housing – Page 1265 – NewzIntel.com

MIL-OSI Canada: Minister Joly to participate in ministerial conference on Lebanon in Paris, France

Source: Government of Canada News (2)

The conference will focus on three objectives: reaffirming the need for a diplomatic solution to the Israel-Hezbollah conflict in accordance with the United Nations Security Council Resolution 1701, mobilizing the international community to address the urgent needs for protection and emergency relief for the Lebanese people and exploring strategies to enhance support for Lebanon’s institutions, including the Lebanese Armed Forces, which play a crucial role in ensuring the country’s internal stability.

October 24, 2024 – Ottawa, Ontario – Global Affairs Canada

Today, the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that she will participate at the International Conference in Support of Lebanon’s People and Sovereignty, taking place in Paris, France today.

The conference will focus on three objectives: reaffirming the need for a diplomatic solution to the Israel-Hezbollah conflict in accordance with the United Nations Security Council Resolution 1701, mobilizing the international community to address the urgent needs for protection and emergency relief for the Lebanese people and exploring strategies to enhance support for Lebanon’s institutions, including the Lebanese Armed Forces, which play a crucial role in ensuring the country’s internal stability.

Minister Joly will engage with her counterparts to create space for a diplomatic solution along the Blue Line and help shore up humanitarian assistance to support the needs of the Lebanese people.

“I look forward to engaging with my counterparts and other senior officials in Paris as we work toward securing an immediate ceasefire. Canada continues to be steadfast in our commitment to peace and the de-escalation of tensions. Families in Southern Lebanon and Northern Israel must be able to safely return to their homes.”

– Mélanie Joly, Minister of Foreign Affairs

MIL OSI Canada News –

January 25, 2025

MIL-OSI: Foodrella Tteokbokki Captivates Global Taste Buds

Source: GlobeNewswire (MIL-OSI)

SEOUL, KOREA, Oct. 24, 2024 (GLOBE NEWSWIRE) — Foodrella, a Korean food brand, has launched a product that allows global consumers to create authentic K-food with a simple recipe.

Once considered a casual snack, tteokbokki has now become deeply embedded in the culinary cultures of the U.S., Europe, and Asia, positioning itself as a pioneer in the globalization of Korean food. Driven by the rising popularity of K-pop and Korean dramas, interest in tteokbokki has surged, especially after K-pop stars were seen enjoying the dish. This has significantly increased demand among international fans eager to experience Korean culture.

In response to this trend, Foodrella’s tteokbokki mix was created to allow consumers to make the dish effortlessly, using just the mix without needing additional seasoning. Since its debut on Amazon, the product has received widespread acclaim from global consumers, offering them an easy way to enjoy K-food at home.

Hanmi F3 Co., Ltd., the manufacturer of Foodrella, was founded in 1987. Specializing in the production of sauces, seasonings, food coatings, beverage bases, bakery & dessert mixes, and pickles, the company primarily caters to the restaurant and cafe franchise sectors. Hanmi F3 is dedicated to quality and safety, earning recognition as a leading domestic food manufacturer, with growing attention in international markets.

Hanmi F3 uses only the finest premium ingredients, ensuring that even with simple processes, its products offer exceptional culinary experiences that add real value to customers’ businesses. The company focuses on providing customized solutions to meet diverse customer needs, while continuously improving products to maintain the highest quality standards.

A representative from Foodrella stated, “We will continue to focus on developing products tailored to global tastes, aiming to establish tteokbokki not just as a snack, but as a dish enjoyed in everyday life by consumers around the world. We plan to expand the market by diversifying both our recipes and product offerings.” The representative also added, “By adopting localized strategies based on the preferences of consumers in different regions, we aim to introduce new tteokbokki products that can be integrated with a variety of local cuisines.”

Instagram: https://www.instagram.com/foodrella.official/

Kakao: https://pf.kakao.com/_thqNC

Facebook: https://www.facebook.com/foodrella

Media Contact

Brand: Foodrella

Contact: Jason Shin

Email: ssw@foodrella.com

Website: https://foodrella.com

The MIL Network –

January 25, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, as compared to $9.1 million, or $0.09 per basic and diluted share, for the quarter ended September 30, 2023. The income for the quarter ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense.

For the nine months ended September 30, 2024, the Company reported net income of $9.6 million, or $0.09 per basic and diluted share, as compared to $29.5 million, or $0.29 per basic and diluted share, for the nine months ended September 30, 2023. Earnings for the nine months ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense. Non-interest income for the 2023 period included a $10.8 million loss on securities transactions.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The third quarter earnings have been challenged by continuing pressure on funding costs. Our net interest margin, which has increased 9 basis points since the first quarter of 2024, and our expense management, we believe, will contribute to improved earnings on a go forward basis. The Company’s balance sheet and capital remain strong. We successfully closed the merger and performed the system conversion of Freehold Bank into Columbia Bank in October 2024. This was the final step of our fourth completed merger over the last five years.”

Results of Operations for the Three Months Ended September 30, 2024 and September 30, 2023

Net income of $6.2 million was recorded for the quarter ended September 30, 2024, a decrease of $2.9 million, or 32.3%, compared to $9.1 million for the quarter ended September 30, 2023. The decrease in net income was primarily attributable to a $3.2 million decrease in net interest income, and a $1.7 million increase in provision for credit losses, partially offset by a $376,000 increase in non-interest income, and a $1.6 million decrease in income tax expense.

Net interest income was $45.3 million for the quarter ended September 30, 2024, a decrease of $3.2 million, or 6.7%, from $48.5 million for the quarter ended September 30, 2023. The decrease in net interest income was primarily attributable to a $20.7 million increase in interest expense on deposits and borrowings, partially offset by a $17.5 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $171,000 for the quarter ended September 30, 2024, compared to $83,000 for the quarter ended September 30, 2023.

The average yield on loans for the quarter ended September 30, 2024 increased 53 basis points to 5.00%, as compared to 4.47% for the quarter ended September 30, 2023, as interest income was influenced by rising interest rates and the average balance of loans. The average yield on securities for the quarter ended September 30, 2024 increased 53 basis points to 2.90%, as compared to 2.37% for the quarter ended September 30, 2023, as new securities purchased during the 2024 period were at higher rates. The average yield on other interest-earning assets for the quarter ended September 30, 2024 increased 81 basis points to 6.72%, as compared to 5.91% for the quarter ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

Total interest expense was $70.6 million for the quarter ended September 30, 2024, an increase of $20.7 million, or 41.6%, from $49.9 million for the quarter ended September 30, 2023. The increase in interest expense was primarily attributable to a 90 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 17 basis point increase in the average cost of borrowings, coupled with an increase in the average balance of borrowings. Interest expense on deposits increased $16.3 million, or 45.3%, and interest expense on borrowings increased $4.5 million, or 31.9%.

The Company’s net interest margin for the quarter ended September 30, 2024 decreased 22 basis points to 1.84%, when compared to 2.06% for the quarter ended September 30, 2023. The weighted average yield on interest-earning assets increased 53 basis points to 4.70% for the quarter ended September 30, 2024, as compared to 4.17% for the quarter ended September 30, 2023. The average cost of interest-bearing liabilities increased 82 basis points to 3.52% for the quarter ended September 30, 2024, as compared to 2.70% for the quarter ended September 30, 2023. The increase in yields for the quarter ended September 30, 2024 was due to the impact of market interest rate increases in 2023. The net interest margin decreased for the quarter ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets. The Company’s net interest margin for the quarter ended September 30, 2024 when compared to the quarter ended March 31, 2024 increased 9 basis points from 1.75% to 1.84%.

The provision for credit losses for the quarter ended September 30, 2024 was $4.1 million, an increase of $1.7 million, from $2.4 million for the quarter ended September 30, 2023. The increase in provision for credit losses during the quarter was primarily attributable to net charge-offs totaling $2.7 million and an increase in the loan performance qualitative factors.

Non-interest income was $9.0 million for the quarter ended September 30, 2024, an increase of $376,000, from $8.6 million for the quarter ended September 30, 2023. The increase was primarily attributable to an increase of $347,000 in demand deposit account fees, mainly related to commercial account treasury services.

Non-interest expense was $42.8 million for the quarter ended September 30, 2024, a decrease of $76,000, from $42.9 million for the quarter ended September 30, 2023. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $1.0 million, partially offset by an increase in data processing fees of $666,000, and federal deposit insurance premiums of $317,000. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024. Data processing and software expenses increased due to costs related to cybersecurity and technology enhancements, and federal deposit insurance premiums increased due to the 2024 quarter including an increase in a one-time special assessment charge.

Income tax expense was $1.1 million for the quarter ended September 30, 2024, a decrease of $1.6 million, as compared to income tax expense of $2.7 million for the quarter ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 15.5% and 22.9% for the quarters ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 quarter was primarily impacted by permanent income tax differences.

Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023

Net income of $9.6 million was recorded for the nine months ended September 30, 2024, a decrease of $19.9 million, or 67.6%, compared to $29.5 million for the nine months ended September 30, 2023. The decrease in net income was primarily attributable to a $29.0 million decrease in net interest income and a $7.9 million increase in provision for credit losses, partially offset by a $9.5 million increase in non-interest income and a $7.8 million decrease in income tax expense.

Net interest income was $131.6 million for the nine months ended September 30, 2024, a decrease of $29.0 million, or 18.1%, from $160.5 million for the nine months ended September 30, 2023. The decrease in net interest income was primarily attributable to a $79.4 million increase in interest expense on deposits and borrowings, partially offset by a $50.4 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $875,000 for the nine months ended September 30, 2024, compared to $339,000 for the nine months ended September 30, 2023.

The average yield on loans for the nine months ended September 30, 2024 increased 55 basis points to 4.91%, as compared to 4.36% for the nine months ended September 30, 2023, as interest income was influenced by higher interest rates and loan growth. The average yield on securities for the nine months ended September 30, 2024 increased 40 basis points to 2.82%, as compared to 2.42% for the nine months ended September 30, 2023, as a number of adjustable rate securities tied to various indexes repriced higher during the nine months, and new securities purchased during the 2024 period were at higher yields. The average yield on other interest-earning assets for the nine months ended September 30, 2024 increased 90 basis points to 6.35%, as compared to 5.45% for the nine months ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

Total interest expense was $206.2 million for the nine months ended September 30, 2024, an increase of $79.4 million, 62.5%, from $126.9 million for the nine months ended September 30, 2023. The increase in interest expense was primarily attributable to a 134 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 25 basis point increase in the average cost of borrowings, and an increase in the average balance of borrowings. Interest expense on deposits increased $68.7 million, or 84.1%, and interest expense on borrowings increased $10.6 million, or 23.6%.

The Company’s net interest margin for the nine months ended September 30, 2024 decreased 47 basis points to 1.80%, when compared to 2.27% for the nine months ended September 30, 2023. The weighted average yield on interest-earning assets increased 55 basis points to 4.61% for the nine months ended September 30, 2024, as compared to 4.06% for the nine months ended September 30, 2023. The average cost of interest-bearing liabilities increased 118 basis points to 3.47% for the nine months ended September 30, 2024, as compared to 2.29% for the nine months ended September 30, 2023. The increase in yields for the nine months ended September 30, 2024 was due to the impact of market interest rate increases between periods. The net interest margin decreased for the nine months ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.

The provision for credit losses for the nine months ended September 30, 2024 was $11.6 million, an increase of $7.9 million, from $3.6 million for the nine months ended September 30, 2023. The increase in provision for credit losses was primarily attributable to net charge-offs totaling $8.2 million and an increase in the loan performance qualitative factors.

Non-interest income was $25.6 million for the nine months ended September 30, 2024, an increase of $9.5 million, from $16.1 million for the nine months ended September 30, 2023. The increase was primarily attributable to a decrease in the loss on securities transactions of $9.6 million.

Non-interest expense was $134.7 million for the nine months ended September 30, 2024, an increase of $321,000, from $134.4 million for the nine months ended September 30, 2023. The increase was primarily attributable to an increase in federal deposit insurance premiums of $2.1 million, due to the 2024 period including an increase in a one-time special assessment charge. In addition, there was an increase in professional fees of $4.9 million, an increase in data processing and software expenses of $1.1 million, an increase in merger-related expense of $457,000, and an increase in other non-interest expense of $1.2 million, partially offset by a decrease in compensation and employee benefits expense of $9.5 million. Professional fees included an increase in legal, regulatory and compliance-related costs while data processing and software expenses increased due to costs related to cybersecurity and technology enhancements. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024.

Income tax expense was $1.3 million for the nine months ended September 30, 2024, a decrease of $7.8 million, as compared to income tax expense of $9.1 million for the nine months ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 11.8% and 23.6% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 period was also impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $40.9 million, or 0.4%, to $10.7 billion at September 30, 2024 as compared to $10.6 billion at December 31, 2023. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $178.9 million, and an increase in other assets of $21.3 million, partially offset by a decrease in cash and cash equivalents of $139.7 million, and a decrease in loans receivable, net, of $20.7 million.

Cash and cash equivalents decreased $139.7 million, or 33.0%, to $283.5 million at September 30, 2024 from $423.2 million at December 31, 2023. The decrease was primarily attributable to purchases of securities of $283.5 million and repurchases of common stock under our stock repurchase program of $5.9 million, partially offset by proceeds from principal repayments on securities of $119.3 million, and repayments on loans receivable.

Debt securities available for sale increased $178.9 million, or 16.4%, to $1.3 billion at September 30, 2024 from $1.1 billion at December 31, 2023. The increase was attributable to the purchases of debt securities available for sale of $266.9 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in gross unrealized losses on securities of $34.3 million, partially offset by repayments on securities of $107.8 million, maturities of securities of $10.0 million, and the sale of one corporate debt security with a carrying value of $4.8 million, resulting in a loss of $1.3 million.

Loans receivable, net, decreased $20.7 million, or 0.3%, with a balance of $7.8 billion at both September 30, 2024 and December 31, 2023. One-to-four family real estate loans, multifamily loans, commercial real estate loans, and home equity loans and advances decreased $55.6 million, $10.2 million, $64.3 million, and $5.6 million, respectively, partially offset by increases in construction loans of $67.3 million and commercial business loans of $53.4 million. The allowance for credit losses for loans increased $3.4 million to $58.5 million at September 30, 2024 from $55.1 million at December 31, 2023.

Other assets increased $21.3 million or 6.9%, to $329.7 million at September 30, 2024 compared to $308.4 million at December 31, 2023, primarily due to a $10.4 million increase in the Company’s pension plan balance, as the return on plan assets outpaced the growth in the plan’s obligations and a $12.6 million increase in the Company’s collateral posting with certain of its derivative counterparties.

Total liabilities increased $2.1 million, or 0.02%, totaling $9.6 billion at both September 30, 2024 and December 31, 2023. The increase was primarily attributable to an increase in total deposits of $111.5 million, or 1.4%, partially offset by a decrease in borrowings of $108.1 million, or 7.1%. The increase in total deposits primarily consisted of an increase in certificates of deposit and interest-bearing demand deposits of $195.7 million, and $13.8 million, respectively, partially offset by decreases in non-interest-bearing demand deposits, money market accounts, and savings and club accounts of $31.2 million, $16.3 million, and $50.5 million, respectively. The Bank has priced select certificates of deposit accounts very competitively to the market to attract new customers. The $108.1 million decrease in borrowings was primarily driven by a net decrease in short-term borrowings of $167.8 million and repayments of $175.5 million in maturing long-term borrowings, partially offset by an increase in long-term borrowings of $235.2 million.

Total stockholders’ equity increased $38.8 million, or 3.7%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at December 31, 2023. The increase in total stockholders’ equity was primarily attributable to net income of $9.6 million, a $5.5 million increase in stock based compensation and an increase of $27.7 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income. These increases were partially offset by the repurchase of 365,116 shares of common stock at a cost of approximately $5.9 million, or $16.14 per share, under our stock repurchase program. Repurchases have been paused in order to retain capital.

Asset Quality

The Company’s non-performing loans at September 30, 2024 totaled $28.0 million, or 0.36% of total gross loans, as compared to $12.6 million, or 0.16% of total gross loans, at December 31, 2023. The $15.4 million increase in non-performing loans was primarily attributable to an increase in non-performing one-to-four family real estate loans of $4.2 million, an increase in non-performing commercial real estate loans of $6.7 million, and an increase in non-performing commercial business loans of $4.5 million. One borrower with an outstanding $5.7 million commercial real estate loan and a related $3.5 million commercial business loan was placed on non-accrual status, representing approximately 60% of the increase in non-performing loans during the 2024 period. This borrower is a healthcare facility that was acquired by another healthcare provider in 2024. The acquiring entity has strong cash flow, has guaranteed the commercial business loan and has provided cash collateral. The Company has the first lien on the healthcare facility which has a 2024 appraised value of approximately $18.5 million along with additional collateral. One commercial real estate loan for $2.0 million secured by a medical condominium was transferred to other real estate owned in May 2024, and a related commercial business loan to the same borrower for $54,000 was charged-off during the nine months ended September 30, 2024.

The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 17 non-performing loans at December 31, 2023 to 27 loans at September 30, 2024. Non-performing assets as a percentage of total assets totaled 0.28% and 0.12% at September 30, 2024 and December 31, 2023, respectively.

For the quarter ended September 30, 2024, net charge-offs totaled $2.7 million, as compared to $1.7 million in net charge-offs recorded for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, net charge-offs totaled $8.2 million, as compared to $2.3 million in net charge-offs recorded for the nine months ended September 30, 2023. Net charge-offs recorded for the nine months ended September 30, 2024 included charge-offs related to 15 commercial business loans totaling $7.7 million. The majority of these loans have continued making monthly payments, and management expects additional recoveries from these borrowers on a go forward basis.

The Company’s allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans, at September 30, 2024, compared to $55.1 million, or 0.70% of total gross loans, at December 31, 2023.

Additional Liquidity, Loan, and Deposit Information

The Company services a diverse retail and commercial deposit base through its 68 branches. With approximately 215,000 accounts, the average deposit account balance was approximately $37,000 at September 30, 2024.

Deposit balances are summarized as follows:

	At September 30, 2024					At June 30, 2024
	Balance		Weighted Average Rate			Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,406,152		—	%	$	1,405,441		—	%
Interest-bearing demand		1,980,298		2.41			1,904,483		2.37
Money market accounts		1,239,204		2.92			1,246,663		3.17
Savings and club deposits		649,858		0.79			673,031		0.83
Certificates of deposit		2,682,547		4.45			2,551,929		4.34
Total deposits	$	7,958,059		2.62	%	$	7,781,547		2.56	%

The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at September 30, 2024. As of September 30, 2024, the Company had immediate access to approximately $2.6 billion of funding, with additional unpledged loan collateral in excess of $1.8 billion.

At September 30, 2024, the Company’s non-performing commercial real estate loans totaled $9.4 million, or 0.12%, of the total loans receivable loan portfolio balance.

The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

	At September 30, 2024
	(Dollars in thousands)
	Balance		% of Gross Loans			Weighted Average Loan to Value Ratio			Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,399,000		17.8	%		61.0	%		1.62	x

Owner Occupied Commercial Real Estate	$	683,523		8.7	%		53.6	%		2.10	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	484,121		6.2	%		51.7	%		1.59	x
Mixed Use		211,853		2.7			58.1			1.61
Industrial / Warehouse		389,470		5.0			54.9			1.70
Non-Medical Office		197,768		2.5			54.2			1.64
Medical Office		126,947		1.6			57.9			1.50
Single Purpose		94,497		1.2			54.5			3.23
Other		124,580		1.6			52.0			1.67
Total	$	1,629,236		20.7	%		54.3	%		1.72	x

Total Multifamily and Commercial Real Estate Loans	$	3,711,759		47.2	%		56.7	%		1.75	x

As of September 30, 2024, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 68 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics,, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	September 30,		December 31,
	2024		2023
Assets	(Unaudited)
Cash and due from banks	$	283,391	$	423,140
Short-term investments		110		109
Total cash and cash equivalents		283,501		423,249

Debt securities available for sale, at fair value		1,272,464		1,093,557
Debt securities held to maturity, at amortized cost (fair value of $367,559, and $357,177 at September 30, 2024 and December 31, 2023, respectively)		401,331		401,154
Equity securities, at fair value		4,504		4,079
Federal Home Loan Bank stock		75,847		81,022

Loans receivable		7,857,190		7,874,537
Less: allowance for credit losses		58,495		55,096
Loans receivable, net		7,798,695		7,819,441

Accrued interest receivable		41,659		39,345
Office properties and equipment, net		82,248		83,577
Bank-owned life insurance		272,970		268,362
Goodwill and intangible assets		121,569		123,350
Other real estate owned		1,974		—
Other assets		329,741		308,432
Total assets	$	10,686,503	$	10,645,568

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	7,958,059	$	7,846,556
Borrowings		1,420,640		1,528,695
Advance payments by borrowers for taxes and insurance		42,793		43,509
Accrued expenses and other liabilities		185,861		186,473
Total liabilities		9,607,353		9,605,233

Stockholders’ equity:
Total stockholders’ equity		1,079,150		1,040,335
Total liabilities and stockholders’ equity	$	10,686,503	$	10,645,568

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income:	(Unaudited)						(Unaudited)
Loans receivable	$	97,863		$	87,548		$	286,064		$	252,026
Debt securities available for sale and equity securities		9,592			6,147			26,618			21,043
Debt securities held to maturity		2,616			2,434			7,487			7,338
Federal funds and interest-earning deposits		3,850			747			11,872			3,360
Federal Home Loan Bank stock dividends		1,966			1,529			5,759			3,661
Total interest income		115,887			98,405			337,800			287,428
Interest expense:
Deposits		52,196			35,918			150,440			81,733
Borrowings		18,416			13,965			55,805			45,158
Total interest expense		70,612			49,883			206,245			126,891

Net interest income		45,275			48,522			131,555			160,537

Provision for credit losses		4,103			2,379			11,575			3,632

Net interest income after provision for credit losses		41,172			46,143			119,980			156,905

Non-interest income:
Demand deposit account fees		1,695			1,348			4,698			3,815
Bank-owned life insurance		1,669			2,014			5,253			5,670
Title insurance fees		688			629			1,935			1,840
Loan fees and service charges		951			969			3,290			3,366
Loss on securities transactions		—			—			(1,256	)		(10,847	)
Change in fair value of equity securities		(27	)		(81	)		425			249
Gain on sale of loans		459			397			825			1,060
Other non-interest income		3,543			3,326			10,440			10,977
Total non-interest income		8,978			8,602			25,610			16,130

Non-interest expense:
Compensation and employee benefits		27,738			28,765			82,910			92,383
Occupancy		5,594			5,845			17,621			17,337
Federal deposit insurance premiums		1,518			1,201			5,752			3,624
Advertising		766			834			2,053			2,307
Professional fees		2,454			2,490			11,597			6,741
Data processing and software expenses		4,125			3,459			12,006			10,885
Merger-related expenses		23			14			737			280
Other non-interest expense, net		616			302			2,063			861
Total non-interest expense		42,834			42,910			134,739			134,418

Income before income tax expense		7,316			11,835			10,851			38,617

Income tax expense		1,131			2,705			1,281			9,100

Net income	$	6,185		$	9,130		$	9,570		$	29,517

Earnings per share-basic	$	0.06		$	0.09		$	0.09		$	0.29
Earnings per share-diluted	$	0.06		$	0.09		$	0.09		$	0.29
Weighted average shares outstanding-basic		101,623,160			101,968,294			101,673,619			102,993,215
Weighted average shares outstanding-diluted		101,832,048			102,097,491			101,813,253			103,257,616

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,791,131		$	97,863		5.00	%	$	7,763,368		$	87,548		4.47	%
Securities		1,676,781			12,208		2.90	%		1,437,944			8,581		2.37	%
Other interest-earning assets		344,560			5,816		6.72	%		152,900			2,276		5.91	%
Total interest-earning assets		9,812,472			115,887		4.70	%		9,354,212			98,405		4.17	%
Non-interest-earning assets		870,155								844,884
Total assets	$	10,682,627							$	10,199,096

Interest-bearing liabilities:
Interest-bearing demand	$	1,970,444		$	14,581		2.94	%	$	2,054,464		$	10,274		1.98	%
Money market accounts		1,250,676			8,256		2.63	%		1,049,277			7,763		2.94	%
Savings and club deposits		658,628			1,313		0.79	%		758,999			691		0.36	%
Certificates of deposit		2,589,190			28,046		4.31	%		2,296,573			17,190		2.97	%
Total interest-bearing deposits		6,468,938			52,196		3.21	%		6,159,313			35,918		2.31	%
FHLB advances		1,497,580			18,249		4.85	%		1,142,484			13,508		4.69	%
Notes payable		—			—		—	%		29,925			297		3.94	%
Junior subordinated debentures		7,028			164		9.28	%		7,315			160		8.68	%
Other borrowings		217			3		5.50	%		—			—		—	%
Total borrowings		1,504,825			18,416		4.87	%		1,179,724			13,965		4.70	%
Total interest-bearing liabilities		7,973,763		$	70,612		3.52	%		7,339,037		$	49,883		2.70	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,411,622								1,498,726
Other non-interest-bearing liabilities		235,990								241,463
Total liabilities		9,621,375								9,079,226
Total stockholders’ equity		1,061,252								1,119,870
Total liabilities and stockholders’ equity	$	10,682,627							$	10,199,096

Net interest income				$	45,275							$	48,522
Interest rate spread							1.18	%							1.47	%
Net interest-earning assets	$	1,838,709							$	2,015,175
Net interest margin							1.84	%							2.06	%
Ratio of interest-earning assets to interest-bearing liabilities		123.06	%							127.46	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Nine Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,789,356		$	286,064		4.91	%	$	7,725,121		$	252,026		4.36	%
Securities		1,618,319			34,105		2.82	%		1,569,999			28,381		2.42	%
Other interest-earning assets		370,749			17,631		6.35	%		172,151			7,021		5.45	%
Total interest-earning assets		9,778,424			337,800		4.61	%		9,467,271			287,428		4.06	%
Non-interest-earning assets		864,036								835,459
Total assets	$	10,642,460							$	10,302,730

Interest-bearing liabilities:
Interest-bearing demand	$	1,972,520		$	41,673		2.82	%	$	2,244,978		$	25,465		1.52	%
Money market accounts		1,235,520			25,349		2.74	%		894,520			15,334		2.29	%
Savings and club deposits		673,930			3,920		0.78	%		819,804			1,384		0.23	%
Certificates of deposit		2,550,634			79,498		4.16	%		2,165,778			39,550		2.44	%
Total interest-bearing deposits		6,432,604			150,440		3.12	%		6,125,080			81,733		1.78	%
FHLB advances		1,507,045			55,316		4.90	%		1,254,637			43,806		4.67	%
Notes payable		—			—		—	%		30,148			895		3.97	%
Junior subordinated debentures		7,023			486		9.24	%		7,377			457		8.28	%
Other borrowings		73			3		5.49	%		—			—		—	%
Total borrowings		1,514,141			55,805		4.92	%		1,292,162			45,158		4.67	%
Total interest-bearing liabilities		7,946,745		$	206,245		3.47	%		7,417,242		$	126,891		2.29	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,406,666								1,572,497
Other non-interest-bearing liabilities		243,848								225,629
Total liabilities		9,597,259								9,215,368
Total stockholders’ equity		1,045,201								1,087,362
Total liabilities and stockholders’ equity	$	10,642,460							$	10,302,730

Net interest income				$	131,555							$	160,537
Interest rate spread							1.15	%							1.77	%
Net interest-earning assets	$	1,831,679							$	2,050,029
Net interest margin							1.80	%							2.27	%
Ratio of interest-earning assets to interest-bearing liabilities		123.05	%							127.64	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Yield on interest-earning assets:
Loans		5.00	%		4.93	%		4.79	%		4.66	%		4.47	%
Securities		2.90			2.89			2.65			2.58			2.37
Other interest-earning assets		6.72			6.30			6.06			5.64			5.91
Total interest-earning assets		4.70	%		4.64	%		4.50	%		4.39	%		4.17	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits		3.21	%		3.14	%		3.02	%		2.76	%		2.31	%
Total borrowings		4.87			4.92			4.98			4.96			4.70
Total interest-bearing liabilities		3.52	%		3.49	%		3.38	%		3.18	%		2.70	%

Interest rate spread		1.18	%		1.15	%		1.12	%		1.21	%		1.47	%
Net interest margin		1.84	%		1.81	%		1.75	%		1.85	%		2.06	%

Ratio of interest-earning assets to interest-bearing liabilities		123.06	%		123.03	%		123.06	%		125.32	%		127.46	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets		0.23	%		0.17	%		(0.04	)%		0.25	%		0.36	%
Core return on average assets		0.23	%		0.20	%		0.02	%		0.38	%		0.36	%
Return on average equity		2.32	%		1.77	%		(0.45	)%		2.31	%		3.23	%
Core return on average equity		2.29	%		2.06	%		0.18	%		3.55	%		3.24	%
Core return on average tangible equity		2.58	%		2.34	%		0.20	%		3.99	%		3.64	%
Interest rate spread		1.18	%		1.15	%		1.12	%		1.21	%		1.47	%
Net interest margin		1.84	%		1.81	%		1.75	%		1.85	%		2.06	%
Non-interest income to average assets		0.33	%		0.35	%		0.28	%		0.42	%		0.33	%
Non-interest expense to average assets		1.60	%		1.74	%		1.74	%		1.80	%		1.67	%
Efficiency ratio		78.95	%		86.83	%		91.96	%		84.82	%		75.12	%
Core efficiency ratio		79.14	%		85.34	%		88.39	%		76.93	%		75.09	%
Average interest-earning assets to average interest-bearing liabilities		123.06	%		123.03	%		123.06	%		125.32	%		127.46	%
Net charge-offs to average outstanding loans		0.14	%		0.03	%		0.26	%		0.01	%		0.09	%

⁽¹⁾ Ratios are annualized when appropriate.

