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  • MIL-OSI Global: The hidden history of Philadelphia’s window-box gardens and their role in urban reform

    Source: The Conversation – USA – By Sonja Dümpelmann, Professor of Environmental Humanities, Ludwig Maximilian University of Munich

    Window-box gardening has been a Philly tradition since the 1800s. Sonja Dümpelmann, CC BY-SA

    It’s that time of year when Philadelphia row home owners with a green thumb fastidiously attend to their window boxes – selecting new plants to design an artful blend of colors, shapes and textures.

    Sonja Dümpelmann is a historian of landscapes and the built environment who lived in Philly from 2019 to 2023. During this time, she researched how female reformers and activists in Philadelphia in the 19th and 20th centuries tended to window-box gardens both for charity and to spur urban renewal in rundown neighborhoods.

    Dümpelmann recently published an article on this history in the architectural journal Buildings & Landscapes. She spoke with The Conversation U.S. about what she learned.

    Some homeowners change out their plants throughout the year.
    Sonja Dümpelmann, CC BY-SA

    How did you become interested in window boxes?

    When I first moved to Philadelphia from Cambridge, Massachusetts, in August 2019, I was immediately struck by the window boxes. The lushness and freshness of the plants in many of the boxes, and sometimes in sidewalk planters, made walking more pleasant and interesting. This was especially the case in the hot summer months when I would often see plants from subtropical and tropical climates in the Rittenhouse Square, Fitler Square and Graduate Hospital neighborhoods.

    I noticed that there were three categories of window boxes. Many were visibly cared for, often freshly planted and decorated several times a year in accordance with the changing seasons. Some were derelict and had spontaneous growth of saplings and different grasses. And a third category were boxes outfitted with plastic plants, perhaps signaling absentee owners or landlords who seek to simulate care.

    What makes them landscape architecture?

    Window boxes – especially the planted boxes, but also painted boxes that are empty – change outdoor space and building exteriors. They make them more colorful and interesting, and they break up plain vertical walls by protruding from the facade.

    You could say that the window boxes “greet” passersby. They connect private indoor space with the public realm of the street. As one early window-box promoter observed in 1903, “The man in the street gets as much enjoyment out of them as its owner.”

    “Gardens in a box,” as they were also referred to by early promoters, can make homes and entire neighborhoods look and feel different. They forge distinct identities with their plant selection and the style and color of the boxes.

    Window gardens are a way to greet passersby on the street.
    Sonja Dümpelmann, CC BY-SA

    How did window gardening begin?

    Window gardening became popular in Victorian England and continental Europe in the 19th century. It began as an indoor activity and was practiced especially by women, but it soon also moved outdoors. There it became part of what American women in the late 19th century called “municipal housekeeping.” It extended their conventional female roles as housekeepers and mothers into the larger “household” of the community.

    Window gardening became a means of female social reform during the Progressive Era. During this period in the late 19th and early 20th centuries, when industries and cities were growing fast, women sought to improve education, public health and living conditions, especially for poor and immigrant communities. By offering plants, flowers and entire window boxes, the women supported homemakers of lesser means.

    However, these boxes were also a way to make sure that order in and outside of homes was maintained. Window gardens became cultural symbols of cleanliness and good housekeeping. Furthermore, reformers considered window gardening as a practice that could help immigrants assimilate into American society.

    When did they become political?

    In Philadelphia there were two big window-gardening movements. The first occurred in the late 19th and early 20th centuries, and I describe it as window-box charity. The second, which I call window-box activism, began in the 1950s.

    Window-box charity was carried out primarily by white philanthropists and social workers who would distribute plants and goods sent from outside the city to the urban poor and sick, especially immigrants and Black Americans. Sometimes the window boxes were ready to be installed outside the windows. Other times recipients built and planted boxes themselves.

    The Neighborhood Garden Association, the organization that pioneered window-box activism, at work near the now-closed Alexander Wilson School in West Philadelphia in 1955.
    Courtesy of the McLean Library and Archives, Pennsylvania Horticultural Society, Philadelphia, Pennsylvania

    Several decades later, in the mid-20th-century, plants became a vehicle for white suburban garden club ladies and Black inner-city residents to counter urban decay resulting from racism and public disinvestment. On annual planting days, the garden club ladies brought plants into the city and joined residents in planting and installing window boxes to brighten up their neighborhood blocks.

    Plants were key in both window-box charity and window-box activism. People came together to care for plants, creating friendships among neighbors and ties between low-income and wealthy neighborhoods. The women used plants and window boxes to protect private space and increase the safety of public space. In the 1960s, the Philadelphia police reported less crime on streets with window boxes.

    Of course, window boxes and plants alone could not solve larger urban social problems such as poor housing conditions and racial discrimination. So while they could be catalysts of neighborhood change, they also helped to camouflage and quite literally naturalize larger social problems that required political responses.

    Are they still linked to urban renewal?

    Like a smaller version of public parks, community gardens and street trees, window gardens can contribute to green gentrification. This occurs when the construction of parks or the planting of trees contributes to an increase in property values that leads to the displacement of long-term residents in low-income neighborhoods.

    Window gardening did help save some of Philly’s old row house neighborhoods from demolition during urban renewal beginning in the 1950s. However, quite a few of these neighborhoods – such as Washington Square West and Graduate Hospital – have since been gentrified, and families who once window gardened to turn their neighborhoods into more beautiful and safer places could no longer afford to live there.

    The 20th century window-box activism drew the attention of sociologists and other national and international observers, especially because it brought white and Black residents together during the tensions of the Civil Rights Movement. It also raised public awareness about unequal access to urban green spaces.

    Window boxes on Delancey Street in Philadelphia.
    Photo by R. Kennedy for Visit Philadelphia, CC BY-SA

    Yet despite the movement’s good intentions and positive effects, racial segregation remains a persistent problem in Philadelphia.

    In gentrified parts of Center City today, new and restored row houses often include fixtures and built-in irrigation pipes for window boxes. Many owners outsource window-box planting and maintenance to paid service providers.

    But for lower-income residents, the costs in both time and money to install and maintain window gardens can be prohibitive.

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

    – ref. The hidden history of Philadelphia’s window-box gardens and their role in urban reform – https://theconversation.com/the-hidden-history-of-philadelphias-window-box-gardens-and-their-role-in-urban-reform-254361

    MIL OSI – Global Reports –

  • MIL-OSI Global: How do children learn to read? This literacy expert says ‘there are as many ways as there are students’

    Source: The Conversation – USA – By K. Dara Hill, Professor of Reading and Language Arts, University of Michigan-Dearborn

    Not all children learn to read in the same way, but schools tend to adopt a single approach to literacy. luckyvector/iStock via Getty Images Plus

    Five years after the pandemic forced children into remote instruction, two-thirds of U.S. fourth graders still cannot read at grade level. Reading scores lag 2 percentage points below 2022 levels and 4 percentage points below 2019 levels.

    This data from the 2024 report of National Assessment of Educational Progress, a state-based ranking sometimes called “America’s report card,” has concerned educators scrambling to boost reading skills.

    Many school districts have adopted an evidence-based literacy curriculum called the “science of reading” that features phonics as a critical component.

    Phonics strategies begin by teaching children to recognize letters and make their corresponding sounds. Then they advance to manipulating and blending first-letter sounds to read and write simple, consonant-vowel-consonant words – such as combining “b” or “c” with “-at” to make “bat” and “cat.” Eventually, students learn to merge more complex word families and to read them in short stories to improve fluency and comprehension.

    Proponents of the curriculum celebrate its grounding in brain science, and the science of reading has been credited with helping Louisiana students outperform their pre-pandemic reading scores last year.

    In practice, Louisiana used a variety of science of reading approaches beyond phonics. That’s because different students have different learning needs, for a variety of reasons.

    Yet as a scholar of reading and language who has studied literacy in diverse student populations, I see many schools across the U.S. placing a heavy emphasis on the phonics components of the science of reading.

    If schools want across-the-board gains in reading achievement, using one reading curriculum to teach every child isn’t the best way. Teachers need the flexibility and autonomy to use various, developmentally appropriate literacy strategies as needed.

    Phonics fails some students

    Phonics programs often require memorizing word families in word lists. This works well for some children: Research shows that “decoding” strategies such as phonics can support low-achieving readers and learners with dyslexia.

    However, some students may struggle with explicit phonics instruction, particularly the growing population of neurodivergent learners with autism spectrum disorder or attention deficit hyperactivity disorder. These students learn and interact differently than their mainstream peers in school and in society. And they tend to have different strengths and challenges when it comes to word recognition, reading fluency and comprehension.

    This was the case with my own child. He had been a proficient reader from an early age, but struggles emerged when his school adopted a phonics program to balance out its regular curriculum, a flexible literature-based curriculum called Daily 5 that prioritizes reading fluency and comprehension.

    I worked with his first grade teacher to mitigate these challenges. But I realized that his real reading proficiency would likely not have been detected if the school had taught almost exclusively phonics-based reading lessons.

    Another weakness of phonics, in my experience, is that it teaches reading in a way that is disconnected from authentic reading experiences. Phonics often directs children to identify short vowel sounds in word lists, rather than encounter them in colorful stories. Evidence shows that exposing children to fun, interesting literature promotes deep comprehension.

    Balanced literacy

    To support different learning styles, educators can teach reading in multiple ways. This is called balanced literacy, and for decades it was a mainstay in teacher preparation and in classrooms.

    Balanced literacy prompts children to learn words encountered in authentic literature during guided, teacher-led read-alouds – versus learning how to decode words in word lists. Teachers use multiple strategies to promote reading acquisition, such as blending the letter sounds in words to support “decoding” while reading.

    Another balanced literacy strategy that teachers can apply in phonics-based strategies while reading aloud is called “rhyming word recognition.” The rhyming word strategy is especially effective with stories whose rhymes contribute to the deeper meaning of the story, such as Marc Brown’s “Arthur in a Pickle.”

    The rhyming structure of ‘Arthur in a Pickle’ helps children learn to read entire words, versus word parts.

    After reading, teachers may have learners arrange letter cards to form words, then tap the letter cards while saying and blending each sound to form the word. Similar phonics strategies include tracing and writing letters to form words that were encountered during reading.

    There is no one right way to teach literacy in a developmentally appropriate, balanced literacy framework. There are as many ways as there are students.

    What a truly balanced curriculum looks like

    The push for the phonics-based component of the science of reading is a response to the discrediting of the Lucy Calkins Reading Project, a balanced literacy approach that uses what’s called “cueing” to teach young readers. Teachers “cue” students to recognize words with corresponding pictures and promote guessing unfamiliar words while reading based on context clues.

    A 2024 class action lawsuit filed by Massachusetts families claimed that this faulty curriculum and another cueing-based approach called Fountas & Pinnell had failed readers for four decades, in part because they neglect scientifically backed phonics instruction.

    But this allegation overlooks evidence that the Calkins curriculum worked for children who were taught basic reading skills at home. And a 2021 study in Georgia found modest student achievement gains of 2% in English Language Arts test scores among fourth graders taught with the Lucy Calkins method.

    Nor is the method unscientific. Using picture cues with corresponding words is supported by the predictable language theory of literacy.

    This approach is evident in Eric Carle’s popular children’s books. Stories such as the “Very Hungry Caterpillar” and “Brown Bear, Brown Bear What do you See?” have vibrant illustrations of animals and colors that correspond with the text. The pictures support children in learning whole words and repetitive phrases, suchg as, “But he was still hungry.”

    Teacher-led read-alouds have been a mainstay learn-to-read activity in U.S. classrooms for decades.
    H. Armstrong Roberts/ClassicStock/Getty Images

    The intention here is for learners to acquire words in the context of engaging literature. But critics of Calkins contend that “cueing” during reading is a guessing game. They say readers are not learning the fundamentals necessary to identify sounds and word families on their way to decoding entire words and sentences.

    As a result, schools across the country are replacing traditional learn-to-read activities tied to balanced literacy approaches with the science of reading. Since its inception in 2013, the phonics-based curriculum has been adopted by 40 states and the Disctrict of Columbia.

    Recommendations for parents, educators and policymakers

    The most scientific way to teach reading, in my opinion, is by not applying the same rigid rules to every child. The best instruction meets students where they are, not where they should be.

    Here are five evidence-based tips to promote reading for all readers that combine phonics, balanced literacy and other methods.

    1. Maintain the home-school connection. When schools send kids home with developmentally appropriate books and strategies, it encourages parents to practice reading at home with their kids and develop their oral reading fluency. Ideally, reading materials include features that support a diversity of learning strategies, including text, pictures with corresponding words and predictable language.

    2. Embrace all reading. Academic texts aren’t the only kind of reading parents and teachers should encourage. Children who see menus, magazines and other print materials at home also acquire new literacy skills.

    3. Make phonics fun. Phonics instruction can teach kids to decode words, but the content is not particularly memorable. I encourage teachers to teach phonics on words that are embedded in stories and texts that children absolutely love.

    4. Pick a series. High-quality children’s literature promotes early literacy achievement. Texts that become increasingly more complex as readers advance, such as the “Arthur” step-into-reading series, are especially helpful in developing reading comprehension. As readers progress through more complex picture books, caregivers and teachers should read aloud the “Arthur” novels until children can read them independently. Additional popular series that grow with readers include “Otis,” “Olivia,” “Fancy Nancy” and “Berenstain Bears.”

    5. Tutoring works. Some readers will struggle despite teachers’ and parents’ best efforts. In these cases, intensive, high-impact tutoring can help. Sending students to one session a week of at least 30 minutes is well documented to help readers who’ve fallen behind catch up to their peers. Many nonprofit organizations, community centers and colleges offer high-impact tutoring.

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

    – ref. How do children learn to read? This literacy expert says ‘there are as many ways as there are students’ – https://theconversation.com/how-do-children-learn-to-read-this-literacy-expert-says-there-are-as-many-ways-as-there-are-students-246468

    MIL OSI – Global Reports –

  • MIL-OSI Global: US colleges and universities have billions stashed away in endowments − a higher ed finance expert explains what they are

    Source: The Conversation – USA – By Todd L. Ely, Associate Professor of Public Administration; Director, Center for Local Government, University of Colorado Denver

    Prospective students tour Georgetown University’s campus in Washington in 2013. AP Photo/Jacquelyn Martin

    With the Trump administration seeking to cut federal funding for colleges and universities, you might be wondering whether the endowments of these institutions of higher education might be able to fill those gaps. Todd L. Ely, a professor of public administration at the University of Colorado Denver, explains what endowments are and the constraints placed on them.

    What’s an endowment?

    Endowments are pools of financial investments that belong to a nonprofit. These assets produce a revenue stream, typically from dividends, interest and realized capital gains. The funds endowments hold usually originate as charitable donations made to support an institution’s mission.

    In most cases with higher education endowments, this wealth, which helps buoy a nonprofit’s budget, is supposed to last forever.

    Contributions to endowments are tax-deductible for donors who itemize their tax returns. Once these funds are invested, they grow generally tax-free. But beginning in 2018, the federal government imposed a 1.4% excise tax on dozens of higher education institutions with relatively large endowments.

    Few colleges or universities have a single endowment fund.

    That’s because the donors who provide gifts large and small to the school over the years direct their donations to different funds reserved for specific purposes.

    Harvard University’s endowment, worth $53.2 billion at the end of its 2024 fiscal year, for example, consists of roughly 14,600 distinct funds.

    All told, money distributed from endowments covered more than 15%, on average, of college and university operating expenses in 2024. Some of America’s institutions of higher education, however, lean much more heavily than that on their endowments to pay their bills.

    People pose for photos in front of the iconic Tommy Trojan statue on the campus of the University of Southern California in Los Angeles in 2019.
    AP Photo/Reed Saxon

    How do endowments influence higher education?

    Endowments can serve multiple purposes.

    In 2024, nearly half of all higher education spending paid for with endowment revenue funded scholarships and other kinds of aid for students, while almost 18% supported academic programs. Just under 11% paid for professors’ compensation, and almost 7% helped pay for running and maintaining campus facilities.

    More broadly, endowments can help shield schools from financial hardships and maintain their long-term reputations.

    When they’re set up to carry on in perpetuity, endowments must benefit both current and future generations. So when donors give to an endowment, they are arguably investing in the long-term viability of the institution.

    This long-term focus suggests that endowments aren’t just rainy-day funds or financial reserves.

    Why can’t endowment funds be spent freely?

    At the end of the 2023 fiscal year, U.S. higher education endowments held a total of more than $907 billion. That is a lot of money, but it’s still less than the combined wealth of America’s five richest people.

    Like individual wealth, endowment assets are heavily concentrated in the U.S.

    Many colleges and universities have small or no endowments. Nearly 60% of them total less than $50 million. The top 25, which includes several public universities in states such as Michigan and Texas, account for more than half of all endowment assets.

    And even when schools have large endowments, the individual funds that compose them are bound by a wide array of restrictions. Some of that money can be spent however the school would like. Other funds are dedicated to a clearly defined purpose.

    When endowment funds are restricted, the school gets little discretion in how to spend them.

    At Harvard, for example, there’s a Hollis Professorship of Divinity at Harvard University. It was established in 1721 through a gift from a London merchant. Based on the terms of that long-ago donation, the earnings and growth of the donated funds continue to honor the donor’s intent by supporting the position, regardless of what the university needs.

    Alternatively, endowments may receive donations that are temporarily restricted. Known as “term” endowments, the assets they hold can be used once donor-imposed conditions are fulfilled.

    Institutions frequently designate some of their unrestricted funds as “quasi” endowments, usually earmarked for specific strategic purposes. This board-designated quasi-endowment does not carry legal restrictions and can be spent more freely.

    About 40% of higher education endowment assets are subject to permanent restrictions, 30% are temporarily restricted, and 29% are reserved for quasi-endowment use.

    People walk past the Ray and Maria Stata Center on the campus of the Massachusetts Institute of Technology in 2019.
    AP Photo/Steven Senne

    How are decisions over endowment funds made?

    The decision-making authority over endowments typically rests with a college or university’s governing board. Those boards establish endowment payout policies that guide how much of the endowment and its earnings can be spent each year, while attempting to preserve the purchasing power of the investments over the long term.

    The policies take expectations regarding investment earnings and inflation into account, while smoothing annual payouts by using a percentage of the value of the endowment over multiple years as opposed to a single point in time. This payout tends to amount to about 5% of all assets. That share averaged 4.8% in 2024.

    U.S. institutions of higher education spent nearly $35.5 billion derived from their endowments in the 2023 fiscal year.

    Colleges and universities that depend more heavily on their endowment funds to cover their current obligations may choose to invest more conservatively. In recent years, many higher education endowments have obtained more complex investments, such as private equity, real assets and stakes in hedge funds.

    Endowments of nonprofit colleges and universities are also governed in most states by a state law known as the Uniform Prudent Management of Institutional Funds Act. This law encourages cautious investments and restrained spending.

    These restrictions mean that annual payouts are generally modest. That leaves endowments ill-equipped to respond to abrupt and large shifts in their funding needs.

