MIL-OSI United Kingdom: Sir Michael Marmot visits Liverpool to officially award Marmot City status

Source: City of Liverpool

Liverpool City Council has officially been awarded Marmot City status, a national recognition of the city’s commitment to reducing health inequalities and improving wellbeing for every resident.

The status was formally awarded by Professor Sir Michael Marmot, a leading figure in health equity, during a visit to the city on 23 April.

Sir Michael visited Liverpool to highlight the city’s efforts to address the root causes of poor health including poverty, poor housing, low-paid and unstable employment, and unequal access to education.

These wider issues have a significant impact on how long people live and how healthy they are throughout their lives.

The city’s Marmot City ambitions are also informed by the findings of The State of Health in the City: Liverpool 2040 a landmark report that highlighted Liverpool’s deep-rooted health inequalities and showcased the innovative work already underway to address them.

Currently, people in Liverpool are living shorter lives and spending more time in poor health compared to the national average.

In some areas, life expectancy is up to 15 years lower, and residents may experience up to 18 more years of ill health than those in more affluent neighbourhoods.

To respond to these challenges, Liverpool has developed a coordinated approach through the Fairer, Healthier Liverpool (FHL) Partnership a collaboration between the City Council, NHS, voluntary and community organisations, and other key partners.

Together working to:

Take action across the Marmot Eight Principles
Strengthen local partnerships
Involve communities in shaping solutions
Take early action to prevent poor health
Embed fairness and health into all policies and services

Examples of the work already underway include the development of Liverpool’s ‘Health in All Policies’ approach, which ensures health is embedded into decisions around planning, housing, and regeneration.

Additionally, the Healthy Boost Project, supports local families by providing fruit and vegetable vouchers helping to improve diets, access to healthy food, mental health, and overall wellbeing

For more information and further examples of the work taking place, visit the dedicated website: www.fairerhealthierliverpool.org

Councillor Harry Doyle, Cabinet Member for Culture, Health and Wellbeing said:

“Being recognised as a Marmot City reinforces our determination to build a Liverpool where every resident can thrive.

“It places health and equity at the centre of our future, ensuring that the next generation of children and young people grow up in a city where wellbeing is prioritised, and prevention is embedded into everything we do.

Professor Matt Ashton Director of Public Health said:

“This recognition is a proud moment as becoming a Marmot City confirms our commitment to health equity not just in policy, but in people’s everyday lives.

“We are expanding our focus to cover all eight Marmot principles, embedding community voices at the heart of decision-making, and driving change that is led by evidence and grounded in the lived experiences of our residents.”

MIL OSI United Kingdom –

April 25, 2025

MIL-OSI USA: HOUSE DEMOCRATS’ LITIGATION TASK FORCE DEFENDS DEPARTMENT OF EDUCATION IN COURT

Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

Washington, D.C. — The Litigation and Rapid Response Task Force led 192 House Democrats in filing an amicus brief challenging the Trump Administration’s efforts to close the Department of Education in the matter of the State of New York v. Linda McMahon. A case in which 20 states moved to sue the administration for its plans to place fifty percent of the Department’s workforce on administrative leave, effectively shuttering a congressionally authorized agency by way of executive fiat.

By involving themselves in this legal battle, House Democrats sought to stand up for Congress’s power to ensure a quality education for all Americans—and in their filing, they argued that the Trump Administration cannot unilaterally create, dismantle, or reorganize the Education Department, nor can executive officials make solitary decisions regarding the agency’s organization and assignment of functions. The lawmakers also cited executive overreach, noting that efforts to strip support for the federal agency violate Congress’s power of the purse.

The brief was led by Task Force Co-Chairs Jamie Raskin and Joe Neguse, House Democratic Leader Hakeem Jeffries, and Ranking Members of the Appropriations and Education and Workforce Committees, Representatives Rosa DeLauro and Robert C. “Bobby” Scott.

See what they had to say below:

“President Trump isn’t laser focused on the cost-of-living crisis that he is actually making worse. He promised to fight for the working-class but instead put Elon Musk and billionaires in charge of the government. They are attacking public education to pay for tax cuts for billionaires. Musk illegally fired half of the Department of Education’s staff, the first move by the Trump Administration to illegally shutter the Department altogether,” said Ranking Member Rosa DeLauro, House Committee on Appropriations. “The Department of Education was created by an Act of Congress, and so closing it would require another Act of Congress. If my House Republican colleagues want to go there, then let them sign onto a bill to do that. Let Congress debate whether providing for our children’s education, and researching the tools and methods that lead to the best educational outcomes, constitutes waste. Why is the President not focused on helping families, but instead hurting them, cutting funding that ensures teachers in low-income classrooms, and that students have food to eat in school? The government needs to work for the middle-class, the working-class, and the vulnerable—not billionaires.”

“Abolishing a federal agency requires an Act of Congress. The Administration’s decisions to focus its attention on laying off staff rather than administering and monitoring federal education programs accomplishes nothing to improve student outcomes or deliver for working people. If the Administration’s goal is to root out waste, fraud, and abuse of federal funding and promote the most effective use of federal funds under the law to address challenges students and families face, we could work together to address those shared goals,” said Ranking Member Robert C. “Bobby” Scott, House Committee on Education and Workforce. “However, the sledgehammer approach of mass firings and illegal termination of grants and contracts intended to support evidence-based approaches to improving education for all students at all levels of education appear to primarily serve the interest of congressional Republicans and President Trump in claiming savings in the federal budget that they intend to use to pay for their tax breaks for billionaires and large corporations.”

“Congress established the Department of Education to create a first-class education for every child in the U.S. If anyone is going to dismantle and defund the Department of Education, it must be Congress as the lawmaking branch. We oppose and reject any effort to thwart the laws passed by Congress, a lawless and especially egregious blunder when the education of future generations is at stake,” said Task Force Co-Chair and Ranking Member Jamie Raskin, House Committee on the Judiciary. “That’s why Democrats are going to court to defend the Constitution, protect our students and our schools, and halt this outrageous presidential power grab in its tracks.”

“Donald Trump’s decision to gut the Department of Education is reckless, cruel and illegal. Congress created the Department of Education and only an act of Congress can eliminate it,” said Democratic Leader Hakeem Jeffries. “The Trump administration is breaking the law and House Democrats will continue working to stop this malignant scheme in Congress and in the Courts. I am grateful to Rep. Raskin, Rep. Scott, Rep. DeLauro, Assistant Leader Neguse and the Litigation Working Group and Rapid Response Task Force for leading House Democrats in our fight against this unlawful act designed to rip away high-quality public education from our most vulnerable children.”

“President Trump’s efforts to unilaterally dismantle the Department of Education are unlawful, and would slash support for ten of millions of students and teachers, including kids learning to read and write, high schoolers looking to get their college degrees, and educators in rural and low-income communities,” said Task Force Co-Chair and Assistant Democratic Leader Joe Neguse.

The full brief is available HERE.

For more information on House Democrats efforts to protect everyday Americans from the unlawful actions of the TrumpAdministration, visit litigationandresponse.house.gov.

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MIL OSI USA News –

April 25, 2025

MIL-OSI Global: How Pope Francis became a climate change influencer

Source: The Conversation – UK – By Will de Freitas, Environment + Energy Editor, UK edition

“The Earth, our home, is beginning to look more and more like an immense pile of filth.” These aren’t the words of a radical sociologist or rogue climate scientist. They aren’t the words of a Conversation editor either. Nor are these:

“A selfish and boundless thirst for power and material prosperity leads both to the misuse of available natural resources and to the exclusion of the weak and disadvantaged.”

These are in fact quotes from Pope Francis, who died last weekend.

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

I never thought this job would have me writing newsletters in praise of a papal climate influencer, but here we are. You can read various obits and interesting takes on Pope Francis and what’s next for the Catholic church elsewhere on The Conversation. But here I want to focus on his thoughts on climate change and the impact he had.

Our common home

In 2015, two years after becoming pope, Francis published Laudato Si (Praise Be to You), a 183-page papal letter sent to all Catholic bishops on “care for our common home”. It was a significant intervention made just a few months before the climate summit that led to the Paris agreement.

Writing at the time, sustainability professor Steffen Böhm said that what made it so radical “isn’t just [Pope Francis’s] call to urgently tackle climate change. It’s the fact he openly and unashamedly goes against the grain of dominant social, economic and environment policies.”

For Böhm, who was then at the University of Essex but now works at Exeter, this radical message “puts him on a confrontation course with global powerbrokers and leaders of national governments, international institutions and multinational corporations”.

He quotes a section where the Pope says “those who possess more resources [and] power seem seem mostly to be concerned with masking the problems or concealing their symptoms, simply making efforts to reduce some of the negative impacts of climate change”. The Pope warns that “such effects will continue to worsen if we continue with current models of production and consumption”.

Böhm points out the Pope “might be the only person with both the clout and the desire to meaningfully deliver a message like this”.

Bernard Laurent of EM Business School in Lyon, says that in France the Pope’s message “managed to bring together both conservative currents – such as the Courant pour une Écologie Humaine (Movement for a Human Ecology), created in 2013 – and more open-minded Catholic intellectuals such as Gaël Giraud, a Jesuit and author of Produire Plus, Polluer Moins : l’Impossible Découplage? (Produce more, Pollute Less: the Impossible Decoupling?)”

Clearly, this was a unique figure able to reach people who might not listen to a Greta Thunberg or an Al Gore.

But, while it’s great the Paris agreement was signed, it was still filled with the exact sort of market logic and buck-passing – carbon credits, “emit now, clean up later”, and so on – the Pope had criticised a few months previously. And climate change itself only got worse. In the years following, Pope Francis spoke at the UN and published a series of other “exhortations” related to climate change.

Did any of this make any difference?

Celia Deane-Drummond is a theology professor at the University of Oxford and director of a research institute named after the 2015 papal letter. In a piece published the same day Pope Francis’s death was announced, she looked at his influence on the global climate movement.

Deane-Drummond notes Pope Francis’s emphasis on listening to Indigenous people for instance in his lesser-known exhortation Querida Amazonia, which means “beloved Amazonia”, from February 2020.

“This exhortation resulted from his conversations with Amazonian communities and helped put Indigenous perspectives on the map. Those perspectives helped shape Catholic social teaching in the [papal letter] Fratelli Tutti, which means ‘all brothers and sisters’, published on October 3 2020.”

A key influencer

Perhaps the Pope’s biggest influence was on activists rather than policymakers. Deane-Drummond says he was often mentioned by participants in a research project on religion, theology and climate change she was part of.

“When we asked more than 300 [religious] activists representing six different activist groups who most influenced them to get involved in climate action, 61% named Pope Francis as a key influencer.”

The 2015 papal letter also gave rise to the Laudato Si movement which Deane-Drummond points out “coordinates climate activism across the globe. It has 900 Catholic organisations as well as 10,000 of what are known as Laudato Si ‘animators’, who are all ambassadors and leaders in their respective communities.”

There are specific religious arguments he was able to make to appeal to these groups, note Joel Hodge and Antonia Pizzy of Australian Catholic University.

They write that: “Francis argued combating climate change relied on the ‘ecological conversion’ of the human heart, so that people may recognise the God-given nature of our planet and the fundamental call to care for it. Without this conversion, pragmatic and political measures wouldn’t be able to counter the forces of consumerism, exploitation and selfishness.”

It’s not an argument that will particularly work on me. But then addressing the climate crisis will require all sorts of people to be persuaded of the need for serious action, including policy wonks, tech bros, radical activists, worried parents and, yes, people motivated by their religion.

The last pope didn’t have to say anything about the climate crisis. It’s not necessarily in the job description. But it’s a good thing that Pope Francis did speak about it and, as Deane-Drummond says: “We can only hope [the next pope] will build on his legacy and influence political change for the good, from the grassroots frontline right up to the highest global ambitions.”

– ref. How Pope Francis became a climate change influencer – https://theconversation.com/how-pope-francis-became-a-climate-change-influencer-255086

MIL OSI – Global Reports –

April 25, 2025

MIL-OSI USA: Feenstra Visits 12 Counties on 36 County Tour This Week

Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

HULL, IOWA — Today, U.S. Rep. Randy Feenstra (R-Hull) released the following statement after finishing a three-day stint on his 36 County Tour that took him to 12 counties in Iowa’s 4^th Congressional District:

“Since I was first elected to Congress, I pledged that I would travel to all 36 counties in our district at least twice each year. This week, I upheld that promise by meeting with Iowans in 12 different counties.

I toured Maintainer Corporation in Sheldon, held a roundtable discussion with local businesses impacted by last summer’s floods in Spencer, surveyed damage from last Thursday’s storms in Storm Lake, stopped by the Britt Area Food Bank, checked out new housing developments in Fonda, and visited the Iowa Veterans Home in Marshalltown. I also spoke at the Boone County Economic Development breakfast, toured Mid-States Millwright and Builders in Nevada, checked out Omnium Manufacturing in Hampton, visited Silgan Containers in Fort Dodge, met with a State Farm Insurance agent in Eagle Grove, and toured ARKO Labs in Jewell and Best Veterinary Solutions in Ellsworth.

Serving on the House Ways and Means Committee and the House Agriculture Committee, I will continue to be a strong voice for our families, farmers, businesses, and rural communities.”

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MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Smith Calls for 2025 Angels in Adoption Nominations

Source: United States House of Representatives – Congressman Adrian Smith (R-NE)

Washington, D.C. – Congressman Adrian Smith (R-NE) opened nominations this week for the 2025 Angels in Adoption Award for Nebraska’s Third District. Angels in Adoption, a project of the Congressional Coalition on Adoption Institute, provides Members of Congress the opportunity to honor an individual or entity from their districts for extraordinary contributions on behalf of children in need of homes.
To make a nomination, please visit AdrianSmith.house.gov/AngelsinAdoption. Nominations must be received by May, 16th.

For more information on Angels in Adoption, please contact Smith’s Grand Island office at (308) 384-3900.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: WATCH: Pressley, Markey, McGovern Recount Harrowing Visit with Rümeysa Öztürk and Mahmoud Khalil at ICE Facilities in Louisiana

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

At Press Conference, Lawmakers Shared Stories of Medical Neglect, Sleep Deprivation, Inadequate Food and Religious Accommodations, Cold Temperatures, Denial of Personal Necessities, and More

Video (YouTube)

BOSTON – Today, at Logan Airport in Boston, Congresswoman Ayanna Pressley (MA-07), Senator Edward J. Markey (D-MA) and Congressman James P. McGovern (MA-02) held a press conference to recount their harrowing visit to Louisiana where they met with Rümeysa Öztürk and Mahmoud Khalil at ICE detention centers. The lawmakers made the visit yesterday to ICE facilities in Basile and Jena, where Rümeysa Öztürk and Mahmoud Khalil are being unlawfully detained and subjected to inhumane conditions in retaliation for their protected speech.

Rep. Pressley, Senator Markey, and Rep. McGovern were joined by House Homeland Security Committee Ranking Member Bennie Thompson (MS-02) and Representative Troy Carter (LA-02) on the visit, which also included a meeting with Wendy Brito, an asylum-seeker from El Salvador and New Orleans-area resident who never returned from a regular check-in last month with ICE.

“Rümeysa Öztürk and Mahmoud Khalil are being unlawfully held in harrowing conditions at ICE facilities in Louisiana and enduring shameful indignities that no one person should ever have to – and yet they continue to center the dignity and humanity of all people,” said Rep. Ayanna Pressley (MA-07). “We will never stop fighting for Rümeysa, Mahmoud, and everyone who has been harmed by this cruel and callous White House. We reject Donald Trump’s draconian vision for our country, where dissenting voices are silenced and innocent people are disappeared off the street. He is a dictator, and the only way to beat a dictator is with defiance.”

“It’s no secret that the detentions of Rümeysa Öztürk and Mahmoud Khalil are part of an alarming trend by the Trump administration: abduct students and secret them away to remote prisons in jurisdictions where the Administration expects to receive favorable court rulings through its forum shopping. Neither Öztürk nor Khalil has been charged with a crime. When a government imprisons individuals based on their words, denies constitutional due process for political convenience, and cloaks oppression in the language of national security, we must ring the alarm bells loudly and clearly across this country. What the Trump administration is doing is not immigration enforcement – it is authoritarianism,” said Senator Markey.

“What’s happening to Rümeysa Öztürk and Mahmoud Khalil is a chilling and dangerous violation of their human rights. They’ve committed no crimes, they’ve been charged with no offenses, and they’ve broken no laws. Let’s not mince words: They are political prisoners—held in detention by a government which seeks to punish them for their views and silence their speech. That is immoral and wrong,” said Congressman Jim McGovern, Co-Chair of the Tom Lantos Human Rights Commission. “Their arbitrary detention and deprivation of due process is a violation not only of their constitutional rights, but also their rights under international human rights law. This starts with Rümeysa and Mahmoud—but it ends with you. Now is the time to speak out before it is too late. Unless we fight back, this administration will continue weaponizing the government to violate the human rights of those who dare to disagree. We cannot and will not accept this as the new normal.”

In Louisiana, the lawmakers held a media availability outside of the Basile facility to speak about their meetings, renew their calls for their release, demand accountability, and conduct oversight over the ICE facilities they are being held in. Full video of that media availability is available here.

A full transcript of Congresswoman Pressley’s remarks at the Boston press conference, as delivered, is available below and the full video is available here.

Transcript: Pressley Recounts Harrowing Visit with Rümeysa Öztürk and Mahmoud Khalil at ICE Facilities in Louisiana
Boston Logan Airport
April 23, 2025

Thank you all for being here today. Indeed, it was an honor to join my delegation partners, Senator Markey, Congressman McGovern, on this important congressional delegation.

It was an honor, and it was also our responsibility. It was essential that we go, not only to conduct oversight, but to bear witness.

Yesterday, we visited Louisiana to conduct oversight of two ICE detention facilities in Jena and Basile, where Mahmoud Khalil and my constituent, Rümeysa Öztürk are currently being held.

I know Rümeysa has become a symbol of the hurt and harm of the Trump administration, but she is a person.

She is a person and a brilliant scholar, a woman who is a committed community member, someone who was making meaningful contributions to public life and academia in Massachusetts.

She has asthma, and shamefully, she has not received adequate medical attention that she needs.

Rümeysa has not committed any crime. She was abducted, kidnapped in broad daylight -simply for co-authoring an op-ed that this White House didn’t like, one that called for the dignity and humanity of every person to be respected.

Detaining her serves no purpose other than to silence dissent, to stoke and instill fear – which is exactly what a dictator does.

Similarly, Mahmoud Khalil has not been convicted of any crime. He was simply exercising his right to free speech, something that should be protected and not punished. And now, instead of being home with his wife and their newborn son, he is being unlawfully detained at a facility thousands of miles away from the community he belongs to.

This is cruel, it is unjust, and it is unacceptable.

We had the chance to meet with Rümeysa and Mahmoud during our visit, to hear directly from them about their experiences and conditions inside these facilities.

What we saw and heard was harrowing. It was heartbreaking, and it is enraging.

They are being denied proper medical care. They are being deprived of sleep. They are not being fed nutritious meals. Rümeysa herself shared the story of having to wait three days, despite repeated requests, simply for toilet paper. And you can’t even get an extra blanket at night when you are cold.

The cruelty is the point.

The women that I met are mothers, daughters, sisters, wives, artists, teachers, activists. They are humiliated daily, degraded, and denied the basic necessities of any human being.

As I said, many of the women there have a history of doing humanitarian work, Rümeysa amongst them. She’s done humanitarian work with refugees, and she told us she was shocked that this sort of facility even existed in the country that she has grown to love – that this could exist in America, the country she loves dearly and has given so much to.

Mahmoud, who has lived in Syria under Assad, knows exactly what authoritarianism looks like, and offered that that is exactly what we are seeing in this moment. This is authoritarianism in Donald Trump’s America.

Despite these horrific experiences, what stood out to me the most about each of them was that their first concern – in fact, their first priority – was not to make appeal for their own respective cases and unique and extreme circumstances, but instead, they put their own well-being, safety, and uncertainty of their future to the side to advocate for those that are detained with them.

It was the compassion that they felt, the conviction that they walked with. Rümeysa came as someone who is a qualified researcher. She’s been actively listening to and spending time with the women that she is confined with, hearing their stories, and came with copious notes that she had collected.

Some of the stories she shared with us were stories of women being ripped away from their babies, women with breast cancer who can’t get the care that they need, pregnant women denied prenatal care. When I asked her if anyone she knew had experienced sexual abuse or assault, she told me she did not have the consent to share.

What Rümeysa and Mahmoud are experiencing isn’t an anomaly. There are hundreds of students just like them who had their visas revoked, and there are millions of people being held in similar conditions in facilities across this country.

These are private detention centers operated by billion dollar corporations. Like my opposition to private prisons and profiting off of mass incarceration, I vigorously oppose these companies making money on disappearing immigrants.

As someone who has visited several detention centers throughout my time in Congress, I can tell you that this visit is not about optics. It is about accountability. It is about transparency, and it is about affirming that no one in America – regardless of background, immigration status, political beliefs, and more – should have their constitutional rights to free speech and due process ripped away.

Before we met with Rümeysa, we went to one of the dorms – as the only woman in our delegation – when I entered, there were 15 women in the door clad in orange scrub outfits, and they just fell into my arms.

They were desperate and crying and fearful. And they kept asking, they kept saying, ‘I want to talk to you. I want to tell you what’s happening here, but will you protect us when you leave? Who will protect us?’ They were visibly shaking.

We went to conduct real-time oversight, we went to bear witness. I feel a responsibility to carry the stories that I heard in my heart and for that to inform my strategy and my advocacy.

Yesterday was a physically and emotionally grueling and depleting day, and it has only strengthened each of our collective resolve to fight for Mahmoud, Rümeysa, and all that are there who question if God has forgotten about them, if the world has forgotten about them. We will not. We cannot.

Today, we’re sending a clear message to Rümeysa, Mahmoud, and everyone who has been harmed or stands to be harmed by this cruel and callous White House that we have not forgotten. We see you, and we are fighting for you every day.

And we’re sending a message to Donald Trump, Elon Musk and their Republican co-conspirators that Congress is watching, and we will not allow these abuses of power to go unchecked.

I want to thank Ranking Member Thompson and the House Homeland Security Committee for organizing this trip; Representative Troy Carter for hosting us; my friends and brother colleagues in the Massachusetts delegation, Senator Markey and Congressman McGovern, for showing up in solidarity and in strength.

This is what it means to conduct real-time congressional oversight. They’re flooding the zone, and so are we.

We will leverage every single avenue, tool available to us – we will be exhaustive.

This is what it means to conduct real-time oversight, and this is the type of bold activist leadership that this moment demands.

We must hold ICE and this hostile, lawless Trump administration accountable. We must protect our democracy and the fundamental rights of everyone who calls America home.

And we must bring Rümeysa and Mahmoud home now.

And with that, I’ll bring to the podium my brother colleague, Congressman McGovern, nationally known for his work in human rights.

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MIL OSI USA News –

April 25, 2025

MIL-OSI USA: BREAKING: Pressley, Colleagues Visit Rümeysa Öztürk and Mahmoud Khalil, Tour ICE Facilities in Louisiana

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Pressley, Markey, McGovern Join Ranking Member Thompson, Rep. Carter to Conduct Oversight, Demand Accountability

Watch Media Availability Here

LOUISIANA – Today, Tuesday, April 22, 2025, Congresswoman Ayanna Pressley (MA-07) visited the ICE detention facilities in Basile and Jena with her colleagues, where Rümeysa Öztürk and Mahmoud Khalil are being unlawfully detained, respectively. Joined by House Homeland Security Committee Ranking Member Bennie Thompson (MS-02), Congressman Troy Carter (LA-02), Senator Edward J. Markey (D-MA), and Congressman James P. McGovern (MA-02), the Congresswoman’s visit included direct meetings with Ms. Öztürk and Mr. Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech. They also met with Wendy Brito, an asylum-seeker from El Salvador and New Orleans-area resident who never returned from a regular check-in last month with ICE.

“Rümeysa Öztürk is my constituent, an accomplished scholar, and a valued member of our Massachusetts community. Like Rümeysa, Mahmoud Kahlil has committed no crime and is being punished by Donald Trump simply for exercising his right to free speech. Both are being unlawfully detained in ICE facilities a thousands miles away from home, and denied the dignity, medical care, and due process they deserve,” said Congresswoman Pressley. “We’re in Louisiana to demand answers, shine a light on this damning violation of their constitutional rights, and call for their immediate release. Our destinies are tied, and we will not allow these abuses of power to go unchecked.”

Rep. Pressley, along with Sens. Warren and Markey, have pushed for answers and action since Öztürk’s March arrest. Last month, they led over 30 lawmakers in writing to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Acting Director for U.S. Immigration and Customs Enforcement (ICE) Todd Lyons, demanding information about Öztürk’s arrest and detention as well as similar incidents across the country.

Earlier this month, the lawmakers sounded the alarm on Öztürk’s medical neglect in DHS custody and renewed urgent calls for her release. Last week, Pressley, Warren and Markey demanded Secretary of State Rubio released any documents related to her arrest after a recent report indicated that an internal State Department memo concluded that the key premise underlying Tufts graduate student Rümeysa Öztürk’s arrest and detention was false. Last month, Congresswoman Pressley issued a statement condemning reports that ICE arrested and detained Rumeysa Ozturk, an international student with legal status in a graduate program at Tufts University. Earlier in the week, Rep. Pressley issued a statement following reports of ICE activity in Boston and other municipalities in Massachusetts.

During her time in Congress, Congresswoman Pressley has been a leading advocate for a just and humane criminal legal system, and has visited prisons in Texas, California, and Massachusetts to hear from detainees, advocate for them, and conduct oversight on the conditions in which they are being detained. Rep. Pressley’s visit to Louisiana is a continuation of her advocacy for a People’s Justice Guarantee, her comprehensive, decarceration-focused resolution that outlines a framework for a fair, equitable and just legal system.

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MIL OSI USA News –

April 25, 2025

MIL-OSI USA: VIDEO: At Somerville Town Hall, Pressley Details Meeting with Detained Somerville Resident Rümeysa Öztürk

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Congresswoman Also Discussed her Fight to Protect Federal Workers, Social Security and Medicaid, Federal Education Funding, and More

Video (YouTube)

SOMERVILLE – At a town hall yesterday at Somerville High School, Congresswoman Ayanna Pressley (MA-07) discussed her meeting in Louisiana with Somerville resident Rümeysa Öztürk and outlined how she’s fighting back against Donald Trump’s cruel and callous agenda to divide communities and impose wholesale harm.

Having returned earlier in the day from Louisiana, Congresswoman Pressley shone light on her experience meeting with Ms. Öztürk, a Tufts PhD student, at the ICE facility where she is being unlawfully detained. She exposed the indignities, injustice, and fear that Rümeysa has endured – and how she remains kind-hearted, courageous, and committed to centering the humanity and dignity of all people.

The Congresswoman, joined for the town hall by Somerville Mayor Katjana Ballantyne, also took questions and discussed her efforts to fight back against the Trump-Musk cuts to critical federal programs like Social Security and Medicaid, her support for our federal workers and immigrant neighbors, her defense of federal Department of Education funding, and more.

A transcript with highlights from the Congresswoman’s opening remarks are available below (edited lightly for clarity), and video is available here.

Transcript: At Somerville Town Hall, Pressley Details Meeting with Detained Somerville Resident Rümeysa Öztürk
U.S. House of Representatives
April 24, 2025

Truly, it is so good to be home.

I just landed at Logan this morning returning from my trip to rural Louisiana to meet with my constituent and your neighbor Rümeysa.

Rümeysa, who has been unjustly detained as a political prisoner after being abducted from the streets of Somerville, has been detained for over a month now by ICE.

Many of you have seen the video – the harrowing video. And I wanted to thank the concerned community member and bystander. Rümeysa asked me to say that, for filming that video in the first place.

Rümeysa was taken by plainclothes officers, hurried into an unmarked car, shackled.

She shared with me that when they transitioned her from handcuffs to shackles, she thought surely she was going to bee killed, but they would torture her before.

She had no idea where she was going, why she had been abducted.

She was sent over a thousand miles away to a detention facility in Basile, Louisiana.

Let me begin by recognizing that she is detained in a for-profit facility owned and operated by a multi-billion dollar corporation. Now, I have fought long and hard against the use of private prisons and the exploitation of people in carceral settings.

And that also applies to the immigration system. Which is why I believe if you care about mass deportations, you should care about mass incarceration. And if you care about mass incarceration, you should care about mass deportations. They are two sides of the same coin.

Now, Rümeysa was transported from Massachusetts to New Hampshire to Georgia and then finally to rural Louisiana. So I went to rural Louisiana to see about her.

Alongside me was Senator Markey and Congressman McGovern. And I want to acknowledge the leadership of my brother colleague Congressman Troy Carter of Louisiana and Ranking Member Bennie Thompson who leads the House Homeland Security Committee for organizing this CODEL, this fact-finding mission.

The meeting with Rümeysa was a true testament to her character. She was kind, despite the cruelty she endured. She was dressed in an orange jumpsuit and wearing the same hijab she was arrested in.

I could feel her uneasiness. Yet she spent most of the meeting not talking about herself, but advocating for the other women locked in the facility – she had with her copious handwritten notes, putting her research skills as a PhD student to work.

Rümeysa is enduring indignities that no one should ever have to. Denied access to legal counsel, denied access to toilet tissue even, for three days. Experiencing sleep deprivation, malnutrition, frigid temperatures. She has suffered multiple asthma attacks, and the medical care is grossly insufficient and culturally incompetent. Rümeysa shared that a nurse removed her hijab without consent.

For her and many other women we met with, the fear was palpable. They wept openly, visibly shaken. They expressed fear of never seeing their loved ones again. Fear of deportation from the only country they call home. Fear of retaliation just for being honest about their confinement.

Despite Rümeysa’s fear – actually, in spite of her fear – Rümeysa remains kind-hearted and courageous.

I asked her pointedly if she had a message for the people of Somerville and she told me to tell all of you: thank you for being her community.

On that frightful day when she was surrounded by ICE agents and unsure of what would happen to her, she looked up. She saw a neighbor that she didn’t know, hadn’t spoken to, and was pretty much a stranger. But that neighbor was recording the arrest and when they made eye contact, the neighbor raised their hand as if to say to Rümeysa: I am with you.

And she expressed just how much that meant to her, that it gave her comfort in that moment, after she had screamed, that someone cared. That she didn’t know how much they had captured but it gave her some calm, that someone had seen what had happened and maybe they will be able to help me.

And today, more than a thousand miles away, we are still with Rümeysa.

The Massachusetts 7th is not simply a congressional district; it is a community.

And in the face of a dictator, we will resist – because the only way to beat a dictator is with defiance.

That is why I am demanding answers from Marco Rubio on why Rümeysa’s visa was revoked despite a State Department memo saying she did nothing wrong.

That is why I am demanding that ICE comply with the judge’s ruling that they bring her back to New England.

That is why I am leveraging my power on the Committee on Oversight to go into these detention facilities and ensure every person is treated with dignity and respect, and have their constitutional right to due process.

Remember, this is much bigger than Rümeysa. It’s a policy of cruelty and a system of chaos.

For those who might be tempted to marginalize or to other who might be vulnerable, Donald Trump is coming after all of us.

If you are an immigrant, regardless of your status – be it as a DACA recipient, a naturalized citizen, a TPS holder, a student visa, an asylum seeker – he seeks to do things that are harmful and unconstitutional and unlawful.

I’m sure you heard him on that hot mic moment in the Oval Office, saying that he will eventually look to deport people with criminal records.

Again, blatantly unconstitutional and incredible ironic given his own criminal record.

But it is consistent, as a dictator, he seeks to silence dissent.

So when I say he is coming for all of us, I mean it could be you tomorrow. It could be you tomorrow for suffering a miscarriage. It could be you tomorrow for reading a banned book. It could be you tomorrow simply for being Black. It could be you tomorrow for being trans. It could be you tomorrow for practicing Diversity, Equity, and Inclusion. It could be you tomorrow for co-authoring an op-ed, practicing free speech.

Our freedoms and our destinies are truly tied.

In a letter James Baldwin wrote to Angela Y. Davis, he said: ‘If they take you in the morning, they will surely be coming for us that night.’

And that is the truth.

So I am ten toes down, fighting for this district every day. It is a true honor and privilege to be your Congresswoman – I don’t take it for granted, not for a minute.

You deserve someone who fights for you in Washington like you are family – because you are.

And with that let’s get into a dialogue and answer as many of your questions as we can in this time we have together today. Thank you for being here.

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MIL OSI USA News –

April 25, 2025

MIL-OSI Security: DEA’s National Take Back Day Returns April 26th to Help Prevent Prescription Drug Misuse

Source: Office of United States Attorneys

Memphis, TN – The Drug Enforcement Administration, in coordination with more than 4,400 law enforcement partners across the country, will host the 28th National Prescription Drug Take Back Day Saturday, April 26, from 10 a.m. to 2 p.m., offering communities across the United States a safe, convenient, and anonymous way to dispose of unneeded prescription medications.

With nearly 4,500 collection sites nationwide, Take Back Day aims to reduce the risk of prescription drug misuse by helping Americans safely remove expired, unwanted, or unused medications from their homes—medications that might otherwise be misused.

“Disposing of unneeded, expired medications helps us protect the safety and health of our communities,” said DEA Acting Administrator Derek S. Maltz. “Families can minimize the risk of medications falling into the wrong hands by simply bringing unused medications to one of the 4,500 drop-off locations this Saturday. National Prescription Drug Take Back Day would not be possible without our incredible local and state law enforcement partners and the community groups who work every year to make Take Back Day a success.”

“I encourage everyone to join us this weekend and participate in Take Back Day,” said Special Agent in Charge Jim Scott, head of DEA’s Louisville Division. “The small act of cleaning out your home medicine cabinet can have a big impact on the safety of our community by keeping addictive medications away from those who might abuse them.”

DEA and its partners will accept tablets, capsules, patches, and other solid forms of prescription drugs. Liquids, such as cough syrups, must remain tightly sealed in their original containers. Take Back Day locations will accept vaping devices and cartridges if the lithium batteries are removed. Syringes, sharps, and illicit substances will not be collected.

According to The Substance Abuse and Mental Health Services Administration, opioids such as oxycodone, hydrocodone, codeine, and morphine are among the most frequently misused prescription pain medications. In October 2024, DEA and its partners collected nearly 630,000 pounds of medications. Since the program’s inception in 2010, more than 19.2 million pounds of medications have been collected and safely destroyed.

For Saturday’s event, find a collection site near you by visiting www.DEATakeBack.com.

For those unable to participate on April 26, nearly 17,000 pharmacies, hospitals, clinics, and law enforcement locations offer year-round drug disposal options across the country to ensure Every Day is Take Back Day.

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MIL Security OSI –

April 25, 2025

MIL-OSI Security: Chinese National Indicted for Money Laundering Conspiracy Connected to Scam That Impersonated Federal Officers and Employees

Source: Office of United States Attorneys

A federal grand jury returned a one-count indictment today against Binghui Liu, 32, a citizen of China formerly residing in San Jose, charging him with a money laundering conspiracy, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, between February 2024 and April 2025 Liu and other co‑conspirators engaged in a scheme to launder proceeds derived from a government impersonation fraud scam. Members of the conspiracy pretended to be federal law enforcement officers or employees when contacting target victims. To seek money, the scammers provided false information about the victim’s bank accounts, for example by claiming that charges had been wrongfully filed against the victims and that their bank accounts would be frozen. The scammers typically instructed victims to withdraw their savings in cash and then arranged for a fake law enforcement officer or federal employee to pick up the cash for supposed safekeeping. The scammers used fake names, code words, and instructed the victims to take pictures of themselves and the cash packaged for pickup.

Liu served as a money launderer in the fraud scheme. He went to victims throughout California and Nevada to take their money. Liu used code words and fake names, and victims were falsely told he was either a federal employee or law enforcement officer. At no point was Liu a federal employee or law enforcement officer.

In one example, an elderly victim was contacted by someone pretending to be a U.S. Marshal, who informed the victim of a fake arrest warrant and the possibility that the victim’s bank account would be frozen. The victim was instructed to give the money to federal reserve employees, supposedly to protect the funds. The scammers then coached the victim on withdrawing funds, what to say to their bank about the large withdrawals, and how to package the funds for multiple different pickups. On April 9, 2025, FBI agents set up a sting operation. Liu arrived at the elderly victim’s house and took what he believed was $20,000 but was, in fact, fake money. The agents arrested Liu shortly after he took the fake cash. In total, the elderly victim lost over $780,000 to the fraud scheme.

If you have information related to this case or believe you may be a victim, please submit a report at tips.fbi.gov or call your local FBI office.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Cody S. Chapple and Arelis M. Clemente are prosecuting the case.

If convicted, Liu faces a maximum statutory penalty of 20 years in prison and a $500,000 fine or twice the value of the property involved in the transaction, whichever is greater. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

MIL Security OSI –

April 25, 2025

MIL-OSI Security: Bank General Counsel Sentenced to 4 Years in Prison for $7.4 Million Embezzlement Scheme

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JAMES BLOSE, 56, of Fairfield, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 48 months of imprisonment, followed by three years of supervised release, for offenses stemming from a decade-long embezzlement scheme at banks where he served as General Counsel and held other high-ranking positions.

According to court documents and statements made in court, from approximately 2013 to January 2022, Blose was an attorney and held high-ranking positions, including General Counsel, at Hudson Valley Bank and Sterling National Bank. From approximately January 2022, when Webster Bank acquired Sterling National Bank, until February 2023, Blose served as Executive Vice President and General Counsel and Corporate Secretary at Webster Bank.

From approximately 2013 until Webster Bank discovered his scheme and his employment was terminated in February 2023, Blose defrauded his employers (“The Bank”) in various ways. In certain commercial loan transactions where The Bank was the lender, Blose fraudulently retained for himself portions of closing costs, including legal fees. In certain real estate transactions in which The Bank was the seller, Blose retained portions of the sale proceeds for himself. For some of the real estate transactions, Blose created false documents in order to hide his theft from The Bank. Blose also stole from The Bank in other ways.

As part of the scheme, Blose used his attorney trust accounts to make personal expenditures, and to transfer funds to accounts in the names of business entities he created and controlled, and then used those funds for his personal benefit. Through this scheme, Blose stole approximately $7.4 million from his employers, and used the stolen funds to purchase a vacation property on Kiawah Island in South Carolina, for construction of his Connecticut home, and for luxury vehicles, jewelry, private jets charters, multiple country club memberships, and other expenses.

Judge Chatigny will determine restitution after additional court proceedings.

On December 20, 2024, Blose pleaded guilty to one count of bank fraud and one count of engaging in illegal monetary transactions.

Blose, who is released on a $250,000 bond, is required to report to prison on June 23

This investigation was conducted by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General. Financial crimes investigators from Webster Bank assisted the investigation.

This case was prosecuted by Assistant U.S. Attorney Michael S. McGarry.

MIL Security OSI –

April 25, 2025

MIL-OSI USA: Congressman Don Davis Introduces Bill to Strengthen Federal Government-to-Government Relationship with the Haliwa Saponi Indian Tribe

Source: US Congressman Don Davis (NC-01)

Washington, D.C. — Congressman Don Davis (NC-01) introduced H.R. 2929, the Haliwa Saponi Indian Tribe of North Carolina Act, legislation that extends the full measure of the federal government-to-government relationship between the United States and the Haliwa Saponi Indian Tribe. This bill represents a step forward in the recognition and support of the Haliwa Saponi Tribe, which has long been a vital part of North Carolina’s cultural heritage.

“The Haliwa Saponi Indian Tribe deserves federal recognition, and we must respect their deep-rooted heritage and vibrant traditions. We must validate the historical significance and pay tribute to their ongoing contributions,” said Congressman Don Davis. “Their rich legacy, intertwined with incredible ancestral stories, truly merits the honor of federal recognition.”

Congressman Davis introduced this legislation during the 60th Annual Haliwa Saponi Tribal Powwow, a vibrant celebration of the Tribe’s heritage, culture, and community spirit. Congressman Davis joined community leaders and members of the Tribe in celebrating this significant milestone.

“This is truly another historic moment for our Tribe, and we are so grateful,” said Dr. Brucie Ogletree Richardson, Chief of the Haliwa Saponi Indian Tribe. “We are thankful for the continued support of Congressman Don Davis and others who have helped our Tribe reach this milestone.”

The Tribe has over 4,000 members and resides in eastern North Carolina, where its strong relationship with its non-Indian neighbors stretches back countless generations. Halifax and Warren Counties strongly support full federal recognition for the Tribe.

“This is a historic moment for our Tribe, and we are so grateful to Congressman Don Davis and for the support of Halifax and Warren counties,” said Gideon Lee, Chairman of the Haliwa Saponi Indian Tribe. “Our forefathers have waited for this moment for a long, long time.”

Congressman Davis’ legislation ensures that the historic North Carolina American Indian Tribe will finally be treated equally under federal law with other federally recognized American Indian tribes in other parts of the country.