ASSET QUALITY DATA:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands)

Non-accrual loans	$	28,014		$	25,281		$	22,935		$	12,618		$	15,150
90+ and still accruing		—			—			—			—			—
Non-performing loans		28,014			25,281			22,935			12,618			15,150
Real estate owned		1,974			1,974			—			—			—
Total non-performing assets	$	29,988		$	27,255		$	22,935		$	12,618		$	15,150

Non-performing loans to total gross loans		0.36	%		0.33	%		0.30	%		0.16	%		0.19	%
Non-performing assets to total assets		0.28	%		0.25	%		0.22	%		0.12	%		0.15	%
Allowance for credit losses on loans (“ACL”)	$	58,495		$	57,062		$	55,401		$	55,096		$	54,113
ACL to total non-performing loans		208.81	%		225.71	%		241.56	%		436.65	%		357.18	%
ACL to gross loans		0.75	%		0.73	%		0.71	%		0.70	%		0.69	%

LOAN DATA:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(In thousands)
Real estate loans:
One-to-four family	$	2,737,190		$	2,764,177		$	2,778,932		$	2,792,833		$	2,791,939
Multifamily		1,399,000			1,409,316			1,429,369			1,409,187			1,417,233
Commercial real estate		2,312,759			2,316,252			2,318,178			2,377,077			2,374,488
Construction		510,439			462,880			437,566			443,094			390,940
Commercial business loans		586,447			554,768			538,260			533,041			546,750
Consumer loans:
Home equity loans and advances		261,041			260,427			260,786			266,632			267,016
Other consumer loans		2,877			2,689			2,601			2,801			2,586
Total gross loans		7,809,753			7,770,509			7,765,692			7,824,665			7,790,952
Purchased credit deteriorated loans		11,795			12,150			14,945			15,089			15,228
Net deferred loan costs, fees and purchased premiums and discounts		35,642			36,352			34,992			34,783			34,360
Allowance for credit losses		(58,495	)		(57,062	)		(55,401	)		(55,096	)		(54,113	)
Loans receivable, net	$	7,798,695		$	7,761,949		$	7,760,228		$	7,819,441		$	7,786,427

CAPITAL RATIOS:
	September 30,			December 31,
	2024 ⁽¹⁾			2023
Company:
Total capital (to risk-weighted assets)		14.37	%		14.08	%
Tier 1 capital (to risk-weighted assets)		13.59	%		13.32	%
Common equity tier 1 capital (to risk-weighted assets)		13.50	%		13.23	%
Tier 1 capital (to adjusted total assets)		10.16	%		10.04	%

Columbia Bank:
Total capital (to risk-weighted assets)		14.44	%		14.02	%
Tier 1 capital (to risk-weighted assets)		13.61	%		13.22	%
Common equity tier 1 capital (to risk-weighted assets)		13.61	%		13.22	%
Tier 1 capital (to adjusted total assets)		9.62	%		9.48	%

Freehold Bank:
Total capital (to risk-weighted assets)		25.98	%		22.49	%
Tier 1 capital (to risk-weighted assets)		25.41	%		21.81	%
Common equity tier 1 capital (to risk-weighted assets)		25.41	%		21.81	%
Tier 1 capital (to adjusted total assets)		16.63	%		15.27	%

⁽¹⁾ Estimated ratios at September 30, 2024

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	September 30,			December 31,
	2024			2023
	(Dollars in thousands)

Total stockholders’ equity	$	1,079,150		$	1,040,335
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(9,496	)		(11,155	)
Total tangible stockholders’ equity	$	958,939		$	918,465

Shares outstanding		104,725,436			104,918,905

Book value per share	$	10.30		$	9.92
Tangible book value per share	$	9.16		$	8.75

Reconciliation of Core Net Income
	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024		2023
	(In thousands)

Net income	$	6,185		$	9,130	$	9,570	$	29,517
Add: loss on securities transactions, net of tax		—			—		1,130		9,249
Less/add: FDIC special assessment, net of tax		(107	)		—		385		—
Add: severance expense from reduction in workforce, net of tax		—			—		67		1,390
Add: merger-related expenses, net of tax		19			11		691		241
Add: litigation expenses, net of tax		—			—		—		262
Core net income	$	6,097		$	9,141	$	11,843	$	40,659

Return on Average Assets
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Net income	$	6,185		$	9,130		$	9,570		$	29,517

Average assets	$	10,682,627		$	10,199,096		$	10,642,460		$	10,302,730

Return on average assets		0.23	%		0.36	%		0.12	%		0.38	%

Core net income	$	6,097		$	9,141		$	11,843		$	40,659

Core return on average assets		0.23	%		0.36	%		0.15	%		0.53	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Total average stockholders’ equity	$	1,061,252		$	1,119,870		$	1,045,201		$	1,087,362
Add: loss on securities transactions, net of tax		—			—			1,130			9,249
Less/add: FDIC special assessment, net of tax		(107	)		—			385			—
Add: severance expense from reduction in workforce, net of tax		—			—			67			1,390
Add: merger-related expenses, net of tax		19			11			691			241
Add: litigation expenses, net of tax		—			—			—			262
Core average stockholders’ equity	$	1,061,164		$	1,119,881		$	1,047,474		$	1,098,504

Return on average equity		2.32	%		3.23	%		1.22	%		3.63	%

Core return on core average equity		2.29	%		3.24	%		1.51	%		4.95	%

Return on Average Tangible Equity
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Total average stockholders’ equity	$	1,061,252		$	1,119,870		$	1,045,201		$	1,087,362
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(9,842	)		(12,109	)		(10,391	)		(12,989	)
Total average tangible stockholders’ equity	$	940,695		$	997,046		$	924,095		$	963,658

Core return on average tangible equity		2.58	%		3.64	%		1.71	%		5.64	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Net interest income	$	45,275		$	48,522		$	131,555		$	160,537
Non-interest income		8,978			8,602			25,610			16,130
Total income	$	54,253		$	57,124		$	157,165		$	176,667

Non-interest expense	$	42,834		$	42,910		$	134,739		$	134,418

Efficiency ratio		78.95	%		75.12	%		85.73	%		76.09	%

Non-interest income	$	8,978		$	8,602		$	25,610		$	16,130
Add: loss on securities transactions		—			—			1,256			10,847
Core non-interest income	$	8,978		$	8,602		$	26,866		$	26,977

Non-interest expense	$	42,834		$	42,910		$	134,739		$	134,418
Add/less: FDIC special assessment, net		126			—			(439	)		—
Less: severance expense from reduction in workforce		—			—			(74	)		(1,605	)
Less: merger-related expenses		(23	)		(14	)		(737	)		(280	)
Less: litigation expenses		—			—			—			(317	)
Core non-interest expense	$	42,937		$	42,896		$	133,489		$	132,216

Core efficiency ratio		79.14	%		75.09	%		84.26	%		70.51	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

January 25, 2025

MIL-OSI: Key Advocates Urge CMS to Clarify that Fully Implanted Active Middle Ear Hearing Devices are Prosthetic Devices for Purposes of Medicare Coverage

Source: GlobeNewswire (MIL-OSI)

Twelve Members of the Independence Through Enhancement of Medicare and Medicaid (ITEM) Coalition Sign Letter to CMS Seeking Clarification of Prior Decision Making and Action to Bring Novel Hearing Technology to Medicare Beneficiaries

WHITE BEAR LAKE, Minnesota, Oct. 24, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, expresses gratitude to the Independence Through Enhancement of Medicare and Medicaid (“ITEM”) Coalition and the twelve ITEM member signatories for sending a strong letter to CMS supporting a reconsideration of the benefit category for fully implanted active middle ear hearing devices.

The letter states in part: “[W]e request that you please provide an explanation as to CMS’ reasoning for determining that fully implanted active middle ear hearing devices do not qualify as an exception to the hearing aid exclusion under statute. In addition, we believe CMS has the authority to reconsider their decision and urge you to clarify that this technology qualifies as a prosthetic device for purposes of Medicare coverage.”
ITEM is a national consumer- and clinician-led coalition advocating for access to and coverage of assistive devices, technologies, and related services for people with injuries, illnesses, disabilities, and chronic conditions of all ages. Members represent individuals with a wide range of disabling conditions, as well as the providers who serve them.

In the letter to CMS, ITEM referenced the profound impact that hearing loss has on quality of life of Medicare beneficiaries. The Hearing Loss Association of America (HLAA) and Alexander Graham Bell Association for the Deaf and Hard of Hearing (AGBA) were two of the twelve organizations willing to lend their voice and influence to the Medicare beneficiaries with significant hearing loss who want access to novel hearing implants.

“We are grateful that the ITEM Coalition took up such a critically important issue and that twelve coalition member organizations signed the letter urging CMS to do the right thing,” commented Brent Lucas, Envoy Medical CEO. “It especially hits home that the Coalition’s mission is in their name — ‘Independence Through Enhancement of Medicare and Medicaid’ – and we strongly believe that fully implanted hearing devices can help Medicare beneficiaries with hearing impairments significantly regain, or maintain, a level of independence that is good for them and for society as a whole.”

Envoy Medical is one of the few companies worldwide that has a fully implanted active middle ear implant and is currently the only company that has an FDA-approved, fully implanted active middle ear hearing device.

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

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

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

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

About the Fully Implanted Acclaim® Cochlear Implant

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

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

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

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

Additional Information and Where to Find It

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

Forward-Looking Statements

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

###

Investor Contact:
CORE IR
516-222-2560
investorrelations@envoymedical.com

The MIL Network –

January 25, 2025

MIL-OSI: First Merchants Corporation Announces Third Quarter 2024 Earnings per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Oct. 24, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Third Quarter 2024 Highlights:

Net income available to common stockholders was $48.7 million and diluted earnings per common share totaled $0.84, compared to $55.9 million and $0.94 in the third quarter of 2023, and $39.5 million and $0.68 in the second quarter of 2024. Excluding the loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million or $0.95 per share for the third quarter of 2024.
Strong capital position with Common Equity Tier 1 Capital Ratio of 11.25% and Tangible Common Equity to Tangible Assets Ratio of 8.76%.
Net interest margin was 3.23% compared to 3.16% on a linked quarter basis.
Total loans grew $15.5 million, or 0.5% annualized, on a linked quarter basis, and $385.1 million, or 3.1% during the last twelve months.
Total deposits grew by $83.7 million, or 2.3% annualized, on a linked quarter basis after normalizing for $287.7 million of deposits reclassified to held for sale.
Nonperforming assets to total assets were 35 basis points compared to 36 basis points on a linked quarter basis.
The efficiency ratio totaled 53.76% for the quarter.
Announced sale of five Illinois branches and certain loans and deposits to Old Second National Bank on August 27, 2024.

“We are pleased with our third quarter results and the focused momentum that we are building,” said Mark Hardwick, Chief Executive Officer. “The pending sale of five non-core Illinois branches, restructure of the securities portfolio, and successful completion of four major technology initiatives provides us with the opportunity to reprioritize our core markets and introduce innovative customer acquisition strategies.”

Third Quarter Financial Results:

First Merchants Corporation (the “Corporation”) has reported third quarter 2024 net income available to common stockholders of $48.7 million compared to $55.9 million during the same period in 2023. Diluted earnings per common share for the period totaled $0.84 compared to the third quarter of 2023 result of $0.94. Excluding the $9.1 million pre-tax loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million, or $0.95 diluted earnings per common share for the third quarter of 2024.

During the quarter, the Corporation signed a definitive agreement to sell five Illinois branches along with certain loans and deposits, representing an exit from suburban Chicago markets. Loans of $9.2 million, deposits of $287.7 million and fixed assets of $3.4 million have been moved to held for sale categories as of September 30, 2024. The transaction is expected to close in the fourth quarter of this year.

Total assets equaled $18.3 billion as of quarter-end and loans totaled $12.7 billion. During the past twelve months, total loans grew by $385.1 million, or 3.1%. On a linked quarter basis, loans grew $15.5 million, or 0.5%, with growth primarily in commercial & industrial loans.

Investments totaling $3.7 billion decreased $51.6 million, or 1.4%, during the last twelve months and decreased $90.9 million, or 9.7% annualized, on a linked quarter basis. The decline during the quarter was due to $158.9 million in sales of available for sale securities with a weighted average tax-equivalent yield of 2.85%, partially offset by an increase in the securities portfolio valuation.

Total deposits were $14.4 billion as of quarter-end and decreased by $281.5 million, or 1.9%, over the past twelve months. The decline was primarily due to $287.7 million of deposits being reclassified to held for sale. Excluding this impact, deposits increased by $6.2 million. On a linked quarter basis, deposits grew organically by $83.7 million or 2.3%. The loan to deposit ratio increased to 88.0% at period end from 86.8% in the prior quarter, primarily due to the reclassification of deposits to held for sale as previously described.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $187.8 million as of quarter-end, or 1.48% of total loans, a decrease of $1.7 million from prior quarter. Loan charge-offs, net of recoveries totaled $6.7 million and provision for loans of $5.0 million was recorded during the quarter. Reserves for unfunded commitments totaled $19.5 million and remained unchanged from the prior quarter. Non-performing assets to total assets were 35 basis points for the third quarter of 2024, a decrease of one basis point compared to 36 basis points in the prior quarter.

Net interest income totaled $131.1 million for the quarter, an increase of $2.5 million, or 2.0%, compared to prior quarter and a decrease of $2.3 million, or 1.7%, compared to the third quarter of 2023. Fully-tax equivalent net interest margin was 3.23%, an increase of 7 basis points compared to the second quarter of 2024, and a decrease of 6 basis points compared to the third quarter of 2023. The increase in net interest margin compared to the second quarter was due to higher earning asset yields.

Non-interest income totaled $24.9 million for the quarter, a decrease of $6.5 million, or 20.6%, compared to the second quarter of 2024 and a decrease of $3.0 million, or 6.7% from the third quarter of 2023. The decrease from second quarter of 2024 was driven by realized losses on sales of available for sale securities associated with the repositioning of the bond portfolio, partially offset by increases in gains on sales of mortgage loans and earnings on cash surrender value of life insurance.

Non-interest expense totaled $94.6 million for the quarter, an increase of $3.2 million from the second quarter of 2024 and an increase of $0.8 million from the third quarter of 2023. The increase from the linked quarter was from higher salaries and employee benefits primarily driven by higher incentives.

The Corporation’s total risk-based capital ratio equaled 13.18%, common equity tier 1 capital ratio equaled 11.25%, and the tangible common equity ratio totaled 8.76%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, October 24, 2024.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BI34430e309ed545808c7c8195f36e86b6)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/6grv3upw) during the time of the call. A replay of the webcast will be available until October 24, 2025.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,
		2024			2023
ASSETS
Cash and due from banks	$	84,719		$	125,173
Interest-bearing deposits		359,126			348,639
Investment securities, net of allowance for credit losses of $245,000 and $245,000		3,662,145			3,713,724
Loans held for sale		40,652			30,972
Loans		12,646,808			12,271,422
Less: Allowance for credit losses – loans		(187,828	)		(205,782	)
Net loans		12,458,980			12,065,640
Premises and equipment		129,582			132,441
Federal Home Loan Bank stock		41,716			41,797
Interest receivable		92,055			90,011
Goodwill and other intangibles		733,601			741,283
Cash surrender value of life insurance		304,613			306,106
Other real estate owned		5,247			6,480
Tax asset, deferred and receivable		86,732			135,521
Other assets		348,384			340,476
TOTAL ASSETS	$	18,347,552		$	18,078,263
LIABILITIES
Deposits:
Noninterest-bearing	$	2,334,197		$	2,554,984
Interest-bearing		12,030,903			12,091,592
Total Deposits		14,365,100			14,646,576
Borrowings:
Federal funds purchased		30,000			—
Securities sold under repurchase agreements		124,894			152,537
Federal Home Loan Bank advances		832,629			713,384
Subordinated debentures and other borrowings		93,562			158,665
Total Borrowings		1,081,085			1,024,586
Deposits and other liabilities held for sale		288,476			—
Interest payable		18,089			16,473
Other liabilities		292,429			297,984
Total Liabilities		16,045,179			15,985,619
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 58,117,115 and 59,398,022 shares		7,265			7,425
Additional paid-in capital		1,192,683			1,234,402
Retained earnings		1,229,125			1,132,962
Accumulated other comprehensive loss		(151,825	)		(307,270	)
Total Stockholders’ Equity		2,302,373			2,092,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,347,552		$	18,078,263


CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended						Nine Months Ended
(Dollars In Thousands, Except Per Share Amounts)	September 30,						September 30,
		2024			2023			2024			2023
INTEREST INCOME
Loans receivable:
Taxable	$	206,680		$	191,705		$	606,116		$	550,314
Tax-exempt		8,622			8,288			25,242			23,757
Investment securities:
Taxable		9,263			8,590			27,062			26,563
Tax-exempt		13,509			13,947			40,733			44,296
Deposits with financial institutions		2,154			5,884			11,642			9,685
Federal Home Loan Bank stock		855			719			2,569			2,281
Total Interest Income		241,083			229,133			713,364			656,896
INTEREST EXPENSE
Deposits		98,856			85,551			296,292			209,437
Federal funds purchased		329			—			455			1,420
Securities sold under repurchase agreements		700			797			2,377			2,624
Federal Home Loan Bank advances		8,544			6,896			21,715			20,775
Subordinated debentures and other borrowings		1,544			2,506			5,781			7,303
Total Interest Expense		109,973			95,750			326,620			241,559
NET INTEREST INCOME		131,110			133,383			386,744			415,337
Provision for credit losses		5,000			2,000			31,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,110			131,383			355,244			413,337
NONINTEREST INCOME
Service charges on deposit accounts		8,361			7,975			24,482			23,147
Fiduciary and wealth management fees		8,525			7,394			25,550			22,653
Card payment fees		5,121			4,716			14,360			14,425
Net gains and fees on sales of loans		6,764			5,517			15,159			11,548
Derivative hedge fees		736			516			1,488			2,336
Other customer fees		344			384			1,231			1,643
Earnings on cash surrender value of life insurance		2,755			1,761			6,276			5,145
Net realized losses on sales of available for sale securities		(9,114	)		(1,650	)		(9,165	)		(4,613	)
Other income		1,374			1,229			3,457			2,874
Total Noninterest Income		24,866			27,842			82,838			79,158
NONINTEREST EXPENSES
Salaries and employee benefits		55,223			55,566			165,730			167,778
Net occupancy		6,994			6,837			21,052			20,770
Equipment		6,949			5,698			19,774			18,005
Marketing		1,836			2,369			4,807			4,780
Outside data processing fees		7,150			6,573			21,111			19,290
Printing and office supplies		378			333			1,085			1,150
Intangible asset amortization		1,772			2,182			5,500			6,561
FDIC assessments		3,720			2,981			11,285			7,117
Other real estate owned and foreclosure expenses		942			677			1,849			1,575
Professional and other outside services		3,035			3,833			10,809			12,191
Other expenses		6,630			6,805			19,975			20,950
Total Noninterest Expenses		94,629			93,854			282,977			280,167
INCOME BEFORE INCOME TAX		56,347			65,371			155,105			212,328
Income tax expense		7,160			9,005			18,052			31,021
NET INCOME		49,187			56,366			137,053			181,307
Preferred stock dividends		468			468			1,406			1,406
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	48,719		$	55,898		$	135,647		$	179,901
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.84		$	0.95		$	2.32		$	3.04
Diluted Net Income Available to Common Stockholders	$	0.84		$	0.94		$	2.31		$	3.03
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34		$	1.04		$	1.00
Average Diluted Common Shares Outstanding (in thousands)		58,289			59,503			58,629			59,465


FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023
NET CHARGE-OFFS	$	6,709		$	20,365		$	48,606		$	22,495

AVERAGE BALANCES:
Total Assets	$	18,360,580		$	18,152,239		$	18,374,370		$	18,115,504
Total Loans		12,680,166			12,287,632			12,592,907			12,264,787
Total Earning Assets		16,990,358			16,947,669			17,042,540			16,913,965
Total Deposits		14,702,454			14,735,592			14,826,056			14,627,448
Total Stockholders’ Equity		2,251,547			2,154,232			2,232,419			2,126,005

FINANCIAL RATIOS:
Return on Average Assets		1.07	%		1.24	%		0.99	%		1.33	%
Return on Average Stockholders’ Equity		8.66			10.38			8.10			11.28
Return on Tangible Common Stockholders’ Equity		13.39			16.54			12.64			18.10
Average Earning Assets to Average Assets		92.54			93.36			92.75			93.37
Allowance for Credit Losses – Loans as % of Total Loans		1.48			1.67			1.48			1.67
Net Charge-offs as % of Average Loans (Annualized)		0.21			0.66			0.51			0.24
Average Stockholders’ Equity to Average Assets		12.26			11.87			12.15			11.74
Tax Equivalent Yield on Average Earning Assets		5.82			5.55			5.72			5.32
Interest Expense/Average Earning Assets		2.59			2.26			2.56			1.90
Net Interest Margin (FTE) on Average Earning Assets		3.23			3.29			3.16			3.42
Efficiency Ratio		53.76			53.91			55.54			52.60
Tangible Common Book Value Per Share	$	26.64		$	22.43		$	26.64		$	22.43


NONPERFORMING ASSETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Nonaccrual Loans	$	59,088		$	61,906		$	62,478		$	53,580		$	53,102
Other Real Estate Owned and Repossessions		5,247			4,824			4,886			4,831			6,480
Nonperforming Assets (NPA)		64,335			66,730			67,364			58,411			59,582
90+ Days Delinquent		14,105			1,686			2,838			172			89
NPAs & 90 Day Delinquent	$	78,440		$	68,416		$	70,202		$	58,583		$	59,671

Allowance for Credit Losses – Loans	$	187,828		$	189,537		$	204,681		$	204,934		$	205,782
Quarterly Net Charge-offs		6,709			39,644			2,253			3,148			20,365
NPAs / Actual Assets %		0.35	%		0.36	%		0.37	%		0.32	%		0.33	%
NPAs & 90 Day / Actual Assets %		0.43	%		0.37	%		0.38	%		0.32	%		0.33	%
NPAs / Actual Loans and OREO %		0.51	%		0.53	%		0.54	%		0.47	%		0.48	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.48	%		1.50	%		1.64	%		1.64	%		1.67	%
Net Charge-offs as % of Average Loans (Annualized)		0.21	%		1.26	%		0.07	%		0.10	%		0.66	%


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS
Cash and due from banks	$	84,719		$	105,372		$	100,514		$	112,649		$	125,173
Interest-bearing deposits		359,126			168,528			410,497			436,080			348,639
Investment securities, net of allowance for credit losses		3,662,145			3,753,088			3,783,574			3,811,364			3,713,724
Loans held for sale		40,652			32,292			15,118			18,934			30,972
Loans		12,646,808			12,639,650			12,465,582			12,486,027			12,271,422
Less: Allowance for credit losses – loans		(187,828	)		(189,537	)		(204,681	)		(204,934	)		(205,782	)
Net loans		12,458,980			12,450,113			12,260,901			12,281,093			12,065,640
Premises and equipment		129,582			133,245			132,706			133,896			132,441
Federal Home Loan Bank stock		41,716			41,738			41,758			41,769			41,797
Interest receivable		92,055			97,546			92,550			97,664			90,011
Goodwill and other intangibles		733,601			735,373			737,144			739,101			741,283
Cash surrender value of life insurance		304,613			306,379			306,028			306,301			306,106
Other real estate owned		5,247			4,824			4,886			4,831			6,480
Tax asset, deferred and receivable		86,732			107,080			101,121			99,883			135,521
Other assets		348,384			367,845			331,006			322,322			340,476
TOTAL ASSETS	$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887		$	18,078,263
LIABILITIES
Deposits:
Noninterest-bearing	$	2,334,197		$	2,303,313		$	2,338,364		$	2,500,062		$	2,554,984
Interest-bearing		12,030,903			12,265,757			12,546,220			12,321,391			12,091,592
Total Deposits		14,365,100			14,569,070			14,884,584			14,821,453			14,646,576
Borrowings:
Federal funds purchased		30,000			147,229			—			—			—
Securities sold under repurchase agreements		124,894			100,451			130,264			157,280			152,537
Federal Home Loan Bank advances		832,629			832,703			612,778			712,852			713,384
Subordinated debentures and other borrowings		93,562			93,589			118,612			158,644			158,665
Total Borrowings		1,081,085			1,173,972			861,654			1,028,776			1,024,586
Deposits and other liabilities held for sale		288,476			—			—			—			—
Interest payable		18,089			18,554			19,262			18,912			16,473
Other liabilities		292,429			329,302			327,500			289,033			297,984
Total Liabilities		16,045,179			16,090,898			16,093,000			16,158,174			15,985,619
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,265			7,256			7,321			7,428			7,425
Additional paid-in capital		1,192,683			1,191,193			1,208,447			1,236,506			1,234,402
Retained earnings		1,229,125			1,200,930			1,181,939			1,154,624			1,132,962
Accumulated other comprehensive loss		(151,825	)		(211,979	)		(198,029	)		(175,970	)		(307,270	)
Total Stockholders’ Equity		2,302,373			2,212,525			2,224,803			2,247,713			2,092,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887		$	18,078,263


CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
INTEREST INCOME
Loans receivable:
Taxable	$	206,680		$	201,413		$	198,023		$	197,523		$	191,705
Tax-exempt		8,622			8,430			8,190			8,197			8,288
Investment securities:
Taxable		9,263			9,051			8,748			8,644			8,590
Tax-exempt		13,509			13,613			13,611			13,821			13,947
Deposits with financial institutions		2,154			2,995			6,493			8,034			5,884
Federal Home Loan Bank stock		855			879			835			771			719
Total Interest Income		241,083			236,381			235,900			236,990			229,133
INTEREST EXPENSE
Deposits		98,856			99,151			98,285			96,655			85,551
Federal funds purchased		329			126			—			1			—
Securities sold under repurchase agreements		700			645			1,032			827			797
Federal Home Loan Bank advances		8,544			6,398			6,773			6,431			6,896
Subordinated debentures and other borrowings		1,544			1,490			2,747			3,013			2,506
Total Interest Expense		109,973			107,810			108,837			106,927			95,750
NET INTEREST INCOME		131,110			128,571			127,063			130,063			133,383
Provision for credit losses		5,000			24,500			2,000			1,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,110			104,071			125,063			128,563			131,383
NONINTEREST INCOME
Service charges on deposit accounts		8,361			8,214			7,907			7,690			7,975
Fiduciary and wealth management fees		8,525			8,825			8,200			8,187			7,394
Card payment fees		5,121			4,739			4,500			4,437			4,716
Net gains and fees on sales of loans		6,764			5,141			3,254			4,111			5,517
Derivative hedge fees		736			489			263			1,049			516
Other customer fees		344			460			427			237			384
Earnings on cash surrender value of life insurance		2,755			1,929			1,592			3,202			1,761
Net realized losses on sales of available for sale securities		(9,114	)		(49	)		(2	)		(2,317	)		(1,650	)
Other income (loss)		1,374			1,586			497			(152	)		1,229
Total Noninterest Income		24,866			31,334			26,638			26,444			27,842
NONINTEREST EXPENSES
Salaries and employee benefits		55,223			52,214			58,293			60,967			55,566
Net occupancy		6,994			6,746			7,312			9,089			6,837
Equipment		6,949			6,599			6,226			6,108			5,698
Marketing		1,836			1,773			1,198			2,647			2,369
Outside data processing fees		7,150			7,072			6,889			5,875			6,573
Printing and office supplies		378			354			353			402			333
Intangible asset amortization		1,772			1,771			1,957			2,182			2,182
FDIC assessments		3,720			3,278			4,287			7,557			2,981
Other real estate owned and foreclosure expenses		942			373			534			1,743			677
Professional and other outside services		3,035			3,822			3,952			3,981			3,833
Other expenses		6,630			7,411			5,934			7,552			6,805
Total Noninterest Expenses		94,629			91,413			96,935			108,103			93,854
INCOME BEFORE INCOME TAX		56,347			43,992			54,766			46,904			65,371
Income tax expense		7,160			4,067			6,825			4,425			9,005
NET INCOME		49,187			39,925			47,941			42,479			56,366
Preferred stock dividends		468			469			469			469			468
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.84		$	0.68		$	0.80		$	0.71		$	0.95
Diluted Net Income Available to Common Stockholders	$	0.84		$	0.68		$	0.80		$	0.71		$	0.94
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.34		$	0.34		$	0.34
Average Diluted Common Shares Outstanding (in thousands)		58,289			58,328			59,273			59,556			59,503
FINANCIAL RATIOS:
Return on Average Assets		1.07	%		0.87	%		1.04	%		0.92	%		1.24	%
Return on Average Stockholders’ Equity		8.66			7.16			8.47			7.89			10.38
Return on Tangible Common Stockholders’ Equity		13.39			11.29			13.21			12.75			16.54
Average Earning Assets to Average Assets		92.54			92.81			92.91			93.62			93.36
Allowance for Credit Losses – Loans as % of Total Loans		1.48			1.50			1.64			1.64			1.67
Net Charge-offs as % of Average Loans (Annualized)		0.21			1.26			0.07			0.10			0.66
Average Stockholders’ Equity to Average Assets		12.26			12.02			12.17			11.58			11.87
Tax Equivalent Yield on Average Earning Assets		5.82			5.69			5.65			5.64			5.55
Interest Expense/Average Earning Assets		2.59			2.53			2.55			2.48			2.26
Net Interest Margin (FTE) on Average Earning Assets		3.23			3.16			3.10			3.16			3.29
Efficiency Ratio		53.76			53.84			59.21			63.26			53.91
Tangible Common Book Value Per Share	$	26.64		$	25.10		$	25.07		$	25.06		$	22.43


LOANS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Commercial and industrial loans	$	4,041,217		$	3,949,817		$	3,722,365		$	3,670,948		$	3,490,953
Agricultural land, production and other loans to farmers		238,743			239,926			234,431			263,414			233,838
Real estate loans:
Construction		814,704			823,267			941,726			957,545			1,022,261
Commercial real estate, non-owner occupied		2,251,351			2,323,533			2,368,360			2,400,839			2,360,596
Commercial real estate, owner occupied		1,152,751			1,174,195			1,137,894			1,162,083			1,153,707
Residential		2,366,943			2,370,905			2,316,490			2,288,921			2,257,385
Home equity		641,188			631,104			618,258			617,571			609,352
Individuals’ loans for household and other personal expenditures		158,480			162,089			161,459			168,388			176,523
Public finance and other commercial loans		981,431			964,814			964,599			956,318			966,807
Loans		12,646,808			12,639,650			12,465,582			12,486,027			12,271,422
Allowance for credit losses – loans		(187,828	)		(189,537	)		(204,681	)		(204,934	)		(205,782	)
NET LOANS	$	12,458,980		$	12,450,113		$	12,260,901		$	12,281,093		$	12,065,640


DEPOSITS
(Dollars In Thousands)	September 30,		June 30,		March 31,		December 31,		September 30,
		2024		2024		2024		2023		2023
Demand deposits	$	7,678,510	$	7,757,679	$	7,771,976	$	7,965,862	$	7,952,040
Savings deposits		4,302,236		4,339,161		4,679,593		4,516,433		4,572,162
Certificates and other time deposits of $100,000 or more		1,277,833		1,415,131		1,451,443		1,408,985		1,280,607
Other certificates and time deposits		802,949		889,949		901,280		849,906		761,196
Brokered certificates of deposits¹		303,572		167,150		80,292		80,267		80,571
TOTAL DEPOSITS²	$	14,365,100	$	14,569,070	$	14,884,584	$	14,821,453	$	14,646,576