    The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.

    Todd Ely works for a university that has an endowment and receives federal research funding.

    – ref. US colleges and universities have billions stashed away in endowments − a higher ed finance expert explains what they are – https://theconversation.com/us-colleges-and-universities-have-billions-stashed-away-in-endowments-a-higher-ed-finance-expert-explains-what-they-are-254872

    MIL OSI – Global Reports –

  • MIL-OSI Global: Alaska, rich in petroleum, faces an energy shortage

    Source: The Conversation – USA – By Brett Watson, Assistant Professor of Applied and Natural Resource Economics, University of Alaska Anchorage

    The Trans-Alaska Pipeline crosses underneath the Dalton Highway, carrying crude oil from the North Slope to a port in Valdez. Lance King/Getty Images

    In the state with the fourth-largest proven reserves of oil and gas in the U.S., there is a looming energy shortage.

    Above the Arctic Circle, oil producers on Alaska’s North Slope send an average of 465,000 barrels of crude oil south each day for shipping to refineries and users around the country and the world.

    But in south-central Alaska – Anchorage and the surrounding region, home to 63% of the state’s population – utility companies are warning they may not have enough natural gas from current sources to keep the power and heat on without interruption.

    As a professor at the University of Alaska Anchorage who studies the economics of natural resources, I can see this apparent contradiction has a straightforward cause but no simple solution.

    Oil facilities in Prudhoe Bay on the North Slope, photographed March 28, 2002.
    Simon Bruty/Anychance/Getty Images

    Declining oil production

    The North Slope region once produced nearly 2 million barrels of oil per day at its peak in the 1980s. Every barrel is transported via the 800-mile Trans-Alaska Pipeline System to the port of Valdez, where it is loaded onto tanker ships.

    The state government collects significant taxes and royalties on oil production. For decades, oil revenue allowed the state to fund all government spending without imposing broad-based income, sales or property taxes. At the height of the oil boom, there was so much money that Alaska established a wealth fund, now valued at over US$80 billion, and began distributing dividends to every resident.

    But the Trans-Alaska Pipeline is designed to carry oil, not natural gas. A state law prevents producers from burning off excess gas, or flaring, as happens in many fields. With nowhere to send it, gas extracted from Alaska’s oil fields is reinjected into the ground to boost well pressure and push more oil out.

    Significant natural gas potential

    Alaska’s gas reserves are significant. State estimates suggest the North Slope has about 35 trillion cubic feet of proven reserves. That’s almost as much natural gas as the U.S. as a whole produced in 2023.

    But that is just the beginning: The North Slope also has the potential for another 200 trillion cubic feet that remains undiscovered. And improving technologies and techniques may be able to extract another 590 trillion cubic feet, according to the Alaska Gasline Development Corp., a company owned by the state of Alaska that is trying develop a project to extract and sell the state’s natural gas.

    As oil production declines and prices remain uncertain, selling gas could provide a different stream of revenue for the state, potentially providing billions of dollars.

    The 800-mile problem

    For decades, there have been numerous proposals to develop Alaska’s gas. State agencies and the petroleum industry have collectively spent hundreds of millions of dollars on this effort.

    The concept that’s closest to reality is Alaska Gasline Development Corp.’s proposal to build a plant on the North Slope to remove gas impurities, a liquefaction plant near Anchorage that could export 20 million tons of liquefied gas each year – around a trillion cubic feet – and an 807-mile pipeline to connect the two.

    The cost is expected to be significant: The corporation’s own estimate is that it would cost $44 billion. But that number was developed before the construction sector saw significant inflation in 2022. An engineering study due for release in late 2025 will provide a more updated figure. Alaskans remember that the Trans-Alaska Pipeline ended up costing 25% more than projected.

    Since his first day in office, President Donald Trump has touted this pipeline as part of efforts to expand the nation’s production of fossil fuels. He told a joint session of Congress it was a near-ready project, with Japan and South Korea ready to invest “trillions of dollars each.” In February 2025, he stood alongside Japanese Prime Minister Shigeru Ishiba to announce a “joint venture” to develop the pipeline project, but no specific details have been announced.

    Winter in Alaska means deep cold and lots of snow.
    AP Photo/Mark Thiessen

    2 expensive options

    There is a growing need to address Alaska’s domestic energy shortfall.

    South-central Alaska relies on natural gas for more than 70% of its electric and heating needs. But the gas reserves closest to Anchorage, in the Cook Inlet, which have provided energy to the area since the 1960s, are dwindling, and prices are rising. In 2005, wholesale gas prices were $3.75 per 1,000 cubic feet of natural gas. By 2024, the price had more than doubled, to $8.75. By contrast, the rest of the U.S. has seen natural gas prices cut in half over that period, thanks in part to horizontal drilling and hydraulic fracturing, also known as fracking.

    In 2022, Hilcorp, the company responsible for roughly 85% of the Cook Inlet gas production, reported that by 2027 it might not be able to supply enough gas for utilities that serve the region.

    Solutions other than the pipeline are also slow and expensive. Local utilities estimate that improving energy efficiency and developing renewable power could reduce gas demand by around 10% over the next several years and by as much as 15% after a decade. But retrofitting the area’s aging and energy-inefficient homes will not be fast or cheap.

    More than just economics

    What remains for Alaska are two main options: get gas from the North Slope to Anchorage, or import liquefied gas from the global market.

    Building the pipeline could both meet the needs of Alaska’s people and bring in money from global sales – though how much revenue depends on how global gas markets change over time and how competitive Alaska gas prices would be relative to other suppliers.

    Any delays from financial, legal, technical or environmental challenges would balloon costs. But if it succeeded, Anchorage-area customers could see prices drop as low as $2.23 per 1,000 cubic feet – a 75% drop from current prices and 40% lower than in 2005. The savings could significantly bolster the region’s economy.

    Importing is a costly option. A study commissioned by the Alaska Legislature found that imported gas would cost $13.72 per 1,000 cubic feet. That’s 60% more than current prices and especially burdensome for Alaska families and businesses, which already pay far higher energy bills than typical American customers.

    Beyond the economic questions, there’s something symbolic at stake: the state’s identity. Could a state synonymous with energy production become an energy importer? Many Alaskans see the prospect as an embarrassing paradox – akin to Hawaii importing pineapples or New Mexico importing green chiles.

    Independence and globalization

    Alaska is not alone in grappling with the tension between energy self-sufficiency and economic efficiency.

    Across the U.S., states rich in resources have wrestled with the question of whether to prioritize local production or integrate into global markets. Texas produces more oil than any other state, yet it continues to import crude oil due to mismatches between its production and refining capacity.

    Shaped by globalization, few regions can truly isolate themselves from market forces. Energy production and consumption are increasingly interconnected, meaning pursuit of local self-sufficiency comes at a steep economic cost. That’s the question facing Alaska: whether to invest in domestic infrastructure to maintain energy independence, or embrace the flexibility – and potentially lower cost – of global markets.

    Brett Watson receives funding from First National Bank Alaska to conduct research on the Alaska economy, including energy issues. He has previously received funding from Power the Future for work on Alaska mineral issues.

    – ref. Alaska, rich in petroleum, faces an energy shortage – https://theconversation.com/alaska-rich-in-petroleum-faces-an-energy-shortage-254903

    MIL OSI – Global Reports –

  • MIL-OSI Global: Pope Francis’ death right after Easter sounds miraculous – but patients and caregivers often work together to delay dying

    Source: The Conversation – USA – By Michelle Riba, Clinical Professor of Psychiatry, University of Michigan

    Pope Francis died after celebrating Easter with his congregants. AP Photo/Gregorio Borgia

    On the morning of Easter Monday, after his final public address the day prior, Pope Francis died at age 88, closing 12 years of leading the Catholic Church. He joins the phenomena of people “holding on” until after an anticipated date or event, such as the holidays or a birthday, before dying.

    It sometimes seems like some patients are able to stay alive out of sheer willpower. But for many people, behind the scenes are a village of people and an ongoing series of conversations that help patients be able to celebrate their child’s graduation or travel to a place they’ve always wanted to go.

    We asked Dr. Michelle Riba, director of the psycho-oncology program at the University of Michigan Rogel Cancer Center, to explain how meaning matters just as much as medicine at the end of life.

    What factors come into play at the end of life?

    Psychosocial factors that affect a person’s mental health and well-being – such as stress, social support, depression and anxiety, and socioeconomic status – play an important part of all parts of life, but especially at the end of life. End of life refers to the days, weeks or months after somebody is told that they have a disease that can be fatal.

    Questions about meaning and what’s important to a patient and their family are important at all times. But when somebody is diagnosed with a grave illness, these questions become particularly important to acknowledge in medical conversations. As many doctors like to say, patients aren’t the disease, they have a disease.

    We want to give patients control about how they want to live their lives in the most meaningful way, especially at the end. And this includes how they want to use their time, energy and resources, who they want to spend their time with and where they want to be.

    How does the ‘will to live’ affect treatment and survival?

    There was a new movement starting in the 1960s to 1970s that believed a person’s attitude and outlook on life could affect their health and longevity. People like minister Norman Vincent Peale promoted the idea that a positive mindset could help improve outcomes. Psychologist Martin Seligman developed the field of positive psychology that focused on subjective well-being by promoting resilience and human flourishing. The idea that you could do better if you were optimistic resonated with many people, including physicians.

    Then surgeon Bernie Siegel proposed the specific idea that staying positive after a cancer diagnosis could extend your life, and that became a major focus of the movement. However, there was little to no data to support his claims. The studies researchers conducted to figure out whether it was true that people who were more positive lived longer or had a lower prevalence of cancer than those who did not were either flawed or did not consistently show this effect.

    Eventually Siegel’s ideas were disproved. But for a long time, they affected how patients felt about themselves and how their families addressed illness. My own patients would tell me, “How can I be positive? I can’t eat, I’m in pain and I’m sick.” They felt guilty that they couldn’t feel positive and optimistic, and that caused extra stress and reduced their quality of life.

    Learning about what matters most to a patient requires asking them.
    FG Trade/E+ via Getty Images

    Additionally, the social determinants of health – such as a patient’s environment, race, education and wealth – are also very important to their health and longevity. Having a good social life, money and not being discriminated against makes it easier to stay positive and do better in life. During the COVID-19 pandemic, people were less likely to do well if you didn’t have money, or if you were a certain race.

    Research shows that patients who have severe mental illness such as schizophrenia and bipolar disorder often live about 20 years less than somebody who doesn’t. And it’s not just because of the disease. Having a severe mental illness means that you probably can’t work, you probably don’t have financial means, and you may not have family support.

    How can doctors help patients feel like they have more control?

    In studying how patients could feel more confident, physicians like me realized that having control over their destiny, if you will, didn’t necessarily mean patients had to stay positive. Rather, it meant understanding the things that gave them joy and meaning before their diagnosis, and how clinicians could help them continue to do these things.

    For example, a patient who could no longer work because of their cancer or their treatments might miss their sense of routine. Working with them to make a schedule of all their medical appointments and enjoyable activities might help them take control over their days. The structure may provide meaning and help them cope better.

    A marathon runner who loses their ability to balance due to a brain tumor is another example. If this patient found meaning and pleasure in running but could no longer run, what could we do to help them regain some of this joy? This might look like starting physical therapy and rehab, or finding alternative activities they can do.

    If going to their place of worship is important to a patient but they’re no longer able to, we could see if their rabbi, imam or minister could see them at their home.

    Additionally, helping patients continue doing what’s meaningful for them also gives them hope. It helps them know that their physicians feel they’re worth doing that for, and that there’s a life beyond cancer treatment.

    How do a patient’s goals factor into their treatment plan?

    When doctors give patients hope, patients tend to have better outcomes. That doesn’t mean we’re telling patients something false, or that they’re going to live a longer time. Rather, doctors can help patients improve or maintain their quality of life and achieve certain goals.

    For example, a patient may be thinking of attending their child’s graduation two months from now. Their care team can talk to them about how they might be able to do this, or think of other ways they can celebrate.

    Feeling supported during a serious illness can make a big difference.
    Joshua Hoehne/Unsplash, CC BY-SA

    My mother passed away from cancer a month after I graduated high school. I remember she couldn’t participate in a lot of senior prom activities, like helping me get a dress or do my hair. But my date and I and another couple were allowed to go to her hospital room just before the prom so she could see us all dressed up. And it was one of the most meaningful moments of my life. Though she couldn’t be there for graduation or all the other preparations and celebrations, it mattered to my mother and me that she was able to see my friends and me before prom. Also, very meaningfully, my friends were so kind and thoughtful to make that effort on our behalf.

    There have been observations that some patients with terminal illness manage to hold on until after a certain holiday or date. A 1988 study found that the number of Jewish people who died before Passover was lower than expected, and the number of deaths after Passover was higher than expected. While this study had flaws and limitations, other researchers have made similar observations for deaths for specific groups after holidays like Christmas, the Mid-Autumn Festival and birthdays.

    But these studies don’t address whether those specific holidays were actually what these patients really cared about. It may be that people made it through something else important to them. It may be that they were able to be with the people they loved at the end. It may be something else entirely. We don’t really know what’s important for someone unless we ask.

    Allowing patients and their families to think about what matters most to them and how we can help them achieve their goals is part of our job as physicians.

    How do you balance a patient’s medical care with their goals?

    Being diagnosed with a terminal illness can be a traumatic event. Patients often can remember where and when they heard the news about a certain illness or scan or problem. How to help people process, understand and live with this to the best of their ability is really the key to having the best quality of life. This means giving them choices and helping them see some ways to address it for themselves and their families.

    Sometimes that can be really hard. For patients who really want to travel somewhere, we might figure out a way to defer specific treatments or procedures, or set up appointments for them to be done at the local hospital or clinic. But there’s not much we can do for a patient who wants to attend their young child’s wedding when that won’t be for decades in the future. The medical team does everything it can within reason, and it tries to make sure the patients and their loved ones understand the risks and benefits.

    Receiving bad news can be a traumatic event.
    Maskot/DigitalVision via Getty Images

    Doctors and patients may also have different goals that can be difficult to meet at the same time. Figuring out how to juggle these agendas and listening to each other during these conversations can be challenging but important.

    Everybody is trying to do what they think is right and best for the patient. This means taking care of the whole person, not just the disease. Whether that means reaching a certain holiday or special event, or just gathering together with the people they love, taking the time and effort to understand what is important for the patient and their family is key to good care.

    Michelle Riba chairs the National Comprehensive Cancer Network Distress Guidelines.

    – ref. Pope Francis’ death right after Easter sounds miraculous – but patients and caregivers often work together to delay dying – https://theconversation.com/pope-francis-death-right-after-easter-sounds-miraculous-but-patients-and-caregivers-often-work-together-to-delay-dying-254970

    MIL OSI – Global Reports –

  • MIL-OSI Global: Gratitude comes with benefits − a social psychologist explains how to practice it when times are stressful

    Source: The Conversation – USA – By Monica Y. Bartlett, Professor of Psychology, Gonzaga University

    If the concept of journaling feels daunting, perhaps just call it a gratitude list. Karl Tapales/Moment via Getty Images

    A lot has been written about gratitude over the past two decades and how we ought to be feeling it. There is advice for journaling and a plethora of purchasing options for gratitude notebooks and diaries. And research has consistently pointed to the health and relationship benefits of the fairly simple and cost-effective practice of cultivating gratitude.

    Yet, Americans are living in a very stressful time, worried about their financial situation and the current political upheaval.

    How then do we practice gratitude during such times?

    I am a social psychologist who runs the Positive Emotion and Social Behavior Lab at Gonzaga University. I teach courses focused on resilience and human flourishing. I have researched and taught about gratitude for 18 years.

    At the best of times, awareness of the positive may require more effort than noticing the negative, let alone in times of heightened distress. There are, however, two simple ways to work on this.

    Expressions of gratitude can take many different forms.
    Lighthouse Films/DigitalVision via Getty Images

    Gratitude doesn’t always come easily

    Generally, negative information captures attention more readily than the positive. This disparity is so potent that it’s called the negativity bias. Researchers argue that this is an evolutionary adaptation: Being vigilant for life’s harms was essential for survival.

    Yet, this means that noticing the kindnesses of others or the beauty the world has to offer may go unnoticed or forgotten by the end of the day. That is to our detriment.

    Gratitude is experienced as a positive emotion. It results from noticing that others − including friends and family certainly, but also strangers, a higher power or the planet − have provided assistance or given something of value such as friendship or financial support. By definition, gratitude is focused on others’ care or on entities outside of oneself. It is not about one’s own accomplishments or luck.

    When we feel gratitude toward something or someone, it can increase well-being and happiness and relationship satisfaction, as well as lower depression.

    Thus, it may assist in counteracting the negativity bias by helping us find and remember the good that others are doing for us every day − the good that we may lose sight of in the best of times, let alone in times when Americans are deeply stressed.

    We feel gratitude more easily when we notice the good that others have brought into our lives.
    Catherine Falls Commercial/Moment via Getty Images

    How to practice gratitude

    Research has shown that some people are naturally more grateful than others.

    But it’s also clear that gratitude can be cultivated through practice. People can improve their ability to notice and feel this positive emotion.

    One way to do this is to try a gratitude journal. Or, if the idea of journaling is daunting or annoying, perhaps call it a daily list instead. If you have given this a try and dislike it, skip to the second method below.

    Gratitude lists are designed to create a habit in which you scan your day looking for the positive outcomes that others have brought into your life, no matter how small. Writing down several experiences each day that went well because of others may make these positive events more visible to you and more memorable by the end of the day − thus, boosting gratitude and its accompanying benefits.

    While the negative news − “The stock market is down again!” “How are tariffs going to affect my financial security?” − is clearly drawing attention, a gratitude list is meant to help highlight the positive so that it doesn’t go overlooked.

    The negative doesn’t need help gaining attention, but the positive might.

    A second method for practicing gratitude is expressing that gratitude to others. This can look like writing a letter of gratitude and delivering it to someone who has made a positive impact in your life.

    When my students do this exercise, it often results in touching interactions. For instance, my college students often write to high school mentors, and those adults are regularly moved to tears to learn of the positive impact they had. Expressing gratitude in work settings can boost employees’ sense of social worth.

    In a world that may currently feel bleak, a letter of gratitude may not only help the writer recognize the good of others but also let others know that they are making a beautiful difference in the world.

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

    – ref. Gratitude comes with benefits − a social psychologist explains how to practice it when times are stressful – https://theconversation.com/gratitude-comes-with-benefits-a-social-psychologist-explains-how-to-practice-it-when-times-are-stressful-250882

    MIL OSI – Global Reports –

  • MIL-OSI Security: Final Defendant Sentenced in Organized Retail Crime Scheme

    Source: Office of United States Attorneys

    CHARLESTON, S.C. — Anthony Wilson, 42, of Florence, has been sentenced to 36 months in federal prison after pleading guilty to his role in defrauding a chain of home improvement stores.