The Haliwa Saponi Indian Tribe of North Carolina Act seeks to:

Extend full federal government-to-government relations to the Tribe, allowing them to access all laws, services, and benefits provided to other federally recognized Indian Tribes.
Ensure eligibility for federal services including education, healthcare, and housing programs, in line with services provided to other recognized Tribes, with a focus on North Carolina’s Halifax, Warren, Nash, Franklin, Vance, and Granville counties.
Authorize land to be taken into trust for the Tribe, enabling them to establish a reservation and secure their lands for future generations.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Congressman Don Davis Remarks at Press Conference on First 100 Days of the 119th Congress

Source: US Congressman Don Davis (NC-01)

ROCKY MOUNT, N.C. — Congressman Don Davis delivered the following remarks at his press conference on the first 100 days of the 119th Congress:

Hi, everybody! It is always great to be back home, in eastern North Carolina. I have worked to share the stories, concerns, and issues impacting eastern North Carolina families. Our district now spans 22 incredible counties, from the coastlines of Currituck and Camden counties through the farmland of Lenoir and Wayne counties to the heart of Oxford and everywhere between. My vision for NC-01 is: “We must meet our constituents where they are, ensuring they are seen and heard in Washington, D.C., to make life better for all families and provide hope and assurance they are not forgotten.” We work to achieve this daily.

We’ve opened three new offices: 1. Rocky Mount, 2. Goldsboro, and 3. Elizabeth City. We held listening sessions in Camden, Currituck, Granville, Wayne, and Lenoir counties. Due to an increased interest in town halls, we hosted a telephone town hall with nearly 13,000 participants. So far this year, we helped close more than 240 constituent cases and returned over $821,000 to eastern North Carolina families, cutting through bureaucracy to return money directly to our neighbors. Our District Outreach Team has made over 156 visits to meet with constituents across the district, showing up, listening, attending events and meetings, and responding to issues.

During the 119th Congress, 11,750 constituents have reached out to the office. In comparison, during the 118th Congress, 8,745 constituents reached out to the office through April 14. The top three campaigns during the 119th Congress have been: 1) Protect Social Security, 2) Oppose the Department of Government Efficiency (DOGE) and Elon Musk, and 3) Support the Ensuring Pathways to Innovative Cures (EPIC) Act.

I have introduced 14 bills in the 119th Congress, including:

H.R. 1060, Modern Authentication of Pharmaceuticals (MAP) Act of 2025: The first bill we introduced was the Modern Authentication of Pharmaceuticals Act, legislation that seeks to secure the United States drug supply chain and close vulnerabilities that allow counterfeit controlled substances, including lethal fentanyl, into our communities;
H.R. 1244, Reducing Drug Prices for Seniors Act, legislation that reduces out-of-pocket expenses for Medicare patients by calculating the coinsurance cost at the pharmacy counter based on the drug’s net, or actual price, rather than its list price;
H.R. 1298, Veterans Jobs Opportunity Act, legislation that sets a new business-related tax credit for the start-up expenses of a veteran-owned small business in an underserved community;
H.R. 1363, Honor and Remember Flag Recognition Act of 2025, legislation that designates the Honor and Remember Flag, created by Honor and Remember, Inc., as a national symbol to honor service members who died in the line of duty;
H.R. 1377, Sarah Keys Evans Congressional Gold Medal Act in recognition of her achievements relating to the desegregation of passengers on interstate buses in the 1950s. Before there was Rosa Parks, there was Sara Keys Evans;
H.R. 1672, Maintaining New Investments in New Innovation (MINI) Act ensures lifesaving genetic treatments remain accessible;
H.R. 1858, Flooding Prevention, Assessment, and Restoration Act would strengthen flood prevention measures and provide support for rural communities facing flood risks;
H.R. 1985, Promoting Precision Agriculture Act, ensuring our growers have access to the cutting-edge precision agriculture technologies and broadband services necessary to do what they do best — feed, fuel, and clothe the American people;
H.R. 2043, Agricultural Commodities Price Enhancement Act, legislation that increases the reference price for seed cotton, peanuts, corn, soybeans, and wheat;
H.R. 2109, Cybersecurity for Rural Water Systems Act, ensures our water systems that rural communities and farmers rely on have the necessary protections to successfully guard against cyber-attacks;
H.R. 2541, Nuclear Medicine Clarification Act of 2025, legislation that would close a loophole that currently allows patients to be unintentionally exposed to high levels of radiation without reporting or disclosure. The legislation would improve care and ensure transparency for patients and simplify federal rules coming from the Nuclear Regulatory Commission (NRC);
H.R. 2542, Old Drugs, New Cures Act, legislation to improve access to innovative, affordable medication and tackle health disparities in rural and low-income communities across America;
H.R. 2625, Veterans Employment Readiness Yield (VERY) Act, which updates outdated language. The VERY Act makes changes to let our disabled vets know that they are receiving the respect and dignity they have rightfully earned; and
H.R. 2707, Protecting American Families and Servicemembers from Anthrax Act, ensuring the U.S. Department of Defense and Department of Health and Human Services develop a long-term stockpiling strategy that leverages the Strategic National Stockpile to enhance national preparedness.

I am committed to:

Fighting for our farmers by advocating for a temporary pause on the Adverse Effective Wage Rate and pushing for a comprehensive Farm Bill that enhances commodity pricing. We also need continued support for agricultural assistance for farmers hurt by difficult times;
Protecting Seymour Johnson Air Force Base. We are working to protect Seymour Johnson Air Force Base, including two visits and annual defense priorities focusing on F-15EX procurement, Child Development Center upgrades, maintenance dollars for F-15E aircraft, and $41 million in Combat Arms Training & Maintenance funds;
Building our local economy, by creating good-paying jobs in shipbuilding with Newport News Shipyard and the Global TransPark, a critical hub for jobs, logistics, and innovation, while addressing local government infrastructure needs.We are also working to address our Interstate, broadband, and housing needs;
Enhancing our healthcare outcomes is vital. I support Martin County’s efforts to enhance its healthcare system and advocate for a new Health Sciences facility at Barton College by advocating for $10 million through Barton’s application to the Golden LEAF Foundation;
On border security, I will continue supporting a secure border and meaningful immigration reform that respects our values. I have visited the ICE facility that services eastern North Carolina in Alamance County Detention Center and traveled as part of an Armed Services Committee CODEL to Naval Station Guantanamo Bay to gain firsthand insight into the role these facilities play in our border security strategy. Next week, I will travel to Lumpkin, Georgia to tour a regional ICE facility;
I will be filing key legislation that addresses federal recognition for the Haliwa Saponi Indian Tribe, support for the Southeast Crescent Regional Commission, and tax fairness for combat-injured Coast Guard veterans.

Together, these efforts will contribute to a brighter future for our region. We’re not sitting on the sidelines. We are working hard every day on healthcare, agriculture, defense, and working families.

An early victory during the Trump Administration includes the decision by the Food and Drug Administration to formally withdraw and end the effort by the agency to consider a ban on menthol cigarettes and flavored cigars. As the Ranking Member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee of the House Agriculture Committee, I am working on regulatory framework legislation for the crypto and digital assets industry that is a priority of the Administration.

I also know that people are currently nervous about the state of the country and the world.

Specific concerns include: 1. Helene and agriculture assistance, 2. education funding reductions, and 3. tariffs.

I voted in support of disaster assistance for Helene in the West and drought in the East. I am glad that economic assistance was included. But we are way short. We are a billion short for agricultural assistance alone.

I visited North Lenoir High School in Lenoir County just this morning, one of the four public school districts in North Carolina that no longer has access to COVID-19-related funding that they had been promised because the U.S. Department of Education terminated their ability to liquidate those federal dollars.

On Friday, I visited Halifax County Schools to discuss the same issue.

We are:

Sending a letter to the U.S. Department of Education Secretary Linda McMahon;
Seeking to schedule a meeting with the Secretary;
Reaching out to other North Carolina delegation members to consider a joint letter; and
Communicating our findings to the White House.

For tariffs, eastern North Carolina cannot afford to be collateral damage in a trade war. We need tough and targeted trade policies, but our policies must also protect jobs, lower input costs, and keep our communities strong.

Previously, I voted in support of the SAVE ACT. After speaking with North Carolina State Board of Election officials, I voted against it based on the concern that the bill cannot be implemented as drafted. While I support the intent of the SAVE Act that makes crystal clear only U.S. citizens should vote in elections, N.C. election officials have shared serious concerns about its implementation. The limited time for modernizing our information systems, uncertain taxpayer costs, and the need for clear standards to verify U.S. citizenship pose risks to administering federal elections. I remain committed to improving this bill and ensuring free and fair elections.

We are meeting residents where they are. We read “Pete the Cat and His Magic Sunglasses” at St. Stephens Daycare. Federal funds for early childhood education remain important. I visited International Paper at Manson, spoke with quilters in Warrenton, and held a meeting with the Global TransPark. This morning, I traveled to N. Lenoir High School to look at their roof.

I plan to visit Pine Gates Renewables, Freedom Industries, and the Boys and Girls Club of the Tar River Region later today. Over the course of the next week, I will attend the 60th Annual Haliwa Saponi Blooming of the Dogwood Powwow, visit Airbus and Collins Aerospace, Barton College, Davita Kidney Care in Wilson, and Wilson Community College.

I plan to meet with the Albemarle Area United Way, break ground at Elizabeth City State University for an aviation building, visit U.S. Coast Guard Elizabeth City, visit the Food Bank of Albemarle, and meet with the Perquimans County EMS director to discuss recovery efforts.

As this is Holy Week, I wish everyone a wonderful Easter. Meanwhile, we will keep looking for opportunities to work with the Administration. Tax filing deadline was extended to May 1 for federal and state for all NC residents due to Helene. I encourage residents to file their taxes or an extension. We will keep advocating for our families, our farmers, our veterans, our students, and the future we believe in. May God bless eastern North Carolina, and our nation.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Reps. Sara Jacobs, Michael McCaul Introduce Bipartisan Bill to Reauthorize Global Fragility Act

Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

April 24, 2025

Rep. Sara Jacobs (CA-51) and Rep. Michael McCaul (TX-10), Chairman Emeritus of the House Foreign Affairs Committee, introduced bipartisan legislation to reauthorize and strengthen the Global Fragility Act – a landmark initiative to prevent and minimize violent conflict and promote stability around the world. The legislation saves U.S. taxpayer dollars by proactively addressing the root causes of conflict, rather than waiting and spending more to address the consequences of conflict.

The Global Fragility Reauthorization Act would reauthorize the Prevention and Stabilization Fund (PSF) and the Complex Crises Fund (CCF) – to prevent violence, stabilize conflict-affected areas, and prevent or respond to new or unexpected conflicts – until 2029. It enables the PSF and Economic Support Fund (ESF) to be used for cross-cutting monitoring, evaluation, and learning across diplomatic, development, and security sectors to identify the most effective foreign assistance programs and diplomatic approaches. The legislation also requires an annual senior Global Fragility Act Steering Committee meeting on policy alignment. In 2022, the Biden Administration selected four priority countries and one priority region to apply 10-year strategies pursuant to the Global Fragility Act: Mozambique, Haiti, Papua New Guinea, Libya, and Coastal West Africa (Ghana, Benin, Togo, Côte d’Ivoire, and Guinea).

Rep. Sara Jacobs said: “We should all be united in promoting data-driven, cost-effective ways to reform U.S. foreign policy. Since its inception, the Global Fragility Act has done exactly that – pioneering a new, innovative, and whole-of-government approach to prevent, minimize, and respond to conflict and instability around the world. This initiative saves American lives and taxpayer dollars and prevents us from being drawn into forever wars. I’m proud to introduce bipartisan legislation to reauthorize the Global Fragility Act to invest in conflict prevention tools and enable a more stable and secure world.”

Rep. Michael McCaul said: “As our adversaries around the world become more aggressive, protecting U.S. national security requires intentional work to prevent malign regimes and extremist groups from fostering and exploiting instability in their regions to expand their influence. That’s why I’ve reintroduced the Global Fragility Reauthorization Act with Rep. Sara Jacobs — to ensure the State Department has the long-term tools it needs to prevent conflicts before they erupt, keeping Americans safe at home and abroad.”

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MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Malliotakis, Local Leaders Call for Tour Helicopters to Be Reined In

Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

(STATEN ISLAND, NY) – Congresswoman Nicole Malliotakis was joined by local residents and leaders of civic associations to address growing concerns over the frequency of helicopter tours following a recent tour helicopter crash in the Hudson River. Malliotakis called for stricter regulations on non-essential helicopter tours, which frequently fly at low altitudes over densely populated residential neighborhoods including those on Staten Island.

Malliotakis shared that her office has been in regular contact with the Federal Aviation Administration (FAA) including having met with FAA Eastern Region Administrators since last year, and with U.S. Department of Transportation Secretary Sean Duffy to relay ongoing concerns from residents about low-flying helicopters over Staten Island, with some reported as frequently as every 10 to 15 minutes.

She emphasized that the recent fatal helicopter crash underscores the urgent need for tighter regulations and proposed a ban on non-essential helicopter flights over residential communities in municipalities of 5 million residents or more.

At a minimum, Malliotakis says the FAA must impose strict altitude requirements, enforceable no-fly zones to protect residential neighborhoods, and a reduction in non-essential helicopter flights.

“The tragic crash that claimed six lives in the Hudson River isn’t an isolated event, it’s the clearest sign yet of an industry that’s operated without meaningful oversight for too long. Helicopter tour companies are flying low and often over our neighborhoods, disturbing daily life in ways that are simply unacceptable,” said Congresswoman Nicole Malliotakis. “This a public safety issue, and it needs to be addressed. I will continue to work with Secretary Sean Duffy and the FAA to keep pushing for stronger protections until our communities are no longer under constant aerial assault.”

“We should not feel like we’re living on an airport runway. No one should have to retreat to their basement just to escape the relentless noise. Our neighborhoods are not just homes — they are living history, with landmarks that predate the American Revolution. These historic treasures, like our peace of mind, are being threatened by the constant barrage of low-flying helicopters. This is not sustainable, and it is not acceptable. We are a residential community — not an airport terminal,” said Carol Donovan, President of Richmondtown & Clarke Avenue Civic Association.

“Historic Richmond Town stewards the largest collection of the oldest houses in all of New York State. These precious landmark buildings are important not just to our borough, city and state but to the nation. When I hear from our local residential neighbors that they have possible structural damage to their homes because of the commercial helicopters that fly over our neighborhood every 15 minutes, it gives my cultural organization great cause for concern regarding the long term safety of these 38 historic structures,” said Jessica Baldwin Philips, Executive Director, and CEO of Historic Richmond Town.

“This is not just one tragic accident, this is one of many accidents that has happened already, and some we don’t even know about. This has to stop now. We kindly ask the FAA cease and to strip all operations of helicopters flying over Staten Island and over our residential homes, it needs to stop now,” said Joe McAllister, President of South Beach Civic Association.

“The Port Richmond North Shore Alliance stands with our community in demanding an end to low-flying tour helicopters over Staten Island’s residential neighborhoods. After the recent crash in the Hudson, it’s clear these flights pose a serious risk. Staten Island is densely populated and must be recognized as the congested area it is — not a flight path for tourism. Thank you to Congresswoman Malliotakis for standing with us in this fight,” said Mario Buonviaggio, President of Port Richmond North Shore Alliance.

“Westerleigh is not a backdrop for tourist entertainment — it’s a robust neighborhood where people live, work, and raise families. Tour operators are terrorizing our communities with relentless, low-flying helicopters that shatter our peace and endanger our safety. This reckless disregard for our well-being must end now,” said Mark Anderson, President of Westerleigh Improvement Society.

“These helicopter tour operators have turned our neighborhoods into playgrounds for tourist excursions. For years now, tourist helicopters have descended on our area, flying low, rattling our homes and windows, and disrupting what used to be peaceful evenings. There’s been some nights where my family and I could observe helicopters passing overhead every 5 minutes for hours at a time. We are very concerned about safety now following the incident in the Hudson this month. These helicopters fly low over our neighborhoods— who’s to say the next incident doesn’t involve a helicopter plunging into one of our homes or businesses,” said James Tonrey, Richmondtown Resident.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Murray, Sanders, Baldwin Blast Trump Admin’s Attacks on Head Start, Demand RFK Jr. Immediately Release Funding and Reverse Firings

US Senate News:

Source: United States Senator for Washington State Patty Murray

42 lawmakers write to RFK Jr. demanding answers on Trump admin’s actions undermining Head Start as Trump reportedly plans to eliminate the program

Washington, D.C. — Today, Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, Senator Bernie Sanders (I-VT), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), and Senator Tammy Baldwin (D-WI), Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies, led a letter to Secretary Robert F. Kennedy Jr. calling out the Trump administration’s direct attacks on Head Start, reminding him of his legal obligation to administer the program, and demanding the Department of Health and Human Services immediately release Head Start funding and reverse the mass firing of Head Start staff and gutting of the offices that help ensure high-quality services are available for thousands of children and families across the country.

“We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year,” write the lawmakers. “It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”

The lawmakers detail how the program plays an instrumental role in supporting kids and families across the country, writing: “Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.”

“You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center,” the lawmakers write, contrasting that statement of support with the Trump administration’s actions. “However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.”

“Since the very start of this Administration, Head Start programs have been under attack,” the lawmakers write, detailing office closures and funds that were frozen for Head Start grants across the country. “At one point, the National Head Start Association reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff.”

The lawmakers underscore how the gutting of Head Start offices and the firing of staff who keep the federal program running puts the entire program in jeopardy: “On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states . This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised ‘radical transparency’ as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.”

Importantly, they note that without funding that has so far not gone out the door, many more programs could be forced to close.

“Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals,” the lawmakers continue to detail how local Head Start programs are receiving no notice for the path forward for grant funding. “Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.”

“The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country,” the lawmakers write. “There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation.”

The lawmakers conclude by warning that eliminating the program would be devastating, demanding answers on the administration’s actions, and demanding the reversal of them: “[W]e urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.”

In addition to Senators Murray, Sanders, and Baldwin, the letter was signed by 39 colleagues, including Jack Reed (D-RI), Mazie K. Hirono (D-HI), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), Charles E. Schumer (D-NY), Lisa Blunt Rochester (D-DE), Peter Welch (D-VT), Gary Peters (D-MI), Michael F. Bennet (D-CO), Richard Blumenthal (D-CT), Jeanne Shaheen (D-NH), Ruben Gallego (D-AZ), Elizabeth Warren (D-MA), Jacky Rosen (D-NV), Tina Smith (D-MN), John Fetterman (D-PA), Tammy Duckworth (D-IL), Christopher A. Coons (D-DE), Christopher S. Murphy (D-CT), Jeffrey A. Merkley (D-OR), Mark Kelly (D-AZ), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Catherine Cortez Masto (D-NV), Tim Kaine (D-MN), Alex Padilla (D-CA), Chris Van Hollen (D-MD), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Raphael Warnock (D-GA), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Edward Markey (D-MA), Angus King (I-ME), Brian Schatz (D-HI), Martin Heinrich (D-NM), Angela Alsobrooks (D-MD), and Mark R. Warner (D-VA).

Full text of the letter is available HERE and below:

Dear Secretary Kennedy:

We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.

Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.

You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center, where you said, “I had a very inspiring tour. I saw a devoted staff and a lot of happy children. They are getting the kind of education and socialization they need, and they are also getting a couple of meals a day.”

However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.

Since the very start of this Administration, Head Start programs have been under attack. On January 27th, 2025, the Office of Management and Budget issued a memo (M-25-13) that suddenly froze the disbursement of grant funding for federal programs and services government-wide, including Head Start. Despite the Administration’s clarification that Head Start programs would not be the target of the funding freeze, many Head Start programs across the country were unable to draw down their grant funds through the Payment Management System (PMS) for weeks. At one point, the National Head Start Association reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff. In Wisconsin, the National Centers for Learning Excellence, which serves more than 200 children and their families, shut down for a week and laid off staff due to the funding freeze.

On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised “radical transparency” as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.

On March 14th, 2025, the Office of Head Start (OHS) notified all Head Start programs that “the use of federal funding for any training and technical assistance or other program expenditures that promote or take part in diversity, equity, and inclusion (DEI) initiatives” will not be approved and that any questions should be directed to regional offices. Programs have not received any guidance for what would be considered “DEI” but this policy is potentially in direct conflict with statutory and regulatory program requirements, such as providing culturally and linguistically appropriate instructional services for English learners. Many programs cannot direct questions to regional staff, as half of regional offices were abruptly closed, and as unprecedented actions are being taken to delay and withhold funding, Head Start programs have been intentionally left with little to no guidance.

Head Start programs are now arbitrarily required to provide justifications for each draw down of funds that is necessary to operate their programs, despite already receiving a federal grant award for these purposes. As of April 14th, Head Start programs have reportedly received correspondence from an email address “defendthespend@hhs.gov” requiring programs to submit a “specific description of why the funds are necessary and why they are aligned to the award” before programs can have funding disbursed. It has been reported that political appointees must sign off on every draw down of funds. This creates an illusion of improving oversight but only serves to add unnecessary red tape by requiring the manual sign off on hundreds of thousands of individual actions annually across the Department based on two to three sentence justifications. Already some grantees have reported delays in receiving funds, and have reported that furloughs or closures are imminent if funds are not released. For an administration that purports to value local autonomy and efficiency in federally funded programs, your actions have achieved the exact opposite.

Finally, Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals. Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.

The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country. The fiscal year 2025 appropriations act provided $12.3 billion for Head Start, the same as the fiscal year 2024 level. The Head Start Act includes an explicit formula for how appropriated funds should be allocated. There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation. However, this week leaked fiscal year 2026 budget documents indicated the Office of Management and Budget was directing the Department, consistent with the Administration’s proposal to eliminate Head Start in fiscal year 2026, to “ensure to the extent allowable FY2025 funds are available to close out the program.” If this explains any of the delay in awarding fiscal year 2025 funding, we want to be clear, no funds were provided in fiscal year 2025 to “close out the program,” and it would be wholly unacceptable and likely illegal if the Department tries to carry out this directive.

Finally, the leaked budget documents provided a justification, albeit brief, for eliminating Head Start in fiscal year 2026 that makes this Administration’s priorities clear and puts the Department’s actions over the last several months in context. The Administration argues that eliminating Head Start, “is consistent with the Administration’s goals of returning education to the States and increasing parental choice.” It is shocking to see an argument that eliminating a program that provides comprehensive early childhood care and education to 800,000 children and their families would increase parental choice. It is particularly concerning to see that argument in the context of the significant delay in awarding fiscal year 2025 appropriated funds and what that indicates about the intent behind the Department’s actions. We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Start programs to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable.

Therefore, we urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.

Please provide us with a written response to the questions below no later than 10 days from receipt:

1. Will you reinstate the staff who administer Head Start programs and reopen the closed regional offices responsible for overseeing Head Start programs in 22 states?

a) When is HHS going to share information on the reorganization plan for the consolidation of the regional offices?

b) Please provide the contact information for each program specialist designated to the 22 states who lost their regional office.

c) Who is responsible for ensuring there are no delays or lapses in funding, nor any disruptions to Head Start program operations now that these states do not have a regional office?

2. How many employees at the Offices of Head Start have been terminated, including the five regional offices and the central office?

a) Which officials at HHS were involved in the staffing reduction decisions for OHS and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions.

3. Can you confirm that the Administration will distribute all Head Start funds appropriated by Congress to Head Start programs in FY 25, as required by the Head Start Act?

4. Please provide a list of all grantees with 5-year Head Start grant renewals that start between now and the end of the fiscal year: May 1st, June 1st, July 1st, August 1st, and September 1st.

a) Will any funding be delayed for grantees that are due to receive their annual funding on May 1st or beyond?

5. Why are funding awards delayed for grantees that received partial awards during the first continuing resolution for FY25?

a) When can HHS guarantee that all funds will be awarded for partially funded Head Start programs?

6. What is the “Tier 2” department for review that is delaying drawn down for Head Start programs in the Payment Management System?

a) When should programs expect to receive their funds?

b) Please provide all communication that went to Head Start grantees on the new review process.

7. What guidance and clarifications have been provided to Head Start grantees on DEI expenditures?

a) How is HHS evaluating Head Start programs’ expenditures and grant awards for DEI?

b) What justifications are being used to prohibit DEI?

MIL OSI USA News –

April 25, 2025

MIL-OSI Canada: New beds improve care for incarcerated people with mental-health, addiction issues

Source: Government of Canada regional news

New involuntary care beds are now open at Surrey Pretrial Services Centre, providing people in custody who are in crisis and have overlapping mental-health and addiction challenges, as well as brain injuries due to toxic-drug overdoses, with specialized involuntary care.

“When someone’s severe mental-health and addictions care needs are not met, it often leads to a revolving door of crime and jail,” said Premier David Eby. “We’re taking action to break this cycle by adding new beds to help more people get the intensive care they need — to keep them safe and keep our communities safe.”

Ten new beds will be available at the designated mental-health unit at Surrey Pretrial Services Centre, with the majority open now. Care will be provided to men in provincial custody who meet the criteria under the Mental Health Act (the Act). This service will help people who are incarcerated access care so they can stabilize on their pathway to recovery and improve overall long-term health outcomes.

“As the toxic-drug crisis has changed, we’re seeing a small but growing group of people with severe mental-health and addictions challenges, coupled with brain injuries from toxic-drug overdoses,” said Josie Osborne, Minister of Health. “These beds will improve access to specialized mental-health and addiction care for people in provincial custody who have complex care needs and are part of our work to build services that work for everyone.”

Provincial Health Services Authority will operate the designated mental-health unit. A permanent, dedicated space is being renovated and is expected to be operational in late fall or early winter 2025. In the meantime, as many as 10 beds are available now in the segregation unit while renovations are being completed.

“By improving access to specialized care for people struggling with severe mental-health and addictions challenges, including those with brain injuries, we’re supporting both individuals and public safety,” said Terry Yung, minister of state for community safety and integrated services. “People will get the help they need while in custody, which can reduce the risk of repeat offences and improve outcomes when and if they are able to return to the community.”

In addition to this measure, involuntary care beds at Alouette Homes in Maple Ridge will open in spring 2025. Work continues on more than 400 mental-health care beds at new and expanded hospitals in B.C., all of which can provide involuntary care under the act.

The creation of new designated mental-health and substance-use treatment services under the act is a key recommendation from Dr. Daniel Vigo, who was appointed B.C.’s first chief scientific adviser for psychiatry, toxic drugs and concurrent disorders in June 2024.

He was tasked with working with the health authorities, Indigenous partners and people with lived experience to analyze existing mental-health and addictions treatment services in B.C., review data and best practices, and look to other jurisdictions for proven solutions that can be implemented in the province.

This is one part of the government’s work, which includes a focus on expanding voluntary supports and building mental-health and addiction services that work for everyone. The Province is increasing early intervention and prevention, treatment and recovery services, supportive and complex-care housing, overdose prevention and more.

Quotes:

Dr. Daniel Vigo, B.C.’s chief scientific adviser for psychiatry, toxic drugs and concurrent disorders —

“Through this new mental-health unit, our incarcerated patients will receive the level of psychiatric care they need the moment they need it. This will prevent the harms resulting from weeks of untreated agitation and psychosis, and allows the implementation of a care plan that will be sustained throughout their time in corrections. By integrating with community services when correctional supervision ends, this will both improve mental-health and substance-use outcomes and increase community safety.”

Jennifer Duff, chief operating officer, BC Mental Health and Substance Use Services —

“This unit is an important step in providing urgent psychiatric, medical and substance-use care to incarcerated people. It will help stabilize individuals experiencing acute mental-health concerns or withdrawal symptoms and connect them to care. We will learn from this and potentially replicate the model in other areas of B.C. We will work with regional health authorities to ensure clients who are released from a provincial correctional centre have a team, and a care plan, to provide ongoing support.”

Learn More:

To learn how government is working to keep people and communities safe, visit: https://strongerbc.gov.bc.ca/safer-communities/

To learn about mental-health and substance-use supports in B.C., visit: https://helpstartshere.gov.bc.ca/

MIL OSI Canada News –

April 25, 2025

MIL-OSI Video: Department of State Press Briefing – April 24, 2025

Source: United States of America – Department of State (video statements)

Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on Month April 24, 2025.

———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

Get updates from the U.S. Department of State at www.state.gov and on social media!
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#StateDepartment #DepartmentofState #Diplomacy

https://www.youtube.com/watch?v=f2n37rb6kKc

MIL OSI Video –

April 25, 2025

MIL-OSI United Kingdom: Polluting water bosses face up to two years in prison

Source: United Kingdom – Government Statements

Press release

Polluting water bosses face up to two years in prison

New laws in force today mark the toughest sentencing powers against law-breaking water executives in history.

Powers introduced could see water bosses who cover up illegal sewage spills sent to prison for two years.
New measures will force water companies to end their disgraceful behaviour and clean up our rivers, lakes and seas for good.

Water company bosses could face up to two years in prison due to new powers in force today (Friday 25 April 2025).

The new powers, delivered by the Government’s landmark Water (Special Measures) Act 2025, mean water executives who cover up or hide illegal sewage spills can now be locked up.

No prison sentences have been handed to water executives since privatisation despite widespread illegal sewage discharges into rivers, lakes and seas. These new, tougher penalties are essential because some water companies have obstructed investigations, failing to hand over vital evidence related to illegal sewage discharges. This has prevented crackdowns against law-breaking water companies.

The new measures deliver on the Government’s promise to bring tougher criminal charges against lawbreakers in the water industry. As part of the Government’s Plan for Change, the threat of imprisonment will act as a powerful deterrent as water companies invest in upgrading broken water infrastructure and clean up our rivers, lakes and seas for good.

Environment Secretary Steve Reed said:

Bosses must face consequences if they commit crimes. There must be accountability.

From today, there will be no more hiding places.

As part of the Plan for Change, water companies must now focus on cleaning up our rivers, lakes and seas for good.

In addition, new powers will mean that the polluters will pay for the cost of criminal investigations into wrongdoing. Authorities will now recover the costs of their enforcement activity, with the Environment Agency currently consulting on how they will use the powers.

The payment of bonuses to water bosses will also be banned if they fail to meet high standards to protect the environment, their consumers, and their company’s finances.

Philip Duffy, Chief Executive of the Environment Agency said:

The Water (Special Measures) Act was a crucial step in making sure water companies take full responsibility for their impact on the environment.

The tougher powers we have gained though this legislation will allow us, as the regulator, to close the justice gap, deliver swifter enforcement action and ultimately deter illegal activity.

Alongside this, we’re modernising and expanding our approach to water company inspections – and it’s working. More people, powers, better data and inspections are yielding vital evidence so that we can reduce sewage pollution, hold water companies to account and protect the environment.

The Government will continue to reform the water sector in order to clean up our rivers, lakes and seas once and for all.

Alongside this, £104 billion of private sector investment has been secured to upgrade and build new water infrastructure across the country, supporting the building of 1.5 million new homes, creating thousands of jobs and powering new industries such as gigafactories and data centres as part of the government’s Plan for Change.

Notes to editors:

Criminal Liability

Until now, water regulators have faced significant challenges gathering evidence for prosecutions due to obstruction of their investigations.
This is a criminal offence, but since privatisation, only three water company officials have been criminally prosecuted for obstruction by the EA without appeal and the maximum punishment was merely a fine – though no fines were issued.
From now on, offences will be triable in both the Crown and Magistrates’ Courts and imprisonment will act as a powerful deterrent, bringing water regulation powers in line with other sectors, such as those covering fraud or health and safety investigations.

 The new provisions enable:

courts to include imprisonment as a sanction when investigations by water regulators (the Environment Agency, Natural Resources Wales and the Drinking Water Inspectorate) have been obstructed;
obstruction offences to be heard in the Crown Court;
directors and executives to be prosecuted where obstruction occurs with their consent, connivance or neglect.

Previously:

obstructing regulators’ investigations was not always punishable by imprisonment;
cases could not always be heard in the Crown Court;
there were no straightforward routes for prosecuting directors or executives where obstruction was committed with their consent or connivance, or was attributable to their neglect.

The Water Special Measures Act received Royal Assent in February – see press release here: New law to ban bonuses for polluting water bosses – GOV.UK

Further detail on the measures in the Act can be found in the Policy Statement here: Water (Special Measures) Act: policy statement – GOV.UK

Action on water

The government has taken immediate action to reset the water sector. Change is being delivered three stages: 
In his first week in office, the Secretary of State for Environment Food and Rural Affairs Steve Reed announced a series of initial steps. This included immediately ringfencing funding for vital water infrastructure so that it can only be spent on upgrades benefiting the environment – not diverted for bonuses, dividends or salary increases. Where money is not spent, we will force water companies to return it to customers. 
Second, the landmark Water (Special Measures) Act 2025 has been signed into law, marking the most significant increase in enforcement powers in a decade. The Act will: 
Strengthen regulation to ensure water bosses face personal criminal liability for lawbreaking. 
Give the water regulator new powers to ban the payment of bonuses if environmental standards are not met. 
Boost accountability for water executives through a new ‘code of conduct’ for water companies, so customers can summon board members and hold executives to account. 
Introduce new powers to bring automatic and severe fines. 
Require water companies to install real-time monitors at every emergency sewage outlet with data independently scrutinised by the water regulators. 
Third, the Independent Commission into the water sector, launched by the UK and Welsh governments, is carrying out the largest review of the industry since privatisation. Its recommendations, due later this summer, will shape further laws to attract the investment needed to clean up our waterways, accelerate infrastructure delivery and restore public confidence in the sector.  
The next five years will see £104 billion in private sector investment into the water industry—the largest since privatisation. This will drive forward 150 major infrastructure projects, creating over 30,000 jobs across the country, and support the building of 1.5 million new homes and powering new industries such as gigafactories and data centres. 
The Secretary of State and Water Minister recently completed a ‘Things Can Only Get Cleaner’ tour to see where this investment will underpin the building of new homes, create jobs and turbocharge local economies around the country – a cornerstone of the government’s Plan for Change. This included a pledge to end sewage discharges into the iconic lake Windermere.

Published 24 April 2025

MIL OSI United Kingdom –

April 25, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Strengthens Probationary Periods to Improve the Federal Service

Source: The White House

ENHANCING FEDERAL WORKFORCE ACCOUNTABILITY: Today, President Donald J. Trump signed an Executive Order strengthening probationary periods in the federal service.

The Order establishes a new Civil Service Rule XI to govern probationary and trial periods for federal employees, superseding existing civil service regulations that limited agency discretion in evaluating such employees.
Instead of these employees becoming tenured civil servants by default, Rule XI requires agencies to affirmatively certify that finalizing their appointment after their probationary or trial period concludes advances the public interest.
- This fulfills a longstanding Merit Systems Protection Board recommendation.
The Order mandates that agencies utilize probationary and trial periods (typically one year) to assess employees’ fitness and alignment with agency needs and the public interest.
It creates an individualized review process, requiring a designee of agency leadership to meet with probationary employees at least 60 days before their probationary period ends to discuss their performance and continued employment.
The Order allows the Office of Personnel Management (OPM) Director to establish an appeals process for probationary terminations in some circumstances.
The Order requires agencies to identify current probationary employees and designate evaluators within 15 days, ensuring accountability from the outset.

ENSURING A HIGH-QUALITY FEDERAL WORKFORCE: President Trump believes a meaningful probationary process is essential to maintaining a merit-based federal workforce that serves the American people.

Probationary periods are a critical part of the hiring process to confirm an employee’s ability to perform their duties, yet agencies have underutilized this tool, resulting in the indefinite retention of underperforming staff.
The Government Accountability Office has documented that agencies often fail to screen out unsuitable employees during their probationary period, contrary to congressional intent in the Civil Service Reform Act of 1978.
Existing OPM regulations have hindered agencies by imposing unnecessary obstacles to terminating probationary employees and failing to require certification that continued employment benefits the public interest.
A high-quality, efficient federal workforce, dedicated to the public interest and no larger than necessary, is vital to serving taxpayers.
Strengthening probationary periods ensures federal employees are held to high standards.

DRAINING THE SWAMP: The federal workforce must work for the American people, and thanks to President Trump, the federal bureaucracy is being held accountable.

Taxpayers will no longer be burdened by an oversized, unaccountable federal bureaucracy that fails to prioritize the public interest.
Last month, President Trump signed a Presidential Memorandum clarifying federal authority to take “suitability” actions against federal employees, ensuring accountability for bad conduct and preventing security risks both before and after appointment to federal service.
President Trump also signed the DOGE Workforce Optimization Executive Order to make the federal workforce more efficient and effective, significantly reducing the size of government.
This Executive Order builds on the President’s longstanding power to create Civil Service Rules to govern probationary periods in the federal government.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Investigates Unlawful “Straw Donor” and Foreign Contributions in American Elections

Source: The White House

INVESTIGATING “STRAW” DONORS: Today, President Donald J. Trump signed a Presidential Memorandum to crack down on illegal “straw donor” and foreign contributions in American elections, following reports and congressional investigations regarding potentially unlawful activities through ActBlue and other online fundraising platforms.

The Memorandum directs the Attorney General to investigate and take appropriate action concerning allegations regarding the use of online fundraising platforms to make “straw” or “dummy” contributions and to make foreign contributions to U.S. political candidates and committees, all of which break the law.
Specifically, the Memorandum notes that a congressional investigation revealed significant fraud schemes using ActBlue and, over a 30-day period during the 2024 election cycle, hundreds of ActBlue donations from foreign IP addresses using prepaid cards, despite it being illegal for foreign nationals to contribute to U.S. elections.
It instructs the Attorney General to report the results of the investigation to the President, through the Counsel to the President.

PROTECTING AMERICAN DEMOCRACY: President Trump is taking action to address malign actors and foreign nationals who seek to illegally influence American elections, undermining the integrity of our electoral process.

Recently uncovered evidence suggests that online fundraising platforms are being used to launder excessive and prohibited contributions to political candidates and committees.
Bad actors have sought to evade Federal source and amount limitations by breaking down large contributions into smaller ones, often attributing them to numerous individuals without their consent or knowledge.
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MIL OSI USA News –

April 25, 2025

MIL-OSI: Provident Financial Services, Inc. Announces First Quarter Earnings and Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ISELIN, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $64.0 million, or $0.49 per basic and diluted share for the three months ended March 31, 2025, compared to $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024 and $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024. Net income for the three months ended March 31, 2025 was negatively impacted by a $2.7 million write-down on a foreclosed property, partially offset by a $624,000 profit on fixed asset sales related to the consolidation of three branches. While there were no transaction costs related to our merger with Lakeland Bancorp, Inc. (“Lakeland”) for the 2025 period, these costs totaled $20.2 million for the three months ended December 31, 2024 and $2.2 million for the three months ended March 31, 2024, respectively.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “With the integration of Lakeland behind us, we are starting to see the benefits of the transaction come to fruition. We are very pleased with our first quarter financial results and encouraged by the promising start to the year. Despite ongoing uncertainty in the markets, our core businesses, credit quality and risk management remain strong. Our team is focused on building the business, delivering exceptional customer service and creating value for all stakeholders while remaining agile in this rapidly changing economic and regulatory environment.”

Performance Highlights for the First Quarter of 2025

Adjusted for a one-time write-down on a foreclosed property in the current quarter, as well as transaction costs related to the merger with Lakeland in prior quarters, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity⁽¹⁾ were 1.11%, 10.13% and 16.15% for the quarter ended March 31, 2025, compared to 1.05%, 9.53% and 15.39% for the quarter ended December 31, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.
The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity⁽²⁾ were 1.61%, 14.63% and 21.18% for the quarter ended March 31, 2025, compared to 1.53%, 13.91% and 20.31% for the quarter ended December 31, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.
The Company’s total commercial and industrial (“C&I”) loan portfolio increased $74.3 million, or 6.5% annualized, to $4.68 billion as of March 31, 2025, from $4.61 billion as of December 31, 2024. Additionally, the Company’s total commercial portfolio increased $150.0 million, or 3.8% annualized to $16.19 billion as of March 31, 2025, from $16.04 billion as of December 31, 2024.
The net interest margin increased six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the trailing quarter, while the core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased nine basis points from the trailing quarter to 2.94%. The average yield on total loans decreased four basis points to 5.95% for the quarter ended March 31, 2025, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased 14 basis points to 2.11% for the quarter ended March 31, 2025.
The Company recorded a $325,000 provision for credit losses on loans for the quarter ended March 31, 2025, compared to a $7.8 million provision for the trailing quarter. The decrease in the provision for credit losses for the quarter was primarily attributable to the change in a qualitative factor indexed to the forecasted unemployment rate that resulted in a decrease in reserves required on pooled loans within our Current Expected Credit Loss (“CECL”) model. The allowance for credit losses as a percentage of loans decreased to 1.02% as of March 31, 2025, from 1.04% as of December 31, 2024.
Insurance Agency income increased $858,000 or 17.9%, versus the same period in 2024, while pre-tax Insurance Agency net income increased $544,000 or 23.3% versus the same period in 2024.
As of March 31, 2025, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.77 billion, with a weighted average interest rate of 6.31%.

Declaration of Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on May 30, 2025 to stockholders of record as of the close of business on May 16, 2025.

Results of Operations

Three months ended March 31, 2025 compared to the three months ended December 31, 2024

For the three months ended March 31, 2025, net income was $64.0 million, or $0.49 per basic and diluted share, compared to net income of $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income was $181.7 million for the three months ended March 31, 2025 and the trailing quarter, despite there being two fewer calendar days in the first quarter of 2025, primarily due to favorable repricing of deposits.

