” over the past three years, then adding, “there’s much more work to do”.

Dutton wanted to talk about renters. Labor’s policies, he argued, would “drive up the cost of rents”. Albanese held out, preferring to talk first home buyers. “We need to give people a fair crack”, he said.

Dutton retorted, we need to “give young Australians a go”. A “crack” or a “go”. Both options have “hit” written all over them.

Speers then changed tunes, turning to the old election stalwart, spending versus revenue.

“We have improved the bottom line”, Albanese assured viewers. That claim “defies the reality”, Dutton responded. Speers asked Dutton, “Where do you cut?”. No answer. Speers then quizzed Albanese. “When will power bills come down?” No answer.

“I’m friends with Keir Starmer”, Albanese suddenly volunteered, cautioning against the Coalition’s nuclear energy plans. The UK prime minister, Albanese said, regrets his country’s nuclear adventures.

Crossing the Atlantic, Dutton remarked, the Coalition has an “incredible relationship” with the Trump administration. The government’s current ambassador, Kevin Rudd, “can’t get a phone call with the president”, he said. The former ambassador, Joe Hockey, “used to play golf with him.”

The second leaders’ debate traversed the dance floor to the golf course, but got no closer to differing visions for the country.

In a rare moment of harmony, Albanese and Dutton concurred: both sides of government have failed Indigenous Australians. No debate there.

Michelle Cull is an FCPA member of CPA Australia, member of the Financial Advice Association Australia and President Elect of the Academy of Financial Services in the United States. Michelle is an academic member of UniSuper’s Consultative Committee. Michelle co-founded the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle has previously volunteered as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

Andy Marks and Matthew Ricketson do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Second leaders’ debate is a tame affair befitting a ‘deeply uninspiring’ campaign – https://theconversation.com/second-leaders-debate-is-a-tame-affair-befitting-a-deeply-uninspiring-campaign-254466

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-OSI: Plumas Bancorp Reports First Quarter Results

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

Balance sheet Highlights
March 31, 2025 compared to March 31, 2024

Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
Total deposits increased by $73 million, or 5.6% to $1.4 billion.
Borrowings decreased by $105 million, or 87.5% to $15 million.
Total equity increased by $26 million, or 16.2% to $187.6 million.
Book value per share increased by $4.29, or 15.7% to $31.68.

President’s Comments

Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, “The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp.”

Loans, Deposits, Investments and Cash

Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

On March 31, 2025, approximately 77% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

Asset Quality

Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

Allowance for Credit Losses		March 31, 2025			March 31, 2024
Balance, beginning of period	$	13,196		$	12,867
Provision charged to operations		250			900
Losses charged to allowance		(312	)		(680	)
Recoveries		185			70
Balance, end of period	$	13,319		$	13,157

Reserve for Unfunded Commitments		March 31, 2025		March 31, 2024
Balance, beginning of period	$	620	$	799
Provision charged to operations		–		(79	)
Balance, end of period	$	620	$	720

Bank Term Funding Program (BTFP)

At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

Shareholders’ Equity

Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

Liquidity

The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

Net Interest Income and Net Interest Margin

Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts – $770 thousand and savings deposits – $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

Non-Interest Income/Expense

During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

Contact: Jamie Huynh
Investor Relations
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
investorrelations@plumasbank.com

PLUMAS BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
	As of March 31,
	2025	2024	Dollar Change	Percentage Change
ASSETS
Cash and due from banks	$ 87,327	$ 128,231	$ (40,904)	(31.9)%
Investment securities	447,293	447,445	(152)	(0.0)%
Loans, net of allowance for credit losses	1,000,651	966,141	34,510	3.6%
Premises and equipment, net	12,349	12,960	(611)	(4.7)%
Right-of-use assets	24,003	25,295	(1,292)	(5.1)%
Bank owned life insurance	16,628	16,206	422	2.6%
Real estate acquired through foreclosure	91	357	(266)	(74.5)%
Goodwill	5,502	5,502	–	0.0%
Accrued interest receivable and other assets	39,448	38,196	1,252	3.3%
Total assets	$ 1,633,292	$ 1,640,333	$ (7,041)	(0.4)%

LIABILITIES AND
SHAREHOLDERS’ EQUITY
Deposits	$ 1,373,061	$ 1,299,688	$ 73,373	5.6%
Lease liabilities	24,523	25,424	(901)	(3.5)%
Accrued interest payable and other liabilities	33,105	33,730	(625)	(1.9)%
Borrowings	15,000	120,000	(105,000)	(87.5)%
Total liabilities	1,445,689	1,478,842	(33,153)	(2.2)%
Common stock	29,454	28,492	962	3.4%
Retained earnings	179,411	156,414	22,997	14.7%
Accumulated other comprehensive loss, net	(21,262)	(23,415)	2,153	9.2%
Shareholders’ equity	187,603	161,491	26,112	16.2%
Total liabilities and shareholders’ equity	$ 1,633,292	$ 1,640,333	$ (7,041)	(0.4)%


PLUMAS BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

FOR THE THREE MONTHS ENDED MARCH 31,	2025	2024	Dollar Change	Percentage Change

Interest income	$ 20,590	$ 20,026	$ 564	2.8%
Interest expense	2,051	2,569	(518)	-20.2%
Net interest income before provision for credit losses	18,539	17,457	1,082	6.2%
Provision for credit losses	250	821	(571)	(69.5)%
Net interest income after provision for credit losses	18,289	16,636	1,653	9.9%
Non-interest income	3,213	2,140	1,073	50.1%
Non-interest expense	11,466	10,397	1,069	10.3%
Income before income taxes	10,036	8,379	1,657	19.8%
Provision for income taxes	2,856	2,125	731	34.4%
Net income	$ 7,180	$ 6,254	$ 926	14.8%

Basic earnings per share	$ 1.21	$ 1.06	$ 0.15	14.2%
Diluted earnings per share	$ 1.20	$ 1.05	$ 0.15	14.3%

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
(Unaudited)

	Three Months Ended									Year Ended
	3/31/2025			12/31/2024			3/31/2024			12/31/2024			12/31/2023
EARNINGS PER SHARE
Basic earnings per share	$	1.21		$	1.31		$	1.06		$	4.85		$	5.08
Diluted earnings per share	$	1.20		$	1.29		$	1.05		$	4.80		$	5.02
Weighted average shares outstanding		5,911			5,900			5,887			5,895			5,863
Weighted average diluted shares outstanding		6,002			5,995			5,946			5,968			5,934
Cash dividends paid per share ¹	$	0.30		$	0.27		$	0.27		$	1.08		$	1.00

PERFORMANCE RATIOS (annualized for the three months)
Return on average assets		1.79	%		1.87	%		1.55	%		1.74	%		1.88	%
Return on average equity		16.0	%		17.1	%		16.4	%		17.2	%		23.4	%
Yield on earning assets		5.50	%		5.50	%		5.30	%		5.49	%		5.03	%
Rate paid on interest-bearing liabilities		1.14	%		1.27	%		1.33	%		1.39	%		0.67	%
Net interest margin		4.95	%		4.90	%		4.62	%		4.79	%		4.71	%
Noninterest income to average assets		0.80	%		0.53	%		0.53	%		0.53	%		0.68	%
Noninterest expense to average assets		2.85	%		2.57	%		2.57	%		2.56	%		2.36	%
Efficiency ratio ²		52.7	%		50.4	%		53.1	%		51.3	%		46.6	%

	3/31/2025			3/31/2024			12/31/2024			12/31/2023			12/31/2022
CREDIT QUALITY RATIOS AND DATA
Allowance for credit losses	$	13,319		$	13,157		$	13,196		$	12,867		$	10,717
Allowance for credit losses as a percentage of total loans		1.32			1.35			1.30			1.34	%		1.18	%
Nonperforming loans	$	3,686		$	5,610		$	4,105		$	4,820		$	1,172
Nonperforming assets	$	3,787		$	6,000		$	4,307		$	5,315		$	1,190
Nonperforming loans as a percentage of total loans		0.36			0.57			0.40			0.50	%		0.13	%
Nonperforming assets as a percentage of total assets		0.23			0.37			0.27			0.33	%		0.07	%
Year-to-date net charge-offs	$	127		$	610		$	1,046		$	954		$	935
Year-to-date net charge-offs as a percentage of average		0.05			0.25			0.11		0.10	%		0.11	%
loans (annualized)		0.05			0.25			0.11		0.10	%		0.11	%