    The investigation revealed that Wilson, and a known coconspirator, Caleb Hood, would steal items from a home improvement chain store located within the District of South Carolina, and elsewhere, and would then take the items to the counter, claim he wanted to return the item but did not have a receipt and would accept store credit on a merchandise card.  The investigation further revealed that Wilson and his known coconspirators would use fraudulent means of identification during the return process. Once Wilson and coconspirators had received the merchandise cards, he would either sell the cards to others or make in-store purchases with the fraudulently obtained cards.

    As for Wilson’s role in the conspiracy, the evidence revealed that he fraudulently obtained $122,828 in merchandise cards.

    The investigation into Wilson and Hood led to the discovery of three more co-conspirators who would purchase the merchandise cards from Wilson and Hood. Those three men have pleaded guilty and received the following sentences:

    James Hoffman, 48, of McBee, was sentenced to five years of probation and restitution in the amount of $80,000.

    Donovan Young, 60, of Hartsville, was sentenced to five years of probation. He was also ordered to pay a fine in the amount of $75,000, and restitution in the amount of $75,000.

    Aaron Young, 35, of Florence, was sentenced to four months in federal prison. He was also ordered to pay a fine in the amount of $75,000, and restitution in the amount of $75,000.

    “We’re grateful for the several law enforcement agencies that worked with this home improvement store to unravel this organized retail fraud scheme,” said Brook Andrews, Acting U.S. Attorney for the District of South Carolina. “The defendants clearly believed they had everyone fooled. Turns out it’s pretty hard to fool the Secret Service.”

    “This investigation highlights the value of cooperation between the U.S. Secret Service, local law enforcement, and the private sector. These sentencings serve as a sobering reminder of the consequences faced by those who defraud businesses and individuals in our state,” said Charles Leopard, Special Agent in Charge of the Secret Service Columbia Field Office. “I appreciate the commitment our South Carolina partners, especially the U.S. Attorney’s Office, Charleston Police Department, Florence County Sheriff’s Office, and the home improvement’s stores investigations team.”

    United States District Richard M. Gergel sentenced Wilson to 36 months imprisonment and ordered to pay the loss amount of $122,828 in restitution. There is no parole in the federal system.

    Hood received a 48-month sentence in May 2023 and was ordered to pay $202,659 in restitution.

    This case was investigated by the United States Secret Service, Charleston Police Department, and the Florence County Sheriff’s Office. Assistant U.S. Attorney Amy Bower is prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI Economics: Where Did Smart Home Hubs Go? Everywhere!

    Source: Samsung

    Not long ago, setting up a smart home meant buying a separate hub, plugging it in, and hoping it would work with all your devices. Hubs were the essential link, helping smart lights, locks, thermostats, and more to communicate seamlessly. They were also often a separate device you needed to choose and buy, find a spare power and network cable for, and set up and maintain. Today, thanks to Samsung’s Hub Everywhere strategy, hubs aren’t just little boxes anymore—they’re built right into the devices you already use every day.
    Your Smart Home Hub Might Already Be Here
    Samsung makes starting and growing your smart home easier by building smart home hubs directly into many of its products. That means your Samsung TV, Smart Monitor, Family Hub refrigerator, or Sound Bar could already be a smart home hub—ready to connect and control devices without the need to buy and set up another device.
    For those who prefer a standalone hub, SmartThings Hubs are still available. But for many, Samsung’s Hub Everywhere strategy is making smart home adoption more seamless than ever.

    What is a Smart Home Hub, and Why Does It Matter?
    A smart home hub acts as the translator and coordinator for your smart devices. Different smart home products use different communication methods—such as Zigbee, Z-Wave, Thread, Matter, Wi-Fi, or Bluetooth. A hub allows them to work together, enabling automations, remote control, and a more cohesive smart home experience.
    Think of a hub as the conductor of your smart home orchestra, keeping things coordinated so your lights dim, doors lock, and thermostat adjusts exactly when and how you want—without you needing to manage each device separately.
    And as the smart home industry moves toward Matter, the universal smart home standard, compatibility between brands and products will only get better—making built-in hubs even more valuable.

    A Smarter Approach to Smart Homes
    In the early days, standalone hubs were the only option. But now, with hubs integrated into your Samsung devices, this means:
    No extra setup – Your smart home hub is already built into your TV, fridge, or monitor, no extra cables or power required. When a hub is available in a Samsung TV, the option to enable will instantly pop up to set up through the SmartThings App.
    Onboard your TV Hub in less than a minute: Walk through the easy steps to onboard the built-in hub on your new TV from the first time you power it on.
    No added cost – You don’t need to buy a separate device to connect your smart home.
    Easier to start your smart home – More people can experience a fully connected home without the hassle of additional hardware.
    Do You Already Have a Smart Home Hub?
    If you’ve purchased a Samsung TV, monitor, or appliance in the past few years, there’s a good chance you already have a built-in SmartThings hub. In fact you might have multiple hubs, which can improve coverage and performance in larger homes. Learn more about how multiple hubs can work together here.
    Not sure if your Samsung device has a Hub built in? Check out our handy guide below to find your model number!
    Get started with your SmartThings hub by adding it to your SmartThings app today!

    MIL OSI Economics –

  • MIL-OSI Global: Pope Francis’s death reveals a hidden truth about public grief

    Source: The Conversation – UK – By Tony Milligan, Research Fellow in the Philosophy of Ethics, King’s College London

    People pay tribute to Pope Francis in the Cathedral of Se, after his death was announced by the Vatican, in Sao Paulo, Brazil, April 21, 2025. Cris Faga/Shutterstock

    When a significant international public figure like Pope Francis dies, the world seems to pause. Tributes pour in, flags lower, candles flicker in city squares. The sadness is palpable. But is this real grief, or something else entirely?

    Widespread mourning can look and feel genuine. And in many ways, it is. Most people aren’t faking their sorrow. But public grief often lacks depth and duration – it fades almost as quickly as it appears.

    For those who knew Francis personally, the loss will be profound and lasting. For the rest of us, we are witnesses to the passing of a beloved figure, not mourners in the intimate sense.

    The world saw this after the deaths of Princess Diana and Pope John Paul II. Both were enormously popular and the global reaction was immense. Yet, weeks after their funerals, the emotional tide began to recede.

    This time, the public response to Pope Francis feels more restrained. Less swept away by the moment. Less inclined toward what some psychologists refer to as false emotion – emotions that appear sincere but don’t reflect deep personal experience.

    Partly, this is due to Pope Francis himself. He was not one for drama. Partly, it’s a quiet recognition: feeling sad about his death is not the same as being grief-stricken.

    Still, the absence of a one-to-one relationship doesn’t necessarily make our feelings inauthentic. Millions may grieve for Francis without having met him. For devout Catholics and others inspired by his leadership, he was a symbol of hope, a voice for justice, humility and reform within an often troubled institution.

    His life carried a transformative power, and for those who pinned their hopes on him – on what he represented – his passing may leave a genuine and lasting void. That looks a lot like real grief.

    Longing and hope

    Every Catholic I’ve ever known has had a “favourite pope.” The new one rarely feels the same. That attachment, though deeply symbolic, is emotionally real.

    My father used to tell a story – likely embellished – about growing up in a Catholic neighbourhood in Bridgeton in the east end of Glasgow. When a neighbour’s home caught fire, she pleaded with firemen: “Save him! Save my darlin’!” They rushed in, expecting a person. All they found was a picture of the pope.

    Even if exaggerated, the point holds: people feel a real longing for these figures. And that’s what grief is, in essence – a yearning for the impossible return of someone we’ve lost. It’s not just sadness. It’s the ache of a love that can no longer be reciprocated.

    Priests who experience crises of faith describe something similar – a desire to return to a state of belief that now feels unreachable. It’s not just about loss; it’s about longing without resolution.

    But when the new pope is announced, the atmosphere in St Peter’s Square is not one of despair. It’s a return to hope, not an immersion in grief. People may mourn Francis, but they’re also swept up in collective emotion – a desire to be part of history, part of the moment. That sense of unity can be powerful and real, even if it isn’t grief.

    Atheists can feel it as much as believers. We sense it at funerals of people we didn’t really know. We cry because everyone else is crying. Then, days later, we carry on as if nothing happened.

    Impossible desire

    So, what makes false grief false? It’s not deception or performance – it’s the absence of impossible desire. In true grief, we yearn for what can never return. Most of us, when mourning a figure like Pope Francis, may want something – meaning, comfort, community. This is at the heart of what makes a false emotion false, rather than the real thing.

    A false emotion lacks the desire that sits at the heart of its genuine counterpart. In the case of false grief, we may desire something. We usually do. The crowds who gather in St Peter’s Square and those of us who watch events unfold on TV clearly want something. But in most cases we do not have the right kind of impossible desire for our feelings to count as grief. Even if we do think of ourselves as grief stricken, we are mistaken.

    Saying this is not at odds with Francis’s own religious tradition. In his biographical Confessions, St Augustine notoriously claimed that we always want unity with God, and we are restless until we achieve it: “Our heart is restless until it rests in you.”

    But Augustine also claimed that this longing comes disguised as a desire for all sorts of other things: fame, alcohol, intoxication and the warm pleasures of the flesh. Augustine was a little on the puritanical side about these matters, but his idea of disguised longing may be close to the truth.

    The point is that an emotion which presents misleadingly as one thing, may be a real instance of something else. In the case of Pope Francis, this may be this may be closer to spiritual longing rather than actual grief.

    And whether or not we believe in a god, and however we want to describe it, longing of this sort is a deep and familiar experience. One that shifts our attention from object to object, or from one public figure to the next, without ever being satisfied.

    In a sense, this is also the point of having a pope, or rather a succession of popes. It is easier to attach our longings onto someone human than it is to come to grips with deeper and often unmanageable desires.

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

    – ref. Pope Francis’s death reveals a hidden truth about public grief – https://theconversation.com/pope-franciss-death-reveals-a-hidden-truth-about-public-grief-255157

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Competition for filling positions of faculty members

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    In accordance with Article 332 of the Labor Code of the Russian Federation and in connection with the availability of vacant positions of professorial and teaching staff for the 2025/2026 academic year from September 1, 2025, the Saint Petersburg State University of Architecture and Civil Engineering announces a competitive selection to fill the following positions:

    assistant; senior lecturer; associate professor; professor.

    By department:

    architectural and urban planning heritage; architectural design; architectural and building structures; water use and ecology; geodesy, land management and cadastres; geotechnics; urban planning; design of the architectural environment; reinforced concrete and stone structures; computer science; information systems and technologies; history and theory of architecture; history and philosophy; landscape architecture; mathematics; intercultural communication; construction management; metal and wooden structures; ground transport and technological machines; descriptive geometry and engineering graphics; construction organization; jurisprudence; legal regulation of urban planning and transport; drawing; structural mechanics; structural physics, electric power engineering and electrical engineering; forensic examinations; heat and gas supply and ventilation; technical operation of vehicles; construction production technology; technology of building materials and metrology; technosphere safety; transport systems and road and bridge construction; economics of construction and housing and communal services; economic security.

    The term for which an employment contract will be concluded for each of the above-mentioned positions to be filled, corresponding to the term of election by competition, is three years (until August 31, 2028).

    The competition procedure is determined by the order of the Ministry of Science and Higher Education of the Russian Federation dated December 4, 2023 No. 1138 “On approval of the Regulation on the procedure for filling the positions of teaching staff related to the faculty” and “Regulations on the organization and procedure for election by competition to positions of teaching staff at SPbGASU” (approved by the decision of the Academic Council of SPbGASU dated June 27, 2024, protocol No. 6 (as amended on April 24, 2025)).

    The qualification requirements are defined:

    The Unified Qualification Handbook of Positions of Managers, Specialists, and Employees (approved by the Order of the Ministry of Health and Social Development of the Russian Federation dated January 11, 2011, No. 1n); the requirements for passing the competitive selection of the teaching staff of SPbGASU (approved by the decision of the Academic Council of SPbGASU dated June 27, 2024, protocol No. 6).

    To participate in the competitive selection, it is necessary to submit an application electronically through the personal account portal between April 24 and May 26, 2025 (HTTPS: // Portal.SPBGASU.ru/ – for employees of SPbGASU, HTTPS: //Conquispps.SPBGASU.ru/ – for applicants who are not employees of SPbGASU) the following documents:

    an application addressed to the rector of the university; a copy of the higher education document; a copy of the candidate/doctor of science diploma (if any); a copy of the associate professor/professor certificate (if any); documents confirming the length of service in scientific and pedagogical work (a certificate of teaching experience or a copy of the work record book, certified at the place of work) – for applicants who are not full-time employees of SPbGASU; a list of scientific and educational-methodical works for the last three years; consent to the processing of personal data; documents confirming the absence of restrictions on employment in the field of education (certificate of no criminal record).

    The procedure and deadlines for making changes to the terms of the competition, as well as its cancellation:

    Amendments to the terms of the competition, as well as its cancellation, are formalized by order of the rector until May 26, 2025.

    In case of a positive decision of the commission, the originals of the competition documents and educational documents are provided by the competition participant upon conclusion of an employment contract to the Human Resources Department from June 27 to August 31, 2025 at the address: 190005, St. Petersburg, 2-ya Krasnoarmeyskaya St., Bldg. 4, office 125, 126. Tel. 316-42-13.

    The competition will be held in person.

    Place, date and time of the competition: June 25, 2025 at 10:00, St. Petersburg, 2-ya Krasnoarmeyskaya st., bldg. 4, room 216.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Video: Department of State Press Briefing – April 24, 2025 – 2:00 PM

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

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on 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!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: https://www.state.gov/department-email-updates/

    State Department website: https://www.state.gov/
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    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=qYk-DwiAkRs

    MIL OSI Video –

  • MIL-OSI China: 137th Canton Fair draws over 190,000 overseas buyers: commerce ministry

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

    BEIJING, April 24 — The 137th edition of the China Import and Export Fair, also known as the Canton Fair, had attracted more than 190,000 overseas buyers from 218 countries and regions as of midday Thursday, data from the Ministry of Commerce showed.

    The second phase of this edition of the fair kicked off on Wednesday, focusing on the theme of quality home furnishings. At a regular press conference Thursday, ministry spokesperson He Yadong noted that with increasing levels of innovation and eco-friendliness, the projects on display are attracting rising interest from global buyers.

    More than 2,400 exhibitors in this phase are recognized as national-level high-tech enterprises, “little giants” enterprises, or national single champions of manufacturing industry, an increase of 100 companies compared with the same period last year, the spokesperson said.

    “The bustling crowds and vibrant negotiations at the Canton Fair vividly reflect the global businesses’ confidence in China’s economic prospects, providing a strong boost to the country’s foreign trade momentum,” He said.

    This edition of the fair, held in the southern Chinese metropolis of Guangzhou from April 15 to May 5, is organized into three themed phases. The first focused on advanced manufacturing, the second on quality home furnishings, and the third on products that promote a better quality of life.

    MIL OSI China News –

  • MIL-OSI Security: Mill Village — UPDATE: RCMP upgrade charges to Second-Degree Murder

    Source: Royal Canadian Mounted Police

    The Southwest Nova RCMP Major Crime Unit has upgraded a charge to Second-Degree Murder after the death of the victim of an assault in Mill Village.

    On March 28, 2025, at approximately 3:30 a.m., Queens District RCMP and EHS responded to a weapons call at a home on Hwy. 3 in Mill Village. When officers arrived at the scene, they located a man with life-threatening injuries and learned that another man had left in a vehicle. The victim, an 84-year-old man, was transported to hospital by EHS, with injuries consistent with being stabbed.

    At approximately 7:45 a.m., officers located the suspect at home in Voggler’s Cove and he was safely arrested.

    Derek Dominix, age 60, of Mill Village, was subsequently charged with Attempt to Commit Murder and was remanded into custody.

    Original news release here.

    On April 11, 2025, the victim, who had been in the hospital since the incident, died from their injuries. The Nova Scotia Medical Examiner’s Office ruled the death a homicide. The man’s death was the result of intimate partner violence.

    The Southwest Nova RCMP Major Crime Unit has taken carriage of the investigation. On April 22, 2025, the charge of Attempt to Commit Murder that had been laid against Dominix was upgraded to Second-Degree Murder. Dominix remains in custody and will appear in Bridgewater Provincial Court on May 15, 2025, at 9:30 a.m.

    Nova Scotia RCMP encourages anyone experiencing, or at risk of, intimate partner violence to reach out. Support is available across Nova Scotia and can be accessed by dialing 211, calling the provincial toll-free line at 1-855-225-0220, or visiting Nova Scotia 211 online. You can access support anonymously.

    MIL Security OSI –

  • MIL-OSI: Spryker Named 2025 “Ecommerce Solution of the Year” By RetailTech Breakthrough

    Source: GlobeNewswire (MIL-OSI)

    BERLIN and NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Spyker,the leading composable commerce platform for sophisticated use cases in B2B Commerce, Enterprise Marketplaces and IoT Commerce, today announced it has been recognized with the “Ecommerce Solution of the Year” award in the 4th annual RetailTech Breakthrough Awards program. The program is conducted by RetailTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout retail technology companies, products and services around the globe.

    “Retailers and enterprises alike need to iterate fast in today’s volatile markets. With changing customer demands, macroeconomic conditions, and rapidly evolving technology, business agility is essential. A future-proof, composable platform supports retailers as they grow and evolve in these conditions,” said Boris Lokschin, Co-Founder and CEO at Spryker. “We’re proud to accept the ‘Ecommerce Solution of the Year’ award from RetailTech Breakthrough. We’ll continue to offer the most flexible digital commerce experience possible to help businesses build and scale with ease, expand revenue streams, and shorten time-to-value.”

    Retailers can enhance their business agility by embracing composable commerce. This approach allows them to pick and choose solutions and third-party applications most relevant for them, reducing the burden on in-house tech teams while enabling personalized, high-impact customer experiences. By avoiding vendor lock-in and customizing tech stacks, retailers gain the flexibility to innovate and scale efficiently. With Spryker, they can seamlessly expand into new markets, reduce total cost of ownership, and scale up and down as needed.

    Spryker also offers tools and services to empower enterprises to get more from their composable commerce investments and ensure faster ROI. Spryker supports its customers with a best-in-class partner ecosystem, Composable Value Services, and expert and business consulting. Spryker’s Composable Value Services offers a comprehensive set of tools, resources, and expert support, accelerating the path from adoption to achieving business outcomes.

    “Spryker delivers a best-in-class, composable commerce solution that gives retailers the agility, flexibility, and innovation they need to thrive. While traditional platforms promise innovation, they usually force retailers into rigid, monolithic systems,” said Bryan Vaughn, Managing Director, RetailTech Breakthrough. “Spryker makes monolithic platforms a thing of the past. With Spryker, it’s possible to drive business growth and efficiency for better business outcomes. Spryker delivers a truly composable, cloud-native commerce solution built for speed, flexibility, and scalability, giving businesses an unmatched ability to adapt and grow.”