The Company’s net interest margin increased six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended March 31, 2025 decreased three basis points to 5.63%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended March 31, 2025 decreased 13 basis points from the trailing quarter to 2.90%. The average cost of interest-bearing deposits for the quarter ended March 31, 2025 decreased 17 basis points to 2.64%, compared to 2.81% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.11% for the quarter ended March 31, 2025, compared to 2.25% for the trailing quarter. The average cost of borrowed funds for the quarter ended March 31, 2025 was 3.76%, compared to 3.64% for the quarter ended December 31, 2024.

Provision for Credit Losses on Loans

For the quarter ended March 31, 2025, the Company recorded a $325,000 provision for credit losses on loans, compared with a provision for credit losses of $7.8 million for the quarter ended December 31, 2024. The decrease in the provision for credit losses for the quarter was primarily attributable to the change in a qualitative factor indexed to the forecasted unemployment rate that resulted in a decrease in reserves required on pooled loans within our CECL model. For the three months ended March 31, 2025, net charge-offs totaled $2.0 million, or an annualized four basis points of average loans, compared with net charge-offs of $5.5 million, or an annualized nine basis points of average loans, for the trailing quarter.

Non-Interest Income and Expense

For the three months ended March 31, 2025, non-interest income totaled $27.0 million, an increase of $2.9 million, compared to the trailing quarter. Insurance agency income increased $2.4 million to $5.7 million for the three months ended March 31, 2025, compared to the trailing quarter, mainly due to the receipt of contingent commissions and additional business in the current quarter. Additionally, other income increased $920,000 to $2.2 million for the three months ended March 31, 2025, compared to the trailing quarter, primarily due to an increase in profit on fixed asset sales, combined with an increase in net fees on loan-level interest rate swap transactions. Partially offsetting these increases to non-interest income, wealth management income decreased $327,000 to $7.3 million for the three months ended March 31, 2025, compared to the trailing quarter, mainly due to a decrease in the average market value of assets under management during the period, while BOLI income decreased $169,000 for the three months ended March 31, 2025, compared to the trailing quarter, primarily due to decreased equity valuations.

Non-interest expense totaled $116.3 million for the three months ended March 31, 2025, a decrease of $18.1 million, compared to $134.3 million for the trailing quarter. Merger-related expenses, which were completed at the end of 2024, decreased $20.2 million for the three months ended March 31, 2025, compared to the trailing quarter. Other operating expenses decreased $929,000 to $16.4 million for the three months ended March 31, 2025, compared to $17.4 million for the trailing quarter, largely due to a prior quarter $1.4 million charge for contingent litigation reserves, combined with decreases in professional service and insurance expenses, partially offset by a $2.7 million write-down on a foreclosed property. Partially offsetting these decreases in non-interest expense, compensation and benefits expense increased $2.4 million to $62.4 million for the three months ended March 31, 2025, compared to $59.9 million for the trailing quarter. The increase in compensation and benefit expense was primarily due to increases in salary expense related to company-wide annual merit increases and severance expense, partially offset by a decrease in stock-based compensation. Additionally, net occupancy expense increased $1.4 million to $13.9 million for the three months ended March 31, 2025, compared to the trailing quarter, largely due to seasonal increases in snow removal, utilities and other maintenance costs.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽¹⁾ totaled 1.92% for the quarter ended March 31, 2025, compared to 1.90% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽¹⁾ was 54.43% for the three months ended March 31, 2025, compared to 55.43% for the trailing quarter.

Income Tax Expense

For the three months ended March 31, 2025, the Company’s income tax expense was $27.8 million with an effective tax rate of 30.3%, compared with income tax expense of $14.2 million with an effective tax rate of 22.6% for the trailing quarter. The increase in tax expense and the effective tax rate for the three months ended March 31, 2025, compared with the trailing quarter was largely due to an increase in taxable income and a discrete item related to stock-based compensation, combined with a prior quarter $4.2 million tax benefit related to the revaluation of certain deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

For the three months ended March 31, 2025, net income was $64.0 million, or $0.49 per basic and diluted share, compared to net income of $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $88.1 million to $181.7 million for the three months ended March 31, 2025, from $93.7 million for same period in 2024. The increase in net interest income was favorably impacted by the net assets added in the May 16, 2024 acquisition of Lakeland and related accretion of purchase accounting adjustments.

The Company’s net interest margin increased 47 basis points to 3.34% for the quarter ended March 31, 2025, from 2.87% for the same period last year. The weighted average yield on interest-earning assets for the quarter ended March 31, 2025 increased 57 basis points to 5.63%, compared to 5.06% for the quarter ended March 31, 2024. The weighted average cost of interest-bearing liabilities increased 10 basis points for the quarter ended March 31, 2025 to 2.90%, compared to 2.80% for the first quarter of 2024. The average cost of interest-bearing deposits for the quarter ended March 31, 2025 was 2.64%, compared to 2.60% for the same period last year. Average non-interest-bearing demand deposits increased $1.65 billion to $3.72 billion for the quarter ended March 31, 2025, compared to $2.07 billion for the quarter ended March 31, 2024. The average cost of total deposits, including non-interest-bearing deposits, was 2.11% for the quarter ended March 31, 2025, compared with 2.04% for the quarter ended March 31, 2024. The average cost of borrowed funds for the quarter ended March 31, 2025 was 3.76%, compared to 3.60% for the same period last year.

Provision for Credit Losses on Loans

For the quarter ended March 31, 2025, the Company recorded a $325,000 provision for credit losses on loans, compared with a $200,000 provision for credit losses on loans for the quarter ended March 31, 2024. The increase in the provision for credit losses was due to an increase in specific reserves on impaired credits. For the three months ended March 31, 2025, net charge-offs totaled $2.0 million, or an annualized four basis points of average loans, compared with net charge-offs of $971,000, or an annualized four basis points of average loans, for the quarter ended March 31, 2024.

Non-Interest Income and Expense

Non-interest income totaled $27.0 million for the quarter ended March 31, 2025, an increase of $6.2 million, compared to the same period in 2024. Fee income increased $3.7 million to $9.7 million for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and commercial loan prepayment fees, resulting from the Lakeland merger. Other income increased $1.4 million to $2.2 million for the three months ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in profit on fixed asset sales, combined with an increase in net fees on loan-level interest rate swap transactions and an increase in gains on sales of mortgage loans. Insurance agency income increased $858,000 to $5.7 million for the three months ended March 31, 2025, compared to the quarter ended March 31, 2024, largely due to an increase in contingency income and business activity, while BOLI income increased $275,000 to $2.1 million for the three months ended March 31, 2025, compared to the prior year quarter, related to the addition of Lakeland’s BOLI, partially offset by a decrease in equity valuations.

For the three months ended March 31, 2025, non-interest expense totaled $116.3 million, an increase of $44.4 million, compared to the three months ended March 31, 2024. Compensation and benefits expense increased $22.3 million to $62.4 million for three months ended March 31, 2025, compared to $40.0 million for the same period in 2024. The increase was primarily due to the addition of Lakeland, combined with an increase in salary expense associated with Company-wide annual merit increases. Amortization of intangibles increased $8.8 million to $9.5 million for the three months ended March 31, 2024, compared to $705,000 for 2024, largely due to core deposit intangible amortization related to the addition of Lakeland. Other operating expense increased $6.1 million to $16.4 million for the three months ended March 31, 2025, compared to $10.3 million for the three months ended March 31, 2024, largely due to the addition of Lakeland and a $2.7 million write-down on a foreclosed property in the current quarter. Net occupancy expense increased $5.4 million to $13.9 million for the three months ended March 31, 2024, compared to the same period in 2024, primarily due to increased depreciation and maintenance expenses because of the addition of Lakeland. Data processing expense increased $2.8 million to $9.6 million for three months ended March 31, 2025, compared to $6.8 million for the same period in 2024. The increase in data processing expense was primarily due to increases in software service, telecommunication and core service expenses, due to the addition of Lakeland. Additionally, FDIC insurance expense increased $1.1 million to $3.4 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increases in the assessment rate and average assets, as a result of the addition of Lakeland. Partially offsetting these increases in non-interest expense, merger-related expenses, which completed at the end of 2024 decreased $2.2 million for the three months ended March 31, 2025, compared to the same period in 2024.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽¹⁾ was 1.92% for the quarter ended March 31, 2025, compared to 1.99% for the same period in 2024. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽¹⁾ was 54.43% for the three months ended March 31, 2025 compared to 60.82% for the same respective period in 2024.

Income Tax Expense

For the three months ended March 31, 2025, the Company’s income tax expense was $27.8 million with an effective tax rate of 30.3%, compared with $10.9 million with an effective tax rate of 25.3% for the three months ended March 31, 2024. The increase in tax expense for the three months ended March 31, 2025, compared with the same period last year, was largely the result of an increase in taxable income and an increase in state tax rates as a result of the May 2024 Lakeland merger, as well as a discrete item related to stock-based compensation. The increase in state tax rates is a result of the Company no longer receiving benefit of a reduced New Jersey state rate available for the Company’s REIT and New Jersey investment company subsidiaries. The state of New Jersey allows certain bank subsidiaries with assets under $15 billion to benefit from the lower rate, however due to the Lakeland merger in May of 2024, the $15 billion asset threshold was crossed and the increased New Jersey rate was applicable.

Asset Quality

The Company’s total non-performing loans as of March 31, 2025 were $103.2 million, or 0.54% of total loans, compared $72.1 million, or 0.39% of total loans as of December 31, 2024 and $35.5 million, or 0.35% of total loans as of March 31, 2024. The $31.2 million increase in non-performing loans as of March 31, 2025, compared to the trailing quarter, was primarily attributable to two loans: a $20.3 million commercial real estate loan secured by a mixed use property with a current loan-to value of 53% and an $11.5 million construction loan secured by a nearly complete warehouse facility with a current loan-to-value of 62%. These loans have no prior charge-off history and carry no specific reserve allocations. As of March 31, 2025, impaired loans totaled $86.1 million with related specific reserves of $7.9 million, compared with impaired loans totaling $55.4 million with related specific reserves of $7.5 million as of December 31, 2024. As of March 31, 2024, impaired loans totaled $40.1 million with related specific reserves of $8.2 million.

As of March 31, 2025, the Company’s allowance for credit losses related to the loan held for investment portfolio was 1.02% of total loans, compared to 1.04% and 0.98% as of December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses decreased $1.7 million to $191.8 million as of March 31, 2025, from $193.4 million as of December 31, 2024. The decrease in the allowance for credit losses on loans at March 31, 2025 compared to December 31, 2024 was due to net charge-offs of $2.0 million, partially offset by a $325,000 provision for credit losses.

The following table shows accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.

	March 31, 2025			December 31, 2024			March 31, 2024
	Number of Loans	Principal Balance of Loans		Number of Loans	Principal Balance of Loans		Number of Loans	Principal Balance of Loans
	(Dollars in thousands)
Accruing past due loans:
30 to 59 days past due:
Commercial mortgage loans	8	$	13,696	7	$	8,538	3	$	5,052
Multi-family mortgage loans	1		7,433	—		—	4		12,069
Construction loans	—		—	—		—	—		—
Residential mortgage loans	27		6,905	22		6,388	11		3,568
Total mortgage loans	36		28,034	29		14,926	18		20,689
Commercial loans	37		13,472	23		4,248	11		4,493
Consumer loans	22		1,604	47		3,152	22		803
Total 30 to 59 days past due	95	$	43,110	99	$	22,326	51	$	25,985

60 to 89 days past due:
Commercial mortgage loans	2	$	196	4	$	3,954	3	$	1,148
Multi-family mortgage loans	—		—	—		—	—		—
Construction loans	—		—	—		—	—		—
Residential mortgage loans	18		5,009	17		5,049	6		804
Total mortgage loans	20		5,205	21		9,003	9		1,952
Commercial loans	15		3,743	9		2,377	3		332
Consumer loans	12		854	15		856	8		755
Total 60 to 89 days past due	47		9,802	45		12,236	20		3,039
Total accruing past due loans	142	$	52,912	144	$	34,562	71	$	29,024

Non-accrual:
Commercial mortgage loans	18	$	42,931	17	$	20,883	8	$	5,938
Multi-family mortgage loans	5		7,294	6		7,498	2		2,355
Construction loans	3		18,929	2		13,246	—		—
Residential mortgage loans	22		5,246	23		4,535	10		1,647
Total mortgage loans	48		74,400	48		46,162	20		9,940
Commercial loans	83		27,471	65		24,243	21		36,892
Consumer loans	19		1,352	23		1,656	11		760
Total non-accrual loans	150	$	103,223	136	$	72,061	52	$	47,592

Non-performing loans to total loans			0.54%			0.39%			0.44%
Allowance for loan losses to total non-performing loans			185.78%			268.43%			223.63%
Allowance for loan losses to total loans			1.02%			1.04%			0.98%

The increase in accruing past due loans versus the trailing quarter was primarily attributable to two loans: a $10.5 million commercial real estate loan which is expected to be fully resolved in the second quarter through the completion of a pending note sale and a $7.4 million commercial real estate loan that is in the process of refinancing with the Company.

As of March 31, 2025 and December 31, 2024, the Company held foreclosed assets of $6.8 million and $9.5 million, respectively. Foreclosed assets as of March 31, 2025 were comprised of commercial real estate. Total non-performing assets as of March 31, 2025 increased $28.4 million to $110.0 million, or 0.45% of total assets, from $81.5 million, or 0.34% of total assets as of December 31, 2024. During the three months ended March 31, 2025, there was a write-down of a foreclosed commercial property of $2.7 million based on a contracted sales price. The sale of this property is expected to close in the second quarter of 2025, reducing foreclosed assets by $5.8 million.

Balance Sheet Summary

Total assets as of March 31, 2025 were $24.22 billion, a $172.9 million increase from December 31, 2024. The increase in total assets was primarily due to a $132.0 million increase in total loans and a $110.5 million increase in total investments, partially offset by a decrease in intangible and other assets.

The Company’s loans held for investment portfolio totaled $18.79 billion as of March 31, 2025 and $18.66 billion as of December 31, 2024. The portfolio consisted of the following:

	March 31, 2025		December 31, 2024
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,295,651	$	7,228,078
Multi-family		3,458,190		3,382,933
Construction		756,356		823,503
Residential		1,994,404		2,010,637
Total mortgage loans		13,504,601		13,445,151
Commercial loans		4,682,902		4,608,600
Consumer loans		613,453		613,819
Total gross loans		18,800,956		18,667,570
Premiums on purchased loans		1,337		1,338
Net deferred fees and unearned discounts		(10,922)		(9,538)
Total loans	$	18,791,371	$	18,659,370

During the three months ended March 31, 2025, the loans held for investment portfolio had net increases of $75.3 million of multi-family loans, $74.3 million of commercial loans and $67.6 million of commercial mortgage loans, partially offset by net decreases of $67.1 million of construction loans and $16.2 million of residential mortgage loans. Total commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 86.1% of the loan portfolio as of March 31, 2025, compared to 85.9% as of December 31, 2024.

For the three months ended March 31, 2025, loan funding, including advances on lines of credit, totaled $1.93 billion, compared with $622.7 million for the same period in 2024.

As of March 31, 2025, the Company’s unfunded loan commitments totaled $2.88 billion, including commitments of $1.75 billion in commercial loans, $517.7 million in construction loans and $141.4 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2024 and March 31, 2024 were $2.73 billion and $1.97 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.77 billion as of March 31, 2025, compared to $1.79 billion and $1.08 billion as of December 31, 2024 and March 31, 2024, respectively.

Total investment securities were $3.34 billion as of March 31, 2025, a $110.5 million increase from December 31, 2024. This increase was primarily due to purchases of mortgage-backed and municipal securities and a decrease in unrealized losses on available for sale debt securities.

Total deposits decreased $175.0 million during the three months ended March 31, 2025, to $18.45 billion. Total savings and demand deposit accounts decreased $172.5 million to $15.28 billion as of March 31, 2025, while total time deposits decreased $2.4 million to $3.17 billion as of March 31, 2025. The decrease in savings and demand deposits consisted of a $142.8 million decrease in interest bearing demand deposits, a $22.0 million decrease in money market deposits and a $8.7 million decrease in savings deposits, partially offset by a $1.1 million increase in non-interest-bearing demand deposits. Within total savings and demand deposits, total municipal deposits decreased $130.8 million to $3.38 billion as of March 31, 2025, mainly due to seasonal outflows. The decrease in time deposits consisted of a $78.6 million decrease in retail time deposits, partially offset by a $76.2 million increase in brokered time deposits.

Borrowed funds increased $315.8 million during the three months ended March 31, 2025, to $2.34 billion. The increase in borrowings was largely due to asset funding requirements. Borrowed funds represented 9.6% of total assets as of March 31, 2025, an increase from 8.4% as of December 31, 2024.

Stockholders’ equity increased $57.6 million during the three months ended March 31, 2025, to $2.66 billion, primarily due to net income earned for the period and a decrease in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three months ended March 31, 2025, common stock repurchases totaled 99,541 shares at an average cost of $18.19 per share, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of March 31, 2025, approximately 873,000 shares remained eligible for repurchase under the current authorization. Book value per share and tangible book value per share⁽¹⁾ as of March 31, 2025 were $20.35 and $14.15, respectively, compared with $19.93 and $13.66, respectively, as of December 31, 2024.

About the Company

Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “Commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Friday, April 25, 2025 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

Forward Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements 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, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of the recent turmoil in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, and the impact of a potential shutdown of the federal government.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Footnotes

⁽¹⁾ Annualized adjusted pre-tax, pre-provision return on average assets, annualized return on average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Financial Highlights
(Dollars in Thousands, except share data) (Unaudited)

	As of or for the Three months ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Statement of Income
Net interest income	$	181,728	$	181,737	$	93,670
Provision for credit losses		638		8,880		186
Non-interest income		27,030		24,175		20,807
Non-interest expense		116,267		134,323		71,321
Income before income tax expense		91,853		62,709		42,970
Net income		64,028		48,524		32,082
Diluted earnings per share	$	0.49	$	0.37	$	0.43
Interest rate spread		2.73%		2.63%		2.26%
Net interest margin		3.34%		3.28%		2.87%

Profitability
Annualized return on average assets		1.08%		0.81%		0.92%
Annualized adjusted return on average assets ⁽¹⁾		1.11%		1.05%		0.97%
Annualized return on average equity		9.84%		7.36%		7.60%
Annualized adjusted return on average equity ⁽¹⁾		10.13%		9.53%		8.04%
Annualized return on average tangible equity ⁽¹⁾		15.73%		12.21%		10.40%
Annualized adjusted return on average tangible equity ⁽¹⁾		16.15%		15.39%		11.16%
Annualized adjusted non-interest expense to average assets ⁽³⁾		1.92%		1.90%		1.99%
Efficiency ratio ⁽⁴⁾		54.43%		55.43%		60.82%

Asset Quality
Non-accrual loans	$	103,223	$	72,061	$	47,592
90+ and still accruing		—		—		—
Non-performing loans		103,223		72,061		47,592
Foreclosed assets		6,755		9,473		11,324
Non-performing assets		109,978		81,534		58,916
Non-performing loans to total loans		0.54%		0.39%		0.44%
Non-performing assets to total assets		0.45%		0.34%		0.42%
Allowance for loan losses	$	191,770	$	193,432	$	106,429
Allowance for loan losses to total non-performing loans		185.78%		268.43%		223.63%
Allowance for loan losses to total loans		1.02%		1.04%		0.98%
Net loan charge-offs	$	1,987	$	5,493	$	971
Annualized net loan charge-offs to average total loans		0.04%		0.12%		0.04%

Average Balance Sheet Data
Assets	$	24,049,318	$	23,908,514	$	14,093,767
Loans, net		18,590,877		18,487,443		10,668,992
Earning assets		21,946,053		21,760,458		12,862,910
Core deposits		15,497,343		15,581,608		9,129,244
Borrowings		1,918,069		1,711,806		1,940,981
Interest-bearing liabilities		17,297,892		17,093,382		10,074,106
Stockholders’ equity		2,638,361		2,624,019		1,698,170
Average yield on interest-earning assets		5.63%		5.66%		5.06%
Average cost of interest-bearing liabilities		2.90%		3.03%		2.80%

Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
(Dollars in Thousands, except share data)

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.


(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net Income	$	64,028	$	48,524	$	32,082
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Less: income tax expense		(809)		(5,819)		(342)
Annualized adjusted net income	$	65,909	$	62,889	$	33,942
Less: Amortization of Intangibles (net of tax)	$	6,642	$	6,649	$	493
Annualized adjusted net income for annualized adjusted return on average tangible equity	$	72,551	$	69,538	$	34,434

Annualized Adjusted Return on Average Assets		1.11%		1.05%		0.97%
Annualized Adjusted Return on Average Equity		10.13%		9.53%		8.04%
Annualized Adjusted Return on Average Tangible Equity		16.15%		15.39%		11.16%

(2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net income	$	64,028	$	48,524	$	32,082
Adjustments to net income:
Provision charge (benefit) for credit losses		638		8,880		(320)
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Income tax expense		27,825		14,185		10,888
PTPP income	$	95,181	$	91,773	$	44,852

Annualized adjusted PTPP income	$	386,012	$	365,097	$	180,394
Average assets	$	24,049,318	$	23,908,514	$	14,093,767
Average equity	$	2,638,361	$	2,624,019	$	1,698,170
Average tangible equity	$	1,822,407	$	1,797,994	$	1,240,475

Annualized adjusted PTPP return on average assets		1.61%		1.53%		1.28%
Annualized adjusted PTPP return on average equity		14.63%		13.91%		10.62%
Annualized adjusted PTPP return on average tangible equity		21.18%		20.31%		14.54%

(3) Annualized Return on Average Tangible Equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Total average stockholders’ equity	$	2,638,361	$	2,624,019	$	1,698,170
Less: total average intangible assets		815,954		826,025		457,695
Total average tangible stockholders’ equity	$	1,822,407	$	1,797,994	$	1,240,475

Net income		64,028		48,524		32,082
Less: Amortization of Intangibles, net of tax		6,642		6,649		493
Total net income	$	70,670	$	55,173	$	32,575

Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)		15.73%		12.21%		10.56%

(4) Annualized Adjusted Non-Interest Expense to Average Assets
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Reported non-interest expense	$	116,267	$	134,323	$	71,321
Adjustments to non-interest expense:
Credit loss (benefit) expense for off-balance sheet credit exposures		—		—		(506)
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Adjusted non-interest expense	$	113,577	$	114,139	$	69,625

Annualized adjusted non-interest expense	$	460,618	$	454,075	$	280,030

Average assets	$	24,049,318	$	23,908,514	$	14,093,767

Annualized adjusted non-interest expense/average assets		1.92%		1.90%		1.99%

(5) Efficiency Ratio Calculation
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net interest income	$	181,728	$	181,737	$	93,670
Non-interest income		27,030		24,175		20,807
Adjustments to non-interest income:
Net (gain) loss on securities transactions		(87)		14		1
Adjusted non-interest income	$	26,943	$	24,189	$	20,808
Total income	$	208,671	$	205,926	$	114,478

Adjusted non-interest expense	$	113,577	$	114,139	$	69,625

Efficiency ratio (adjusted non-interest expense/income)		54.43%		55.43%		60.82%

(6) Book and Tangible Book Value per Share	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Total stockholders’ equity	$	2,658,794	$	2,601,207	$	1,695,162
Less: total intangible assets		809,725		819,230		457,239
Total tangible stockholders’ equity	$	1,849,069	$	1,781,977	$	1,237,923

Shares outstanding		130,661,195		130,489,493		75,928,193

Book value per share (total stockholders’ equity/shares outstanding)	$	20.35	$	19.93	$	22.33
Tangible book value per share (total tangible stockholders’ equity/shares outstanding)	$	14.15	$	13.66	$	16.30

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
March 31, 2025 (Unaudited) and December 31, 2024
(Dollars in Thousands)

Assets	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	234,076	$	205,939
Available for sale debt securities, at fair value		2,878,785		2,768,915
Held to maturity debt securities, (net of $17,000 allowance as of March 31, 2025 (unaudited) and $14,000 allowance as of December 31, 2024)		314,005		327,623
Equity securities, at fair value		19,871		19,110
Federal Home Loan Bank stock		126,271		112,767
Loans held for sale		149,961		162,453
Loans held for investment		18,791,371		18,659,370
Less allowance for credit losses		191,770		193,432
Net loans		18,749,562		18,628,391
Foreclosed assets, net		6,755		9,473
Banking premises and equipment, net		115,424		119,622
Accrued interest receivable		91,776		91,160
Intangible assets		809,725		819,230
Bank-owned life insurance		407,986		405,893
Other assets		470,523		543,702
Total assets	$	24,224,759	$	24,051,825

Liabilities and Stockholders’ Equity
Deposits:
Demand deposits	$	13,612,189	$	13,775,991
Savings deposits		1,670,920		1,679,667
Certificates of deposit of $250,000 or more		767,626		789,342
Other time deposits		2,398,128		2,378,813
Total deposits		18,448,863		18,623,813
Mortgage escrow deposits		51,261		42,247
Borrowed funds		2,336,191		2,020,435
Subordinated debentures		402,853		401,608
Other liabilities		326,797		362,515
Total liabilities		21,565,965		21,450,618

Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued		—		—
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,663,184 shares outstanding as of March 31, 2025 and 130,489,493 outstanding as of December 31, 2024.		1,376		1,376
Additional paid-in capital		1,836,665		1,834,495
Retained earnings		1,021,266		989,111
Accumulated other comprehensive loss		(110,246)		(135,355)
Treasury stock		(90,267)		(88,420)
Total stockholders’ equity		2,658,794		2,601,207
Total liabilities and stockholders’ equity	$	24,224,759	$	24,051,825

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2025, December 31, 2024 and March 31, 2024
(Dollars in Thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Interest and dividend income:
Real estate secured loans	$	187,054	$	194,236	$	107,456
Commercial loans		75,819		75,978		36,100
Consumer loans		10,158		10,815		4,523
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		29,644		27,197		12,330
Held to maturity debt securities		1,996		2,125		2,268
Deposits, federal funds sold and other short-term investments		675		1,596		1,182
Total interest income		305,346		311,947		163,859

Interest expense:
Deposits		97,420		105,922		52,534
Borrowed funds		17,778		15,652		17,383
Subordinated debt		8,420		8,636		272
Total interest expense		123,618		130,210		70,189
Net interest income		181,728		181,737		93,670
Provision charge for credit losses		638		8,880		(320)
Net interest income after provision for credit losses		181,090		172,857		93,990

Non-interest income:
Fees		9,655		9,687		5,912
Wealth management income		7,328		7,655		7,488
Insurance agency income		5,651		3,289		4,793
Bank-owned life insurance		2,092		2,261		1,817
Net gain (loss) on securities transactions		87		(14)		(1)
Other income		2,217		1,297		798
Total non-interest income		27,030		24,175		20,807

Non-interest expense:
Compensation and employee benefits		62,366		59,937		40,048
Net occupancy expense		13,927		12,562		8,520
Data processing expense		9,605		9,881		6,783
FDIC Insurance		3,385		3,411		2,272
Amortization of intangibles		9,501		9,511		705
Advertising and promotion expense		1,060		1,485		966
Merger-related expenses		—		20,184		2,202
Other operating expenses		16,423		17,352		10,331
Total non-interest expense		116,267		134,323		71,827
Income before income tax expense		91,853		62,709		42,970
Income tax expense		27,825		14,185		10,888
Net income	$	64,028	$	48,524	$	32,082

Basic earnings per share	$	0.49	$	0.37	$	0.43
Average basic shares outstanding		130,325,393		130,067,244		75,260,029

Diluted earnings per share	$	0.49	$	0.37	$	0.43
Average diluted shares outstanding		130,380,475		130,163,872		75,275,660

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Deposits	$	80,074	$	675	4.21%		$	117,998	$	1,596	5.38%		$	87,869	$	1,182	5.41%
Available for sale debt securities		2,827,699		27,621	3.89%			2,720,066		25,064	3.69%			1,673,950		10,022	2.39%
Held to maturity debt securities, net ⁽¹⁾		320,036		1,996	2.50%			328,147		2,125	2.59%			357,246		2,268	2.54%
Equity securities, at fair value		19,840		—	—	%		19,920		—	—	%		1,099		—	—	%
Federal Home Loan Bank stock		107,527		2,023	7.53%			86,885		2,134	9.82%			73,754		2,308	12.52%
Net loans: ⁽²⁾
Total mortgage loans		13,297,168		187,054	5.70%			13,287,942		194,236	5.75%			7,990,218		107,456	5.33%
Total commercial loans		4,684,572		75,819	6.56%			4,587,048		75,978	6.54%			2,381,965		36,100	6.03%
Total consumer loans		609,137		10,158	6.76%			612,453		10,815	7.02%			296,809		4,523	6.13%
Total net loans		18,590,877		273,031	5.95%			18,487,443		281,029	5.99%			10,668,992		148,079	5.51%
Total interest-earning assets	$	21,946,053	$	305,346	5.63%		$	21,760,458	$	311,947	5.66%		$	12,862,910	$	163,859	5.06%

Non-Interest Earning Assets:
Cash and due from banks		134,205						159,151						116,563
Other assets		1,969,060						1,988,905						1,114,294
Total assets	$	24,049,318					$	23,908,514					$	14,093,767

Interest-Bearing Liabilities:
Demand deposits	$	10,095,570	$	65,433	2.63%		$	10,115,827	$	71,265	2.80%		$	5,894,062	$	41,566	2.84%
Savings deposits		1,682,596		924	0.22%			1,677,725		968	0.23%			1,163,181		637	0.22%
Time deposits		3,199,620		31,063	3.94%			3,187,172		33,689	4.21%			1,065,170		10,331	3.90%
Total Deposits		14,977,786		97,420	2.64%			14,980,724		105,922	2.81%			8,122,413		52,534	2.60%

Borrowed funds		1,918,069		17,778	3.76%			1,711,806		15,652	3.64%			1,940,981		17,383	3.60%
Subordinated debentures		402,037		8,420	8.49%			400,852		8,636	8.57%			10,712		272	10.23%
Total interest-bearing liabilities		17,297,892		123,618	2.90%			17,093,382		130,210	3.03%			10,074,106		70,189	2.80%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,719,177						3,788,056						2,072,001
Other non-interest bearing liabilities		393,888						403,057						249,490
Total non-interest bearing liabilities		4,113,065						4,191,113						2,321,491
Total liabilities		21,410,957						21,284,495						12,395,597
Stockholders’ equity		2,638,361						2,624,019						1,698,170
Total liabilities and stockholders’ equity	$	24,049,318					$	23,908,514					$	14,093,767

Net interest income			$	181,728					$	181,737					$	93,670

Net interest rate spread					2.73%						2.63%						2.26%
Net interest-earning assets	$	4,648,161					$	4,667,076					$	2,788,804

Net interest margin ⁽³⁾					3.34%						3.28%						2.87%

Ratio of interest-earning assets to total interest-bearing liabilities	1.27x						1.27x						1.28x


(1	)	Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2	)	Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include loans held for sale and non-accrual loans.
(3	)	Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.
	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
	1st Qtr.	4th Qtr.	3rd Qtr.	2nd Qtr.	1st Qtr.
Interest-Earning Assets:
Securities	3.86%	3.78%	3.69%	3.40%	2.87%
Net loans	5.95%	5.99%	6.21%	6.05%	5.51%
Total interest-earning assets	5.63%	5.66%	5.84%	5.67%	5.06%

Interest-Bearing Liabilities:
Total deposits	2.64%	2.81%	2.96%	2.84%	2.60%
Total borrowings	3.76%	3.64%	3.73%	3.83%	3.60%
Total interest-bearing liabilities	2.90%	3.03%	3.19%	3.09%	2.80%

Interest rate spread	2.73%	2.63%	2.65%	2.58%	2.26%
Net interest margin	3.34%	3.28%	3.31%	3.21%	2.87%

Ratio of interest-earning assets to interest-bearing liabilities	1.27x	1.27x	1.26x	1.25x	1.28x

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)

	March 31, 2025					March 31, 2024
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost	Balance		Interest		Yield/Cost
Interest-Earning Assets:
Deposits	$	80,074	$	675	4.21%	$	87,869	$	1,182	5.41%
Available for sale debt securities		2,827,699		27,621	3.89%		1,673,950		10,022	2.39%
Held to maturity debt securities, net ⁽¹⁾		320,036		1,996	2.50%		357,246		2,268	2.54%
Equity securities, at fair value		19,840		—	—%		1,099		—	—%
Federal Home Loan Bank stock		107,527		2,023	7.53%		73,754		2,308	12.52%
Net loans: ⁽²⁾
Total mortgage loans		13,297,168		187,054	5.70%		7,990,218		107,456	5.33%
Total commercial loans		4,684,572		75,819	6.56%		2,381,965		36,100	6.03%
Total consumer loans		609,137		10,158	6.76%		296,809		4,523	6.13%
Total net loans		18,590,877		273,031	5.95%		10,668,992		148,079	5.51%
Total interest-earning assets	$	21,946,053	$	305,346	5.63%	$	12,862,910	$	163,859	5.06%

Non-Interest Earning Assets:
Cash and due from banks		134,205					116,563
Other assets		1,969,060					1,114,294
Total assets	$	24,049,318				$	14,093,767

Interest-Bearing Liabilities:
Demand deposits	$	10,095,570	$	65,433	2.63%	$	5,894,062	$	41,566	2.84%
Savings deposits		1,682,596		924	0.22%		1,163,181		637	0.22%
Time deposits		3,199,620		31,063	3.94%		1,065,170		10,331	3.90%
Total deposits		14,977,786		97,420	2.64%		8,122,413		52,534	2.60%
Borrowed funds		1,918,069		17,778	3.76%		1,940,981		17,383	3.60%
Subordinated debentures		402,037		8,420	8.49%		10,712		272	10.23%
Total interest-bearing liabilities	$	17,297,892	$	123,618	2.90%	$	10,074,106	$	70,189	2.80%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,719,177					2,072,001
Other non-interest bearing liabilities		393,888					249,490
Total non-interest bearing liabilities		4,113,065					2,321,491
Total liabilities		21,410,957					12,395,597
Stockholders’ equity		2,638,361					1,698,170
Total liabilities and stockholders’ equity	$	24,049,318				$	14,093,767

Net interest income			$	181,728				$	93,670

Net interest rate spread					2.73%					2.26%
Net interest-earning assets	$	4,648,161				$	2,788,804

Net interest margin ⁽³⁾					3.34%					2.87%

Ratio of interest-earning assets to total interest-bearing liabilities	1.27x					1.28x


(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include loans held for sale and non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.

The following table summarizes the year-to-date net interest margin for the previous three years.

	Three Months Ended
	March 31, 2025	March 31, 2024	March 31, 2023
Interest-Earning Assets:
Securities	3.86%	2.87%	2.52%
Net loans	5.95%	5.51%	5.12%
Total interest-earning assets	5.63%	5.06%	4.63%

Interest-Bearing Liabilities:
Total deposits	2.64%	2.60%	1.39%
Total borrowings	3.76%	3.60%	2.48%
Total interest-bearing liabilities	2.90%	2.80%	1.54%

Interest rate spread	2.73%	2.26%	3.09%
Net interest margin	3.34%	2.87%	3.48%

Ratio of interest-earning assets to interest-bearing liabilities	1.27x	1.28x	1.34x

CONTACT: Investor Relations, 1-732-590-9300

The MIL Network –

April 25, 2025

MIL-OSI Africa: South Africa and Ukraine solidify biliteral relations

Source: South Africa News Agency

By Dikeledi Molobela

President Cyril Ramaphosa and his Ukrainian counterpart, President Volodymyr Zelenskyy, have used the official visit to deepen bilateral relations for the mutual benefit of the two countries.

President Ramaphosa hosted President Zelenskyy at the Union Buildings in Pretoria on Thursday, marking the first official visit by a Ukrainian Head of State to South Africa.

He expressed that it was his distinct honour to receive President Zelenskyy and his delegation at the Union Buildings.

“This is a historic visit. This is the first time the Head of State of Ukraine is visiting South Africa in the 33 years since we established formal diplomatic relations.

“We acknowledge with great appreciation the support we received from Ukraine during our liberation struggle. We recall that a number of exiled South Africans received training and education in Ukraine,” the President said.

In June 2023, President Ramaphosa had the honour of visiting President Zelenskyy in Kyiv as part of the African Peace Initiative.

Since then, he said they have maintained ongoing dialogue between the two countries and its diplomats.

“We have just concluded successful talks during which we exchanged views on how to consolidate and deepen the bilateral relations between our two countries. We noted a growing interest in expanding relations in peace diplomacy, post-conflict reconstruction and development, and the empowerment of women.

“We also discussed opportunities for cooperation in areas such as agriculture, trade, education, infrastructure and social exchanges,” President Ramaphosa said.

He expressed satisfaction that Ministers from both countries have held discussions on strengthening trade and investment opportunities, including opportunities in agriculture and agribusiness.

“We acknowledge the significant strides that Ukraine has taken and in particular, the efforts of President Zelenskyy to expand relations with the African continent.

“We note the provision of grain in areas of food stress in West and East Africa, the expansion of agricultural cooperation, and the opening of a grain hub at the Port of Mombasa in Kenya,” he said.

President Ramaphosa said these are the direct outcomes of the discussions that were held when he and other African Heads of State visited Kyiv in June 2023 as part of the African Peace Initiative.

“Our engagement today was an opportunity to discuss our shared interest in advancing peace, security, stability and sustainable development on the continent, in Ukraine and across the world.

“We have reinforced our common commitment to respect the rule of law in international relations, multilateralism, the central role of the United Nations in global governance, and the maintenance of global peace and security,” he said.

Delivering his remarks, President Zelenskyy noted that South Africa is currently presiding over the Group of 20 (G20) and emphasised that the G20’s role in defending peace could be far more significant, a role he strongly counts on.

He proposed the creation of a joint mineral hub between Ukraine and South Africa to facilitate the production and transport of fertilisers, supporting the broader Southern African region.

“Our bilateral agenda is also very important. Ukraine is keenly interested in energy security matters and fertiliser production… We are ready to work with the South Africans to build more modern production facilities in your country for better resilient power sector,” he said.

President Zelenskyy also highlighted opportunities for cooperation in the agricultural sector, which could significantly enhance bilateral trade between the two countries.

“Ukraine offers South Africa to have a joint mineral hub to produce and transport fertilisers to support the whole of your region. There are potential projects in the agricultural sector. This can lead to better bilateral trade results between Ukraine and South Africa,” he said.

He added that Ukraine is also ready to work together to develop modern security systems for national parks, urban environments, and other areas requiring advanced technological solutions.

President Zelenskyy expressed Ukraine’s willingness to partner with South Africa to boost power generation, ranging from atomic energy to affordable renewables.

“We are also ready to work together to drastically increase power generation in your country, from atomic energy to renewable. Affordable energy has always contributed to economic growth, and I’ve already tasked my professional team to look into a joint project between our countries,” he said.

He also presented President Ramaphosa with a list of 400 Ukrainian children reportedly being held against their will in Russia.

President Zelenskyy acknowledged South Africa’s role as co-leader of the global coalition to bring Ukrainian children home and expressed hope that President Ramaphosa would assist in securing their return.

“I presented President Ramaphosa with a list of 400 Ukrainian children. It’s very important for us to look after them… We need to get them back. I truly hope that President Ramaphosa will help us to bring them home indeed.

“I’d like to thank you for this visit, for the opportunity to meet you. We strongly believe that the President, South Africa, all other partners in Africa will help us to… to [get Russia] to engage in the full-scale ceasefire,” Zelenskyy said. – SAnews.gov.za

MIL OSI Africa –

April 25, 2025

MIL-OSI: First Western Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Summary

Net income available to common shareholders of $4.2 million in Q1 2025, compared to $2.7 million in Q4 2024
Diluted earnings per share of $0.43 in Q1 2025, compared to $0.28 in Q4 2024
Net interest income of $17.5 million in Q1 2025, compared to $16.9 million in Q4 2024
Net interest margin increased 16 basis points from 2.45% in Q4 2024 to 2.61% in Q1 2025
Other real estate owned (“OREO”) decreased $31.5 million from $35.9 million in Q4 2024 to $4.4 million in Q1 2025 due to the sale of two properties for a net gain of $0.5 million
Noninterest-bearing deposits increased 9.1% from $375.6 million as of Q4 2024 to $409.7 million as of Q1 2025

DENVER, April 24, 2025 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2025.

Net income available to common shareholders was $4.2 million, or $0.43 per diluted share, for the first quarter of 2025. This compares to net income of $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024, and net income of $2.5 million, or $0.26 per diluted share, for the first quarter of 2024.

Scott C. Wylie, CEO of First Western, commented, “As expected, we generated a significant improvement in our level of profitability in the first quarter. We saw positive trends in many areas including an expansion in our net interest margin, a higher level of non-interest income, an increase in noninterest-bearing deposits, solid loan production, and well managed expenses. We also saw general stability in asset quality while having a substantial reduction in our nonperforming assets following the successful resolution of our two largest OREO properties, which were sold for a net gain.