CAPITAL AND OTHER DATA
Common shares outstanding at end of period		5,922			5,896			5,903			5,872			5,850
Shareholders’ equity	$	187,603		$	161,491		$	177,899		$	147,317		$	119,004
Book value per common share	$	31.68		$	27.39		$	30.14		$	25.09		$	20.34
Tangible common equity³	$	181,354		$	155,048		$	171,606		$	140,823		$	112,273
Tangible book value per common share⁴	$	30.62		$	26.30		$	29.07		$	23.98		$	19.19
Tangible common equity to total assets		11.1			9.5			10.6			8.7	%		6.9	%
Gross loans to deposits		73.6			75.1			74.1			71.9	%		62.6	%

PLUMAS BANK REGULATORY CAPITAL RATIOS
Tier 1 Leverage Ratio		12.3			11.0			11.9			10.8	%		9.2	%
Common Equity Tier 1 Ratio		17.8			16.1			17.3			15.7	%		14.7	%
Tier 1 Risk-Based Capital Ratio		17.8			16.1			17.3			15.7	%		14.7	%
Total Risk-Based Capital Ratio		19.0			17.4			18.5			16.9	%		15.7	%

^{(1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.}
^{(2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).}
^{(3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.}
^{(4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.}

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)

The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.

	For the Three Months Ended						For the Three Months Ended
	3/31/2025						3/31/2024
	Average				Yield/		Average				Yield/
	Balance		Interest		Rate		Balance		Interest		Rate
Interest-earning assets:
Loans ^{(2) (3)}	$	1,011,968	$	15,396	6.17	%	$	964,132	$	14,592	6.09	%
Investment securities		369,126		3,927	4.31	%		371,792		3,605	3.90	%
Non-taxable investment securities ⁽¹⁾		74,883		583	3.16	%		108,175		791	2.94	%
Interest-bearing deposits		61,409		684	4.52	%		75,005		1,038	5.57	%
Total interest-earning assets		1,517,386		20,590	5.50	%		1,519,104		20,026	5.30	%
Cash and due from banks		26,477						26,586
Other assets		86,335						80,508
Total assets	$	1,630,198					$	1,626,198

Interest-bearing liabilities:
Money market deposits		279,184		1,145	1.66	%		211,183		375	0.71	%
Savings deposits		323,449		206	0.26	%		335,565		180	0.22	%
Time deposits		88,386		545	2.50	%		91,501		631	2.77	%
Total deposits		691,019		1,896	1.11	%		638,249		1,186	0.75	%
Borrowings		15,000		145	3.92	%		114,342		1,367	4.81	%
Other interest-bearing liabilities		21,190		10	0.19	%		21,713		16	0.30	%
Total interest-bearing liabilities		727,209		2,051	1.14	%		774,304		2,569	1.33	%
Non-interest-bearing deposits		682,495						673,789
Other liabilities		38,096						24,440
Shareholders’ equity		182,398						153,665
Total liabilities & equity	$	1,630,198					$	1,626,198
Cost of funding interest-earning assets ⁽⁴⁾					0.55	%					0.68	%
Net interest income and margin ⁽⁵⁾			$	18,539	4.95	%			$	17,457	4.62	%

^{(1) Not computed on a tax-equivalent basis.}
^{(2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.}
^{(3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.}
^{(4) Total annualized interest expense divided by the average balance of total earning assets.}
^{(5) Annualized net interest income divided by the average balance of total earning assets.}

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)

The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.

	For the Three Months Ended
	March 31,
		2025		2024		Dollar Change			Percentage Change
Service charges on deposit accounts		705		715			(10	)	(1.4	)%
Interchange income	$	690	$	739			(49	)	(6.6	)%
Loan servicing fees		186		213			(27	)	(12.7	)%
FHLB Dividends		137		137			–		–	%
Earnings on life insurance policies		109		96			13		13.5	%
Gain on sale of buildings		–		19,854			(19,854	)	(100.0	)%
Loss on sale of investment securities		–		(19,826	)		19,826		100.0	%
Other		1,386		212			1,174		553.8	%
Total non-interest income	$	3,213	$	2,140		$	1,073		50.1	%

The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.

	For the Three Months Ended
	March 31,
		2025		2024		Dollar Change			Percentage Change
Salaries and employee benefits	$	5,880	$	5,366		$	514		9.6	%
Occupancy and equipment		2,014		1,690			324		19.2	%
Outside service fees		1,263		1,132			131		11.6	%
Merger and acquisition expenses		569		–			569		100.0	%
Advertising and shareholder relations		262		244			18		7.4	%
Professional fees		229		439			(210	)	(47.8	)%
Armored car and courier		217		203			14		6.9	%
Deposit insurance		182		187			(5	)	(2.7	)%
Telephone and data communication		174		222			(48	)	(21.6	)%
Director compensation and expense		167		167			–		–	%
Business development		167		153			14		9.2	%
Loan collection expenses		72		104			(32	)	(30.8	)%
Amortization of Core Deposit Intangible		44		51			(7	)	(13.7	)%
Other		226		439			(213	)	(48.5	)%
Total non-interest expense	$	11,466	$	10,397		$	1,069		10.3	%

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)

The following table shows the distribution of loans by type at March 31, 2025 and 2024.

			Percent of				Percent of
			Loans in Each				Loans in Each
	Balance at End		Category to		Balance at End		Category to
	of Period		Total Loans		of Period		Total Loans
	3/31/2025		3/31/2025		3/31/2024		3/31/2024
Commercial	$	77,745	7.7	%	$	82,136	8.4	%
Agricultural		112,018	11.1	%		123,239	12.6	%
Real estate – residential		11,606	1.1	%		11,872	1.2	%
Real estate – commercial		660,926	65.4	%		562,870	57.7	%
Real estate – construction & land		46,730	4.6	%		64,547	6.6	%
Equity Lines of Credit		38,634	3.8	%		37,196	3.8	%
Auto		58,295	5.8	%		89,399	9.2	%
Other		4,769	0.5	%		4,953	0.5	%
Total Gross Loans	$	1,010,723	100	%	$	976,212	100	%


The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024.

			Percent of				Percent of
			Loans in Each				Loans in Each
	Balance at End		Category to		Balance at End		Category to
	of Period		Total Loans		of Period		Total Loans
	3/31/25		3/31/25		3/31/24		3/31/24
Owner occupied	$	295,593	44.7	%	$	194,954	34.6	%
Investor		365,333	55.3	%		367,916	65.4	%
Total real estate – commercial	$	660,926	100	%	$	562,870	100	%


The following table shows the distribution of deposits by type at March 31, 2025 and 2024.

			Percent of				Percent of
			Deposits in Each				Deposits in Each
	Balance at End		Category to		Balance at End		Category to
	of Period		Total Deposits		of Period		Total Deposits
	3/31/2025		3/31/2025		3/31/2024		3/31/2024
Non-interest bearing	$	676,461	49.3	%	$	665,975	51.2	%
Money Market		290,125	21.1	%		214,257	16.5	%
Savings		323,496	23.6	%		328,781	25.3	%
Time		82,979	6.0	%		90,675	7.0	%
Total Deposits	$	1,373,061	100	%	$	1,299,688	100	%

The MIL Network –

April 17, 2025

MIL-OSI China: More Chinese cities see rising home prices amid gov’t efforts to stabilize market

Source: People’s Republic of China – State Council News

More Chinese cities see rising home prices amid gov’t efforts to stabilize market

BEIJING, April 16 — Commercial home prices in March rose in more Chinese cities from a month ago as transactions became more vibrant in the real estate market, data from the National Bureau of Statistics (NBS) showed on Wednesday.

An NBS survey covering 70 major cities said the prices of new houses were higher in 24 cities last month, up from 18 in February, while resold homes in 10 cities logged price increases, up by 7.

Home prices in first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, increased last month compared to February, while second- and third-tier cities in general registered narrowed price declines, according to the official data.

On a year-on-year basis, Chinese cities at large continued to see smaller home price drops in March, the NBS said.