    The mission of the annual RetailTech Breakthrough Awards program is to spotlight and celebrate the global innovators who are transforming the retail technology landscape. The RetailTech Breakthrough Awards program conducts a comprehensive industry analysis of standout leaders and technologies driving innovation and shaping the future of retail. This year’s program received thousands of nominations from more than 14 countries worldwide, reflecting the global momentum and impact of retail technology advancements.

    About Spryker
    Spryker is the leading global composable commerce platform for enterprises with complex use cases to enable growth, innovation, and differentiation. Designed specifically for sophisticated transactional businesses, Spryker’s easy-to-use, headless, API-first model enables businesses to adapt, scale, and quickly go to market while facilitating faster time-to-value throughout their digital transformation journey. As a global platform leader for B2B and B2C Enterprise Marketplaces, IoT Commerce, and Unified Commerce, Spryker has empowered 150+ global enterprise customers worldwide and is trusted by brands such as ALDI, Siemens, ZF Friedrichshafen, and Ricoh. Spryker is a privately held technology company headquartered in Berlin and New York backed by world class investors such as TCV, One Peak, Project A, Cherry Ventures, and Maverick Capital. Learn more at spryker.com and follow Spryker on LinkedIn and X.

    About RetailTech Breakthrough
    Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the RetailTech Breakthrough Awards program is the premier awards and recognition platform devoted to honoring excellence in retail technology companies, services and solutions around the world. The RetailTech Breakthrough Awards provide public recognition for the achievements of retail technology companies and products in categories that include store management, digital displays, checkout automation, workforce tools, smart dressing rooms and more. For more information visit retailtechbreakthrough.com.

    Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/000731e7-17b4-4248-94cb-bdb5064b2c99

    The MIL Network –

  • MIL-OSI: West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025.

    David Nelson, President and Chief Executive Officer of the Company, commented, “In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.”

    David Nelson added, “One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.”

    First Quarter 2025 Financial Highlights
               
      Quarter Ended
    March 31, 2025    		   Quarter Ended
    December 31, 2024    		   Quarter Ended
    March 31, 2024
    Net income (in thousands) $7,842   $7,097   $5,809  
    Return on average equity 13.84%   12.24%   10.63%  
    Return on average assets 0.81%   0.68%   0.61%  
    Efficiency ratio (a non-GAAP measure) 56.37%   60.79%   62.04%  
    Nonperforming assets to total assets 0.00%   0.00%   0.01%  

    First Quarter 2025 Compared to Fourth Quarter 2024 Overview

    • Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans.
    • No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment.
    • The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024.
    • Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve’s reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income.
    • The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio.
    • Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building.

    First Quarter 2025 Compared to First Quarter 2024 Overview

    • Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans.
    • Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth.
    • Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions.

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

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

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

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

    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    CONDENSED BALANCE SHEETS   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets                    
    Cash and due from banks   $ 39,253     $ 28,750     $ 34,157     $ 27,994     $ 27,071  
    Interest-bearing deposits     171,357       214,728       123,646       121,825       120,946  
    Securities available for sale, at fair value     546,619       544,565       597,745       588,452       605,735  
    Federal Home Loan Bank stock, at cost     15,216       15,129       17,195       21,065       26,181  
    Loans     3,016,471       3,004,860       3,021,221       2,998,774       2,980,133  
    Allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Loans, net     2,985,945       2,974,428       2,991,802       2,970,352       2,951,760  
    Premises and equipment, net     110,270       109,985       106,771       101,965       95,880  
    Bank-owned life insurance     45,272       44,990       44,703       44,416       44,138  
    Other assets     72,737       82,416       72,547       89,046       90,981  
    Total assets   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
    Federal funds purchased and other short-term borrowings     —       —       —       85,500       198,500  
    Other borrowings     391,445       392,629       438,814       439,998       441,183  
    Other liabilities     32,833       36,891       35,846       34,812       34,223  
    Stockholders’ equity     237,873       227,875       235,353       223,883       223,756  
    Total liabilities and stockholders’ equity   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
        For the Quarter Ended
    AVERAGE BALANCES   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets   $ 3,944,789     $ 4,135,049     $ 3,973,824     $ 3,964,109     $ 3,812,199  
    Loans     3,016,119       3,007,558       2,991,272       2,994,492       2,949,672  
    Deposits     3,284,394       3,434,234       3,258,669       3,123,282       2,956,635  
    Stockholders’ equity     229,874       230,720       227,513       219,771       219,835  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    LOANS   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Commercial   $ 531,267     $ 514,232     $ 512,884     $ 526,589     $ 544,293  
    Real estate:                    
    Construction, land and land development     451,230       508,147       520,516       496,864       465,247  
    1-4 family residential first mortgages     86,292       87,858       89,749       92,230       108,065  
    Home equity     21,961       19,294       17,140       15,264       14,020  
    Commercial     1,909,330       1,861,195       1,870,132       1,856,301       1,839,580  
    Consumer and other     19,323       17,287       14,261       15,234       12,844  
          3,019,403       3,008,013       3,024,682       3,002,482       2,984,049  
    Net unamortized fees and costs     (2,932 )     (3,153 )     (3,461 )     (3,708 )     (3,916 )
    Total loans   $ 3,016,471     $ 3,004,860     $ 3,021,221     $ 2,998,774     $ 2,980,133  
    Less: allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Net loans   $ 2,985,945     $ 2,974,428     $ 2,991,802     $ 2,970,352     $ 2,951,760  
                         
    CREDIT QUALITY                    
    Pass   $ 3,011,231     $ 2,999,531     $ 3,016,493     $ 2,994,310     $ 2,983,618  
    Watch     7,991       8,349       7,956       7,651       142  
    Substandard     181       133       233       521       289  
    Doubtful     —       —       —       —       —  
    Total loans   $ 3,019,403     $ 3,008,013     $ 3,024,682     $ 3,002,482     $ 2,984,049  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 519,771     $ 541,053     $ 525,332     $ 530,441     $ 521,377  
    Interest-bearing demand     517,409       543,855       438,402       443,658       449,946  
    Savings and money market – non-brokered     1,490,189       1,517,510       1,481,840       1,483,264       1,315,698  
    Money market – brokered     143,423       126,381       123,780       97,259       119,840  
    Total nonmaturity deposits     2,670,792       2,728,799       2,569,354       2,554,622       2,406,861  
    Time – non-brokered     461,655       488,760       407,109       353,269       381,646  
    Time – brokered     192,071       140,037       302,090       273,031       276,523  
    Total time deposits     653,726       628,797       709,199       626,300       658,169  
    Total deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $ —     $ —     $ —     $ 85,500     $ 198,500  
    Subordinated notes, net     79,959       79,893       79,828       79,762       79,697  
    Federal Home Loan Bank advances     270,000       270,000       315,000       315,000       315,000  
    Long-term debt     41,486       42,736       43,986       45,236       46,486  
    Total borrowings   $ 391,445     $ 392,629     $ 438,814     $ 525,498     $ 639,683  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     35,072       35,619       34,960       34,322       33,685  
    Retained earnings     282,247       278,613       275,724       273,981       272,997  
    Accumulated other comprehensive loss     (82,446 )     (89,357 )     (78,331 )     (87,420 )     (85,926 )
    Total stockholders’ equity   $ 237,873     $ 227,875     $ 235,353     $ 223,883     $ 223,756  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income:                    
    Loans, including fees   $ 40,988     $ 41,822     $ 42,504     $ 41,700     $ 40,196  
    Securities:                    
    Taxable     2,788       2,959       3,261       3,394       3,416  
    Tax-exempt     743       795       806       808       810  
    Interest-bearing deposits     1,617       3,740       2,041       1,666       148  
    Total interest income     46,136       49,316       48,612       47,568       44,570  
    Interest expense:                    
    Deposits     21,423       25,706       26,076       23,943       21,559  
    Federal funds purchased and other short-term borrowings     —       —       115       1,950       2,183  
    Subordinated notes     1,105       1,106       1,112       1,105       1,108  
    Federal Home Loan Bank advances     2,235       2,522       2,748       2,718       2,325  
    Long-term debt     518       560       601       622       645  
    Total interest expense     25,281       29,894       30,652       30,338       27,820  
    Net interest income     20,855       19,422       17,960       17,230       16,750  
    Credit loss expense     —       1,000       —       —       —  
    Net interest income after credit loss expense     20,855       18,422       17,960       17,230       16,750  
    Noninterest income:                    
    Service charges on deposit accounts     471       462       459       462       460  
    Debit card usage fees     446       471       500       490       458  
    Trust services     777       1,051       828       794       776  
    Increase in cash value of bank-owned life insurance     282       287       287       278       274  
    Realized securities losses, net     —       (1,172 )     —       —       —  
    Other income     267       331       285       322       331  
    Total noninterest income     2,243       1,430       2,359       2,346       2,299  
    Noninterest expense:                    
    Salaries and employee benefits     7,004       7,107       6,823       7,169       6,489  
    Occupancy and equipment     1,963       2,095       1,926       1,852       1,447  
    Data processing     617       752       771       754       714  
    Technology and software     786       743       722       731       700  
    FDIC insurance     587       699       711       631       519  
    Professional fees     308       301       239       244       257  
    Director fees     206       170       223       236       199  
    Other expenses     1,592       1,532       1,477       1,577       1,543  
    Total noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Income before income taxes     10,035       6,453       7,427       6,382       7,181  
    Income taxes     2,193       (644 )     1,475       1,190       1,372  
    Net income   $ 7,842     $ 7,097     $ 5,952     $ 5,192     $ 5,809  
                         
    Basic earnings per common share   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Diluted earnings per common share   $ 0.46     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
                         
        As of and for the Quarter Ended
    COMMON SHARE DATA   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Earnings per common share (basic)   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Earnings per common share (diluted)     0.46       0.42       0.35       0.31       0.35  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25  
    Book value per common share(1)     14.06       13.54       13.98       13.30       13.31  
    Closing stock price     19.94       21.65       19.01       17.90       17.83  
    Market price/book value(2)     141.82 %     159.90 %     135.98 %     134.59 %     133.96 %
    Price earnings ratio(3)     10.46       12.96       13.65       14.36       12.77  
    Annualized dividend yield(4)     5.02 %     4.62 %     5.26 %     5.59 %     5.61 %
                         
    REGULATORY CAPITAL RATIOS                    
    Consolidated:                    
    Total risk-based capital ratio     12.18 %     12.11 %     11.95 %     11.85 %     11.78 %
    Tier 1 risk-based capital ratio     9.59       9.51       9.39       9.30       9.23  
    Tier 1 leverage capital ratio     8.36       7.93       8.15       8.08       8.36  
    Common equity tier 1 ratio     9.02       8.95       8.83       8.74       8.67  
    West Bank:                    
    Total risk-based capital ratio     12.90 %     12.86 %     12.73 %     12.66 %     12.63 %
    Tier 1 risk-based capital ratio     11.99       11.96       11.86       11.79       11.76  
    Tier 1 leverage capital ratio     10.46       9.97       10.29       10.25       10.65  
    Common equity tier 1 ratio     11.99       11.96       11.86       11.79       11.76  
                         
    KEY PERFORMANCE RATIOS AND OTHER METRICS                    
    Return on average assets(5)     0.81 %     0.68 %     0.60 %     0.53 %     0.61 %
    Return on average equity(6)     13.84       12.24       10.41       9.50       10.63  
    Net interest margin(7)(13)     2.28       1.98       1.91       1.86       1.88  
    Yield on interest-earning assets(8)(13)     5.04       5.02       5.16       5.13       4.99  
    Cost of interest-bearing liabilities     3.25       3.57       3.84       3.83       3.70  
    Efficiency ratio(9)(13)     56.37       60.79       63.28       67.14       62.04  
    Nonperforming assets to total assets(10)     0.00       0.00       0.01       0.01       0.01  
    ACL ratio(11)     1.01       1.01       0.97       0.95       0.95  
    Loans/total assets     75.66       74.84       75.75       75.63       75.20  
    Loans/total deposits     90.73       89.49       92.15       94.27       97.23  
    Tangible common equity ratio(12)     5.97       5.68       5.90       5.65       5.65  

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

    NON-GAAP FINANCIAL MEASURES

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

    (in thousands)   For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                    
    Net interest income (GAAP)   $ 20,855     $ 19,422     $ 17,960     $ 17,230     $ 16,750  
    Tax-equivalent adjustment (1)     66       16       29       55       82  
    Net interest income on a FTE basis (non-GAAP)     20,921       19,438       17,989       17,285       16,832  
    Average interest-earning assets     3,717,441       3,910,978       3,749,688       3,731,674       3,595,954  
    Net interest margin on a FTE basis (non-GAAP)     2.28 %     1.98 %     1.91 %     1.86 %     1.88 %
                         
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                    
    Net interest income on a FTE basis (non-GAAP)   $ 20,921     $ 19,438     $ 17,989     $ 17,285     $ 16,832  
    Noninterest income     2,243       1,430       2,359       2,346       2,299  
    Adjustment for realized securities losses, net     —       1,172       —       —       —  
    Adjustment for losses on disposal of premises and equipment, net     8       —       26       21       —  
    Adjusted income     23,172       22,040       20,374       19,652       19,131  
    Noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     56.37 %     60.79 %     63.28 %     67.14 %     62.04 %

    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

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

    The MIL Network –

  • MIL-OSI: Quino Energy and Long Hill Energy Partners Awarded $10M in California Energy Commission Grant Funding to Demonstrate an 8 MWh Organic Flow Battery System

    Source: GlobeNewswire (MIL-OSI)

    SAN LEANDRO, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Quino Energy, a company developing water-based flow batteries, and Long Hill Energy Partners, a California-based clean energy developer, have been awarded $10M in grant funding through the California Energy Commission (CEC) Energy Research and Development Division’s Electric Program Investment Charge Program (EPIC). The funding will support a proposed 8 MWh flow battery energy storage project at the High Desert Regional Health Center (HDRHC) in Lancaster, CA.

    This project will be the first U.S. commercial deployment of Quino Energy’s proprietary organic flow battery technology and will demonstrate its viability in large-scale, long-duration storage in an application serving critical infrastructure. It falls within Project Group 2, which focuses on funding multiple use-case demonstrations for energy storage value stacking.

    Quino Energy and Long Hill Energy Partners will jointly develop this proposed project, with Quino leading technology development, integration, and testing and Long Hill serving as lead for project development, permitting and program management and reporting. The demonstration will be conducted in partnership with Los Angeles County, where the site is located, and the Clean Coalition Group, a community-based non-profit specializing in the development and testing of clean energy microgrids.

    Once operational, Quino Energy’s organic flow battery is expected to provide critical energy resiliency and back-up power capacity for up to 100% of HDRHC’s energy demand during peak and off-peak hours while maximizing safety due to the system’s completely non-flammable nature. Additionally, Quino’s flow battery will enable the HDRHC to save over $10 million in electricity costs over the flow battery’s estimated 20-year operating life. Further, the installation of an on-site flow battery will allow Los Angeles County to expand an existing solar carport installed at this site, dramatically increasing the percentage of clean and renewable solar power generated and consumed by the HDRHC and further reducing electricity costs.

    “Quino Energy is grateful to the CEC for its support to demonstrate the potential of scalable, reliable organic flow batteries in our home state of California,” said Eugene Beh, CEO of Quino Energy. “Our technology started as an invention at a lab at Harvard and has rapidly grown in scale by leveraging mature flow battery systems that have been proven over decades with vanadium electrolyte. Our low-cost, non-flammable, and Made in USA organic electrolyte in place of vanadium will allow flow batteries to dramatically come down in cost to be a serious alternative to lithium-ion batteries. We are very excited to work with Long Hill Energy Partners, Los Angeles County, the High Desert Regional Health Center, and the Clean Coalition to showcase our technology in a real-world setting.”

    “Long Hill is excited to partner with the CEC to scale-up and demonstrate Quino Energy’s innovative flow battery solution for LA County’s High Desert Regional Health Center,” said Ed Chiao, Managing Director of Long Hill Energy Partners. “The Clean Coalition Group, a Southern California-based non-profit energy consultancy, will lead community engagement and provide expertise in Microgrid design and implementation. Once installed, the flow battery will provide critical energy resiliency and is also projected to save up to $10 million in energy costs for LA County’s hospital.”

    “We are very pleased that Quino Energy and Long Hill Energy Partners have been awarded $10 million by the CEC,” added Masahiro Sameshima, General Partner at ANRI, a venture capital firm based in Tokyo and one of Quino Energy’s investors. “We believe this recognition reflects the high evaluation of their innovative flow battery technology and its great potential. We look forward to seeing them accelerate their R&D with this funding and contribute to the realization of a decarbonized society.”

    Project permitting is anticipated to begin in Q3 2025; the project is expected to break ground in the Fall of 2026, with the flow battery system coming online in early 2027.

    Quino Energy has previously received funding through the U.S. Department of Energy (DOE)’s Advanced Materials and Manufacturing Technologies Office (AMMTO) to support the development of its flow battery material production line as well as to demonstrate their innovative aqueous organic quinone redox flow battery (QRFB) technology in carbon steel tanks.

    About Quino Energy

    Formed in 2021, Quino Energy is a start-up company that is developing water-based flow batteries that store electrical energy in organic molecules called quinones, for commercial and grid applications. These batteries are predicted to enjoy a unique combination of low capital cost, true fire safety, rapid scalability, and local manufacturability. This is made possible by a number of technological breakthroughs, some of which were first discovered at Harvard University and later licensed by Quino Energy. Please visit quinoenergy.com for more details on the team and the technology.

    About Long Hill Energy Partners

    Long Hill Energy Partners is an energy development company which specializes in supporting the scale-up and commercialization of emerging clean energy technologies. Long Hill partners with innovative venture-stage companies to develop and demonstrate their technology at scale, proving out economic returns for real-world applications.

    Media inquiries:
    quino@fischtankpr.com

    The MIL Network –

  • MIL-OSI: Beeline CEO and COO to Present at Ladenburg Thalmann Technology Innovation Expo on May 21 in New York City

    Source: GlobeNewswire (MIL-OSI)

    Providence, RI, April 24, 2025 (GLOBE NEWSWIRE) — Beeline Holdings, Inc. (NASDAQ: BLNE), a technology-driven mortgage originator, SaaS platform, and title services provider, today announced that it will present at the Ladenburg Thalmann Technology Innovation Expo on May 21, 2025, at Convene – 101 Park Avenue, New York, NY.

    Beeline is scheduled to present in Track 1 at 9:00 AM ET.

    For more information or to register for the event, please visit the conference website Ladenburg Innovation Expo or contact Beeline at IR@Makeabeeline.com.    