“We expect to see a continuation of the positive trends we are seeing, while we also redeploy the cash from the sale of our two largest OREO properties into interest-earning assets. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie.


	For the Three Months Ended
	March 31,			December 31,			March 31,
*(Dollars in thousands, except per share data)*		2025			2024			2024
Earnings Summary
Net interest income	$	17,453		$	16,908		$	16,070
Less: Provision (release) for credit losses		80			(974	)		72
Total non-interest income		7,345			6,459			7,277
Total non-interest expense		19,361			20,427			19,696
Income before income taxes		5,357			3,914			3,579
Income tax expense		1,172			1,166			1,064
Net income available to common shareholders		4,185			2,748			2,515
Basic earnings per common share		0.43			0.28			0.26
Diluted earnings per common share		0.43			0.28			0.26

Return on average assets (annualized)		0.59	%		0.38	%		0.35	%
Return on average shareholders’ equity (annualized)		6.63			4.39			4.10
Return on tangible common equity (annualized)⁽¹⁾		7.44			4.98			4.71
Net interest margin		2.61			2.45			2.34
Efficiency ratio⁽¹⁾		79.16			80.74			83.68

_____________________

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the First Quarter 2025

Revenue

Total income before non-interest expense was $24.7 million for the first quarter of 2025, compared to $24.3 million for the fourth quarter of 2024. Gross revenue⁽¹⁾ was $24.6 million for the first quarter of 2025, compared to $23.8 million for the fourth quarter of 2024. Relative to the fourth quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income, Net gain on mortgage loans, Net gain on other real estate owned, and Net gain on loans held for sale, partially offset by an increase in provision for credit losses and a decrease in Risk management and insurance fees. Relative to the first quarter of 2024, total income before non-interest expense increased 6.0% from $23.3 million and Gross revenue increased 4.7% from $23.5 million. Relative to the first quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income and Net gain on other real estate owned, partially offset by decreases in Bank fees and Trust and investment management fees.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Net Interest Income

Net interest income for the first quarter of 2025 was $17.5 million, an increase of 3.6% from $16.9 million in the fourth quarter of 2024. The increase quarter over quarter was primarily driven by a 16 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the first quarter of 2024, net interest income increased 8.7% from $16.1 million. The increase compared to the first quarter of 2024 was primarily driven by an 27 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets.

Net Interest Margin

Net interest margin for the first quarter of 2025 increased 16 basis points to 2.61% from 2.45% reported in the fourth quarter of 2024, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield.

The yield on interest-earning assets increased 4 basis points to 5.57% from 5.53% reported in the fourth quarter of 2024 and the cost of interest-bearing deposits decreased 19 basis points to 3.59% from 3.78% reported in the fourth quarter of 2024.

Relative to the first quarter of 2024, net interest margin increased 27 basis points from 2.34%, primarily due to a 32 basis point decrease in total cost of funds.

Non-interest Income

Non-interest income for the first quarter of 2025 was $7.3 million, an increase of 12.3% from $6.5 million in the fourth quarter of 2024. The increase was driven primarily by increases in Net gain on other real estate owned, Net gain on mortgage loans, and Net gain on loans held for sale, partially offset by a decrease in Risk management and insurance fees. The increase in Net gain on other real estate was due to the sale of our two largest OREO properties for a net gain of $0.5 million. The increase in Net gain on loans held for sale was due to the reversal of the previous quarter’s write-down on a non-performing loan. This loan was previously classified as held for sale; however, during the quarter it was transferred to held for investment and charged off through the Allowance for credit losses.

Relative to the first quarter of 2024, non-interest income increased slightly, driven primarily by increases in Net gain on other real estate owned and Net gain on loans accounted for under the fair value option, offset partially by decreases in Trust and investment management fees and Bank fees.

Non-interest Expense

Non-interest expense for the first quarter of 2025 was $19.4 million, a decrease of 4.9% from $20.4 million in the fourth quarter of 2024. The decrease was primarily driven by the one-time $1.1 million Other real estate owned (“OREO”) write-down recognized in the fourth quarter of 2024, offset partially by an increase in Salaries and employee benefits.

Relative to the first quarter of 2024, non-interest expense decreased 1.5% from $19.7 million, driven primarily by a decrease in Professional services due to decreases in legal expenses, audit fees, and FDIC insurance fees, partially offset by increases in Occupancy and equipment expenses and Salaries and employee benefits.

The Company’s efficiency ratio⁽¹⁾ was 79.2% in the first quarter of 2025, compared with 80.7% in the fourth quarter of 2024 and 83.7% in the first quarter of 2024.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Income Taxes

The Company recorded Income tax expense of $1.2 million for the first quarter of 2025, compared to Income tax expense of $1.2 million for the fourth quarter of 2024 and Income tax expense of $1.1 million for the first quarter of 2024.

Loans

Total loans held for investment of $2.43 billion as of March 31, 2025 was flat compared to December 31, 2024. Changes in the quarter included net growth in the commercial real estate and 1 – 4 family residential portfolios, offset by net decreases in the cash, securities, and other and construction and development portfolios. Total average loans were $2.41 billion for the first quarter of 2025, an increase of $21.4 million from $2.39 billion for the fourth quarter of 2024. Relative to the first quarter of 2024, total loans held for investment decreased from $2.48 billion as of March 31, 2024, primarily driven by net decreases in the commercial and industrial, construction and development, and cash, securities, and other portfolios, partially offset by net growth in the 1 – 4 family residential and non-owner occupied commercial real estate portfolios.

Deposits

Total deposits were $2.52 billion as of March 31, 2025, an increase of 0.4% from $2.51 billion as of December 31, 2024. Relative to the first quarter of 2024, total deposits decreased from $2.53 billion as of March 31, 2024, driven primarily by a decrease in Noninterest-bearing deposits.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $51.6 million as of March 31, 2025, a decrease of $5.4 million from $57.0 million as of December 31, 2024. The change when compared to December 31, 2024 was primarily driven by net pay downs on the Company’s FHLB line of credit. Relative to the first quarter of 2024, borrowings decreased $17.9 million from $69.5 million as of March 31, 2024. The decrease in borrowings from March 31, 2024 was primarily driven by BTFP payoffs and net pay downs on the Company’s FHLB line of credit.

Subordinated notes were $44.6 million as of March 31, 2025, compared to $52.6 million as of December 31, 2024. Subordinated notes decreased $7.8 million from $52.4 million as of March 31, 2024. Relative to the fourth quarter of 2024 and first quarter of 2024, the decrease was due to the call of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

Assets Under Management

Assets Under Management (“AUM”) decreased to $7.18 billion as of March 31, 2025, compared to $7.32 billion as of December 31, 2024. The decrease in AUM during the quarter was primarily attributable to net withdrawals throughout the first quarter of 2025. Compared to March 31, 2024, total AUM increased slightly from $7.14 billion.

Credit Quality

Non-performing assets totaled $17.1 million, or 0.59% of total assets, as of March 31, 2025, compared to $49.0 million, or 1.68% of total assets, as of December 31, 2024. The decrease in non-performing assets during the quarter was primarily due to the sale of two OREO properties for a net gain of $0.5 million. As of March 31, 2024, non-performing assets totaled $46.0 million, or 1.57% of total assets. Relative to the first quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of March 31, 2025 a decrease of $31.5 million from $35.9 million as of December 31, 2024. As of March 31, 2024, the Company held no OREO.

Non-performing loans totaled $12.8 million as of March 31, 2025, a decrease of $0.3 million from $13.1 million as of December 31, 2024. The decrease was primarily due to the charge-off of a non-performing loan that had previously been held for sale. As of March 31, 2024, non-performing loans totaled $46.0 million. The decrease when compared to March 31, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans.

During the first quarter of 2025, the Company recorded provision expense of $0.1 million, compared to a provision release of $1.0 million in the fourth quarter of 2024 and provision expense of $0.1 million in the first quarter of 2024.

Capital

As of March 31, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of March 31, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:


	March 31,
	2025
Consolidated Capital
Tier 1 capital to risk-weighted assets	10.35	%
Common Equity Tier 1 (“CET1”) to risk-weighted assets	10.35
Total capital to risk-weighted assets	13.15
Tier 1 capital to average assets	8.12

Bank Capital
Tier 1 capital to risk-weighted assets	11.76	%
CET1 to risk-weighted assets	11.76
Total capital to risk-weighted assets	12.52
Tier 1 capital to average assets	9.24

Book value per common share increased 1.3% from $26.10 as of December 31, 2024 to $26.44 as of March 31, 2025. Book value per common share increase 3.6% from $25.52 as of March 31, 2024.

Tangible book value per common share⁽¹⁾ increased 1.6% from $22.83 as of December 31, 2024, to $23.18 as of March 31, 2025. Tangible book value per common share increased 4.4% from $22.21 as of March 31, 2024.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, April 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI019349e043a94dc394d0159a3c41719d.

A slide presentation relating to the first quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross Revenue,” and “Allowance for Credit Losses to Adjusted Loans”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the lack of soundness of other financial institutions or financial market utilities may adversely affect the Company; the Company’s ability to engage in routine funding and other transactions could be adversely affected by the actions and commercial soundness of other financial institutions; financial institutions are interrelated because of trading, clearing, counterparty or other relationships; defaults by, or even rumors or questions about, one or more financial institutions or financial market utilities, or the financial services industry generally, may lead to market-wide liquidity problems and losses of client, creditor and counterparty confidence and could lead to losses or defaults by other financial institutions, or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our debt securities; the risk of changes in interest rates; the risk of the adequacy of our allowance for credit losses; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources; the risk of weak economic conditions and global trade, including the imposition of tariffs; the risk that legislative or regulatory actions may have a significant adverse effect on our operations. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com


First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)

	Three Months Ended
	March 31,		December 31,			March 31,
*(dollars in thousands, except per share amounts)*		2025		2024			2024
Interest and dividend income:
Loans, including fees	$	34,068	$	34,287		$	35,139
Loans accounted for under the fair value option		111		118			209
Investment securities		681		696			603
Interest-bearing deposits in other financial institutions		2,221		2,879			2,352
Dividends, restricted stock		128		129			95
Total interest and dividend income		37,209		38,109			38,398

Interest expense:
Deposits		18,516		19,921			20,622
Other borrowed funds		1,240		1,280			1,706
Total interest expense		19,756		21,201			22,328
Net interest income		17,453		16,908			16,070
Less: Provision (release) for credit losses		80		(974	)		72
Net interest income, after provision (release) for credit losses		17,373		17,882			15,998

Non-interest income:
Trust and investment management fees		4,677		4,660			4,930
Net gain on mortgage loans		1,067		377			1,264
Net gain (loss) on loans held for sale		222		(222	)		117
Bank fees		422		426			891
Risk management and insurance fees		259		1,139			49
Income on company-owned life insurance		110		112			105
Net gain (loss) on loans accounted for under the fair value option		6		(149	)		(302	)
Net gain on other real estate owned		459		—			—
Unrealized gain (loss) recognized on equity securities		11		(49	)		(6	)
Other		112		165			229
Total non-interest income		7,345		6,459			7,277
Total income before non-interest expense		24,718		24,341			23,275

Non-interest expense:
Salaries and employee benefits		11,480		11,237			11,267
Occupancy and equipment		2,210		2,100			1,976
Professional services		1,704		1,821			2,411
Technology and information systems		1,078		1,073			1,010
Data processing		1,122		1,029			948
Marketing		216		397			194
Amortization of other intangible assets		51		56			57
Other		1,500		2,714			1,833
Total non-interest expense		19,361		20,427			19,696
Income before income taxes		5,357		3,914			3,579
Income tax expense		1,172		1,166			1,064
Net income available to common shareholders	$	4,185	$	2,748		$	2,515
Earnings per common share:
Basic	$	0.43	$	0.28		$	0.26
Diluted		0.43		0.28			0.26


First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	15,924		$	9,770		$	8,136
Interest-bearing deposits in other financial institutions		255,658			226,271			249,753
Total cash and cash equivalents		271,582			236,041			257,889

Held-to-maturity debt securities (fair value of $67,479, $68,161 and $64,908, respectively), net of allowance for credit losses of $71		73,775			75,724			72,303
Correspondent bank stock, at cost		5,968			5,864			4,461
Mortgage loans held for sale, at fair value		10,557			25,455			10,470
Loans held for sale, at fair value		—			251			—
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)		2,425,367			2,425,565			2,475,524
Allowance for credit losses		(17,956	)		(18,330	)		(24,630	)
Loans, net		2,407,411			2,407,235			2,450,894
Premises and equipment, net		24,554			24,129			24,869
Accrued interest receivable		10,623			10,364			11,919
Accounts receivable		4,505			4,763			4,980
Other receivables		4,608			5,710			5,254
Other real estate owned, net		4,385			35,929			—
Goodwill and other intangible assets, net		31,576			31,627			31,797
Deferred tax assets, net		2,856			3,079			5,695
Company-owned life insurance		17,071			16,961			16,635
Other assets		36,829			35,905			35,051
Total assets	$	2,906,300		$	2,919,037		$	2,932,217

Liabilities
Deposits:
Noninterest-bearing	$	409,696		$	375,603		$	434,236
Interest-bearing		2,105,701			2,138,606			2,097,734
Total deposits		2,515,397			2,514,209			2,531,970
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		51,612			57,038			69,484
Subordinated notes		44,621			52,565			52,397
Accrued interest payable		2,371			1,995			2,415
Other liabilities		35,744			40,908			30,423
Total liabilities		2,649,745			2,666,715			2,686,689

Shareholders’ Equity
Total shareholders’ equity		256,555			252,322			245,528
Total liabilities and shareholders’ equity	$	2,906,300		$	2,919,037		$	2,932,217


First Western Financial, Inc. Consolidated Financial Summary (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Loan Portfolio
Cash, Securities, and Other⁽¹⁾	$	101,078		$	120,005		$	151,178
Consumer and Other		16,688			17,333			18,556
Construction and Development		291,133			315,686			333,284
1-4 Family Residential		971,179			960,354			910,129
Non-Owner Occupied CRE		636,820			614,384			562,862
Owner Occupied CRE		182,417			173,223			194,338
Commercial and Industrial		223,197			220,501			297,573
Total		2,422,512			2,421,486			2,467,920
Loans accounted for under the fair value option		6,280			7,508			12,276
Total loans held for investment		2,428,792			2,428,994			2,480,196
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽²⁾		(3,425	)		(3,429	)		(4,672	)
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)	$	2,425,367		$	2,425,565		$	2,475,524
Mortgage loans held for sale		10,557			25,455			10,470
Loans held for sale		—			251			—

Deposit Portfolio
Money market deposit accounts	$	1,566,737		$	1,513,605		$	1,503,598
Time deposits		379,533			471,415			442,834
Interest checking accounts		144,980			139,374			132,415
Savings accounts		14,451			14,212			18,887
Total interest-bearing deposits		2,105,701			2,138,606			2,097,734
Noninterest-bearing accounts		409,696			375,603			434,236
Total deposits	$	2,515,397		$	2,514,209		$	2,531,970

____________________

⁽¹⁾	Includes PPP loans of $1.6 million as of March 31, 2025, $2.1 million as of December 31, 2024, and $3.8 million as of March 31, 2024.
⁽²⁾	Includes fair value adjustments on loans held for investment accounted for under the fair value option.


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	198,294		$	236,152		$	177,523
Debt securities		75,592			77,464			74,666
Correspondent bank stock		5,806			5,738			4,451
Gross loans		2,407,482			2,386,070			2,490,300
Mortgage loans held for sale		13,593			26,623			6,752
Loans held at fair value		6,846			8,136			13,134
Total interest-earning assets		2,707,613			2,740,183			2,766,826
Noninterest-earning assets		145,479			161,783			100,170
Total assets	$	2,853,092		$	2,901,966		$	2,866,996

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,090,505		$	2,095,204		$	2,008,246
FHLB and Federal Reserve borrowings		51,885			54,428			92,195
Subordinated notes		52,495			52,528			52,360
Total interest-bearing liabilities		2,194,885			2,202,160			2,152,801
Noninterest-bearing liabilities:
Noninterest-bearing deposits		363,922			403,433			446,457
Other liabilities		41,656			45,889			22,250
Total noninterest-bearing liabilities		405,578			449,322			468,707
Total shareholders’ equity		252,629			250,484			245,488
Total liabilities and shareholders’ equity	$	2,853,092		$	2,901,966		$	2,866,996

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.54	%		4.85	%		5.33	%
Debt securities		3.65			3.57			3.25
Correspondent bank stock		8.94			8.94			8.58
Loans		5.71			5.65			5.66
Loan held at fair value		6.58			5.77			6.40
Mortgage loans held for sale		5.46			6.02			6.79
Total interest-earning assets		5.57			5.53			5.58
Interest-bearing deposits		3.59			3.78			4.13
Total deposits		3.06			3.17			3.38
FHLB and Federal Reserve borrowings		3.92			3.96			4.23
Subordinated notes		5.70			5.59			5.66
Total interest-bearing liabilities		3.65			3.83			4.17
Net interest margin		2.61			2.45			2.34
Net interest rate spread		1.92			1.70			1.41


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Asset Quality
Non-performing loans	$	12,758		$	13,052		$	46,044
Non-performing assets		17,143			48,981			46,044
Net charge-offs (recoveries)		566			(270	)		—
Non-performing loans to total loans		0.53	%		0.54	%		1.86	%
Non-performing assets to total assets		0.59			1.68			1.57
Allowance for credit losses to non-performing loans		140.74			140.44			53.49
Allowance for credit losses to total loans		0.74			0.76			1.00
Allowance for credit losses to adjusted loans⁽¹⁾		0.74			0.76			1.00
Net charge-offs (recoveries) to average loans		0.02			(0.01	)		—

Assets Under Management	$	7,176,624		$	7,321,147		$	7,141,453

Market Data
Book value per share at period end	$	26.44		$	26.10		$	25.52
Tangible book value per common share⁽¹⁾		23.18			22.83			22.21
Weighted average outstanding shares, basic		9,704,419			9,665,621			9,621,309
Weighted average outstanding shares, diluted		9,798,591			9,794,797			9,710,764
Shares outstanding at period end		9,704,320			9,667,142			9,621,309

Consolidated Capital
Tier 1 capital to risk-weighted assets		10.35	%		10.07	%		9.77	%
CET1 to risk-weighted assets		10.35			10.07			9.77
Total capital to risk-weighted assets		13.15			13.12			13.15
Tier 1 capital to average assets		8.12			7.88			7.73

Bank Capital
Tier 1 capital to risk-weighted assets		11.76	%		11.41	%		11.00	%
CET1 to risk-weighted assets		11.76			11.41			11.00
Total capital to risk-weighted assets		12.52			12.10			12.02
Tier 1 capital to average assets		9.24			8.94			8.70

________________________

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Tangible Common
Total shareholders’ equity	$	256,555		$	252,322		$	245,528
Less: goodwill and other intangibles, net		31,576			31,627			31,797
Tangible common equity	$	224,979		$	220,695		$	213,731

Common shares outstanding, end of period		9,704,320			9,667,142			9,621,309
Tangible common book value per share	$	23.18		$	22.83		$	22.21
Net income available to common shareholders		4,185			2,748			2,515
Return on tangible common equity (annualized)		7.44	%		4.98	%		4.71	%

Efficiency
Non-interest expense	$	19,361		$	20,427		$	19,696
Less: OREO expenses and write-downs		(80	)		1,222			—
Adjusted non-interest expense	$	19,441		$	19,205		$	19,696

Total income before non-interest expense	$	24,718		$	24,341		$	23,275
Less: unrealized gain (loss) recognized on equity securities		11			(49	)		(6	)
Less: net gain (loss) on loans accounted for under the fair value option		6			(149	)		(302	)
Less: net gain (loss) on loans held for sale		222			(222	)		117
Plus: provision (release) for credit losses		80			(974	)		72
Gross revenue	$	24,559		$	23,787		$	23,538
Efficiency ratio		79.16	%		80.74	%		83.68	%

The MIL Network –

April 25, 2025

MIL-OSI: NBT Bancorp Inc. Announces First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

NORWICH, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2025.

Net income for the first quarter of 2025 was $36.7 million, or $0.77 per diluted common share, compared to $33.8 million, or $0.71 per diluted common share, for the first quarter of 2024, and $36.0 million, or $0.76 per diluted common share, for the fourth quarter of 2024. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure, was $0.80 for the first quarter of 2025, compared to $0.68 for the first quarter of 2024 and $0.77 for the fourth quarter of 2024.

CEO Comments

“Growth in both net interest income and noninterest income compared to the prior quarter and the first quarter of 2024 resulted in the generation of positive operating leverage by our team in the first quarter of 2025.” said NBT President and Chief Executive Officer Scott A. Kingsley. “Our capital position remains a key strength as we execute on strategic growth initiatives. We recently added new banking locations in South Burlington, VT and Webster, NY, and we look forward to completing our planned merger with Evans Bancorp, Inc. in early May. The addition of over 200 experienced bankers and 18 locations from Evans will firmly establish NBT’s presence in Buffalo and Rochester, Upstate New York’s two largest markets by population.”

First Quarter 2025 Financial Highlights

Net Income	Net income was $36.7 million and diluted earnings per share was $0.77
Net Interest Income / NIM	Net interest income on a fully taxable equivalent (“FTE”) basis was $107.2 million, an increase of $1.1 million from the prior quarter⁽¹⁾ Net interest margin (“NIM”) on an FTE basis was 3.44%⁽¹⁾, an increase of 10 basis points (“bps”) from the prior quarter Included in FTE net interest income was $2.2 million of acquisition-related net accretion, which was down $0.4 million from the fourth quarter of 2024 Earning asset yields of 4.95% were down 1 bp from the prior quarter Total cost of funds of 1.60% was down 11 bps from the prior quarter
Noninterest Income	Noninterest income was $47.6 million, an increase of 12.7% from the fourth quarter of 2024, excluding net securities gains (losses)
Loans and Credit Quality	Period end total loans were $9.98 billion as of March 31, 2025, up $10.4 million, or 0.4% annualized, from December 31, 2024 Net charge-offs to average loans was 0.27% annualized Nonperforming loans to total loans was 0.48% Allowance for loan losses to total loans was 1.17%
Deposits	Deposits were $11.71 billion as of March 31, 2025, up $161.8 million, or 1.4%, from December 31, 2024 Total cost of deposits was 1.49% for the first quarter of 2025, down 11 bps from the fourth quarter of 2024
Capital	Stockholders’ equity was $1.57 billion as of March 31, 2025 Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 Tangible equity to assets of 8.68%⁽¹⁾ CET1 ratio of 12.12%; Leverage ratio of 10.39%

Loans

Period end total loans were $9.98 billion at March 31, 2025, compared to $9.97 billion at December 31, 2024.
Period end total loans increased $10.4 million from December 31, 2024. Total commercial loans increased $23.9 million to $5.33 billion while total consumer loans decreased $13.6 million to $4.65 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $40.5 million, or 1.8% annualized. Residential real estate loan balances decreased $14.7 million from December 31, 2024 primarily due to seasonally lower originations and market conditions. In addition, the Company originated and sold $7.4 million of 30-year fixed rate mortgages in the first quarter of 2025.

Deposits

Total deposits at March 31, 2025 were $11.71 billion, compared to $11.55 billion at December 31, 2024. The $161.8 million increase in deposits from December 31, 2024 was primarily due to the inflow of seasonal municipal deposits during the quarter.
The loan to deposit ratio was 85.2% at March 31, 2025, compared to 86.3% at December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $107.2 million, an increase of $1.1 million, or 1.1%, from the fourth quarter of 2024 and an increase of $12.0 million, or 12.7%, from the first quarter of 2024. The increase in net interest income from the fourth quarter of 2024 resulted primarily from a decrease in the cost of deposits, partially offset by lower yields on loans and two fewer days in the first quarter of 2025.
The NIM on an FTE basis for the first quarter of 2025 was 3.44%, an increase of 10 bps from the fourth quarter of 2024. This increase was driven by the decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 30 bps from the first quarter of 2024 due to higher average balances of earning assets and the yields on those assets, lower average balances of short-term borrowings and the decrease in the cost of interest-bearing deposits.
Earning asset yields for the three months ended March 31, 2025 decreased 1 bp from the prior quarter to 4.95%. Loan yields for the three months ended March 31, 2025 decreased 3 bps from the prior quarter to 5.62% primarily due to the repricing of $2.1 billion in variable rate loans from the 25 bps federal funds rate decrease in December, partially offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 11 bps from the same quarter in the prior year as new loan yields were priced higher than portfolio yields. Average earning assets were consistent with the fourth quarter of 2024 due to the decrease in short-term interest-bearing accounts being mostly offset by an increase in securities and organic loan growth. Average earning assets grew $427.5 million, or 3.5%, from the first quarter of 2024 due to growth in average loans and securities.
Total cost of deposits, including noninterest bearing deposits, was 1.49% for the first quarter of 2025, a decrease of 11 bps from the prior quarter and a decrease of 12 bps from the same period in the prior year.
Total cost of funds for the three months ended March 31, 2025 was 1.60%, a decrease of 11 bps from the prior quarter and a decrease of 19 bps from the first quarter of 2024.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the first quarter of 2025 was 27 bps compared to 23 bps in the prior quarter primarily due to an increase in consumer net charge-offs. Included in net charge-offs for the first quarter of 2025 was a $2.1 million write-down of a nonperforming commercial real estate loan to the estimated fair value.
Nonperforming assets to total assets was 0.35% at March 31, 2025, compared to 0.38% at December 31, 2024.
Provision expense for the three months ended March 31, 2025 was $7.6 million, compared to $2.2 million for the fourth quarter of 2024. The increase in provision expense from the prior quarter was primarily due to the deterioration in economic forecasts and a higher level of net charge-offs partially offset by the run-off of the other consumer and residential solar portfolios.
The allowance for loan losses was $117.0 million, or 1.17% of total loans, at March 31, 2025, compared to $116.0 million, or 1.16% of total loans, at December 31, 2024.
The reserve for unfunded loan commitments was $4.5 million at March 31, 2025, compared to $4.4 million at December 31, 2024.

Noninterest Income

Total noninterest income, excluding securities gains (losses), was $47.6 million for the three months ended March 31, 2025, up $5.4 million, or 12.7%, from the fourth quarter of 2024, and up $4.3 million, or 10.1%, from the first quarter of 2024.
Retirement plan administration fees were up $2.9 million from the prior quarter and increased $1.6 million from the first quarter of 2024. The increase from the prior quarter was due to higher seasonal activity-based fees in the first quarter and the additional revenue from both organic growth and the acquisition of a small third-party administrator (“TPA”) business in the fourth quarter of 2024. The increase from the first quarter of 2024 was driven by the additional revenue from new customer plans, the TPA acquisition and higher market values of assets under administration.
Wealth management fees were consistent with the prior quarter and increased $1.2 million from the first quarter of 2024. The increase from the first quarter of 2024 was driven by market performance and growth in new customer accounts.
Insurance revenues increased $0.9 million from the fourth quarter of 2024 due to organic growth, higher levels of policy renewals and first quarter seasonality.
Bank owned life insurance income increased from both the fourth quarter of 2024 and the first quarter of 2024 due to a $1.3 million nonrecurring gain.

Noninterest Expense

Total noninterest expense was $99.9 million for the first quarter of 2025, compared to $100.8 million for the fourth quarter of 2024 and $91.8 million for the first quarter of 2024. Total noninterest expense decreased 1.1% compared to the previous quarter and increased 7.5% from the first quarter of 2024, excluding $1.2 million of acquisition expenses in the first quarter of 2025 and $1.0 million in the fourth quarter of 2024, respectively.
Salaries and benefits decreased 1.7% from the prior quarter driven by lower medical and other benefit costs, lower levels of incentive compensation and lower salaries due to two fewer payroll days in the quarter, partially offset by seasonally higher payroll taxes and stock-based compensation expenses. The increase from the first quarter of 2024 was driven by merit pay increases which were effective annually in March, an increase in employees supporting growth in our markets and higher medical and other benefit costs.
Occupancy costs increased $1.2 million from the prior quarter primarily due to seasonal maintenance and utilities costs. The $0.9 million increase from the first quarter of 2024 was driven by higher seasonal maintenance and utilities given the harsher winter and higher facilities costs related to new banking locations.
Other expense decreased $1.7 million from the prior quarter and was consistent with the first quarter of 2024. The decrease from the previous quarter was driven by timing of expenses and Company initiatives in the fourth quarter of 2024.

Income Taxes

The effective tax rate for the first quarter of 2025 was 22.2% which was up from 21.7% for the first quarter of 2024 primarily due to a lower level of tax-exempt income as a percentage of total taxable income.

Capital

Tangible common equity to tangible assets⁽¹⁾ was 8.68% at March 31, 2025. Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 and $23.88 at December 31, 2024.
Stockholders’ equity increased $39.6 million from December 31, 2024 driven by net income generation of $36.7 million and a $20.3 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $16.1 million.
As of March 31, 2025, CET1 capital ratio of 12.12%, leverage ratio of 10.39% and total risk-based capital ratio of 15.24%.

Stock Repurchase

The Company did not purchase shares of its common stock during the three months ended March 31, 2025. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of March 31, 2025, there were 1,992,400 shares available under the Company’s share repurchase program.

Evans Bancorp, Inc. Merger

NBT and Evans anticipate completing the previously announced merger on May 2, 2025 simultaneously with the core system conversion, pending customary closing conditions. Evans had assets of $2.19 billion, deposits of $1.87 billion and net loans of $1.76 billion as of December 31, 2024. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 25, 2025, to review the first quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.86 billion at March 31, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 157 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

Contact:	Scott A. Kingsley, President and CEO
	Annette L. Burns, Executive Vice President and CFO
	NBT Bancorp Inc.
	52 South Broad Street
	Norwich, NY 13815
	607-337-6589

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (reported)
Diluted earnings per share	$	0.77		$	0.76		$	0.80		$	0.69		$	0.71
Weighted average diluted common shares outstanding		47,477,391			47,505,760			47,473,417			47,382,814			47,370,145
Return on average assets⁽³⁾		1.08	%		1.04	%		1.12	%		0.98	%		1.02	%
Return on average equity⁽³⁾		9.68	%		9.44	%		10.21	%		9.12	%		9.52	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%
Net interest margin⁽¹⁾⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (operating)
Diluted earnings per share⁽¹⁾	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68
Return on average assets⁽¹⁾⁽³⁾		1.11	%		1.06	%		1.12	%		0.98	%		0.97	%
Return on average equity⁽¹⁾⁽³⁾		9.95	%		9.60	%		10.23	%		9.14	%		9.04	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.99	%		13.57	%		14.56	%		13.26	%		13.20	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Balance sheet data
Short-term interest-bearing accounts	$	37,385		$	78,973		$	231,671		$	35,207		$	156,632
Securities available for sale		1,704,677			1,574,664			1,509,338			1,439,445			1,418,471
Securities held to maturity		836,833			842,921			854,941			878,909			890,863
Net loans		9,863,267			9,853,910			9,787,541			9,733,847			9,572,777
Total assets		13,864,251			13,786,666			13,839,552			13,501,909			13,439,199
Total deposits		11,708,511			11,546,761			11,588,278			11,271,459			11,195,289
Total borrowings		312,977			414,983			456,666			476,082			518,190
Total liabilities		12,298,476			12,260,525			12,317,572			12,039,954			11,997,784
Stockholders’ equity		1,565,775			1,526,141			1,521,980			1,461,955			1,441,415

Capital
Equity to assets		11.29	%		11.07	%		11.00	%		10.83	%		10.73	%
Tangible equity ratio⁽¹⁾		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%
Book value per share	$	33.13		$	32.34		$	32.26		$	31.00		$	30.57
Tangible book value per share⁽²⁾	$	24.74		$	23.88		$	23.83		$	22.54		$	22.07
Leverage ratio		10.39	%		10.24	%		10.29	%		10.16	%		10.09	%
Common equity tier 1 capital ratio		12.12	%		11.93	%		11.86	%		11.70	%		11.68	%
Tier 1 capital ratio		13.02	%		12.83	%		12.77	%		12.61	%		12.61	%
Total risk-based capital ratio		15.24	%		15.03	%		15.02	%		14.88	%		14.87	%
Common stock price (end of period)	$	42.90		$	47.76		$	44.23		$	38.60		$	36.68

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Asset quality
Nonaccrual loans	$	44,829		$	45,819		$	33,338		$	34,755		$	35,189
90 days past due and still accruing		2,862			5,798			3,981			3,333			2,600
Total nonperforming loans		47,691			51,617			37,319			38,088			37,789
Other real estate owned		308			182			127			74			–
Total nonperforming assets		47,999			51,799			37,446			38,162			37,789
Allowance for loan losses		117,000			116,000			119,500			120,500			115,300

Asset quality ratios
Allowance for loan losses to total loans		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%
Total nonperforming loans to total loans		0.48	%		0.52	%		0.38	%		0.39	%		0.39	%
Total nonperforming assets to total assets		0.35	%		0.38	%		0.27	%		0.28	%		0.28	%
Allowance for loan losses to total nonperforming loans		245.33	%		224.73	%		320.21	%		316.37	%		305.12	%
Past due loans to total loans⁽⁴⁾		0.32	%		0.34	%		0.36	%		0.30	%		0.33	%
Net charge-offs to average loans⁽³⁾		0.27	%		0.23	%		0.16	%		0.15	%		0.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loan net charge-offs by line of business
Commercial	$	2,109		$	2,542		$	807		$	(8	)	$	772
Residential real estate and home equity		(25	)		(25	)		(64	)		(76	)		(32	)
Indirect auto		1,155			675			725			747			665
Residential solar and other consumer		3,315			2,517			2,452			3,036			3,274
Total loan net charge-offs	$	6,554		$	5,709		$	3,920		$	3,699		$	4,679

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.76	%		0.73	%		0.73	%		0.76	%		0.79	%
Commercial real estate		1.02	%		0.95	%		1.01	%		1.00	%		0.97	%
Residential real estate		1.00	%		1.00	%		1.00	%		0.98	%		0.89	%
Auto		0.72	%		0.81	%		0.83	%		0.85	%		0.81	%
Residential solar and other consumer		3.61	%		3.64	%		3.69	%		3.78	%		3.63	%
Total		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loans by line of business
Commercial & industrial	$	1,436,990		$	1,426,482		$	1,458,926		$	1,397,935		$	1,353,446
Commercial real estate		3,890,115			3,876,698			3,792,498			3,784,214			3,646,739
Residential real estate		2,127,588			2,142,249			2,143,766			2,134,875			2,133,289
Home equity		331,400			334,268			328,687			326,556			328,673
Indirect auto		1,309,084			1,273,253			1,235,175			1,225,786			1,190,734
Residential solar and other consumer		885,090			916,960			947,989			984,981			1,035,196
Total loans	$	9,980,267		$	9,969,910		$	9,907,041		$	9,854,347		$	9,688,077

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)

	March 31,		December 31,
	2025		2024
Assets
Cash and due from banks	$	216,698	$	205,083
Short-term interest-bearing accounts		37,385		78,973
Equity securities, at fair value		41,561		42,372
Securities available for sale, at fair value		1,704,677		1,574,664
Securities held to maturity (fair value $756,404 and $749,945, respectively)		836,833		842,921
Federal Reserve and Federal Home Loan Bank stock		32,117		33,957
Loans held for sale		13,628		9,744
Loans		9,980,267		9,969,910
Less allowance for loan losses		117,000		116,000
Net loans	$	9,863,267	$	9,853,910
Premises and equipment, net		81,598		80,840
Goodwill		362,663		362,663
Intangible assets, net		34,249		36,360
Bank owned life insurance		271,723		272,657
Other assets		367,852		392,522
Total assets	$	13,864,251	$	13,786,666

Liabilities and stockholders’ equity
Demand (noninterest bearing)	$	3,399,393	$	3,446,068
Savings, NOW and money market		6,858,372		6,658,188
Time		1,450,746		1,442,505
Total deposits	$	11,708,511	$	11,546,761
Short-term borrowings		85,597		162,942
Long-term debt		4,605		29,644
Subordinated debt, net		121,579		121,201
Junior subordinated debt		101,196		101,196
Other liabilities		276,988		298,781
Total liabilities	$	12,298,476	$	12,260,525

Total stockholders’ equity	$	1,565,775	$	1,526,141

Total liabilities and stockholders’ equity	$	13,864,251	$	13,786,666

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q		2nd Q			1st Q
Interest, fee and dividend income
Interest and fees on loans	$	138,052		$	141,103		$	141,991	$	136,606		$	133,146
Securities available for sale		10,262			8,773			7,815		7,562			7,124
Securities held to maturity		4,914			4,931			5,042		5,190			5,303
Other		1,176			2,930			1,382		1,408			1,364
Total interest, fee and dividend income	$	154,404		$	157,737		$	156,230	$	150,766		$	146,937
Interest expense
Deposits	$	42,588		$	46,815		$	49,106	$	46,688		$	44,339
Short-term borrowings		866			918			1,431		2,899			3,421
Long-term debt		266			293			292		291			290
Subordinated debt		1,822			1,816			1,810		1,806			1,800
Junior subordinated debt		1,639			1,790			1,922		1,908			1,913
Total interest expense	$	47,181		$	51,632		$	54,561	$	53,592		$	51,763
Net interest income	$	107,223		$	106,105		$	101,669	$	97,174		$	95,174
Provision for loan losses		7,554			2,209			2,920		8,899			5,579
Net interest income after provision for loan losses	$	99,669		$	103,896		$	98,749	$	88,275		$	89,595
Noninterest income
Service charges on deposit accounts	$	4,243		$	4,411		$	4,340	$	4,219		$	4,117
Card services income		5,317			5,652			5,897		5,587			5,195
Retirement plan administration fees		15,858			12,924			14,578		14,798			14,287
Wealth management		10,946			10,842			10,929		10,173			9,697
Insurance services		4,761			3,883			4,913		3,848			4,388
Bank owned life insurance income		3,397			2,271			1,868		1,834			2,352
Net securities (losses) gains		(104	)		222			476		(92	)		2,183
Other		3,034			2,221			2,773		2,865			3,173
Total noninterest income	$	47,452		$	42,426		$	45,774	$	43,232		$	45,392
Noninterest expense
Salaries and employee benefits	$	60,694		$	61,749		$	59,641	$	55,393		$	55,704
Technology and data services		10,238			10,220			9,920		9,249			9,750
Occupancy		9,027			7,786			7,754		7,671			8,098
Professional fees and outside services		4,952			4,843			4,871		4,565			4,853
Amortization of intangible assets		2,111			2,080			2,062		2,133			2,168
Reserve for unfunded loan commitments		90			(125	)		250		(380	)		(450	)
Acquisition expenses		1,221			988			543		–			–
Other		11,567			13,234			10,704		10,957			11,650
Total noninterest expense	$	99,900		$	100,775		$	95,745	$	89,588		$	91,773
Income before income tax expense	$	47,221		$	45,547		$	48,778	$	41,919		$	43,214
Income tax expense		10,476			9,542			10,681		9,203			9,391
Net income	$	36,745		$	36,005		$	38,097	$	32,716		$	33,823
Earnings Per Share
Basic	$	0.78		$	0.76		$	0.81	$	0.69		$	0.72
Diluted	$	0.77		$	0.76		$	0.80	$	0.69		$	0.71

NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)

	Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates
	Q1 – 2025				Q4 – 2024				Q3 – 2024				Q2 – 2024				Q1 – 2024
Assets
Short-term interest-bearing accounts	$	63,198	4.51	%	$	184,988	5.27	%	$	62,210	4.87	%	$	48,861	5.48	%	$	47,972	4.48	%
Securities taxable⁽¹⁾		2,402,772	2.30	%		2,317,034	2.10	%		2,266,930	1.99	%		2,280,767	1.97	%		2,278,029	1.91	%
Securities tax-exempt⁽¹⁾⁽⁵⁾		220,210	3.60	%		211,493	3.46	%		217,251	3.47	%		226,032	3.56	%		230,468	3.58	%
FRB and FHLB stock		33,469	5.73	%		33,261	5.75	%		35,395	6.97	%		40,283	7.41	%		42,296	7.89	%
Loans⁽¹⁾⁽⁶⁾		9,981,487	5.62	%		9,957,879	5.65	%		9,865,412	5.74	%		9,772,014	5.63	%		9,674,892	5.54	%
Total interest-earning assets	$	12,701,136	4.95	%	$	12,704,655	4.96	%	$	12,447,198	5.01	%	$	12,367,957	4.92	%	$	12,273,657	4.84	%
Other assets		1,088,069				1,093,419				1,072,277				1,064,487				1,055,386
Total assets	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Liabilities and stockholders’ equity
Money market deposit accounts	$	3,496,552	3.04	%	$	3,504,937	3.27	%	$	3,342,845	3.68	%	$	3,254,252	3.65	%	$	3,129,160	3.56	%
NOW deposit accounts		1,682,265	0.84	%		1,664,960	0.91	%		1,600,547	0.87	%		1,603,695	0.78	%		1,600,288	0.75	%
Savings deposits		1,571,673	0.05	%		1,561,703	0.05	%		1,566,316	0.05	%		1,586,753	0.05	%		1,607,659	0.04	%
Time deposits		1,450,846	3.55	%		1,446,798	3.85	%		1,442,424	4.00	%		1,391,062	4.00	%		1,352,559	4.00	%
Total interest-bearing deposits	$	8,201,336	2.11	%	$	8,178,398	2.28	%	$	7,952,132	2.46	%	$	7,835,762	2.40	%	$	7,689,666	2.32	%
Federal funds purchased		2,278	4.45	%		–	–			2,609	5.34	%		29,945	5.56	%		19,769	5.53	%
Repurchase agreements		107,496	2.87	%		116,408	3.13	%		98,035	2.80	%		86,405	1.55	%		82,419	1.55	%
Short-term borrowings		7,033	4.61	%		174	4.57	%		48,875	5.74	%		155,159	5.58	%		213,390	5.34	%
Long-term debt		27,674	3.90	%		29,657	3.93	%		29,696	3.91	%		29,734	3.94	%		29,772	3.92	%
Subordinated debt, net		121,331	6.09	%		120,967	5.97	%		120,594	5.97	%		120,239	6.04	%		119,873	6.04	%
Junior subordinated debt		101,196	6.57	%		101,196	7.04	%		101,196	7.56	%		101,196	7.58	%		101,196	7.60	%
Total interest-bearing liabilities	$	8,568,344	2.23	%	$	8,546,800	2.40	%	$	8,353,137	2.60	%	$	8,358,440	2.58	%	$	8,256,085	2.52	%
Demand deposits		3,385,080				3,438,194				3,389,894				3,323,906				3,356,607
Other liabilities		296,983				295,292				292,446				306,747				286,749
Stockholders’ equity		1,538,798				1,517,788				1,483,998				1,443,351				1,429,602
Total liabilities and stockholders’ equity	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Interest rate spread			2.72	%			2.56	%			2.41	%			2.34	%			2.32	%
Net interest margin (FTE)⁽¹⁾			3.44	%			3.34	%			3.27	%			3.18	%			3.14	%


⁽¹⁾	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures
	(unaudited, dollars in thousands except per share data)

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Operating net income
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Acquisition expenses		1,221			988			543			–			–
	Securities losses (gains)		104			(222	)		(476	)		92			(2,183	)
	Adjustments to net income	$	1,325		$	766		$	67		$	92		$	(2,183	)
	Adjustments to net income (net of tax)	$	1,020		$	604		$	52		$	72		$	(1,703	)
	Operating net income	$	37,765		$	36,609		$	38,149		$	32,788		$	32,120
	Operating diluted earnings per share	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	FTE adjustment
	Net interest income	$	107,223		$	106,105		$	101,669		$	97,174		$	95,174
	Add: FTE adjustment		636			619			639			658			658
	Net interest income (FTE)	$	107,859		$	106,724		$	102,308		$	97,832		$	95,832
	Average earning assets	$	12,701,136		$	12,704,655		$	12,447,198		$	12,367,957		$	12,273,657
	Net interest margin (FTE)⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

	Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Tangible equity to tangible assets
	Total equity	$	1,565,775		$	1,526,141		$	1,521,980		$	1,461,955		$	1,441,415
	Intangible assets		396,912			399,023			397,853			398,686			400,819
	Total assets	$	13,864,451		$	13,786,666		$	13,839,552		$	13,501,909		$	13,439,199
	Tangible equity to tangible assets		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Return on average tangible common equity
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Amortization of intangible assets (net of tax)		1,583			1,560			1,547			1,600			1,626
	Net income, excluding intangibles amortization	$	38,328		$	37,565		$	39,644		$	34,316		$	35,449

	Average stockholders’ equity	$	1,538,798		$	1,517,788		$	1,483,998		$	1,443,351		$	1,429,602
	Less: average goodwill and other intangibles		398,233			399,139			399,113			399,968			401,756
	Average tangible common equity	$	1,140,565		$	1,118,649		$	1,084,885		$	1,043,383		$	1,027,846
	Return on average tangible common equity⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%

⁽²⁾	Non-GAAP measure – Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.
⁽³⁾	Annualized.
⁽⁴⁾	Total past due loans, defined as loans 30 days or more past due and in an accrual status.
⁽⁵⁾	Securities are shown at average amortized cost.
⁽⁶⁾	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 25, 2025

MIL-OSI: MidWestOne Financial Group, Inc. Reports Financial Results For the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

IOWA CITY, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we,” “our,” or the “Company”) today reported results for the first quarter of 2025.