Wednesday’s data added to evidence that the property sector continued to stabilize last month thanks to government policies unveiled over the past few months to support developers and improve market sentiment.

Since the fourth quarter of last year, the central government has stepped up efforts to halt the downturn of the real estate market.

An integrated policy package has been rolled out to boost investment, accelerate the renovation of old urban neighborhoods, expand the supply of affordable housing, and implement a “white list” mechanism to direct financial support to qualified developers.

Analysts believe that at the heart of the efforts is a push to stimulate housing transactions.

“The policy mix — including more flexible mortgage policies, lower interest rates on existing home loans, reduced taxes on home upgrades, and adjustments to the housing provident fund — has eased the burden on homebuyers and further unlocked housing demand,” said Hou Yongzhi with the Development Research Center of the State Council.

The property sector has begun to show signs of recovery over the past months.

“In March, we observed positive price changes in both new and second-hand housing markets across first-, second- and third-tier cities,” Sheng Laiyun, deputy head of the NBS, told a press briefing on Wednesday.

Official data has revealed a notable narrowing in the year-on-year declines in both volume and value of new home sales in the first quarter, compared with full-year figures from 2024. Meanwhile, as market activity picks up, developers have reported better performance, and the contraction in both corporate and individual mortgage lending has slowed.

While the market currently remains in a period of adjustment, the long-term outlook is promising. Urbanization in China is far from complete, and demand for high-quality, green, and comfortable living spaces continues to grow.

For the first time, the phrase “quality homes” appeared in the government work report this year. The report published in March called for efforts to “improve the standards and regulations on building quality homes that are safe, comfortable, eco-friendly, and smart.”

At the end of March, the Ministry of Housing and Urban-Rural Development released new national standards for residential projects, aiming to meet the people’s demand for improved quality of living.

The new standards, effective May 1, include a minimum ceiling height of three meters for new residential buildings, up from 2.8 meters at present, mandatory elevators for structures with four or more floors, and enhanced sound insulation standards for walls and floors.

“Building quality homes will become a new track in the transformation of the property sector,” said Chen Weiguo, chairman of China Construction Third Engineering Bureau Co., Ltd.

Authorities will continue to implement policies aimed at stabilizing the market, Sheng said. “We will intensify efforts to promote the construction of quality homes, foster a new development model for the real estate sector, and ensure its long-term healthy development,” he said.

MIL OSI China News –

April 16, 2025

MIL-OSI United Kingdom: UK House Price Index for February 2025

Source: United Kingdom – Executive Government & Departments

Press release

UK House Price Index for February 2025

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The February data shows:

on average, house prices haven’t changed since January 2025
there has been an annual price rise of 5.4% which makes the average property in the UK valued at £268,000

England

In England the February data shows, on average, house prices rose by 0.3% since January 2025. The annual price rise of 5.3% takes the average property value to £292,000.

Yorkshire and the Humber experienced the most significant monthly increase with a movement of 1.6%
London saw the greatest monthly price fall, with a fall of -1.1%
The North West experienced the greatest annual price rise, up by 8%
London saw the lowest annual price growth, with a rise of 1.7%

The regional data for England indicates that:

Price change by region for England

Region	Average price February 2025	Annual change % since February 2024	Monthly change % since January 2025
East Midlands	£241,000	6	0.4
East of England	£338,000	4.2	0
London	£556,000	1.7	-1.1
North East	£160,000	7.9	0.4
North West	£212,000	8	0.7
South East	£385,000	4.6	-0.3
South West	£308,000	3.9	0.7
West Midlands	£247,000	6	1.1
Yorkshire and the Humber	£205,000	7.5	1.6

Repossession sales by volume for England

The lowest number of repossession sales in December 2024 was in the South West, West Midlands and East Midlands.

The highest number of repossession sales in December 2024 was in the North West and London.

Repossession sales	December 2024
East Midlands	1
East of England	3
London	14
North East	11
North West	14
South East	6
South West	1
West Midlands	1
Yorkshire and the Humber	8
England	59

Average price by property type for England

Property type	Feb 2025	Feb 2024	Difference %
Detached	£471,000	£447,000	5.3
Semi-detached	£286,000	£270,000	6.1
Terraced	£242,000	£228,000	6.1
Flat/maisonette	£226,000	£220,000	2.8
All	£292,000	£277,000	5.3

Funding and buyer status for England

Transaction type	Average price February 2025	Annual price change % since February 2024	Monthly price change % since January 2025
Cash	£278,000	4.8	0.4
Mortgage	£297,000	5.5	0.3
First-time buyer	£245,000	5.7	0.4
Former owner occupier	£353,000	4.9	0.2

Building status for England

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£447,000	30	6.9
Existing resold property	£285,000	3.1	-0.2

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices decreased by 1.1% since January 2025. House prices have shown an annual price increase of 1.7% meaning the average price of a property is £556,000.

Average price by property type for London

Property type	February 2025	February 2024	Difference %
Detached	£1,143,000	£1,099,000	3.9
Semi-detached	£705,000	£678,000	4
Terraced	£629,000	£608,000	3.4
Flat/maisonette	£442,000	£442,000	-0.1
All	£556,000	£546,000	1.7

Funding and buyer status for London

Transaction type	Average price February 2025	Annual price change % since February 2024	Monthly price change % since January 2025
Cash	£589,000	-0.4	-1.7
Mortgage	£549,000	2.4	-1
First-time buyer	£478,000	1.8	-1.1
Former owner occupier	£688,000	1.6	-1.2

Building status for London

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£598,000	22.6	4.7
Existing resold property	£552,000	0	-1.2

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices fell by 0.7% since January 2025. An annual price increase of 4.1% takes the average property value to £207,000.

There were 6 repossession sales for Wales in December 2024.

Average price by property type for Wales

Property type	February 2025	February 2024	Difference %
Detached	£324,000	£315,000	3.1
Semi-detached	£206,000	£197,000	4.5
Terraced	£165,000	£157,000	4.7
Flat/maisonette	£132,000	£127,000	3.3
All	£207,000	£199,000	4.1

Funding and buyer status for Wales

Transaction type	Average price February 2025%	Annual price change % since February 2024	Monthly price change % since January 2024
Cash	£207,000	3.3	-1.1
Mortgage	£208,000	4.4	-0.6
First-time buyer	£178,000	4.6	-0.9
Former owner occupier	£248,000	3.5	-0.9

Building status for Wales

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£381,000	27.8	9.4
Existing resold property	£204,000	1.8	0.6

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices

UK house prices rose by 5.4% in the year to February 2025, up from the revised estimate of 4.8% in the 12 months to January 2025. On a non-seasonally adjusted basis, average house prices in the UK remain unchanged between January 2025 and February 2025, compared with a decrease of 0.5% from the same period 12 months ago (January 2024 and February 2024).

The UK Property Transactions Statistics showed that in February 2025, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 108,000. This is 28.1% higher than a year ago (February 2025). Between January 2025 and February 25, UK transactions increased by 13% on a seasonally adjusted basis.

House price monthly increase was highest in Yorkshire and the Humber where prices increased by 2.3% in the year to January 2025. The highest annual growth was in the North West, where prices increased by 8% in the year to February 2025.

See the economic statement..

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI

Background

We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the March 2025 UK HPI at 9:30am on Wednesday 21 May 2025. See calendar of release dates.
We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.
We take the UK Property Transaction statistics from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.
UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.
The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.
HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).
Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
HM Land Registry’s purpose is: “We protect your land ownership and provide services and data that underpin an efficient and informed property market.”
HM Land Registry safeguards land and property ownership valued at £8 trillion, enabling over £1 trillion worth of personal and commercial lending to be secured against property across England and Wales. The Land Register contains more than 26.5 million titles showing evidence of ownership for more than 89% of the land mass of England and Wales.
For further information about HM Land Registry visit www.gov.uk/land-registry.
Follow us on @HMLandRegistry, our blog, LinkedIn and Facebook.