    About Beeline

    Beeline is a forward-thinking mortgage origination and technology company transforming home loans into a short, transparent, and easy path for millions of Americans. Using AI and proprietary technology, Beeline offers near-instant pre-approvals in as little as seven minutes, allowing borrowers to see loan options and lock their rate in one session.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    FAIRFIELD, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended March 31, 2025 of $6.6 million, or $0.11 per diluted share, compared to $6.6 million, or $0.10 per diluted share, for the quarter ended December 31, 2024.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025, to stockholders of record as of May 7, 2025.

    Craig L. Montanaro, President and Chief Executive Officer, commented, “Quarter over quarter net interest income grew by $1.4 million, resulting in eight basis points of net interest margin expansion. Contributing to this expansion was growth in net loans and deposits, coupled with a 24 basis point decrease in our cost of funds. We anticipate continued strong margin expansion into the June quarter, the final of our 2025 fiscal year.”

    Mr. Montanaro continued, “Despite recent fluctuations in US Treasury rates and broader market indices, our core business continues to perform exceedingly well and we are confident in our ability to sustain and enhance our performance in spite of the volatile environment.”

    Balance Sheet

    • Total assets were $7.73 billion at March 31, 2025, a increase of $1.8 million from December 31, 2024.
    • Investment securities totaled $1.13 billion at March 31, 2025, a decrease of $17.3 million, or 1.5%, from December 31, 2024.
    • Loans receivable totaled $5.85 billion at March 31, 2025, an increase of $54.4 million, or 0.9%, from December 31, 2024, primarily reflecting growth in non-residential mortgage loans.
    • Deposits were $5.71 billion at March 31, 2025, an increase of $36.3 million, or 0.6%, from December 31, 2024. This increase was primarily driven by increases in interest bearing demand deposits and consumer savings deposits, partially offset by a decrease in non-interest bearing demand deposits. The decrease in non-interest bearing deposits was primarily attributable to a $29.3 million outflow from a single depositor who used the funds to finance the construction of a building. Excluding this single account, non-interest bearing deposits increased $14.9 million, or 2.5%.
    • Borrowings were $1.21 billion at March 31, 2025, a decrease of $45.0 million, or 3.6%, from December 31, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) overnight borrowings.
    • At March 31, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.42 billion, representing 31.3% of total assets.

    Earnings

    Net Interest Income and Net Interest Margin

    • Net interest margin expanded eight basis points from the quarter ended December 31, 2024 to 1.90% for the quarter ended March 31, 2025. The increase for the quarter was driven by the paydown of borrowings resulting from growth in lower cost deposits and broad based decreases in deposit rates, partially offset by reduced yields on interest-earning assets.
    • For the quarter ended March 31, 2025, net interest income increased $1.4 million to $34.0 million from $32.6 million for the quarter ended December 31, 2024. Included in net interest income for the quarters ended March 31, 2025 and December 31, 2024, respectively, was purchase accounting accretion of $511,000 and $685,000, and loan prepayment penalty income of $226,000 and $288,000.

    Non-Interest Income

    • For the quarter ended March 31, 2025, non-interest income decreased $311,000, or 6.4%, to $4.6 million from $4.9 million for the quarter ended December 31, 2024, primarily driven by decreases in gain on sale of loans and electronic banking fees and charges.
    • Gain on sale of loans decreased $192,000 to $112,000 for the quarter ended March 31, 2025 from $304,000 for the quarter ended December 31, 2024. The decrease largely reflected a seasonal decrease in the volume of residential mortgage loans sold during the period.
    • Electronic banking fees and charges decreased $102,000 to $391,000 for the quarter March 31, 2025 from $493,000 for the quarter ended December 31, 2024. The decrease largely reflected the absence of a non-recurring increase recorded in the prior period.

    Non-Interest Expense

    • For the quarter ended March 31, 2025, non-interest expense increased $829,000, or 2.8%, to $30.4 million from $29.6 million for the quarter ended December 31, 2024, primarily driven by increases in salary and benefits, net occupancy, advertising, and other expense.
    • Salary and benefits expense increased $121,000 to $17.7 million primarily driven by an increase of $546,000 in payroll taxes and employee benefits associated with the start of a new calendar year, partially offset by a $427,000 non-recurring decrease in stock-based compensation.
    • Net occupancy expense of premises increased $244,000 to $3.1 million primarily driven by seasonally higher snow removal expenses, partially offset by a decrease in repairs and other maintenance expenses.
    • Advertising and marketing expense increased $298,000 to $609,000. This increase was primarily due to higher advertising expenses across various formats, driven by marketing campaigns supporting our loan and deposit growth initiatives.
    • Other expense increased $225,000 primarily driven by a $37,000 provision for credit losses related to off balance sheet commitments compared to a reversal for credit losses on off balance sheet commitments of $116,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

    Income Taxes

    • Income tax expense totaled $1.2 million for the quarter ended March 31, 2025 compared to $1.3 million for the quarter ended December 31, 2024, resulting in an effective tax rate of 15.3% and 16.0%, respectively.

    Asset Quality

    • The balance of non-performing assets remained steady at $37.7 million, or 0.49% of total assets, at March 31, 2025 and December 31, 2024, respectively.
    • Net charge-offs totaled $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025, compared to $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024.
    • For the quarter ended March 31, 2025, the Company recorded a provision for credit losses of $366,000, compared to $107,000 for the quarter ended December 31, 2024. The provision for credit loss expense for the quarter ended March 31, 2025 was primarily driven by the charge-offs described above.
    • The ACL was $44.5 million, or 0.76% of total loans, at March 31, 2025, a decrease of $2,000 from $44.5 million, or 0.77% of total loans, at December 31, 2024.

    Capital

    • For the quarter ended March 31, 2025, book value per share increased $0.05, or 0.4%, to $11.58 while tangible book value per share increased $0.05, or 0.5%, to $9.80.
    • At March 31, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $80.1 million, partially offset by after-tax unrealized gains on derivatives of $10.7 million. After-tax net unrecognized losses on securities held to maturity of $9.9 million were not reflected in total stockholders’ equity.
    • At March 31, 2025, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

    This earnings release should be read in conjunction with Kearny Financial Corp.’s Q3 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

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

    Category: Earnings

    Linked-Quarter Comparative Financial Analysis
    Kearny Financial Corp.
    Consolidated Balance Sheets
    (Unaudited)
     
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 Variance
    or Change    		 Variance
    or Change Pct.
    Assets        
    Cash and cash equivalents $ 126,095   $ 141,554   $ (15,459 ) -10.9 %
    Securities available for sale   1,003,393     1,018,279     (14,886 ) -1.5 %
    Securities held to maturity   124,859     127,266     (2,407 ) -1.9 %
    Loans held-for-sale   6,187     5,695     492   8.6 %
    Loans receivable   5,846,175     5,791,758     54,417   0.9 %
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (2 ) -0.0 %
    Net loans receivable   5,801,720     5,747,301     54,419   0.9 %
    Premises and equipment   44,192     45,127     (935 ) -2.1 %
    Federal Home Loan Bank stock   62,261     64,443     (2,182 ) -3.4 %
    Accrued interest receivable   28,521     27,772     749   2.7 %
    Goodwill   113,525     113,525     —   — %
    Core deposit intangible   1,554     1,679     (125 ) -7.4 %
    Bank owned life insurance   303,629     301,339     2,290   0.8 %
    Deferred income taxes, net   52,913     53,325     (412 ) -0.8 %
    Other assets   64,292     84,080     (19,788 ) -23.5 %
    Total assets $ 7,733,141   $ 7,731,385   $ 1,756   0.0 %
             
    Liabilities        
    Deposits:        
    Non-interest-bearing $ 587,118   $ 601,510   $ (14,392 ) -2.4 %
    Interest-bearing   5,120,230     5,069,550     50,680   1.0 %
    Total deposits   5,707,348     5,671,060     36,288   0.6 %
    Borrowings   1,213,976     1,258,949     (44,973 ) -3.6 %
    Advance payments by borrowers for taxes   19,981     17,986     1,995   11.1 %
    Other liabilities   43,723     38,537     5,186   13.5 %
    Total liabilities   6,985,028     6,986,532     (1,504 ) -0.0 %
             
    Stockholders’ Equity        
    Common stock   646     646     —   — %
    Paid-in capital   494,131     494,092     39   0.0 %
    Retained earnings   341,921     342,155     (234 ) -0.1 %
    Unearned ESOP shares   (19,457 )   (19,943 )   486   2.4 %
    Accumulated other comprehensive loss   (69,128 )   (72,097 )   2,969   4.1 %
    Total stockholders’ equity   748,113     744,853     3,260   0.4 %
    Total liabilities and stockholders’ equity $ 7,733,141   $ 7,731,385   $ 1,756   0.0 %
             
    Consolidated capital ratios        
    Equity to assets   9.67 %   9.63 %   0.04 %  
    Tangible equity to tangible assets(1)   8.31 %   8.27 %   0.04 %  
             
    Share data        
    Outstanding shares   64,580     64,580     —   — %
    Book value per share $ 11.58   $ 11.53   $ 0.05   0.4 %
    Tangible book value per share(2) $ 9.80   $ 9.75   $ 0.05   0.5 %

    _________________________

    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
    Kearny Financial Corp.
    Consolidated Statements of Income
    (Unaudited)
     
      Three Months Ended    
    (Dollars and Shares in Thousands, 
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 Variance 
    or Change          		 Variance
    or Change Pct. 
    Interest income        
    Loans $ 64,768   $ 65,408   $ (640 ) -1.0 %
    Taxable investment securities   12,738     13,803     (1,065 ) -7.7 %
    Tax-exempt investment securities   55     59     (4 ) -6.8 %
    Other interest-earning assets   1,773     2,215     (442 ) -20.0 %
    Total interest income   79,334     81,485     (2,151 ) -2.6 %
             
    Interest expense        
    Deposits   34,912     36,721     (1,809 ) -4.9 %
    Borrowings   10,380     12,152     (1,772 ) -14.6 %
    Total interest expense   45,292     48,873     (3,581 ) -7.3 %
    Net interest income   34,042     32,612     1,430   4.4 %
    Provision for credit losses   366     107     259   242.1 %
    Net interest income after provision for credit losses   33,676     32,505     1,171   3.6 %
             
    Non-interest income        
    Fees and service charges   573     627     (54 ) -8.6 %
    Gain on sale of loans   112     304     (192 ) -63.2 %
    Income from bank owned life insurance   2,617     2,619     (2 ) -0.1 %
    Electronic banking fees and charges   391     493     (102 ) -20.7 %
    Other income   869     830     39   4.7 %
    Total non-interest income   4,562     4,873     (311 ) -6.4 %
             
    Non-interest expense        
    Salaries and employee benefits   17,700     17,579     121   0.7 %
    Net occupancy expense of premises   3,075     2,831     244   8.6 %
    Equipment and systems   3,921     3,892     29   0.7 %
    Advertising and marketing   609     311     298   95.8 %
    Federal deposit insurance premium   1,450     1,503     (53 ) -3.5 %
    Directors’ compensation   326     361     (35 ) -9.7 %
    Other expense   3,309     3,084     225   7.3 %
    Total non-interest expense   30,390     29,561     829   2.8 %
    Income before income taxes   7,848     7,817     31   0.4 %
    Income taxes   1,200     1,251     (51 ) -4.1 %
    Net income $ 6,648   $ 6,566   $ 82   1.2 %
             
    Net income per common share (EPS)        
    Basic $ 0.11   $ 0.11   $ —    
    Diluted $ 0.11   $ 0.10   $ 0.01    
             
    Dividends declared        
    Cash dividends declared per common share $ 0.11   $ 0.11   $ —    
    Cash dividends declared $ 6,933   $ 6,933   $ —    
    Dividend payout ratio   104.3 %   105.6 %   -1.3 %  
             
    Weighted average number of common shares outstanding        
    Basic   62,548     62,443     105    
    Diluted   62,713     62,576     137    
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
      Three Months Ended        
    (Dollars in Thousands)  March 31,
    2025    		 December 31,
    2024    		  Variance
    or Change         		 Variance
    or Change Pct. 
    Assets        
    Interest-earning assets:        
    Loans receivable, including loans held for sale $ 5,805,045   $ 5,762,053   $ 42,992   0.7 %
    Taxable investment securities   1,251,612     1,285,800     (34,188 ) -2.7 %
    Tax-exempt investment securities   9,135     9,711     (576 ) -5.9 %
    Other interest-earning assets   110,736     116,354     (5,618 ) -4.8 %
    Total interest-earning assets   7,176,528     7,173,918     2,610   0.0 %
    Non-interest-earning assets   457,206     459,982     (2,776 ) -0.6 %
    Total assets $ 7,633,734   $ 7,633,900   $ (166 ) -0.0 %
             
    Liabilities and Stockholders’ Equity        
    Interest-bearing liabilities:        
    Deposits:        
    Interest-bearing demand $ 2,405,974   $ 2,314,378   $ 91,596   4.0 %
    Savings   751,243     711,801     39,442   5.5 %
    Certificates of deposit (retail)   1,215,767     1,216,948     (1,181 ) -0.1 %
    Certificates of deposit (brokered)   730,612     730,773     (161 ) -0.0 %
    Total interest-bearing deposits   5,103,596     4,973,900     129,696   2.6 %
    Borrowings:        
    Federal Home Loan Bank advances   1,028,958     1,085,455     (56,497 ) -5.2 %
    Other borrowings   93,389     156,522     (63,133 ) -40.3 %
    Total borrowings   1,122,347     1,241,977     (119,630 ) -9.6 %
    Total interest-bearing liabilities   6,225,943     6,215,877     10,066   0.2 %
    Non-interest-bearing liabilities:        
    Non-interest-bearing deposits   602,647     604,915     (2,268 ) -0.4 %
    Other non-interest-bearing liabilities   59,919     65,258     (5,339 ) -8.2 %
    Total non-interest-bearing liabilities   662,566     670,173     (7,607 ) -1.1 %
    Total liabilities   6,888,509     6,886,050     2,459   0.0 %
    Stockholders’ equity   745,225     747,850     (2,625 ) -0.4 %
    Total liabilities and stockholders’ equity $ 7,633,734   $ 7,633,900   $ (166 ) -0.0 %
             
    Average interest-earning assets to average interest-bearing liabilities   115.27 %   115.41 %   -0.14 % -0.1 %
    Kearny Financial Corp.
    Performance Ratio Highlights
    (Unaudited)
     
      Three Months Ended  
      March 31,
    2025    		 December 31,
    2024    		 Variance
    or Change     
    Average yield on interest-earning assets:      
    Loans receivable, including loans held for sale 4.46 % 4.54 % -0.08 %
    Taxable investment securities 4.07 % 4.29 % -0.22 %
    Tax-exempt investment securities(1) 2.43 % 2.42 % 0.01 %
    Other interest-earning assets 6.40 % 7.62 % -1.22 %
    Total interest-earning assets 4.42 % 4.54 % -0.12 %
           
    Average cost of interest-bearing liabilities:      
    Deposits:      
    Interest-bearing demand 2.73 % 2.96 % -0.23 %
    Savings 1.30 % 1.29 % 0.01 %
    Certificates of deposit (retail) 3.73 % 4.06 % -0.33 %
    Certificates of deposit (brokered) 2.58 % 2.70 % -0.12 %
    Total interest-bearing deposits 2.74 % 2.95 % -0.21 %
    Borrowings:      
    Federal Home Loan Bank advances 3.63 % 3.78 % -0.15 %
    Other borrowings 4.41 % 4.88 % -0.47 %
    Total borrowings 3.70 % 3.91 % -0.21 %
    Total interest-bearing liabilities 2.91 % 3.15 % -0.24 %
           
    Interest rate spread(2) 1.51 % 1.39 % 0.12 %
    Net interest margin(3) 1.90 % 1.82 % 0.08 %
           
    Non-interest income to average assets (annualized) 0.24 % 0.26 % -0.02 %
    Non-interest expense to average assets (annualized) 1.59 % 1.55 % 0.04 %
           
    Efficiency ratio(4) 78.72 % 78.86 % -0.14 %
           
    Return on average assets (annualized) 0.35 % 0.34 % 0.01 %
    Return on average equity (annualized) 3.57 % 3.51 % 0.06 %
    Return on average tangible equity (annualized)(5) 4.28 % 4.21 % 0.07 %

    _________________________

    (1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3) Net interest income divided by average interest-earning assets.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income.
    (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
    Five-Quarter Financial Trend Analysis
    Kearny Financial Corp.
    Consolidated Balance Sheets
               
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
      (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)
    Assets          
    Cash and cash equivalents $ 126,095   $ 141,554   $ 155,574   $ 63,864   $ 71,027  
    Securities available for sale   1,003,393     1,018,279     1,070,811     1,072,833     1,098,655  
    Securities held to maturity   124,859     127,266     132,256     135,742     139,643  
    Loans held-for-sale   6,187     5,695     8,866     6,036     4,117  
    Loans receivable   5,846,175     5,791,758     5,784,246     5,732,787     5,758,336  
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (44,923 )   (44,939 )   (44,930 )
    Net loans receivable   5,801,720     5,747,301     5,739,323     5,687,848     5,713,406  
    Premises and equipment   44,192     45,127     45,189     44,940     45,053  
    Federal Home Loan Bank stock   62,261     64,443     57,706     80,300     81,347  
    Accrued interest receivable   28,521     27,772     29,467     29,521     31,065  
    Goodwill   113,525     113,525     113,525     113,525     210,895  
    Core deposit intangible   1,554     1,679     1,805     1,931     2,057  
    Bank owned life insurance   303,629     301,339     300,186     297,874     296,493  
    Deferred income taxes, net   52,913     53,325     50,131     50,339     47,225  
    Other assets   64,292     84,080     67,540     98,708     100,989  
    Total assets $ 7,733,141   $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972  
               
    Liabilities          
    Deposits:          
    Non-interest-bearing $ 587,118   $ 601,510   $ 592,099   $ 598,366   $ 586,089  
    Interest-bearing   5,120,230     5,069,550     4,878,413     4,559,757     4,622,961  
    Total deposits   5,707,348     5,671,060     5,470,512     5,158,123     5,209,050  
    Borrowings   1,213,976     1,258,949     1,479,888     1,709,789     1,722,178  
    Advance payments by borrowers for taxes   19,981     17,986     17,824     17,409     17,387  
    Other liabilities   43,723     38,537     52,618     44,569     44,279  
    Total liabilities   6,985,028     6,986,532     7,020,842     6,929,890     6,992,894  
               
    Stockholders’ Equity          
    Common stock   646     646     646     644     644  
    Paid-in capital   494,131     494,092     493,523     493,680     493,187  
    Retained earnings   341,921     342,155     342,522     343,326     440,308  
    Unearned ESOP shares   (19,457 )   (19,943 )   (20,430 )   (20,916 )   (21,402 )
    Accumulated other comprehensive loss   (69,128 )   (72,097 )   (64,724 )   (63,163 )   (63,659 )
    Total stockholders’ equity   748,113     744,853     751,537     753,571     849,078  
    Total liabilities and stockholders’ equity $ 7,733,141   $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972  
               