First Quarter 2025 Summary¹

Net income of $15.1 million, or $0.73 per diluted common share.
- Net interest margin (tax equivalent) was 3.44%;² core net interest margin expanded 10 basis points (“bps”) to 3.36%.²
- Noninterest expenses were $36.3 million; efficiency ratio was 59.38%.²
- Return on average assets of 1.00%.
Criticized loans ratio improved 54 bps to 5.47%; nonperforming assets ratio improved 7 bps to 0.33%.
Tangible book value per share of $23.36,² an increase of 4.4%.
Common equity tier 1 (“CET1”) capital ratio improved 24 bps to 10.97%.

CEO Commentary

Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “We are pleased with the continued execution of our strategic plan initiatives despite a more uncertain economic environment. Our return on average assets eclipsed 1% for the second straight quarter driven by disciplined balance sheet management, core net interest margin expansion of 10 bps² and solid expense control. Loan growth was flat in the quarter, somewhat softer than anticipated, due to pay-offs and latter quarter market volatility. The majority of our asset quality metrics improved significantly, led by reductions in nonperforming assets and criticized loans. Net charge-offs increased to 29 basis points, with the majority of the increase due to a partial charge-off on a previously reserved CRE loan as we prepare for resolution. Driven by earnings and lower accumulated other comprehensive loss, tangible book value per share increased 4.4% to $23.36² and the CET1 ratio grew to 10.97%, edging closer to our target range of 11.0%-11.50%.

Thank you to our team members who continued to execute well and serve our customers amidst market volatility. We are pleased with the transformation of our company and our solid foundation of increased capital, earnings power, asset quality, and a premium core deposit franchise position us well for uncertain economic times and the remainder of 2025.”

¹ First Quarter Summary compares to the fourth quarter of 2024 (the “linked quarter”) unless noted.
² Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

	As of or for the quarter ended
(Dollars in thousands, except per share amounts and as noted)	March 31,			December 31,			March 31,
		2025			2024			2024
Financial Results
Revenue	$	57,575		$	59,775		$	44,481
Credit loss expense		1,687			1,291			4,689
Noninterest expense		36,293			37,372			35,565
Net income		15,138			16,330			3,269
Adjusted earnings⁽³⁾		15,301			16,112			4,504
Per Common Share
Diluted earnings per share	$	0.73		$	0.78		$	0.21
Adjusted earnings per share⁽³⁾		0.73			0.77			0.29
Book value		27.85			26.94			33.53
Tangible book value⁽³⁾		23.36			22.37			27.14
Balance Sheet & Credit Quality
Loans In millions	$	4,304.2		$	4,315.6		$	4,414.6
Investment securities In millions		1,305.5			1,328.4			1,862.2
Deposits In millions		5,489.1			5,478.0			5,585.2
Net loan charge-offs In millions		3.1			0.7			0.2
Allowance for credit losses ratio		1.25	%		1.28	%		1.27	%
Selected Ratios
Return on average assets		1.00	%		1.03	%		0.20	%
Net interest margin, tax equivalent⁽³⁾		3.44	%		3.43	%		2.33	%
Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽³⁾		13.75	%		14.80	%		4.18	%
Efficiency ratio⁽³⁾		59.38	%		59.06	%		71.28	%

REVENUE REVIEW

Revenue							Change	Change
Revenue							1Q25 vs	1Q25 vs
(Dollars in thousands)	1Q25		4Q24		1Q24		4Q24	1Q24
Net interest income	$	47,439	$	48,938	$	34,731	(3)%	37	%
Noninterest income		10,136		10,837		9,750	(6)%	4	%
Total revenue, net of interest expense	$	57,575	$	59,775	$	44,481	(4)%	29	%

Total revenue for the first quarter of 2025 decreased $2.2 million from the fourth quarter of 2024 due to lower net interest income and noninterest income during the quarter. When compared to the first quarter of 2024, total revenue increased $13.1 million, due to higher net interest income and higher noninterest income.

Net interest income of $47.4 million for the first quarter of 2025 decreased $1.5 million from the fourth quarter of 2024, due to lower earning asset volumes and yields, partially offset by lower funding volumes and costs. When compared to the first quarter of 2024, net interest income increased $12.7 million, due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

The Company’s tax equivalent net interest margin was 3.44%³ in the first quarter of 2025, compared to 3.43%³ in the fourth quarter of 2024, driven by lower funding costs, partially offset by a decline in earning asset yields. Interest bearing liability costs during the first quarter of 2025 decreased 11 bps to 2.41%, due to reductions of short-term borrowings, interest bearing deposits, and long-term debt costs of 78 bps, 10 bps, and 7 bps, to 3.75%, 2.31%, and 6.41%, respectively, from the fourth quarter of 2024.

The Company’s tax equivalent net interest margin was 3.44%³ in the first quarter of 2025, compared to 2.33%³ in the first quarter of 2024, driven by higher earning asset yields and lower interest-bearing liability costs. Total earning assets yield increased 79 bps from the first quarter of 2024, primarily due to increases of 192 bps and 20 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 34 bps to 2.41%, due to short-term borrowing costs of 3.75%, long-term debt costs of 6.41%, and interest-bearing deposit costs of 2.31%, which decreased 107 bps, 45 bps, and 14 bps, respectively, from the first quarter of 2024.

³ Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Noninterest Income									Change		Change
Noninterest Income									1Q25 vs		1Q25 vs
(In thousands)	1Q25			4Q24		1Q24			4Q24		1Q24
Investment services and trust activities	$	3,544		$	3,779	$	3,503		(6)%		1	%
Service charges and fees		2,131			2,159		2,144		(1)%		(1)%
Card revenue		1,744			1,833		1,943		(5)%		(10)%
Loan revenue		1,194			1,841		856		(35)%		39	%
Bank-owned life insurance		1,057			719		660		47	%	60	%
Investment securities gains, net		33			161		36		(80)%		(8)%
Other		433			345		608		26	%	(29)%
Total noninterest income	$	10,136		$	10,837	$	9,750		(6)%		4	%

MSR adjustment (included above in Loan revenue)	$	(213	)	$	164	$	(368	)	(230)%		(42)%

Noninterest income for the first quarter of 2025 decreased $0.7 million from the linked quarter, primarily due to declines of $0.6 million and $0.2 million in loan revenue and investment services and trust activities revenue, respectively. The decrease in loan revenue was reflective of an unfavorable change in the fair value of our mortgage servicing rights of $0.4 million, coupled with a decrease in Small Business Administration (“SBA”) gain on sale revenue of $0.3 million. The decrease in investment services and trust activities revenue was driven by a decline in assets under administration due to market volatility. Partially offsetting these decreases was an increase of $0.3 million in bank-owned life insurance revenue, due primarily to $0.4 million of death benefit recognized in the first quarter of 2025.

Noninterest income for the first quarter of 2025 increased $0.4 million from the first quarter of 2024 due primarily to increases of $0.4 million and $0.3 million in bank-owned life insurance and loan revenue, respectively. The bank-owned life insurance increase was due primarily to the death benefit noted above. The increase in loan revenue was due primarily to the mortgage servicing right valuation adjustment, coupled with higher SBA gain on sale revenue and other loan income. Partially offsetting these increases were decreases of $0.2 million in each of card revenue and other revenue.

EXPENSE REVIEW

Noninterest Expense							Change		Change
Noninterest Expense							1Q25 vs		1Q25 vs
(In thousands)	1Q25		4Q24		1Q24		4Q24		1Q24
Compensation and employee benefits	$	21,212	$	20,684	$	20,930	3	%	1	%
Occupancy expense of premises, net		2,588		2,772		2,813	(7)%		(8)%
Equipment		2,426		2,688		2,600	(10)%		(7)%
Legal and professional		2,226		2,534		2,059	(12)%		8	%
Data processing		1,698		1,719		1,360	(1)%		25	%
Marketing		552		793		598	(30)%		(8)%
Amortization of intangibles		1,408		1,449		1,637	(3)%		(14)%
FDIC insurance		917		980		942	(6)%		(3)%
Communications		159		154		196	3	%	(19)%
Foreclosed assets, net		74		56		358	32	%	(79)%
Other		3,033		3,543		2,072	(14)%		46	%
Total noninterest expense	$	36,293	$	37,372	$	35,565	(3)%		2	%

Merger-related Expenses
Merger-related Expenses
(In thousands)	1Q25		4Q24		1Q24
Compensation and employee benefits	$	—	$	—	$	241
Occupancy expense of premises, net		—		—		152
Equipment		—		21		149
Legal and professional		40		—		573
Data processing		—		10		61
Marketing		—		—		32
Communications		—		—		1
Other		—		—		105
Total merger-related expenses	$	40	$	31	$	1,314

Noninterest expense for the first quarter of 2025 decreased $1.1 million from the linked quarter, primarily due to decreases in other noninterest expense, legal and professional, equipment, and occupancy expense of premises, net, of $0.5 million, $0.3 million, $0.3 million, and $0.2 million, respectively. The primary drivers of the decrease in other noninterest expense were declines in fraud loss expense of $0.3 million and customer deposit costs of $0.1 million. The $0.3 million decrease in legal and professional expense was primarily driven by lower litigation-related legal costs. The decrease in equipment of $0.3 million was primarily driven by fewer small equipment purchases, while the decrease in occupancy expense of premises, net was due primarily to lower property tax expense. Partially offsetting these decreases was an increase of $0.5 million in compensation and employee benefits which reflected an increase in equity compensation and payroll tax expenses.

Noninterest expense for the first quarter of 2025 increased $0.7 million from the first quarter of 2024 primarily due to increases in other noninterest expense, data processing, and compensation and employee benefits of $1.0 million, $0.3 million and $0.3 million, respectively. The increase in other noninterest expense was due primarily to customer deposit costs while the increase in data processing was driven core banking system costs. The increase in compensation and employee benefits was primarily driven by medical benefits expenses, wages expense, and incentive expense due to improved performance. Partially offsetting these identified increases was a decline of $1.3 million in merger-related expenses.

The Company’s effective tax rate was 22.7% in the first quarter of 2025 and the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

BALANCE SHEET REVIEW

Total assets were $6.25 billion at March 31, 2025, compared to $6.24 billion at December 31, 2024 and $6.75 billion at March 31, 2024. The increase from December 31, 2024 was primarily due to higher cash balances, partially offset by lower securities balances. Compared to March 31, 2024, the decrease was primarily driven by the sale of assets associated with our Florida banking operations in the second quarter of 2024 coupled with the pay-off of Bank Term Funding Program (“BTFP”) borrowings with proceeds received from securities sales transactions in the fourth quarter of 2024.

Loans Held for Investment	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Commercial and industrial	$1,140,138	26.5	%	$1,126,813	26.1	%	$1,105,718	25.0	%
Agricultural	131,409	3.1		119,051	2.8		113,029	2.6
Commercial real estate
Construction and development	293,280	6.8		324,896	7.5		403,571	9.1
Farmland	180,633	4.2		182,460	4.2		184,109	4.2
Multifamily	421,204	9.8		423,157	9.8		409,504	9.3
Other	1,425,062	33.0		1,414,168	32.7		1,440,645	32.7
Total commercial real estate	2,320,179	53.8		2,344,681	54.2		2,437,829	55.3
Residential real estate
One-to-four family first liens	471,688	11.0		477,150	11.1		495,408	11.2
One-to-four family junior liens	182,346	4.2		179,232	4.2		182,001	4.1
Total residential real estate	654,034	15.2		656,382	15.3		677,409	15.3
Consumer	58,424	1.4		68,700	1.6		80,661	1.8
Loans held for investment, net of unearned income	$4,304,184	100.0	%	$4,315,627	100.0	%	$4,414,646	100.0	%

Total commitments to extend credit	$1,080,300			$1,080,737			$1,230,612

Loans held for investment, net of unearned income, decreased $11.4 million, or 0.3%, to $4.30 billion from $4.32 billion at December 31, 2024, primarily due to the reclassification of $11.0 million of credit card receivables to loans held for sale in the first quarter of 2025. Management expects the credit card portfolio sale to close in the fourth quarter of 2025.

Loans held for investment, net of unearned income, decreased $110.5 million, or 2.5%, to $4.30 billion from $4.41 billion at March 31, 2024. The decrease from the first quarter of 2024 was driven primarily by the sale of loans associated with our Florida banking operations in the second quarter of 2024, partially offset by organic loan growth and higher line of credit usage.

Investment Securities	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Available for sale	$1,305,530	100.0	%	$1,328,433	100.0	%	$797,230	42.8	%
Held to maturity	—	—	%	—	—	%	1,064,939	57.2	%
Total investment securities	$1,305,530			$1,328,433			$1,862,169

Investment securities at March 31, 2025 were $1.31 billion, decreasing $22.9 million from December 31, 2024 and decreasing $556.6 million from March 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the first quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities.

Deposits	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Noninterest bearing deposits	$903,714	16.5	%	$951,423	17.4	%	$920,764	16.5	%
Interest checking deposits	1,283,328	23.3		1,258,191	22.9		1,349,823	24.2
Money market deposits	1,002,066	18.3		1,053,988	19.2		1,122,717	20.1
Savings deposits	877,348	16.0		820,549	15.0		728,276	13.0
Time deposits of $250 and under	818,012	14.9		826,793	15.1		787,851	14.1
Total core deposits	4,884,468	89.0		4,910,944	89.6		4,909,431	87.9
Brokered time deposits	200,000	3.6		200,000	3.7		205,000	3.7
Time deposits over $250	404,674	7.4		367,038	6.7		470,805	8.4
Total deposits	$5,489,142	100.0	%	$5,477,982	100.0	%	$5,585,236	100.0	%

Total deposits increased $11.2 million, or 0.2%, to $5.49 billion, from $5.48 billion at December 31, 2024. Total deposits decreased $96.1 million, or 1.7%, from $5.59 billion at March 31, 2024, primarily due to the deposits transferred in the sale of our Florida banking operations, partially offset by organic deposit growth in our targeted metropolitan markets.

Borrowed Funds	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Short-term borrowings	$1,482	1.3	%	$3,186	2.7	%	$422,988	77.6	%
Long-term debt	111,398	98.7	%	113,376	97.3	%	122,066	22.4	%
Total borrowed funds	$112,880			$116,562			$545,054

Borrowed funds were $112.9 million at March 31, 2025, a decrease of $3.7 million from December 31, 2024 and a decrease of $432.2 million from March 31, 2024. The decrease compared to the linked quarter was due to lower customer repurchase agreement volumes and scheduled payments on long-term debt. The decrease compared to March 31, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and $13.0 million of a revolving credit facility, as well as scheduled payments on long-term debt.

Capital	March 31,			December 31,			March 31,
(Dollars in thousands)	2025 ⁽¹⁾				2024			2024
Total shareholders’ equity	$	579,625		$	559,696		$	528,040
Accumulated other comprehensive loss		(63,098	)		(72,762	)		(60,804	)
MidWestOneFinancial Group, Inc. Consolidated
Tier 1 leverage to average assets ratio		9.50	%		9.15	%		8.16	%
Common equity tier 1 capital to risk-weighted assets ratio		10.97	%		10.73	%		8.98	%
Tier 1 capital to risk-weighted assets ratio		11.84	%		11.59	%		9.75	%
Total capital to risk-weighted assets ratio		14.34	%		14.07	%		11.97	%
MidWestOneBank
Tier 1 leverage to average assets ratio		10.42	%		10.12	%		9.36	%
Common equity tier 1 capital to risk-weighted assets ratio		13.02	%		12.86	%		11.20	%
Tier 1 capital to risk-weighted assets ratio		13.02	%		12.86	%		11.20	%
Total capital to risk-weighted assets ratio		14.21	%		14.02	%		12.25	%
⁽¹⁾ Regulatory capital ratios for March 31, 2025 are preliminary

Total shareholders’ equity at March 31, 2025 increased $19.9 million from December 31, 2024, driven primarily by an increase in retained earnings and a decrease in accumulated other comprehensive loss. Total shareholders’ equity at March 31, 2025 increased $51.6 million from March 31, 2024, primarily due to increases in common stock and additional pain-in-capital stemming from the common equity capital raise in the third quarter of 2024, partially offset by a decrease in retained earnings.

On April 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

No common shares were repurchased by the Company during the period December 31, 2024 through March 31, 2025 or for the subsequent period through April 24, 2025. The current share repurchase program allows for the repurchase of up to $15.0 million of the Company’s common shares. As of March 31, 2025, $15.0 million remained available under this program.

CREDIT QUALITY REVIEW

Credit Quality	As of or For the Three Months Ended
Credit Quality	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Credit loss expense related to loans	$	1,787		$	1,891		$	4,589
Net charge-offs		3,087			691			189
Allowance for credit losses		53,900			55,200			55,900
Pass	$	4,068,707		$	4,056,361		$	4,098,102
Special Mention		121,494			148,462			152,604
Classified		113,983			110,804			163,940
Criticized		235,477			259,266			316,544
Loans greater than 30 days past due and accruing	$	6,119		$	9,378		$	8,772
Nonperforming loans	$	17,470		$	21,847		$	29,267
Nonperforming assets		20,889			25,184			33,164
Net charge-off ratio⁽¹⁾		0.29	%		0.06	%		0.02	%
Classified loans ratio⁽²⁾		2.65	%		2.57	%		3.71	%
Criticized loans ratio⁽³⁾		5.47	%		6.01	%		7.17	%
Nonperforming loans ratio⁽⁴⁾		0.41	%		0.51	%		0.66	%
Nonperforming assets ratio⁽⁵⁾		0.33	%		0.40	%		0.49	%
Allowance for credit losses ratio⁽⁶⁾		1.25	%		1.28	%		1.27	%
Allowance for credit losses to nonaccrual loans ratio⁽⁷⁾		309.47	%		254.32	%		197.53	%
⁽¹⁾ Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
⁽²⁾ Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽³⁾ Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁴⁾ Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁵⁾ Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
⁽⁶⁾ Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁷⁾ Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

Nonperforming loans and nonperforming assets ratios improved 10 bps and 7 bps, to 0.41% and 0.33%, respectively, compared to the linked quarter. In addition, special mention loan balances decreased $27.0 million, or 18%, while classified loan balances remained relatively stable with an increase of $3.2 million, or 3%. When compared to the same period of the prior year, the nonperforming loans and nonperforming asset ratios improved 25 bps and 16 bps, respectively, while the classified loan ratio improved 106 bps. Special mention loan balances decreased $31.1 million, or 20%. The net charge-off ratio increased 23 bps from the linked quarter and 27 bps from the same period in the prior year.

As of March 31, 2025, the allowance for credit losses was $53.9 million and the allowance for credit losses ratio was 1.25%, compared with $55.2 million and 1.28%, respectively, at December 31, 2024. Credit loss expense of $1.7 million in the first quarter of 2025 primarily reflected additional reserve on pooled loans, offset by a reduction of $0.1 million in the reserve for unfunded loan commitments.

Nonperforming Loans Roll Forward	Nonaccrual	90+ Days Past Due & Still Accruing	Total
(Dollars in thousands)	Nonaccrual	90+ Days Past Due & Still Accruing	Total
Balance at December 31, 2024	$21,705	$142	$21,847
Loans placed on nonaccrual or 90+ days past due & still accruing	3,121	225	3,346
Proceeds related to repayment or sale	(4,158)	—	(4,158)
Loans returned to accrual status or no longer past due	(336)	(49)	(385)
Charge-offs	(2,774)	(259)	(3,033)
Transfers to foreclosed assets	(141)	—	(141)
Transfer to nonaccrual	—	(6)	(6)
Balance at March 31, 2025	$17,417	$53	$17,470

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=29396e9f&confId=80376. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 527448 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until July 24, 2025 by calling 1-866-813-9403 and using the replay access code of 162684. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

ABOUT MIDWESTONE FINANCIAL GROUP, INC.

MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and 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 prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	68,545		$	71,803		$	72,173		$	66,228		$	68,430
Interest earning deposits in banks		182,360			133,092			129,695			35,340			29,328
Federal funds sold		—			—			—			—			4
Total cash and cash equivalents		250,905			204,895			201,868			101,568			97,762
Debt securities available for sale at fair value		1,305,530			1,328,433			1,623,104			771,034			797,230
Held to maturity securities at amortized cost		—			—			—			1,053,080			1,064,939
Total securities		1,305,530			1,328,433			1,623,104			1,824,114			1,862,169
Loans held for sale		13,836			749			3,283			2,850			2,329
Gross loans held for investment		4,315,546			4,328,413			4,344,559			4,304,619			4,433,258
Unearned income, net		(11,362	)		(12,786	)		(15,803	)		(17,387	)		(18,612	)
Loans held for investment, net of unearned income		4,304,184			4,315,627			4,328,756			4,287,232			4,414,646
Allowance for credit losses		(53,900	)		(55,200	)		(54,000	)		(53,900	)		(55,900	)
Total loans held for investment, net		4,250,284			4,260,427			4,274,756			4,233,332			4,358,746
Premises and equipment, net		90,031			90,851			90,750			91,793			95,986
Goodwill		69,788			69,788			69,788			69,388			71,118
Other intangible assets, net		23,611			25,019			26,469			27,939			29,531
Foreclosed assets, net		3,419			3,337			3,583			6,053			3,897
Other assets		246,990			252,830			258,881			224,621			226,477
Total assets	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015
LIABILITIES
Noninterest bearing deposits	$	903,714		$	951,423		$	917,715		$	882,472		$	920,764
Interest bearing deposits		4,585,428			4,526,559			4,451,012			4,529,947			4,664,472
Total deposits		5,489,142			5,477,982			5,368,727			5,412,419			5,585,236
Short-term borrowings		1,482			3,186			410,630			414,684			422,988
Long-term debt		111,398			113,376			115,051			114,839			122,066
Other liabilities		72,747			82,089			95,836			96,430			89,685
Total liabilities		5,674,769			5,676,633			5,990,244			6,038,372			6,219,975
SHAREHOLDERS’ EQUITY
Common stock		21,580			21,580			21,580			16,581			16,581
Additional paid-in capital		414,258			414,987			414,965			300,831			300,845
Retained earnings		227,790			217,776			206,490			306,030			294,066
Treasury stock		(20,905	)		(21,885	)		(21,955	)		(22,021	)		(22,648	)
Accumulated other comprehensive loss		(63,098	)		(72,762	)		(58,842	)		(58,135	)		(60,804	)
Total shareholders’ equity		579,625			559,696			562,238			543,286			528,040
Total liabilities and shareholders’ equity	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
	March 31,		December 31,		September 30,			June 30,		March 31,
(In thousands, except per share data)		2025		2024		2024			2024		2024
Interest income
Loans, including fees	$	59,462	$	62,458	$	62,521		$	61,643	$	57,947
Taxable investment securities		13,327		11,320		8,779			9,228		9,460
Tax-exempt investment securities		703		728		1,611			1,663		1,710
Other		1,247		3,761		785			242		418
Total interest income		74,739		78,267		73,696			72,776		69,535
Interest expense
Deposits		25,484		27,324		29,117			28,942		27,726
Short-term borrowings		25		115		5,043			5,409		4,975
Long-term debt		1,791		1,890		2,015			2,078		2,103
Total interest expense		27,300		29,329		36,175			36,429		34,804
Net interest income		47,439		48,938		37,521			36,347		34,731
Credit loss expense		1,687		1,291		1,535			1,267		4,689
Net interest income after credit loss expense		45,752		47,647		35,986			35,080		30,042
Noninterest income
Investment services and trust activities		3,544		3,779		3,410			3,504		3,503
Service charges and fees		2,131		2,159		2,170			2,156		2,144
Card revenue		1,744		1,833		1,935			1,907		1,943
Loan revenue		1,194		1,841		760			1,525		856
Bank-owned life insurance		1,057		719		879			668		660
Investment securities gains (losses), net		33		161		(140,182	)		33		36
Other		433		345		640			11,761		608
Total noninterest income (loss)		10,136		10,837		(130,388	)		21,554		9,750
Noninterest expense
Compensation and employee benefits		21,212		20,684		19,943			20,985		20,930
Occupancy expense of premises, net		2,588		2,772		2,443			2,435		2,813
Equipment		2,426		2,688		2,486			2,530		2,600
Legal and professional		2,226		2,534		2,261			2,253		2,059
Data processing		1,698		1,719		1,580			1,645		1,360
Marketing		552		793		619			636		598
Amortization of intangibles		1,408		1,449		1,470			1,593		1,637
FDIC insurance		917		980		923			1,051		942
Communications		159		154		159			191		196
Foreclosed assets, net		74		56		330			138		358
Other		3,033		3,543		3,584			2,304		2,072
Total noninterest expense		36,293		37,372		35,798			35,761		35,565
Income (loss) before income tax expense		19,595		21,112		(130,200	)		20,873		4,227
Income tax expense (benefit)		4,457		4,782		(34,493	)		5,054		958
Net income (loss)	$	15,138	$	16,330	$	(95,707	)	$	15,819	$	3,269

Earnings (loss) per common share
Basic	$	0.73	$	0.79	$	(6.05	)	$	1.00	$	0.21
Diluted	$	0.73	$	0.78	$	(6.05	)	$	1.00	$	0.21
Weighted average basic common shares outstanding		20,797		20,776		15,829			15,763		15,723
Weighted average diluted common shares outstanding		20,849		20,851		15,829			15,781		15,774
Dividends paid per common share	$	0.2425	$	0.2425	$	0.2425		$	0.2425	$	0.2425

MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share amounts)		2025			2024			2024
Earnings:
Net interest income	$	47,439		$	48,938		$	34,731
Noninterest income		10,136			10,837			9,750
Total revenue, net of interest expense		57,575			59,775			44,481
Credit loss expense		1,687			1,291			4,689
Noninterest expense		36,293			37,372			35,565
Income before income tax expense		19,595			21,112			4,227
Income tax expense		4,457			4,782			958
Net income	$	15,138		$	16,330		$	3,269
Adjusted earnings⁽¹⁾	$	15,301		$	16,112		$	4,504
Per Share Data:
Diluted earnings	$	0.73		$	0.78		$	0.21
Adjusted earnings⁽¹⁾		0.73			0.77			0.29
Book value		27.85			26.94			33.53
Tangible book value⁽¹⁾		23.36			22.37			27.14
Ending Balance Sheet:
Total assets	$	6,254,394		$	6,236,329		$	6,748,015
Loans held for investment, net of unearned income		4,304,184			4,315,627			4,414,646
Total securities		1,305,530			1,328,433			1,862,169
Total deposits		5,489,142			5,477,982			5,585,236
Short-term borrowings		1,482			3,186			422,988
Long-term debt		111,398			113,376			122,066
Total shareholders’ equity		579,625			559,696			528,040
Average Balance Sheet:
Average total assets	$	6,168,546		$	6,279,975		$	6,635,379
Average total loans		4,290,710			4,307,583			4,298,216
Average total deposits		5,398,819			5,464,900			5,481,114
Financial Ratios:
Return on average assets		1.00	%		1.03	%		0.20	%
Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽¹⁾		13.75	%		14.80	%		4.18	%
Efficiency ratio⁽¹⁾		59.38	%		59.06	%		71.28	%
Net interest margin, tax equivalent⁽¹⁾		3.44	%		3.43	%		2.33	%
Loans to deposits ratio		78.41	%		78.78	%		79.04	%
CET1 Ratio		10.97	%		10.73	%		8.98	%
Common equity ratio		9.27	%		8.97	%		7.83	%
Tangible common equity ratio⁽¹⁾		7.89	%		7.57	%		6.43	%
Credit Risk Profile:
Total nonperforming loans	$	17,470		$	21,847		$	29,267
Nonperforming loans ratio		0.41	%		0.51	%		0.66	%
Total nonperforming assets	$	20,889		$	25,184		$	33,164
Nonperforming assets ratio		0.33	%		0.40	%		0.49	%
Net charge-offs	$	3,087		$	691		$	189
Net charge-off ratio		0.29	%		0.06	%		0.02	%
Allowance for credit losses	$	53,900		$	55,200		$	55,900
Allowance for credit losses ratio		1.25	%		1.28	%		1.27	%
Allowance for credit losses to nonaccrual ratio		309.47	%		254.32	%		197.53	%

⁽¹⁾ Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Average Balance	Interest Income/ Expense	Average Yield/ Cost	Average Balance	Interest Income/ Expense	Average Yield/ Cost	Average Balance	Interest Income/ Expense	Average Yield/ Cost
ASSETS
Loans, including fees ^(1)(2)(3)	$4,290,710	$60,443	5.71%	$4,307,583	$63,443	5.86%	$4,298,216	$58,867	5.51%
Taxable investment securities	1,207,844	13,327	4.47%	1,080,716	11,320	4.17%	1,557,603	9,460	2.44%
Tax-exempt investment securities ⁽²⁾⁽⁴⁾	105,563	865	3.32%	109,183	896	3.26%	328,736	2,097	2.57%
Total securities held for investment⁽²⁾	1,313,407	14,192	4.38%	1,189,899	12,216	4.08%	1,886,339	11,557	2.46%
Other	124,133	1,247	4.07%	309,904	3,761	4.83%	30,605	418	5.49%
Total interest earning assets⁽²⁾	$5,728,250	$75,882	5.37%	$5,807,386	$79,420	5.44%	$6,215,160	$70,842	4.58%
Other assets	440,296			472,589			420,219
Total assets	$6,168,546			$6,279,975			$6,635,379
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits	$1,240,586	$2,127	0.70%	$1,252,481	$2,205	0.70%	$1,301,470	$2,890	0.89%
Money market deposits	1,002,743	6,333	2.56%	1,046,571	7,197	2.74%	1,102,543	8,065	2.94%
Savings deposits	835,731	3,057	1.48%	799,931	3,158	1.57%	694,143	2,047	1.19%
Time deposits	1,397,595	13,967	4.05%	1,410,542	14,764	4.16%	1,446,981	14,724	4.09%
Total interest bearing deposits	4,476,655	25,484	2.31%	4,509,525	27,324	2.41%	4,545,137	27,726	2.45%
Securities sold under agreements to repurchase	2,705	5	0.75%	3,640	8	0.87%	5,330	11	0.83%
Other short-term borrowings	—	20	—%	6,465	107	6.58%	409,525	4,964	4.88%
Total short-term borrowings	2,705	25	3.75%	10,105	115	4.53%	414,855	4,975	4.82%
Long-term debt	113,364	1,791	6.41%	116,018	1,890	6.48%	123,266	2,103	6.86%
Total borrowed funds	116,069	1,816	6.35%	126,123	2,005	6.32%	538,121	7,078	5.29%
Total interest bearing liabilities	$4,592,724	$27,300	2.41%	$4,635,648	$29,329	2.52%	$5,083,258	$34,804	2.75%
Noninterest bearing deposits	922,164			955,375			935,977
Other liabilities	82,280			125,536			88,611
Shareholders’ equity	571,378			563,416			527,533
Total liabilities and shareholders’ equity	$6,168,546			$6,279,975			$6,635,379
Net interest income⁽²⁾		$48,582			$50,091			$36,038
Net interest spread⁽²⁾			2.96%			2.92%			1.83%
Net interest margin⁽²⁾			3.44%			3.43%			2.33%

Total deposits⁽⁵⁾	$5,398,819	$25,484	1.91%	$5,464,900	$27,324	1.99%	$5,481,114	$27,726	2.03%
Cost of funds⁽⁶⁾			2.01%			2.09%			2.33%

⁽¹⁾	Average balance includes nonaccrual loans.
⁽²⁾	Tax equivalent. The federal statutory tax rate utilized was 21%.
⁽³⁾	Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $256 thousand, $456 thousand, and $237 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Loan purchase discount accretion was $1.2 million, $2.5 million, and $1.2 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Tax equivalent adjustments were $981 thousand, $985 thousand, and $920 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
⁽⁴⁾	Interest income includes tax equivalent adjustments of $162 thousand, $168 thousand, and $387 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
⁽⁵⁾	Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
⁽⁶⁾	Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

Non-GAAP Measures

This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

Tangible Common Equity/Tangible Book Value
per Share/Tangible Common Equity Ratio	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2024			2024			2024
Total shareholders’ equity	$	579,625		$	559,696		$	562,238		$	543,286		$	528,040
Intangible assets, net		(93,399	)		(94,807	)		(96,257	)		(97,327	)		(100,649	)
Tangible common equity	$	486,226		$	464,889		$	465,981		$	445,959		$	427,391

Total assets	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015
Intangible assets, net		(93,399	)		(94,807	)		(96,257	)		(97,327	)		(100,649	)
Tangible assets	$	6,160,995		$	6,141,522		$	6,456,225		$	6,484,331		$	6,647,366

Book value per share	$	27.85		$	26.94		$	27.06		$	34.44		$	33.53
Tangible book value per share⁽¹⁾	$	23.36		$	22.37		$	22.43		$	28.27		$	27.14
Shares outstanding		20,815,715			20,777,485			20,774,919			15,773,468			15,750,471

Common equity ratio		9.27	%		8.97	%		8.58	%		8.25	%		7.83	%
Tangible common equity ratio⁽²⁾		7.89	%		7.57	%		7.22	%		6.88	%		6.43	%

⁽¹⁾ Tangible common equity divided by shares outstanding.
⁽²⁾ Tangible common equity divided by tangible assets.

	Three Months Ended
Return on Average Tangible Equity	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Net income	$	15,138		$	16,330		$	3,269
Intangible amortization, net of tax⁽¹⁾		1,047			1,075			1,228
Tangible net income	$	16,185		$	17,405		$	4,497

Average shareholders’ equity	$	571,378		$	563,416		$	527,533
Average intangible assets, net		(94,169	)		(95,498	)		(95,296	)
Average tangible equity	$	477,209		$	467,918		$	432,237

Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽²⁾		13.75	%		14.80	%		4.18	%

⁽¹⁾ The income tax rate utilized was the blended marginal tax rate.
⁽²⁾ Annualized tangible net income divided by average tangible equity.

Net Interest Margin, Tax Equivalent/ Core Net Interest Margin	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Net interest income	$	47,439		$	48,938		$	34,731
Tax equivalent adjustments:
Loans⁽¹⁾		981			985			920
Securities⁽¹⁾		162			168			387
Net interest income, tax equivalent	$	48,582		$	50,091		$	36,038
Loan purchase discount accretion		(1,166	)		(2,496	)		(1,152	)
Core net interest income	$	47,416		$	47,595		$	34,886

Net interest margin		3.36	%		3.35	%		2.25	%
Net interest margin, tax equivalent⁽²⁾		3.44	%		3.43	%		2.33	%
Core net interest margin⁽³⁾		3.36	%		3.26	%		2.26	%
Average interest earning assets	$	5,728,250		$	5,807,386		$	6,215,160

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Annualized tax equivalent net interest income divided by average interest earning assets.
⁽³⁾ Annualized core net interest income divided by average interest earning assets.

	Three Months Ended
Loan Yield, Tax Equivalent / Core Yield on Loans	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Loan interest income, including fees	$	59,462		$	62,458		$	57,947
Tax equivalent adjustment⁽¹⁾		981			985			920
Tax equivalent loan interest income	$	60,443		$	63,443		$	58,867
Loan purchase discount accretion		(1,166	)		(2,496	)		(1,152	)
Core loan interest income	$	59,277		$	60,947		$	57,715

Yield on loans		5.62	%		5.77	%		5.42	%
Yield on loans, tax equivalent⁽²⁾		5.71	%		5.86	%		5.51	%
Core yield on loans⁽³⁾		5.60	%		5.63	%		5.40	%
Average loans	$	4,290,710		$	4,307,583		$	4,298,216

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Annualized tax equivalent loan interest income divided by average loans.
⁽³⁾ Annualized core loan interest income divided by average loans.

	Three Months Ended
Efficiency Ratio	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Total noninterest expense	$	36,293		$	37,372		$	35,565
Amortization of intangibles		(1,408	)		(1,449	)		(1,637	)
Merger-related expenses		(40	)		(31	)		(1,314	)
Noninterest expense used for efficiency ratio	$	34,845		$	35,892		$	32,614

Net interest income, tax equivalent⁽¹⁾	$	48,582		$	50,091		$	36,038
Plus: Noninterest income		10,136			10,837			9,750
Less: Investment securities gains, net		33			161			36
Net revenues used for efficiency ratio	$	58,685		$	60,767		$	45,752

Efficiency ratio ⁽²⁾		59.38	%		59.06	%		71.28	%

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

	Three Months Ended
Adjusted Earnings	March 31,			December 31,		March 31,
(Dollars in thousands, except per share data)		2025			2024		2024
Net income	$	15,138		$	16,330	$	3,269
Less: Investment securities gains, net of tax⁽¹⁾		25			119		27
Less: Mortgage servicing rights (loss) gain, net of tax⁽¹⁾		(158	)		122		(276	)
Plus: Merger-related expenses, net of tax⁽¹⁾		30			23		986
Adjusted earnings	$	15,301		$	16,112	$	4,504

Weighted average diluted common shares outstanding		20,849			20,851		15,774

Earnings per common share – diluted	$	0.73		$	0.78	$	0.21
Adjusted earnings per common share⁽²⁾	$	0.73		$	0.77	$	0.29

⁽¹⁾ The income tax rate utilized was the blended marginal tax rate.
⁽²⁾ Adjusted earnings divided by weighted average diluted common shares outstanding.