Contact

Press Office

Trafalgar House
1 Bedford Park
Croydon
CR0 2AQ

Email HMLRPressOffice@landregistry.gov.uk

Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365

Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344

Published 16 April 2025

MIL OSI United Kingdom –

April 16, 2025

MIL-OSI: Eternex Network (eTRNX) Launches to Empower the Future of Finance Through Blockchain, AI, and Real-World Utility

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, April 16, 2025 (GLOBE NEWSWIRE) — Eternex Network (eTRNX) introduces a next-generation blockchain ecosystem designed to transform how people save, invest, and transact. Built on the fast and efficient Tron blockchain and enhanced by AI-powered innovation, eTRNX is crafted to empower individuals and businesses across Africa, Asia, and the Middle East with accessible, transparent, and decentralized financial tools.

With the Initial Exchange Offering (IEO) currently live, early supporters have the unique opportunity to join a project focused on delivering real-world blockchain utility where it matters most.

The Mission: Financial Inclusion Without Borders

eTRNX aims to deliver secure, low-cost, and accessible financial services that go beyond conventional limitations. From tokenized investments in real estate to AI-driven risk assessments, eTRNX is setting the stage for the next evolution of digital finance.

Live IEO: Be Among the First Movers

The IEO of eTRNX is now live on p2p, offering investors early access to one of the most promising digital assets in the DeFi space. With only 1 million tokens currently in circulation out of a total supply of 2 billion, early adopters have the advantage of entering at the ground floor of a fast-scaling ecosystem.

Following the strong momentum on P2PB2B, eTRNX is expanding its Initial Exchange Offering (IEO) to more platforms.

The second phase of the IEO is now live on DEX-Trade and Bitstorage, giving even more early supporters the opportunity to join the movement and acquire eTRNX tokens before they hit major exchanges.

This multi-platform IEO approach ensures broader access and liquidity, further accelerating the adoption of the Eternex ecosystem.

What Sets eTRNX Apart

AI-Powered Fraud Detection & Risk Assessment
Multi-currency & cross-border payment support
Ultra-low transaction fees (as low as $0.000005)
Real-time settlements and asset tracking
Seamless staking and yield farming with up to 30% APY
Compliance-ready via CMA’s Regulatory Sandbox

Real-World Use Cases: Blockchain That Touches Lives

1. Everyday Commerce – Seamless Local Transactions

Using eTRNX, users can pay for groceries and daily essentials at local markets through simple QR code scans—no bank fees, no waiting times.
Impact: Transaction costs are reduced by over 50% compared to traditional mobile money services, making everyday purchases more efficient and affordable.

2. Real Estate Investing – Accessible and Automated

With a small initial investment, individuals can gain exposure to income-generating real estate properties through tokenized ownership. Monthly rental dividends are distributed automatically, powered by smart contracts.
How: Fractional ownership through eTRNX-powered Real Estate Investment Trusts (REITs).
Impact: Democratizes property investment by eliminating high capital barriers and providing global access to real estate markets.

3. Cross-Border Remittances – Instant and Cost-Effective

eTRNX enables users to send funds internationally in seconds at negligible fees, improving the lives of families dependent on cross-border income.
Impact: Saves up to $30 per transaction compared to traditional remittance services, while ensuring faster and more secure delivery.

REITs: Fractional Ownership of Real-World Assets

eTRNX introduces tokenized Real Estate Investment Trusts (REITs) where users can:

Invest with as little as $10.
Own shares of residential and commercial properties globally.
Earn passive income from rental yields.
Trade these digital real estate shares on decentralized exchanges with instant settlement.

This opens the real estate market to small investors who previously lacked access to high-capital opportunities.

Money Market Funds (MMFs): Secure, Low-Risk Investments for All

Traditional MMFs are controlled by institutions and require large deposits. eTRNX disrupts this by offering tokenized digital debt instruments:

Start investing with just $10.
Earn consistent returns from low-risk money market assets.
AI ensures optimal fund management and real-time settlement.
All transactions are recorded transparently on the blockchain.

Staking & Governance: Earn and Influence

Earn Passive Income

Staking through TRC20 Native Wallets and other platforms provides up to 30% APY in the first year, adjusting gradually for long-term sustainability. This:

Incentivizes network security
Reduces token circulation, potentially increasing value
Rewards loyal community members

Govern the Future

Every eTRNX token equals one vote. Token holders can:

Propose changes
Vote on upgrades and treasury decisions
Participate in a fully decentralized and transparent governance system

AI Integration: Smart Finance for a Smarter World

eTRNX doesn’t just run on blockchain—it’s enhanced by artificial intelligence:

+70% improvement in real-time transaction efficiency
+40% boost in investment accuracy via AI-powered advisors
AI-driven asset monitoring, fraud prevention, and risk modeling

This combination creates a truly intelligent financial infrastructure.

Global Vision with Local Impact

eTRNX is committed to transforming real-world financial pain points into digital opportunities. Whether you’re a farmer in the Philippines, a freelancer in Kenya, or an investor in the UAE—eTRNX gives you access, empowerment, and opportunity.

Join the Movement – Participate in the Live IEO Today!

The Initial Exchange Offering is your chance to become a part of the financial revolution. Secure your stake in Eternex Network and help redefine the future of decentralized finance.

Visit the official IEO page: [https://p2pb2b.com/token-sale/eTRNX-802/]

For latest update join and follow our socials:

Website: https://www.etronnetwork.org/
Twitter: https://x.com/eTRNX1
Telegram: https://t.me/etrnx01
Facebook: https://www.facebook.com/eTRNXNetwork
Instagram: https://www.instagram.com/etrnxnetwork

Media Contact Details:

Company Name: Eternex Network
Company Email: esther@etronnetwork.org
Company Website: https://www.etronnetwork.org/

Disclaimer: This press release is provided by Eternex Network. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b629c3f-1c49-4098-b7a4-579ef012b0ba

The MIL Network –

April 16, 2025

MIL-Evening Report: Politics with Michelle Grattan: Warwick McKibbin on trying to model economic certainty in uncertain times

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Global markets have remained on edge after Donald Trump’s “Liberation Day” tariffs caused panic worldwide. Now, more than ever, markets and economists are looking for trying to read the implications.

Joining us from Washington DC is Warwick McKibbin,
an internationally renowned economic modeller from the Australian National University whose services are now in high demand. McKibbin is also a former member of the Reserve Bank board.

With much earlier talk about whether Australia can do a deal with Trump on tariffs, McKibbon argues,

The best way to deal with the president is to ignore him. And I think that’s to take him off the front page of Australia’s newspapers for example. I think what we should be doing is accelerating a process that was already underway. And that was to open up our trade with other partners around the world, Korea, Southeast Asia, Europe, in particular.

There’s a lot of trading opportunities. Our products – fortunately for us – the ones we sell to the US, we can sell somewhere else. We know that that’s a flexibility we have.

McKibbin says it’s “unlikely” Trump’s trade wars will cause a recession in Australia, but,

the problem we do have is that we haven’t dealt with the key problems that Australia faces, which is low productivity. We have a productivity problem which means [you’re] more likely to have a recession if you’re not growing. The second thing is we haven’t been given enough fiscal space. That is, running budget surpluses when we have full employment. But we’ve been running budget deficits, so our debt-to-GDP ratio has gone up, which means we have got less capacity to respond. But we also have a flexible exchange rate, which is good news. That helped us during the Asian financial crisis and the global financial crisis. We have the central bank, the Reserve Bank of Australia, [which] has plenty of capacity to cut interest rates if required.

Our modelling suggests that under the scenario of no change in the severe tariffs that the US put on in the beginning of April, you would probably cut interest rates in Australia by 50 basis points over the year as a result of the tariffs alone.

McKibbin says Australia’s interest rates are “probably a little bit too low”,

I think at the moment where we stand is without this shock Australia’s rates are probably a little bit too low, but probably close to being neutral. This shock will give you an extra 25 to 50 basis points capacity, if you need it. We’re still at full employment, and the bank worries about inflation relative to the target and still above the target if you adjust for the cyclical elements and about employment or output relative to potential which we’re very close to potential, so really there wasn’t a big case for a big interest rate cut.

On the Australian election, McKibbin outlines the need for reforms, which are not being much talked about in this campaign,

We know what the fundamental problems are in Australia. We need serious reform. We need to deal with the tax system not functioning properly. We have a cost of living crisis – our reaction is to pump more money into the housing market, to drive up demand relative to supply. We’re also hitting our own exports of higher education.