^{1 –} Total brokered deposits of $838.3 million, which includes brokered CD’s of $303.6 million at September 30, 2024.
² – Total deposits at September 30, 2024 excludes $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the pending Illinois branch sale.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	252,113	$	2,154	3.42	%	$	502,967	$	5,884	4.68	%
Federal Home Loan Bank stock		41,730		855	8.20			41,826		719	6.88
Investment Securities: ⁽¹⁾
Taxable		1,789,526		9,263	2.07			1,817,219		8,590	1.89
Tax-exempt ⁽²⁾		2,226,823		17,100	3.07			2,298,025		17,655	3.07
Total Investment Securities		4,016,349		26,363	2.63			4,115,244		26,245	2.55
Loans held for sale		31,991		483	6.04			24,227		386	6.37
Loans: ⁽³⁾
Commercial		8,699,733		164,922	7.58			8,456,527		153,993	7.28
Real estate mortgage		2,183,095		24,333	4.46			2,079,067		21,618	4.16
Installment		832,222		16,942	8.14			827,318		15,708	7.59
Tax-exempt ⁽²⁾		933,125		10,914	4.68			900,493		10,491	4.66
Total Loans		12,680,166		217,594	6.86			12,287,632		202,196	6.58
Total Earning Assets		16,990,358		246,966	5.82	%		16,947,669		235,044	5.55	%
Total Non-Earning Assets		1,370,222						1,204,570
TOTAL ASSETS	$	18,360,580					$	18,152,239
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,455,298	$	40,450	2.97	%	$	5,425,829	$	37,780	2.79	%
Money market deposits		2,974,188		25,950	3.49			2,923,798		23,607	3.23
Savings deposits		1,425,047		4,208	1.18			1,641,338		3,844	0.94
Certificates and other time deposits		2,499,655		28,248	4.52			2,106,910		20,320	3.86
Total Interest-Bearing Deposits		12,354,188		98,856	3.20			12,097,875		85,551	2.83
Borrowings		1,071,440		11,117	4.15			1,032,180		10,199	3.95
Total Interest-Bearing Liabilities		13,425,628		109,973	3.28			13,130,055		95,750	2.92
Noninterest-bearing deposits		2,348,266						2,637,717
Other liabilities		335,139						230,235
Total Liabilities		16,109,033						15,998,007
STOCKHOLDERS’ EQUITY		2,251,547						2,154,232
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,360,580		109,973			$	18,152,239		95,750
Net Interest Income (FTE)			$	136,993					$	139,294
Net Interest Spread (FTE) ⁽⁴⁾					2.54	%					2.63	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.82	%					5.55	%
Interest Expense / Average Earning Assets					2.59	%					2.26	%
Net Interest Margin (FTE) ⁽⁵⁾					3.23	%					3.29	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,883 and $5,911 for the three months ended September 30, 2024 and 2023, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	383,007	$	11,642	4.05	%	$	340,887	$	9,685	3.79	%
Federal Home Loan Bank stock		41,748		2,569	8.20			41,160		2,281	7.39
Investment Securities: ⁽¹⁾
Taxable		1,787,119		27,062	2.02			1,872,267		26,563	1.89
Tax-exempt ⁽²⁾		2,237,759		51,561	3.07			2,394,864		56,071	3.12
Total Investment Securities		4,024,878		78,623	2.60			4,267,131		82,634	2.58
Loans held for sale		27,735		1,242	5.97			22,398		1,046	6.23
Loans: ⁽³⁾
Commercial		8,659,088		484,979	7.47			8,515,148		444,422	6.96
Real estate mortgage		2,159,738		70,489	4.35			2,008,852		60,354	4.01
Installment		825,060		49,406	7.98			833,133		44,492	7.12
Tax-exempt ⁽²⁾		921,286		31,952	4.62			885,256		30,072	4.53
Total Loans		12,592,907		638,068	6.76			12,264,787		580,386	6.31
Total Earning Assets		17,042,540		730,902	5.72	%		16,913,965		674,986	5.32	%
Total Non-Earning Assets		1,331,830						1,201,539
TOTAL ASSETS	$	18,374,370					$	18,115,504
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits	$	5,487,106	$	120,935	2.94	%	$	5,412,482	$	97,016	2.39	%
Money market deposits		3,018,526		80,563	3.56			2,812,891		55,868	2.65
Savings deposits		1,497,620		11,485	1.02			1,730,110		10,693	0.82
Certificates and other time deposits		2,447,684		83,309	4.54			1,821,408		45,860	3.36
Total Interest-Bearing Deposits		12,450,936		296,292	3.17			11,776,891		209,437	2.37
Borrowings		990,022		30,328	4.08			1,144,368		32,122	3.74
Total Interest-Bearing Liabilities		13,440,958		326,620	3.24			12,921,259		241,559	2.49
Noninterest-bearing deposits		2,375,120						2,850,557
Other liabilities		325,873						217,683
Total Liabilities		16,141,951						15,989,499
STOCKHOLDERS’ EQUITY		2,232,419						2,126,005
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,374,370		326,620			$	18,115,504		241,559
Net Interest Income (FTE)			$	404,282					$	433,427
Net Interest Spread (FTE) ⁽⁴⁾					2.48	%					2.83	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.72	%					5.32	%
Interest Expense / Average Earning Assets					2.56	%					1.90	%
Net Interest Margin (FTE) ⁽⁵⁾					3.16	%					3.42	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $17,538 and $18,090 for the nine months ended September 30, 2024 and 2023, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Net Income Available to Common Stockholders – GAAP	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898		$	135,647		$	179,901
Adjustments:
PPP loan income		—			—			—			(7	)		(8	)		—			(42	)
Net realized losses on sales of available for sale securities		9,114			49			2			2,317			1,650			9,165			4,613
Non-core expenses^1,2		—			—			3,481			12,682			—			3,481			—
Tax on adjustments		(2,220	)		(12	)		(848	)		(3,652	)		(403	)		(3,081	)		(1,121	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	55,613		$	39,493		$	50,107		$	53,350		$	57,137		$	145,212		$	183,351

Average Diluted Common Shares Outstanding (in thousands)		58,289			58,328			59,273			59,556			59,503			58,629			59,465

Diluted Earnings Per Common Share – GAAP	$	0.84		$	0.68		$	0.80		$	0.71		$	0.94		$	2.31		$	3.03
Adjustments:
PPP loan income		—			—			—			—			—			—			—
Net realized losses on sales of available for sale securities		0.15			—			—			0.04			0.03			0.16			0.07
Non-core expenses^1,2		—			—			0.06			0.21			—			0.06			—
Tax on adjustments		(0.04	)		—			(0.01	)		(0.06	)		(0.01	)		(0.05	)		(0.02	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	0.95		$	0.68		$	0.85		$	0.90		$	0.96		$	2.48		$	3.08

¹ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.


NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands, Except Per Share Amounts)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Net Interest Income (GAAP)	$	131,110		$	128,571		$	127,063		$	130,063		$	133,383		$	386,744		$	415,337
Fully Taxable Equivalent (“FTE”) Adjustment		5,883			5,859			5,795			5,853			5,911			17,538			18,090
Net Interest Income (FTE) (non-GAAP)	$	136,993		$	134,430		$	132,858		$	135,916		$	139,294		$	404,282		$	433,427

Average Earning Assets (GAAP)	$	16,990,358		$	17,013,984		$	17,123,851		$	17,222,714		$	16,947,669		$	17,042,540		$	16,913,965
Net Interest Margin (GAAP)		3.09	%		3.02	%		2.97	%		3.02	%		3.15	%		3.03	%		3.27	%
Net Interest Margin (FTE) (non-GAAP)		3.23	%		3.16	%		3.10	%		3.16	%		3.29	%		3.16	%		3.42	%


RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Total Average Stockholders’ Equity (GAAP)	$	2,251,547		$	2,203,361		$	2,242,139		$	2,130,993		$	2,154,232		$	2,232,419		$	2,126,005
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(729,581	)		(730,980	)		(732,432	)		(734,007	)		(735,787	)		(730,993	)		(737,476	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,496,841		$	1,447,256		$	1,484,582		$	1,371,861		$	1,393,320		$	1,476,301		$	1,363,404

Net Income Available to Common Stockholders (GAAP)	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898		$	135,647		$	179,901
Plus: Intangible Asset Amortization, Net of Tax		1,399			1,399			1,546			1,724			1,724			4,345			5,182
Tangible Net Income (Non-GAAP)	$	50,118		$	40,855		$	49,018		$	43,734		$	57,622		$	139,992		$	185,083

Return on Tangible Common Equity (Non-GAAP)		13.39	%		11.29	%		13.21	%		12.75	%		16.54	%		12.64	%		18.10	%

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

January 25, 2025

MIL-OSI: 53% of U.S. Tenants Face Housing Affordability Crisis

Source: GlobeNewswire (MIL-OSI)

FORT COLLINS, Colo., Oct. 24, 2024 (GLOBE NEWSWIRE) — A recent study from all-in-one landlord software TurboTenant reveals that over half of renters spend more than 30% of their gross income on rent, meaning they are cost burdened. Though classical wisdom dictates spending no more than 30% of gross income on rent, as cited by industry leaders like Business Insider and Nerdwallet, most renters can’t abide by this advice.

Worse still, 19% of respondents are severely cost burdened, dedicating 50% or more of their income to housing expenses in August 2024. These findings highlight a growing challenge for renters as the average monthly rent has climbed to $1,739 with median rents across the U.S. hitting $2,075, according to Zillow.

“It’s frustrating that rents keep going up. I’d like to buy a home—the payments would be significantly cheaper than renting—but I can never hope to save up for a down payment with rent taking up such a huge portion of my income!” said Amber H. of Kansas, who reported paying 40-49% of her income in rent.

To address this mounting issue, TurboTenant partners with Livble, a flexible rent payment solution that empowers renters to take control of their largest expense by breaking it into more affordable installments—while guaranteeing each landlord receives their rent payment on time and in full.

“With over half of renters cost burdened, it’s essential to provide solutions that benefit both sides of the equation. We’re proud that our partnership with Livble improves renters’ financial security while maintaining financial stability for housing providers,” said Seamus Nally, TurboTenant’s CEO.

Renters looking to take advantage of TurboTenant and Livble’s partnership should create a free TurboTenant account, then invite their landlord to do the same. Landlords collect rent at no cost through the leading rental property management platform and can easily set up a recurring charge. Then, the tenant should navigate to the “Payments” tab of their account, where eligible renters will see the option to learn more about Livble, and all can set up automatic payments to make rent that much less stressful.

About TurboTenant
More than 700,000 independent landlords across the U.S. enjoy TurboTenant’s all-in-one online property management solutions, including rental applications, tenant screening, rent payments, and lease agreements. Please contact press@turbotenant.com or visit turbotenant.com for more information.

The MIL Network –

January 25, 2025

MIL-OSI Africa: Cassava Republic Press named the inaugural winner of Afreximbank’s CANEX Prize for Publishing in Africa, 2024

Source: Africa Press Organisation – English (2) – Report:

ALGIERS, Algeria, October 24, 2024/APO Group/ —

Afreximbank’s (www.Afreximbank.com) CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited announced Cassava Republic Press, Nigeria as its inaugural winner for the 2024 CANEX Prize for Publishing in Africa.

The award, which celebrates excellence in African publishing, recognised Cassava Republic Press for their book Female Fear Factory: Unveiling Patriarchy’s Culture of Violence by Pumla Dineo Gqola. The book was recognised for its striking cover design, elegant layout, and reader-friendly text. It was also lauded for its imaginative approach to gender issues, offering a compelling contribution to feminist literature.

Female Fear Factory explores how patriarchal society fosters violence against women, providing both a sobering account of this violence and a hopeful vision for the work of feminists worldwide. The award, which included a $20,000 prize, was presented at CANEX WKND 2024 in Algiers, Algeria, during a dinner hosted by the Honourable Soraya Mouloudji, Algeria’s Minister of Culture and Arts.

The CANEX Prize for Publishing in Africa, launched in Cairo in November 2023 on the sidelines of the Intra African Trade Fair (IATF2023), aims to promote a vibrant literary culture across Global Africa and foster a sustainable business ecosystem in the literary sector. CANEX, initiated by Afreximbank in 2020, serves as a key driver for development and job creation in Africa, recognising the opportunities within the creative and cultural industries.

The award evaluates entries based on the quality of writing, editing, and production, with particular emphasis on books printed and produced in Africa, as well as those published in indigenous African languages. This year, 85 entries were received from 49 publishers across Africa, representing a diverse range of languages, including English, French, Portuguese, and Swahili. From these submissions, the prize administrators selected five finalists for their exceptional work. The finalists included:

Cassava Republic Press (Nigeria), shortlisted for Female Fear Factory: Unravelling Patriarchy’s Culture of Violence by Pumla Dineo Gqola, was praised for its “solid cover design, elegant layout, and contribution to feminist literature.” Layla Mohamed, Editor at Cassava Republic, received the award on behalf of the publishing house.
Jacana Media (South Africa) was honoured for Paperless by Buntu Siwisa, which the judges described as “a beautifully written story of the hidden lives of migrant workers in Africa.” Kelly Mawa, Publishing Assistant at Jacana Media, accepted the award on behalf of the company.
Kachifo Limited (Nigeria), recognised for Half Hour Hara by Ugo Anidi, was celebrated for being “a delightful and engaging children’s story” with “well-crafted illustrations.” Coco Anetor-Sokei, Managing Editor, collected the award for Kachifo Limited.
La Case des Lucioles (Côte d’Ivoire), shortlisted for Reine Or by Fatou Sy, was praised for its “brave design and theatrical presentation.”
Masobe Books (Nigeria) was shortlisted for When We Were Fireflies by Abubakar Adam Ibrahim, which the judges commended for its “meticulous writing and eye-catching cover design.” Othuke Ominiabohs, Managing Director, received the medal for Masobe Books.

The awards were presented to the finalists by Honourable Mouloudji and Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank.

Speaking at the award ceremony, the Chair of The Judges, Dr Wale Okediran said;

“In line with our mandate to ‘judge the book as a physical object while also paying attention to its editorial work, including topical relevance and editorial risk’, the judges recognised the selected books as having met the required standard of ‘exceptional work and professionalism.”

The CANEX Prize for Publishing in Africa rewards the best trade book publishers in Africa. A prize of $20,000 is awarded to the publisher – selected from a shortlist of five (5) finalists – of the best trade book (defined as books published for a general audience, including fiction, non-fiction, and poetry; and excluding textbooks and academic books) published in the year in question. Additionally, the remaining four (4) finalists in the shortlist are awarded the amount of $2,000 each.

MIL OSI Africa –

January 25, 2025

MIL-OSI USA: Rep. Cuellar Participates in Panel Discussion on Colombia Bridge Expansion and International Trade

Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

LAREDO, TX – Today, Congressman Henry Cuellar (TX-28), Ph.D. participated in a panel discussion hosted by the Laredo Chamber of Commerce in Laredo, TX, on the Colombia Bridge expansion project and international trade.

“I’m pleased to have worked with Senator Cruz to include language in the FY24 National Defense Authorization Act (NDAA) to expedite the Presidential permit for the Colombia-Solidarity Bridge expansion project,” said Dr. Cuellar, a senior member of the House Appropriations Committee. “By expanding the bridge from 8 lanes to 16 lanes, this project will improve our supply chain, reduce congestion, and provide economic growth. I am thankful to the Laredo Chamber of Commerce for hosting this discussion on the Colombia Bridge expansion project and to Senator Cruz, Mayor Victor Trevino, City Manager Joseph Neeb, and Governor Samuel Garcia for being here today to discuss this important project.”

The panel discussion included panelists Rep. Cuellar, City of Laredo Mayor Victor Trevino, Senator Cruz, and Nuevo León Governor Samuel Garcia. The discussion covered the importance of the Colombia Bridge expansion project, trade between the United States and Mexico, and other developments impacting commerce in the district.

Presidential permits are required for construction projects at border crossings. Obtaining a permit currently requires an environmental review, which often takes years to complete. Dr. Cuellar’s language would direct the President to issue conditional permits for projects while environmental reviews required under the National Environmental Policy Act (NEPA) are ongoing.

Dr. Cuellar has long worked to streamline the Presidential permitting process for border bridges. As a senior member of the House Appropriations Committee, Dr. Cuellar secured language to reform the Presidential permit process for border bridges in the Fiscal Year 2024 State, Foreign Operations, and Related Programs House appropriations bill, which would expedite the Colombia-Solidarity expansion project in Laredo.

The National Defense Authorization Act (NDAA) is an annual law specifying the budget and expenditures for the U.S. Department of Defense.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: 2024 East Asia Marine Expo opens in Qingdao, E China

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

2024 East Asia Marine Expo opens in Qingdao, E China

Updated: October 24, 2024 20:43 Xinhua

A visitor takes photos of the model of a ship for marine farming at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. The 2024 East Asia Marine Expo opened Thursday in Qingdao, a coastal city of east China’s Shandong Province, convening more than 500 exhibitors from home and abroad. [Photo/Xinhua]

Equipment for marine emergency and rescue are displayed at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]

A staff member (L) introduces a U-shaped smart life buoy at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]

People visit the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025

MIL-OSI USA: ICYMI: NJBPU Announces Adoption of Minimum Filing Requirements for Medium-and-Heavy-Duty Electric Vehicles

Source: US State of New Jersey

TRENTON – The New Jersey Board of Public Utilities (NJBPU) announced on Wednesday the adoption of minimum filing requirements (MFRs) that direct the state’s investor-owned electric distribution companies (EDCs) to propose programs to expand charging access for medium-and-heavy-duty (MHD) electric vehicles (EVs) and fleets. The expansion of New Jersey’s EV charging ecosystem will catalyze the ongoing clean transition of the state’s fleet, yielding significant greenhouse gas (GHG) emissions reductions within the state’s transportation sector and improving localized air quality.

New Jersey’s transportation sector accounts for nearly 40% of the state’s net GHG emissions, with MHD trucks and busses emitting an outsized share of those emissions. Low-income neighborhoods and communities of color are more likely to be exposed to these pollutants due to their disproportionate proximity to freight corridors, ports, and distribution centers. The adopted MFRs allow utilities to provide additional “bonus” incentives for overburdened municipalities and overburdened communities adjacent to Freight EV Corridors, as well as small businesses.

“Today’s announcement by the BPU is a key part of my Administration’s whole-of-government approach to reducing harmful emissions from the transportation sector that negatively impact the health of our residents,” said Governor Phil Murphy. “Along with New Jersey’s action on Advanced Clean Trucks and the Clean Corridors Coalition, we are building a robust charging infrastructure for a clean transportation future.”

“Under Governor Murphy’s leadership and in coordination with New Jersey’s EDCs, the NJBPU remains at the forefront of advancing smart, clean transportation initiatives and infrastructure that provide considerable health and environmental benefits,” said NJBPU President Christine Guhl-Sadovy. “These benefits are especially vital to the overburdened communities that have borne the brunt of air pollution and its health effects for far too long.”

The MFRs will allow EDCs to propose incentives for the “Make Ready” chargers for public-serving fleets and certain private fleets located in or serving overburdened municipalities and overburdened communities adjacent to Freight EV Corridors.

To ensure that MHD EV charging is built in scalable ways that take capacity into account, the MFRs will connect applicants to utilities and require that utilities create and update capacity maps demonstrating where the grid is capable of supporting MHD charging. In addition, they provide the framework for proactive planning for public charging stations over 500 kW, fleets, and multi-unit dwellings. These planning and technical services will help ensure that these projects are connecting with utilities early and often, allowing for better grid planning and accelerating this critical piece of the 2019 Energy Master Plan.

The MFRs also require that EDCs create managed charging programs to balance the demand on the grid and encourage users to charge at night.

The adopted MFRs build upon the Murphy Administration’s ongoing efforts to promote clean transportation and expand EV charging infrastructure across the state. EDCs will be required to file their proposed programs with the Board within 120 days of the Order.

In July, the U.S. Environmental Protection Agency announced the selection of the Clean Corridor Coalition, led by the New Jersey Department of Environmental Protection, to receive a nearly $250 million Climate Pollution Reduction Grant. The Clean Corridor Coalition – which includes the Connecticut Department of Energy and Environmental Protection, the Delaware Department of Transportation, and the Maryland Departments of the Environment and Transportation – aims to deploy EV charging infrastructure for commercial zero-emission MHD vehicles along the Interstate-95 freight corridor.

On Wednesday, the U.S. EPA and NJDEP announced the arrival of this historic funding at the Vince Lombardi Service Area in Ridgefield, New Jersey.

About New Jersey’s Clean Energy Program (NJCEP)
NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State’s residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers’ energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com.

About the New Jersey Board of Public Utilities (NJBPU)
NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

MIL OSI USA News –

January 25, 2025

MIL-OSI: ACNB Corporation Reports 2024 Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

GETTYSBURG, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $7.2 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2024 compared to net income of $9.0 million, or $1.06 diluted earnings per share, for the three months ended September 30, 2023 and net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024. Financial results for the three months ended September 30, 2024 were impacted by $1.1 million in merger-related expense due to the pending acquisition of Traditions Bancorp, Inc. Financial results for the three month period ended June 30, 2024 were impacted by a $3.2 million reversal of the provisions for credit losses and unfunded commitments.

2024 Third Quarter Highlights

Return on average assets was 1.17% and return on average equity was 9.63% for the three months ended September 30, 2024. Core return on average assets¹ was 1.32% and core return on average equity¹ was 10.81% for the three months ended September 30, 2024.

Fully taxable equivalent (“FTE”) net interest margin was 3.77% for the three months ended September 30, 2024 compared to 3.82% for the three months ended June 30, 2024 and 4.01% for the three months ended September 30, 2023.

Total non-performing loans to total loans, net of unearned income, was 0.39% at September 30, 2024 compared to 0.19% at June 30, 2024 and 0.22% at September 30, 2023. The increase in non-performing loans to total loans, net of unearned income, for the three months ended September 30, 2024 was the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.

Net charge-offs to average loans outstanding (annualized) were 0.01% for the three months ended September 30, 2024 and 0.00% for the three months ended June 30, 2024 compared to 0.03% for the three months ended September 30, 2023.

Tangible common equity to tangible assets ratio¹ of 10.74% at September 30, 2024 compared to 9.84% at June 30, 2024 and 8.65% at September 30, 2023. The net unrealized loss on the available for sale securities portfolio was $36.8 million at September 30, 2024 compared to a net unrealized loss of $52.7 million at June 30, 2024 and a net unrealized loss of $75.2 million at September 30, 2023.

ACNB and ACNB Bank capital levels remain well in excess of ACNB’s internal minimums and those required to be categorized as a well-capitalized institution by our bank regulators.

“We are once again pleased to share strong operating results for the third quarter of 2024. Our continued focus on profitability and asset quality as evidenced by our return on average assets and return on average equity are a testament to the continued focus on our strategic objectives,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

“During the third quarter, we were also pleased to announce the strategic acquisition of Traditions Bancorp, Inc. This acquisition will create the largest community bank in Pennsylvania with assets less than $5 billion and enhances our presence in York County and expands our branch footprint in neighboring Lancaster County. We are excited to welcome Traditions as ACNB continues to expand our market presence. This strategic acquisition will complement our current operations with profitable growth opportunities in adjacent markets while contributing to the Corporation’s established commitment of enhancing long-term shareholder value.”

Mr. Helt continued, “As we look forward to the remainder of 2024 and the start of a new year in 2025, we are excited that our strong foundation based on community banking principles combined with the growth opportunities now before us through our strategic planning objectives will enable us to continue to deliver on our commitment to our stakeholders.”

Net Interest Income and Margin

Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $803 thousand, or 3.7%, compared to the three months ended September 30, 2023 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 was 3.77%, a decrease of 24 basis points from 4.01% for the three months ended September 30, 2023. The decrease in FTE net interest margin was driven primarily by an increase in long-term borrowings and promotional time deposit balances and costs. Total average borrowings increased $132.5 million for the three months ended September 30, 2024 compared to the same period in September 30, 2023. The average rate paid on total borrowings was 4.31% for the three months ended September 30, 2024, an increase of 48 basis points from the three months ended September 30, 2023. Total average interest-bearing deposits decreased $54.4 million, or 3.9%, for the three months ended September 30, 2024 compared to September 30, 2023; however, average time deposit balances increased $45.9 million due to ongoing promotions. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 66 basis points from the three months ended September 30, 2023.

Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $22 thousand, or 0.1%, compared to $21.0 million for the three months ended June 30, 2024 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 decreased 5 basis points from 3.82% for the three months ended June 30, 2024. The decrease in FTE net interest margin was driven primarily by the recognition of nonaccrual interest income related to a specific large relationship during the three months ended June 30, 2024 and increases in the cost of average interest-bearing deposits during the three months ended September 30, 2024. Excluding nonaccrual interest income related to the payoff of a specific large relationship, the FTE net interest margin was 3.79% for the three months ended June 30, 2024. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 13 basis points from the three months ended June 30, 2024.

Noninterest Income

Noninterest income for the three months ended September 30, 2024 was $6.8 million, an increase of $536 thousand, or 8.5%, from the three months ended September 30, 2023. Wealth management income for the three months ended September 30, 2024 was $1.2 million, an increase of $235 thousand from the three months ended September 30, 2023 driven primarily by portfolio market appreciation, estate income and new business generation. Insurance commissions for the three months ended September 30, 2024 were $2.8 million, an increase of $158 thousand from the three months ended September 30, 2023 driven primarily by growth in commissions on policy renewals and new business in the current quarter. Gain from mortgage loans held for sale totaled $112 thousand for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.

Noninterest income for the three months ended September 30, 2024 increased $406 thousand, or 6.3%, from the three months ended June 30, 2024. The increase was driven primarily by increases in wealth management income driven by higher estate income and other income driven by annual check ordering incentives received during the three months ended September 30, 2024. Additionally, there was a higher volume of mortgages sold in the current quarter, which resulted in a higher gain from mortgage loans held for sale for the three months ended September 30, 2024 compared to the three months ended June 30, 2024.

Noninterest Expense

Noninterest expense for the three months ended September 30, 2024 was $18.2 million, an increase of $1.9 million, or 11.7%, from the three months ended September 30, 2023. The increase was driven primarily by merger-related and salaries and employee benefits expenses. The increase in merger-related expense was driven primarily by professional service expenses incurred for the Traditions acquisition and totaled $1.1 million for the three months ended September 30, 2024. Salaries and employee benefits expense increased $948 thousand driven primarily by $682 thousand in higher employee health insurance expense and $273 thousand higher base wages. In addition, equipment expense increased $144 thousand driven primarily by higher core processing expenses and incremental purchases of office equipment. Partially offsetting these increases, professional services decreased $208 thousand for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 driven primarily by lower recruiting expenses for talent acquisition and consulting expenses. Marketing and corporate relations declined $60 thousand in the current quarter primarily due to rebranding expenses incurred for the three months ended September 30, 2023.

Noninterest expense for the three months ended September 30, 2024 increased $1.9 million, or 11.3%, from the three months ended June 30, 2024. The increase was driven primarily by merger-related and salaries and employee benefits expenses. Merger-related expense totaled $1.1 million for the three months ended September 30, 2024 compared to $23 thousand for the three months ended June 30, 2024. Salaries and employee benefits expense increased $591 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by higher employee health insurance expense of $519 thousand. Additionally, equipment expense increased $128 thousand driven primarily by higher core processing and software maintenance expenses coupled with incremental purchases of office equipment. Professional services expense decreased $120 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by lower transfer agent and audit expenses.

Loans and Asset Quality

Total loans outstanding were $1.68 billion at September 30, 2024, a decrease of $2.5 million, or 0.1%, from June 30, 2024 and an increase of $61.1 million, or 3.8%, from September 30, 2023. The decrease from June 30, 2024 was driven primarily by real estate construction. The increase from September 30, 2023 was driven primarily by growth in the commercial real estate portfolio in our core markets. Growth in the commercial real estate portfolio was spread throughout the Bank’s geographic footprint and across various property types. The commercial real estate portfolio grew $59.2 million, or 6.6%, in 2024. The collateral for these loans is primarily spread across our Pennsylvania and Maryland market areas. Despite the intense competition in the Corporation’s market areas, management continues to focus on asset quality and disciplined underwriting standards in the loan origination process.

Asset quality metrics continue to be stable. The provision for credit losses was $81 thousand and the provision for unfunded commitments was $40 thousand for the three months ended September 30, 2024 compared to a reversal to the provision for credit losses of $3.0 million and a reversal to the provision for unfunded commitments of $259 thousand for the three months ended June 30, 2024. For the three months ended September 30, 2023, there was a provision for credit losses of $250 thousand and a $171 thousand reversal to the provision for unfunded commitments. The increase in the provision for credit losses and unfunded commitments for the three months ended September 30, 2024 compared to the prior quarter was driven primarily by a $3.2 million reversal of the provision for credit losses and unfunded commitments in the prior quarter and one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.

Non-performing loans were $6.6 million, or 0.39%, of total loans, net of unearned income, at September 30, 2024 compared to $3.1 million, or 0.19%, of total loans at June 30, 2024 and $3.6 million, or 0.22%, of total loans at September 30, 2023. The increase in non-performing loans at September 30, 2024 compared to the prior quarter was primarily the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter. Annualized net charge-offs for the three months ended September 30, 2024 were 0.01% of total average loans compared to 0.00% and 0.03% for the three months ended June 30, 2024 and September 30, 2023, respectively.

Deposits and Borrowings

Deposits totaled $1.79 billion at September 30, 2024, a decrease of $47.3 million, or 2.6%, since June 30, 2024 and a decrease of $160.0 million, or 8.2%, from September 30, 2023. Included in total deposits were $1.33 billion interest-bearing deposits at September 30, 2024 which decreased $31.0 million, or 2.3%, from June 30, 2024 and decreased $58.0 million, or 4.2%, from September 30, 2023. Time deposits, included in interest-bearing deposits, increased $1.3 million, or 0.5%, and $43.5 million, or 20.4%, since June 30, 2024 and September 30, 2023, respectively. Total noninterest-bearing deposits were $463.5 million at September 30, 2024 compared to $479.7 million at June 30, 2024 and $565.5 million at September 30, 2023.

Total borrowings were $293.1 million at September 30, 2024, a decrease of $11.2 million, or 3.7%, compared to June 30, 2024 and an increase of $139.7 million, or 91.1%, compared to September 30, 2023. A $25.0 million short-term borrowing was paid off during the quarter. The average rate on total borrowings was 4.31% for the three months ended September 30, 2024 compared to 4.48% for the three months ended June 30, 2024 and 3.83% for the three months ended September 30, 2023.