Category: Earnings

This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

Source: MidWestOne Financial Group, Inc.

Industry: Banks

Contact:

	Charles N. Reeves	Barry S. Ray
	Chief Executive Officer	Chief Financial Officer
	319.356.5800	319.356.5800

The MIL Network –

April 25, 2025

MIL-OSI: South Plains Financial, Inc. Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LUBBOCK, Texas, April 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net income for the first quarter of 2025 was $12.3 million, compared to $16.5 million for the fourth quarter of 2024 and $10.9 million for the first quarter of 2024.
Diluted earnings per share for the first quarter of 2025 was $0.72, compared to $0.96 for the fourth quarter of 2024 and $0.64 for the first quarter of 2024.
Average cost of deposits for the first quarter of 2025 was 219 basis points, compared to 229 basis points for the fourth quarter of 2024 and 241 basis points for the first quarter of 2024.
Net interest margin, on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024.
Nonperforming assets to total assets were 0.16% at March 31, 2025, compared to 0.58% at December 31, 2024 and 0.10% at March 31, 2024.
Return on average assets for the first quarter of 2025 was 1.16%, compared to 1.53% for the fourth quarter of 2024 and 1.04% for the first quarter of 2024.
Tangible book value (non-GAAP) per share was $26.05 as of March 31, 2025, compared to $25.40 as of December 31, 2024 and $23.56 as of March 31, 2024.
The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2025 were 17.93%, 13.59%, and 12.04%, respectively.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong first quarter results highlighted by solid deposit growth, healthy margin expansion as our cost of funds continued to improve, and loan growth that was in line with our expectations. Additionally, the credit quality of our loan portfolio continued to strengthen in the quarter which is a testament to our conservative culture and proactive approach to managing credit. While the outlook is uncertain, we believe that we are in an advantageous position relative to our peers and are actively looking to expand in both our metropolitan and rural markets. We have the liquidity, capital, and team to take advantage of opportunities that come our way. While the economy may slow and businesses may reduce their risk appetites, we will be ready to meet the needs of our customers in these uncertain times. We will also continue to add experienced lenders who fit our culture and want to bring their customers to a better, more stable bank. However, we will maintain our conservative credit culture and will never sacrifice credit quality for growth as we work to maintain the strong credit quality of our loan portfolio. While we see many opportunities to continue growing the Bank, we believe our share price does not reflect the value that we are creating. As a result, we spent $8.3 million to repurchase 250,000 shares in the first quarter, leaving approximately $7 million under our previously announced share repurchase program.”

Results of Operations, Quarter Ended March 31, 2025

Net Interest Income

Net interest income was $38.5 million for the first quarter of 2025, compared to $38.5 million for the fourth quarter of 2024 and $35.4 million for the first quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024. The average yield on loans was 6.67% for the first quarter of 2025, compared to 6.69% for the fourth quarter of 2024 and 6.53% for the first quarter of 2024. The average cost of deposits was 219 basis points for the first quarter of 2025, which is 10 basis points lower than the fourth quarter of 2024 and 22 basis points lower than the first quarter of 2024.

Interest income was $59.9 million for the first quarter of 2025, compared to $61.3 million for the fourth quarter of 2024 and $58.7 million for the first quarter of 2024. Interest income decreased $1.4 million in the first quarter of 2025 from the fourth quarter of 2024, which was primarily comprised of a decrease of $692 thousand in loan interest income and a decrease of $408 thousand in interest income on other earning assets. The decline in interest income was due primarily to fewer days in the first quarter as compared to the fourth quarter of 2024. Interest income increased $1.2 million in the first quarter of 2025 compared to the first quarter of 2024. This increase was primarily due to an increase of average loans of $60.0 million and higher loan interest rates during the period, resulting in growth of $1.6 million in loan interest income.

Interest expense was $21.4 million for the first quarter of 2025, compared to $22.8 million for the fourth quarter of 2024 and $23.4 million for the first quarter of 2024. Interest expense decreased $1.4 million compared to the fourth quarter of 2024 and decreased $2.0 million compared to the first quarter of 2024. The $1.4 million decrease was primarily as a result of a 19 basis point decline in the cost of interest-bearing deposits and fewer days in the quarter, partially offset by an increase of $50.0 million in average interest-bearing deposits in the first quarter of 2025 as compared to the fourth quarter of 2024. The $2.0 million decrease was primarily as a result of a 34 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $83.4 million in average interest-bearing deposits in the first quarter of 2025 as compared to the first quarter of 2024.

Noninterest Income and Noninterest Expense

Noninterest income was $10.6 million for the first quarter of 2025, compared to $13.3 million for the fourth quarter of 2024 and $11.4 million for the first quarter of 2024. The decrease from the fourth quarter of 2024 was primarily due to a decrease of $2.8 million in mortgage banking revenues, mainly as a result of a decrease of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. The decrease in noninterest income for the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to a decrease of $1.8 million in mortgage banking activities revenue mainly from a decrease of $1.6 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. This decrease in mortgage banking activities revenue was partially offset by growth in service charges on deposits revenue and bank card services and interchange revenue.

Noninterest expense was $33.0 million for the first quarter of 2025, compared to $29.9 million for the fourth quarter of 2024 and $31.9 million for the first quarter of 2024. The $3.1 million increase from the fourth quarter of 2024 was largely the result of an increase of $2.1 million in personnel expenses, primarily from annual salary adjustments, increased health insurance costs as the fourth quarter of 2024 included annual rebates received, and increased annual incentive compensation expense. There were also increases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The increase in noninterest expense for the first quarter of 2025 as compared to the first quarter of 2024 was largely the result of an increase of $453 thousand in personnel expenses, largely a result of annual salary adjustments.

Loan Portfolio and Composition

Loans held for investment were $3.08 billion as of March 31, 2025, compared to $3.06 billion as of December 31, 2024 and $3.01 billion as of March 31, 2024. The increase of $20.8 million, or 2.7% annualized, during the first quarter of 2025 as compared to the fourth quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans and commercial goods and services loans, partially offset by a seasonal decrease in agricultural production loans. As of March 31, 2025, loans held for investment increased $64.1 million, or 2.1%, from March 31, 2024, primarily attributable to organic loan growth, occurring broadly across the real estate and commercial loan segments, partially offset by decreases in auto loans and other consumer loans.

Deposits and Borrowings

Deposits totaled $3.79 billion as of March 31, 2025, compared to $3.62 billion as of December 31, 2024 and $3.64 billion as of March 31, 2024. Deposits increased by $171.6 million, or 4.7%, in the first quarter of 2025 from December 31, 2024. Deposits increased by $153.9 million, or 4.2%, at March 31, 2025 as compared to March 31, 2024. Noninterest-bearing deposits were $966.5 million as of March 31, 2025, compared to $935.5 million as of December 31, 2024 and $974.2 million as of March 31, 2024. Noninterest-bearing deposits represented 25.5% of total deposits as of March 31, 2025. The quarterly change in total deposits was mainly due to a seasonal increase of $70.2 million in public fund deposits and strong organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits.

Asset Quality

The Company recorded a provision for credit losses in the first quarter of 2025 of $420 thousand, compared to $1.2 million in the fourth quarter of 2024 and $830 thousand in the first quarter of 2024. The provision during the first quarter of 2025 was largely attributable to net charge-off activity and increased loan balances, partially offset by improved credit quality as noted below in the nonperforming assets to total assets ratio.

The ratio of allowance for credit losses to loans held for investment was 1.40% as of March 31, 2025, compared to 1.42% as of December 31, 2024 and 1.40% as of March 31, 2024.

The ratio of nonperforming assets to total assets was 0.16% as of March 31, 2025, compared to 0.58% as of December 31, 2024 and 0.10% as of March 31, 2024. A $19.0 million credit was placed back on accrual status at the end of the first quarter of 2025, based on sustained payment performance and improved credit structure. This credit was repaid in full subsequent to March 31, 2025. Annualized net charge-offs were 0.07% for the first quarter of 2025, compared to 0.11% for the fourth quarter of 2024 and 0.13% for the first quarter of 2024.

Capital

Book value per share increased to $27.33 at March 31, 2025, compared to $26.67 at December 31, 2024. The change was primarily driven by $9.8 million of net income after dividends paid and by an increase in accumulated other comprehensive income of $2.7 million, partially offset by stock repurchases of $8.3 million. The tangible common equity to tangible assets ratio (non-GAAP) decreased 28 basis points to 9.64% in the first quarter of 2025, largely due to growth of $173.0 million in tangible assets.

Conference Call

South Plains will host a conference call to discuss its first quarter 2025 financial results today, April 24, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

Available Information

The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	(866) 771-3347
	investors@city.bank

Source: South Plains Financial, Inc.

South Plains Financial, Inc.
Consolidated Financial Highlights – (Unaudited)
(Dollars in thousands, except share data)

	As of and for the quarter ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Selected Income Statement Data:
Interest income	$	59,922		$	61,324		$	61,640		$	59,208		$	58,727
Interest expense		21,395			22,776			24,346			23,320			23,359
Net interest income		38,527			38,548			37,294			35,888			35,368
Provision for credit losses		420			1,200			495			1,775			830
Noninterest income		10,625			13,319			10,635			12,709			11,409
Noninterest expense		33,030			29,948			33,128			32,572			31,930
Income tax expense		3,408			4,222			3,094			3,116			3,143
Net income		12,294			16,497			11,212			11,134			10,874
Per Share Data (Common Stock):
Net earnings, basic	$	0.75		$	1.01		$	0.68		$	0.68		$	0.66
Net earnings, diluted		0.72			0.96			0.66			0.66			0.64
Cash dividends declared and paid		0.15			0.15			0.14			0.14			0.13
Book value		27.33			26.67			27.04			25.45			24.87
Tangible book value (non-GAAP)		26.05			25.40			25.75			24.15			23.56
Weighted average shares outstanding, basic		16,415,862			16,400,361			16,386,079			16,425,360			16,429,919
Weighted average shares outstanding, dilutive		17,065,599			17,161,646			17,056,959			16,932,077			16,938,857
Shares outstanding at end of period		16,235,647			16,455,826			16,386,627			16,424,021			16,431,755
Selected Period End Balance Sheet Data:
Cash and cash equivalents	$	536,300		$	359,082		$	471,167		$	298,006		$	371,939
Investment securities		571,527			577,240			606,889			591,031			599,869
Total loans held for investment		3,075,860			3,055,054			3,037,375			3,094,273			3,011,799
Allowance for credit losses		42,968			43,237			42,886			43,173			42,174
Total assets		4,405,209			4,232,239			4,337,659			4,220,936			4,218,993
Interest-bearing deposits		2,826,055			2,685,366			2,720,880			2,672,948			2,664,397
Noninterest-bearing deposits		966,464			935,510			998,480			951,565			974,174
Total deposits		3,792,519			3,620,876			3,719,360			3,624,513			3,638,571
Borrowings		110,400			110,354			110,307			110,261			110,214
Total stockholders’ equity		443,743			438,949			443,122			417,985			408,712
Summary Performance Ratios:
Return on average assets (annualized)		1.16	%		1.53	%		1.05	%		1.07	%		1.04	%
Return on average equity (annualized)		11.30	%		14.88	%		10.36	%		10.83	%		10.72	%
Net interest margin⁽¹⁾		3.81	%		3.75	%		3.65	%		3.63	%		3.56	%
Yield on loans		6.67	%		6.69	%		6.68	%		6.60	%		6.53	%
Cost of interest-bearing deposits		2.93	%		3.12	%		3.36	%		3.33	%		3.27	%
Efficiency ratio		66.90	%		57.50	%		68.80	%		66.72	%		67.94	%
Summary Credit Quality Data:
Nonperforming loans	$	6,467		$	24,023		$	24,693		$	23,452		$	3,380
Nonperforming loans to total loans held for investment		0.21	%		0.79	%		0.81	%		0.76	%		0.11	%
Other real estate owned	$	600		$	530		$	973		$	755		$	862
Nonperforming assets to total assets		0.16	%		0.58	%		0.59	%		0.57	%		0.10	%
Allowance for credit losses to total loans held for investment		1.40	%		1.42	%		1.41	%		1.40	%		1.40	%
Net charge-offs to average loans outstanding (annualized)		0.07	%		0.11	%		0.11	%		0.10	%		0.13	%

	As of and for the quarter ended
	March 31 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Capital Ratios:
Total stockholders’ equity to total assets		10.07	%		10.37	%		10.22	%		9.90	%		9.69	%
Tangible common equity to tangible assets (non-GAAP)		9.64	%		9.92	%		9.77	%		9.44	%		9.22	%
Common equity tier 1 to risk-weighted assets		13.59	%		13.53	%		13.25	%		12.61	%		12.67	%
Tier 1 capital to average assets		12.04	%		12.04	%		11.76	%		11.81	%		11.51	%
Total capital to risk-weighted assets		17.93	%		17.86	%		17.61	%		16.86	%		17.00	%

(1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Average Balances and Yields – (Unaudited)
(Dollars in thousands)

	For the Three Months Ended
	March 31, 2025							March 31, 2024

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,074,568	$	50,577		6.67	%	$	3,014,537	$	48,940		6.53	%
Debt securities – taxable		510,354		4,692		3.73	%		554,081		5,511		4.00	%
Debt securities – nontaxable		153,229		1,014		2.68	%		156,254		1,024		2.64	%
Other interest-bearing assets		386,979		3,859		4.04	%		298,969		3,475		4.67	%

Total interest-earning assets		4,125,130		60,142		5.91	%		4,023,841		58,950		5.89	%
Noninterest-earning assets		171,683							184,293

Total assets	$	4,296,813						$	4,208,134

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,302,344		15,511		2.73	%	$	2,285,981		17,997		3.17	%
Time deposits		441,895		4,316		3.96	%		374,852		3,666		3.93	%
Short-term borrowings		3		–		0.00	%		3		–		0.00	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		63,984		835		5.29	%		63,798		835		5.26	%
Junior subordinated deferrable interest debentures		46,393		733		6.41	%		46,393		861		7.46	%

Total interest-bearing liabilities		2,854,619		21,395		3.04	%		2,771,027		23,359		3.39	%
Demand deposits		934,775							958,334
Other liabilities		66,073							70,860
Stockholders’ equity		441,346							407,913

Total liabilities & stockholders’ equity	$	4,296,813						$	4,208,134

Net interest income			$	38,747						$	35,591
Net interest margin⁽²⁾						3.81	%						3.56	%

(1) Average loan balances include nonaccrual loans and loans held for sale.
(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025			December 31, 2024

Assets
Cash and due from banks	$	56,006		$	54,114
Interest-bearing deposits in banks		480,294			304,968
Securities available for sale		571,527			577,240
Loans held for sale		13,931			20,542
Loans held for investment		3,075,860			3,055,054
Less: Allowance for credit losses		(42,968	)		(43,237	)
Net loans held for investment		3,032,892			3,011,817
Premises and equipment, net		50,873			52,951
Goodwill		19,315			19,315
Intangible assets		1,569			1,720
Mortgage servicing rights		24,906			26,292
Other assets		153,896			163,280
Total assets	$	4,405,209		$	4,232,239

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	966,464		$	935,510
Interest-bearing deposits		2,826,055			2,685,366
Total deposits		3,792,519			3,620,876
Subordinated debt		64,007			63,961
Junior subordinated deferrable interest debentures		46,393			46,393
Other liabilities		58,547			62,060
Total liabilities		3,961,466			3,793,290
Stockholders’ Equity
Common stock		16,236			16,456
Additional paid-in capital		89,799			97,287
Retained earnings		395,652			385,827
Accumulated other comprehensive income (loss)		(57,944	)		(60,621	)
Total stockholders’ equity		443,743			438,949
Total liabilities and stockholders’ equity	$	4,405,209		$	4,232,239

South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)

	Three Months Ended
	March 31, 2025		March 31, 2024

Interest income:
Loans, including fees	$	50,570	$	48,932
Other		9,352		9,795
Total interest income		59,922		58,727
Interest expense:
Deposits		19,827		21,663
Subordinated debt		835		835
Junior subordinated deferrable interest debentures		733		861
Other		–		–
Total interest expense		21,395		23,359
Net interest income		38,527		35,368
Provision for credit losses		420		830
Net interest income after provision for credit losses		38,107		34,538
Noninterest income:
Service charges on deposits		2,141		1,813
Income from insurance activities		28		34
Mortgage banking activities		2,113		3,945
Bank card services and interchange fees		3,379		3,061
Other		2,964		2,556
Total noninterest income		10,625		11,409
Noninterest expense:
Salaries and employee benefits		19,441		18,988
Net occupancy expense		4,027		3,920
Professional services		1,730		1,483
Marketing and development		905		754
Other		6,927		6,785
Total noninterest expense		33,030		31,930
Income before income taxes		15,702		14,017
Income tax expense		3,408		3,143
Net income	$	12,294	$	10,874

South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025		December 31, 2024

Loans:
Commercial Real Estate	$	1,126,800	$	1,119,063
Commercial – Specialized		366,796		388,955
Commercial – General		584,705		557,371
Consumer:
1-4 Family Residential		569,799		566,400
Auto Loans		261,629		254,474
Other Consumer		64,090		64,936
Construction		102,041		103,855
Total loans held for investment	$	3,075,860	$	3,055,054

South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025		December 31, 2024

Deposits:
Noninterest-bearing deposits	$	966,464	$	935,510
NOW & other transaction accounts		1,302,642		498,718
MMDA & other savings		1,082,596		1,741,988
Time deposits		440,817		444,660
Total deposits	$	3,792,519	$	3,620,876

South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)

	For the quarter ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Pre-tax, pre-provision income
Net income	$	12,294	$	16,497	$	11,212	$	11,134	$	10,874
Income tax expense		3,408		4,222		3,094		3,116		3,143
Provision for credit losses		420		1,200		495		1,775		830
Pre-tax, pre-provision income	$	16,122	$	21,919	$	14,801	$	16,025	$	14,847

	As of
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Tangible common equity
Total common stockholders’ equity	$	443,743		$	438,949		$	443,122		$	417,985		$	408,712
Less: goodwill and other intangibles		(20,884	)		(21,035	)		(21,197	)		(21,379	)		(21,562	)

Tangible common equity	$	422,859		$	417,914		$	421,925		$	396,606		$	387,150

Tangible assets
Total assets	$	4,405,209		$	4,232,239		$	4,337,659		$	4,220,936		$	4,218,993
Less: goodwill and other intangibles		(20,884	)		(21,035	)		(21,197	)		(21,379	)		(21,562	)

Tangible assets	$	4,384,325		$	4,211,204		$	4,316,462		$	4,199,557		$	4,197,431

Shares outstanding		16,235,647			16,455,826			16,386,627			16,424,021			16,431,755

Total stockholders’ equity to total assets		10.07	%		10.37	%		10.22	%		9.90	%		9.69	%
Tangible common equity to tangible assets		9.64	%		9.92	%		9.77	%		9.44	%		9.22	%
Book value per share	$	27.33		$	26.67		$	27.04		$	25.45		$	24.87
Tangible book value per share	$	26.05		$	25.40		$	25.75		$	24.15		$	23.56

The MIL Network –

April 25, 2025

MIL-OSI: Middlefield Banc Corp. Reports 2025 Three-Month Financial Results

Source: GlobeNewswire (MIL-OSI)

MIDDLEFIELD, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three months ended March 31, 2025.

2025 Three-Month Financial Highlights (on a year-over-year basis):

	●	Earnings per share increased 17.6% year-over-year to $0.60 per diluted share
	●	Net interest margin expanded 15 basis points to 3.69%
	●	Return on average assets (annualized) increased 12 basis points year-over-year to 1.04%
	●	Asset quality improved from the 2024 fourth quarter with nonperforming assets to total assets decreasing by 6 basis points to 1.56%
	●	First quarter dividend payment increased 5% to $0.21 per share

“The first quarter of 2025 was a strong period of growth, profitability and value creation for Middlefield,” stated Ronald L. Zimmerly, Jr., President and Chief Executive Officer. “Total loans increased by 4% year-over-year to a record $1.55 billion, driven by stable economic trends within our Ohio markets, the strength of our balance sheet, and the continued execution of our strategic initiatives. The 15-basis point expansion in our net interest margin is encouraging, reflecting our disciplined approach to pricing and ongoing efforts to reduce our cost of funds. As a result, net income expanded by 15.9% year-over-year to $4.8 million, delivering a strong return on average assets of 1.04% and supporting a 5.5% increase in tangible book value per share⁽¹⁾, which reached $21.29 as of March 31, 2025.” ⁽¹⁾ See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.

“During the quarter, we made significant upgrades to our infrastructure to support our multi-year technology road map. Additional investments in our physical footprint and back-office capabilities are planned throughout the year as we continue to strengthen Middlefield’s platform and support our long-term growth. We believe 2025 will be another good year of profitable expansion, reflecting our commitment to disciplined underwriting, community banking values, and ongoing reinvestment in the business,” concluded Mr. Zimmerly.

Income Statement
Net interest income for the three months ended March 31, 2025, increased $1.1 million to $16.1 million, compared to $15.0 million for the same period last year. The increase was driven by strong loan growth and the impact of rate cuts on our short-term borrowings. The net interest margin for the three months ended March 31, 2025, was 3.69%, compared to 3.54% last year.

For the three months ended March 31, 2025, noninterest income increased $148,000 to $1.9 million, compared to $1.8 million for the same period in 2024.

Noninterest expense for the three months ended March 31, 2025, was $12.2 million, compared to $12.0 million for the same period in 2024.

Net income for the three months ended March 31, 2025, was $4.8 million, or $0.60 per diluted share, compared to $4.2 million, or $0.51 per diluted share, for the same period last year.

For the three months ended March 31, 2025, pre-tax, pre-provision net income was $5.8 million, compared to $4.8 million for the same period last year. (See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.)

Balance Sheet
Total assets at March 31, 2025, increased 3.9% to $1.89 billion, compared to $1.82 billion at March 31, 2024. Total loans at March 31, 2025, were $1.55 billion, compared to $1.49 billion at March 31, 2024. The 4.0% year-over-year increase in total loans was primarily due to higher residential real estate loans, home equity lines of credit, and non-owner occupied loans, partially offset by a reduction in construction and other loans.

The investment securities available-for-sale portfolio was $165.0 million at March 31, 2025, compared with $167.9 million at March 31, 2024.

Total liabilities at March 31, 2025, increased 3.9% to $1.67 billion, compared to $1.61 billion at March 31, 2024. Total deposits at March 31, 2025, were $1.54 billion, compared to $1.45 billion at March 31, 2024. The 6.4% year-over-year increase in deposits was primarily due to growth in money market and interest-bearing demand deposits, partially offset by declines in time and noninterest-bearing demand deposit accounts. Noninterest-bearing demand deposits were 24.0% of total deposits at March 31, 2025, compared to 27.0% at March 31, 2024. At March 31, 2025, the Company had brokered deposits of $92.4 million, compared to $90.4 million at March 31, 2024.

Michael C. Ranttila, Chief Financial Officer, stated, “We remain focused on proactively managing our funding sources to support loan growth, while optimizing our cost of funds. At March 31, 2025, we reduced our balance of Federal Home Loan Bank advances by $62.4 million from December 31, 2024, and ended the first quarter with $346.9 million in additional borrowing capacity. The combination of high levels of potentially liquid assets, cash flows from operations, and additional borrowing capacity continues to provide us with excellent liquidity levels to support our long-term growth strategies and our legacy of returning excess capital to shareholders.”

Middlefield’s CRE portfolio included the following categories at March 31, 2025:

			Percent of			Percent of			Weighted Average
(Dollar amounts in thousands)	Balance		CRE Portfolio			Loan Portfolio			Loan-to-Value

Multi-Family	$	88,737		12.9	%		5.7	%		61.3	%
Owner Occupied
Real Estate and Rental and Leasing		61,835		9.0	%		4.0	%		55.7	%
Other Services (except Public Administration)		32,815		4.8	%		2.1	%		54.1	%
Manufacturing		18,397		2.7	%		1.2	%		44.7	%
Agriculture, Forestry, Fishing and Hunting		12,628		1.8	%		0.8	%		36.4	%
Other		59,737		8.6	%		3.9	%		54.0	%
Total Owner Occupied	$	185,412		26.9	%		12.0	%
Non-Owner Occupied
Real Estate and Rental and Leasing		343,169		49.9	%		22.1	%		55.5	%
Accommodation and Food Services		40,039		5.8	%		2.6	%		55.9	%
Health Care and Social Assistance		19,328		2.8	%		1.2	%		65.5	%
Manufacturing		7,428		1.1	%		0.5	%		49.5	%
Other		3,657		0.6	%		0.2	%		85.4	%
Total Non-Owner Occupied	$	413,621		60.2	%		26.6	%
Total CRE	$	687,770		100.0	%		44.3	%

Stockholders’ Equity and Dividends
At March 31, 2025, stockholders’ equity was $213.8 million, compared to $205.6 million at March 31, 2024. The 4.0% year-over-year increase in stockholders’ equity was primarily from higher retained earnings, partially offset by an increase in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, shareholders’ equity at March 31, 2025, was $26.46, compared to $25.48 at March 31, 2024.

At March 31, 2025, tangible stockholders’ equity⁽¹⁾ was $172.1 million, compared to $162.8 million at March 31, 2024. On a per-share basis, tangible stockholders’ equity⁽¹⁾ was $21.29 at March 31, 2025, compared to $20.18 at March 31, 2024. ⁽¹⁾See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.

For the three months ended March 31, 2025, the Company declared cash dividends of $0.21 per share, totaling $1.7 million. Beginning in the first quarter of 2025, the Company increased the quarterly cash dividend by $0.01 or 5% from the previous quarter’s $0.20 per share cash dividend.

For the three months ended March 31, 2025, the Company did not repurchase any shares of its common stock. The Company repurchased 43,858 shares of its common stock, at an average price of $24.00 per share during the same period in 2024.

At March 31, 2025, the Company’s equity-to-assets ratio was 11.32%, compared to 11.32% at March 31, 2024.

Asset Quality

For the 2025 first quarter, the Company recorded a provision for credit losses of $95,000, compared to a recovery of credit losses of $136,000 for the same period of 2024.

Net recoveries were $209,000, or (0.06%) of average loans, annualized, for the 2025 first quarter, compared to net recoveries of $68,000, or (0.02%) of average loans, annualized, for the same period of 2024.

Nonperforming loans at March 31, 2025, were $29.6 million, compared to $10.8 million at March 31, 2024. The increase in nonperforming assets is primarily the result of a $12.4 million loan moved to nonaccrual in the 2024 third quarter. The allowance for credit losses at March 31, 2025, stood at $22.4 million, or 1.44% of total loans, compared to $21.1 million, or 1.41% of total loans at March 31, 2024. The increase in the allowance for credit losses was mainly from changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data, as well as an overall increase in total loans.

Mr. Ranttila continued, “Asset quality remains stable, with nonperforming assets to total assets of 1.56% at March 31, 2025, compared to 1.62% at December 31, 2024. Nonperforming assets at March 31, 2025, included two relationships that moved into nonaccrual status in the second quarter of 2024 and one that moved into nonaccrual status in the third quarter of 2024. We remain well reserved for potential credit losses with an allowance for credit losses to total loans of 1.44% at March 31, 2025, compared to 1.48% at December 31, 2024, and 1.41% at March 31, 2024. We continue to expect stable economic activity across our Central, Western, and Northeast Ohio markets that will support loan demand and asset quality throughout 2025.”

About Middlefield Banc Corp.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.89 billion at March 31, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at www.middlefieldbank.bank.

NON-GAAP FINANCIAL MEASURES

This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the following Consolidated Financial Highlights tables below.

FORWARD-LOOKING STATEMENTS
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are several important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

Company Contact:	Investor and Media Contact:
Ronald L. Zimmerly, Jr. President and Chief Executive Officer Middlefield Banc Corp. (419) 673-1217 rzimmerly@middlefieldbank.com	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)

	March 31,		December 31,		September 30,		June 30,		March 31,
Balance Sheets (period end)	2025		2024		2024		2024		2024
ASSETS
Cash and due from banks	$	56,150	$	46,037	$	61,851	$	50,496	$	44,816
Federal funds sold		10,720		9,755		12,022		1,762		1,438
Cash and cash equivalents		66,870		55,792		73,873		52,258		46,254
Investment securities available for sale, at fair value		165,014		165,802		169,895		166,424		167,890
Other investments		1,021		855		895		881		907
Loans held for sale		–		–		249		–		–
Loans:
Commercial real estate:
Owner occupied		185,412		181,447		187,313		182,809		178,543
Non-owner occupied		413,621		412,291		407,159		385,648		398,845
Multifamily		88,737		89,849		94,798		86,951		81,691
Residential real estate		351,274		353,442		345,748		337,121		331,480
Commercial and industrial		235,547		229,034		213,172		234,702		227,433
Home equity lines of credit		147,154		143,379		137,761		131,047		129,287
Construction and other		122,653		103,608		111,550		132,530		135,716
Consumer installment		5,951		6,564		7,030		6,896		7,131
Total loans		1,550,349		1,519,614		1,504,531		1,497,704		1,490,126
Less allowance for credit losses		22,401		22,447		22,526		21,795		21,069
Net loans		1,527,948		1,497,167		1,482,005		1,475,909		1,469,057
Premises and equipment, net		22,339		20,565		20,528		20,744		21,035
Goodwill		36,356		36,356		36,356		36,356		36,356
Core deposit intangibles		5,361		5,611		5,869		6,126		6,384
Bank-owned life insurance		34,866		35,259		35,049		34,802		34,575
Accrued interest receivable and other assets		28,581		35,952		32,916		34,686		34,210
TOTAL ASSETS	$	1,888,356	$	1,853,359	$	1,857,635	$	1,828,186	$	1,816,668

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
LIABILITIES
Deposits:
Noninterest-bearing demand	$	369,492		$	377,875		$	390,933		$	387,024		$	390,185
Interest-bearing demand		222,953			208,291			218,002			206,542			209,015
Money market		481,664			414,074			376,619			355,630			318,823
Savings		189,943			197,749			199,984			192,472			196,721
Time		275,673			247,704			327,231			327,876			332,165
Total deposits		1,539,725			1,445,693			1,512,769			1,469,544			1,446,909
Federal Home Loan Bank advances		110,000			172,400			106,000			125,000			137,000
Other borrowings		11,609			11,660			11,711			11,762			11,812
Accrued interest payable and other liabilities		13,229			13,044			16,450			15,092			15,372
TOTAL LIABILITIES		1,674,563			1,642,797			1,646,930			1,621,398			1,611,093
STOCKHOLDERS’ EQUITY
Common stock, no par value; 25,000,000 shares authorized, 9,960,503
shares issued, 8,081,193 shares outstanding as of March 31, 2025		162,195			161,999			161,916			161,823			161,823
Additional paid-in capital		515			246			108			–			–
Retained earnings		112,432			109,299			106,067			105,342			102,791
Accumulated other comprehensive loss		(20,440	)		(20,073	)		(16,477	)		(19,468	)		(18,130	)
Treasury stock, at cost; 1,879,310 shares as of March 31, 2025		(40,909	)		(40,909	)		(40,909	)		(40,909	)		(40,909	)
TOTAL STOCKHOLDERS’ EQUITY		213,793			210,562			210,705			206,788			205,575

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,888,356		$	1,853,359		$	1,857,635		$	1,828,186		$	1,816,668

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,		June 30,			March 31,
Statements of Income	2025			2024			2024		2024			2024

INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	23,387		$	23,308		$	23,441	$	23,422		$	22,395
Interest-earning deposits in other institutions		291			320			348		386			437
Federal funds sold		155			151			143		122			152
Investment securities:
Taxable interest		530			528			528		505			467
Tax-exempt interest		960			961			962		966			972
Dividends on stock		150			170			191		198			189
Total interest and dividend income		25,473			25,438			25,613		25,599			24,612
INTEREST EXPENSE
Deposits		7,885			8,582			8,792		8,423			7,466
Short-term borrowings		1,347			1,128			1,575		1,920			1,993
Other borrowings		143			173			173		173			184
Total interest expense		9,375			9,883			10,540		10,516			9,643
NET INTEREST INCOME		16,098			15,555			15,073		15,083			14,969
Provision for (recovery of) credit losses		95			(177	)		2,234		87			(136	)
NET INTEREST INCOME AFTER PROVISION
FOR (RECOVERY OF) CREDIT LOSSES		16,003			15,732			12,839		14,996			15,105
NONINTEREST INCOME
Service charges on deposit accounts		989			1,068			959		971			909
Gain (Loss) on equity securities		(34	)		56			14		(27	)		(52	)
Earnings on bank-owned life insurance		493			230			246		227			227
Gain on sale of loans		24			64			56		69			10
Revenue from investment services		268			237			206		269			204
Gross rental income		–			1			–		–			67
Other income		204			258			262		251			431
Total noninterest income		1,944			1,914			1,743		1,760			1,796

NONINTEREST EXPENSE
Salaries and employee benefits		6,557			5,996			6,201		6,111			6,333
Occupancy expense		687			596			627		601			552
Equipment expense		225			221			203		261			240
Data processing costs		1,271			1,174			1,214		1,135			1,217
Ohio state franchise tax		399			390			399		397			397
Federal deposit insurance expense		267			293			255		256			251
Professional fees		598			611			539		557			558
Advertising expense		364			371			283		508			419
Software amortization expense		90			83			74		21			22
Core deposit intangible amortization		249			258			257		258			258
Gross other real estate owned expenses		–			–			–		–			99
Other expense		1,486			1,810			1,819		1,797			1,619
Total noninterest expense		12,193			11,803			11,871		11,902			11,965

Income before income taxes		5,754			5,843			2,711		4,854			4,936
Income taxes		924			995			371		690			769

NET INCOME	$	4,830		$	4,848		$	2,340	$	4,164		$	4,167

PTPP ⁽¹⁾	$	5,849		$	5,666		$	4,945	$	4,941		$	4,800

⁽¹⁾ See section “GAAP to Non-GAAP Reconciliations” for the reconciliation of GAAP performance measures to non-GAAP measures.

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts, unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Per common share data
Net income per common share – basic	$	0.60		$	0.60		$	0.29		$	0.52		$	0.52
Net income per common share – diluted	$	0.60		$	0.60		$	0.29		$	0.52		$	0.51
Dividends declared per share	$	0.21		$	0.20		$	0.20		$	0.20		$	0.20
Book value per share (period end)	$	26.46		$	26.08		$	26.11		$	25.63		$	25.48
Tangible book value per share (period end) (1) (2)	$	21.29		$	20.88		$	20.87		$	20.37		$	20.18
Dividends declared	$	1,697		$	1,616		$	1,615		$	1,613		$	1,613
Dividend yield		3.05	%		2.84	%		2.76	%		3.34	%		3.37	%
Dividend payout ratio		35.13	%		33.33	%		69.02	%		38.74	%		38.71	%
Average shares outstanding – basic		8,078,805			8,071,905			8,071,032			8,067,144			8,091,203
Average shares outstanding – diluted		8,097,545			8,092,357			8,086,872			8,072,499			8,096,317
Period ending shares outstanding		8,081,193			8,073,708			8,071,032			8,067,144			8,067,144

Selected ratios
Return on average assets (Annualized)		1.04	%		1.04	%		0.50	%		0.91	%		0.92	%
Return on average equity (Annualized)		9.22	%		9.19	%		4.45	%		8.15	%		8.16	%
Return on average tangible common equity (1) (3)		11.48	%		11.50	%		5.58	%		10.29	%		10.30	%
Efficiency (4)		65.22	%		65.05	%		67.93	%		67.97	%		68.68	%
Equity to assets at period end		11.32	%		11.36	%		11.34	%		11.31	%		11.32	%
Noninterest expense to average assets		0.65	%		0.63	%		0.66	%		0.64	%		0.66	%

⁽¹⁾ See section “GAAP to Non-GAAP Reconciliations” for the reconciliation of GAAP performance measures to non-GAAP measures.

⁽²⁾ Calculated by dividing tangible common equity by shares outstanding.

⁽³⁾ Calculated by dividing annualized net income for each period by average tangible common equity.

⁽⁴⁾ The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income.

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Yields	2025			2024			2024			2024			2024
Interest-earning assets:
Loans receivable (1)		6.17	%		6.12	%		6.19	%		6.27	%		6.11	%
Investment securities (1) (2)		3.69	%		3.63	%		3.62	%		3.59	%		3.52	%
Interest-earning deposits with other banks		3.57	%		4.23	%		4.27	%		4.59	%		4.88	%
Total interest-earning assets		5.81	%		5.78	%		5.84	%		5.92	%		5.77	%
Deposits:
Interest-bearing demand deposits		2.13	%		2.07	%		2.16	%		1.93	%		1.86	%
Money market deposits		3.38	%		3.81	%		3.93	%		3.95	%		3.81	%
Savings deposits		0.82	%		0.75	%		0.71	%		0.64	%		0.58	%
Certificates of deposit		3.93	%		4.21	%		4.49	%		4.57	%		4.06	%
Total interest-bearing deposits		2.82	%		3.05	%		3.17	%		3.15	%		2.88	%
Non-Deposit Funding:
Borrowings		4.58	%		4.93	%		5.54	%		5.60	%		5.61	%
Total interest-bearing liabilities		3.01	%		3.21	%		3.41	%		3.45	%		3.23	%
Cost of deposits		2.10	%		2.24	%		2.33	%		2.30	%		2.08	%
Cost of funds		2.30	%		2.41	%		2.58	%		2.61	%		2.42	%
Net interest margin (3)		3.69	%		3.56	%		3.46	%		3.51	%		3.54	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Asset quality data	2025			2024			2024			2024			2024
(Dollar amounts in thousands, unaudited)
Nonperforming assets ⁽¹⁾	$	29,550		$	29,984		$	30,078		$	15,961		$	10,831

Allowance for credit losses	$	22,401		$	22,447		$	22,526		$	21,795		$	21,069
Allowance for credit losses/total loans		1.44	%		1.48	%		1.50	%		1.46	%		1.41	%
Net charge-offs (recoveries):
Quarter-to-date	$	(209	)	$	151		$	1,382		$	(29	)	$	(68	)
Year-to-date		(209	)		1,436			1,285			(97	)		(68	)
Net charge-offs (recoveries) to average loans, annualized:
Quarter-to-date		(0.06	%)		0.04	%		0.36	%		(0.01	%)		(0.02	%)
Year-to-date		(0.06	%)		0.10	%		0.11	%		(0.01	%)		(0.02	%)

Nonperforming loans/total loans		1.91	%		1.97	%		2.00	%		1.07	%		0.73	%
Allowance for credit losses/nonperforming loans		75.81	%		74.86	%		74.89	%		136.55	%		194.52	%
Nonperforming assets/total assets		1.56	%		1.62	%		1.62	%		0.87	%		0.60	%

(1) Nonperforming assets consist of nonperforming loans.

MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations

Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended
(Dollar amounts in thousands, unaudited)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

Stockholders’ equity	$	213,793	$	210,562	$	210,705	$	206,788	$	205,575
Less goodwill and other intangibles		41,717		41,967		42,225		42,482		42,740
Tangible common equity	$	172,076	$	168,595	$	168,480	$	164,306	$	162,835

Shares outstanding		8,081,193		8,073,708		8,071,032		8,067,144		8,067,144
Tangible book value per share	$	21.29	$	20.88	$	20.87	$	20.37	$	20.18

Reconciliation of Average Equity to Return on Average Tangible Common Equity	For the Three Months Ended

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Average stockholders’ equity	$	212,465		$	209,864		$	209,096		$	205,379		$	205,342
Less average goodwill and other intangibles		41,839			42,092			42,350			42,607			42,654
Average tangible common equity	$	170,626		$	167,772		$	166,746		$	162,772		$	162,688

Net income	$	4,830		$	4,848		$	2,340		$	4,164		$	4,167
Return on average tangible common equity (annualized)		11.48	%		11.50	%		5.58	%		10.29	%		10.30	%

Reconciliation of Pre-Tax Pre-Provision Income (PTPP)	For the Three Months Ended

	March 31,		December 31,			September 30,		June 30,		March 31,
	2025		2024			2024		2024		2024

Net income	$	4,830	$	4,848		$	2,340	$	4,164	$	4,167
Add income taxes		924		995			371		690		769
Add provision for (recovery of) credit losses		95		(177	)		2,234		87		(136	)
PTPP	$	5,849	$	5,666		$	4,945	$	4,941	$	4,800

MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)

	For the Three Months Ended
	March 31,							March 31,
	2025							2024
	Average				Average			Average				Average
	Balance		Interest		Yield/Cost			Balance		Interest		Yield/Cost
Interest-earning assets:
Loans receivable (1)	$	1,537,337	$	23,387		6.17	%	$	1,476,543	$	22,395		6.11	%
Investment securities (1) (2)		191,996		1,490		3.69	%		191,851		1,439		3.56	%
Interest-earning deposits with other banks (3)		67,661		596		3.57	%		64,139		778		4.88	%
Total interest-earning assets		1,796,994		25,473		5.81	%		1,732,533		24,612		5.78	%
Noninterest-earning assets		84,542							90,151
Total assets	$	1,881,536						$	1,822,684
Interest-bearing liabilities:
Interest-bearing demand deposits	$	220,192	$	1,154		2.13	%	$	211,009	$	978		1.86	%
Money market deposits		458,446		3,816		3.38	%		298,479		2,827		3.81	%
Savings deposits		192,931		388		0.82	%		201,080		290		0.58	%
Certificates of deposit		261,006		2,527		3.93	%		333,871		3,371		4.06	%
Short-term borrowings		120,238		1,347		4.54	%		144,357		1,993		5.55	%
Other borrowings		11,639		143		4.98	%		11,840		184		6.25	%
Total interest-bearing liabilities		1,264,452		9,375		3.01	%		1,200,636		9,643		3.23	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		390,354							400,209
Other liabilities		14,265							16,497
Stockholders’ equity		212,465							205,342
Total liabilities and stockholders’ equity	$	1,881,536						$	1,822,684
Net interest income			$	16,098						$	14,969
Interest rate spread (4)						2.80	%						2.55	%
Net interest margin (5)						3.69	%						3.54	%
Ratio of average interest-earning assets to average interest-bearing liabilities						142.12	%						144.30	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $272 and $281 for the three months ended March 31, 2025 and 2024, respectively.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Includes dividends received on restricted stock.