And so we’re actually responding completely the opposite way. And both parties are arguing for cutting foreign student numbers. That is a key export of the Australian economy.

The problem with the housing market is lack of supply. You don’t fix the lack of supply by attacking foreign students who are a very, very small part of the demand coming from immigration. And actually those students, they come and they go mostly.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Politics with Michelle Grattan: Warwick McKibbin on trying to model economic certainty in uncertain times – https://theconversation.com/politics-with-michelle-grattan-warwick-mckibbin-on-trying-to-model-economic-certainty-in-uncertain-times-254591

MIL OSI Analysis – EveningReport.nz –

April 16, 2025

MIL-OSI New Zealand: Property Sector – Buyer power dynamics are changing – CoreLogic

In this week’s Pulse, Chief Property Economist Kelvin Davidson looks at CoreLogic’s Buyer Classification data over the quarter, which showed a slight pullback by first home buyers (FHBs) while mortgaged investors gain ground.

You can read the full analysis attached and below.
For interviews, please contact nzmedia@corelogic.com

Thanks,
Santi

Embargoed until 00:01 AM, Wednesday 16 April 2025

Source: CoreLogic – Commentary from Kelvin Davidson, CoreLogic NZ Chief Property Economist.

In today’s Pulse, CoreLogic NZ’s Chief Property Economist Kelvin Davidson looks at the Buyer Classification data from the first three months of the year, revealing a slight pullback by first home buyers (FHBs) as mortgaged investor activity rises.

The comeback for investors is being driven by the smaller, ‘Mum and Dad’ buyers, who are increasingly looking at existing properties rather than new-builds.

FHBs still have a place in the market. With overall activity expected to pick up in 2025, they’re likely to buy more properties than in 2024, even if their share of activity drops.

First home buyers dip while investors rise

March’s CoreLogic Buyer Classification data shows that first home buyers accounted for 25% of all property purchases in the first quarter of the year. That was down from 26% in Q4 2024, and in fact the lowest figure for FHBs since the first quarter of 2023.

Meanwhile, movers (or relocating owner-occupiers) had a 26% share of activity in Q1, while cash multiple property owners (MPOs, including investors) and their mortgaged cousins both saw a higher market share, at 14% and 23% respectively.

These broad patterns have shown up across most of the main centres, although the wider Wellington area – City, Lower & Upper Hutt, Porirua – remains a ‘hotspot’ for FHBs, with their market share holding up at 35% in Q1.

An obvious factor here will be the relative weakness of Wellington property values (and improved affordability), which is likely playing into the hands of FHBs; provided they feel confident about their job security.

Investors are benefiting from lower mortgage rates

Clearly, the falls in mortgages rates over the past 6-9 months from more than 7% to less than 5% have benefitted anybody looking to borrow to purchase a property, however debt-backed investors might be gaining the most from these lower rates.

The reduced deposit requirements last year (from 35% to 30%) would have helped, alongside the shorter Brightline Test, and mortgage interest deductibility now back at 100%.

But it seems likely that the biggest shift in favour of mortgaged investors has simply been the reduction in the size of the top-ups that are generally required out of other income for a rental property purchase. When mortgage rates were above 7%, those top-ups could easily have been pushing $400 per week; but now they might typically be closer to $200. That’s still significant for a new investor, but much less of a hurdle than before.

The Buyer Classification data also shows us investor activity by size and it’s intriguing to see that the comeback has been powered by ‘Mums and Dads’. In particular, mortgaged MPO-2’s – those who own two properties in total after their latest purchase (i.e. effectively a new investor) – have risen from 6% of activity in mid-2023 to 8% now, with MPO 3-4’s rising from a trough of 4% towards 6% now.

New-builds are slightly less popular with investors

It’s also worth noting that mortgaged investors’ focus on new-build properties has lessened lately – they accounted for 30% of activity in this segment in 2023 and 29% in 2024 but have dipped to 27% so far in 2025. To be fair, it’s early days and that figure might rise back again. But a relative reduction in demand from mortgaged investors for new properties would certainly be consistent with the changes in interest deductibility, meaning that older properties no longer carry higher tax bills than new-builds.

At the same time, there’s an abundance of listings on the market at present, allowing investors to potentially snap up existing properties at a favourable price too.

What might lie ahead?

Part of our ‘housing market story’ for a while now has been that FHBs might see their market share drop in 2025 (from record highs in recent years) while mortgaged investors rise back up from historical lows. That now seems to be playing out.

But before anyone panics about the demise of FHBs, it’s important to point out that we expect the overall number of property transactions in 2025 to be about 10,000 higher than in 2024 – meaning FHBs can (and probably will) purchase more properties this year than last, even if their market share drops slightly.

Some of the supports that FHBs have had in recent years will certainly remain in place, such as access to KiwiSaver for at least part of the deposit, and a ‘monopoly’ on the low deposit lending allowances at the banks.

For investors, reduced mortgage rates have made property purchases more attractive from a cashflow perspective. In addition, any tariff-related uncertainty that hangs around for the medium-term may push some investors towards property where they might otherwise have considered shares or bonds.

MIL OSI New Zealand News –

April 16, 2025

MIL-OSI: Patria Announces First Quarter 2025 Investor Call

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, April 15, 2025 (GLOBE NEWSWIRE) — Patria (Nasdaq:PAX) announced today that it will release financial results for the first quarter 2025 on Friday, May 2, 2025, and host a conference call via public webcast at 9:00 a.m. ET.

To register, please use the following link: https://edge.media-server.com/mmc/p/ah6qnzkp

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria’s website at https://ir.patria.com/.

Patria distributes its earnings releases via its website and email lists. Those interested in firm updates can sign up to receive Patria press releases via email at https://ir.patria.com/ir-resources/email-alerts.

About Patria

Patria is a global alternative asset manager and industry leader in Latin America. Founded over 35 years ago, Patria has total assets under management of $41.9 billion, and offices in 13 cities on 4 continents. Patria aims to generate attractive long-term investment returns and, through a diversified platform with strategies that include Private Equity, Infrastructure, Credit, Real Estate, Public Equities and Global Private Markets Solutions, serve as the gateway to alternative investments for both local investors in Latin America, as well as global investors. Further information is available at www.patria.com.

Contact

Patria Shareholder Relations
PatriaShareholderRelations@patria.com
t +1 917 769 1611

The MIL Network –

April 16, 2025

MIL-OSI: White River Bancshares Co. Reports Net Income of $2.63 million, or $1.07 Per Diluted Share, for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

FAYETTEVILLE, Ark., April 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $2.63 million, or $1.07 per diluted share, in the first quarter of 2025, compared to $509,000, or $0.26 per diluted share, in the first quarter of 2024. The Company reported net income of $1.83 million, or $0.75 per diluted share, for the prior quarter. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.

“Thanks to a solid start to the year, we produced the strongest first quarter earnings in our Bank’s history,” said Gary Head, Chairman and CEO. “Loan portfolio growth contributed to an increase in net interest income compared to the first quarter of 2024. This is exactly the kind of excitement I’ve been ‘banking on’ as we head into the second quarter and celebrate the Bank’s 20 year anniversary. I am confident in our team’s capability and enthusiasm to build upon this momentum for the rest of the year.”

“Expanding our deposit base to fund new loan growth remains our top priority, and also our biggest challenge as a community bank,” said Scott Sandlin, Chief Strategy Officer. “The Company has made deposit gathering the primary focus and our team has done an excellent job of expanding existing client relationships as well as attracting new customers to the Bank. As a result, total deposits increased 9.9% during the first quarter of 2025 and 18.9% year-over-year. At quarter end, demand and non-interest bearing accounts represented 19.3% of total deposits, and savings and interest-bearing transaction accounts represented 38.0% of total deposits. We will continue to look for additional opportunities for growing deposits in the year ahead to keep up with loan demand.”