    Consolidated capital ratios          
    Equity to assets   9.67 %   9.63 %   9.67 %   9.81 %   10.83 %
    Tangible equity to tangible assets(1)   8.31 %   8.27 %   8.31 %   8.43 %   8.34 %
               
    Share data          
    Outstanding shares   64,580     64,580     64,580     64,434     64,437  
    Book value per share $ 11.58   $ 11.53   $ 11.64   $ 11.70   $ 13.18  
    Tangible book value per share(2) $ 9.80   $ 9.75   $ 9.85   $ 9.90   $ 9.87  

    _________________________

    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Loan portfolio composition:          
    Commercial loans:          
    Multi-family mortgage $ 2,733,406   $ 2,722,623   $ 2,646,187   $ 2,645,851   $ 2,645,195  
    Nonresidential mortgage   988,074     950,194     950,771     948,075     965,539  
    Commercial business   140,224     135,740     145,984     142,747     147,326  
    Construction   174,722     176,704     227,327     209,237     229,457  
    Total commercial loans   4,036,426     3,985,261     3,970,269     3,945,910     3,987,517  
    One- to four-family residential mortgage   1,761,465     1,765,160     1,768,230     1,756,051     1,741,644  
    Consumer loans:          
    Home equity loans   49,699     47,101     44,741     44,104     42,731  
    Other consumer   2,859     2,778     2,965     2,685     3,198  
    Total consumer loans   52,558     49,879     47,706     46,789     45,929  
    Total loans, excluding yield adjustments   5,850,449     5,800,300     5,786,205     5,748,750     5,775,090  
    Unaccreted yield adjustments   (4,274 )   (8,542 )   (1,959 )   (15,963 )   (16,754 )
    Loans receivable, net of yield adjustments   5,846,175     5,791,758     5,784,246     5,732,787     5,758,336  
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (44,923 )   (44,939 )   (44,930 )
    Net loans receivable $ 5,801,720   $ 5,747,301   $ 5,739,323   $ 5,687,848   $ 5,713,406  
               
    Asset quality:          
    Nonperforming assets:          
    Accruing loans – 90 days and over past due $ —   $ —   $ —   $ —   $ —  
    Nonaccrual loans   37,683     37,697     39,854     39,882     39,546  
    Total nonperforming loans   37,683     37,697     39,854     39,882     39,546  
    Nonaccrual loans held-for-sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total nonperforming assets $ 37,683   $ 37,697   $ 39,854   $ 39,882   $ 39,546  
               
    Nonperforming loans (% total loans)   0.64 %   0.65 %   0.69 %   0.70 %   0.69 %
    Nonperforming assets (% total assets)   0.49 %   0.49 %   0.51 %   0.52 %   0.50 %
               
    Classified loans $ 125,790   $ 132,216   $ 119,534   $ 118,700   $ 115,772  
               
    Allowance for credit losses on loans (ACL):          
    ACL to total loans   0.76 %   0.77 %   0.78 %   0.78 %   0.78 %
    ACL to nonperforming loans   117.97 %   117.93 %   112.72 %   112.68 %   113.61 %
    Net charge-offs $ 368   $ 573   $ 124   $ 3,518   $ 286  
    Average net charge-off rate (annualized)   0.03 %   0.04 %   0.01 %   0.25 %   0.02 %
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
     
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Funding composition:          
    Deposits:          
    Non-interest-bearing deposits $ 587,118   $ 601,510   $ 592,099   $ 598,367   $ 586,089  
    Interest-bearing demand   2,410,925     2,380,408     2,247,685     2,308,915     2,349,032  
    Savings   758,239     742,266     681,709     643,481     630,456  
    Certificates of deposit (retail)   1,218,479     1,213,887     1,215,746     1,199,127     1,235,261  
    Certificates of deposit (brokered)   732,587     732,989     733,273     408,234     408,212  
    Interest-bearing deposits   5,120,230     5,069,550     4,878,413     4,559,757     4,622,961  
    Total deposits   5,707,348     5,671,060     5,470,512     5,158,124     5,209,050  
               
    Borrowings:          
    Federal Home Loan Bank advances   1,028,976     1,028,949     1,209,888     1,534,789     1,457,178  
    Overnight borrowings   185,000     230,000     270,000     175,000     265,000  
    Total borrowings   1,213,976     1,258,949     1,479,888     1,709,789     1,722,178  
               
    Total funding $ 6,921,324   $ 6,930,009   $ 6,950,400   $ 6,867,913   $ 6,931,228  
               
    Loans as a % of deposits   101.8 %   101.4 %   105.1 %   110.4 %   109.8 %
    Deposits as a % of total funding   82.5 %   81.8 %   78.7 %   75.1 %   75.2 %
    Borrowings as a % of total funding   17.5 %   18.2 %   21.3 %   24.9 %   24.8 %
               
    Uninsured deposits:          
    Uninsured deposits (reported)(1) $ 1,959,070   $ 1,935,607   $ 1,799,726   $ 1,772,623   $ 1,760,740  
    Uninsured deposits (adjusted)(2) $ 799,238   $ 797,721   $ 773,375   $ 764,447   $ 718,026  

    _________________________

    (1) Uninsured deposits of Kearny Bank.
    (2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
     
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Interest income          
    Loans $ 64,768   $ 65,408   $ 66,331   $ 65,819   $ 64,035  
    Taxable investment securities   12,738     13,803     14,384     14,802     15,490  
    Tax-exempt investment securities   55     59     71     80     85  
    Other interest-earning assets   1,773     2,215     2,466     2,289     2,475  
    Total interest income   79,334     81,485     83,252     82,990     82,085  
               
    Interest expense          
    Deposits   34,912     36,721     35,018     32,187     32,320  
    Borrowings   10,380     12,152     15,788     17,527     15,446  
    Total interest expense   45,292     48,873     50,806     49,714     47,766  
    Net interest income   34,042     32,612     32,446     33,276     34,319  
    Provision for credit losses   366     107     108     3,527     349  
    Net interest income after provision for credit losses   33,676     32,505     32,338     29,749     33,970  
               
    Non-interest income          
    Fees and service charges   573     627     635     580     657  
    Gain (loss) on sale of loans   112     304     200     111     (712 )
    Income from bank owned life insurance   2,617     2,619     2,567     3,209     3,039  
    Electronic banking fees and charges   391     493     391     1,130     464  
    Other income   869     830     833     776     755  
    Total non-interest income   4,562     4,873     4,626     5,806     4,203  
               
    Non-interest expense          
    Salaries and employee benefits   17,700     17,579     17,498     17,266     16,911  
    Net occupancy expense of premises   3,075     2,831     2,798     2,738     2,863  
    Equipment and systems   3,921     3,892     3,860     3,785     3,823  
    Advertising and marketing   609     311     342     480     387  
    Federal deposit insurance premium   1,450     1,503     1,563     1,532     1,429  
    Directors’ compensation   326     361     361     360     360  
    Goodwill impairment   —     —     —     97,370     —  
    Other expense   3,309     3,084     3,364     3,020     3,286  
    Total non-interest expense   30,390     29,561     29,786     126,551     29,059  
    Income (loss) before income taxes   7,848     7,817     7,178     (90,996 )   9,114  
    Income taxes   1,200     1,251     1,086     (917 )   1,717  
    Net income (loss) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
               
    Net income (loss) per common share (EPS)          
    Basic $ 0.11   $ 0.11   $ 0.10   $ (1.45 ) $ 0.12  
    Diluted $ 0.11   $ 0.10   $ 0.10   $ (1.45 ) $ 0.12  
               
    Dividends declared          
    Cash dividends declared per common share $ 0.11   $ 0.11   $ 0.11   $ 0.11   $ 0.11  
    Cash dividends declared $ 6,933   $ 6,933   $ 6,896   $ 6,903   $ 6,844  
    Dividend payout ratio   104.3 %   105.6 %   113.2 %   -7.7 %   92.5 %
               
    Weighted average number of common shares outstanding          
    Basic   62,548     62,443     62,389     62,254     62,205  
    Diluted   62,713     62,576     62,420     62,330     62,211  
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
      Three Months Ended
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Assets          
    Interest-earning assets:          
    Loans receivable, including loans held-for-sale $ 5,805,045   $ 5,762,053   $ 5,761,593   $ 5,743,008   $ 5,752,477  
    Taxable investment securities   1,251,612     1,285,800     1,314,945     1,343,541     1,382,064  
    Tax-exempt investment securities   9,135     9,711     12,244     13,737     14,614  
    Other interest-earning assets   110,736     116,354     131,981     128,257     125,155  
    Total interest-earning assets   7,176,528     7,173,918     7,220,763     7,228,543     7,274,310  
    Non-interest-earning assets   457,206     459,982     467,670     466,537     577,411  
    Total assets $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Liabilities and Stockholders’ Equity          
    Interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand $ 2,405,974   $ 2,314,378   $ 2,282,608   $ 2,310,521   $ 2,378,831  
    Savings   751,243     711,801     668,240     631,622     635,226  
    Certificates of deposit (retail)   1,215,767     1,216,948     1,203,770     1,208,101     1,257,362  
    Certificates of deposit (brokered)   730,612     730,773     551,819     405,697     448,151  
    Total interest-bearing deposits   5,103,596     4,973,900     4,706,437     4,555,941     4,719,570  
    Borrowings:          
    Federal Home Loan Bank advances   1,028,958     1,085,455     1,325,583     1,507,192     1,428,801  
    Other borrowings   93,389     156,522     237,011     228,461     210,989  
    Total borrowings   1,122,347     1,241,977     1,562,594     1,735,653     1,639,790  
    Total interest-bearing liabilities   6,225,943     6,215,877     6,269,031     6,291,594     6,359,360  
    Non-interest-bearing liabilities:          
    Non-interest-bearing deposits   602,647     604,915     599,095     589,438     581,870  
    Other non-interest-bearing liabilities   59,919     65,258     69,629     62,978     65,709  
    Total non-interest-bearing liabilities   662,566     670,173     668,724     652,416     647,579  
    Total liabilities   6,888,509     6,886,050     6,937,755     6,944,010     7,006,939  
    Stockholders’ equity   745,225     747,850     750,678     751,070     844,782  
    Total liabilities and stockholders’ equity $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Average interest-earning assets to average
    interest-bearing liabilities    		   115.27 %   115.41 %   115.18 %   114.89 %   114.39 %
    Kearny Financial Corp.
    Performance Ratio Highlights
     
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Average yield on interest-earning assets:          
    Loans receivable, including loans held-for-sale 4.46 % 4.54 % 4.61 % 4.58 % 4.45 %
    Taxable investment securities 4.07 % 4.29 % 4.38 % 4.41 % 4.48 %
    Tax-exempt investment securities(1) 2.43 % 2.42 % 2.32 % 2.32 % 2.32 %
    Other interest-earning assets 6.40 % 7.62 % 7.47 % 7.14 % 7.91 %
    Total interest-earning assets 4.42 % 4.54 % 4.61 % 4.59 % 4.51 %
               
    Average cost of interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand 2.73 % 2.96 % 3.13 % 3.06 % 3.08 %
    Savings 1.30 % 1.29 % 1.05 % 0.63 % 0.46 %
    Certificates of deposit (retail) 3.73 % 4.06 % 4.12 % 3.95 % 3.52 %
    Certificates of deposit (brokered) 2.58 % 2.70 % 2.18 % 1.59 % 1.97 %
    Total interest-bearing deposits 2.74 % 2.95 % 2.98 % 2.83 % 2.74 %
    Borrowings:          
    Federal Home Loan Bank advances 3.63 % 3.78 % 3.82 % 3.86 % 3.55 %
    Other borrowings 4.41 % 4.88 % 5.28 % 5.24 % 5.22 %
    Total borrowings 3.70 % 3.91 % 4.04 % 4.04 % 3.77 %
    Total interest-bearing liabilities 2.91 % 3.15 % 3.24 % 3.16 % 3.00 %
               
    Interest rate spread(2) 1.51 % 1.39 % 1.37 % 1.43 % 1.51 %
    Net interest margin(3) 1.90 % 1.82 % 1.80 % 1.84 % 1.89 %
               
    Non-interest income to average assets (annualized) 0.24 % 0.26 % 0.24 % 0.30 % 0.21 %
    Non-interest expense to average assets (annualized) 1.59 % 1.55 % 1.55 % 6.58 % 1.48 %
               
    Efficiency ratio(4) 78.72 % 78.86 % 80.35 % 323.81 % 75.43 %
               
    Return on average assets (annualized) 0.35 % 0.34 % 0.32 % -4.68 % 0.38 %
    Return on average equity (annualized) 3.57 % 3.51 % 3.25 % -47.97 % 3.50 %
    Return on average tangible equity (annualized)(5) 4.28 % 4.21 % 3.89 % 3.33 % 4.68 %

    _________________________

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

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

     
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Adjusted net income:          
    Net income (loss) (GAAP) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
    Non-recurring transactions – net of tax:          
    Net effect of bank-owned life insurance restructure   —     —     —     392     —  
    Goodwill impairment   —     —     —     95,283     —  
    Adjusted net income $ 6,648   $ 6,566   $ 6,092   $ 5,596   $ 7,397  
               
    Calculation of pre-tax, pre-provision net revenue:          
    Net income (loss) (GAAP) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
    Adjustments to net income (GAAP):          
    Provision for income taxes   1,200     1,251     1,086     (917 )   1,717  
    Provision for credit losses   366     107     108     3,527     349  
    Pre-tax, pre-provision net revenue (non-GAAP) $ 8,214   $ 7,924   $ 7,286   $ (87,469 ) $ 9,463  
               
    Adjusted earnings per share:          
    Weighted average common shares – basic   62,548     62,443     62,389     62,254     62,205  
    Weighted average common shares – diluted   62,713     62,576     62,420     62,330     62,211  
               
    Earnings per share – basic (GAAP) $ 0.11   $ 0.11   $ 0.10   $ (1.45 ) $ 0.12  
    Earnings per share – diluted (GAAP) $ 0.11   $ 0.10   $ 0.10   $ (1.45 ) $ 0.12  
               
    Adjusted earnings per share – basic (non-GAAP) $ 0.11   $ 0.11   $ 0.10   $ 0.09   $ 0.12  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.11   $ 0.10   $ 0.10   $ 0.09   $ 0.12  
               
    Pre-tax, pre-provision net revenue per share:          
    Pre-tax, pre-provision net revenue per share – basic
    (non-GAAP)    		 $ 0.13   $ 0.13   $ 0.12   $ (1.41 ) $ 0.15  
    Pre-tax, pre-provision net revenue per share – diluted
    (non-GAAP)    		 $ 0.13   $ 0.13   $ 0.12   $ (1.41 ) $ 0.15  
               
    Adjusted return on average assets:          
    Total average assets $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Return on average assets (GAAP)   0.35 %   0.34 %   0.32 %   -4.68 %   0.38 %
    Adjusted return on average assets (non-GAAP)   0.35 %   0.34 %   0.32 %   0.29 %   0.38 %
               
    Adjusted return on average equity:          
    Total average equity $ 745,225   $ 747,850   $ 750,678   $ 751,070   $ 844,782  
               
    Return on average equity (GAAP)   3.57 %   3.51 %   3.25 %   -47.97 %   3.50 %
    Adjusted return on average equity (non-GAAP)   3.57 %   3.51 %   3.25 %   2.98 %   3.50 %
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Adjusted return on average tangible equity:          
    Total average equity $ 745,225   $ 747,850   $ 750,678   $ 751,070   $ 844,782  
    Less: average goodwill   (113,525 )   (113,525 )   (113,525 )   (113,525 )   (210,895 )
    Less: average other intangible assets   (1,636 )   (1,761 )   (1,886 )   (2,006 )   (2,138 )
    Total average tangible equity $ 630,064   $ 632,564   $ 635,267   $ 635,539   $ 631,749  
               
    Return on average tangible equity (non-GAAP)   4.28 %   4.21 %   3.89 %   3.33 %   4.68 %
    Adjusted return on average tangible equity (non-GAAP)   4.28 %   4.21 %   3.89 %   3.58 %   4.68 %
               
    Adjusted non-interest expense ratio:          
    Non-interest expense (GAAP) $ 30,390   $ 29,561   $ 29,786   $ 126,551   $ 29,059  
    Non-recurring transactions:          
    Goodwill impairment   —     —     —     (97,370 )   —  
    Non-interest expense (non-GAAP) $ 30,390   $ 29,561   $ 29,786   $ 29,181   $ 29,059  
               
    Non-interest expense ratio (GAAP)   1.59 %   1.55 %   1.55 %   6.58 %   1.48 %
    Adjusted non-interest expense ratio (non-GAAP)   1.59 %   1.55 %   1.55 %   1.52 %   1.48 %
               
    Adjusted efficiency ratio:          
    Non-interest expense (non-GAAP) $ 30,390   $ 29,561   $ 29,786   $ 29,181   $ 29,059  
               
    Net interest income (GAAP) $ 34,042   $ 32,612   $ 32,446   $ 33,276   $ 34,319  
    Total non-interest income (GAAP)   4,562     4,873     4,626     5,806     4,203  
    Non-recurring transactions:          
    Net effect of bank-owned life insurance restructure   —     —     —     392     —  
    Total revenue (non-GAAP) $ 38,604   $ 37,485   $ 37,072   $ 39,474   $ 38,522  
               
    Efficiency ratio (GAAP)   78.72 %   78.86 %   80.35 %   323.81 %   75.43 %
    Adjusted efficiency ratio (non-GAAP)   78.72 %   78.86 %   80.35 %   73.92 %   75.43 %

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

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.60 Per Share for Q1 2025; Net Interest Margin Improves For Fourth Consecutive Quarter

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., April 24, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported first quarter earnings ending March 31, 2025 of $0.60 per common share on net income of $2.4 million, compared to $0.73 per common share on net income of $3.0 million during the fourth quarter ending December 31, 2024, and $0.39 per common share on net income of $1.6 million during the first quarter ending March 31, 2024.

    PSB’s first quarter 2025 operating results reflected the following changes from the fourth quarter of 2024: (1) a stronger net interest margin as asset yields rose and funding costs declined; (2) the addition of a provision for loan losses due to loan growth; (3) higher non-interest income due to lower losses on the sale of securities and an increase in investment and insurance sale commissions; (4) higher non-interest expenses due to higher salaries and employee benefit expenses associated with commercial loan growth incentives and the addition of wealth management personnel; and (5) loan growth of 2% during the quarter.

    “We are encouraged with the steady improvements in our net interest margin while also continuing solid loan growth as customers are seeing value in our relationship. We expect operating expenses to decline in the coming quarter and are cautiously optimistic for earnings growth for the remainder of 2025,” stated Scott Cattanach, President and CEO.