⁽⁴⁾ Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

	For the Three Months Ended
	March 31,							December 31,
	2025							2024
	Average				Average			Average				Average
	Balance		Interest		Yield/Cost			Balance		Interest		Yield/Cost
Interest-earning assets:
Loans receivable (1)	$	1,537,337	$	23,387		6.17	%	$	1,517,051	$	23,308		6.12	%
Investment securities (1) (2)		191,996		1,490		3.69	%		191,390		1,489		3.63	%
Interest-earning deposits with other banks (3)		67,661		596		3.57	%		60,241		641		4.23	%
Total interest-earning assets		1,796,994		25,473		5.81	%		1,768,682		25,438		5.78	%
Noninterest-earning assets		84,542							88,205
Total assets	$	1,881,536						$	1,856,887
Interest-bearing liabilities:
Interest-bearing demand deposits	$	220,192	$	1,154		2.13	%	$	216,492	$	1,126		2.07	%
Money market deposits		458,446		3,816		3.38	%		393,298		3,768		3.81	%
Savings deposits		192,931		388		0.82	%		197,257		373		0.75	%
Certificates of deposit		261,006		2,527		3.93	%		313,582		3,315		4.21	%
Short-term borrowings		120,238		1,347		4.54	%		93,200		1,128		4.81	%
Other borrowings		11,639		143		4.98	%		11,690		173		5.89	%
Total interest-bearing liabilities		1,264,452		9,375		3.01	%		1,225,519		9,883		3.21	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		390,354							404,428
Other liabilities		14,265							17,076
Stockholders’ equity		212,465							209,864
Total liabilities and stockholders’ equity	$	1,881,536						$	1,856,887
Net interest income			$	16,098						$	15,555
Interest rate spread (4)						2.80	%						2.57	%
Net interest margin (5)						3.69	%						3.56	%
Ratio of average interest-earning assets to average interest-bearing liabilities						142.12	%						144.32	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $272 and $280 for the three months ended March 31, 2025 and December 31, 2024, respectively.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Includes dividends received on restricted stock.

⁽⁴⁾ Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

The MIL Network –

April 25, 2025

MIL-OSI: Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

1st Quarter 2025 Highlights:

Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.
Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.
Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.
The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.
The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.
The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.
The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.

Financial Summary

	At or for the Three Months ended
(Dollars in thousands, except per share and market data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Operating results
Net income	$	54,568		61,754		32,627
Basic earnings per share	$	0.48		0.54		0.29
Diluted earnings per share	$	0.48		0.54		0.29
Dividends declared per share	$	0.33		0.33		0.33
Market value per share
Closing	$	44.22		50.22		40.28
High	$	52.81		60.67		42.75
Low	$	43.18		43.70		34.74
Selected ratios and other data
Number of common stock shares outstanding		113,517,944		113,401,955		113,388,590
Average outstanding shares – basic		113,451,199		113,398,213		112,492,142
Average outstanding shares – diluted		113,546,365		113,541,026		112,554,402
Return on average assets (annualized)		0.80	%	0.87	%	0.47	%
Return on average equity (annualized)		6.77	%	7.62	%	4.25	%
Efficiency ratio		65.49	%	60.50	%	74.41	%
Loan to deposit ratio		83.64	%	84.17	%	82.04	%
Number of full time equivalent employees		3,457		3,441		3,438
Number of locations		227		227		232
Number of ATMs		286		284		285

KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.”

On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.

Asset Summary

								$ Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Cash and cash equivalents	$	981,485		848,408		788,660		133,077		192,825
Debt securities, available-for-sale		4,172,312		4,245,205		4,629,073		(72,893	)	(456,761	)
Debt securities, held-to-maturity		3,261,575		3,294,847		3,451,583		(33,272	)	(190,008	)
Total debt securities		7,433,887		7,540,052		8,080,656		(106,165	)	(646,769	)
Loans receivable
Residential real estate		1,850,079		1,858,929		1,752,514		(8,850	)	97,565
Commercial real estate		10,952,809		10,963,713		10,672,269		(10,904	)	280,540
Other commercial		3,121,477		3,119,535		3,030,608		1,942		90,869
Home equity		920,132		930,994		883,062		(10,862	)	37,070
Other consumer		374,021		388,678		394,049		(14,657	)	(20,028	)
Loans receivable		17,218,518		17,261,849		16,732,502		(43,331	)	486,016
Allowance for credit losses		(210,400	)	(206,041	)	(198,779	)	(4,359	)	(11,621	)
Loans receivable, net		17,008,118		17,055,808		16,533,723		(47,690	)	474,395
Other assets		2,435,389		2,458,719		2,419,131		(23,330	)	16,258
Total assets	$	27,858,879		27,902,987		27,822,170		(44,108	)	36,709

The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.

The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.

Credit Quality Summary

	At or for the Three Months ended			At or for the Year ended		At or for the Three Months ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Allowance for credit losses
Balance at beginning of period	$	206,041		192,757		192,757
Acquisitions		—		3		3
Provision for credit losses		6,154		27,179		9,091
Charge-offs		(3,897	)	(18,626	)	(4,295	)
Recoveries		2,102		4,728		1,223
Balance at end of period	$	210,400		206,041		198,779
Provision for credit losses
Loan portfolio	$	6,154		27,179		9,091
Unfunded loan commitments		1,660		1,127		(842	)
Total provision for credit losses	$	7,814		28,306		8,249
Other real estate owned	$	1,085		1,085		432
Other foreclosed assets		68		79		459
Accruing loans 90 days or more past due		5,289		6,177		3,796
Non-accrual loans		32,896		20,445		20,738
Total non-performing assets	$	39,338		27,786		25,425
Non-performing assets as a percentage of subsidiary assets		0.14	%	0.10	%	0.09	%
Allowance for credit losses as a percentage of non-performing loans		551	%	774	%	810	%
Allowance for credit losses as a percentage of total loans		1.22	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.01	%	0.08	%	0.02	%
Accruing loans 30-89 days past due	$	46,458		32,228		62,423
U.S. government guarantees included in non-performing assets	$	685		748		1,490

Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.

The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
First quarter 2025	$	6,154	$	1,795	1.22	%	0.27	%	0.14	%
Fourth quarter 2024		6,041		5,170	1.19	%	0.19	%	0.10	%
Third quarter 2024		6,981		2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254		2,473	1.19	%	0.16	%	0.12	%

Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

					$ Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Dec 31, 2024		Mar 31, 2024
Deposits
Non-interest bearing deposits	$	6,100,548	6,136,709	6,055,069	(36,161	)	45,479
NOW and DDA accounts		5,676,177	5,543,512	5,376,605	132,665		299,572
Savings accounts		2,896,378	2,845,124	2,949,908	51,254		(53,530	)
Money market deposit accounts		2,816,874	2,878,213	3,002,942	(61,339	)	(186,068	)
Certificate accounts		3,140,333	3,139,821	3,039,190	512		101,143
Core deposits, total		20,630,310	20,543,379	20,423,714	86,931		206,596
Wholesale deposits		3,740	3,615	3,809	125		(69	)
Deposits, total		20,634,050	20,546,994	20,427,523	87,056		206,527
Repurchase agreements		1,849,070	1,777,475	1,540,008	71,595		309,062
Deposits and repurchase agreements, total		22,483,120	22,324,469	21,967,531	158,651		515,589
Federal Home Loan Bank advances		1,520,000	1,800,000	2,140,157	(280,000	)	(620,157	)
Other borrowed funds		82,443	83,341	88,814	(898	)	(6,371	)
Subordinated debentures		133,145	133,105	132,984	40		161
Other liabilities		352,563	338,218	381,977	14,345		(29,414	)
Total liabilities	$	24,571,271	24,679,133	24,711,463	(107,862	)	(140,192	)

Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.

Stockholders’ Equity Summary

								$ Change from
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024	Mar 31, 2024
Common equity	$	3,550,719		3,533,150		3,483,012		17,569	67,707
Accumulated other comprehensive loss		(263,111	)	(309,296	)	(372,305	)	46,185	109,194
Total stockholders’ equity		3,287,608		3,223,854		3,110,707		63,754	176,901
Goodwill and intangibles, net		(1,099,229	)	(1,102,500	)	(1,069,808	)	3,271	(29,421	)
Tangible stockholders’ equity	$	2,188,379		2,121,354		2,040,899		67,025	147,480
Stockholders’ equity to total assets		11.80	%	11.55	%	11.18	%
Tangible stockholders’ equity to total tangible assets		8.18	%	7.92	%	7.63	%
Book value per common share	$	28.96		28.43		27.43		0.53	1.53
Tangible book value per common share	$	19.28		18.71		18.00		0.57	1.28

Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.

Cash Dividends
On March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended March 31, 2025
Compared to December 31, 2024, and March 31, 2024

Income Summary

	Three Months ended							$ Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Net interest income
Interest income	$	289,925		297,036		279,402		(7,111	)	10,523
Interest expense		99,946		105,593		112,922		(5,647	)	(12,976	)
Total net interest income		189,979		191,443		166,480		(1,464	)	23,499

Non-interest income
Service charges and other fees		18,818		20,322		18,563		(1,504	)	255
Miscellaneous loan fees and charges		4,664		4,541		4,362		123		302
Gain on sale of loans		4,311		3,926		3,362		385		949
Gain on sale of securities		—		—		16		—		(16	)
Other income		4,849		2,760		3,686		2,089		1,163
Total non-interest income		32,642		31,549		29,989		1,093		2,653
Total income	$	222,621		222,992		196,469		(371	)	26,152
Net interest margin (tax-equivalent)		3.04	%	2.97	%	2.59	%

Net Interest Income
Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.

The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.”

Non-interest Income
Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.

Non-interest Expense Summary

	Three Months ended				$ Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Dec 31, 2024		Mar 31, 2024
Compensation and employee benefits	$	91,443	81,600	85,789	9,843		5,654
Occupancy and equipment		12,294	11,589	11,883	705		411
Advertising and promotions		4,144	3,725	3,983	419		161
Data processing		9,138	9,145	9,159	(7	)	(21	)
Other real estate owned and foreclosed assets		63	30	25	33		38
Regulatory assessments and insurance		5,534	5,890	7,761	(356	)	(2,227	)
Intangibles amortization		3,270	3,613	2,760	(343	)	510
Other expenses		25,432	25,373	30,483	59		(5,051	)
Total non-interest expense	$	151,318	140,965	151,843	10,353		(525	)

Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.

Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.

Efficiency Ratio
The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or future acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Assets
Cash on hand and in banks	$	322,253		268,746		232,064
Interest bearing cash deposits		659,232		579,662		556,596
Cash and cash equivalents		981,485		848,408		788,660
Debt securities, available-for-sale		4,172,312		4,245,205		4,629,073
Debt securities, held-to-maturity		3,261,575		3,294,847		3,451,583
Total debt securities		7,433,887		7,540,052		8,080,656
Loans held for sale, at fair value		40,523		33,060		27,035
Loans receivable		17,218,518		17,261,849		16,732,502
Allowance for credit losses		(210,400	)	(206,041	)	(198,779	)
Loans receivable, net		17,008,118		17,055,808		16,533,723
Premises and equipment, net		411,095		411,968		379,826
Right-of-use assets, net		54,441		56,252		63,447
Other real estate owned and foreclosed assets		1,153		1,164		891
Accrued interest receivable		103,992		99,262		106,063
Deferred tax asset		122,942		138,955		161,327
Intangibles, net		47,911		51,182		46,046
Goodwill		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		88,134		99,669		111,129
Bank-owned life insurance		191,044		189,849		186,625
Other assets		322,836		326,040		312,980
Total assets	$	27,858,879		27,902,987		27,822,170
Liabilities
Non-interest bearing deposits	$	6,100,548		6,136,709		6,055,069
Interest bearing deposits		14,533,502		14,410,285		14,372,454
Securities sold under agreements to repurchase		1,849,070		1,777,475		1,540,008
FHLB advances		1,520,000		1,800,000		2,140,157
Other borrowed funds		82,443		83,341		88,814
Subordinated debentures		133,145		133,105		132,984
Accrued interest payable		30,231		33,626		32,584
Other liabilities		322,332		304,592		349,393
Total liabilities		24,571,271		24,679,133		24,711,463
Commitments and Contingent Liabilities		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,135		1,134		1,134
Paid-in capital		2,449,311		2,448,758		2,443,584
Retained earnings – substantially restricted		1,100,273		1,083,258		1,038,294
Accumulated other comprehensive loss		(263,111	)	(309,296	)	(372,305	)
Total stockholders’ equity		3,287,608		3,223,854		3,110,707
Total liabilities and stockholders’ equity	$	27,858,879		27,902,987		27,822,170

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024
Interest Income
Investment securities	$	45,646	50,381	56,218
Residential real estate loans		24,275	23,960	20,764
Commercial loans		197,388	199,260	181,472
Consumer and other loans		22,616	23,435	20,948
Total interest income		289,925	297,036	279,402
Interest Expense
Deposits		62,865	67,079	67,196
Securities sold under agreements to repurchase		13,733	14,822	12,598
Federal Home Loan Bank advances		20,719	21,848	4,249
FRB Bank Term Funding		—	—	27,097
Other borrowed funds		402	348	344
Subordinated debentures		2,227	1,496	1,438
Total interest expense		99,946	105,593	112,922
Net Interest Income		189,979	191,443	166,480
Provision for credit losses		7,814	8,534	8,249
Net interest income after provision for credit losses		182,165	182,909	158,231
Non-Interest Income
Service charges and other fees		18,818	20,322	18,563
Miscellaneous loan fees and charges		4,664	4,541	4,362
Gain on sale of loans		4,311	3,926	3,362
Gain on sale of securities		—	—	16
Other income		4,849	2,760	3,686
Total non-interest income		32,642	31,549	29,989
Non-Interest Expense
Compensation and employee benefits		91,443	81,600	85,789
Occupancy and equipment		12,294	11,589	11,883
Advertising and promotions		4,144	3,725	3,983
Data processing		9,138	9,145	9,159
Other real estate owned and foreclosed assets		63	30	25
Regulatory assessments and insurance		5,534	5,890	7,761
Intangibles amortization		3,270	3,613	2,760
Other expenses		25,432	25,373	30,483
Total non-interest expense		151,318	140,965	151,843
Income Before Income Taxes		63,489	73,493	36,377
Federal and state income tax expense		8,921	11,739	3,750
Net Income	$	54,568	61,754	32,627

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,497	$	24,275	5.15	%	$	1,885,146	$	23,960	5.08	%
Commercial loans ¹		14,091,210		198,921	5.73	%		14,059,864		200,956	5.69	%
Consumer and other loans		1,302,687		22,616	7.04	%		1,324,341		23,435	7.04	%
Total loans ²		17,279,394		245,812	5.77	%		17,269,351		248,351	5.72	%
Tax-exempt debt securities ³		1,604,851		13,936	3.47	%		1,615,474		14,501	3.59	%
Taxable debt securities ^{4, 5}		6,946,562		33,598	1.93	%		7,314,265		38,189	2.09	%
Total earning assets		25,830,807		293,346	4.61	%		26,199,090		301,041	4.57	%
Goodwill and intangibles		1,100,801						1,104,362
Non-earning assets		847,855						888,404
Total assets	$	27,779,463					$	28,191,856
Liabilities
Non-interest bearing deposits	$	5,989,490	$	—	—	%	$	6,343,443	$	—	—	%
NOW and DDA accounts		5,525,976		15,065	1.11	%		5,491,451		15,768	1.14	%
Savings accounts		2,861,675		5,159	0.73	%		2,824,126		5,316	0.75	%
Money market deposit accounts		2,849,470		13,526	1.93	%		2,878,415		14,232	1.97	%
Certificate accounts		3,152,198		29,075	3.74	%		3,174,923		31,716	3.97	%
Total core deposits		20,378,809		62,825	1.25	%		20,712,358		67,032	1.29	%
Wholesale deposits ⁶		3,600		40	4.53	%		3,654		47	4.95	%
Repurchase agreements		1,842,773		13,733	3.02	%		1,866,705		14,821	3.16	%
FHLB advances		1,744,000		20,719	4.75	%		1,800,000		21,848	4.75	%
Subordinated debentures and other borrowed funds		216,073		2,629	4.94	%		216,874		1,845	3.38	%
Total funding liabilities		24,185,255		99,946	1.68	%		24,599,591		105,593	1.71	%
Other liabilities		326,764						369,700
Total liabilities		24,512,019						24,969,291
Stockholders’ Equity
Stockholders’ equity		3,267,444						3,222,565
Total liabilities and stockholders’ equity	$	27,779,463					$	28,191,856
Net interest income (tax-equivalent)			$	193,400					$	195,448
Net interest spread (tax-equivalent)					2.93	%					2.86	%
Net interest margin (tax-equivalent)					3.04	%					2.97	%

______________________________

¹	Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁴	Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁵	Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,497	$	24,275	5.15	%	$	1,747,184	$	20,764	4.75	%
Commercial loans ¹		14,091,210		198,921	5.73	%		13,513,426		183,045	5.45	%
Consumer and other loans		1,302,687		22,616	7.04	%		1,283,388		20,948	6.56	%
Total loans ²		17,279,394		245,812	5.77	%		16,543,998		224,757	5.46	%
Tax-exempt debt securities ³		1,604,851		13,936	3.47	%		1,720,370		15,157	3.52	%
Taxable debt securities ^{4, 5}		6,946,562		33,598	1.93	%		8,176,974		43,477	2.13	%
Total earning assets		25,830,807		293,346	4.61	%		26,441,342		283,391	4.31	%
Goodwill and intangibles		1,100,801						1,051,954
Non-earning assets		847,855						611,550
Total assets	$	27,779,463					$	28,104,846
Liabilities
Non-interest bearing deposits	$	5,989,490	$	—	—	%	$	5,966,546	$	—	—	%
NOW and DDA accounts		5,525,976		15,065	1.11	%		5,275,703		15,918	1.21	%
Savings accounts		2,861,675		5,159	0.73	%		2,900,649		5,655	0.78	%
Money market deposit accounts		2,849,470		13,526	1.93	%		2,948,294		14,393	1.96	%
Certificate accounts		3,152,198		29,075	3.74	%		3,000,713		31,175	4.18	%
Total core deposits		20,378,809		62,825	1.25	%		20,091,905		67,141	1.34	%
Wholesale deposits ⁶		3,600		40	4.53	%		3,965		55	5.50	%
Repurchase agreements		1,842,773		13,733	3.02	%		1,513,397		12,598	3.35	%
FHLB advances		1,744,000		20,719	4.75	%		350,754		4,249	4.79	%
FRB Bank Term Funding		—		—	—	%		2,483,077		27,097	4.39	%
Subordinated debentures and other borrowed funds		216,073		2,629	4.94	%		218,271		1,782	3.28	%
Total funding liabilities		24,185,255		99,946	1.68	%		24,661,369		112,922	1.84	%
Other liabilities		326,764						356,554
Total liabilities		24,512,019						25,017,923
Stockholders’ Equity
Stockholders’ equity		3,267,444						3,086,923
Total liabilities and stockholders’ equity	$	27,779,463					$	28,104,846
Net interest income (tax-equivalent)			$	193,400					$	170,469
Net interest spread (tax-equivalent)					2.93	%					2.47	%
Net interest margin (tax-equivalent)					3.04	%					2.59	%

______________________________

¹	Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively.
⁴	Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively.
⁵	Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024			Dec 31, 2024		Mar 31, 2024
Custom and owner occupied construction	$	233,584		$	242,844		$	273,835		(4)%		(15)%
Pre-sold and spec construction		200,921			191,926			223,294		5	%	(10)%
Total residential construction		434,505			434,770			497,129		—	%	(13)%
Land development		177,448			197,369			215,828		(10)%		(18)%
Consumer land or lots		197,553			187,024			188,635		6	%	5	%
Unimproved land		115,528			113,532			103,032		2	%	12	%
Developed lots for operative builders		64,782			61,661			47,591		5	%	36	%
Commercial lots		95,574			99,243			92,748		(4)%		3	%
Other construction		714,151			693,461			915,782		3	%	(22)%
Total land, lot, and other construction		1,365,036			1,352,290			1,563,616		1	%	(13)%
Owner occupied		3,182,589			3,197,138			3,057,348		—	%	4	%
Non-owner occupied		4,054,107			4,053,996			3,920,696		—	%	3	%
Total commercial real estate		7,236,696			7,251,134			6,978,044		—	%	4	%
Commercial and industrial		1,392,365			1,395,997			1,371,201		—	%	2	%
Agriculture		1,016,081			1,024,520			929,420		(1)%		9	%
First lien		2,499,494			2,481,918			2,276,638		1	%	10	%
Junior lien		85,343			76,303			51,579		12	%	65	%
Total 1-4 family		2,584,837			2,558,221			2,328,217		1	%	11	%
Multifamily residential		874,071			895,242			881,117		(2)%		(1)%
Home equity lines of credit		989,043			1,005,783			947,652		(2)%		4	%
Other consumer		188,388			209,457			223,566		(10)%		(16)%
Total consumer		1,177,431			1,215,240			1,171,218		(3)%		1	%
States and political subdivisions		1,001,058			983,601			848,454		2	%	18	%
Other		176,961			183,894			191,121		(4)%		(7)%
Total loans receivable, including loans held for sale		17,259,041			17,294,909			16,759,537		—	%	3	%
Less loans held for sale ¹		(40,523	)		(33,060	)		(27,035	)	23	%	50	%
Total loans receivable	$	17,218,518		$	17,261,849		$	16,732,502		—	%	3	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type				Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Mar 31, 2025	Mar 31, 2025	Mar 31, 2025
Custom and owner occupied construction	$	194	198	210	194	—	—
Pre-sold and spec construction		2,896	2,132	1,049	2,133	763	—
Total residential construction		3,090	2,330	1,259	2,327	763	—
Land development		935	966	28	935	—	—
Consumer land or lots		173	78	144	173	—	—
Developed lots for operative builders		531	531	608	—	531	—
Commercial lots		47	47	2,205	—	47	—
Total land, lot and other construction		1,686	1,622	2,985	1,108	578	—
Owner occupied		3,601	2,979	1,501	3,073	96	432
Non-owner occupied		2,235	2,235	8,853	1,582	—	653
Total commercial real estate		5,836	5,214	10,354	4,655	96	1,085
Commercial and Industrial		12,367	2,069	1,698	11,640	727	—
Agriculture		2,382	2,335	2,855	2,090	292	—
First lien		8,752	9,053	2,930	6,796	1,956	—
Junior lien		296	315	69	296	—	—
Total 1-4 family		9,048	9,368	2,999	7,092	1,956	—
Multifamily residential		400	389	395	400	—	—
Home equity lines of credit		3,479	3,465	1,892	2,726	753	—
Other consumer		1,003	955	927	858	77	68
Total consumer		4,482	4,420	2,819	3,584	830	68
Other		47	39	61	—	47	—
Total	$	39,338	27,786	25,425	32,896	5,289	1,153

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type						% Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Custom and owner occupied construction	$	786	$	969	$	4,784	(19)%		(84)%
Pre-sold and spec construction		—		564		1,181	(100)%		(100)%
Total residential construction		786		1,533		5,965	(49)%		(87)%
Land development		—		1,450		59	(100)%		(100)%
Consumer land or lots		1,026		402		332	155	%	209	%
Unimproved land		32		36		575	(11)%		(94)%
Developed lots for operative builders		—		214		—	(100)%		n/m
Commercial lots		189		—		1,225	n/m		(85)%
Other construction		—		—		1,248	n/m		(100)%
Total land, lot and other construction		1,247		2,102		3,439	(41)%		(64)%
Owner occupied		3,786		2,867		2,991	32	%	27	%
Non-owner occupied		346		5,037		18,118	(93)%		(98)%
Total commercial real estate		4,132		7,904		21,109	(48)%		(80)%
Commercial and industrial		5,358		6,194		14,806	(13)%		(64)%
Agriculture		5,731		744		3,922	670	%	46	%
First lien		14,826		6,326		5,626	134	%	164	%
Junior lien		1,023		214		145	378	%	606	%
Total 1-4 family		15,849		6,540		5,771	142	%	175	%
Home equity lines of credit		6,993		3,731		3,668	87	%	91	%
Other consumer		1,824		1,775		1,948	3	%	(6)%
Total consumer		8,817		5,506		5,616	60	%	57	%
States and political subdivisions		3,220		—		—	n/m		n/m
Other		1,318		1,705		1,795	(23)%		(27)%
Total	$	46,458	$	32,228	$	62,423	44	%	(26)%

______________________________

_{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type							Charge-Offs	Recoveries
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Mar 31, 2025	Mar 31, 2025
Pre-sold and spec construction	$	—		(4	)	(4	)	—	—
Pre-sold and spec construction	$	—		(4	)	(4	)	—	—
Land development		(341	)	1,095		(1	)	—	341
Consumer land or lots		(3	)	(22	)	(1	)	—	3
Unimproved land		—		1,338		—		—	—
Commercial lots		—		319		—		—	—
Total land, lot and other construction		(344	)	2,730		(2	)	—	344
Owner occupied		(1	)	(73	)	(3	)	—	1
Non-owner occupied		(6	)	2		(1	)	—	6
Total commercial real estate		(7	)	(71	)	(4	)	—	7
Commercial and industrial		92		1,422		328		421	329
Agriculture		(1	)	64		68		—	1
First lien		(69	)	32		(4	)	—	69
Junior lien		(5	)	(65	)	(5	)	—	5
Total 1-4 family		(74	)	(33	)	(9	)	—	74
Home equity lines of credit		(20	)	69		5		—	20
Other consumer		276		1,078		251		331	55
Total consumer		256		1,147		256		331	75
Other		1,873		8,643		2,439		3,145	1,272
Total	$	1,795		13,898		3,072		3,897	2,102

Visit our website at www.glacierbancorp.com

The MIL Network –

April 25, 2025

MIL-OSI: Heritage Commerce Corp Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), (the “Company”), the holding company for Heritage Bank of Commerce (the “Bank”) today announced its financial results for the first quarter of 2025. All data are unaudited.

QUARTERLY HIGHLIGHTS:

Net Income	Earnings Per Share	Pre-Provision Net Revenue (“PPNR”)⁽¹⁾	Fully Tax Equivalent (“FTE”) Net Interest Margin⁽¹⁾	Efficiency Ratio⁽¹⁾	Tangible Book Value Per Share⁽¹⁾

$11.6 million	$0.19	$16.6 million	3.39%	63.96%	$8.48

CEO COMMENTARY:
“We delivered a solid quarter of performance with a 9% increase in our level of profitability from the prior quarter,” said Clay Jones, President and Chief Executive Officer. “While our balance sheet trends reflected the seasonally low loan demand and deposit outflows in the first quarter, we generated a higher level of profitability due to improved net interest margin, strong expense control, and an improvement in our asset quality. We also redeployed some of our excess liquidity to purchase new investment securities, which we expect will have a positive impact on our net interest income and net interest margin going forward. Our longer-term trends remain positive as well, with notable improvement in many areas compared to the first quarter of last year, including a 14% increase in net income and increases in the annualized returns on average assets and average equity.”

“While economic uncertainty has increased over the past few months, we still expect to deliver solid financial performance in 2025 as we continue to capitalize on our market position to assist new clients that have been impacted by dislocation and disruption in our markets resulting from bank failures and acquisitions. We believe that we will continue to see positive trends in areas such as net interest margin, loan and deposit growth, and expense management, which should lead to strong financial performance for our shareholders as we move through the year,” said Mr. Jones.

LINKED-QUARTER BASIS	YEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
Net income of $11.6 million and earnings per share of $0.19, up 9% and 12%, from $10.6 million and $0.17, respectively Total revenue of $46.1 million, a decrease of 1%, or $314,000, compared to a decrease in noninterest expense of 3%, or $848,000 PPNR⁽¹⁾ of $16.6 million, up $534,000 from $16.1 million Effective tax rate of 28.8%, compared to 27.9%	Net income of $11.6 million and earnings per share of $0.19, up 14% and 12%, from $10.2 million and $0.17, respectively Total revenue of $46.1 million, an increase of 9%, or $3.9 million, compared to an increase in noninterest expense of 7%, or $1.9 million PPNR⁽¹⁾ of $16.6 million, up $2.0 million from $14.6 million Effective tax rate of 28.8%, compared to 29.5%
FINANCIAL CONDITION:
Loans held-for-investment (“HFI”) remained relatively flat at $3.5 billion Total deposits of $4.7 billion, down $136.8 million, or 3% Loan to deposit ratio of 74.45%, up from 72.45% Total shareholders’ equity of $696 million, up $6.5 million	Increase in loans HFI of $150.8 million, or 5% Increase in total deposits of $238.6 million, or 5% Loan to deposit ratio of 74.45%, down from 75.06% Increase in total shareholders’ equity of $19.9 million
CREDIT QUALITY:
Nonperforming assets (“NPAs”) to total assets of 0.11%, compared to 0.14% Classified assets to total assets of 0.73%, compared to 0.74%	NPAs to total assets of 0.11%, compared to 0.15% Classified assets to total assets of 0.73%, compared to 0.67%
KEY PERFORMANCE METRICS:
FTE net interest margin⁽¹⁾ of 3.39%, an increase from 3.32% Return on average tangible assets⁽¹⁾ and on tangible common equity⁽¹⁾ of 0.88% and 9.09%, compared to 0.78% and 8.25%, respectively Efficiency ratio⁽¹⁾ of 63.96%, compared to 65.35% Common equity tier 1 capital ratio of 13.6%, compared to 13.4% Total capital ratio of 15.9%, compared to 15.6% Tangible common equity ratio⁽¹⁾ of 9.78%, an increase of 4% from 9.43% Tangible book value per share⁽¹⁾ of $8.48, compared to $8.41	FTE net interest margin⁽¹⁾ of 3.39%, an increase from 3.31% Return on average tangible assets⁽¹⁾ and on tangible common equity⁽¹⁾ of 0.88% and 9.09%, compared to 0.82% and 8.24%, respectively Efficiency ratio⁽¹⁾ of 63.96%, compared to 65.34% Common equity tier 1 capital ratio of 13.6%, compared to 13.4% Total capital ratio of 15.9%, compared to 15.6% Tangible common equity ratio⁽¹⁾ of 9.78%, a decrease of 1% from 9.85% Tangible book value per share⁽¹⁾ of $8.48, compared to $8.17

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Results of Operations:

Net interest income totaled $43.4 million for the first quarter of 2025, a slight decrease of $235,000, or 1%, compared to $43.6 million for the fourth quarter of 2024. The decrease was primarily due to two fewer accrual days during the quarter from the prior linked quarter, together with a lower average balance on interest earning assets, which was largely offset by a decrease in rates paid on deposits and a decrease of higher cost deposit balances. Net interest income increased $3.9 million, or 10%, compared to $39.5 million for the first quarter of 2024. The increase was primarily due to growth in average earning asset balances, partially offset by an increase in interest-bearing deposit balances.

The FTE net interest margin⁽¹⁾ was 3.39% for the first quarter of 2025, an increase over 3.32% for the fourth quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of securities and loans, and higher average yields on securities, partially offset by a decrease in the average balance of noninterest-bearing demand deposits and a lower average yield on overnight funds. The FTE net interest margin⁽¹⁾ increased from 3.31% for the first quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of loans, and higher average yields on securities and loans, and an increase in the average balance of deposits resulting in a higher average balance of overnight funds, partially offset by a lower average yield on overnight funds.

We recorded a provision for credit losses on loans of $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a $184,000 provision for credit losses on loans for the first quarter of 2024.

Total noninterest income remained relatively flat at $2.7 million for the first quarter of 2025, compared to $2.8 million for the fourth quarter of 2024, and $2.6 million for the first quarter of 2024.

Total revenue, which is defined as net interest income before provision for credit losses on loans plus noninterest income, decreased $314,000, or 1%, to $46.1 million for the first quarter of 2025, compared to $46.4 million for the fourth quarter of 2024, and increased $3.9 million, or 9%, from $42.1 million for the first quarter of 2024.

Total noninterest expense for the first quarter of 2025 decreased to $29.5 million, compared to $30.3 million for the fourth quarter of 2024, primarily due to nonrecurring personnel related expenses and legal fees of approximately $1.1 million, and higher professional fees and homeowner association vendor payments during the fourth quarter of 2024. Total noninterest expense increased compared to $27.5 million for the first quarter of 2024, primarily due to higher salaries and employee benefits, professional fees, and information technology related expenses.

Income tax expense was $4.7 million for the first quarter of 2025, compared to $4.1 million for the fourth quarter of 2024, and $4.3 million for the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 28.8%, compared to 27.9% for the fourth quarter of 2024, and 29.5% for the first quarter of 2024.

Net income was $11.6 million, or $0.19 per average diluted common share, for the first quarter of 2025, compared to $10.6 million, or $0.17 per average diluted common share, for the fourth quarter of 2024, and $10.2 million, or $0.17 per average diluted common share, for the first quarter of 2024.

For the first quarter of 2025, the Company’s PPNR⁽¹⁾, which is defined as total revenue less noninterest expense, was $16.6 million, compared to $16.1 million for the fourth quarter of 2024, and $14.6 million for the first quarter of 2024.

The efficiency ratio⁽¹⁾ improved to 63.96% for the first quarter of 2025, compared to 65.35% for the fourth quarter of 2024, as a result of lower noninterest expense, partially offset by lower total revenue. The efficiency ratio⁽¹⁾ improved from 65.34% for the first quarter of 2024, primarily due to higher total revenue, partially offset by higher noninterest expense during the first quarter of 2025.

Full time equivalent employees were 350 at March 31, 2025 compared to 355 at December 31, 2024, and 351 at March 31, 2024.

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Financial Condition and Capital Management:

Total assets decreased 2% to $5.5 billion at March 31, 2025, compared to $5.6 billion at December 31, 2024, primarily due to a decrease in deposits resulting in a decrease in overnight funds. Total assets increased 5% from $5.3 billion at March 31, 2024, primarily due to an increase in deposits resulting in an increase in overnight funds, and an increase in loans.

Investment securities available-for-sale (at fair value) totaled $371.0 million at March 31, 2025, compared to $256.3 million at December 31, 2024, and $404.5 million at March 31, 2024. The pre-tax unrealized loss on the securities available-for-sale portfolio was $3.1 million, or $2.3 million net of taxes, which equaled less than 1% of total shareholders’ equity at March 31, 2025.

During the first quarter of 2025, the Company purchased $62.3 million of agency mortgage-backed securities, $44.8 million of collateralized mortgage obligations, and $44.7 million of U.S. Treasury securities, for total purchases of $151.8 million in the available-for-sale portfolio. Securities purchased had a book yield of 4.86% and an average life of 4.34 years.

Investment securities held-to-maturity (at amortized cost, net of allowance for credit losses of $12,000), totaled $576.7 million at March 31, 2025, compared to $590.0 million at December 31, 2024, and $636.2 million at March 31, 2024. The fair value of the securities held-to-maturity portfolio was $496.3 million at March 31, 2025. The pre-tax unrecognized loss on the securities held-to-maturity portfolio was $80.5 million, or $56.7 million net of taxes, which equaled 8.1% of total shareholders’ equity at March 31, 2025.

The unrealized and unrecognized losses in both the available-for-sale and held-to-maturity portfolios were due to higher interest rates at March 31, 2025 compared to when the securities were purchased. The issuers are of high credit quality and all principal amounts are expected to be repaid when the securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline.

Loans HFI, net of deferred costs and fees, remained flat at $3.5 billion at March 31, 2025 as compared to December 31, 2024, and increased $150.8 million, or 5%, from $3.3 billion at March 31, 2024. Loans HFI, excluding residential mortgages, remained flat at $3.0 billion at March 31, 2025 as compared to December 31, 2024, and increased $175.5 million, or 6%, from $2.8 billion at March 31, 2024.

Commercial and industrial line utilization was 31% at March 31, 2025, compared to 34% at December 31, 2024, and 28% at March 31, 2024. Commercial real estate (“CRE”) loans totaled $2.0 billion at March 31, 2025, of which 31% were owner occupied and 69% were investor CRE loans. Owner occupied CRE loans totaled 31% at December 31, 2024 and 32% at March 31, 2024. At March 31, 2025, approximately 24% of the Company’s loan portfolio consisted of floating interest rate loans, compared to 26% at both December 31, 2024 and March 31, 2024.

At March 31, 2025, paydowns and maturities of investment securities and fixed interest rate loans maturing within one year totaled $395.6 million.

Total deposits decreased $136.8 million, or 3%, to $4.7 billion at March 31, 2025, compared to $4.8 billion at December 31, 2024 due to deposits outflows we typically see in the first quarter, and increased $238.6 million, or 5% from $4.4 billion at March 31, 2024.

The following table shows the Company’s deposit types as a percentage of total deposits at the dates indicated:


	March 31,		December 31,		March 31,
DEPOSITS TYPE % TO TOTAL DEPOSITS	2025		2024		2024
Demand, noninterest-bearing	24	%	25	%	28	%
Demand, interest-bearing	20	%	19	%	21	%
Savings and money market	29	%	28	%	25	%
Time deposits — under $250	1	%	1	%	1	%
Time deposits — $250 and over	5	%	4	%	4	%
ICS/CDARS — interest-bearing demand,
money market and time deposits	21	%	23	%	21	%
Total deposits	100	%	100	%	100	%

The loan to deposit ratio was 74.45% at March 31, 2025, compared to 72.45% at December 31, 2024, and 75.06% at March 31, 2024.

The Company’s total available liquidity and borrowing capacity was $3.2 billion at March 31, 2025, compared to $3.3 billion at December 31, 2024, and $3.0 billion at March 31, 2024.

Total shareholders’ equity was $696.2 million at March 31, 2025, compared to $689.7 million at December 31, 2024, and $676.3 million at March 31, 2024. The increase in shareholders’ equity at March 31, 2025 is primarily a function of net income and the decrease in the total accumulated other comprehensive loss, partially offset by dividends to stockholders.

Total accumulated other comprehensive loss of $6.8 million at March 31, 2025 was comprised of unrealized losses on securities available-for-sale of $2.3 million, a split dollar insurance contracts liability of $2.4 million, a supplemental executive retirement plan liability of $2.2 million, and a $49,000 unrealized gain on interest-only strip from SBA loans.

The Company’s consolidated capital ratios exceeded regulatory guidelines and the Bank’s capital ratios exceeded regulatory guidelines under the prompt corrective action (“PCA”) regulatory guidelines for a well-capitalized financial institution, and the Basel III minimum regulatory requirements at March 31, 2025.

Tangible book value per share⁽¹⁾ was $8.48 at March 31, 2025, compared to $8.41 at December 31, 2024, and $8.17 at March 31, 2024.

In July 2024, the Company announced that its Board of Directors adopted a share repurchase program under which the Company is authorized to repurchase up to $15 million of the Company’s shares of its issued and outstanding common stock. The Company did not repurchase any of its common stock during 2024 or the first quarter of 2025.

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Credit Quality:

The provision for credit losses on loans totaled $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a provision for credit losses on loans of $184,000 for the first quarter of 2024. Net charge-offs totaled $965,000 for the first quarter of 2025, compared to $197,000 for the fourth quarter of 2024, and $254,000 for the first quarter of 2024. More than half of the net charge-offs for the first quarter of 2025 related to one commercial contractor that was previously reserved for during the fourth quarter of 2024. The remaining charge-offs were related to five different small businesses in a variety of industries. Four loans were underwritten using a scored small business product whose underwriting guidelines have been tightened since the loans were made.

The allowance for credit losses on loans (“ACLL”) at March 31, 2025 was $48.3 million, or 1.38% of total loans, representing 765% of total nonperforming loans. The ACLL at December 31, 2024 was $49.0 million, or 1.40% of total loans, representing 638% of total nonperforming loans. The ACLL at March 31, 2024 was $47.9 million, or 1.44% of total loans, representing 608% of total nonperforming loans. The reduction to the allowance for credit on losses on loans reflects our credit assessment and economic factors.