First Quarter 2025 Financial Highlights:

Net income for the first quarter of 2025 increased to $2.63 million, or $1.07 per diluted share, compared to $509,000, or $0.26 per diluted share, in the first quarter of 2024.
Net interest income increased 32.0% to $10.6 million in the first quarter of 2025, compared to $8.0 million in the first quarter of 2024.
Net interest margin (“NIM”) increased 42 basis points to 3.39% in the first quarter of 2025, compared to 2.97% in the first quarter of 2024.
The Company recorded a $670,000 provision for credit losses in the first quarter of 2025, compared to a $550,000 provision in the fourth quarter of 2024, and a $648,000 provision in the first quarter of 2024.
Net loans increased 16.3% to $1.128 billion at March 31, 2025, compared to $969.7 million at March 31, 2024.
Nonperforming loans totaled $420,000, or 0.04% of total loans at March 31, 2025, compared to 0.18% a year ago.
Total deposits increased $190.7 million, or 18.9%, year-over-year, to $1.201 billion at March 31, 2025, compared to $1.010 billion at March 31, 2024.
Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under $250,000) represent 70.25% of total deposits at March 31, 2025.
Total risk-based capital ratio estimates of 12.30%, Tier 1 ratio of 11.05%, and Leverage ratio of 9.35% for the Bank at March 31, 2025.
Tangible book value per common share was $40.33 at March 31, 2025, compared to $39.05 a year ago.

Income Statement

In the first quarter of 2025, the Company generated a return on average assets of 0.79% and a return on average equity of 10.64%, compared to 0.58% and 7.34%, respectively, in the fourth quarter of 2024 and 0.18% and 2.52%, respectively, in the first quarter of 2024.

“Our strong loan growth and higher yields on interest earning assets contributed to the four basis point NIM expansion during the first quarter of 2025 compared to the prior quarter and the 42 basis point increase compared to the year ago quarter,” said Brant Ward, President. NIM was 3.39% in the first quarter of 2025, compared to 3.35% in the fourth quarter of 2024, and 2.97% in the first quarter of 2024.

Net interest income increased 32.0% to $10.6 million in the first quarter of 2025, compared to $8.0 million in the first quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 23.6% to $19.8 million in the first quarter of 2025, compared to $16.0 million in the first quarter of 2024, primarily attributable to increased loans. Total interest expense increased to $9.2 million in the first quarter of 2025, from $8.0 million in the first quarter of 2024, primarily due to an increase in deposit costs.

Noninterest income increased 22.7% to $1.9 million in the first quarter of 2025, compared to $1.6 million in the first quarter of 2024. The increase was primarily due to a $172,000 increase in wealth management fee income, the largest component of noninterest income, and a $72,000 increase in secondary market fee income during the first quarter of 2025.

Noninterest expense was $8.4 million in the first quarter of 2025, compared to $8.3 million in the first quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years.

Balance Sheet

Total assets increased 17.2% to $1.379 billion at March 31, 2025, from $1.177 billion at March 31, 2024, and increased 7.0% compared to $1.290 billion at December 31, 2024. Cash and cash equivalents totaled $48.4 million at March 31, 2025, compared to $33.4 million a year ago. Investment securities totaled $135.0 million at March 31, 2025, an increase from $113.0 million at March 31, 2024.

Loans, net of allowance for credit losses, increased 16.3% to $1.128 billion at March 31, 2025, compared to $969.7 million at March 31, 2024, and increased 6.0% compared to $1.064 billion at December 31, 2024.

Total deposits increased 18.9% to $1.201 billion at March 31, 2025, compared to $1.010 billion at March 31, 2024, and increased 9.9% compared to $1.093 billion at December 31, 2024. Demand and non-interest-bearing deposits decreased less than 1% compared to March 31, 2024 while savings and interest-bearing transaction accounts increased 34.7% compared to March 31, 2024.

FHLB advances were $21.6 million at March 31, 2025, compared to $36.9 million at March 31, 2024, and $43.7 million at December 31, 2024. Total stockholders’ equity increased to $100.5 million at March 31, 2025, compared to $79.4 million at March 31, 2024, and $96.6 million at December 31, 2024. Tangible book value per common share was $40.33 at March 31, 2025, compared to $39.05 at March 31, 2024, and $38.74 at December 31, 2024.

Credit Quality

Due to strong quarterly loan growth, the Company recorded a $670,000 provision for credit losses in the first quarter of 2025. This is compared to a $550,000 provision for credit losses in the fourth quarter of 2024, and a $648,000 provision for credit losses in the first quarter of 2024.

There were $420,000 in nonperforming loans at March 31, 2025. This compared to $55,000 in nonperforming loans at December 31, 2024, and $1.7 million in nonperforming loans at March 31, 2024. Nonperforming loans represented 0.04% of total loans on March 31, 2025, 0.01% of total loans on December 31, 2024, and 0.18% of total loans a year ago.

“We continue to take a prudent approach to building our allowance for credit losses by monitoring our portfolio mix and evaluating loan growth and local and national economic conditions to maintain what we believe to be an appropriate allowance,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $13.3 million, or 1.17% of total loans, at March 31, 2025, compared to $12.8 million, or 1.19% of total loans, at December 31, 2024, and $12.1 million, or 1.23% of total loans, at March 31, 2024.

Net loan charge-offs were $137,000 in the first quarter of 2025. This compared to net loan recoveries of $106,000 in the fourth quarter of 2024, and net loan recoveries of $21,000 in the first quarter of 2024.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 12.30%, a Tier 1 ratio of 11.05%, and a Leverage ratio of 9.35% for the Bank at March 31, 2025.

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX^® Best Market.

White River Bancshares Company and Signature Bank of Arkansas will celebrate its 20-year anniversary in May 2025.

About the Region

White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.

The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for $390,000 in February 2025, with an average of 103 days on the market. For Benton County, the average house sold for $446,000, with an average of 108 days on the market.

Source:
http://www.nwarealtors.org/market-statistics/

Forward Looking Statements

This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:		Scott Sandlin, Chief Strategy Officer
		479-684-3754

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

		For the Three Months Ended
		March 31,		December 31,		March 31,
		2025		2024		2024

INTEREST INCOME
Loans, including fees		$	18,315,006	$	17,118,955	$	14,994,922
Investment securities			1,258,571		1,300,977		929,040
Federal funds sold and other			232,978		262,856		96,154
Total interest income			19,806,555		18,682,788		16,020,116

INTEREST EXPENSE
Deposits			8,312,455		7,963,925		6,984,793
Federal Home Loan Bank advances			393,057		300,137		520,319
Notes payable			475,425		396,899		398,017
Federal funds purchased and other			13,022		4,101		78,260
Total interest expense			9,193,959		8,665,062		7,981,389
NET INTEREST INCOME			10,612,596		10,017,726		8,038,727
Provision for credit losses			670,000		550,000		648,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			9,942,596		9,467,726		7,390,727

NON-INTEREST INCOME
Service charges and fees on deposits			171,186		182,870		150,349
Wealth management fee income			1,017,829		1,035,160		845,506
Secondary market fee income			128,824		196,277		57,064
Bank owned-life insurance income			80,603		82,171		79,881
Gain on sales and write-downs of foreclosed assets			–		11,085		1,050
Other			544,141		535,284		449,255
TOTAL NON-INTEREST INCOME			1,942,583		2,042,847		1,583,105

NON-INTEREST EXPENSE
Salaries and benefits			4,931,692		5,226,075		4,999,533
Occupancy and equipment			1,145,101		1,130,174		928,124
Data processing			858,115		806,411		790,569
Marketing and business development			397,137		518,628		463,697
Professional services			650,708		660,860		669,867
Amortization of other intangible assets			53,036		53,032		53,036
Other			393,498		445,998		403,836
TOTAL NON-INTEREST EXPENSE			8,429,287		8,841,178		8,308,662

Income before income taxes			3,455,892		2,669,395		665,170
Income tax provision			826,085		834,444		155,942
NET INCOME		$	2,629,807	$	1,834,951	$	509,228

EARNINGS PER SHARE
Basic (1)		$	1.07	$	0.75	$	0.26
Diluted (1)		$	1.07	$	0.75	$	0.26

	(1)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)