    March 31, 2025, Highlights:

    • Net interest income decreased $121,000 to $10.3 million for the quarter ended March 31, 2025, from $10.4 million for the quarter ended December 31, 2024, due in part to two fewer days during the quarter. Meanwhile, asset and loan yields increased while funding costs declined slightly.
    • Noninterest income increased $589,000 to $1.9 million for the quarter ended March 31, 2025, compared to $1.3 million the prior quarter due to a smaller loss on the sale of securities and an increase in investment and insurance sales commissions.
    • Noninterest expenses increased to $967,000 to $9.0 million during the quarter ended March 31, 2025 from $8.0 million for the quarter ended December 31, 2024, reflecting higher salary and benefit expenses associated with growth incentive payments and the addition of wealth management personnel in the purchase of the Larson Financial Group, LLC.
    • Loans increased $18.2 million, or 2% in the first quarter ended March 31, 2025, to $1.10 billion largely due to new commercial & industrial, commercial real estate and construction and development loans. Allowance for credit losses was 1.12% of gross loans.
    • Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 compared to the previous quarter, from addition of commercial rental real estate units undergoing a sale process.
    • Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025 from $1.15 billion at December 31, 2024, with the decrease largely consisting of normal commercial money market deposit outflows and seasonal municipal deposit outflows.
    • Return on average tangible common equity was 9.21% for the quarter ended March 31, 2025, compared to 11.07% the prior quarter and 6.57% in the year ago quarter.
    • Tangible book value per common share was up 11.3% over the past year to $26.94 at March 31, 2025, compared to $24.21 at March 31, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $6.2 million during the first quarter to $1.46 billion at March 31, 2025, compared to $1.47 billion at December 31, 2024. Cash and cash equivalents decreased $17.8 million to $22.7 million at March 31, 2025 from $40.5 million at December 31, 2024 as funds were used to originate new loans and fund the outflow of seasonal municipal deposits and normal commercial customer treasury management operations. Cash and cash equivalents increased $6.8 million from one year earlier. Investment securities available for sale decreased $6.5 million to $182.6 million at March 31, 2025, from $189.1 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $323 million at March 31, 2025, with an additional $323 million that could be raised in a short time frame from the brokered CDs market.

    Gross loans receivable increased $19.3 million to $1.14 billion at March 31, 2025, compared to one quarter earlier, due primarily to increased commercial real estate, construction & development and commercial & industrial lending. Commercial real estate loans increased $11.3 million to $562.9 million at March 31, 2025 and gross construction and development lending increased $7.7 million to $87.1 million at March 31, 2025, compared to one quarter earlier. Commercial & industrial loans increased $7.2 million to $124.1 million at March 31, 2025. Offsetting gross loan growth, residential real estate loans decreased $3.7 million from the prior quarter to $333.7 million, municipal loans decreased $2.8 million to $12.9 million and consumer installment loans decreased $0.4 million to $4.7 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 57.2% of gross loans, followed by residential real estate loans at 29.3% of gross loans, commercial non-real estate loans at 13.1% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.12% of gross loans at March 31, 2025, from 1.13% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended March 31, 2025. Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 from 0.71% at December 31, 2024. The increase reflects a loan relationship we expect to have $1.5 million in repayment in the next 6 months as collateral undergoes a sales process. No specific reserves have been established on the loan as ample collateral currently appears available. Approximately 80% of the non-performing assets consisted of four loan relationships.

    Goodwill and other intangibles increased slightly during the quarter ended March 31, 2025 to $3.8 million from $2.7 million one quarter earlier. The increase in intangibles relates to the acquisition of Larson Financial Group, LLC in January 2025.

    Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025, from $1.15 billion at December 31, 2024. The decrease in deposits reflects a $22.9 million decrease in uninsured deposits during the first quarter composed primarily of money market deposits, consisting of normal commercial customer operation outflows, particularly with one customer accounting for $18 million of the decline who reinvested following the sale of their business in 2024. Meanwhile, brokered deposits increased $22.9 million and insured and collateralized deposits increased $5.6 million in the quarter ended March 31, 2025.

    At March 31, 2025, non-interest bearing demand deposits decreased to 21.8% of total deposits from 22.6% the prior quarter, while interest-bearing demand and savings deposits remained at 29.4% of deposits.

    FHLB advances increased $8.0 million to $170.3 million at March 31, 2025, compared to $162.3 million at December 31, 2024.

    Tangible stockholder equity as a percentage of total tangible assets increased to 8.05% at March 31, 2025, compared to 7.76% at December 31, 2024, and 7.60% at March 31, 2024.

    Tangible net book value per common share increased $2.73 to $26.94, at March 31, 2025, compared to $24.21 one year earlier, an increase of 11.3% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $25.98, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value in the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $16.7 million at March 31, 2025, compared to $19.3 million one quarter earlier.

    Operations Review

    Net interest income decreased to $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, from $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, and increased from $9.3 million (on a net margin of 2.80%) for the first quarter of 2024. The lower net interest income in the current period while net margin also increased primarily relates to a lower level of earnings assets during the quarter. Meanwhile, earning asset yields increased to 5.35% during the first quarter of 2025 from 5.29% the prior period and interest bearing deposit and borrowing costs decreased four basis points to 3.02% compared to 3.06% during the fourth quarter of 2024. Relative to one year earlier, earning asset yields were up 23 basis points while interest bearing deposit and borrowing costs increased two basis points.

    The increase in earning asset yields was due to higher yields on loan originations, loan renewals, security purchases and security repricing. Loan yields increased during the first quarter of 2025 to 5.82% from 5.80% for the fourth quarter of 2024. Taxable security yields were 3.35% for the quarter ended March 31, 2025, compared to 3.16% for the quarter ended December 31, 2024, while tax-exempt security yields increased to 3.35% for the quarter ended March 31, 2025 from 3.31% the previous quarter. The increase in taxable security yields reflects some security restructuring activity from security sales in the prior quarter more fully realized in the current quarter.

    The cost of all deposits increased slightly to 2.09% for the quarter ended March 31, 2025, compared to 2.08% the prior quarter, while the overall cost of funds decreased four basis points to 3.02% from 3.06% during the same time period. Deposit costs for time deposits decreased during the first quarter with time deposits decreasing five basis points to 3.97% and money market deposits decreasing 12 basis points to 2.44%. Savings and demand deposits increased three basis points to 1.87%. FHLB advances increased one basis point to 4.41% for the quarter ended March 31, 2025.

    Total noninterest income increased $589,000 during the first quarter of 2025 to $1.9 million, from $1.3 million for the fourth quarter of 2024 due primarily to a lower net loss on sale of securities and increased investment and insurance sales commissions of $100,000. Mortgage banking income decreased to $250,000 in the first quarter from $414,000 the prior quarter while various increases in nominal revenue sources accounted for the remaining increase in noninterest income. At March 31, 2025, the Bank serviced $373.4 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses increased $967,000 to $9.0 million for the first quarter of 2025, compared to $8.0 million for the fourth quarter of 2024, and increased $644,000 from $8.3 million for the first quarter of 2024. On a linked quarter basis, December 2024 quarter salary and benefits expense was reduced from year-end final adjustments to incentive estimates, while March 2025 quarterly salary and benefits increased as commercial growth, and related incentives, were greater than budgeted. The LFG acquisition also increased wage and benefit expense. Intangible amortization increased slightly during the first quarter related to the acquisition. Occupancy and facilities costs increased $95,000, data processing and other office operation expenses increased $90,000 and various other noninterest expenses increased $177,000 during the first quarter ended March 31, 2025.

    Taxes decreased $51,000 during the first quarter to $473,000, from $524,000 one quarter earlier. The effective tax rate for the quarter ended March 31, 2025, was 15.6% compared to 14.4% for the fourth quarter ended December 31, 2024.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

     
    PSB Holdings, Inc.
    Consolidated Balance Sheets
    March 31, 2025, September 30, June 30, and March 31, 2024, unaudited, December 31, 2024 derived from audited financial statements
                 
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data)     2025     2024     2024     2024     2024  
                 
    Assets            
                 
    Cash and due from banks   $ 19,628   $ 21,414   $ 23,554   $ 16,475   $ 13,340  
    Interest-bearing deposits     702     3,724     5,126     251     105  
    Federal funds sold     2,351     15,360     58,434     69,249     2,439  
                 
    Cash and cash equivalents     22,681     40,498     87,114     85,975     15,884  
    Securities available for sale (at fair value)     182,594     189,086     174,911     165,177     165,566  
    Securities held to maturity (fair values of $77,375, $79,654, $82,389, $79,993 and $81,234 respectively)     85,373     86,748     86,847     86,825     87,104  
    Equity securities     2,847     2,782     1,752     1,661     1,474  
    Loans held for sale     734     217     –     2,268     865  
    Loans receivable, net (allowance for credit losses of $12,392, $12,342, $12,598, $12,597 and $12,494 respectively)     1,096,422     1,078,204     1,057,974     1,074,844     1,081,394  
    Accrued interest receivable     5,184     5,042     4,837     5,046     5,467  
    Foreclosed assets     300     –     –     –     –  
    Premises and equipment, net     13,522     13,805     14,065     14,048     13,427  
    Mortgage servicing rights, net     1,717     1,742     1,727     1,688     1,657  
    Federal Home Loan Bank stock (at cost)     8,825     8,825     8,825     8,825     7,006  
    Cash surrender value of bank-owned life insurance     24,897     24,732     24,565     24,401     24,242  
    Other intangibles     353     195     212     229     249  
    Goodwill     3,495     2,541     2,541     2,541     2,541  
    Other assets     10,828     11,539     10,598     12,111     11,682  
                 
    TOTAL ASSETS   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
                 
    Liabilities            
                 
    Non-interest-bearing deposits   $ 245,672   $ 259,515   $ 265,078   $ 250,435   $ 247,608  
    Interest-bearing deposits     884,364     887,834     874,035     901,886     865,744  
                 
    Total deposits     1,130,036     1,147,349     1,139,113     1,152,321     1,113,352  
                 
    Federal Home Loan Bank advances     170,250     162,250     181,250     184,900     158,250  
    Other borrowings     6,343     6,872     6,128     5,775     8,096  
    Senior subordinated notes     4,783     4,781     4,779     4,778     4,776  
    Junior subordinated debentures     13,049     13,023     12,998     12,972     12,947  
    Allowance for credit losses on unfunded commitments     672     672     477     477     477  
    Accrued expenses and other liabilities     13,554     14,723     12,850     13,069     10,247  
                 
    Total liabilities     1,338,687     1,349,670     1,357,595     1,374,292     1,308,145  
                 
    Stockholders’ equity            
                 
    Preferred stock – no par value:            
    Authorized – 30,000 shares; Issued – 7,200 shares            
    Outstanding – 7,200 shares, respectively     7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:            
    Authorized – 18,000,000 shares; Issued – 5,490,798 shares            
    Outstanding – 4,084,708, 4,092,977, 4,105,594, 4,128,382 and 4,147,649 shares, respectively     1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital     8,608     8,610     8,567     8,527     8,466  
    Retained earnings     142,277     139,838     138,142     135,276     134,271  
    Accumulated other comprehensive income (loss), net of tax     (16,692 )   (19,314 )   (15,814 )   (20,503 )   (20,775 )
    Treasury stock, at cost – 1,406,090, 1,397,821, 1,385,204, 1,362,416 and 1,343,149 shares, respectively     (22,138 )   (21,878 )   (21,552 )   (20,983 )   (20,579 )
                 
    Total stockholders’ equity     121,085     116,286     118,373     111,347     110,413  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
    PSB Holdings, Inc.
    Consolidated Statements of Income
     
        Quarter Ended  
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data – unaudited)     2025     2024     2024     2024     2024  
                 
    Interest and dividend income:            
    Loans, including fees   $ 15,782   $ 15,646   $ 15,634   $ 15,433   $ 15,109  
    Securities:            
    Taxable     1,641     1,545     1,345     1,295     1,197  
    Tax-exempt     517     522     522     521     526  
    Other interest and dividends     345     948     699     265     343  
                 
    Total interest and dividend income     18,285     18,661     18,200     17,514     17,175  
                 
    Interest expense:            
    Deposits     5,884     6,027     5,905     5,838     6,082  
    FHLB advances     1,792     1,890     2,038     1,860     1,450  
    Other borrowings     47     57     57     58     60  
    Senior subordinated notes     59     59     59     58     59  
    Junior subordinated debentures     248     252     252     255     251  
                 
    Total interest expense     8,030     8,285     8,311     8,069     7,902  
                 
    Net interest income     10,255     10,376     9,889     9,445     9,273  
    Provision for credit losses     117     –     –     100     95  
                 
    Net interest income after provision for credit losses     10,138     10,376     9,889     9,345     9,178  
                 
    Noninterest income:            
    Service fees     358     362     367     350     336  
    Mortgage banking income     250     414     433     433     308  
    Investment and insurance sales commissions     326     226     230     222     121  
    Net loss on sale of securities     (1 )   (511 )   –     –     (495 )
    Increase in cash surrender value of life insurance     163     166     165     159     157  
    Other noninterest income     770     620     648     742     617  
                 
    Total noninterest income     1,866     1,277     1,843     1,906     1,044  
                 
    Noninterest expense:            
    Salaries and employee benefits     5,302     4,691     4,771     5,167     5,123  
    Occupancy and facilities     786     691     757     733     721  
    Loss (gain) on foreclosed assets     –     –     1     –     –  
    Data processing and other office operations     1,201     1,111     1,104     1,047     1,022  
    Advertising and promotion     129     141     164     171     129  
    Amortization of intangibles     23     17     17     20     24  
    Other noninterest expenses     1,528     1,351     1,337     1,257     1,306  
                 
    Total noninterest expense     8,969     8,002     8,151     8,395     8,325  
                 
    Income before provision for income taxes     3,035     3,651     3,581     2,856     1,897  
    Provision for income taxes     473     524     593     410     169  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
    Preferred stock dividends declared   $ 122   $ 122   $ 122   $ 122   $ 122  
                 
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
    Basic earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data)   Quarter ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    Earnings and dividends:     2025     2024     2024     2024     2024  
                 
    Interest income   $ 18,285   $ 18,661   $ 18,200   $ 17,514   $ 17,175  
    Interest expense   $ 8,030   $ 8,285   $ 8,311   $ 8,069   $ 7,902  
    Net interest income   $ 10,255   $ 10,376   $ 9,889   $ 9,445   $ 9,273  
    Provision for credit losses   $ 117   $ –   $ –   $ 100   $ 95  
    Other noninterest income   $ 1,866   $ 1,277   $ 1,843   $ 1,906   $ 1,044  
    Other noninterest expense   $ 8,969   $ 8,002   $ 8,151   $ 8,395   $ 8,325  
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
                 
    Basic earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Dividends declared per common share (3)   $ –   $ 0.32   $ –   $ 0.32   $ –  
    Tangible net book value per common share (4)   $ 26.94   $ 25.98   $ 26.41   $ 24.55   $ 24.21  
                 
    Semi-annual dividend payout ratio     n/a     23.27 %   n/a     33.61 %   n/a  
    Average common shares outstanding     4,088,824     4,094,360     4,132,218     4,139,456     4,154,702  
                 
    Balance sheet – average balances:            
    Loans receivable, net of allowances for credit loss   $ 1,091,533   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936  
    Assets   $ 1,462,862   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437  
    Deposits   $ 1,140,397   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010  
    Stockholders’ equity   $ 118,576   $ 118,396   $ 114,458   $ 110,726   $ 109,473  
                 
    Performance ratios:            
    Return on average assets (1)     0.71 %   0.84 %   0.82 %   0.69 %   0.49 %
    Return on average common stockholders’ equity (1)     8.88 %   10.75 %   10.63 %   9.03 %   6.32 %
    Return on average tangible common stockholders’ equity (1)(4)     9.21 %   11.07 %   10.96 %   9.34 %   6.57 %
    Net loan charge-offs to average loans (1)     0.02 %   0.02 %   0.00 %   0.00 %   0.00 %
    Nonperforming loans to gross loans     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Nonperforming assets to total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses to gross loans     1.12 %   1.13 %   1.18 %   1.16 %   1.14 %
    Nonperforming assets to tangible equity plus the allowance for credit losses (4)     10.71 %   8.85 %   8.71 %   11.09 %   10.59 %
    Net interest rate margin (1)(2)     3.03 %   2.96 %   2.90 %   2.84 %   2.80 %
    Net interest rate spread (1)(2)     2.33 %   2.23 %   2.16 %   2.15 %   2.12 %
    Service fee revenue as a percent of average demand deposits (1)     0.58 %   0.53 %   0.56 %   0.56 %   0.54 %
    Noninterest income as a percent of gross revenue     9.26 %   6.40 %   9.20 %   9.81 %   5.73 %
    Efficiency ratio (2)     72.88 %   67.59 %   68.43 %   72.52 %   78.93 %
    Noninterest expenses to average assets (1)     2.49 %   2.15 %   2.24 %   2.35 %   2.34 %
    Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets     9.22 %   9.08 %   9.06 %   9.03 %   8.98 %
    Tangible equity to tangible assets (4)     8.05 %   7.76 %   7.85 %   7.32 %   7.60 %
                 
    Stock price information:            
                 
    High   $ 26.50   $ 27.90   $ 25.00   $ 21.40   $ 22.50  
    Low   $ 25.60   $ 25.00   $ 20.30   $ 19.75   $ 20.05  
    Last trade value at quarter-end   $ 25.70   $ 26.50   $ 25.00   $ 20.40   $ 21.25  
                 
    (1) Annualized
    (2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
    (4) Tangible stockholders’ equity excludes goodwill and other intangibles.
    PSB Holdings, Inc.
    Consolidated Statements of Comprehensive Income
                 
        Quarter Ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands – unaudited)     2025     2024     2024     2024     2024  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
                 
    Other comprehensive income, net of tax:            
                 
    Unrealized gain (loss) on securities available for sale     2,551     (3,955 )   4,738     184     (615 )
                 
    Reclassification adjustment for security loss included in net income     1     404     –     –     391  
                 
    Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19     –     (76 )   –     –     (35 )
                 
    Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity     89     90     90     89     91  
                 
    Unrealized gain (loss) on interest rate swap     (6 )   65     (101 )   39     122  
                 
    Reclassification adjustment of interest rate swap settlements included in earnings     (13 )   (27 )   (38 )   (40 )   (41 )
                 
                 
    Other comprehensive income (loss)     2,622     (3,499 )   4,689     272     (87 )
                 
    Comprehensive income (loss)   $ 5,184   $ (372 ) $ 7,677   $ 2,718   $ 1,641  
    PSB Holdings, Inc.            
    Nonperforming Assets as of:            
        Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
    (dollars in thousands)     2025     2024     2024     2024     2024  
                 
    Nonaccrual loans (excluding restructured loans)   $ 12,404   $ 10,109   $ 10,116   $ 12,184   $ 11,498  
    Nonaccrual restructured loans     17     18     25     28     30  
    Restructured loans not on nonaccrual     280     286     292     299     304  
    Accruing loans past due 90 days or more     –     –     –     –     –  
                 
    Total nonperforming loans     12,701     10,413     10,433     12,511     11,832  
    Other real estate owned     300     –     –     –     –  
                 