Stockholders’ Equity, Dividends and Share Repurchases

Total stockholders’ equity was $306.8 million at September 30, 2024 compared to $289.3 million at June 30, 2024 and $255.6 million at September 30, 2023. Tangible book value² per share was $29.90, $27.82 and $23.80 at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

As announced on Form 8-K on October 16, 2024, the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on December 13, 2024, to shareholders of record as of November 29, 2024. This per share amount reflects a $0.02, or 6.7%, increase over the same quarter of 2023.

ACNB repurchased 2,642 shares of ACNB common stock during the three months ended September 30, 2024.

About ACNB Corporation

ACNB Corporation, headquartered in Gettysburg, PA, is the $2.42 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and continuing financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

ACNB #2024-17
October 24, 2024


ACNB Corporation Financial Highlights Selected Financial Data by Respective Quarter End (Unaudited)

(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
BALANCE SHEET DATA
Assets	$	2,420,914		$	2,457,753		$	2,414,288		$	2,418,847		$	2,388,522
Investment securities		483,604			483,868			490,626			517,221			501,063
Total loans, net of unearned income		1,677,112			1,679,600			1,664,980			1,627,988			1,615,966
Allowance for credit losses		(17,214	)		(17,162	)		(20,172	)		(19,969	)		(19,264	)
Deposits		1,791,317			1,838,588			1,835,224			1,861,813			1,951,359
Allowance for unfunded commitments		1,349			1,310			1,569			1,719			1,962
Borrowings		293,091			304,286			272,605			252,174			153,388
Stockholders’ equity		306,755			289,331			279,920			277,461			255,638
INCOME STATEMENT DATA
Interest and dividend income	$	27,241		$	26,869		$	25,974		$	25,284		$	24,234
Interest expense		6,299			5,905			5,381			3,791			2,489
Net interest income		20,942			20,964			20,593			21,493			21,745
Provision for (reversal of ) credit losses		81			(2,990	)		223			786			250
Provision for (reversal of) unfunded commitments		40			(259	)		(151	)		(242	)		(171	)
Net interest income after provisions for credit losses and unfunded commitments		20,821			24,213			20,521			20,949			21,666
Noninterest income		6,833			6,427			5,667			970			6,297
Noninterest expenses		18,244			16,391			17,662			17,173			16,336
Income before income taxes		9,410			14,249			8,526			4,746			11,627
Provision for income taxes		2,206			2,970			1,758			649			2,583
Net income	$	7,204		$	11,279		$	6,768		$	4,097		$	9,044
PROFITABILITY RATIOS
Total loans, net of unearned income to deposits		93.62	%		91.35	%		90.72	%		87.44	%		82.81	%
Return on average assets (annualized)		1.17			1.86			1.12			0.68			1.52
Return on average equity (annualized)		9.63			16.12			9.76			6.09			13.84
Efficiency ratio³		60.56			58.61			66.18			62.48			56.97
FTE Net interest margin		3.77			3.82			3.77			3.93			4.01
Yield on average earning assets		4.90			4.89			4.74			4.62			4.46
Yield on investment securities		2.59			2.65			2.70			2.36			2.24
Yield on total loans		5.56			5.53			5.37			5.29			5.16
Cost of funds		1.19			1.12			1.02			0.71			0.47
PER SHARE DATA
Diluted earnings per share	$	0.84		$	1.32		$	0.80		$	0.48		$	1.06
Cash dividends paid per share		0.32			0.32			0.30			0.30			0.28
Tangible book value per share³		29.90			27.82			26.70			26.44			23.80
Tangible book value per share³(excluding AOCI)⁴		33.87			33.28			32.21			31.74			31.43
CAPITAL RATIOS⁵
Tier 1 leverage ratio		12.46	%		12.25	%		11.91	%		11.57	%		11.97	%
Common equity tier 1 ratio		16.07			15.78			15.40			15.16			15.30
Tier 1 risk based capital ratio		16.36			16.07			15.69			15.45			15.59
Total risk based capital ratio		18.15			17.86			17.68			17.41			17.49
CREDIT QUALITY
Net charge-offs to average loans outstanding (annualized)		0.01	%		0.00	%		0.00	%		0.02	%		0.03	%
Total non-performing loans to total loans, net of unearned income⁶		0.39			0.19			0.24			0.26			0.22
Total non-performing assets to total assets⁷		0.29			0.14			0.18			0.19			0.17
Allowance for credit losses to total loans, net of unearned income		1.03			1.02			1.21			1.23			1.19


Consolidated Balance Sheet (Unaudited)

(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	24,636		$	26,681		$	17,395
Interest-bearing deposits with banks		33,456			59,593			35,740
Total Cash and Cash Equivalents		58,092			86,274			53,135
Equity securities with readily determinable fair values		947			919			918
Investment securities available for sale, at estimated fair value		418,079			418,364			425,114
Investment securities held to maturity, at amortized cost (fair value $59,038, $57,026, and $58,084)		64,578			64,585			64,594
Loans held for sale		1,080			1,801			88
Total loans, net of unearned income		1,677,112			1,679,600			1,664,980
Less: Allowance for credit losses		(17,214	)		(17,162	)		(20,172	)
Loans, net		1,659,898			1,662,438			1,644,808
Premises and equipment, net		25,542			25,760			25,916
Right of use asset		2,110			2,278			2,447
Restricted investment in bank stocks		10,853			11,853			10,877
Investment in bank-owned life insurance		81,344			80,841			80,348
Investments in low-income housing partnerships		909			940			971
Goodwill		44,185			44,185			44,185
Intangible assets, net		8,142			8,446			8,761
Foreclosed assets held for resale		406			406			467
Other assets		44,749			48,663			51,659
Total Assets	$	2,420,914		$	2,457,753		$	2,414,288

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	$	463,501		$	479,726		$	499,583
Interest-bearing		1,327,816			1,358,862			1,335,641
Total Deposits		1,791,317			1,838,588			1,835,224
Short-term borrowings		37,769			48,974			17,303
Long-term borrowings		255,322			255,312			255,302
Lease liability		2,110			2,278			2,447
Allowance for unfunded commitments		1,349			1,310			1,569
Other liabilities		26,292			21,960			22,523
Total Liabilities		2,114,159			2,168,422			2,134,368

Stockholders’ Equity:
Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024		—			—			—
Common stock, $2.50 par value; 20,000,000 shares authorized; 8,940,133, 8,934,495, and 8,928,441 shares issued; 8,548,625, 8,545,629, and 8,539,575 shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024, respectively		22,344			22,330			22,315
Treasury stock, at cost; 391,508, at September 30, 2024, and 388,866 at both June 30, 2024 and March 31, 2024		(11,203	)		(11,101	)		(11,101	)
Additional paid-in capital		98,697			98,230			97,818
Retained earnings		230,752			226,271			217,712
Accumulated other comprehensive loss		(33,835	)		(46,399	)		(46,824	)
Total Stockholders’ Equity		306,755			289,331			279,920
Total Liabilities and Stockholders’ Equity	$	2,420,914		$	2,457,753		$	2,414,288


Consolidated Income Statements (Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2024		2023			2024			2023
INTEREST AND DIVIDEND INCOME
Loans, including fees
Taxable	$	23,108	$	20,285		$	67,253		$	58,130
Tax-exempt		311		361			943			1,069
Investment securities:
Taxable		2,617		2,477			8,193			8,451
Tax-exempt		284		284			852			883
Dividends		251		104			739			196
Other		670		723			2,104			2,627
Total Interest and Dividend Income		27,241		24,234			80,084			71,356
INTEREST EXPENSE
Deposits		3,112		928			7,915			1,887
Short-term borrowings		204		439			847			564
Long-term borrowings		2,983		1,122			8,823			2,078
Total Interest Expense		6,299		2,489			17,585			4,529
Net Interest Income		20,942		21,745			62,499			66,827
Provision for (reversal of) credit losses		81		250			(2,686	)		74
Provision for (reversal of) unfunded commitments		40		(171	)		(370	)		226
Net Interest Income after Provisions for (Reversal of) Credit Losses and Unfunded Commitments		20,821		21,666			65,555			66,527
NONINTEREST INCOME
Insurance commissions		2,787		2,629			7,649			7,371
Service charges on deposits		1,048		1,000			3,060			2,951
Wealth management		1,188		953			3,219			2,772
ATM debit card charges		828		845			2,488			2,502
Earnings on investment in bank-owned life insurance		503		473			1,473			1,399
Gain from mortgage loans held for sale		112		—			194			31
Net gains (losses) on sales or calls of investment securities		—		—			69			(739	)
Net gains (losses) on equity securities		28		(27	)		19			(22	)
Gain on assets held for sale		—		14			—			337
Other		339		410			756			873
Total Noninterest Income		6,833		6,297			18,927			17,475
NONINTEREST EXPENSES
Salaries and employee benefits		11,017		10,069			32,611			30,335
Equipment		1,698		1,554			4,997			4,784
Net occupancy		945		942			3,066			2,981
Professional services		409		617			1,554			1,600
FDIC and regulatory		365		388			1,088			932
Other tax		360		323			1,086			965
Intangible assets amortization		304		352			940			1,072
Supplies and postage		236		229			610			633
Marketing and corporate relations		99		159			275			472
Merger-related		1,137		—			1,160			—
Other		1,674		1,703			4,910			5,125
Total Noninterest Expenses		18,244		16,336			52,297			48,899
Income Before Income Taxes		9,410		11,627			32,185			35,103
Provision for income taxes		2,206		2,583			6,934			7,512
Net Income	$	7,204	$	9,044		$	25,251		$	27,591
PER SHARE DATA
Basic earnings	$	0.85	$	1.06		$	2.97		$	3.24
Diluted earnings	$	0.84	$	1.06		$	2.96		$	3.23
Weighted average shares basic		8,507,140		8,517,917			8,500,860			8,518,006
Weighted average shares diluted		8,545,578		8,551,545			8,532,691			8,544,732


Average Balances, Income and Expenses, Yields and Rates

	Three months ended								Three months ended								Three months ended								Three months ended								Three months ended
	September 30, 2024								June 30, 2024								March 31, 2024								December 31, 2023								September 30, 2023
(Dollars in thousands)	Average Balance			Interest⁸			Yield/ Rate		Average Balance			Interest⁸			Yield/ Rate		Average Balance			Interest⁸			Yield/ Rate		Average Balance			Interest⁸			Yield/ Rate		Average Balance			Interest⁸			Yield/ Rate
ASSETS
Loans:
Taxable	$	1,618,879		$	23,108		5.68	%	$	1,612,380		$	22,675		5.66	%	$	1,573,109		$	21,470		5.49	%	$	1,559,411		$	21,303		5.42	%	$	1,520,134		$	20,285		5.29	%
Tax-exempt		62,401			394		2.51			64,276			396		2.48			65,825			404		2.47			69,058			425		2.44			73,995			457		2.45
Total Loans⁹		1,681,280			23,502		5.56			1,676,656			23,071		5.53			1,638,934			21,874		5.37			1,628,469			21,728		5.29			1,594,129			20,742		5.16
Investment Securities:
Taxable		441,135			2,868		2.59			442,390			2,913		2.65			467,466			3,151		2.71			453,713			2,669		2.33			466,402			2,581		2.20
Tax-exempt		54,549			359		2.62			54,644			359		2.64			54,740			359		2.64			54,835			361		2.61			55,027			359		2.59
Total Investments¹⁰		495,684			3,227		2.59			497,034			3,272		2.65			522,206			3,510		2.70			508,548			3,030		2.36			521,429			2,940		2.24
Interest-bearing deposits with banks		48,794			670		5.46			50,851			684		5.41			54,156			750		5.57			50,225			691		5.46			53,324			723		5.38
Total Earning Assets		2,225,758			27,399		4.90			2,224,541			27,027		4.89			2,215,296			26,134		4.74			2,187,242			25,449		4.62			2,168,882			24,405		4.46
Cash and due from banks		21,684								21,041								20,540								21,578								23,783
Premises and equipment		25,716								25,903								26,102								25,983								25,980
Other assets		184,105								187,937								187,075								191,329								165,821
Allowance for credit losses		(17,147	)							(20,124	)							(19,963	)							(19,232	)							(19,101	)
Total Assets	$	2,440,116							$	2,439,298							$	2,429,050							$	2,406,900							$	2,365,365
LIABILITIES
Interest-bearing demand deposits	$	518,368		$	552		0.42	%	$	513,163		$	275		0.22	%	$	512,701		$	264		0.21	%	$	560,510		$	275		0.19	%	$	571,314		$	185		0.13	%
Money markets		246,653			692		1.12			248,191			613		0.99			248,297			536		0.87			274,226			707		1.02			245,899			312		0.50
Savings deposits		318,291			26		0.03			327,274			30		0.04			335,215			29		0.03			348,244			28		0.03			366,398			30		0.03
Time deposits		258,053			1,842		2.84			263,045			1,725		2.64			244,481			1,331		2.19			221,778			798		1.43			212,159			401		0.75
Total Interest-Bearing Deposits		1,341,365			3,112		0.92			1,351,673			2,643		0.79			1,340,694			2,160		0.65			1,404,758			1,808		0.51			1,395,770			928		0.26
Short-term borrowings		38,666			204		2.10			37,256			304		3.28			47,084			339		2.90			56,872			334		2.33			66,942			439		2.60
Long-term borrowings		255,316			2,983		4.65			255,305			2,958		4.66			248,701			2,882		4.66			137,026			1,649		4.77			94,554			1,122		4.71
Total Borrowings		293,982			3,187		4.31			292,561			3,262		4.48			295,785			3,221		4.38			193,898			1,983		4.06			161,496			1,561		3.83
Total Interest-Bearing Liabilities		1,635,347			6,299		1.53			1,644,234			5,905		1.44			1,636,479			5,381		1.32			1,598,656			3,791		0.94			1,557,266			2,489		0.63
Noninterest-bearing demand deposits		477,350								485,351								486,648								519,797								541,995
Other liabilities		29,946								28,348								26,904								21,648								6,820
Stockholders’ Equity		297,473								281,365								279,019								266,799								259,284
Total Liabilities and Stockholders’ Equity	$	2,440,116							$	2,439,298							$	2,429,050							$	2,406,900							$	2,365,365
Taxable Equivalent Net Interest Income					21,100								21,122								20,753								21,658								21,916
Taxable Equivalent Adjustment					(158	)							(158	)							(160	)							(165	)							(171	)
Net Interest Income				$	20,942							$	20,964							$	20,593							$	21,493							$	21,745
Cost of Funds							1.19	%							1.12	%							1.02	%							0.71	%							0.47	%
FTE Net Interest Margin							3.77	%							3.82	%							3.77	%							3.93	%							4.01	%


Average Balances, Income and Expenses, Yields and Rates

	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
(Dollars in thousands)	Average Balance			Interest¹¹			Yield/ Rate		Average Balance			Interest¹¹			Yield/ Rate
ASSETS
Loans:
Taxable	$	1,601,520		$	67,253		5.61	%	$	1,479,690		$	58,130		5.25	%
Tax-exempt		64,161			1,194		2.49			75,657			1,353		2.39
Total Loans¹²		1,665,681			68,447		5.49			1,555,347			59,483		5.11
Investment Securities:
Taxable		450,297			8,932		2.65			507,061			8,647		2.28
Tax-exempt		54,644			1,078		2.64			55,307			1,118		2.70
Total Investments¹³		504,941			10,010		2.65			562,368			9,765		2.32
Interest-bearing deposits with banks		51,258			2,104		5.48			71,645			2,627		4.90
Total Earning Assets		2,221,880			80,561		4.84			2,189,360			71,875		4.39
Cash and due from banks		21,091								30,891
Premises and equipment		25,939								26,415
Other assets		186,330								159,544
Allowance for credit losses		(19,071	)							(18,807	)
Total Assets	$	2,436,169							$	2,387,403
LIABILITIES
Interest-bearing demand deposits	$	514,757		$	1,092		0.28	%	$	580,180		$	690		0.16	%
Money markets		247,710			1,841		0.99			276,154			277		0.13
Savings deposits		326,895			84		0.03			385,753			94		0.03
Time deposits		255,203			4,898		2.56			234,951			826		0.47
Total Interest-Bearing Deposits		1,344,565			7,915		0.79			1,477,038			1,887		0.17
Short-term borrowings		40,993			847		2.76			47,852			564		1.58
Long-term borrowings		253,116			8,823		4.66			58,333			2,078		4.76
Total Borrowings		294,109			9,670		4.39			106,185			2,642		3.33
Total Interest-Bearing Liabilities		1,638,674			17,585		1.43			1,583,223			4,529		0.38
Noninterest-bearing demand deposits		483,095								550,206
Other liabilities		28,406								(2,552	)
Stockholders’ Equity		285,994								256,526
Total Liabilities and Stockholders’ Equity	$	2,436,169							$	2,387,403
Taxable Equivalent Net Interest Income					62,976								67,346
Taxable Equivalent Adjustment					(477	)							(519	)
Net Interest Income				$	62,499							$	66,827
Cost of Funds							1.11	%							0.28	%
FTE Net Interest Margin							3.79	%							4.11	%

Non-GAAP Reconciliation
Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

	Three Months Ended
(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Tangible book value per share
Stockholders’ equity	$	306,755		$	289,331		$	279,920		$	277,461		$	255,638
Less: Goodwill and intangible assets		(52,327	)		(52,631	)		(52,946	)		(53,267	)		(53,619	)
Tangible common stockholders’ equity (numerator)	$	254,428		$	236,700		$	226,974		$	224,194		$	202,019
Shares outstanding, less unvested shares, end of period (denominator)		8,510,187			8,507,191			8,501,137			8,478,460			8,488,446
Tangible book value per share	$	29.90		$	27.82		$	26.70		$	26.44		$	23.80
Tangible book value per share (excluding AOCI)
Tangible common stockholders’ equity	$	254,428		$	236,700		$	226,974		$	224,194		$	202,019
Less: AOCI		(33,835	)		(46,399	)		(46,824	)		(44,909	)		(64,767	)
Tangible equity (excluding AOCI)	$	288,263		$	283,099		$	273,798		$	269,103		$	266,786
Tangible book value per share (excluding AOCI)	$	33.87		$	33.28		$	32.21		$	31.74		$	31.43
Tangible common equity to tangible assets (TCE/TA Ratio)
Tangible common stockholders’ equity (numerator)	$	254,428		$	236,700		$	226,974		$	224,194		$	202,019
Total assets	$	2,420,914		$	2,457,753		$	2,414,288		$	2,418,847		$	2,388,522
Less: Goodwill and intangible assets		(52,327	)		(52,631	)		(52,946	)		(53,267	)		(53,619	)
Total tangible assets (denominator)	$	2,368,587		$	2,405,122		$	2,361,342		$	2,365,580		$	2,334,903
Tangible common equity to tangible assets		10.74	%		9.84	%		9.61	%		9.48	%		8.65	%
Efficiency Ratio
Noninterest expense	$	18,244		$	16,391		$	17,662		$	17,173		$	16,336
Less: Intangible amortization		304			315			321			352			352
Less: Merger-related expense		1,137			23			—			—			—
Noninterest expense (numerator)	$	16,803		$	16,053		$	17,341		$	16,821		$	15,984
Net interest income	$	20,942		$	20,964		$	20,593		$	21,493		$	21,745
Plus: Total noninterest income		6,833			6,427			5,667			970			6,297
Less: Net gains (losses) on sales or calls of securities		—			—			69			(4,501	)		—
Less: Net gains (losses) on equity securities		28			1			(10	)		40			(27	)
Less: Gain on assets held for sale		—			—			—			—			14
Total revenue (denominator)	$	27,747		$	27,390		$	26,201		$	26,924		$	28,055
Efficiency ratio		60.56	%		58.61	%		66.18	%		62.48	%		56.97	%

Non-GAAP Reconciliation

Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

(Dollars in thousands)	Three Months Ended September 30, 2024
Core return on average assets
Net income	$	7,204
Merger-related expense, net of taxes		879
Core net income (numerator)	$	8,083
Average assets (denominator)	$	2,440,116
Core return on average assets		1.32	%

Core return on average equity
Core net income (numerator)	$	8,083
Average equity (denominator)	$	297,473
Core return on average equity		10.81	%

^¹ Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
^² Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
^³ Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
^⁴ Accumulated Other Comprehensive Loss.
^⁵ Regulatory capital ratios as of September 30, 2024 are preliminary.
^⁶ Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
^⁷ Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.
^⁸ Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
^⁹ Average balances include non-accrual loans and are net of unearned income.
^¹⁰ Average balances of investment securities is computed at fair value.
^¹¹ Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
^¹² Average balances include non-accrual loans and are net of unearned income.
^¹³ Average balances of investment securities is computed at fair value.


Contact:	Jason H. Weber
	EVP/Treasurer &
	Chief Financial Officer
	717.339.5090
	jweber@acnb.com

The MIL Network –

January 25, 2025

MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Third Quarter of the Year Ending December 31, 2024 and an Increase in the Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

ASHEVILLE, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the third quarter of the year ending December 31, 2024 and an increase in its quarterly cash dividend.

For the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024:

net income was $13.1 million compared to $12.4 million;
diluted earnings per share (“EPS”) were $0.76 compared to $0.73;
annualized return on assets (“ROA”) was 1.17% compared to 1.13%;
annualized return on equity (“ROE”) was 9.76% compared to 9.58%;
net interest margin was 4.00% compared to 4.08%;
provision for credit losses was $3.0 million compared to $4.3 million; and
quarterly cash dividends continued at $0.11 per share totaling $1.9 million for both periods.

For the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023:

net income was $40.6 million compared to $36.6 million;
diluted EPS were $2.37 compared to $2.18;
annualized ROA was 1.22% compared to 1.15%;
annualized ROE was 10.39% compared to 10.56%;
net interest margin was 4.03% compared to 4.29%;
provision for credit losses was $8.4 million compared to $11.7 million;
tax-free death benefit proceeds from life insurance were $1.1 million for both periods; and
cash dividends of $0.33 per share totaling $5.6 million compared to $0.30 per share totaling $5.1 million.

Results for the nine months ended September 30, 2023 include the impact of the merger of Quantum Capital Corp. (“Quantum”) into the Company effective February 12, 2023. The addition of Quantum contributed total assets of $656.7 million, including loans of $561.9 million, and $570.6 million of deposits, all reflecting the impact of purchase accounting adjustments. Merger-related expenses of $4.7 million were recognized during the nine months ended September 30, 2023, while a $5.3 million provision for credit losses was recognized during the same period to establish allowances for credit losses on both Quantum’s loan portfolio and off-balance-sheet credit exposure.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share, reflecting a $0.01, or 9.0%, increase over the previous quarter’s dividend. This is the sixth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 27, 2024 to shareholders of record as of the close of business on November 14, 2024.

“We are pleased to report another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more. In addition, noninterest income and expense were both in line with prior quarters. Our provision for credit losses of $3.0 million included an additional $2.2 million as a reserve build for the potential impact of Hurricane Helene upon our loan portfolio. We have begun working with our loan customers on payment deferrals of up to six months, and although we aren’t currently aware of any collectability issues, we will continue assessing the impact of the storm upon our customer base.

“As you know, many of the communities we serve were affected by this storm, impacting both our employees and customers. I’d first like to thank our employees who have assisted in maintaining bank operations while also tending to their personal and familial responsibilities. It has been amazing to watch the teamwork, collaboration and personal sacrifice across all areas of the Bank as we remained functionally operational throughout the storm, including our electronic banking services and online operations. Currently, all of our banking locations are open with most of the affected areas in our markets recovering well and operating close to normal. As for our customers in the affected areas, it will take time to assess, react and recover from Hurricane Helene. We are committed to working with them to provide the banking support needed for their businesses and homes.

“Lastly, I am thankful for the Company’s financial strength and geographic diversification which we have built over the last decade, with respect to both our employees and customer base, which provides the foundation to overcome unforeseen events such as this storm. We remain optimistic as we work together to continue the recovery.”

WEBSITE: WWW.HTB.COM

Comparison of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024
Net Income. Net income totaled $13.1 million, or $0.76 per diluted share, for the three months ended September 30, 2024 compared to $12.4 million, or $0.73 per diluted share, for the three months ended June 30, 2024, an increase of $694,000, or 5.6%. Results for the three months ended September 30, 2024 were positively impacted by a decrease of $1.3 million in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Three Months Ended
	September 30, 2024							June 30, 2024
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,899,460		$	63,305	6.46	%	$	3,885,222		$	62,161	6.43	%
Debt securities available for sale		140,246			1,616	4.58			134,334			1,495	4.48
Other interest-earning assets⁽²⁾		144,931			1,728	4.74			140,376			1,758	5.04
Total interest-earning assets		4,184,637			66,649	6.34			4,159,932			65,414	6.32
Other assets		264,579							266,983
Total assets	$	4,449,216						$	4,426,915
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	548,024		$	1,278	0.93	%	$	586,396		$	1,445	0.99	%
Money market accounts		1,335,798			10,757	3.20			1,298,177			10,221	3.17
Savings accounts		182,618			40	0.09			188,028			41	0.09
Certificate accounts		1,012,765			11,617	4.56			902,864			9,976	4.44
Total interest-bearing deposits		3,079,205			23,692	3.06			2,975,465			21,683	2.93
Junior subordinated debt		10,079			235	9.28			10,054			234	9.36
Borrowings		40,399			648	6.38			87,315			1,331	6.13
Total interest-bearing liabilities		3,129,683			24,575	3.12			3,072,834			23,248	3.04
Noninterest-bearing deposits		719,710							769,016
Other liabilities		65,097							63,503
Total liabilities		3,914,490							3,905,353
Stockholders’ equity		534,726							521,562
Total liabilities and stockholders’ equity	$	4,449,216						$	4,426,915
Net earning assets	$	1,054,954						$	1,087,098
Average interest-earning assets to average interest-bearing liabilities		133.71	%						135.38	%
Non-tax-equivalent
Net interest income				$	42,074						$	42,166
Interest rate spread						3.22	%						3.28	%
Net interest margin⁽³⁾						4.00	%						4.08	%
Tax-equivalent⁽⁴⁾
Net interest income				$	42,442						$	42,520
Interest rate spread						3.25	%						3.32	%
Net interest margin⁽³⁾						4.03	%						4.11	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $368 and $354 for the three months ended September 30, 2024 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the three months ended September 30, 2024 increased $1.2 million, or 1.9%, compared to the three months ended June 30, 2024, which was driven by a $1.1 million, or 1.8%, increase in loan interest income primarily due to the difference in the number of days in each quarter. Accretion income on acquired loans of $640,000 and $678,000 was recognized during the same periods, respectively, and was included in interest income on loans.

Total interest expense for the three months ended September 30, 2024 increased $1.3 million, or 5.7%, compared to the three months ended June 30, 2024. The increase was primarily the result of increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to						Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate			Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	916		$	228		$	1,144
Debt securities available for sale		83			38			121
Other interest-earning assets		76			(106	)		(30	)
Total interest-earning assets		1,075			160			1,235
Interest-bearing liabilities
Interest-bearing checking accounts		(81	)		(86	)		(167	)
Money market accounts		413			123			536
Savings accounts		(1	)		—			(1	)
Certificate accounts		1,341			300			1,641
Junior subordinated debt		3			(2	)		1
Borrowings		(708	)		25			(683	)
Total interest-bearing liabilities		967			360			1,327
Decrease in net interest income							$	(92	)

Provision for Credit Losses. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

The following table presents a breakdown of the components of the provision for credit losses:

	Three Months Ended
(Dollars in thousands)	September 30, 2024			June 30, 2024			$ Change			% Change
Provision for credit losses
Loans	$	2,990		$	4,300		$	(1,310	)	(30	)%
Off-balance-sheet credit exposure		(15	)		(40	)		25		63
Total provision for credit losses	$	2,975		$	4,260		$	(1,285	)	(30	)%

For the quarter ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.1 million during the quarter:

$0.4 million benefit driven by changes in the loan mix.
$1.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Included in this change was the addition of a $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio.
$1.9 million decrease in specific reserves on individually evaluated loans as we charged-off specific reserves which had previously been established.

For the quarter ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $2.6 million during the quarter:

$0.1 million provision driven by changes in the loan mix.
$0.4 million benefit due to changes in the projected economic forecast and changes in qualitative adjustments.
$2.0 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.3 million to $16.3 million quarter-over-quarter, concentrated in the equipment finance and SBA portfolios.

For the quarters ended September 30, 2024 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the three months ended September 30, 2024 increased $169,000, or 2.1%, when compared to the quarter ended June 30, 2024. Changes in the components of noninterest income are discussed below:

	Three Months Ended
(Dollars in thousands)	September 30, 2024		June 30, 2024		$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	2,336	$	2,354	$	(18	)	(1	)%
Loan income and fees		684		647		37		6
Gain on sale of loans held for sale		1,900		1,828		72		4
Bank owned life insurance (“BOLI”) income		828		807		21		3
Operating lease income		1,637		1,591		46		3
Other		897		886		11		1
Total noninterest income	$	8,282	$	8,113	$	169		2	%

Gain on sale of loans held for sale: The increase was primarily driven by residential mortgage loans sold during the period. There were $21.7 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $479,000 compared to $21.3 million sold with gains of $351,000 in the prior quarter, with the improvement in profitability due to movement in interest rates. There were $54.6 million of HELOCs sold for a gain of $414,000 compared to $32.9 million sold with gains of $457,000 in the prior quarter. There were $12.9 million in sales of the guaranteed portion of SBA commercial loans with gains of $1.0 million for the quarter compared to $12.7 million sold and gains of $1.1 million for the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $18,000 for the quarter ended September 30, 2024 versus a loss of $58,000 for the quarter ended June 30, 2024.

Noninterest Expense. Noninterest expense for the three months ended September 30, 2024 increased $375,000, or 1.2%, when compared to the three months ended June 30, 2024. Changes in the components of noninterest expense are discussed below:

	Three Months Ended
(Dollars in thousands)	September 30, 2024		June 30, 2024		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	17,082	$	16,608	$	474		3	%
Occupancy expense, net		2,436		2,419		17		1
Computer services		3,192		3,116		76		2
Telephone, postage and supplies		547		580		(33	)	(6	)
Marketing and advertising		408		606		(198	)	(33	)
Deposit insurance premiums		589		531		58		11
Core deposit intangible amortization		567		567		—		—
Other		5,764		5,783		(19	)	—
Total noninterest expense	$	30,585	$	30,210	$	375		1	%

Salaries and employee benefits: The quarter-over-quarter increase was primarily the result of executive pay increases effective this quarter and additional stock incentive expense associated with the vesting of performance-based equity awards.
Marketing and advertising: The decrease in expense was the result of both differences in the timing of when expenses were incurred quarter-over-quarter as well as a reduction in traditional media advertising (print, billboards, etc.) in favor of digital platforms at lower costs.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2024 and June 30, 2024 were 21.9% and 21.4%, respectively.

Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023
Net Income. Net income totaled $40.6 million, or $2.37 per diluted share, for the nine months ended September 30, 2024 compared to $36.6 million, or $2.18 per diluted share, for the nine months ended September 30, 2023, an increase of $4.0 million, or 11.0%. The results for the nine months ended September 30, 2024 were positively impacted by a decrease of $3.3 million in the provision for credit losses, a $1.4 million increase in noninterest income, and a $2.6 million decrease in noninterest expense, partially offset by a $2.0 million decrease in net interest income and a $1.3 million increase in income tax expense. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Nine Months Ended
	September 30, 2024							September 30, 2023
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,883,040		$	185,418	6.38	%	$	3,684,518		$	162,526	5.90	%
Debt securities available for sale		133,779			4,424	4.42			155,884			3,780	3.24
Other interest-earning assets⁽²⁾		138,956			5,576	5.36			137,065			5,356	5.22
Total interest-earning assets		4,155,775			195,418	6.28			3,977,467			171,662	5.77
Other assets		276,516							266,867
Total assets	$	4,432,291						$	4,244,334
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	574,954		$	4,149	0.96	%	$	627,200		$	3,241	0.69	%
Money market accounts		1,305,217			30,642	3.14			1,206,119			18,604	2.06
Savings accounts		187,447			124	0.09			218,683			143	0.09
Certificate accounts		934,702			30,778	4.40			649,755			14,967	3.08
Total interest-bearing deposits		3,002,320			65,693	2.92			2,701,757			36,955	1.83
Junior subordinated debt		10,054			705	9.37			8,428			563	8.93
Borrowings		76,823			3,550	6.17			158,965			6,634	5.58
Total interest-bearing liabilities		3,089,197			69,948	3.02			2,869,150			44,152	2.06
Noninterest-bearing deposits		766,110							857,315
Other liabilities		55,217							54,513
Total liabilities		3,910,524							3,780,978
Stockholders’ equity		521,767							463,356
Total liabilities and stockholders’ equity	$	4,432,291						$	4,244,334
Net earning assets	$	1,066,578						$	1,108,317
Average interest-earning assets to average interest-bearing liabilities		134.53	%						138.63	%
Non-tax-equivalent
Net interest income				$	125,470						$	127,510
Interest rate spread						3.26	%						3.71	%
Net interest margin⁽³⁾						4.03	%						4.29	%
Tax-equivalent
Net interest income				$	126,542						$	128,413
Interest rate spread						3.30	%						3.74	%
Net interest margin⁽³⁾						4.07	%						4.32	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $1,072 and $903 for the nine months ended September 30, 2024 and September 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the nine months ended September 30, 2024 increased $23.8 million, or 13.8%, compared to the nine months ended September 30, 2023, which was driven by a $22.9 million, or 14.1%, increase in interest income on loans. Accretion income on acquired loans of $2.0 million and $1.7 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall increase in average yield on interest-earning assets was the result of both higher average balances and rising interest rates.

Total interest expense for the nine months ended September 30, 2024 increased $25.8 million, or 58.4%, compared to the nine months ended September 30, 2023. The change was primarily the result of increases in the cost of funds across all funding sources driven by higher market interest rates and increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to					Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate		Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	8,927		$	13,965	$	22,892
Debt securities available for sale		(532	)		1,176		644
Other interest-earning assets		79			141		220
Total interest-earning assets		8,474			15,282		23,756
Interest-bearing liabilities
Interest-bearing checking accounts		(266	)		1,174		908
Money market accounts		1,557			10,481		12,038
Savings accounts		(20	)		1		(19	)
Certificate accounts		6,592			9,219		15,811
Junior subordinated debt		109			33		142
Borrowings		(3,425	)		341		(3,084	)
Total interest-bearing liabilities		4,547			21,249		25,796
Decrease in net interest income						$	(2,040	)

Provision for Credit Losses. The following table presents a breakdown of the components of the provision for credit losses:

	Nine Months Ended
(Dollars in thousands)	September 30, 2024			September 30, 2023			$ Change			% Change
Provision for credit losses
Loans	$	8,435		$	12,120		$	(3,685	)	(30	)%
Off-balance-sheet credit exposure		(35	)		(385	)		350		91
Total provision for credit losses	$	8,400		$	11,735		$	(3,335	)	(28	)%

For the nine months ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of net charge-offs of $8.9 million during the period, partially offset by a $0.4 million benefit due to changes in the loan mix.

For the nine months ended September 30, 2023, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $3.9 million during the period:

$4.9 million provision to establish an allowance on Quantum’s loan portfolio.
$3.0 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
$0.3 million increase in specific reserves on individually evaluated credits.

For the nine months ended September 30, 2024 and September 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the nine months ended September 30, 2024 increased $1.4 million, or 5.8%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

	Nine Months Ended
(Dollars in thousands)	September 30, 2024			September 30, 2023		$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	6,839		$	6,967	$	(128	)	(2	)%
Loan income and fees		2,009			1,913		96		5
Gain on sale of loans held for sale		5,185			4,213		972		23
BOLI income		3,470			2,844		626		22
Operating lease income		5,087			4,515		572		13
Gain (loss) on sale of premises and equipment		(9	)		982		(991	)	(101	)
Other		2,625			2,391		234		10
Total noninterest income	$	25,206		$	23,825	$	1,381		6	%

Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by residential mortgage and SBA loans sold during the period. During the nine months ended September 30, 2024, there were $58.3 million of residential mortgage loans originated for sale which were sold with gains of $1.1 million compared to $48.7 million sold with gains of $633,000 for the corresponding period in the prior year, with the improvement in profitability due to movement in interest rates. There were $38.5 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.1 million compared to $41.1 million sold and gains of $2.6 million for the corresponding period in the prior year. There were $95.4 million of HELOCs sold during the current period for a gain of $887,000 compared to $66.4 million sold and gains of $552,000 for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $15,000 for the nine months ended September 30, 2024 versus a gain of $426,000 for the nine months ended September 30, 2023.
BOLI income: The increase was due to higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
Operating lease income: The increase in operating lease income was the result of $1.7 million in additional contractual earnings on a higher average outstanding balance of the associated contracts, partially offset by losses incurred on previously leased equipment, where we recognized a net loss of $1.3 million for the nine months ended September 30, 2024 versus a net loss of $210,000 in the same period last year.
Gain (loss) on sale of premises and equipment: During the nine months ended September 30, 2023, two properties were sold for a combined gain of $982,000. No material disposal activity occurred during the nine months ended September 30, 2024.

Noninterest Expense. Noninterest expense for the nine months ended September 30, 2024 decreased $2.6 million, or 2.8%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

	Nine Months Ended
(Dollars in thousands)	September 30, 2024		September 30, 2023		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	50,666	$	49,436	$	1,230		2	%
Occupancy expense, net		7,292		7,556		(264	)	(3	)
Computer services		9,396		9,386		10		—
Telephone, postage and supplies		1,712		1,942		(230	)	(12	)
Marketing and advertising		1,659		1,555		104		7
Deposit insurance premiums		1,674		1,878		(204	)	(11	)
Core deposit intangible amortization		1,896		2,324		(428	)	(18	)
Merger-related expenses		—		4,741		(4,741	)	(100	)
Other		16,364		14,490		1,874		13
Total noninterest expense	$	90,659	$	93,308	$	(2,649	)	(3	)%

Salaries and employee benefits: The increase was primarily the result of pay increases, partially offset by reductions in incentive pay.
Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
Merger-related expenses: The prior period included expenses associated with the Company’s merger with Quantum. No such expenses were incurred in the nine months ended September 30, 2024.
Other: The increase period-over-period was primarily driven by $1.7 million of additional depreciation expense on equipment subject to operating leases.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the nine months ended September 30, 2024 and September 30, 2023 were 21.3% and 21.0%, respectively.

Balance Sheet Review
Total assets decreased by $35.3 million to $4.6 billion and total liabilities decreased by $75.5 million to $4.1 billion, respectively, at September 30, 2024 as compared to December 31, 2023. The majority of these changes were the result of an increase in deposits, which, combined with the collection of BOLI redemption proceeds and cash and cash equivalents, were used to fund growth in loans and pay down borrowings.

Stockholders’ equity increased $40.1 million to $540.0 million at September 30, 2024 as compared to December 31, 2023. Activity within stockholders’ equity included $40.6 million in net income and $4.5 million in stock-based compensation and stock option exercises, partially offset by $5.6 million in cash dividends declared. In addition, the improvement in the accumulated other comprehensive income was driven by a $1.6 million reduction of the unrealized loss on available for sale securities as a result of a decrease in market interest rates.

As of September 30, 2024, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

Asset Quality
The ACL on loans was $48.1 million, or 1.30% of total loans, at September 30, 2024 compared to $48.6 million, or 1.34% of total loans, at December 31, 2023. The drivers of this change are discussed in the “Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023 – Provision for Credit Losses” section above.

Net loan charge-offs totaled $8.9 million for the nine months ended September 30, 2024 compared to $3.9 million for the same period last year. As discussed in previous quarters, the increase in net charge-offs has been concentrated in our equipment finance portfolio, primarily smaller over-the-road truck loans, with net charge-offs of $5.1 million during the nine months ended September 30, 2024. In response, during the first quarter of calendar year 2024 the Company elected to cease further originations within the transportation sector of equipment finance loans. In spite of the increase, annualized net charge-offs as a percentage of average assets for the loan portfolio as a whole were 0.31% for the nine months ended September 30, 2024, in line with the Company’s historical experience, as compared to 0.14% for the nine months ended September 30, 2023.

Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $10.4 million, or 54.0%, to $29.8 million, or 0.64% of total assets, at September 30, 2024 compared to $19.3 million, or 0.41% of total assets, at December 31, 2023. Consistent with the change in net charge-offs, equipment finance loans made up the largest portion of nonperforming assets at $8.5 million and $6.5 million, respectively, at these same dates. In addition, owner occupied commercial real estate totaled $7.2 million and $912,000, respectively, at these same dates. These increases were mainly the result of a $3.1 million medical equipment relationship and $5.1 million owner occupied commercial real estate (OO CRE) relationship; however, in both cases losses are not currently anticipated. The ratio of nonperforming loans to total loans was 0.78% at September 30, 2024 compared to 0.53% at December 31, 2023.

The ratio of classified assets to total assets increased to 0.99% at September 30, 2024 from 0.90% at December 31, 2023 as classified assets increased $4.1 million, or 9.8%, to $46.1 million at September 30, 2024 compared to $42.0 million at December 31, 2023. The largest portfolios of classified assets at September 30, 2024 included $11.7 million of non-owner occupied commercial real estate loans, $8.4 million of equipment finance loans, $7.1 million of SBA loans, $6.0 million of 1-4 family residential real estate loans, and $6.0 million of OO CRE loans.

About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for the Bank. As of September 30, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023⁽¹⁾			September 30, 2023
Assets
Cash	$	18,980		$	18,382		$	16,134		$	18,307		$	18,090
Interest-bearing deposits		274,497			275,808			364,359			328,833			306,924
Cash and cash equivalents		293,477			294,190			380,493			347,140			325,014
Certificates of deposit in other banks		29,290			32,131			33,625			34,722			35,380
Debt securities available for sale, at fair value		140,552			134,135			120,807			126,950			134,348
FHLB and FRB stock		18,384			19,637			13,691			18,393			19,612
SBIC investments, at cost		15,489			15,462			14,568			13,789			14,586
Loans held for sale, at fair value		2,968			1,614			2,764			3,359			4,616
Loans held for sale, at the lower of cost or fair value		189,722			224,976			220,699			198,433			200,834
Total loans, net of deferred loan fees and costs		3,698,892			3,701,454			3,648,152			3,640,022			3,659,914
Allowance for credit losses – loans		(48,131	)		(49,223	)		(47,502	)		(48,641	)		(47,417	)
Loans, net		3,650,761			3,652,231			3,600,650			3,591,381			3,612,497
Premises and equipment, net		69,603			69,880			70,588			70,937			72,463
Accrued interest receivable		17,523			18,412			16,944			16,902			16,513
Deferred income taxes, net		10,100			10,512			11,222			11,796			9,569
BOLI		90,021			89,176			88,369			88,257			106,059
Goodwill		34,111			34,111			34,111			34,111			34,111
Core deposit intangibles, net		7,162			7,730			8,297			9,059			9,918
Other assets		68,130			66,667			67,183			107,404			56,477
Total assets	$	4,637,293		$	4,670,864		$	4,684,011		$	4,672,633		$	4,651,997
Liabilities and stockholders’ equity
Liabilities
Deposits	$	3,761,588		$	3,707,779		$	3,799,807		$	3,661,373		$	3,640,961
Junior subordinated debt		10,096			10,070			10,045			10,021			9,995
Borrowings		260,013			364,513			291,513			433,763			452,263
Other liabilities		65,592			64,874			69,473			67,583			64,367
Total liabilities		4,097,289			4,147,236			4,170,838			4,172,740			4,167,586
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 60,000,000 shares authorized⁽²⁾		175			175			175			174			174
Additional paid in capital		175,495			172,907			172,919			172,366			171,663
Retained earnings		368,383			357,147			346,598			333,401			321,799
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(4,099	)		(4,232	)		(4,364	)		(4,497	)		(4,629	)
Accumulated other comprehensive income (loss)		50			(2,369	)		(2,155	)		(1,551	)		(4,596	)
Total stockholders’ equity		540,004			523,628			513,173			499,893			484,411
Total liabilities and stockholders’ equity	$	4,637,293		$	4,670,864		$	4,684,011		$	4,672,633		$	4,651,997

^{(1) Derived from audited financial statements.}
^{(2) Shares of common stock issued and outstanding were 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; 17,444,787 at March 31, 2024; 17,387,069 at December 31, 2023; and 17,380,307 at September 30, 2023.}

Consolidated Statements of Income (Unaudited)

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2024			September 30, 2023
Interest and dividend income
Loans	$	63,305	$	62,161	$	185,418		$	162,526
Debt securities available for sale		1,616		1,495		4,424			3,780
Other investments and interest-bearing deposits		1,728		1,758		5,576			5,356
Total interest and dividend income		66,649		65,414		195,418			171,662
Interest expense
Deposits		23,692		21,683		65,693			36,955
Junior subordinated debt		235		234		705			563
Borrowings		648		1,331		3,550			6,634
Total interest expense		24,575		23,248		69,948			44,152
Net interest income		42,074		42,166		125,470			127,510
Provision for credit losses		2,975		4,260		8,400			11,735
Net interest income after provision for credit losses		39,099		37,906		117,070			115,775
Noninterest income
Service charges and fees on deposit accounts		2,336		2,354		6,839			6,967
Loan income and fees		684		647		2,009			1,913
Gain on sale of loans held for sale		1,900		1,828		5,185			4,213
BOLI income		828		807		3,470			2,844
Operating lease income		1,637		1,591		5,087			4,515
Gain (loss) on sale of premises and equipment		—		—		(9	)		982
Other		897		886		2,625			2,391
Total noninterest income		8,282		8,113		25,206			23,825
Noninterest expense
Salaries and employee benefits		17,082		16,608		50,666			49,436
Occupancy expense, net		2,436		2,419		7,292			7,556
Computer services		3,192		3,116		9,396			9,386
Telephone, postage and supplies		547		580		1,712			1,942
Marketing and advertising		408		606		1,659			1,555
Deposit insurance premiums		589		531		1,674			1,878
Core deposit intangible amortization		567		567		1,896			2,324
Merger-related expenses		—		—		—			4,741
Other		5,764		5,783		16,364			14,490
Total noninterest expense		30,585		30,210		90,659			93,308
Income before income taxes		16,796		15,809		51,617			46,292
Income tax expense		3,684		3,391		11,020			9,712
Net income	$	13,112	$	12,418	$	40,597		$	36,580

Per Share Data

	Three Months Ended				Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2024		September 30, 2023
Net income per common share⁽¹⁾
Basic	$	0.77	$	0.73	$	2.38	$	2.19
Diluted	$	0.76	$	0.73	$	2.37	$	2.18
Average shares outstanding
Basic		16,931,793		16,883,028		16,891,619		16,532,335
Diluted		17,027,824		16,904,098		16,938,328		16,553,319
Book value per share at end of period	$	30.83	$	30.03	$	30.83	$	27.87
Tangible book value per share at end of period⁽²⁾	$	28.57	$	27.73	$	28.57	$	25.47
Cash dividends declared per common share	$	0.11	$	0.11	$	0.33	$	0.30
Total shares outstanding at end of period		17,514,922		17,437,326		17,514,922		17,380,307

^{(1) Basic and diluted net income per common share have been prepared in accordance with the two-class method.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Selected Financial Ratios and Other Data

	Three Months Ended				Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2024		September 30, 2023
Performance ratios⁽¹⁾
Return on assets (ratio of net income to average total assets)	1.17	%	1.13	%	1.22	%	1.15	%
Return on equity (ratio of net income to average equity)	9.76		9.58		10.39		10.56
Yield on earning assets	6.34		6.32		6.28		5.77
Rate paid on interest-bearing liabilities	3.12		3.04		3.02		2.06
Average interest rate spread	3.22		3.28		3.26		3.71
Net interest margin⁽²⁾	4.00		4.08		4.03		4.29
Average interest-earning assets to average interest-bearing liabilities	133.71		135.38		134.53		138.63
Noninterest expense to average total assets	2.73		2.74		2.73		2.94
Efficiency ratio	60.74		60.08		60.17		61.66
Efficiency ratio – adjusted⁽³⁾	60.30		59.66		60.19		58.98

^{(1)  Ratios are annualized where appropriate.}
^{(2)  Net interest income divided by average interest-earning assets.}
^{(3)  See Non-GAAP reconciliations below for adjustments.}

	At or For the Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Asset quality ratios
Nonperforming assets to total assets⁽¹⁾	0.64	%	0.54	%	0.43	%	0.41	%	0.25	%
Nonperforming loans to total loans⁽¹⁾	0.78		0.68		0.55		0.53		0.32
Total classified assets to total assets	0.99		0.91		0.80		0.90		0.76
Allowance for credit losses to nonperforming loans⁽¹⁾	166.51		194.80		235.18		251.60		400.41
Allowance for credit losses to total loans	1.30		1.33		1.30		1.34		1.30
Net charge-offs to average loans (annualized)	0.42		0.27		0.24		0.29		0.27
Capital ratios
Equity to total assets at end of period	11.64	%	11.21	%	10.96	%	10.70	%	10.41	%
Tangible equity to total tangible assets⁽²⁾	10.88		10.44		10.18		9.91		9.60
Average equity to average assets	12.02		11.78		11.51		11.03		10.84

^{(1) Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2024, $8.7 million, or 30.4%, of nonaccruing loans were current on their loan payments as of that date.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Loans

(Dollars in thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Commercial real estate loans
Construction and land development	$	300,905		$	316,050		$	304,727		$	305,269		$	352,143
Commercial real estate – owner occupied		544,689			545,631			532,547			536,545			526,534
Commercial real estate – non-owner occupied		881,340			892,653			881,143			875,694			880,348
Multifamily		114,155			92,292			89,692			88,623			83,430
Total commercial real estate loans		1,841,089			1,846,626			1,808,109			1,806,131			1,842,455
Commercial loans
Commercial and industrial		286,809			266,136			243,732			237,255			237,366
Equipment finance		443,033			461,010			462,649			465,573			470,387
Municipal leases		158,560			152,509			151,894			150,292			147,821
Total commercial loans		888,402			879,655			858,275			853,120			855,574
Residential real estate loans
Construction and land development		63,016			70,679			85,840			96,646			103,381
One-to-four family		627,845			621,196			605,570			584,405			560,399
HELOCs		194,909			188,465			184,274			185,878			185,289
Total residential real estate loans		885,770			880,340			875,684			866,929			849,069
Consumer loans		83,631			94,833			106,084			113,842			112,816
Total loans, net of deferred loan fees and costs		3,698,892			3,701,454			3,648,152			3,640,022			3,659,914
Allowance for credit losses – loans		(48,131	)		(49,223	)		(47,502	)		(48,641	)		(47,417	)
Loans, net	$	3,650,761		$	3,652,231		$	3,600,650		$	3,591,381		$	3,612,497

Deposits

(Dollars in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Core deposits
Noninterest-bearing accounts	$	684,501	$	683,346	$	773,901	$	784,950	$	827,362
NOW accounts		534,517		561,789		600,561		591,270		602,804
Money market accounts		1,345,289		1,311,940		1,308,467		1,246,807		1,195,482
Savings accounts		179,762		185,499		191,302		194,486		202,971
Total core deposits		2,744,069		2,742,574		2,874,231		2,817,513		2,828,619
Certificates of deposit		1,017,519		965,205		925,576		843,860		812,342
Total	$	3,761,588	$	3,707,779	$	3,799,807	$	3,661,373	$	3,640,961

Non-GAAP Reconciliations
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2024			September 30, 2023
Noninterest expense	$	30,585	$	30,210	$	90,659		$	93,308
Less: merger expense		—		—		—			4,741
Noninterest expense – adjusted	$	30,585	$	30,210	$	90,659		$	88,567

Net interest income	$	42,074	$	42,166	$	125,470		$	127,510
Plus: tax-equivalent adjustment		368		354		1,072			903
Plus: noninterest income		8,282		8,113		25,206			23,825
Less: BOLI death benefit proceeds in excess of cash surrender value		—		—		1,143			1,092
Less: loss (gain) on sale of premises and equipment		—		—		(9	)		982
Net interest income plus noninterest income – adjusted	$	50,724	$	50,633	$	150,614		$	150,164

Efficiency ratio	60.74	%	60.08	%	60.17	%	61.66	%
Efficiency ratio – adjusted	60.30	%	59.66	%	60.19	%	58.98	%

Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

	As of
(Dollars in thousands, except per share data)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total stockholders’ equity	$	540,004	$	523,628	$	513,173	$	499,893	$	484,411
Less: goodwill, core deposit intangibles, net of taxes		39,626		40,063		40,500		41,086		41,748
Tangible book value	$	500,378	$	483,565	$	472,673	$	458,807	$	442,663
Common shares outstanding		17,514,922		17,437,326		17,444,787		17,387,069		17,380,307
Book value per share	$	30.83	$	30.03	$	29.42	$	28.75	$	27.87
Tangible book value per share	$	28.57	$	27.73	$	27.10	$	26.39	$	25.47

Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

	As of
(Dollars in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Tangible equity⁽¹⁾	$	500,378	$	483,565	$	472,673	$	458,807	$	442,663
Total assets		4,637,293		4,670,864		4,684,011		4,672,633		4,651,997
Less: goodwill, core deposit intangibles, net of taxes		39,626		40,063		40,500		41,086		41,748
Total tangible assets	$	4,597,667	$	4,630,801	$	4,643,511	$	4,631,547	$	4,610,249

Tangible equity to tangible assets

10.88

%

10.44

%

10.18

%

9.91

%

9.60

%

^{(1) Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.}

The MIL Network –

January 25, 2025

MIL-OSI: ConnectM Launches Intelligent AI-Driven Heat Pump Following AHRI Cold Climate Certification

Source: GlobeNewswire (MIL-OSI)

MARLBOROUGH, Mass., Oct. 24, 2024 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced its groundbreaking AI-powered heat pump has received the prestigious AHRI (Air-Conditioning Heating and Refrigeration Institute) Cold Climate Certification, representing a significant milestone in energy-efficient heating solutions. This certification follows the previously announced launch and underscores ConnectM’s commitment to delivering state-of-the-art technology that meets the highest standards for performance in even the harshest of winter conditions.

The AHRI Cold Climate Certification is awarded to products that demonstrate superior heating efficiency, especially in cold environments where traditional heat pumps struggle. ConnectM’s heat pump excels in maintaining warmth without the energy consumption spikes which are typically associated with extreme cold weather. By achieving this certification, our system stands out as a reliable, eco-friendly solution for homes in colder regions, aligning perfectly with global decarbonization and sustainability goals.

Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “Receiving AHRI Cold Climate Certification validates the Company’s AI-driven heat pump’s ability to operate efficiently and effectively in temperatures as low as -15°F. This certification is crucial as it provides consumers with the assurance that ConnectM’s heat pump not only meets but exceeds the industry benchmarks, specifically 5ºF and below, for energy savings and comfort. Homeowners in colder climates can now benefit from cutting-edge technology that drastically reduces their energy consumption, lowers heating costs, and helps to decrease their carbon footprint.”

As part of the Company’s ongoing efforts to make advanced heating technology accessible, ConnectM is proud to announce that its certified heat pump will be available through its nationwide network of ConnectM Service providers in Q4 2024. Customers can now enjoy the benefits of this intelligent heat pump, powered by advanced AI algorithms that optimize performance based on real-time environmental data. These features ensure not only energy efficiency but also peak performance during the most challenging cold weather conditions.

About ConnectM Technology Solutions, Inc.

ConnectM is a technology company focused on advancing the electrification economy by integrating electrified energy assets with its AI-powered technology solutions platform. The Company provides residential and light commercial buildings and all-electric original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to solar and all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. As a vertically integrated company with wholly owned service networks and a comprehensive technology stack, ConnectM empowers customers to reduce their reliance on fossil fuels, lower overall energy costs, and minimize their carbon footprint.

For more information, please visit: https://www.connectm.com/

Contact:

MZ North America
(203) 741-8811

ConnectM@mzgroup.us

The MIL Network –

January 25, 2025

MIL-OSI: Jackery Introduces Solar Generator 5000 Plus – “Most Trusted Whole-Home Backup Power”

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Jackery, a global leader of innovative solar generators and green off-grid energy solutions, has launched its newest and most advanced product yet – the Jackery Solar Generator 5000 Plus. Powerful, portable and compact, the 5000 Plus is the lightest generator in its class and ensures people will stay connected, powered and secure, even in the most difficult and unexpected circumstances.

“Safety, sustainability and convenience are at the forefront of every solar generator we produce, and the 5000 Plus delivers at every turn,” said Jack Sun, CEO of Jackery. “Whether you need to power your entire home during an outage or emergency, need additional power while embracing outdoor living or reliable everyday power, the 5000 Plus provides the performance, safety and convenience that people need.”

With LFP battery cells, the 5000 Plus offers 4,000 life cycles, ensuring long-term reliability. It operates quietly and requires no maintenance, making it a better option for indoor use compared to traditional gas generators, especially during extreme weather conditions. The UPS feature allows for instantaneous switching to backup power during an outage, ensuring sensitive equipment like computers and other essential devices keep running without interruption and with zero downtime.

When paired with Jackery’s Smart Transfer Switch (STS), a single 5000 Plus delivers up to 7200W of power. And, when connected to a second unit, users can get up to 14400W, making it more than sufficient to power a home in the most unpredictable situation. When equipped with all modular extensions and add-ons available, the full 5000 Plus ecosystem capability reaches an impressive 60kWh – enough power to sustain the average American household necessities for up to several days (based on an average daily usage of 30kWh/day).

The modular design of the 5000 Plus ensures users can extend power capacity to fit their individual needs. This flexibility also offers users complete control over the power usage, capacity, spending, and savings, making it a truly personalized backup power solution. The Jackery 5000 Plus not only meets 120V load demands, but can also power 240V appliances, such as dryers, water pumps, ovens, and high-power electric tools. It is also capable of recharging RVs and electric vehicles.

The 5000 Plus is also equipped with dual-voltage solar charging, meaning that the system can recharge through a high voltage rooftop solar system and with Jackery’s portable solar panels. The 5000 Plus is compatible with most solar panels that use an MC4 connector, supporting up to 4000W of charging power for fast and efficient recharging. Compatible with up to six Jackery SolarSaga 200W portable solar panels or two new Jackery SolarSaga 500W portable solar panels, it is an eco-friendly, cost-saving solution for long-term use.

For added convenience, users can utilize smart app control to activate UPS mode, schedule charging, and more. This convenient app control also provides quick access to the 5000 Plus’s status with easy-to-set charge/discharge parameters and modes.

Further, the 5000 Plus is built to last, with fireproof, shockproof and IPX4 water-resistant certifications. Combined with Jackery’s 5+2 year warranty, the 5000 Plus is an investment in safety, sustainability, and convenience, ensuring long-term peace of mind.

Jackery is dedicated to developing reliable technology and offers the industry’s exclusive ChargeShield 2.0 and Class B standard, providing up to 62 layers of protection for charging, discharging, and battery management systems (BMS). The Company’s AI-driven variable speed charging technology ensures dependable power usage every time.

Whether for emergencies, off-grid living, or reliable everyday power, the 5000 Plus delivers the performance, safety, and ease that people need and have come to rely on from Jackery’s solar generators.

Finally, while designed with whole-home backup in mind, the 5000 Plus is also perfect for off-grid living and grid arbitrage, offering features like peak shaving and valley lifting to balance energy consumption, reduce energy bills, and alleviate pressure on the grid. Whether you need power for an off-grid cabin, RV, job site, or even film production, the 5000 Plus is the perfect green-energy solution.

For more information on Jackery, the 5000 Plus and other products, please visit www.jackery.com. Be sure to follow Jackery on social media at @JackeryUSA for the latest updates in real time.

ABOUT JACKERY
Founded in California in 2012, Jackery is the world’s leading provider of innovative solar generators and off-grid green energy solutions. As a global top-selling solar generator brand, Jackery is driven by its mission to “Bring Green Energy to All.” By integrating with Geneverse in 2024, Jackery has expanded its product offerings and is able to deliver a comprehensive range of energy solutions, from portable solar generators for outdoor use to whole-home backup systems, furthering its commitment to making green energy accessible for all. Jackery has consistently fulfilled its social responsibility on a global scale, maintaining long-term partnerships with global public welfare organizations such as WWF, NFF, and IRC. Through these collaborations, Jackery continues to contribute to global sustainable development and other public welfare initiatives, reinforcing its dedication to creating a greener, more sustainable future.

MEDIA CONTACTS
ICR
jackery@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/910a7380-9682-4ba7-acd6-8c69fba4e929

The MIL Network –

January 25, 2025

MIL-OSI: Ozop Energy Solutions, Inc. Selected as National Field Service Partner for Leviton through Ozop Engineering and Design

Source: GlobeNewswire (MIL-OSI)

Warwick, NY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Ozop Energy Solutions, Inc. (OZSC) is proud to announce that its subsidiary, Ozop Engineering and Design (OED), has been selected by Leviton Manufacturing Co., Inc. to serve as field service technicians for their advanced lighting control systems. This significantly enhances OED’s profile within the lighting industry, positioning it as a go-to service provider for sophisticated control systems across the United States.

Elevating OED’s National Presence

The agreement marks a major expansion of OED’s role in the lighting controls market. As a field service representative, OED is responsible for installation verification, system commissioning, troubleshooting, and ongoing maintenance across a broad range of Leviton projects nationwide. This role extends OED’s footprint, providing access to new territories and reinforcing its presence on a national level.