			March 31, 2025			December 31, 2024			March 31, 2024

ASSETS
Cash and cash equivalents			$	48,360,156		$	22,149,012		$	33,147,221
Investment securities				134,968,153			133,228,210			113,033,028
Loans held for sale				874,009			1,117,750			696,271
Loans				1,141,369,199			1,076,674,377			981,829,042
Allowance for credit losses				(13,347,855	)		(12,814,824	)		(12,113,099	)
Net loans				1,128,021,344			1,063,859,553			969,715,943
Premises and equipment, net				35,647,835			36,335,828			29,442,303
Foreclosed assets held for sale				310,406			310,406			640,574
Accrued interest receivable				6,629,881			6,035,084			4,966,665
Bank owned life insurance				9,859,911			9,779,307			9,534,373
Deferred income taxes				4,220,559			4,390,227			4,888,369
Other investments				6,782,614			8,421,651			7,548,338
Intangible assets, net				1,750,204			1,803,240			1,962,350
Other assets				1,825,830			2,080,346			1,323,255
TOTAL ASSETS			$	1,379,250,902		$	1,289,510,614		$	1,176,898,690

LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Demand and non-interest-bearing			$	231,331,391		$	214,838,920		$	233,082,292
Savings and interest-bearing transaction accounts				456,733,576			429,293,348			339,042,365
Time deposits				512,882,444			448,909,115			438,110,170
Total deposits				1,200,947,411			1,093,041,383			1,010,234,827
Federal Home Loan Bank advances				21,593,143			43,667,559			36,887,028
Notes payable				26,141,832			26,124,556			26,337,909
Operating lease liability				20,029,714			20,851,721			16,128,536
Reserve for losses on unfunded commitments				1,478,000			1,478,000			1,433,000
Accrued interest payable				2,731,699			2,838,298			2,635,771
Other liabilities				5,798,159			4,919,715			3,868,383
TOTAL LIABILITIES				1,278,719,958			1,192,921,232			1,097,525,454

Stockholders’ equity:
Common stock (1)				24,882			24,854			20,162
Surplus (1)				102,784,831			102,679,096			90,538,459
Retained earnings (accumulated deficit)				4,714,375			2,084,568			(3,115,687	)
Treasury stock, at cost				(1,265,731	)		(1,265,715	)		(1,119,100	)
Accumulated other comprehensive loss				(5,727,413	)		(6,933,421	)		(6,950,598	)
TOTAL STOCKHOLDERS’ EQUITY				100,530,944			96,589,382			79,373,236

	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,379,250,902		$	1,289,510,614		$	1,176,898,690

		(1)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION

		(Unaudited)
		Three Months Ended
		March 31,			December 31,			March 31,
		2025			2024			2024

FOR THE PERIOD
Net income		$	2,629,807		$	1,834,951		$	509,228
Net income before taxes			3,455,892			2,669,395			665,170
Dividends declared per share (1)			–			–			–


PERIOD END BALANCE
Total assets		$	1,379,250,902		$	1,289,510,614		$	1,176,898,690
Total investments			134,968,153			133,228,210			113,033,028
Total loans, net			1,128,021,344			1,063,859,553			969,715,943
Allowance for credit losses			(13,347,855	)		(12,814,824	)		(12,113,099	)
Total deposits			1,200,947,411			1,093,041,383			1,010,234,827
Stockholders’ equity			100,530,944			96,589,382			79,373,236


RATIO ANALYSIS
Return on average assets (annualized)			0.79	%		0.58	%		0.18	%
Return on average equity (annualized)			10.64	%		7.34	%		2.52	%
Net loans/Deposits			93.93	%		97.33	%		95.99	%
Total Stockholders’ Equity/Total assets			7.29	%		7.49	%		6.74	%
Net loan losses/Total loans			0.01	%		-0.01	%		-0.00	%
Uninsured & unpledged deposits			31.00	%		31.78	%		30.22	%


PER SHARE DATA
Shares oustanding (1)			2,449,317			2,446,563			1,982,630
Weighted average shares outstanding (1)			2,446,747			2,446,241			1,983,378
Diluted weighted average shares outstanding (1)			2,451,161			2,446,471			1,983,378
Basic earnings (1)		$	1.07		$	0.75		$	0.26
Diluted earnings (1)			1.07			0.75			0.26
Book value (1)			41.04			39.48			40.03
Tangible book value (1)			40.33			38.74			39.05


ASSET QUALITY
Net (recoveries) charge-offs		$	136,970		$	(106,340	)	$	(21,195	)
Classified assets			853,745			494,828			2,657,273
Nonperforming loans			419,985			55,132			1,718,805
Nonperforming assets			730,391			365,538			2,359,378
Total nonperforming loans/Total loans			0.04	%		0.01	%		0.18	%
Total nonperforming loans/Total assets			0.03	%		0.00	%		0.15	%
Total nonperforming assets/Total assets			0.05	%		0.03	%		0.20	%
Allowance for credit losses/Total loans			1.17	%		1.19	%		1.23	%


	(1)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)

		Three Months Ended
		March 31,						December 31,						March 31,
		2025						2024						2024
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Yield/Rate		Balance		Interest		Yield/Rate		Balance		Interest		Yield/Rate

Interest-earning assets:
Federal funds sold and other		$	23,287,989	$	232,978	4.06	%	$	20,998,114	$	262,856	4.98	%	$	8,343,674	$	96,154	4.63	%
Investment securities available-for-sale (1)			133,405,472		1,208,821	3.67	%		132,386,055		1,150,282	3.46	%		114,440,538		900,886	3.17	%
Loans receivable			1,106,648,533		18,315,006	6.71	%		1,018,919,798		17,118,955	6.68	%		960,808,253		14,994,922	6.28	%
Total interest-earning assets			1,263,341,994	$	19,756,805	6.34	%		1,172,303,967	$	18,532,093	6.29	%		1,083,592,465	$	15,991,962	5.94	%
Noninterest-earning assets			81,821,189						81,203,717						70,720,928
Total assets		$	1,345,163,183					$	1,253,507,684					$	1,154,313,393
Interest-bearing liabilities:
Interest-bearing deposits		$	937,669,969	$	8,312,455	3.60	%	$	847,808,178	$	7,963,925	3.74	%	$	762,899,599	$	6,984,793	3.68	%
FHLB advances and federal funds purchased			36,654,930		406,079	4.49	%		28,097,088		304,238	4.31	%		50,749,219		598,579	4.74	%
Notes payable			26,131,761		475,425	7.38	%		26,118,547		396,899	6.05	%		25,489,325		398,017	6.28	%
Total interest-bearing liabilities			1,000,456,660	$	9,193,959	3.73	%		902,023,813	$	8,665,062	3.82	%		839,138,143	$	7,981,389	3.83	%
Noninterest-bearing liabilities			244,466,979						252,089,008						233,847,965
Total liabilities			1,244,923,639						1,154,112,821						1,072,986,108
Stockholders’ equity			100,239,544						99,394,863						81,327,285
Total liabilities and stockholders’ equity		$	1,345,163,183					$	1,253,507,684					$	1,154,313,393
Net interest-earning assets		$	262,885,334					$	270,280,154					$	244,454,322
Net interest spread				$	10,562,846	2.62	%			$	9,867,031	2.47	%			$	8,010,573	2.11	%
Net interest margin						3.39	%					3.35	%					2.97	%

	(1)	Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).

The MIL Network –

April 16, 2025

MIL-OSI Europe: April 2025 euro area bank lending survey

Source: European Central Bank

15 April 2025

Credit standards for loans to firms tightened slightly further, and net loan demand moved back into slightly negative territory
Credit standards for housing loans eased and net loan demand continued to increase strongly
While competition in mortgage markets remains high, risk perceptions and credit quality deterioration continue to weigh on lending to firms and consumers

According to the April 2025 bank lending survey (BLS), which was conducted between 10 and 25 March 2025, euro area banks reported a small further net tightening of credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the first quarter of 2025 (a net 3% of banks; Chart 1). Banks also reported a moderate easing of credit standards for loans to households for house purchase (a net ‑7% of banks), whereas credit standards for consumer credit and other lending to households tightened slightly further (a net 3% of banks). For loans to firms, the net tightening followed the renewed tightening of credit standards seen in the previous quarter and was lower than banks had expected. It was again driven by higher perceived risks related to the economic outlook and to the industry and firm-specific situations. For loans to households for house purchase, banks eased credit standards, after keeping them broadly unchanged in the previous quarter and despite having expected a small tightening. The easing was mostly driven by competition from other banks. Credit standards tightened slightly further for consumer credit, mainly owing to higher perceived risks. For the second quarter of 2025, banks expect a further net tightening of credit standards across all three loan segments.