NPAs were $6.3 million at March 31, 2025, compared to $7.7 million at December 31, 2024, and $7.9 million at March 31, 2024. There were no CRE loans in NPAs at March 31, 2025, December 31, 2024, or March 31, 2024. There were no foreclosed assets on the balance sheet at March 31, 2025, December 31, 2024, or March 31, 2024. There were no Shared National Credits (“SNCs”) or material purchased participations included in NPAs or total loans at March 31, 2025, December 31, 2024, or March 31, 2024.

Classified assets totaled $40.0 million, or 0.73% of total assets, at March 31, 2025, compared to $41.7 million, or 0.74% of total assets, at December 31, 2024, and $35.4 million, or 0.67% of total assets, at March 31, 2024. The increase in classified assets from March 31, 2024 was primarily the result of one downgraded owner occupied CRE credit, and a number of residential related loans downgraded during the fourth quarter of 2024. The loans are well-collateralized and we do not anticipate to incur losses as a result of the downgrades of these loans.

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. The contents of our website are not incorporated into, and do not form a part of, this release or of our filings with the Securities and Exchange Commission.

Reclassifications

During the first quarter of 2025, we reclassified Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock dividends from interest income to noninterest income and the related average asset balances were reclassified from interest earning assets to other assets on the “Net Interest Income and Net Interest Margin” tables. The amounts for the prior periods were reclassified to conform to the current presentation. These reclassifications did not affect previously reported net income or shareholders’ equity.

Non-GAAP Financial Measures

Financial results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes these non-GAAP financial measures are common in the banking industry, and may enhance comparability for peer comparison purposes. These non-GAAP financial measures should be supplemental to primary GAAP financial measures and should not be read in isolation or relied upon as a substitute for primary GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is presented in the tables at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.”

Forward-Looking Statement Disclaimer

Certain matters discussed in this press release constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are inherently uncertain in that they reflect plans and expectations for future events. These statements may include, among other things, those relating to the Company’s future financial performance, plans and objectives regarding future events, expectations regarding changes in interest rates and market conditions, projected cash flows of our investment securities portfolio, the performance of our loan portfolio, estimated net interest income resulting from a shift in interest rates, expectation of high credit quality issuers ability to repay, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Any statements that reflect our belief about, confidence in, or expectations for future events, performance or condition should be considered forward-looking statements. Readers should not construe these statements as assurances of a given level of performance, nor as promises that we will take actions that we currently expect to take. All statements are subject to various risks and uncertainties, many of which are outside our control and some of which may fall outside our ability to predict or anticipate. Accordingly, our actual results may differ materially from our projected results, and we may take actions or experience events that we do not currently expect. Risks and uncertainties that could cause our financial performance to differ materially from our goals, plans, expectations and projections expressed in forward-looking statements include those set forth in our filings with the Securities and Exchange Commission, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and include: (i) risks of geographic concentration of our client base, our loans, and the collateral securing our loans, as those clients and assets may be particularly subject to natural disasters and to events and conditions that directly or indirectly affect those regions, including the particular risks of natural disasters (including earthquakes, fires, and flooding) and other events that disproportionately affect that region; (ii) cybersecurity risks that may affect us directly or may impact us indirectly by virtue of their effects on our clients, markets or vendors, including our ability to identify and address cybersecurity risks, including those posed by the increasing use of artificial intelligence, such as data security breaches, “denial of service” attacks, “hacking” and identity theft affecting us, our clients, and our third-party vendors and service providers; (iii) domestic, international and multinational political events that have accompanied or that may in the future accompany or result from recent political changes, particularly including sociopolitical events and conditions that result from political conflicts and law enforcement activities that may adversely affect our markets or our clients; (iv) media items and consumer confidence as those factors affect our clients’ confidence in the banking system generally and in our bank specifically; (v) adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; (vi) market, geographic and sociopolitical factors that arise by virtue of the fact that we operate primarily in the general San Francisco Bay Area of Northern California; (vii) the effects of recent wildfires affecting Southern California, which have affected certain clients and certain loans secured by mortgages in Los Angeles County, and which are affecting or may, in the future, affect other clients in those and other markets throughout California; (viii) factors that affect our liquidity and our ability to meet client demands for withdrawals from deposit accounts and undrawn lines of credit, including our cash on hand and the availability of funds from our own lines of credit; (ix) factors that affect the value and liquidity of our investment portfolios, particularly the values of securities available-for-sale; (x) our ability to estimate accurately, and to establish adequate reserves against, the risk of loss associated with our loan and lease portfolios and our factoring business; (xi) inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans to clients, whether held in the portfolio or in the secondary market; (xii) increased capital requirements for our continual growth or as imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; (xiii) operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; (xiv) events that affect our ability to attract, recruit, and retain qualified officers and other personnel to implement our strategic plan, and that enable current and future personnel to protect and develop our relationships with clients, and to promote our business, results of operations and growth prospects; (xv) the expense and uncertain resolution of litigation matters whether occurring in the ordinary course of business or otherwise, particularly including but not limited to the effects of recent and ongoing developments in California labor and employment laws, regulations and court decisions; and (xvi) our success in managing the risks involved in the foregoing factors.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542
Debbie.Reuter@herbank.com


	For the Quarter Ended:									Percent Change From:
CONSOLIDATED INCOME STATEMENTS	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Interest income	$	61,832		$	64,043		$	56,960		(3	)	%	9		%
Interest expense		18,472			20,448			17,458		(10	)	%	6		%
Net interest income before provision
for credit losses on loans		43,360			43,595			39,502		(1	)	%	10		%
Provision for credit losses on loans		274			1,331			184		(79	)	%	49		%
Net interest income after provision
for credit losses on loans		43,086			42,264			39,318		2		%	10		%
Noninterest income:
Service charges and fees on deposit
accounts		892			885			877		1		%	2		%
FHLB and FRB stock dividends		590			590			591		0		%	0		%
Increase in cash surrender value of
life insurance		538			528			518		2		%	4		%
Gain on sales of SBA loans		98			125			178		(22	)	%	(45	)	%
Servicing income		82			77			90		6		%	(9	)	%
Termination fees		87			18			13		383		%	569		%
Other		409			552			371		(26	)	%	10		%
Total noninterest income		2,696			2,775			2,638		(3	)	%	2		%
Noninterest expense:
Salaries and employee benefits		16,575			16,976			15,509		(2	)	%	7		%
Occupancy and equipment		2,534			2,495			2,443		2		%	4		%
Professional fees		1,580			1,711			1,327		(8	)	%	19		%
Other		8,767			9,122			8,257		(4	)	%	6		%
Total noninterest expense		29,456			30,304			27,536		(3	)	%	7		%
Income before income taxes		16,326			14,735			14,420		11		%	13		%
Income tax expense		4,700			4,114			4,254		14		%	10		%
Net income	$	11,626		$	10,621		$	10,166		9		%	14		%

PER COMMON SHARE DATA
(unaudited)
Basic earnings per share	$	0.19		$	0.17		$	0.17		12		%	12		%
Diluted earnings per share	$	0.19		$	0.17		$	0.17		12		%	12		%
Weighted average shares outstanding – basic		61,479,579			61,320,505			61,186,623		0		%	0		%
Weighted average shares outstanding – diluted		61,708,361			61,679,735			61,470,552		0		%	0		%
Common shares outstanding at period-end		61,611,121			61,348,095			61,253,625		0		%	1		%
Dividend per share	$	0.13		$	0.13		$	0.13		0		%	0		%
Book value per share	$	11.30		$	11.24		$	11.04		1		%	2		%
Tangible book value per share⁽¹⁾	$	8.48		$	8.41		$	8.17		1		%	4		%

KEY PERFORMANCE METRICS
(in $000’s, unaudited)
Annualized return on average equity		6.81	%		6.16	%		6.08	%	11		%	12		%
Annualized return on average tangible
common equity⁽¹⁾		9.09	%		8.25	%		8.24	%	10		%	10		%
Annualized return on average assets		0.85	%		0.75	%		0.79	%	13		%	8		%
Annualized return on average tangible assets⁽¹⁾		0.88	%		0.78	%		0.82	%	13		%	7		%
Net interest margin (FTE)⁽¹⁾		3.39	%		3.32	%		3.31	%	2		%	2		%
Total revenue	$	46,056		$	46,370		$	42,140		(1	)	%	9		%
Pre-provision net revenue⁽¹⁾	$	16,600		$	16,066		$	14,604		3		%	14		%
Efficiency ratio⁽¹⁾		63.96	%		65.35	%		65.34	%	(2	)	%	(2	)	%

AVERAGE BALANCES
(in $000’s, unaudited)
Average assets	$	5,559,896		$	5,607,840		$	5,178,636		(1	)	%	7		%
Average tangible assets⁽¹⁾	$	5,386,001		$	5,433,439		$	5,002,597		(1	)	%	8		%
Average earning assets	$	5,188,317		$	5,235,986		$	4,810,505		(1	)	%	8		%
Average loans held-for-sale	$	2,290		$	2,260		$	2,749		1		%	(17	)	%
Average loans held-for-investment	$	3,429,014		$	3,388,729		$	3,297,240		1		%	4		%
Average deposits	$	4,717,517		$	4,771,491		$	4,360,150		(1	)	%	8		%
Average demand deposits – noninterest-bearing	$	1,167,330		$	1,222,393		$	1,177,078		(5	)	%	(1	)	%
Average interest-bearing deposits	$	3,550,187		$	3,549,098		$	3,183,072		0		%	12		%
Average interest-bearing liabilities	$	3,589,872		$	3,588,755		$	3,222,603		0		%	11		%
Average equity	$	692,733		$	686,263		$	672,292		1		%	3		%
Average tangible common equity⁽¹⁾	$	518,838		$	511,862		$	496,253		1		%	5		%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended:
CONSOLIDATED INCOME STATEMENTS	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Interest income	$	61,832		$	64,043		$	60,852		$	58,489		$	56,960
Interest expense		18,472			20,448			21,523			19,622			17,458
Net interest income before provision
for credit losses on loans		43,360			43,595			39,329			38,867			39,502
Provision for credit losses on loans		274			1,331			153			471			184
Net interest income after provision
for credit losses on loans		43,086			42,264			39,176			38,396			39,318
Noninterest income:
Service charges and fees on deposit
accounts		892			885			908			891			877
FHLB and FRB stock dividends		590			590			586			588			591
Increase in cash surrender value of
life insurance		538			528			530			521			518
Gain on sales of SBA loans		98			125			94			76			178
Servicing income		82			77			108			90			90
Termination fees		87			18			46			100			13
Gain on proceeds from company-owned
life insurance		—			—			—			219			—
Other		409			552			554			379			371
Total noninterest income		2,696			2,775			2,826			2,864			2,638
Noninterest expense:
Salaries and employee benefits		16,575			16,976			15,673			15,794			15,509
Occupancy and equipment		2,534			2,495			2,599			2,689			2,443
Professional fees		1,580			1,711			1,306			1,072			1,327
Other		8,767			9,122			7,977			8,633			8,257
Total noninterest expense		29,456			30,304			27,555			28,188			27,536
Income before income taxes		16,326			14,735			14,447			13,072			14,420
Income tax expense		4,700			4,114			3,940			3,838			4,254
Net income	$	11,626		$	10,621		$	10,507		$	9,234		$	10,166

PER COMMON SHARE DATA
(unaudited)
Basic earnings per share	$	0.19		$	0.17		$	0.17		$	0.15		$	0.17
Diluted earnings per share	$	0.19		$	0.17		$	0.17		$	0.15		$	0.17
Weighted average shares outstanding – basic		61,479,579			61,320,505			61,295,877			61,279,914			61,186,623
Weighted average shares outstanding – diluted		61,708,361			61,679,735			61,546,157			61,438,088			61,470,552
Common shares outstanding at period-end		61,611,121			61,348,095			61,297,344			61,292,094			61,253,625
Dividend per share	$	0.13		$	0.13		$	0.13		$	0.13		$	0.13
Book value per share	$	11.30		$	11.24		$	11.18		$	11.08		$	11.04
Tangible book value per share⁽¹⁾	$	8.48		$	8.41		$	8.33		$	8.22		$	8.17

KEY PERFORMANCE METRICS
(in $000’s, unaudited)
Annualized return on average equity		6.81	%		6.16	%		6.14	%		5.50	%		6.08	%
Annualized return on average tangible
common equity⁽¹⁾		9.09	%		8.25	%		8.27	%		7.43	%		8.24	%
Annualized return on average assets		0.85	%		0.75	%		0.78	%		0.71	%		0.79	%
Annualized return on average tangible assets⁽¹⁾		0.88	%		0.78	%		0.81	%		0.74	%		0.82	%
Net interest margin (FTE)⁽¹⁾		3.39	%		3.32	%		3.15	%		3.23	%		3.31	%
Total revenue	$	46,056		$	46,370		$	42,155		$	41,731		$	42,140
Pre-provision net revenue⁽¹⁾	$	16,600		$	16,066		$	14,600		$	13,543		$	14,604
Efficiency ratio⁽¹⁾		63.96	%		65.35	%		65.37	%		67.55	%		65.34	%

AVERAGE BALANCES
(in $000’s, unaudited)
Average assets	$	5,559,896		$	5,607,840		$	5,352,067		$	5,213,171		$	5,178,636
Average tangible assets⁽¹⁾	$	5,386,001		$	5,433,439		$	5,177,114		$	5,037,673		$	5,002,597
Average earning assets	$	5,188,317		$	5,235,986		$	4,980,082		$	4,840,670		$	4,810,505
Average loans held-for-sale	$	2,290		$	2,260		$	1,493		$	1,503		$	2,749
Average loans held-for-investment	$	3,429,014		$	3,388,729		$	3,359,647		$	3,328,358		$	3,297,240
Average deposits	$	4,717,517		$	4,771,491		$	4,525,946		$	4,394,545		$	4,360,150
Average demand deposits – noninterest-bearing	$	1,167,330		$	1,222,393		$	1,172,304		$	1,127,145		$	1,177,078
Average interest-bearing deposits	$	3,550,187		$	3,549,098		$	3,353,642		$	3,267,400		$	3,183,072
Average interest-bearing liabilities	$	3,589,872		$	3,588,755		$	3,393,264		$	3,306,972		$	3,222,603
Average equity	$	692,733		$	686,263		$	680,404		$	675,108		$	672,292
Average tangible common equity⁽¹⁾	$	518,838		$	511,862		$	505,451		$	499,610		$	496,253

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	End of Period:									Percent Change From:
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	44,281		$	29,864		$	32,543		48		%	36		%
Other investments and interest-bearing deposits
in other financial institutions		700,769			938,259			508,816		(25	)	%	38		%
Securities available-for-sale, at fair value		370,976			256,274			404,474		45		%	(8	)	%
Securities held-to-maturity, at amortized cost		576,718			590,016			636,249		(2	)	%	(9	)	%
Loans – held-for-sale – SBA, including deferred costs		1,884			2,375			1,946		(21	)	%	(3	)	%
Loans – held-for-investment:
Commercial		489,241			531,350			452,231		(8	)	%	8		%
Real estate:
CRE – owner occupied		616,825			601,636			585,031		3		%	5		%
CRE – non-owner occupied		1,363,275			1,341,266			1,271,184		2		%	7		%
Land and construction		136,106			127,848			129,712		6		%	5		%
Home equity		119,138			127,963			122,794		(7	)	%	(3	)	%
Multifamily		284,510			275,490			269,263		3		%	6		%
Residential mortgages		465,330			471,730			490,035		(1	)	%	(5	)	%
Consumer and other		12,741			14,837			16,439		(14	)	%	(22	)	%
Loans		3,487,166			3,492,120			3,336,689		0		%	5		%
Deferred loan fees, net		(268	)		(183	)		(587	)	46		%	(54	)	%
Total loans – held-for-investment, net of deferred fees		3,486,898			3,491,937			3,336,102		0		%	5		%
Allowance for credit losses on loans		(48,262	)		(48,953	)		(47,888	)	(1	)	%	1		%
Loans, net		3,438,636			3,442,984			3,288,214		0		%	5		%
Company-owned life insurance		81,749			81,211			80,007		1		%	2		%
Premises and equipment, net		9,772			10,140			9,986		(4	)	%	(2	)	%
Goodwill		167,631			167,631			167,631		0		%	0		%
Other intangible assets		5,986			6,439			8,074		(7	)	%	(26	)	%
Accrued interest receivable and other assets		115,853			119,813			118,134		(3	)	%	(2	)	%
Total assets	$	5,514,255		$	5,645,006		$	5,256,074		(2	)	%	5		%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, noninterest-bearing	$	1,128,593		$	1,214,192		$	1,242,059		(7	)	%	(9	)	%
Demand, interest-bearing		949,068			936,587			925,100		1		%	3		%
Savings and money market		1,353,293			1,325,923			1,124,900		2		%	20		%
Time deposits – under $250		37,592			38,988			38,105		(4	)	%	(1	)	%
Time deposits – $250 and over		213,357			206,755			200,739		3		%	6		%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,001,365			1,097,586			913,757		(9	)	%	10		%
Total deposits		4,683,268			4,820,031			4,444,660		(3	)	%	5		%
Subordinated debt, net of issuance costs		39,691			39,653			39,539		0		%	0		%
Accrued interest payable and other liabilities		95,106			95,595			95,579		(1	)	%	0		%
Total liabilities		4,818,065			4,955,279			4,579,778		(3	)	%	5		%

Shareholders’ Equity:
Common stock		511,596			510,070			507,578		0		%	1		%
Retained earnings		191,401			187,762			181,306		2		%	6		%
Accumulated other comprehensive loss		(6,807	)		(8,105	)		(12,588	)	(16	)	%	(46	)	%
Total shareholders’ equity		696,190			689,727			676,296		1		%	3		%
Total liabilities and shareholders’ equity	$	5,514,255		$	5,645,006		$	5,256,074		(2	)	%	5		%


	End of Period:
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	44,281		$	29,864		$	49,722		$	37,497		$	32,543
Other investments and interest-bearing deposits
in other financial institutions		700,769			938,259			906,588			610,763			508,816
Securities available-for-sale, at fair value		370,976			256,274			237,612			273,043			404,474
Securities held-to-maturity, at amortized cost		576,718			590,016			604,193			621,178			636,249
Loans – held-for-sale – SBA, including deferred costs		1,884			2,375			1,649			1,899			1,946
Loans – held-for-investment:
Commercial		489,241			531,350			481,266			477,929			452,231
Real estate:
CRE – owner occupied		616,825			601,636			602,062			594,504			585,031
CRE – non-owner occupied		1,363,275			1,341,266			1,310,578			1,283,323			1,271,184
Land and construction		136,106			127,848			125,761			125,374			129,712
Home equity		119,138			127,963			124,090			126,562			122,794
Multifamily		284,510			275,490			273,103			268,968			269,263
Residential mortgages		465,330			471,730			479,524			484,809			490,035
Consumer and other		12,741			14,837			14,179			18,758			16,439
Loans		3,487,166			3,492,120			3,410,563			3,380,227			3,336,689
Deferred loan fees, net		(268	)		(183	)		(327	)		(434	)		(587	)
Total loans – held-for-investment, net of deferred fees		3,486,898			3,491,937			3,410,236			3,379,793			3,336,102
Allowance for credit losses on loans		(48,262	)		(48,953	)		(47,819	)		(47,954	)		(47,888	)
Loans, net		3,438,636			3,442,984			3,362,417			3,331,839			3,288,214
Company-owned life insurance		81,749			81,211			80,682			80,153			80,007
Premises and equipment, net		9,772			10,140			10,398			10,310			9,986
Goodwill		167,631			167,631			167,631			167,631			167,631
Other intangible assets		5,986			6,439			6,966			7,521			8,074
Accrued interest receivable and other assets		115,853			119,813			123,738			121,190			118,134
Total assets	$	5,514,255		$	5,645,006		$	5,551,596		$	5,263,024		$	5,256,074

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, noninterest-bearing	$	1,128,593		$	1,214,192		$	1,272,139		$	1,187,320		$	1,242,059
Demand, interest-bearing		949,068			936,587			913,910			928,246			925,100
Savings and money market		1,353,293			1,325,923			1,309,676			1,126,520			1,124,900
Time deposits – under $250		37,592			38,988			39,060			39,046			38,105
Time deposits – $250 and over		213,357			206,755			196,945			203,886			200,739
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,001,365			1,097,586			997,803			959,592			913,757
Total deposits		4,683,268			4,820,031			4,729,533			4,444,610			4,444,660
Other short-term borrowings		—			—			—			—			—
Subordinated debt, net of issuance costs		39,691			39,653			39,615			39,577			39,539
Accrued interest payable and other liabilities		95,106			95,595			97,096			99,638			95,579
Total liabilities		4,818,065			4,955,279			4,866,244			4,583,825			4,579,778

Shareholders’ Equity:
Common stock		511,596			510,070			509,134			508,343			507,578
Retained earnings		191,401			187,762			185,110			182,571			181,306
Accumulated other comprehensive loss		(6,807	)		(8,105	)		(8,892	)		(11,715	)		(12,588	)
Total shareholders’ equity		696,190			689,727			685,352			679,199			676,296
Total liabilities and shareholders’ equity	$	5,514,255		$	5,645,006		$	5,551,596		$	5,263,024		$	5,256,074


	At or For the Quarter Ended:									Percent Change From:
CREDIT QUALITY DATA	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Nonaccrual loans – held-for-investment:
Land and construction loans	$	4,793		$	5,874		$	4,673		(18	)	%	3		%
Home equity and other loans		927			290			120		220		%	673		%
Commercial loans		324			1,014			1,127		(68	)	%	(71	)	%
CRE loans		—			—			—		N/A			N/A
Total nonaccrual loans – held-for-investment:		6,044			7,178			5,920		(16	)	%	2		%
Loans over 90 days past due
and still accruing		268			489			1,951		(45	)	%	(86	)	%
Total nonperforming loans		6,312			7,667			7,871		(18	)	%	(20	)	%
Foreclosed assets		—			—			—		N/A			N/A
Total nonperforming assets	$	6,312		$	7,667		$	7,871		(18	)	%	(20	)	%
Net charge-offs during the quarter	$	965		$	197		$	254		390		%	280		%
Provision for credit losses on loans during the quarter	$	274		$	1,331		$	184		(79	)	%	49		%
Allowance for credit losses on loans	$	48,262		$	48,953		$	47,888		(1	)	%	1		%
Classified assets	$	40,034		$	41,661		$	35,392		(4	)	%	13		%
Allowance for credit losses on loans to total loans		1.38	%		1.40	%		1.44	%	(1	)	%	(4	)	%
Allowance for credit losses on loans to total nonperforming loans		764.61	%		638.49	%		608.41	%	20		%	26		%
Nonperforming assets to total assets		0.11	%		0.14	%		0.15	%	(21	)	%	(27	)	%
Nonperforming loans to total loans		0.18	%		0.22	%		0.24	%	(18	)	%	(25	)	%
Classified assets to Heritage Commerce Corp
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%	0		%	17		%
Classified assets to Heritage Bank of Commerce
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%	0		%	17		%

OTHER PERIOD-END STATISTICS
(in $000’s, unaudited)
Heritage Commerce Corp:
Tangible common equity ⁽¹⁾	$	522,573		$	515,657		$	500,591		1		%	4		%
Shareholders’ equity / total assets		12.63	%		12.22	%		12.87	%	3		%	(2	)	%
Tangible common equity / tangible assets ⁽¹⁾		9.78	%		9.43	%		9.85	%	4		%	(1	)	%
Loan to deposit ratio		74.45	%		72.45	%		75.06	%	3		%	(1	)	%
Noninterest-bearing deposits / total deposits		24.10	%		25.19	%		27.94	%	(4	)	%	(14	)	%
Total capital ratio		15.9	%		15.6	%		15.6	%	2		%	2		%
Tier 1 capital ratio		13.6	%		13.4	%		13.4	%	1		%	1		%
Common Equity Tier 1 capital ratio		13.6	%		13.4	%		13.4	%	1		%	1		%
Tier 1 leverage ratio		9.8	%		9.6	%		10.2	%	2		%	(4	)	%
Heritage Bank of Commerce:
Tangible common equity / tangible assets ⁽¹⁾		10.15	%		9.79	%		10.22	%	4		%	(1	)	%
Total capital ratio		15.4	%		15.1	%		15.1	%	2		%	2		%
Tier 1 capital ratio		14.1	%		13.9	%		13.9	%	1		%	1		%
Common Equity Tier 1 capital ratio		14.1	%		13.9	%		13.9	%	1		%	1		%
Tier 1 leverage ratio		10.2	%		10.0	%		10.6	%	2		%	(4	)	%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	At or For the Quarter Ended:
CREDIT QUALITY DATA	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Nonaccrual loans – held-for-investment:
Land and construction loans	$	4,793		$	5,874		$	5,862		$	4,774		$	4,673
Home equity and other loans		927			290			84			108			120
Commercial loans		324			1,014			752			900			1,127
CRE loans		—			—			—			—			—
Total nonaccrual loans – held-for-investment:		6,044			7,178			6,698			5,782			5,920
Loans over 90 days past due
and still accruing		268			489			460			248			1,951
Total nonperforming loans		6,312			7,667			7,158			6,030			7,871
Foreclosed assets		—			—			—			—			—
Total nonperforming assets	$	6,312		$	7,667		$	7,158		$	6,030		$	7,871
Net charge-offs during the quarter	$	965		$	197		$	288		$	405		$	254
Provision for credit losses on loans during the quarter	$	274		$	1,331		$	153		$	471		$	184
Allowance for credit losses on loans	$	48,262		$	48,953		$	47,819		$	47,954		$	47,888
Classified assets	$	40,034		$	41,661		$	32,609		$	33,605		$	35,392
Allowance for credit losses on loans to total loans		1.38	%		1.40	%		1.40	%		1.42	%		1.44	%
Allowance for credit losses on loans to total nonperforming loans		764.61	%		638.49	%		668.05	%		795.26	%		608.41	%
Nonperforming assets to total assets		0.11	%		0.14	%		0.13	%		0.11	%		0.15	%
Nonperforming loans to total loans		0.18	%		0.22	%		0.21	%		0.18	%		0.24	%
Classified assets to Heritage Commerce Corp
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%		6	%		6	%
Classified assets to Heritage Bank of Commerce
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%		6	%		6	%

OTHER PERIOD-END STATISTICS
(in $000’s, unaudited)
Heritage Commerce Corp:
Tangible common equity ⁽¹⁾	$	522,573		$	515,657		$	510,755		$	504,047		$	500,591
Shareholders’ equity / total assets		12.63	%		12.22	%		12.35	%		12.91	%		12.87	%
Tangible common equity / tangible assets ⁽¹⁾		9.78	%		9.43	%		9.50	%		9.91	%		9.85	%
Loan to deposit ratio		74.45	%		72.45	%		72.11	%		76.04	%		75.06	%
Noninterest-bearing deposits / total deposits		24.10	%		25.19	%		26.90	%		26.71	%		27.94	%
Total capital ratio		15.9	%		15.6	%		15.6	%		15.6	%		15.6	%
Tier 1 capital ratio		13.6	%		13.4	%		13.4	%		13.4	%		13.4	%
Common Equity Tier 1 capital ratio		13.6	%		13.4	%		13.4	%		13.4	%		13.4	%
Tier 1 leverage ratio		9.8	%		9.6	%		10.0	%		10.2	%		10.2	%
Heritage Bank of Commerce:
Tangible common equity / tangible assets ⁽¹⁾		10.15	%		9.79	%		9.86	%		10.28	%		10.22	%
Total capital ratio		15.4	%		15.1	%		15.1	%		15.1	%		15.1	%
Tier 1 capital ratio		14.1	%		13.9	%		13.9	%		13.9	%		13.9	%
Common Equity Tier 1 capital ratio		14.1	%		13.9	%		13.9	%		13.9	%		13.9	%
Tier 1 leverage ratio		10.2	%		10.0	%		10.4	%		10.6	%		10.6	%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended								For the Quarter Ended
	March 31, 2025								December 31, 2024
				Interest			Average					Interest			Average
NET INTEREST INCOME AND NET INTEREST MARGIN	Average			Income/			Yield/		Average			Income/			Yield/
(in $000’s, unaudited)	Balance			Expense			Rate		Balance			Expense			Rate
Assets:
Loans, core bank	$	2,945,072			39,758		5.47	%	$	2,899,347		$	39,852		5.47	%
Prepayment fees		—			224		0.03	%		—			35		0.00	%
Bay View Funding factored receivables		60,250			2,942		19.80	%		59,153			3,084		20.74	%
Purchased residential mortgages		427,963			3,597		3.41	%		434,846			3,732		3.41	%
Loan fair value mark / accretion		(1,981	)		181		0.02	%		(2,357	)		429		0.06	%
Loans, gross ⁽¹⁾⁽²⁾		3,431,304			46,702		5.52	%		3,390,989			47,132		5.53	%
Securities – taxable		876,092			5,559		2.57	%		800,174			4,475		2.22	%
Securities – exempt from Federal tax ⁽³⁾		30,480			275		3.66	%		30,570			274		3.57	%
Other investments and interest-bearing deposits
in other financial institutions		850,441			9,354		4.46	%		1,014,253			12,220		4.79	%
Total interest earning assets ⁽³⁾		5,188,317			61,890		4.84	%		5,235,986			64,101		4.87	%
Cash and due from banks		31,869								32,569
Premises and equipment, net		10,007								10,301
Goodwill and other intangible assets		173,895								174,401
Other assets		155,808								154,583
Total assets	$	5,559,896							$	5,607,840

Liabilities and shareholders’ equity:
Deposits:
Demand, noninterest-bearing	$	1,167,330							$	1,222,393

Demand, interest-bearing		944,375			1,438		0.62	%		906,581			1,452		0.64	%
Savings and money market		1,323,038			8,073		2.47	%		1,339,397			9,090		2.70	%
Time deposits – under $100		11,383			47		1.67	%		11,388			49		1.71	%
Time deposits – $100 and over		234,421			2,129		3.68	%		234,446			2,310		3.92	%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,036,970			6,248		2.44	%		1,057,286			7,009		2.64	%
Total interest-bearing deposits		3,550,187			17,935		2.05	%		3,549,098			19,910		2.23	%
Total deposits		4,717,517			17,935		1.54	%		4,771,491			19,910		1.66	%

Short-term borrowings		18			—		0.00	%		28			—		0.00	%
Subordinated debt, net of issuance costs		39,667			537		5.49	%		39,629			538		5.40	%
Total interest-bearing liabilities		3,589,872			18,472		2.09	%		3,588,755			20,448		2.27	%
Total interest-bearing liabilities and demand,
noninterest-bearing / cost of funds		4,757,202			18,472		1.57	%		4,811,148			20,448		1.69	%
Other liabilities		109,961								110,429
Total liabilities		4,867,163								4,921,577
Shareholders’ equity		692,733								686,263
Total liabilities and shareholders’ equity	$	5,559,896							$	5,607,840

Net interest income / margin ⁽³⁾					43,418		3.39	%					43,653		3.32	%
Less tax equivalent adjustment ⁽³⁾					(58	)							(58	)
Net interest income				$	43,360		3.39	%				$	43,595		3.31	%

⁽¹⁾Includes loans held-for-sale. Nonaccrual loans are included in average balances.
⁽²⁾Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $167,000 for the fourth quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $35,000 for the fourth quarter of 2024.
⁽³⁾Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended								For the Quarter Ended
	March 31, 2025								March 31, 2024
				Interest			Average					Interest			Average
NET INTEREST INCOME AND NET INTEREST MARGIN	Average			Income/			Yield/		Average			Income/			Yield/
(in $000’s, unaudited)	Balance			Expense			Rate		Balance			Expense			Rate
Assets:
Loans, core bank	$	2,945,072		$	39,758		5.47	%	$	2,795,351		$	37,721		5.43	%
Prepayment fees		—			224		0.03	%		—			24		0.00	%
Bay View Funding factored receivables		60,250			2,942		19.80	%		53,511			2,838		21.33	%
Purchased residential mortgages		427,963			3,597		3.41	%		454,240			3,788		3.35	%
Loan fair value mark / accretion		(1,981	)		181		0.02	%		(3,113	)		229		0.03	%
Loans, gross ⁽¹⁾⁽²⁾		3,431,304			46,702		5.52	%		3,299,989			44,600		5.44	%
Securities – taxable		876,092			5,559		2.57	%		1,042,484			6,183		2.39	%
Securities – exempt from Federal tax ⁽³⁾		30,480			275		3.66	%		31,939			286		3.60	%
Other investments and interest-bearing deposits
in other financial institutions		850,441			9,354		4.46	%		436,093			5,951		5.49	%
Total interest earning assets ⁽³⁾		5,188,317			61,890		4.84	%		4,810,505			57,020		4.77	%
Cash and due from banks		31,869								33,214
Premises and equipment, net		10,007								10,015
Goodwill and other intangible assets		173,895								176,039
Other assets		155,808								148,863
Total assets	$	5,559,896							$	5,178,636

Liabilities and shareholders’ equity:
Deposits:
Demand, noninterest-bearing	$	1,167,330							$	1,177,078

Demand, interest-bearing		944,375			1,438		0.62	%		920,048			1,554		0.68	%
Savings and money market		1,323,038			8,073		2.47	%		1,067,581			6,649		2.50	%
Time deposits – under $100		11,383			47		1.67	%		10,945			42		1.54	%
Time deposits – $100 and over		234,421			2,129		3.68	%		221,211			2,064		3.75	%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,036,970			6,248		2.44	%		963,287			6,611		2.76	%
Total interest-bearing deposits		3,550,187			17,935		2.05	%		3,183,072			16,920		2.14	%
Total deposits		4,717,517			17,935		1.54	%		4,360,150			16,920		1.56	%

Short-term borrowings		18			—		0.00	%		15			—		0.00	%
Subordinated debt, net of issuance costs		39,667			537		5.49	%		39,516			538		5.48	%
Total interest-bearing liabilities		3,589,872			18,472		2.09	%		3,222,603			17,458		2.18	%
Total interest-bearing liabilities and demand,
noninterest-bearing / cost of funds		4,757,202			18,472		1.57	%		4,399,681			17,458		1.60	%
Other liabilities		109,961								106,663
Total liabilities		4,867,163								4,506,344
Shareholders’ equity		692,733								672,292
Total liabilities and shareholders’ equity	$	5,559,896							$	5,178,636

Net interest income / margin ⁽³⁾					43,418		3.39	%					39,562		3.31	%
Less tax equivalent adjustment ⁽³⁾					(58	)							(60	)
Net interest income				$	43,360		3.39	%				$	39,502		3.30	%

⁽¹⁾Includes loans held-for-sale. Nonaccrual loans are included in average balances.
⁽²⁾Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $160,000 for the first quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $24,000 for the first quarter of 2024.
⁽³⁾Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Management considers tangible book value per share as a useful measurement of the Company’s equity. The Company references the return on average tangible common equity and the return on average tangible assets as measurements of profitability.

The following table summarizes components of the tangible book value per share at the dates indicated:


TANGIBLE BOOK VALUE PER SHARE	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Capital components:
Total Equity (GAAP)	$	696,190		$	689,727		$	685,352		$	679,199		$	676,296
Less: Preferred Stock		—			—			—			—			—
Total Common Equity		696,190			689,727			685,352			679,199			676,296
Less: Goodwill		(167,631	)		(167,631	)		(167,631	)		(167,631	)		(167,631	)
Less: Other Intangible Assets		(5,986	)		(6,439	)		(6,966	)		(7,521	)		(8,074	)
Total Tangible Common Equity (non-GAAP)	$	522,573		$	515,657		$	510,755		$	504,047		$	500,591

Common shares outstanding at period-end		61,611,121			61,348,095			61,297,344			61,292,094			61,253,625

Tangible book value per share (non-GAAP)	$	8.48		$	8.41		$	8.33		$	8.22		$	8.17

The following tables summarize components of the annualized return on average tangible common equity and the annualized return on average tangible assets for the periods indicated:


RETURN ON AVERAGE TANGIBLE COMMON	For the Quarter Ended:
EQUITY AND AVERAGE TANGIBLE COMMON ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024					2024			2024				2024
Net income	$	11,626			$	10,621			$	10,507			$	9,234			$	10,166

Average tangible common equity components:
Average Equity (GAAP)	$	692,733			$	686,263			$	680,404			$	675,108			$	672,292
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(6,264	)			(6,770	)			(7,322	)			(7,867	)			(8,408	)
Total Average Tangible Common Equity (non-GAAP)	$	518,838			$	511,862			$	505,451			$	499,610			$	496,253

Annualized return on average tangible common equity (non-GAAP)		9.09		%		8.25		%		8.27		%		7.43		%		8.24		%

Average tangible assets components:
Average Assets (GAAP)	$	5,559,896			$	5,607,840			$	5,352,067			$	5,213,171			$	5,178,636
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(6,264	)			(6,770	)			(7,322	)			(7,867	)			(8,408	)
Total Average Tangible Assets (non-GAAP)	$	5,386,001			$	5,433,439			$	5,177,114			$	5,037,673			$	5,002,597

Annualized return on average tangible assets (non-GAAP)		0.88		%		0.78		%		0.81		%		0.74		%		0.82		%

Management reviews yields on certain asset categories and the net interest margin of the Company on an FTE basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. The following tables summarize components of FTE net interest income of the Company for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Net interest income before
credit losses on loans (GAAP)	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Tax-equivalent adjustment on securities –
exempt from Federal tax		58			58			59			60			60
Net interest income, FTE (non-GAAP)	$	43,418		$	43,653		$	39,388		$	38,927		$	39,562

Average balance of total interest earning assets	$	5,188,317		$	5,235,986		$	4,980,082		$	4,840,670		$	4,810,505

Net interest margin (annualized net interest income divided by the
average balance of total interest earnings assets) (GAAP)		3.39	%		3.31	%		3.14	%		3.23	%		3.30	%

Net interest margin, FTE (annualized net interest income, FTE,
divided by the average balance of total
earnings assets) (non-GAAP)		3.39	%		3.32	%		3.15	%		3.23	%		3.31	%

Management views its non-GAAP PPNR as a key metric for assessing the Company’s earnings power. The following table summarizes the components of PPNR for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024


Net interest income before credit losses on loans	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Noninterest income		2,696			2,775			2,826			2,864			2,638
Total revenue		46,056			46,370		$	42,155		$	41,731		$	42,140
Less: Noninterest expense		(29,456	)		(30,304	)		(27,555	)		(28,188	)		(27,536	)
PPNR (non-GAAP)	$	16,600		$	16,066		$	14,600		$	13,543		$	14,604

The efficiency ratio is a non-GAAP financial measure, which is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income), and measures how much it costs to produce one dollar of revenue. The following tables summarize components of the efficiency ratio of the Company for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Noninterest expense	$	29,456		$	30,304		$	27,555		$	28,188		$	27,536

Net interest income before credit losses on loans	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Noninterest income		2,696			2,775			2,826			2,864			2,638
Total revenue	$	46,056		$	46,370		$	42,155		$	41,731		$	42,140

Efficiency ratio (noninterest expense divided
by total revenue) (non-GAAP)		63.96	%		65.35	%		65.37	%		67.55	%		65.34	%

Management considers the tangible common equity ratio as a useful measurement of the Company’s and the Bank’s equity. The following table summarizes components of the tangible common equity to tangible assets ratio of the Company at the dates indicated:


TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024				2024				2024				2024
Capital components:
Total Equity (GAAP)	$	696,190			$	689,727			$	685,352			$	679,199			$	676,296
Less: Preferred Stock		—				—				—				—				—
Total Common Equity		696,190				689,727				685,352				679,199				676,296
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Common Equity (non-GAAP)	$	522,573			$	515,657			$	510,755			$	504,047			$	500,591

Asset components:
Total Assets (GAAP)	$	5,514,255			$	5,645,006			$	5,551,596			$	5,263,024			$	5,256,074
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Assets (non-GAAP)	$	5,340,638			$	5,470,936			$	5,376,999			$	5,087,872			$	5,080,369

Tangible common equity / tangible assets (non-GAAP)		9.78		%		9.43		%		9.50		%		9.91		%		9.85		%

The following table summarizes components of the tangible common equity to tangible assets ratio of the Bank at the dates indicated:


TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024				2024				2024				2024
Capital components:
Total Equity (GAAP)	$	715,605			$	709,379			$	704,585			$	697,964			$	694,543
Less: Preferred Stock		—				—				—				—				—
Total Common Equity		715,605				709,379				704,585				697,964				694,543
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Common Equity (non-GAAP)	$	541,988			$	535,309			$	529,988			$	522,812			$	518,838

Asset components:
Total Assets (GAAP)	$	5,512,160			$	5,641,646			$	5,548,576			$	5,260,500			$	5,254,044
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Assets (non-GAAP)	$	5,338,543			$	5,467,576			$	5,373,979			$	5,085,348			$	5,078,339

Tangible common equity / tangible assets (non-GAAP)		10.15		%		9.79		%		9.86		%		10.28		%		10.22		%

The MIL Network –

April 25, 2025

Category: housing

Our common home

A key influencer

Polluting water bosses face up to two years in prison

Notes to editors:

Criminal Liability

The new provisions enable:

Previously:

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