This partnership not only elevates OED’s reach but also demonstrates its capability to support high-demand, large-scale operations. By being entrusted with this critical role, OED is solidifying its reputation as a trusted partner capable of meeting rigorous standards in the lighting control industry.

Specialized Training for GreenMAX and DRC Systems

In preparation for this role, OED’s technicians have received specialized training and have been certified on Leviton’s GreenMAX and GreenMAX DRC systems. This training included in-depth technical education on system installation, programming, and troubleshooting, enabling OED to deliver best-in-class service quality. Such training underlines OED’s commitment to continuous improvement and its focus on staying ahead in a rapidly evolving industry. With these certifications, OED is well-equipped to manage Leviton’s sophisticated systems, ensuring reliable performance for clients nationwide.

A Strategic Growth Opportunity for OED

This collaboration with Leviton represents a strategic growth opportunity for OED, allowing the company to diversify and enhance its revenue streams by taking on a role of national significance. It supports OED’s vision to grow as a premier provider of lighting controls commissioning and field services, building upon its established expertise in handling complex systems. This partnership highlights OED’s technical expertise and underscores its capacity to collaborate with major industry players.

Brian Conway, CEO of Ozop Energy Solutions, commented:

“We are extremely proud to have been selected by Leviton as a national field service representative. This is a significant step forward for Ozop Engineering and Design, expanding our capabilities and our footprint across the country. Our technicians are trained and ready to handle the most sophisticated lighting control systems. This marks a major milestone in OED’s growth trajectory. We see this as an opportunity to demonstrate our expertise and dedication to high-quality field service across the industry.”

Tom Leonard, Vice President and General Manager of Leviton Lighting & Controls, noted:

“Leviton is pleased to have OZOP Engineering and Design join our team of Field Service Centers. Their proven experience and technical expertise make them ideal partners to support Leviton’s commitment to delivering exceptional customer experiences. We are certain this partnership will enhance our service capabilities nationwide and contribute to the success of our projects.”

Supporting OED’s Broader Vision

This partnership aligns with Ozop Engineering and Design’s broader vision of becoming a dominant player in the lighting control industry, known for reliability and technical excellence. By partnering with one of the leading manufacturers in the sector, OED gains the opportunity to showcase its capabilities on a larger stage, reinforcing its standing as an expert provider of comprehensive field services.

About Ozop Energy Solutions.

Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

About Automated Room Controls, Inc.

Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

www.ARControl.com

About Ozop Energy Systems, Inc.

Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

About Ozop Engineering and Design

Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

www.ozopengineering.com

About Ozop Capital Partners

Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

https://twitter.com/OzopEnergy

https://www.facebook.com/OzopEnergy/

About Leviton Lighting + Controls

Leviton Lighting & Controls brings innovative lighting solutions to life in commercial, healthcare, industrial, and residential buildings with an extensive lighting and controls designed towards enhancing people’s lives. With a collection of five of the most well-respected lighting brands on the market bolstered by a commitment to continuously improving the controls and technology that power them, Leviton Lighting & Controls exceeds customers’ expectations every day. Leviton is a single-source partner of highly innovative and energy-efficient products, backed by unsurpassed customer service and support. For more information, visit https://www.leviton.com/en/solutions/commercial-lighting-and-controls.

About Leviton

Every day, Leviton is engineering possibilities that make the future happen, meeting the needs of today’s residential, commercial, and industrial customers globally. From electrical, to lighting, to data networks, and energy management, Leviton develops thoughtful solutions that help make its customers’ lives easier, safer, more efficient and more productive. Driven by its commitment to its customers, the ingenuity of its employees and the safety and quality of its products and solutions, with Leviton, the FUTURE IS ON. For more information, visit www.leviton.com, www.facebook.com/leviton, www.twitter.com/leviton, or www.youtube.com/Levitonmfg.

Safe Harbor Statement

“This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

Investor Relations Contact – Ozop
The Waypoint Refinery, LLC
845-397-2956
Visit our Discord:
https://discord.gg/waypoint

The MIL Network –

January 25, 2025

MIL-OSI: West Bancorporation, Inc. Announces Third Quarter 2024 Financial Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported third quarter 2024 net income of $6.0 million, or $0.35 per diluted common share, compared to second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, and third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On October 23, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on November 20, 2024, to stockholders of record on November 6, 2024.

David Nelson, President and Chief Executive Officer of the Company, commented, “Our third quarter results include moderate growth in loans and core deposits along with an increase in quarterly net interest income and net interest margin. Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%.”

David Nelson added, “West Bank is focused on initiatives that will drive sustained core profitability. Those initiatives are centered around our culture of building strong relationships and providing exceptional personal service to drive growth in both commercial and consumer banking services.”

Third Quarter 2024 Financial Highlights

	Quarter Ended September 30, 2024		Nine Months Ended September 30, 2024
Net income (in thousands)	$5,952		$16,953
Return on average equity		10.41%		10.18%
Return on average assets		0.60%		0.59%
Efficiency ratio (a non-GAAP measure)		63.28%		64.16%
Nonperforming assets to total assets		0.01%		0.01%

Third Quarter 2024 Compared to Second Quarter 2024 Overview

Loans increased $22.4 million in the third quarter of 2024, or 3.0 percent annualized. The increase is primarily due to the funding of previously committed construction loans.
A provision for credit losses on loans of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. A negative provision for credit losses on unfunded commitments of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. The provision for loans in the third quarter of 2024 was primarily due to changes in the forecasted loss rates due to increases in forecasted unemployment rates. The negative provision for unfunded commitments was primarily due to the decline in unfunded commitments resulting primarily from the funding of construction loans.
The allowance for credit losses to total loans was 0.97 percent and 0.95 percent at September 30, 2024 and June 30, 2024, respectively. Nonaccrual loans at September 30, 2024 consisted of two loans with a total balance of $233 thousand, compared to three loans with a balance of $521 thousand at June 30, 2024.
Deposits increased $97.6 million, or 3.1 percent, in the third quarter of 2024. Brokered deposits totaled $425.9 million at September 30, 2024, compared to $370.3 million at June 30, 2024, an increase of $55.6 million. Excluding brokered deposits, deposits increased $42.0 million during the third quarter of 2024. As of September 30, 2024, estimated uninsured deposits, which exclude deposits in the IntraFi^® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 27.8 percent of total deposits.
Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $525.5 million at June 30, 2024. The decrease was primarily due to the balance of federal funds purchased and other short-term borrowings decreasing to $0 as of September 30, 2024, from $85.5 million as of June 30, 2024 as a result of growth in deposits.
The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income. In the third quarter of 2024, the increase in interest income on loans outpaced the increase in interest expense on deposits and borrowed funds.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for the third quarter of 2024, compared to 1.86 percent for the second quarter of 2024. Net interest income for the third quarter of 2024 was $18.0 million, compared to $17.2 million for the second quarter of 2024.
The tangible common equity ratio was 5.90 percent as of September 30, 2024, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was driven by retained net income and the decrease in accumulated other comprehensive loss, which was primarily the result of the increase in the market value of our available for sale investment portfolio.

Third Quarter 2024 Compared to Third Quarter 2023 Overview

Loans increased $171.4 million at September 30, 2024, or 6.0 percent, compared to September 30, 2023. The increase is primarily due to increases in commercial real estate loans and the funding of previously committed construction loans.
Deposits increased to $3.3 billion at September 30, 2024, compared to $2.8 billion at September 30, 2023. Included in deposits were brokered deposits totaling $425.9 million at September 30, 2024, compared to $237.0 million at September 30, 2023. Brokered deposits were used to reduce short-term borrowed funds and to fund loan growth. Excluding brokered deposits, deposits increased $334.2 million, or 13.3 percent, as of September 30, 2024, compared to September 30, 2023. Deposit growth included a mix of public funds and commercial and consumer deposits.
Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $261.5 million in federal funds purchased and other short-term borrowings as a result of growth in deposits.
The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the increase in noninterest expense, partially offset by an increase in net interest income. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for both the third quarter of 2024 and the third quarter of 2023. Net interest income for the third quarter of 2024 was $18.0 million, compared to $16.6 million for the third quarter of 2023.

The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, October 24, 2024. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until November 7, 2024, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; changes in legal and regulatory requirements, limitations and costs including in response to the recent bank failures; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
CONDENSED BALANCE SHEETS	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Cash and due from banks	$	34,157		$	27,994		$	27,071		$	33,245		$	18,819
Interest-bearing deposits		123,646			121,825			120,946			32,112			1,802
Securities available for sale, at fair value		597,745			588,452			605,735			623,919			609,365
Federal Home Loan Bank stock, at cost		17,195			21,065			26,181			22,957			26,691
Loans		3,021,221			2,998,774			2,980,133			2,927,535			2,849,777
Allowance for credit losses		(29,419	)		(28,422	)		(28,373	)		(28,342	)		(28,147	)
Loans, net		2,991,802			2,970,352			2,951,760			2,899,193			2,821,630
Premises and equipment, net		106,771			101,965			95,880			86,399			75,675
Bank-owned life insurance		44,703			44,416			44,138			43,864			43,589
Other assets		72,547			89,046			90,981			84,069			104,329
Total assets	$	3,988,566		$	3,965,115		$	3,962,692		$	3,825,758		$	3,701,900

Liabilities and Stockholders’ Equity
Deposits	$	3,278,553		$	3,180,922		$	3,065,030		$	2,973,779		$	2,755,529
Federal funds purchased and other short-term borrowings		—			85,500			198,500			150,270			261,510
Other borrowings		438,814			439,998			441,183			442,367			443,552
Other liabilities		35,846			34,812			34,223			34,299			37,376
Stockholders’ equity		235,353			223,883			223,756			225,043			203,933
Total liabilities and stockholders’ equity	$	3,988,566		$	3,965,115		$	3,962,692		$	3,825,758		$	3,701,900

	For the Quarter Ended
AVERAGE BALANCES	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets	$	3,973,824		$	3,964,109		$	3,812,199		$	3,706,497		$	3,679,541
Loans		2,991,272			2,994,492			2,949,672			2,857,594			2,813,213
Deposits		3,258,669			3,123,282			2,956,635			2,878,676			2,764,184
Stockholders’ equity		227,513			219,771			219,835			201,920			215,230


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
LOANS	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Commercial	$	512,884		$	526,589		$	544,293		$	531,594		$	529,293
Real estate:
Construction, land and land development		520,516			496,864			465,247			413,477			399,253
1-4 family residential first mortgages		89,749			92,230			108,065			106,688			89,713
Home equity		17,140			15,264			14,020			14,618			12,429
Commercial		1,870,132			1,856,301			1,839,580			1,854,510			1,812,816
Consumer and other		14,261			15,234			12,844			10,930			10,123
		3,024,682			3,002,482			2,984,049			2,931,817			2,853,627
Net unamortized fees and costs		(3,461	)		(3,708	)		(3,916	)		(4,282	)		(3,850	)
Total loans	$	3,021,221		$	2,998,774		$	2,980,133		$	2,927,535		$	2,849,777
Less: allowance for credit losses		(29,419	)		(28,422	)		(28,373	)		(28,342	)		(28,147	)
Net loans	$	2,991,802		$	2,970,352		$	2,951,760		$	2,899,193		$	2,821,630

CREDIT QUALITY
Pass	$	3,016,493		$	2,994,310		$	2,983,618		$	2,931,377		$	2,853,100
Watch		7,956			7,651			142			144			184
Substandard		233			521			289			296			343
Doubtful		—			—			—			—			—
Total loans	$	3,024,682		$	3,002,482		$	2,984,049		$	2,931,817		$	2,853,627

DEPOSITS
Noninterest-bearing demand	$	525,332		$	530,441		$	521,377		$	548,726		$	551,688
Interest-bearing demand		438,402			443,658			449,946			481,207			417,802
Savings and money market – non-brokered		1,481,840			1,483,264			1,315,698			1,315,741			1,249,309
Money market – brokered		123,780			97,259			119,840			124,335			99,282
Total nonmaturity deposits		2,569,354			2,554,622			2,406,861			2,470,009			2,318,081
Time – non-brokered		407,109			353,269			381,646			322,694			299,683
Time – brokered		302,090			273,031			276,523			181,076			137,765
Total time deposits		709,199			626,300			658,169			503,770			437,448
Total deposits	$	3,278,553		$	3,180,922		$	3,065,030		$	2,973,779		$	2,755,529

BORROWINGS
Federal funds purchased and other short-term borrowings	$	—		$	85,500		$	198,500		$	150,270		$	261,510
Subordinated notes, net		79,828			79,762			79,697			79,631			79,566
Federal Home Loan Bank advances		315,000			315,000			315,000			315,000			315,000
Long-term debt		43,986			45,236			46,486			47,736			48,986
Total borrowings	$	438,814		$	525,498		$	639,683		$	592,637		$	705,062

STOCKHOLDERS’ EQUITY
Preferred stock	$	—		$	—		$	—		$	—		$	—
Common stock		3,000			3,000			3,000			3,000			3,000
Additional paid-in capital		34,960			34,322			33,685			34,197			33,487
Retained earnings		275,724			273,981			272,997			271,369			271,025
Accumulated other comprehensive loss		(78,331	)		(87,420	)		(85,926	)		(83,523	)		(103,579	)
Total stockholders’ equity	$	235,353		$	223,883		$	223,756		$	225,043		$	203,933


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOME	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023			September 30, 2023
Interest income:
Loans, including fees	$	42,504	$	41,700	$	40,196	$	38,208		$	36,756
Securities:
Taxable		3,261		3,394		3,416		3,521			3,427
Tax-exempt		806		808		810		869			880
Interest-bearing deposits		2,041		1,666		148		85			29
Total interest income		48,612		47,568		44,570		42,683			41,092
Interest expense:
Deposits		26,076		23,943		21,559		20,024			17,156
Federal funds purchased and other short-term borrowings		115		1,950		2,183		2,024			3,165
Subordinated notes		1,112		1,105		1,108		1,114			1,113
Federal Home Loan Bank advances		2,748		2,718		2,325		2,482			2,329
Long-term debt		601		622		645		678			695
Total interest expense		30,652		30,338		27,820		26,322			24,458
Net interest income		17,960		17,230		16,750		16,361			16,634
Credit loss expense		—		—		—		500			200
Net interest income after credit loss expense		17,960		17,230		16,750		15,861			16,434
Noninterest income:
Service charges on deposit accounts		459		462		460		476			463
Debit card usage fees		500		490		458		488			495
Trust services		828		794		776		782			831
Increase in cash value of bank-owned life insurance		287		278		274		275			262
Loan swap fees		—		—		—		—			431
Realized securities losses, net		—		—		—		(431	)		—
Other income		285		322		331		308			340
Total noninterest income		2,359		2,346		2,299		1,898			2,822
Noninterest expense:
Salaries and employee benefits		6,823		7,169		6,489		6,468			6,696
Occupancy and equipment		1,926		1,852		1,447		1,499			1,359
Data processing		771		754		714		723			703
Technology and software		722		731		700		676			573
FDIC insurance		711		631		519		475			439
Professional fees		239		244		257		235			254
Director fees		223		236		199		240			196
Other expenses		1,477		1,577		1,543		1,845			1,685
Total noninterest expense		12,892		13,194		11,868		12,161			11,905
Income before income taxes		7,427		6,382		7,181		5,598			7,351
Income taxes		1,475		1,190		1,372		1,073			1,445
Net income	$	5,952	$	5,192	$	5,809	$	4,525		$	5,906

Basic earnings per common share	$	0.35	$	0.31	$	0.35	$	0.27		$	0.35
Diluted earnings per common share	$	0.35	$	0.31	$	0.35	$	0.27		$	0.35


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Nine Months Ended
CONSOLIDATED STATEMENTS OF INCOME	September 30, 2024		September 30, 2023
Interest income:
Loans, including fees	$	124,400	$	104,715
Securities:
Taxable		10,071		10,175
Tax-exempt		2,424		2,648
Interest-bearing deposits		3,855		84
Total interest income		140,750		117,622
Interest expense:
Deposits		71,578		46,772
Federal funds purchased and other short-term borrowings		4,248		7,508
Subordinated notes		3,325		3,328
Federal Home Loan Bank advances		7,791		5,212
Long-term debt		1,868		2,132
Total interest expense		88,810		64,952
Net interest income		51,940		52,670
Credit loss expense		—		200
Net interest income after credit loss expense		51,940		52,470
Noninterest income:
Service charges on deposit accounts		1,381		1,383
Debit card usage fees		1,448		1,492
Trust services		2,398		2,286
Increase in cash value of bank-owned life insurance		839		769
Loan swap fees		—		431
Gain from bank-owned life insurance		—		691
Other income		938		1,116
Total noninterest income		7,004		8,168
Noninterest expense:
Salaries and employee benefits		20,481		20,592
Occupancy and equipment		5,225		4,008
Data processing		2,239		2,067
Technology and software		2,153		1,665
FDIC insurance		1,861		1,275
Professional fees		740		791
Director fees		658		652
Other expenses		4,597		5,400
Total noninterest expense		37,954		36,450
Income before income taxes		20,990		24,188
Income taxes		4,037		4,576
Net income	$	16,953	$	19,612

Basic earnings per common share	$	1.01	$	1.17
Diluted earnings per common share	$	1.00	$	1.17


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)

	As of and for the Quarter Ended															For the Nine Months Ended
COMMON SHARE DATA	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Earnings per common share (basic)	$	0.35		$	0.31		$	0.35		$	0.27		$	0.35		$	1.01		$	1.17
Earnings per common share (diluted)		0.35			0.31			0.35			0.27			0.35			1.00			1.17
Dividends per common share		0.25			0.25			0.25			0.25			0.25			0.75			0.75
Book value per common share⁽¹⁾		13.98			13.30			13.31			13.46			12.19
Closing stock price		19.01			17.90			17.83			21.20			16.31
Market price/book value⁽²⁾		135.98	%		134.59	%		133.96	%		157.50	%		133.80	%
Price earnings ratio⁽³⁾		13.65			14.36			12.77			19.79			11.75
Annualized dividend yield⁽⁴⁾		5.26	%		5.59	%		5.61	%		4.72	%		6.13	%

REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio		11.95	%		11.85	%		11.78	%		11.88	%		11.96	%
Tier 1 risk-based capital ratio		9.39			9.30			9.23			9.30			9.37
Tier 1 leverage capital ratio		8.15			8.08			8.36			8.50			8.58
Common equity tier 1 ratio		8.83			8.74			8.67			8.74			8.80
West Bank:
Total risk-based capital ratio		12.73	%		12.66	%		12.63	%		12.76	%		12.89	%
Tier 1 risk-based capital ratio		11.86			11.79			11.76			11.89			12.01
Tier 1 leverage capital ratio		10.29			10.25			10.65			10.86			11.00
Common equity tier 1 ratio		11.86			11.79			11.76			11.89			12.01

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets⁽⁵⁾		0.60	%		0.53	%		0.61	%		0.48	%		0.64	%		0.59	%		0.72	%
Return on average equity⁽⁶⁾		10.41			9.50			10.63			8.89			10.89			10.18			12.22
Net interest margin^(7)(13)		1.91			1.86			1.88			1.87			1.91			1.88			2.05
Yield on interest-earning assets^(8)(13)		5.16			5.13			4.99			4.87			4.70			5.10			4.56
Cost of interest-bearing liabilities		3.84			3.83			3.70			3.60			3.38			3.79			3.09
Efficiency ratio^(9)(13)		63.28			67.14			62.04			64.66			60.83			64.16			59.52
Nonperforming assets to total assets⁽¹⁰⁾		0.01			0.01			0.01			0.01			0.01
ACL ratio⁽¹¹⁾		0.97			0.95			0.95			0.97			0.99
Loans/total assets		75.75			75.63			75.20			76.52			76.98
Loans/total deposits		92.15			94.27			97.23			98.44			103.42
Tangible common equity ratio⁽¹²⁾		5.90			5.65			5.65			5.88			5.51

(1)	Includes accumulated other comprehensive loss.
(2)	Closing stock price divided by book value per common share.
(3)	Closing stock price divided by annualized earnings per common share (basic).
(4)	Annualized dividend divided by period end closing stock price.
(5)	Annualized net income divided by average assets.
(6)	Annualized net income divided by average stockholders’ equity.
(7)	Annualized tax-equivalent net interest income divided by average interest-earning assets.
(8)	Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(9)	Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
(10)	Total nonperforming assets divided by total assets.
(11)	Allowance for credit losses on loans divided by total loans.
(12)	Common equity less intangible assets (none held) divided by tangible assets.
(13)	A non-GAAP measure.

NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.


(in thousands)	For the Quarter Ended															For the Nine Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)	$	17,960		$	17,230		$	16,750		$	16,361		$	16,634		$	51,940		$	52,670
Tax-equivalent adjustment ⁽¹⁾		29			55			82			95			113			166			396
Net interest income on a FTE basis (non-GAAP)		17,989			17,285			16,832			16,456			16,747			52,106			53,066
Average interest-earning assets		3,749,688			3,731,674			3,595,954			3,487,799			3,478,053			3,692,647			3,458,606
Net interest margin on a FTE basis (non-GAAP)		1.91	%		1.86	%		1.88	%		1.87	%		1.91	%		1.88	%		2.05	%

Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)	$	17,989		$	17,285		$	16,832		$	16,456		$	16,747		$	52,106		$	53,066
Noninterest income		2,359			2,346			2,299			1,898			2,822			7,004			8,168
Adjustment for realized securities losses, net		—			—			—			431			—			—			—
Adjustment for losses on disposal of premises and equipment, net		26			21			—			24			3			47			5
Adjusted income		20,374			19,652			19,131			18,809			19,572			59,157			61,239
Noninterest expense		12,892			13,194			11,868			12,161			11,905			37,954			36,450
Efficiency ratio on an adjusted and FTE basis (non-GAAP) ⁽²⁾		63.28	%		67.14	%		62.04	%		64.66	%		60.83	%		64.16	%		59.52	%

(1)

Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.

(2)

The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

The MIL Network –

January 25, 2025

MIL-OSI: Kearny Financial Corp. Announces First Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended September 30, 2024 of $6.1 million, or $0.10 per diluted share, compared to a GAAP net loss of $90.1 million, or $1.45 per diluted share, for the quarter ended June 30, 2024. The net loss for the quarter ended June 30, 2024 included a goodwill impairment of $95.3 million, as previously disclosed. Excluding this item, net income for the quarter ended September 30, 2024 increased $496,000 from adjusted net income of $5.6 million for the quarter ended June 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on November 20, 2024, to stockholders of record as of November 6, 2024.

Craig L. Montanaro, President and Chief Executive Officer, commented, “I’m pleased to report that this quarter saw our net interest margin reach its inflection point and begin to ascend. Despite four basis points of quarterly compression, each successive month of the quarter reflected an increase in our net interest margin. The recent fed funds rate reduction of 50 basis points has already begun translating into a cost of funds benefit in October. Additional fed funds rate cuts, which the market is anticipating, will be a positive catalyst for our liability-sensitive balance sheet.”

Mr. Montanaro continued, “Regarding asset quality, our loan portfolio remains strong. Minimal exposure to New York City rent-regulated multifamily and office real estate, coupled with our robust commercial real estate ACL coverage ratios and peer-leading charge-off ratios, leaves us well-positioned in the current environment.”

Balance Sheet

Total assets were $7.77 billion at September 30, 2024, an increase of $88.9 million, or 1.2%, from June 30, 2024.
Investment securities totaled $1.20 billion at September 30, 2024, a decrease of $5.5 million, or 0.5%, from June 30, 2024.
Loans receivable totaled $5.78 billion at September 30, 2024, an increase of $51.5 million, or 0.9%, from June 30, 2024, primarily reflecting growth in one- to four-family residential mortgage loans and construction loans.
Deposits were $5.47 billion at September 30, 2024, an increase of $312.4 million, or 6.1%, from June 30, 2024. This increase was largely the result of a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered certificates of deposits, due to the relatively more favorable economics of brokered deposits compared to advances.
Borrowings were $1.48 billion at September 30, 2024, a decrease of $229.9 million, or 13.4%, from June 30, 2024, primarily reflecting a decrease in FHLB borrowings offset by an increase in brokered certificates of deposits, as noted above.
At September 30, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.06 billion, an increase of $240.0 million from June 30, 2024, and represents 26.5% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin contracted four basis points to 1.80% for the quarter ended September 30, 2024. The decrease for the quarter was driven by increases in the cost and average balances of interest-bearing deposits and a decrease in the average balance of interest-earning assets, partially offset by decreases in the average balances of interest-bearing borrowings and higher yields on interest-earning assets.
For the quarter ended September 30, 2024, net interest income decreased $830,000 to $32.4 million from $33.3 million for the quarter ended June 30, 2024. Included in net interest income for the quarters ended September 30, 2024 and June 30, 2024, respectively, was purchase accounting accretion of $649,000 and $612,000, and loan prepayment penalty income of $52,000 and $366,000.

Non-Interest Income

Non-interest income decreased $1.2 million to income of $4.6 million for the quarter ended September 30, 2024, from $5.8 million for the quarter ended June 30, 2024. Included in non-interest income for the quarter ended June 30, 2024 was a non-recurring contract renewal bonus of $750,000 and $1.1 million in non-recurring payments on two life insurance policies, partially offset by a $392,000 non-recurring exchange charge related to the December 2023 Bank Owned Life Insurance (“BOLI”) restructure. No such non-recurring items were recorded during the quarter ended September 30, 2024.
Income from BOLI decreased $642,000 to $2.6 million for the quarter ended September 30, 2024 from $3.2 million for the quarter ended June 30, 2024, primarily driven by the non-recurring items recorded for the quarter ended June 30, 2024, as disclosed above.

Non-Interest Expense

For the quarter ended September 30, 2024, non-interest expense decreased $96.8 million, or 76.5%, to $29.8 million from $126.6 million for the quarter ended June 30, 2024, driven by a non-cash goodwill impairment recognized in the prior comparative period. Excluding the goodwill impairment, adjusted non-interest expense increased $605,000 from $29.2 million, primarily driven by increases in salary and benefits expense and other expense.
Salary and benefits expense increased $232,000 primarily driven by annual merit increases and higher payroll taxes, partially offset by a non-recurring decrease in stock-based compensation.
Other expense increased $344,000 primarily driven by an increase of $243,000 in the provision for credit losses on off balance sheet commitments.

Income Taxes

Income tax expense totaled $1.1 million for the quarter ended September 30, 2024, compared to an income tax benefit of $917,000 for the quarter ended June 30, 2024. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter, coupled with a partial reversal of the deferred tax liability associated with the previously recorded goodwill impairment in the prior quarter.

Asset Quality

The balance of non-performing assets remained steady at $39.9 million, or 0.51% of total assets, at September 30, 2024, and $39.9 million, or 0.52% of total assets, at June 30, 2024, respectively.
Net charge-offs totaled $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024, compared to $3.5 million, or 0.25% of average loans, on an annualized basis, for the quarter ended June 30, 2024.
For the quarter ended September 30, 2024, the Company recorded a provision for credit losses of $108,000, compared to $3.5 million for the quarter ended June 30, 2024. The provision for credit loss expense for the quarter ended September 30, 2024 was primarily driven by loan growth.
The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at September 30, 2024 and remained unchanged from June 30, 2024.