Banks’ overall terms and conditions – the actual terms and conditions agreed in loan contracts – eased for loans to firms and for housing loans, while they tightened for consumer credit. Lower lending rates and narrower margins on average loans eased terms and conditions across all segments. There was a small tightening impact from stricter collateral requirements for loans to firms and by loan maturity and size for consumer credit, while margins on riskier loans narrowed for housing loans.

In the first quarter of 2025, euro area banks reported a renewed small decrease in demand from firms for loans or the drawing of credit lines (Chart 2), after two quarters of weak recovery. Loan demand decreased, mainly owing to a negative contribution from firms’ inventories and working capital and despite the support from declining interest rates. Net demand for housing loans continued to increase strongly, driven primarily by declining interest rates and to a lesser extent by improving housing market prospects and higher consumer confidence, and this is consistent with the gradual recovery of lending flows observed in this segment since mid-2024. Demand for consumer credit and other lending to households increased moderately, supported principally by declining interest rates, with further small contributions from consumer confidence and spending on durable goods. In the second quarter of 2025, banks expect a small net increase in loan demand from firms and further increases for households, especially for housing loans.

Euro area banks’ access to retail funding remained broadly unchanged in the first quarter of 2025, while easing for debt securities, money markets and securitisations. Over the next three months, banks expect a slight improvement in access to retail funding, with access to money markets, debt securities and securitisations expected to remain broadly unchanged.

The reduction in the ECB monetary policy asset portfolio had a small negative impact on euro area banks’ market financing conditions and liquidity positions over the last six months, contributing to an increase in holdings of euro area sovereign bonds for the first time since early 2015. Banks expect these developments to continue over the next six months, while the impact on lending conditions remains muted, reflecting the measured and predictable adjustment of the ECB monetary policy portfolio.

Euro area banks reported a net tightening impact of non-performing loan ratios and other credit quality indicators on their lending conditions for loans to firms and for consumer credit in the first quarter of 2025, while the impact for housing loans was neutral. Higher perceived risks, pressures related to supervisory or regulatory requirements and lower risk tolerance were the key factors for reporting a tightening impact. For the second quarter of 2025, banks expect a further tightening impact of credit quality on their lending conditions for loans to firms and for consumer credit and a very small tightening of lending conditions for housing loans.

Banks reported a further negative net impact of the past and expected ECB key interest rate decisions on their net interest margins over the past six months, while the impact via volumes remained slightly negative. Banks expect a similar negative net impact of ECB key interest rate decisions on their margins over the next six months, which is expected to drag down overall profitability despite the slightly positive contribution from asset volumes. Interest rate decisions have contributed to containing, but not removing, the pressure on bank profitability from higher expected provisions and impairments, given that banks reported a slightly positive impact of rate decisions over the past six months and no expected impact for the next six months, after more than a year of increasing provisioning needs.

The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the April 2025 survey relate to changes observed in the first quarter of 2025 and changes expected in the second quarter of 2025, unless otherwise indicated. A total of 155 banks were surveyed in this round, with a response rate of 99%.

Chart 1

Changes in credit standards for loans or credit lines to enterprises, and contributing factors

(net percentages of banks reporting a tightening of credit standards, and contributing factors)

Source: ECB (BLS).

Notes: Net percentages are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards. Data for the euro area and for the largest four euro area countries.

Chart 2

Changes in demand for loans or credit lines to enterprises, and contributing factors

(net percentages of banks reporting an increase in demand, and contributing factors)

Source: ECB (BLS).

Notes: Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand. Data for the euro area and for the largest four euro area countries.

For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

Notes

A report on this survey round is available on the ECB’s website, along with a copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys.
The euro area and national data series are available on the ECB’s website via the ECB Data Portal. National results, as published by the respective national central banks, can be obtained via the ECB’s website.
For more detailed information on the BLS, see Köhler-Ulbrich, P., Dimou, M., Ferrante, L. and Parle, C., “Happy anniversary, BLS – 20 years of the euro area bank lending survey”, Economic Bulletin, Issue 7, ECB, 2023, and Huennekes, F. and Köhler-Ulbrich, P., “What information does the euro area bank lending survey provide on future loan developments?”, Economic Bulletin, Issue 8, ECB, 2022.

MIL OSI Europe News –

April 15, 2025

MIL-OSI: Dividend payment ex-date of EfTEN Real Estate Fund AS

Source: GlobeNewswire (MIL-OSI)

EfTEN Real Estate Fund AS (trading code EFT1T, ISIN kood EE3100127242) will fix the list of shareholders for dividend distribution on 22.04.2025 at the end of of the working day of the registrar of the settlement system of the fund’s securities. Proceeding from the above, the date of change of rights related to the securities is 21.04.2025 but considering the trading holidays of the Nasdaq Tallinn Stock Exchange, the actual date of change of rights related to the securities (ex-date) is 17.04.2025. As of this date, the new owner of the shares is not entitled to dividends for the year 2024.

EfTEN Real Estate Fund AS will distribute dividends in the amount of 1,11 euro per share on 30.04.2025.

Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: viljar.arakas@eften.ee

The MIL Network –

April 15, 2025

MIL-OSI USA: Tillis, Warnock Introduce Legislation to Increase Investment Opportunities

US Senate News:

Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Senators Thom Tillis (R-NC) and Reverend Raphael Warnock (D-GA) recently introduced legislation to increase the percentage limitation on assets of real estate investment trusts (REIT) which may be held in taxable REIT subsidiaries.
“By increasing the percentage limitation on assets of real estate investment trusts that can be held in taxable REIT subsidiaries, we are providing businesses with greater flexibility to grow and invest,” said Senator Tillis. “This much-needed change will help REITs continue to invest in critical sectors like infrastructure, and ensure American businesses remain competitive in the global economy.”
“Real estate investments contribute millions to Georgia’s economy, and I’m proud to work alongside Senator Tillis to enable these businesses in critical sectors, like timber, to grow,” said Senator Warnock.
“S. 1334 to restore the taxable REIT subsidiary asset limit from 20 percent to 25 percent is a very important step to grow the domestic lumber manufacturing base,” said Kristen Sawin, Vice President Government and Corporate Affairs, Weyerhaeuser. “Increasing the taxable REIT subsidiary limit back to 25 percent would allow companies like Weyerhaeuser to increase investment in its wood products business in the United States. We appreciate the leadership of Senators Tillis and Warnock on this important piece of legislation.”
“PotlatchDeltic Corporation is delighted by Senator Warnock’s and Senator Tillis’s sponsorship of Senate Bill 1334,” said Wayne Wasechek, Chief Financial Officer, PotlatchDeltic Corporation. “This bill will provide meaningful headroom for Real Estate Investment Trusts (REIT) to grow their taxable REIT subsidiaries (TRS) from a current maximum value of 20% of the REIT’s total asset value up to 25%. Timberland REITs like PotlatchDeltic can have vertically integrated manufacturing businesses such as sawmills which must reside in a TRS. Passage of this bill will provide a much-needed buffer, enabling REITs to continue investing in manufacturing activities in its TRS, exemplified by PotlatchDeltic’s recent $131 million modernization project at our Waldo, Arkansas sawmill. These investments in manufacturing activities and assets are critical for supporting rural jobs and communities and generating market demand and ensuring the sustainable management of our working forests. We are excited to see the bipartisan support for Senate Bill 1334 and appreciate the leadership of Senator Warnock and Senator Tillis in sponsoring this crucial legislation.”
“Nareit supports U.S. Senators Thom Tillis (R-NC) and Reverend Raphael Warnock (D-GA) in their bipartisan effort to introduce Senate legislation aimed at increasing the limit on the amount of assets a REIT can own through a fully taxable subsidiary. The current 20 percent cap has presented challenges for REITs seeking to invest additional capital in real estate and related assets, particularly in sectors like infrastructure. Raising the threshold to 25 percent would restore the limit to its previous level, enabling U.S.-based businesses to continue to grow and stay competitive in this transitioning and global economy. Nareit thanks the Senators for their leadership on this important issue,” said the National Association of Real Estate Investment Trusts (Nareit).
Full text of the bill is available HERE.

MIL OSI USA News –

April 15, 2025

Category: Housing Sector

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