Capital

For the quarter ended September 30, 2024, book value per share decreased $0.06, or 0.5%, to $11.64 while tangible book value per share decreased $0.05, or 0.5%, to $9.85.
At September 30, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $76.0 million, partially offset by after-tax unrealized gains on derivatives of $11.0 million. After-tax net unrecognized losses on securities held to maturity of $8.2 million were not reflected in total stockholders’ equity.
At September 30, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q1 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500


Linked-Quarter Comparative Financial Analysis

Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	155,574		$	63,864		$	91,710		143.6	%
Securities available for sale		1,070,811			1,072,833			(2,022	)	-0.2	%
Securities held to maturity		132,256			135,742			(3,486	)	-2.6	%
Loans held-for-sale		8,866			6,036			2,830		46.9	%
Loans receivable		5,784,246			5,732,787			51,459		0.9	%
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(16	)	—%
Net loans receivable		5,739,323			5,687,848			51,475		0.9	%
Premises and equipment		45,189			44,940			249		0.6	%
Federal Home Loan Bank stock		57,706			80,300			(22,594	)	-28.1	%
Accrued interest receivable		29,467			29,521			(54	)	-0.2	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,805			1,931			(126	)	-6.5	%
Bank owned life insurance		300,186			297,874			2,312		0.8	%
Deferred income taxes, net		50,131			50,339			(208	)	-0.4	%
Other assets		67,540			98,708			(31,168	)	-31.6	%
Total assets	$	7,772,379		$	7,683,461		$	88,918		1.2	%

Liabilities
Deposits:
Non-interest-bearing	$	592,099		$	598,366		$	(6,267	)	-1.0	%
Interest-bearing		4,878,413			4,559,757			318,656		7.0	%
Total deposits		5,470,512			5,158,123			312,389		6.1	%
Borrowings		1,479,888			1,709,789			(229,901	)	-13.4	%
Advance payments by borrowers for taxes		17,824			17,409			415		2.4	%
Other liabilities		52,618			44,569			8,049		18.1	%
Total liabilities		7,020,842			6,929,890			90,952		1.3	%

Stockholders’ Equity
Common stock		646			644			2		0.3	%
Paid-in capital		493,523			493,680			(157	)	—	%
Retained earnings		342,522			343,326			(804	)	-0.2	%
Unearned ESOP shares		(20,430	)		(20,916	)		486		2.3	%
Accumulated other comprehensive loss		(64,724	)		(63,163	)		(1,561	)	-2.5	%
Total stockholders’ equity		751,537			753,571			(2,034	)	-0.3	%
Total liabilities and stockholders’ equity	$	7,772,379		$	7,683,461		$	88,918		1.2	%

Consolidated capital ratios
Equity to assets		9.67	%		9.81	%		-0.14	%
Tangible equity to tangible assets ⁽¹⁾		8.31	%		8.43	%		-0.12	%

Share data
Outstanding shares		64,580			64,434			146		0.2	%
Book value per share	$	11.64		$	11.70		$	(0.06	)	-0.5	%
Tangible book value per share ⁽²⁾	$	9.85		$	9.90		$	(0.05	)	-0.5	%

_________________________
(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets. (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	66,331		$	65,819		$	512		0.8	%
Taxable investment securities		14,384			14,802			(418	)	-2.8	%
Tax-exempt investment securities		71			80			(9	)	-11.3%
Other interest-earning assets		2,466			2,289			177		7.7	%
Total interest income		83,252			82,990			262		0.3	%

Interest expense
Deposits		35,018			32,187			2,831		8.8	%
Borrowings		15,788			17,527			(1,739	)	-9.9	%
Total interest expense		50,806			49,714			1,092		2.2	%
Net interest income		32,446			33,276			(830	)	-2.5	%
Provision for credit losses		108			3,527			(3,419	)	-96.9	%
Net interest income after provision for credit losses		32,338			29,749			2,589		8.7	%

Non-interest income
Fees and service charges		635			580			55		9.5	%
Gain on sale of loans		200			111			89		80.2	%
Income from bank owned life insurance		2,567			3,209			(642	)	-20.0	%
Electronic banking fees and charges		391			1,130			(739	)	-65.4	%
Other income		833			776			57		7.3	%
Total non-interest income		4,626			5,806			(1,180	)	-20.3	%

Non-interest expense
Salaries and employee benefits		17,498			17,266			232		1.3	%
Net occupancy expense of premises		2,798			2,738			60		2.2	%
Equipment and systems		3,860			3,785			75		2.0	%
Advertising and marketing		342			480			(138	)	-28.8	%
Federal deposit insurance premium		1,563			1,532			31		2.0	%
Directors’ compensation		361			360			1		0.3	%
Goodwill impairment		—			97,370			(97,370	)	-100.0	%
Other expense		3,364			3,020			344		11.4	%
Total non-interest expense		29,786			126,551			(96,765	)	-76.5	%
Income (loss) before income taxes		7,178			(90,996	)		98,174		107.9	%
Income taxes		1,086			(917	)		2,003		-218.4	%
Net income (loss)	$	6,092		$	(90,079	)	$	96,171		106.8	%

Net income (loss) per common share (EPS)
Basic	$	0.10		$	(1.45	)	$	1.55
Diluted	$	0.10		$	(1.45	)	$	1.55

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,896		$	6,903		$	(7	)
Dividend payout ratio		113.2	%		-7.7	%		120.9	%

Weighted average number of common shares outstanding
Basic		62,389			62,254			135
Diluted		62,420			62,254			166


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars in Thousands)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,761,593		$	5,743,008		$	18,585		0.3	%
Taxable investment securities		1,314,945			1,343,541			(28,596	)	-2.1	%
Tax-exempt investment securities		12,244			13,737			(1,493	)	-10.9	%
Other interest-earning assets		131,981			128,257			3,724		2.9	%
Total interest-earning assets		7,220,763			7,228,543			(7,780	)	-0.1	%
Non-interest-earning assets		467,670			466,537			1,133		0.2	%
Total assets	$	7,688,433		$	7,695,080		$	(6,647	)	-0.1	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,282,608		$	2,310,521		$	(27,913	)	-1.2	%
Savings		668,240			631,622			36,618		5.8	%
Certificates of deposit		1,755,589			1,613,798			141,791		8.8	%
Total interest-bearing deposits		4,706,437			4,555,941			150,496		3.3	%
Borrowings:
Federal Home Loan Bank advances		1,325,583			1,507,192			(181,609	)	-12.0	%
Other borrowings		237,011			228,461			8,550		3.7	%
Total borrowings		1,562,594			1,735,653			(173,059	)	-10.0	%
Total interest-bearing liabilities		6,269,031			6,291,594			(22,563	)	-0.4	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		599,095			589,438			9,657		1.6	%
Other non-interest-bearing liabilities		69,629			62,978			6,651		10.6	%
Total non-interest-bearing liabilities		668,724			652,416			16,308		2.5	%
Total liabilities		6,937,755			6,944,010			(6,255	)	-0.1	%
Stockholders’ equity		750,678			751,070			(392	)	-0.1	%
Total liabilities and stockholders’ equity	$	7,688,433		$	7,695,080		$	(6,647	)	-0.1	%

Average interest-earning assets to average interest-bearing liabilities		115.18	%		114.89	%		0.29	%	0.3	%


Kearny Financial Corp. Performance Ratio Highlights (Unaudited)
	Three Months Ended				Variance or Change
	September 30, 2024		June 30, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.61	%	4.58	%	0.03	%
Taxable investment securities	4.38	%	4.41	%	-0.03	%
Tax-exempt investment securities ⁽¹⁾	2.32	%	2.32	%	—	%
Other interest-earning assets	7.47	%	7.14	%	0.33	%
Total interest-earning assets	4.61	%	4.59	%	0.02	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.13	%	3.06	%	0.07	%
Savings	1.05	%	0.63	%	0.42	%
Certificates of deposit	3.51	%	3.35	%	0.16	%
Total interest-bearing deposits	2.98	%	2.83	%	0.15	%
Borrowings:
Federal Home Loan Bank advances	3.82	%	3.86	%	-0.04	%
Other borrowings	5.28	%	5.24	%	0.04	%
Total borrowings	4.04	%	4.04	%	—	%
Total interest-bearing liabilities	3.24	%	3.16	%	0.08	%

Interest rate spread ⁽²⁾	1.37	%	1.43	%	-0.06	%
Net interest margin ⁽³⁾	1.80	%	1.84	%	-0.04	%

Non-interest income to average assets (annualized)	0.24	%	0.30	%	-0.06	%
Non-interest expense to average assets (annualized)	1.55	%	6.58	%	-5.03	%

Efficiency ratio ⁽⁴⁾	80.35	%	323.81	%	-243.46	%

Return on average assets (annualized)	0.32	%	-4.68	%	5.00	%
Return on average equity (annualized)	3.25	%	-47.97	%	51.22	%
Return on average tangible equity (annualized) ⁽⁵⁾	3.89	%	3.33	%	0.56	%

_________________________
(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield. (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities. (3) Net interest income divided by average interest-earning assets. (4) Non-interest expense divided by the sum of net interest income and non-interest income. (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.


Five-Quarter Financial Trend Analysis

Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Unaudited)			(Audited)			(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	155,574		$	63,864		$	71,027		$	73,860		$	57,219
Securities available for sale		1,070,811			1,072,833			1,098,655			1,144,175			1,215,633
Securities held to maturity		132,256			135,742			139,643			141,959			143,730
Loans held-for-sale		8,866			6,036			4,117			14,030			3,934
Loans receivable		5,784,246			5,732,787			5,758,336			5,745,629			5,736,049
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(44,930	)		(44,867	)		(46,872	)
Net loans receivable		5,739,323			5,687,848			5,713,406			5,700,762			5,689,177
Premises and equipment		45,189			44,940			45,053			45,928			46,868
Federal Home Loan Bank stock		57,706			80,300			81,347			83,372			81,509
Accrued interest receivable		29,467			29,521			31,065			30,258			29,766
Goodwill		113,525			113,525			210,895			210,895			210,895
Core deposit intangible		1,805			1,931			2,057			2,189			2,323
Bank owned life insurance		300,186			297,874			296,493			256,064			294,491
Deferred income taxes, net		50,131			50,339			47,225			46,116			56,500
Other real estate owned		—			—			—			11,982			12,956
Other assets		67,540			98,708			100,989			136,242			129,865
Total assets	$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832		$	7,974,866

Liabilities
Deposits:
Non-interest-bearing	$	592,099		$	598,366		$	586,089		$	584,130		$	595,141
Interest-bearing		4,878,413			4,559,757			4,622,961			4,735,500			4,839,027
Total deposits		5,470,512			5,158,123			5,209,050			5,319,630			5,434,168
Borrowings		1,479,888			1,709,789			1,722,178			1,667,055			1,626,933
Advance payments by borrowers for taxes		17,824			17,409			17,387			16,742			16,907
Other liabilities		52,618			44,569			44,279			46,427			47,324
Total liabilities		7,020,842			6,929,890			6,992,894			7,049,854			7,125,332

Stockholders’ Equity
Common stock		646			644			644			645			652
Paid-in capital		493,523			493,680			493,187			493,297			497,269
Retained earnings		342,522			343,326			440,308			439,755			460,464
Unearned ESOP shares		(20,430	)		(20,916	)		(21,402	)		(21,889	)		(22,375	)
Accumulated other comprehensive loss		(64,724	)		(63,163	)		(63,659	)		(63,830	)		(86,476	)
Total stockholders’ equity		751,537			753,571			849,078			847,978			849,534
Total liabilities and stockholders’ equity	$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832		$	7,974,866

Consolidated capital ratios
Equity to assets		9.67	%		9.81	%		10.83	%		10.74	%		10.65	%
Tangible equity to tangible assets ⁽¹⁾		8.31	%		8.43	%		8.34	%		8.26	%		8.20	%

Share data
Outstanding shares		64,580			64,434			64,437			64,445			65,132
Book value per share	$	11.64		$	11.70		$	13.18		$	13.16		$	13.04
Tangible book value per share ⁽²⁾	$	9.85		$	9.90		$	9.87		$	9.85		$	9.77

_________________________
(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets. (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,646,187		$	2,645,851		$	2,645,195		$	2,651,274		$	2,699,151
Nonresidential mortgage		950,771			948,075			965,539			947,287			946,801
Commercial business		145,984			142,747			147,326			144,134			149,229
Construction		227,327			209,237			229,457			221,933			230,703
Total commercial loans		3,970,269			3,945,910			3,987,517			3,964,628			4,025,884
One- to four-family residential mortgage		1,768,230			1,756,051			1,741,644			1,746,065			1,689,051
Consumer loans:
Home equity loans		44,741			44,104			42,731			43,517			42,896
Other consumer		2,965			2,685			3,198			2,728			2,644
Total consumer loans		47,706			46,789			45,929			46,245			45,540
Total loans, excluding yield adjustments		5,786,205			5,748,750			5,775,090			5,756,938			5,760,475
Unaccreted yield adjustments		(1,959	)		(15,963	)		(16,754	)		(11,309	)		(24,426	)
Loans receivable, net of yield adjustments		5,784,246			5,732,787			5,758,336			5,745,629			5,736,049
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(44,930	)		(44,867	)		(46,872	)
Net loans receivable	$	5,739,323		$	5,687,848		$	5,713,406		$	5,700,762		$	5,689,177

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		39,854			39,882			39,546			28,089			37,912
Total nonperforming loans		39,854			39,882			39,546			28,089			37,912
Nonaccrual loans held-for-sale		—			—			—			9,700			—
Other real estate owned		—			—			—			11,982			12,956
Total nonperforming assets	$	39,854		$	39,882		$	39,546		$	49,771		$	50,868

Nonperforming loans (% total loans)		0.69	%		0.70	%		0.69	%		0.49	%		0.66	%
Nonperforming assets (% total assets)		0.51	%		0.52	%		0.50	%		0.63	%		0.64	%

Classified loans	$	119,534		$	118,700		$	115,772		$	94,676		$	98,616

Allowance for credit losses on loans (ACL):
ACL to total loans		0.78	%		0.78	%		0.78	%		0.78	%		0.81	%
ACL to nonperforming loans		112.72	%		112.68	%		113.61	%		159.73	%		123.63	%
Net charge-offs	$	124		$	3,518		$	286		$	4,110		$	2,107
Average net charge-off rate (annualized)		0.01	%		0.25	%		0.02	%		0.29	%		0.15	%


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	592,099		$	598,367		$	586,089		$	584,130		$	595,141
Interest-bearing demand		2,247,685			2,308,915			2,349,032			2,347,262			2,236,573
Savings		681,709			643,481			630,456			646,182			689,163
Certificates of deposit (retail)		1,215,746			1,199,127			1,235,261			1,283,676			1,300,382
Certificates of deposit (brokered and listing service)		733,273			408,234			408,212			458,380			612,909
Interest-bearing deposits		4,878,413			4,559,757			4,622,961			4,735,500			4,839,027
Total deposits		5,470,512			5,158,124			5,209,050			5,319,630			5,434,168

Borrowings:
Federal Home Loan Bank advances		1,209,888			1,534,789			1,457,178			1,432,055			1,456,933
Overnight borrowings		270,000			175,000			265,000			235,000			170,000
Total borrowings		1,479,888			1,709,789			1,722,178			1,667,055			1,626,933

Total funding	$	6,950,400		$	6,867,913		$	6,931,228		$	6,986,685		$	7,061,101

Loans as a % of deposits		105.1	%		110.4	%		109.8	%		107.4	%		104.8	%
Deposits as a % of total funding		78.7	%		75.1	%		75.2	%		76.1	%		77.0	%
Borrowings as a % of total funding		21.3	%		24.9	%		24.8	%		23.9	%		23.0	%

Uninsured deposits:
Uninsured deposits (reported) ⁽¹⁾	$	1,799,726		$	1,772,623		$	1,760,740		$	1,813,122		$	1,734,288
Uninsured deposits (adjusted) ⁽²⁾	$	773,375		$	764,447		$	718,026		$	694,510		$	683,265

_________________________
(1) Uninsured deposits of Kearny Bank. (2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest income
Loans	$	66,331		$	65,819		$	64,035		$	63,384		$	62,769
Taxable investment securities		14,384			14,802			15,490			16,756			16,265
Tax-exempt investment securities		71			80			85			84			87
Other interest-earning assets		2,466			2,289			2,475			2,401			2,047
Total interest income		83,252			82,990			82,085			82,625			81,168

Interest expense
Deposits		35,018			32,187			32,320			30,340			27,567
Borrowings		15,788			17,527			15,446			16,446			14,441
Total interest expense		50,806			49,714			47,766			46,786			42,008
Net interest income		32,446			33,276			34,319			35,839			39,160
Provision for credit losses		108			3,527			349			2,105			245
Net interest income after provision for credit losses		32,338			29,749			33,970			33,734			38,915

Non-interest income
Fees and service charges		635			580			657			624			748
Loss on sale and call of securities		—			—			—			(18,135	)		—
Gain (loss) on sale of loans		200			111			(712	)		104			215
Loss on sale of other real estate owned		—			—			—			(974	)		—
Income from bank owned life insurance		2,567			3,209			3,039			1,162			1,666
Electronic banking fees and charges		391			1,130			464			396			367
Other income		833			776			755			811			1,014
Total non-interest income		4,626			5,806			4,203			(16,012	)		4,010

Non-interest expense
Salaries and employee benefits		17,498			17,266			16,911			17,282			17,761
Net occupancy expense of premises		2,798			2,738			2,863			2,674			2,758
Equipment and systems		3,860			3,785			3,823			3,814			3,801
Advertising and marketing		342			480			387			301			228
Federal deposit insurance premium		1,563			1,532			1,429			1,495			1,524
Directors’ compensation		361			360			360			393			393
Goodwill impairment		—			97,370			—			—			—
Other expense		3,364			3,020			3,286			3,808			3,309
Total non-interest expense		29,786			126,551			29,059			29,767			29,774
Income (loss) before income taxes		7,178			(90,996	)		9,114			(12,045	)		13,151
Income taxes		1,086			(917	)		1,717			1,782			3,309
Net income (loss)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842

Net income (loss) per common share (EPS)
Basic	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16
Diluted	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,896		$	6,903		$	6,844		$	6,882		$	6,989
Dividend payout ratio		113.2	%		-7.7	%		92.5	%		-49.8	%		71.0	%

Weighted average number of common shares outstanding
Basic		62,389			62,254			62,205			62,299			63,014
Diluted		62,420			62,254			62,211			62,299			63,061


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,761,593		$	5,743,008		$	5,752,477		$	5,726,321		$	5,788,074
Taxable investment securities		1,314,945			1,343,541			1,382,064			1,509,165			1,516,393
Tax-exempt investment securities		12,244			13,737			14,614			15,025			15,483
Other interest-earning assets		131,981			128,257			125,155			139,740			130,829
Total interest-earning assets		7,220,763			7,228,543			7,274,310			7,390,251			7,450,779
Non-interest-earning assets		467,670			466,537			577,411			554,335			568,723
Total assets	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,282,608		$	2,310,521		$	2,378,831		$	2,301,169		$	2,245,831
Savings		668,240			631,622			635,226			664,926			719,508
Certificates of deposit		1,755,589			1,613,798			1,705,513			1,824,316			1,968,512
Total interest-bearing deposits		4,706,437			4,555,941			4,719,570			4,790,411			4,933,851
Borrowings:
Federal Home Loan Bank advances		1,325,583			1,507,192			1,428,801			1,513,497			1,386,473
Other borrowings		237,011			228,461			210,989			142,283			158,098
Total borrowings		1,562,594			1,735,653			1,639,790			1,655,780			1,544,571
Total interest-bearing liabilities		6,269,031			6,291,594			6,359,360			6,446,191			6,478,422
Non-interest-bearing liabilities:
Non-interest-bearing deposits		599,095			589,438			581,870			597,294			612,251
Other non-interest-bearing liabilities		69,629			62,978			65,709			62,387			66,701
Total non-interest-bearing liabilities		668,724			652,416			647,579			659,681			678,952
Total liabilities		6,937,755			6,944,010			7,006,939			7,105,872			7,157,374
Stockholders’ equity		750,678			751,070			844,782			838,714			862,128
Total liabilities and stockholders’ equity	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Average interest-earning assets to average interest-bearing liabilities		115.18	%		114.89	%		114.39	%		114.65	%		115.01	%


Kearny Financial Corp. Performance Ratio Highlights
	Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.61	%	4.58	%	4.45	%	4.43	%	4.34	%
Taxable investment securities	4.38	%	4.41	%	4.48	%	4.44	%	4.29	%
Tax-exempt investment securities ⁽¹⁾	2.32	%	2.32	%	2.32	%	2.25	%	2.25	%
Other interest-earning assets	7.47	%	7.14	%	7.91	%	6.87	%	6.26	%
Total interest-earning assets	4.61	%	4.59	%	4.51	%	4.47	%	4.36	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.13	%	3.06	%	3.08	%	2.91	%	2.58	%
Savings	1.05	%	0.63	%	0.46	%	0.44	%	0.47	%
Certificates of deposit	3.51	%	3.35	%	3.11	%	2.82	%	2.49	%
Total interest-bearing deposits	2.98	%	2.83	%	2.74	%	2.53	%	2.23	%
Borrowings:
Federal Home Loan Bank advances	3.82	%	3.86	%	3.55	%	3.82	%	3.54	%
Other borrowings	5.28	%	5.24	%	5.22	%	5.65	%	5.46	%
Total borrowings	4.04	%	4.04	%	3.77	%	3.97	%	3.74	%
Total interest-bearing liabilities	3.24	%	3.16	%	3.00	%	2.90	%	2.59	%

Interest rate spread ⁽²⁾	1.37	%	1.43	%	1.51	%	1.57	%	1.77	%
Net interest margin ⁽³⁾	1.80	%	1.84	%	1.89	%	1.94	%	2.10	%

Non-interest income to average assets (annualized)	0.24	%	0.30	%	0.21	%	-0.81	%	0.20	%
Non-interest expense to average assets (annualized)	1.55	%	6.58	%	1.48	%	1.50	%	1.49	%

Efficiency ratio ⁽⁴⁾	80.35	%	323.81	%	75.43	%	150.13	%	68.97	%

Return on average assets (annualized)	0.32	%	-4.68	%	0.38	%	-0.70	%	0.49	%
Return on average equity (annualized)	3.25	%	-47.97	%	3.50	%	-6.59	%	4.57	%
Return on average tangible equity (annualized) ⁽⁵⁾	3.89	%	3.33	%	4.68	%	-8.84	%	6.07	%

_________________________
(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield. (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities. (3) Net interest income divided by average interest-earning assets. (4) Non-interest expense divided by the sum of net interest income and non-interest income. (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842
Non-recurring transactions – net of tax:
Net effect of sale and call of securities		—			—			—			12,876			—
Net effect of bank-owned life insurance restructure		—			392			—			6,286			—
Goodwill impairment		—			95,283			—			—			—
Adjusted net income	$	6,092		$	5,596		$	7,397		$	5,335		$	9,842

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842
Adjustments to net income (GAAP):
Provision for income taxes		1,086			(917	)		1,717			1,782			3,309
Provision for credit losses		108			3,527			349			2,105			245
Pre-tax, pre-provision net revenue (non-GAAP)	$	7,286		$	(87,469	)	$	9,463		$	(9,940	)	$	13,396

Adjusted earnings per share:
Weighted average common shares – basic		62,389			62,254			62,205			62,299			63,014
Weighted average common shares – diluted		62,420			62,330			62,211			62,367			63,061

Earnings per share – basic (GAAP)	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16
Earnings per share – diluted (GAAP)	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16

Adjusted earnings per share – basic (non-GAAP)	$	0.10		$	0.09		$	0.12		$	0.09		$	0.16
Adjusted earnings per share – diluted (non-GAAP)	$	0.10		$	0.09		$	0.12		$	0.09		$	0.16

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.12		$	(1.41	)	$	0.15		$	(0.16	)	$	0.21
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.12		$	(1.40	)	$	0.15		$	(0.16	)	$	0.21

Adjusted return on average assets:
Total average assets	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Return on average assets (GAAP)		0.32	%		-4.68	%		0.38	%		-0.70	%		0.49	%
Adjusted return on average assets (non-GAAP)		0.32	%		0.29	%		0.38	%		0.27	%		0.49	%

Adjusted return on average equity:
Total average equity	$	750,678		$	751,070		$	844,782		$	838,714		$	862,128

Return on average equity (GAAP)		3.25	%		-47.97	%		3.50	%		-6.59	%		4.57	%
Adjusted return on average equity (non-GAAP)		3.25	%		2.98	%		3.50	%		2.54	%		4.57	%


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Adjusted return on average tangible equity:
Total average equity	$	750,678		$	751,070		$	844,782		$	838,714		$	862,128
Less: average goodwill		(113,525	)		(113,525	)		(210,895	)		(210,895	)		(210,895	)
Less: average other intangible assets		(1,886	)		(2,006	)		(2,138	)		(2,277	)		(2,411	)
Total average tangible equity	$	635,267		$	635,539		$	631,749		$	625,542		$	648,822

Return on average tangible equity (non-GAAP)		3.89	%		3.33	%		4.68	%		-8.84	%		6.07	%
Adjusted return on average tangible equity (non-GAAP)		3.89	%		3.58	%		4.68	%		3.41	%		6.07	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,786		$	126,551		$	29,059		$	29,767		$	29,774
Non-recurring transactions:
Goodwill impairment		—			(97,370	)		—			—			—
Non-interest expense (non-GAAP)	$	29,786		$	29,181		$	29,059		$	29,767		$	29,774

Non-interest expense ratio (GAAP)		1.55	%		6.58	%		1.48	%		1.50	%		1.49	%
Adjusted non-interest expense ratio (non-GAAP)		1.55	%		1.52	%		1.48	%		1.50	%		1.49	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,786		$	29,181		$	29,059		$	29,767		$	29,774

Net interest income (GAAP)	$	32,446		$	33,276		$	34,319		$	35,839		$	39,160
Total non-interest income (GAAP)		4,626			5,806			4,203			(16,012	)		4,010
Non-recurring transactions:
Net effect of sale and call of securities		—			—			—			18,135			—
Net effect of bank-owned life insurance restructure		—			392			—			573			—
Total revenue (non-GAAP)	$	37,072		$	39,474		$	38,522		$	38,535		$	43,170

Efficiency ratio (GAAP)		80.35	%		323.81	%		75.43	%		150.13	%		68.97	%
Adjusted efficiency ratio (non-GAAP)		80.35	%		73.92	%		75.43	%		77.25	%		68.97	%

The MIL Network –

January 25, 2025

MIL-OSI: Pineapple Energy Subsidiary SUNation Completes Foundational Engineering Work on 8.46 MW Commercial Installations Valued at $11 Million

Source: GlobeNewswire (MIL-OSI)

RONKONKOMA, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — SUNation, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY) (Pineapple Energy) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, has completed the foundational engineering work for an 8.46 MW series of commercial projects on Long Island collectively valued at $11 million.

The work was performed as part of an exclusive Letter of Intent on the engineering portion of the project. SUNation is working with the project principals to finalize details for contracts that would have the Company perform installation of photovoltaic modules and racking systems across their various sites. Any future work agreed upon via letters of intent between the two parties is non-binding and subject to normal closing conditions.

As is typical with commercial contracts in the solar space, the client wishes to remain anonymous. While the next scope-of-work is being fine-tuned, if things proceed, the company expects construction to begin in 2025.

“The commercial side of the business is the solar success story of 2024,” Scott Maskin, Pineapple Energy’s interim CEO noted. “But these projects are quite complex. Still, we continue to see how benefits for both business owners who go solar and the expansion of green energy options to the broader community make these efforts well-worth it.”

“The engineering work behind projects like these often evolve over time to reflect subtle shifts in approach,” John Mucci, SUNation’s General Manager of New York Operations, noted. “We’re seeing more and more projects come in as distinct ‘packages’ of sites for us to work on, instead of simply targeting one individual structure. Based on the trends, we expect this type of bundling to continue well into next year.”

About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

Safe Harbor Statement
Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

Contacts:
Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
scott.maskin@pineappleenergy.com

Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com

The MIL Network –

January 25, 2025

MIL-OSI: Billion Dollar Commercial Drone Market Poised for Continued Growth, Driven by A.I. Technological Advances

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications and so much more. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals. AI is driving market transformation… The global commercial drones market size is estimated to grow by USD $126.87 billion from 2024-2028, according to a report from Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. The report continued: “The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), C3 AI (NYSE: AI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), AeroVironment (NASDAQ: AVAV).

“The Commercial Drone Market is experiencing significant growth, particularly in sectors like… Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decision making in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors.”

ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

Additional Groundbreaking ZenaTech Inc. Developments this week include:

ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

“Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

Other recent developments in the technology industry include:

C3 AI (NYSE: AI) recently announced the newly re-branded C3 AI Asset Performance Suite, a collection of powerful, purpose-built AI applications that work together to help enterprises maximize value and improve sustainability performance. The C3 AI Asset Performance Suite includes C3 AI Reliability, C3 AI Process Optimization, and C3 AI Energy Management. These applications offer enterprises optimized asset performance through improvements in operational efficiency across business units.

“C3 AI is the leader in AI-powered predictive maintenance, and our customers are some of the most satisfied in the industry because our technology makes a positive impact on their bottom line and continually maximizes their investments,” said Thomas M. Siebel, CEO, C3 AI. “This re-brand of the C3 AI Asset Performance Suite is in recognition that customers realize the most value by deploying applications that work in concert together and address entire value chains; in this case, with predictive maintenance, process optimization, and energy management.”

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced its SoundHound Chat AI voice assistant has launched new customization tools to help transform how automotive brands interact with their customers within the vehicle. The new features are currently being piloted with some of SoundHound’s OEM partners.

In addition to the core features offered from SoundHound Chat AI’s best-in-class voice assistant – which integrates generative AI capabilities with car controls and real-time domains like flight times, navigation, and weather – OEMs will be able to take control with customizations that work for their loyal consumers and align closely with their identity as an automaker. This new layer of customization will provide drivers with a more engaging and informative experience, allowing them to explore vehicle features and functionalities with greater ease and effectiveness.

AeroVironment (NASDAQ: AVAV) recently announced that the U.S. Army has awarded a $54.9 million delivery order for the production of Switchblade^® loitering munition systems. The recently announced award includes an additional contract ceiling of $743 million with $54.9 million in new funding. This contract is issued as part of a broader, previously executed, indefinite delivery, indefinite quantity contract, and ensures continued support for both the U.S. Army and several allied partners, including Lithuania, Romania, and Sweden.

Work on this contract will be performed in Simi Valley, California, with an estimated completion date of June 30, 2026. The award, which leverages fiscal 2023 and 2024 Army funds along with Foreign Military Sales, highlights AV’s ongoing commitment to delivering proven, battlefield-ready technology that meets the evolving needs of modern armed forces.

NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

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This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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The MIL Network –

January 25, 2025

MIL-Evening Report: Want to build healthier cities? Make room for bird and tree diversity

Source: The Conversation (Au and NZ) – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.

Birds, trees and human connection

Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

Birds and trees as promoters of urban wellness

Contact with nature and greenspace have a suite of mental health benefits.

Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

Importance of urban birds and trees

The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.

We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

– ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Global: Want to build healthier cities? Make room for bird and tree diversity

Source: The Conversation – Canada – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.

Birds, trees and human connection

Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

Birds and trees as promoters of urban wellness

Contact with nature and greenspace have a suite of mental health benefits.

Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

Importance of urban birds and trees

The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.

We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

– ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Your politics can affect whether you click on sponsored search results, new research shows

Source: The Conversation – USA – By Alexander Davidson, Associate Professor of Marketing, Wayne State University

Good news for digital marketers. Boy Wirat/Getty Images

American businesses spend close to US$100 billion each year to secure top advertising spots in search engine results – even though it’s not exactly a secret that most online shoppers scroll right past them.

In fact, organic links – results that aren’t sponsored advertisements – can receive up to 10 times as many clicks as search ads, industry data shows.

I refer to this phenomenon as “search ad avoidance,” and it’s a big problem for the multibillion-dollar industry. But it turns out that not all groups are equally averse to clicking on sponsored search results.

According to my newly published peer-reviewed research, people with conservative political views are more likely to click on sponsored search results.

Republican-leaning brands such as Black Rifle Coffee Company might want to take note.

Conservatives are more likely to click search ads

To explore the relationship between politics and search engine behavior, I conducted several studies.

First, I examined data from more than 500,000 visitors to a nationwide retailer’s website. I analyzed the percentage of visitors from each U.S. state who arrived at the website by clicking a search ad versus an organic link. Then I looked at the share of each state’s residents who describe themselves as conservative.

I found that more conservative states were associated with more clicks for search ads over organic links. Specifically, a 10% increase in a state’s conservative identity was associated with a 6.4% increase in search ad clicks.

Given that, on average, conservatives are older and have higher incomes than liberals, I also looked at each state’s median age and per-capita personal income. Again, the data confirmed the relationship between conservatism and search ad clicks. Neither age nor income had any significant impact.

To better understand what was going on, I conducted additional studies where I could monitor people’s searches in a more controlled setting using online surveys.

I asked online participants to search for a product the same way they would using Google. Then, I brought them to a search results page and asked them to indicate how likely they would be to click on a search ad versus an organic link.

I also measured their political orientation in two different ways: through self-identification and attitudes toward political issues. Once again, I found that regardless of age or income, more conservative people were more likely to click on search ads.

Why the promotional is political

The decision to click on an ad – or not – might seem quite minor. But I believe ad avoidance is strongly rooted in people’s core beliefs and values.

While conservatives tend to trust and justify the role of marketplace systems, liberals are more skeptical. Within the marketplace of online information search, I argue that conservatives are likely to be more trusting of sponsored communications than liberals, who lean toward organic content.

The importance of values becomes clear in a final analysis I conducted. In this real-world experiment, I created search ads for a website built specifically for this research and found that conservatives were more likely to click ads in response to broad searches, such as “Buy headphones.” But for more specific, detailed searches – for example, “Buy headphones with microphone that reduces background noise” – there was no relationship between politics and clicks.

I suspect this is because broad searches are less cognitively demanding – in other words, they require less brainpower. This allows our core beliefs to influence our decisions. In fact, this is consistent with research on information processing that shows broad thinking leads to stronger political attitudes.

On the other hand, I argue that specific searches require us to pay close attention to the information we are processing, which disables our core beliefs from being the primary influence on our decisions.

Why advertisers should take note

These findings have obvious benefits for advertisers who want to better understand who’s most likely to click on search ads. This can help them generate campaign strategies that account for consumers’ political orientations, which I have shown to be a better predictor of click behavior than typical segmentation variables such as age or income.

Given that liberals are less likely to click search ads, it also suggests advertisers should be thinking about alternative ways to reach them. It’s possible that liberals could be persuaded to click search ads through a greater inclusion of trust symbols in advertising communications, such as star ratings or endorsements from credible influencers.

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

– ref. Your politics can affect whether you click on sponsored search results, new research shows – https://theconversation.com/your-politics-can-affect-whether-you-click-on-sponsored-search-results-new-research-shows-239800

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect

Source: The Conversation – USA – By Christopher Lubienski, Professor of Education Policy, Indiana University

In November, Colorado voters will decide whether the state’s constitution should be amended to specify a right to school choice.

But school choice is already guaranteed by state statute and federal courts. So why is this initiative being posed at all?

Even the initiative’s backers acknowledge that Colorado already has “one of the best school choice statutes in the nation.” Moreover, the ability for parents to choose private schools has been affirmed by the U.S. Supreme Court for at least a century.

I have been studying school choice for almost three decades and can say Amendment 80 raises serious questions about the strategies being used by the school choice advocates who put it on the ballot.

School choice in Colorado

School choice options have expanded rapidly across the U.S. in recent years. Currently, it is estimated that over 3.5 million students now attend charter schools, and in the past three years, nine states have approved new programs that provide public funds for private schooling.

In 1993, Colorado became one of the first states to authorize charter schools. Charter schools are publicly funded but privately or independently managed. They are now legal in 45 states.

Likewise, Colorado law enables parents to choose public schools outside their district — an open-enrollment option that is also quite common throughout the U.S., permitted in 43 states.

But a new wave of school choice policies is emerging from conservative legislatures. Several red states, like Utah, Iowa and Indiana, recently created policies to fund universal or near-universal private school choice. These programs – vouchers or education savings accounts – use taxpayer funds to pay for private school tuition and, with education savings accounts, other educational expenses as well. Unlike charter schools, which are technically public schools and accountable to public authorities, these programs funding private schools have few if any regulations on the schools receiving taxpayer dollars.

Colorado is in a different category altogether.

Indeed, Colorado voters have repeatedly rejected ballot measures to implement private school choice. That mirrors voters across the country, who tend to reject these intiatives, often resoundingly.

Moreover, Colorado’s original state constitution explicitly prohibits sending public funds to private schools.

In essence, Colorado is a trailblazer when it comes to funding school choice in the public sector – but not the private sector. Like all Americans, Coloradans have every right under federal law to choose a private school at their own expense.

Amendment 80 would give children the ‘right’ to choose from neighborhood, charter, private and home schools, as well as ‘future innovations in education.’
Ed Andrieski/AP Photo

Who supports Amendment 80

Amendment 80 reflects a familiar political divide when it comes to school choice policies.

Republicans largely support more parental prerogatives to choose schools, including private schools, and fewer restrictions on those schools.

Democrats tend to oppose unregulated choice and programs that fund private schools, and support accountability measures for schools that receive public funds.

There are, of course, exceptions to this partisan divide.

Some Democrats, including Colorado Gov. Jared Polis, who founded two charter schools, have objected to efforts to regulate charters.

Meanwhile, some conservatives, including Christian homeschoolers, have expressed concerns about government involvement in private schooling, which they fear could lead to regulation.

The proposal frames school choice as a child’s right, leading some to worry it will give a student’s wishes legal predominance over their parents’.

Those skeptics may have a point. Rather than push directly for school vouchers, backers of Amendment 80 simply make the seemingly innocuous assertion that school choice is a “right.”

School choice as a ‘right’

The fact that advocates for this measure are framing the issue this way – rather than as an effective taxpayer-funded policy, for example – is telling.

While there are different forms of school choice, like charter and magnet schools, the modern private school choice movement emerged as a way for Southern segregationists to avoid integration.

The movement gained momentum in the 1990s by asserting that choice leads to better educational outcomes, and that it gives low-income students an equitable opportunity to attend better schools.

Those claims have not stood up.

Every rigorous study of statewide voucher programs in the past 10 years has shown that they do not improve student outcomes. In fact, they have led to some of the largest learning losses ever measured — comparable to the losses from the COVID-19 pandemic.

Rather than simply giving low-income students opportunities beyond their segregated schools, charter schools lead to higher levels of segregation.

Additionally, statewide private school choice programs, such as what one might envision arising from Amendment 80, are budget-busters for state treasuries and for rural schools as they channel public funds away from high-need areas to affluent families using these programs.

In light of that track record, it is not surprising to see choice advocates move away from their earlier equity claims and focus instead on “rights” — even when such a right can lead to worse educational outcomes for kids.

But even if the rhetorical strategy around Amendment 80 is clear, the question still stands: Why push to enshrine rights that are already effectively available through both Colorado law and U.S. Supreme Court rulings?

The full text of Amendment 80 that appears on the November 2024 ballot in Colorado.
Colorado Secretary of State

Public funds for private schools

Michael Fields, the president of Advance Colorado, the organization that promoted the proposal, noted that the idea is to “preserve” and “protect families’ ability to choose the best educational options for themselves.”

Elsewhere, he said, “It’s really just cementing the school choice laws that we have in Colorado right now into the constitution.”

Essentially he is arguing that Amendment 80 would confirm the status quo in Colorado.

But the actual language of the initiative tells a different story.

Rather than simply affirming an existing right to choose a public, charter or homeschool, the more important issue here is the right to choose a private school.

Of course, this right already exists. Since at least 1925, parents across the U.S. have been guaranteed the right to choose private schools for their children, but at their own expense.

If Amendment 80 passes, I expect we will see the argument that such a right is meaningless without funding to support the choice of private schools. After all, when people talk about the right to public education or health care, the underlying assumption is that there is no cost barrier to exercising that right, which is funded by taxpayers.

Recent rulings by the U.S. Supreme Court suggest Colorado’s prohibition on the use of public funds for “church or sectarian” schools could be challenged in court. Adding a right to private school choice to the state’s constitution through Amendment 80 appears to be designed to provide the basis for such a challenge.

Early voting is happening now in Colorado. Find your polling place here.

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

– ref. Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect – https://theconversation.com/colorados-amendment-80-wants-to-make-school-choice-a-right-when-it-already-is-an-expert-in-educational-policy-explains-the-disconnect-240896

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state

Source: The Conversation – USA – By Shao Lin, Professor of Public Health, University at Albany, State University of New York

Ultrafine particles stem from a variety of natural and human-made sources, including vehicle exhaust. Joe Raedle/Getty Images

Long-term high ultrafine particle concentrations in New York state neighborhoods are linked to higher numbers of deaths. That is the key finding of our new research, published in the Journal of Hazardous Materials.

Our study shows that high levels of ultrafine particles in the atmosphere over long periods of time are significantly associated with increased non-accidental deaths, particularly from cardiovascular and respiratory diseases.

Ultrafine particles are aerosols less than 0.1 micrometers, or 100 nanometers, in diameter — about one-thousandth the width of a human hair. Due to their tiny size, they can be easily inhaled into the distal branches of lungs, quickly absorbed into the bloodstream and even pass through organ barriers.

We also found that certain underserved populations, including Hispanics, non-Hispanic Black people, children under 5, older adults and non-New York City residents, are more susceptible to the adverse effects of ultrafine particles. The disparities our study uncovered underscore the necessity for public health agencies to focus on and protect high-risk populations.

We quantified the long-term health impacts of exposure to these pollutants by combining mortality data from vital records in New York state and using a model that tracks how particles move and change through the air.

Because ultrafine particles are so small, they are difficult to study, and more research is needed to determine how unsafe they are.

Why it matters

Air pollution is now ranked the second-leading risk factor for death, accounting for about 8.1 million deaths globally and about 600,000 deaths in the United States in 2021.

Most air pollution standards and regulations have been focused on larger particulate matter, such as PM2.5 – which includes organic compounds and metal particulates – and PM10, a category that includes dust, pollen and mold.

In comparison, ultrafine particles are typically much greater in number and have a much larger surface area-to-volume ratio, allowing them to carry substantial amounts of hazardous metals and organic compounds. Furthermore, because of their smaller size, ultrafine particles can follow the air flow and get deep into the lungs when inhaled. These unique characteristics make ultrafine particles particularly dangerous, leading to a range of adverse health problems.

Despite this understanding, ultrafine particles remain largely unregulated, while larger particulates are regulated under the National Ambient Air Quality Standards.

Due to their unique characteristics, ultrafine particles require additional, tailored attention.

Ultrafine particles, not shown, are about one-thousandth the width of a human hair.
U.S. Environmental Protection Agency

Ultrafine particles stem from both natural sources and human activity – primarily from combustion processes such as motor vehicles, power plants, wood burning and wildfires. A large share of ultrafine particles is created by chemical reactions in the atmosphere involving acidic gases from fossil fuel burning and ammonia from farming and residential wastes.

As cities continue to expand and urban populations grow, people’s exposure to these harmful particles is likely to increase. Both PM2.5 and ultrafine particles come from similar sources and can also form through chemical reactions in the atmosphere, but their trends diverge.

PM2.5 mass has been declining in many places, including New York, thanks to air quality regulations. However, recent research suggests that ultrafine particle numbers are not going down and have been increasing since 2017.

What still isn’t known

There are currently no large-scale monitoring sites in the U.S. dedicated to tracking ultrafine particles in the environment. This limits the ability of researchers like us to comprehend the extent of ultrafine particle exposure and its impact on public health.

What’s more, the exact biological mechanisms through which ultrafine particles cause harm are not yet fully understood. Increasing research evidence suggests that ultrafine particles can affect heart function, causing hardening of arteries, lung inflammation and systemic inflammation.

There have been few prior studies looking at death rates related to ultrafine particle exposure by demographics and seasonality. By understanding which groups are most vulnerable to ultrafine particle exposure, interventions can be more effectively tailored to lower the risks and protect those who are disproportionately affected. Our study, which is funded by the New York State Energy Research and Development Authority, helps fill in these critical knowledge gaps.

The Research Brief is a short take on interesting academic work.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state – https://theconversation.com/tiny-airborne-particles-within-air-pollution-could-be-a-silent-killer-new-study-uncovers-hidden-risks-and-reveals-whos-most-at-risk-in-new-york-state-236299

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: For many Latter-day Saints, America has a special relationship with God − but Christian nationalism is a step too far

Source: The Conversation – USA – By Nicholas Shrum, Doctoral Student in Religious Studies, University of Virginia

Patriotism and faith can weave together in complicated ways − but when does that count as ‘Christian nationalism’? RiverNorthPhotography/iStock via Getty Images Plus

On the verge of the 2024 elections, Donald Trump and Kamala Harris are ramping up their campaigns in Arizona and Nevada. Beyond being considered swing states, the two have something else in common: Latter-day Saint voters.

About 5% to 10% of Arizonans and Nevadans belong to the Church of Jesus Christ of Latter-day Saints – among the highest percentages in the country, outside of Utah and Idaho. For decades, a steep majority of Latter-day Saints, often called Mormons, were regarded as reliable Republican voters. But the Trump era has tested that alliance, especially when it comes to many of his backers’ support for Christian nationalism.

Christian nationalism is often described as the belief that American identity and Christianity are deeply intertwined and, therefore, the U.S. government should promote Christian-based values. Using questions such as whether “being Christian is an important part of being truly American,” a Public Religion Research Institute poll in 2024 found that about 4 in 10 Latter-day Saints nationwide are at least sympathetic to Christian nationalist ideas, if not clear “adherents.” This was the third-highest rate among religious groups, behind white evangelicals and Hispanic Protestants.

Yet the report also found a seeming contradiction. Utah, home to the church’s headquarters, “is the only red state in which support for Christian nationalism falls below the national average.”

As a scholar of Mormonism and nationalism, I believe the church’s history and beliefs help explain why so many members wrestle with Christian nationalist ideas – and that this complexity illustrates the difficulty of defining Christian nationalism in the first place. America is sacred in Latter-day Saint doctrine: both the land itself and its constitutional structures. But as a minority that has often faced discrimination from other Christians, the church displays profound skepticism about combining religion and state.

Sacred space

The Book of Mormon – one of the church’s key scriptures, alongside the Bible – describes the Americas as “choice above all other lands” and provides an account of Jesus Christ visiting ancient civilizations there after his resurrection.

In addition, Latter-day Saint doctrine considers the United States’ government to be divinely inspired. In 1833 the church’s founder, Joseph Smith, dictated a revelation wherein God declared “I established the Constitution of this land, by the hands of wise men whom I raised up for this very purpose.”

In the 1830s, Latter-day Saints migrated from New York and Ohio to western Missouri, where they believed themselves divinely commanded to build a sacred city called Zion. By the end of the decade, however, they had been forced out of Missouri by mob violence and an order from the governor, who called for the group to be “exterminated or driven from the State.”

Church members fled to neighboring Illinois, then began a long trek west after Smith’s death in 1844. The first pioneers reached Utah Territory in 1847, where they set up a society shaped by their beliefs – including, most famously, the practice of plural marriage. But when Utah applied for statehood, tensions with the federal government mounted.

Congress enacted anti-polygamy legislation that seized some church property, imprisoned more than 1,000 church members, disenfranchised anyone who supported the practice, and revoked Utah’s 1870 decision to give women the right to vote.

A photo of Utah polygamists in prison, taken around 1889 by Charles Roscoe Savage.
Harold B. Lee Library, Brigham Young University, via Wikimedia Commons

By 1896, church leaders had begun the process of ending plural marriage, and Utah was admitted to the union. Latter-day Saints also adopted the two-party system and embraced free-market capitalism, giving up their more insular and communal system – adapting to dominant ideas of what it meant to be properly American.

Constitutional patriots

These experiences tested Latter-day Saints’ faith in the U.S. government – particularly its failure to intervene as members were forced out of Missouri and Illinois. Nevertheless, church doctrine emphasizes duty to one’s country. One of the church’s 13 Articles of Faith explains that “we believe in being subject to kings, presidents, rulers, and magistrates, and in obeying, honoring, and sustaining the law.”

Latter-day Saints have “a unique responsibility to uphold and defend the United States Constitution and principles of constitutionalism,” as Dallin H. Oaks, a member of the church’s highest governing body, said in 2021.

I would argue that beliefs in the country’s divine purpose and potential, and the close relationship between faith and patriotism, may illuminate Latter-day Saint sympathy for Christian nationalist ideas. Yet the church’s previously fraught relations with the federal government, and with wider American culture, help explain why a majority of Latter-day Saints remain skeptical of Christian nationalism.

For much of the 19th and 20th centuries, hostility against the church was so high and widespread that if the U.S. had declared itself a Christian nation, Latter-day Saints would likely have been excluded – and around one-third of Americans still do not consider them “Christian.” According to a 2023 Pew survey, only 15% of Americans say they have a favorable impression of Latter-day Saints, while 25% report unfavorable views.

Latter-day Saint leaders believe they have a right to exert moral influence on public policy. But the church’s awareness of its own precarious position in U.S. culture has made it wary of policies that put some people’s religious freedom above others.

Church members wait for The Church of Jesus Christ of Latter-day Saints’ biannual general conference to begin on Oct. 5, 2024, in Salt Lake City, Utah.
AP Photo/Hannah Schoenbaum

A step too far

This wariness has also shaped Latter-day Saint culture’s inclination to avoid extremes. After decades of being marginalized for practices considered radical, the modern church and its adherents have walked a delicate tightrope. And for many, Christian nationalism and the candidate many adherents put their hope in – Donald Trump – seem a step too far.

Over the past half-century, Latter-day Saints tended to align politically and culturally with conservative Catholics and evangelicals. On balance, the church remains highly conservative on social issues, especially gender and sexuality, and 70% of its American members lean Republican. However, more younger Latter-day Saints have much more progressive views – and even the leadership has parted ways with the GOP on some issues, such as strict immigration proposals. While the church opposes “elective abortion,” it allows for several exceptions.

During the 2016 election, only about half of the church’s members voted for Trump; 15% voted for Evan McMullin, a Latter-day Saint who positioned himself as a moderate choice between Trump and Hillary Clinton. In 2020, Trump garnered about 7 in 10 Latter-day Saint votes.

During congressional hearings about the Jan. 6, 2021, attack on the U.S. Capitol, Arizona House Speaker Russell “Rusty” Bowers, who resisted pressure from the Trump administration to recall the state’s electors, cited his Latter-day Saint beliefs. “It is a tenet of my faith that the Constitution is divinely inspired,” Bowers said, explaining his refusal to go along with the scheme.

Arizona House Speaker Rusty Bowers, left, is sworn in before testimony at the Capitol on June 21, 2022, alongside Georgia Secretary of State Brad Raffensperger and Georgia Deputy Secretary of State Gabriel Sterling.
AP Photo/J. Scott Applewhite

In June 2023, church leaders issued a statement against straight-ticket voting, saying “voting based on ‘tradition’ without careful study of candidates and their positions on important issues is a threat to democracy.”

Holy purpose

Ever since the Puritans, many people in what became the United States have believed God has a special plan for their society – part of the same current that drives Christian nationalism today.

Latter-day Saints, however, have a specific vision of that plan. According to the church’s teachings and scriptures, the country’s establishment was a necessary step toward restoring the “only true and living church” – their own. And that church is a global one, not just American. More than half of all Latter-day Saints today live outside the U.S.

Ultimately, Latter-day Saint teachings consider America’s story part of a greater goal: ushering in the second coming of Jesus Christ. As the church’s name suggests, Latter-day Saints believe that they are living in the last days, just before the millennial reign of Jesus – a kingdom where national and political distinctions melt away.

But as with all other churches, its members live in the current day, where political, cultural and social realities shape how they interact with the world around them – and how they vote.

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

– ref. For many Latter-day Saints, America has a special relationship with God − but Christian nationalism is a step too far – https://theconversation.com/for-many-latter-day-saints-america-has-a-special-relationship-with-god-but-christian-nationalism-is-a-step-too-far-228594

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Proof that immigrants fuel the US economy is found in the billions they send back home

Source: The Conversation – USA – By Ernesto Castañeda, Professor, American University

Migrant workers pick strawberries during harvest south of San Francisco, Calif. Visions of America/Joe Sohm/Universal Images Group via Getty Images

Donald Trump has vowed to deport millions of immigrants if he is elected to a second term, claiming that, among other things, foreign-born workers take jobs from others. His running mate JD Vance has echoed those anti-immigrant views.

Researchers, however, generally agree that massive deportations would hurt the U.S. economy, perhaps even triggering a recession.

Social scientists and analysts tend to concur that immigration — both documented and undocumented — spurs economic growth. But it is almost impossible to calculate directly how much immigrants contribute to the economy. That’s because we don’t know the earnings of every immigrant worker in the United States.

We do, however, have a good idea of how much they send back to their home countries – more than US$81 billion in 2022, according to the World Bank. And we can use this figure to indirectly calculate the total economic value of immigrant labor in the U.S.

Economic contributions are likely underestimated

I conducted a study with researchers at the Center for Latin American and Latino Studies and the Immigration Lab at American University to quantify how much immigrants contribute to the U.S. economy based on their remittances, or money sent back home.

Several studies indicate that remittances constitute 17.5% of immigrants’ income.

Given that, we estimate that the immigrants who remitted in 2022 had take-home wages of over $466 billion. Assuming their take-home wages are around 21% of the economic value of what they produce for the businesses they work for – like workers in similar entry-level jobs in restaurants and construction – then immigrants added a total of $2.2 trillion to the U.S. economy yearly.

That is about 8% of the gross domestic product of the United States and close to the entire GDP of Canada in 2022 – the world’s ninth-largest economy.

Immigration strengthens the US

Beyond its sheer value, this figure tells us something important about immigrant labor: The main beneficiaries of immigrant labor are the U.S. economy and society.

The $81 billion that immigrants sent home in 2022 is a tiny fraction of their total economic value of $2.2 trillion. The vast majority of immigrant wages and productivity – 96% – stayed in the United States.

Remittances from the U.S. represent a substantial income source for the people who receive them. But they do not represent a siphoning of U.S. dollars, as Trump has implied when he called remittances “welfare” for people in other countries and suggested taxing them to pay for the construction of a border wall.

The economic contributions of U.S. immigrants are likely to be even more substantial than what we calculate.

For one thing, the World Bank’s estimate of immigrant remittances is probably an undercount, since many immigrants send money abroad with people traveling to their home countries.

In prior research, my colleagues and I have also found that some groups of immigrants are less likely to remit than others.

One is white-collar professionals – immigrants with careers in banking, science, technology and education, for example. Unlike many undocumented immigrants, white-collar professionals typically have visas that allow them to bring their families with them, so they do not need to send money abroad to cover their household expenses back home.

Immigrants who have been working in the country for decades and have more family in the country also tend to send remittances less often.

Both of these groups have higher earnings, and their specialized contributions are not included in our $2.2 trillion estimate.

A Somali business owner stocks her store in Lewiston, Maine.
Tom Williams/CQ Roll Call

Additionally, our estimates do not account for the economic growth stimulated by immigrants when they spend money in the U.S., creating demand, generating jobs and starting businesses that hire immigrants and locals.

For example, we calculate the contributions of Salvadoran immigrants and their children alone added roughly $223 billion to the U.S. economy in 2023. That’s about 1% of the country’s entire GDP.

Considering that the U.S. economy grew by about 2% in 2022 and 2023, that’s a substantial sum.

These figures are a reminder that the financial success of the U.S. relies on immigrants and their labor.

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

– ref. Proof that immigrants fuel the US economy is found in the billions they send back home – https://theconversation.com/proof-that-immigrants-fuel-the-us-economy-is-found-in-the-billions-they-send-back-home-227542

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Europe: EU anti-fraud office coordinates seizure of around 40,000 litres of illicit alcohol

Source: European Union 2

The European Anti-Fraud Office coordinated an action that led the EU Member States’ and Norwegian customs authorities to seize around 40,000 litres of illicit alcoholic beverages. The targeted action is part of operation OPSON XIII, the global initiative coordinated alongside Europol to tackle food fraud and ensure the safety of food and beverages across Europe.

The operation, which ran from December 2023 to May 2024, focused on identifying and removing counterfeit and substandard food and drinks from markets while disturbing the criminal network behind these illicit products.

As in previous years, OLAF led a targeted action focused specifically on illicit alcoholic beverages. The operation revealed sophisticated schemes aimed at infiltrating the EU market with products of inferior quality – mostly beer, homemade alcohol and wine. Fraudsters used deceptive packaging, falsified documents and false labels to sell these products to consumers.

The OLAF coordinated action involved customs authorities from 15 Member States and one non-EU country: Austria, Belgium, Bulgaria, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Lithuania, Norway, Poland, Portugal, Spain and Slovakia.

More information on Operation OPSON XIII is available in Europol’s press release.

MIL OSI Europe News –

January 25, 2025

MIL-OSI United Kingdom: CMA response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services

Source: United Kingdom – Executive Government & Departments

The CMA has published its response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services.

Applies to Wales

Documents

CMA response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services

PDF, 117 KB, 4 pages

Details

The Competition and Markets Authority (CMA) has responded to the Inspection ratings for care homes and domiciliary support services consultation, led by the Welsh Government.

The CMA’s response draws on some if its findings and recommendations in the care homes market study final report (2017), highlighting evidence from the study’s consumer research and its findings on inspection reports. We also draw on the report’s recommendations on supported decision making, helping people consider their care needs earlier, and protecting residents and their consumer rights.

For queries relating to the CMA’s response, please contact the CMA Wales team by email at wales@cma.gov.uk.

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Canada: Investing in the big impact of small business

Source: Government of Canada News

Federal support will help four Nova Scotia companies boost productivity and reach new markets

October 24, 2024 · Dartmouth, Nova Scotia · Atlantic Canada Opportunities Agency (ACOA)

From October 20^th to 26^th during Small Business Week, Canadians across the country are celebrating the crucial role that local companies play in strengthening our communities and economies. Small- and medium-sized businesses are powerful engines for Canada’s economy, employing 64% of Canadian workers. The Government of Canada is investing to help position four Nova Scotia companies for growth and success.

Accelerating Nova Scotia companies with diverse offerings, common goals

Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, announced repayable contributions totalling $1,486,305 for four companies looking to accelerate their growth and reach new markets.

A $721,305 contribution to Outdoor Fit Exercise Systems will enable the company to install cutting-edge powder paint coating equipment at its Dartmouth production facility. The upgrade will streamline operations, more than double the production capacity of its outdoor fitness equipment parts, and pave the way for a new business venture called Versa Coatings, a powder coating division serving businesses across Atlantic Canada.

A $315,000 contribution to Tony’s Meats Ltd. will help it add manufacturing and shipping equipment to produce more value-added products, more efficiently. The new lineup of tools at its Antigonish site includes a smokehouse that will reduce overall electrical consumption and new technologies that will grow its product lineup to appeal to new clients.

A $300,000 contribution to Sydney’s Ethical Swag Inc., Cape Breton’s only Certified B Corporation, will help it launch sales and marketing activities for its sustainable promotional products. Digital marketing, customer support improvements, and a build-out of its technology platform will help it reach new markets, empowering companies across Canada and the United States to choose eco-friendly advertising solutions.

A $150,000 contribution to Ravens Rest Retreat Limited in Moose Brook will add a new multipurpose cottage with accessible washrooms and a kitchen, as well as a health and wellness area with a gazebo, hot and cold tubs, and a sauna. The additions will support new activities like yoga retreats and Indigenous cuisine and storytelling, encouraging longer stays and attracting guests during the colder months.

Today’s announcement demonstrates the Government of Canada’s commitment to helping small businesses diversify, compete, and grow, creating jobs and boosting the economy.

MIL OSI Canada News –

January 25, 2025

MIL-OSI Security: Defense News: NAVIFOR Officer Provides Critical Relief to Asheville Following Hurricane Helene’s Impact

Source: United States Navy

With a background shaped by multiple deployments in challenging environments, McQueen was well-prepared for the devastation he encountered. His experience taught him to remain focused under pressure, prioritize critical tasks, and, above all, keep pushing the mission forward. He quickly organized supplies and departed Norfolk for Asheville, making stops to pick up additional equipment and resources along the way.

Brock felt a deep sense of urgency as he headed to North Carolina after receiving a call from his family about the devastation in his childhood town. Upon arriving in Asheville, he immediately recognized the severity of the situation and saw the path of devastation Helene had left firsthand. His brother, a member of the local firefighting team, had already been on the front lines of the relief effort. McQueen saw an opportunity to help not only his family but the wider community, where his leadership and problem-solving skills were quickly put to use. “When I saw the state of things, I knew I had to jump in,” McQueen said. “Helping my family was a priority, but this was about the whole community coming together.”

Reporting to the Volunteer Fire Department in Fairview, a Buncombe County community just outside of Asheville, McQueen’s military training in logistics and coordination proved invaluable.

For six days, McQueen was fully immersed in the recovery effort. His military training became an indispensable asset to the local response teams, who relied on his expertise to organize and conduct welfare checks across the region. Working alongside firefighters, law enforcement, and emergency medical personnel, McQueen assisted with the search and rescue of residents that were unaccounted for after floodwaters damaged multiple neighborhoods, ensuring no one was left behind.

McQueen’s ability to communicate effectively with the local community played a key role in dispelling misinformation and ensuring the right resources went to those in need. His attention to detail, honed by years of military service, helped him identify discrepancies in reports and correct false information spreading through the area.

One of his most significant contributions was turning a small UAV (Unmanned Aerial Vehicle) project into a highly effective data collection asset. He spearheaded the integration of UAV operators from different departments, ensuring their platforms worked together seamlessly.

“Seeing how quickly the UAV team became a critical tool for recovery was rewarding,” McQueen reflected. “It was just an idea at first, but everyone came together to make it work.”

The result was a vital resource for first responders—real-time aerial mapping of damaged homes, infrastructure, and roadways. His efforts also led to the discovery of missing persons and damaged areas that had gone unnoticed.

A local fire chief noted that Lt. Cmdr. McQueen’s involvement was transformative for the team. He handled complex tasks that enabled the personnel to focus on other emergency responses, and his leadership provided the additional support needed to navigate those critical days.

Yet, despite his success, McQueen understood that the road to recovery was far from over. “The community came together after the storm, which was amazing to see,” he said. “But I know that the hard work doesn’t end when the relief trucks leave. It’s going to take a long time to rebuild.”

McQueen’s warfighter resiliency and the mental toughness developed through multiple deployments enabled him to remain focused on the daily challenges of the relief effort, keeping the mission on track. His training and experience, combined with a deep sense of duty to his family and community, made a lasting impact on the Fairview Community as it began the long process of recovery from Hurricane Helene.

As Lt. Cmdr. McQueen packed up and prepared to leave Asheville on the seventh day, a mix of emotions weighed on him. Driving out of the storm-ravaged town, he glanced at the landscape one last time—the uprooted trees, battered homes, and streets still lined with debris. The devastation was still everywhere, and the work was far from finished. He had done everything he could in the short time he had, but as he started the long drive back to Virginia, he couldn’t help but feel a pull to stay longer, to continue helping the community that had welcomed him so warmly.

“Disaster doesn’t discriminate,” McQueen said. “It hits everyone, and when it does, all we can do is come together to lift each other up. I’m just grateful I could play a part in that.”

As he crossed the state line back into Virginia, McQueen’s thoughts turned to his own family. He knew they needed him, too, especially with his upcoming Permanent Change of Station (PCS) looming. His role as a father and husband couldn’t be put on hold, even for a crisis like this one. Still, he found solace in the fact that he had made a meaningful impact, and that others would carry on the work he had started.

“It was tough to leave,” McQueen admitted. “But I felt like I’d done all I could for now. I just hope the efforts we started there will continue.”

For more information on NAVIFOR, visit the command Facebook page at https://www.facebook.com/NavalInformationForces/ or the public web page at https://www.navifor.usff.navy.mil.

MIL Security OSI –

January 25, 2025

Category: housing

Birds, trees and human connection

Birds and trees as promoters of urban wellness

Importance of urban birds and trees

Birds, trees and human connection

Birds and trees as promoters of urban wellness

Importance of urban birds and trees

Conservatives are more likely to click search ads

Why the promotional is political

Why advertisers should take note

School choice in Colorado

Who supports Amendment 80

School choice as a ‘right’

Public funds for private schools

Why it matters

What still isn’t known

Sacred space

Constitutional patriots

A step too far

Holy purpose

Economic contributions are likely underestimated

Immigration strengthens the US

Applies to Wales

Documents

Details

Updates to this page

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