    Total nonperforming assets   $ 13,001   $ 10,413   $ 10,433   $ 12,511   $ 11,832  
                 
    Nonperforming loans as a % of gross loans receivable     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Total nonperforming assets as a % of total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses as a % of nonperforming loans     97.57 %   118.52 %   120.75 %   100.69 %   105.59 %
    PSB Holdings, Inc.
    Nonperforming Assets >= $500,000 net book value before specific reserves
    At March 31, 2025
    (dollars in thousands)
          Gross Specific
    Collateral Description   Asset Type Principal Reserves
             
    Real estate – Recreational Facility   Nonaccrual   4,051     148  
    Real estate – Independent Auto Repair   Nonaccrual   514     0  
    Real estate – Dealership   Nonaccrual   2,708     560  
    Real estate – Rental Units   Nonaccrual   3,077     0  
             
             
    Total listed nonperforming assets     $ 10,350   $ 708  
    Total bank wide nonperforming assets     $ 13,001   $ 1,055  
    Listed assets as a % of total nonperforming assets       80 %   67 %
    PSB Holding, Inc.            
    Loan Composition by Collateral Type            
    Quarter-ended (dollars in thousands)   Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                 
    Commercial:            
    Commercial and industrial   $ 124,074   $ 116,864   $ 115,234   $ 125,508   $ 118,821  
    Agriculture     11,632     11,568     11,203     11,480     12,081  
    Municipal     12,878     15,733     12,596     11,190     28,842  
                 
    Total Commercial     148,584     144,165     139,033     148,178     159,744  
                 
    Commercial Real Estate:            
    Commercial real estate     562,901     551,641     541,577     544,171     546,257  
    Construction and development     87,080     79,377     60,952     70,540     63,375  
                 
    Total Commercial Real Estate     649,981     631,018     602,529     614,711     609,632  
                 
    Residential real estate:            
    Residential     268,490     271,643     269,954     270,944     274,300  
    Construction and development     26,884     28,959     34,655     36,129     34,158  
    HELOC     38,364     36,887     36,734     33,838     31,357  
                 
    Total Residential Real Estate     333,738     337,489     341,343     340,911     339,815  
                 
    Consumer installment     4,683     5,060     4,770     4,423     4,867  
                 
    Subtotals – Gross loans     1,136,986     1,117,732     1,087,675     1,108,223     1,114,058  
    Loans in process of disbursement     (28,752 )   (27,791 )   (17,836 )   (21,484 )   (20,839 )
                 
    Subtotals – Disbursed loans     1,108,234     1,089,941     1,069,839     1,086,739     1,093,219  
    Net deferred loan costs     580     605     733     702     669  
    Allowance for credit losses     (12,392 )   (12,342 )   (12,598 )   (12,597 )   (12,494 )
                 
    Total loans receivable   $ 1,096,422   $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394  
    PSB Holding, Inc.
    Selected Commercial Real Estate Loans by Purpose
                   
      Mar 31, Dec 31, Sept 30, June 30, Mar 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
                         
      Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1)
    Multi Family $ 143,674 13.9 % $ 140,087 14.0 % $ 140,307 14.7 % $ 146,873 15.2 % $ 142,001 14.4 %
    Industrial and Warehousing   100,494 9.7     88,297 8.8     86,818 9.1     86,025 8.9     85,409 8.6  
    Retail   40,779 3.9     33,991 3.4     33,020 3.5     34,846 3.6     33,177 3.4  
    Hotels   30,928 3.0     31,101 3.1     31,611 3.3     34,613 3.6     35,105 3.6  
    Office   7,254 0.7     6,234 0.6     6,378 0.7     6,518 0.7     6,655 0.7  
                         
    (1) Percentage of commercial and commercial real estate portfolio and commitments.          
    PSB Holdings, Inc.
    Deposit Composition
                         
    Insured and Collateralized Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 206,562 18.3 % $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 %
    Interest-bearing demand and savings   314,957 27.9 %   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %
    Money market deposits   118,047 10.4 %   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   797,632 70.6 %   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %
    Retail and local time deposits > $250   26,750 2.3 %   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 904,713 80.0 % $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 39,110 3.5 % $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 %
    Interest-bearing demand and savings   17,262 1.5 %   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %
    Money market deposits   150,222 13.3 %   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   206,594 18.3 %   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %
    Retail and local time deposits > $250   18,729 1.7 %   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 225,323 20.0 % $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 245,672 21.8 % $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 %
    Interest-bearing demand and savings   332,219 29.4 %   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %
    Money market deposits   268,269 23.7 %   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   1,004,226 88.9 %   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %
    Retail and local time deposits > $250   45,479 4.0 %   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 1,130,036 100.0 % $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 %
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)
                           
                           
      Quarter ended March 31, 2025   Quarter ended December 31, 2024   Quarter ended March 31, 2024
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
    Loans (1)(2) $ 1,103,895   $ 15,830 5.82 %   $ 1,077,242   $ 15,693 5.80 %   $ 1,094,321   $ 15,199 5.59 %
    Taxable securities   198,426     1,641 3.35 %     194,272     1,545 3.16 %     171,788     1,197 2.80 %
    Tax-exempt securities (2)   79,282     654 3.35 %     79,475     661 3.31 %     80,434     666 3.33 %
    FHLB stock   8,825     241 11.08 %     8,825     227 10.23 %     6,499     165 10.21 %
    Other   8,960     104 4.71 %     58,405     721 4.91 %     12,885     178 5.56 %
                           
    Total (2)   1,399,388     18,470 5.35 %     1,418,219     18,847 5.29 %     1,365,927     17,405 5.12 %
                           
    Non-interest-earning assets:                          
    Cash and due from banks   16,292           15,500           17,367      
    Premises and equipment, net   13,728           14,001           13,183      
    Cash surrender value ins   24,795           24,625           24,144      
    Other assets   21,021           20,090           21,201      
    Allowance for credit losses   (12,362 )         (12,623 )         (12,385 )    
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Liabilities & stockholders’ equity                          
    Interest-bearing liabilities:                          
    Savings and demand deposits $ 339,909   $ 1,567 1.87 %   $ 319,777   $ 1,479 1.84 %   $ 350,497   $ 1,672 1.92 %
    Money market deposits   280,396     1,685 2.44 %     304,897     1,961 2.56 %     274,186     1,897 2.78 %
    Time deposits   268,821     2,632 3.97 %     256,201     2,587 4.02 %     264,657     2,513 3.82 %
    FHLB borrowings   164,968     1,792 4.41 %     170,701     1,890 4.40 %     142,926     1,450 4.08 %
    Other borrowings   6,321     47 3.02 %     6,848     57 3.31 %     8,554     60 2.82 %
    Senior sub. notes   4,782     59 5.00 %     4,780     59 4.91 %     4,775     59 4.97 %
    Junior sub. debentures   13,036     248 7.72 %     13,011     252 7.71 %     12,934     251 7.81 %
                           
    Total   1,078,233     8,030 3.02 %     1,076,215     8,285 3.06 %     1,058,529     7,902 3.00 %
                           
    Non-interest-bearing liabilities:                          
    Demand deposits   251,271           270,575           248,670      
    Other liabilities   14,782           14,626           12,765      
    Stockholders’ equity   118,576           118,396           109,473      
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Net interest income   $ 10,440       $ 10,562       $ 9,503  
    Rate spread     2.33 %       2.23 %       2.12 %
    Net yield on interest-earning assets         3.03 %       2.96 %       2.80 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the First Quarter of the Year Ending December 31, 2025 and Declaration of a Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., April 24, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the first quarter of the year ending December 31, 2025 and approval of its quarterly cash dividend.

    For the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024:

    • net income was $14.5 million compared to $14.2 million;
    • diluted earnings per share (“EPS”) was $0.84 compared to $0.83;
    • annualized return on assets (“ROA”) was 1.33% compared to 1.27%;
    • annualized return on equity (“ROE”) was 10.52% compared to 10.32%;
    • net interest margin was 4.18% compared to 4.09%;
    • provision for credit losses was $1.5 million compared to a benefit of $855,000;
    • quarterly cash dividends continued at $0.12 per share totaling $2.1 million for both periods; and
    • 14,800 shares of Company common stock were repurchased during the quarter at an average price of $33.64 compared to none in the prior quarter.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on May 29, 2025 to shareholders of record as of the close of business on May 15, 2025.

    “We are pleased to report another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “Our top quartile net interest margin expanded to 4.18% as the reduction in our funding costs outpaced a slight decline in our asset yields. This improvement reflects our focus on financial performance rather than loan growth for the sake of growth.

    “During the first quarter, we transitioned our common stock listing to the New York Stock Exchange under the ticker ‘HTB’, which we believe will provide greater exposure for our Company and long-term value for our stockholders. We also announced the sale of our two branches and exit from Knoxville, Tennessee, which will tighten our geographic footprint, improve our branch efficiencies, and allow us to better allocate capital to support long-term growth in other core markets.

    “In response to the recent turbulence in the economic environment, we currently do not anticipate a significant impact upon our business, but we are committed to working with our customers to provide the banking support that may be needed. As in past periods of uncertainty, we are confident that the resilience of our balance sheet and customers, coupled with our conservative approach to risk management, will position HomeTrust to succeed.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended March 31, 2025 and December 31, 2024
    Net Income.  Net income totaled $14.5 million, or $0.84 per diluted share, for the three months ended March 31, 2025 compared to $14.2 million, or $0.83 per diluted share, for the three months ended December 31, 2024, an increase of $331,000, or 2.3%. Results for the three months ended March 31, 2025 benefited from a $3.0 million decrease in noninterest expense, partially offset by a $2.4 million increase in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.

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

      Three Months Ended
      March 31, 2025   December 31, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,802,003     $ 58,613   6.25%     $ 3,890,775     $ 62,224   6.36%  
    Debt securities available for sale   152,659       1,787   4.75       147,023       1,621   4.39  
    Other interest-earning assets(2)   206,242       3,235   6.36       160,064       2,353   5.85  
    Total interest-earning assets   4,160,904       63,635   6.20       4,197,862       66,198   6.27  
    Other assets   266,141               263,750          
    Total assets $ 4,427,045             $ 4,461,612          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 573,316     $ 1,324   0.94%     $ 559,033     $ 1,271   0.90%  
    Money market accounts   1,345,575       9,177   2.77       1,343,609       10,038   2.97  
    Savings accounts   183,354       38   0.08       180,546       40   0.09  
    Certificate accounts   951,715       9,824   4.19       1,005,914       11,225   4.44  
    Total interest-bearing deposits   3,053,960       20,363   2.70       3,089,102       22,574   2.91  
    Junior subordinated debt   10,129       205   8.21       10,104       223   8.87  
    Borrowings   12,301       160   5.28       14,689       196   5.31  
    Total interest-bearing liabilities   3,076,390       20,728   2.73       3,113,895       22,993   2.94  
    Noninterest-bearing deposits   719,522               731,745          
    Other liabilities   70,821               68,261          
    Total liabilities   3,866,733               3,913,901          
    Stockholders’ equity   560,312               547,711          
    Total liabilities and stockholders’ equity $ 4,427,045             $ 4,461,612          
    Net earning assets $ 1,084,514             $ 1,083,967          
    Average interest-earning assets to average interest-bearing liabilities   135.25%               134.81%          
    Non-tax-equivalent                      
    Net interest income     $ 42,907           $ 43,205    
    Interest rate spread         3.47%             3.33%  
    Net interest margin(3)         4.18%             4.09%  
    Tax-equivalent(4)                      
    Net interest income     $ 43,325           $ 43,594    
    Interest rate spread         3.51%             3.37%  
    Net interest margin(3)         4.22%             4.13%  

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $418 and $389 for the three months ended March 31, 2025 and December 31, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended March 31, 2025 decreased $2.6 million, or 3.9%, compared to the three months ended December 31, 2024, which was driven by a $3.6 million, or 5.8%, decrease in loan interest income primarily due to a decline in the average balance, a decrease in accretion income on acquired loans of $881,000, or 73.3%, and fewer days in the current quarter. In addition, income on SBIC investments increased $452,000, or 54.0%, due to investment appreciation.

    Total interest expense for the three months ended March 31, 2025 decreased $2.3 million, or 9.9%, compared to the three months ended December 31, 2024. The decrease was the result of a decline in the average balance of certificate accounts, specifically brokered deposits, a decline in the average cost of funds across funding categories, and fewer days in the current quarter.

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

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ (2,559)     $ (1,052)     $ (3,611)  
    Debt securities available for sale   27       139       166  
    Other interest-earning assets   616       266       882  
    Total interest-earning assets   (1,916)       (647)       (2,563)  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   7       46       53  
    Money market accounts   (164)       (697)       (861)  
    Savings accounts   —       (2)       (2)  
    Certificate accounts   (796)       (605)       (1,401)  
    Junior subordinated debt   (3)       (15)       (18)  
    Borrowings   (35)       (1)       (36)  
    Total interest-bearing liabilities   (991)       (1,274)       (2,265)  
    Decrease in net interest income         $ (298)  

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

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

      Three Months Ended    
    (Dollars in thousands) March 31, 2025   December 31, 2024   $ Change   % Change
    Provision (benefit) for credit losses              
    Loans $ 800   $ (975)     $ 1,775   182%  
    Off-balance-sheet credit exposure   740     120       620   517  
    Total provision (benefit) for credit losses $ 1,540   $ (855)     $ 2,395   280%  

    For the quarter ended March 31, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.3 million during the quarter:

    • $0.6 million benefit driven by changes in the loan mix.
    • The slight improvement in the projected economic forecast, specifically the national unemployment rate, was offset by changes in qualitative adjustments. Of note, we retained the $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio established in the quarter ended September 30, 2024.
    • $0.1 million increase in specific reserves on individually evaluated loans.

    For the quarter ended December 31, 2024, the “loans” portion of the provision (benefit) for credit losses was the result of the following, offset by net charge-offs of $1.9 million during the quarter:

    • $1.3 million benefit driven by changes in the loan mix and a $50.6 million decrease in the loan portfolio.
    • $0.7 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Of note, we retained the $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio established in the prior quarter.
    • $0.9 million decrease in specific reserves on individually evaluated credits.

    For the quarter ended March 31, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above. For the quarter ended December 31, 2024, the amount recorded for off-balance-sheet credit exposure was the result of a decrease in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended March 31, 2025 decreased $216,000, or 2.6%, when compared to the quarter ended December 31, 2024. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) March 31, 2025   December 31, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,244   $ 2,326   $ (82)     (4)%  
    Loan income and fees   721     728     (7)     (1)  
    Gain on sale of loans held for sale   1,908     1,068     840     79  
    Bank owned life insurance (“BOLI”) income   842     842     —     —  
    Operating lease income   1,379     2,259     (880)     (39)  
    Other   933     1,020     (87)     (9)  
    Total noninterest income $ 8,027   $ 8,243   $ (216)     (3)%  
    • Gain on sale of loans held for sale: The increase was primarily driven by HELOCs sold during the period. There were $89.4 million of HELOCs originated for sale which were sold during the current quarter with gains of $1.1 million compared to no sales in the prior quarter. There were $18.8 million of residential mortgage loans sold for a gain of $473,000 during the current quarter compared to $23.8 million sold with gains of $269,000 in the prior quarter. There were $4.6 million in sales of the guaranteed portion of SBA commercial loans with gains of $366,000 for the current quarter compared to $10.2 million sold and gains of $733,000 for the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $13,000 for the current quarter compared to a gain of $66,000 for the prior quarter.
    • Operating lease income: The decrease was primarily the result of a $306,000 increase in losses incurred on the sale of, and a $529,000 increase in the valuation allowance against, previously leased equipment.

    Noninterest Expense.  Noninterest expense for the three months ended March 31, 2025 decreased $3.0 million, or 9.0%, when compared to the three months ended December 31, 2024. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) March 31, 2025   December 31, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 17,699   $ 17,234   $ 465     3%  
    Occupancy expense, net   2,511     2,476     35     1  
    Computer services   2,805     3,110     (305)     (10)  
    Operating lease depreciation expense   1,868     2,068     (200)     (10)  
    Telephone, postage and supplies   546     541     5     1  
    Marketing and advertising   452     234     218     93  
    Deposit insurance premiums   511     556     (45)     (8)  
    Core deposit intangible amortization   515     567     (52)     (9)  
    Contract renewal consulting fee   —     2,965     (2,965)     (100)  
    Other   4,054     4,258     (204)     (5)  
    Total noninterest expense $ 30,961   $ 34,009   $ (3,048)     (9)%  
    • Computer services: As noted below, in the prior quarter we finalized the multiyear renewal of our largest core processing contract. The decrease in expense quarter-over-quarter is a reflection of the improved vendor pricing negotiated through this effort.
    • Marketing and advertising: The increase in expense was the result of a reduction in advertising in the prior quarter due to the election and holiday season.
    • Contract renewal consulting fee: In the prior quarter we paid a fee to a consultant to negotiate the multiyear renewal of our largest core processing contract, with no similar fee in the current quarter.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended March 31, 2025 and December 31, 2024 were 21.1% and 22.3%, respectively.

    Balance Sheet Review
    Total assets decreased by $37.4 million to $4.6 billion and total liabilities decreased by $51.1 million to $4.0 billion, respectively, at March 31, 2025 as compared to December 31, 2024. These changes can be traced to the use of loan sale proceeds and a $61.5 million increase in customer deposits to pay down brokered deposits by $104.3 million and borrowings by $11.0 million.

    Stockholders’ equity increased $13.7 million to $565.4 million at March 31, 2025 as compared to December 31, 2024. Activity within stockholders’ equity included $14.5 million in net income and $1.0 million in stock-based compensation and stock option exercises, partially offset by $2.1 million in cash dividends declared and $498,000 in stock repurchases. In addition, accumulated other comprehensive income improved primarily due to a $1.1 million reduction of the unrealized loss on available for sale securities as a result of a decrease in market interest rates.

    As of March 31, 2025, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $44.7 million, or 1.23% of total loans, at March 31, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the “Comparison of Results of Operations for the Three Months Ended March 31, 2025 and December 31, 2024 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $1.3 million for the three months ended March 31, 2025 compared to $1.9 million and $2.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Annualized net charge-offs as a percentage of average loans were 0.14% for the three months ended March 31, 2025 as compared to 0.19% and 0.24% for the three months ended December 31, 2024 and March 31, 2024, respectively.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, decreased by $753,000, or 2.6%, to $28.0 million, or 0.61% of total assets, at March 31, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024. Owner occupied commercial real estate (“CRE”) made up the largest portion of nonperforming assets at $8.6 million and $8.5 million, respectively, at these same dates. One relationship made up $5.0 million of the totals at both dates but no loss is anticipated. In addition, equipment finance loans made up $5.1 million and $4.7 million, respectively, at these same dates, concentrated in the transportation sector. The ratio of nonperforming loans to total loans was 0.74% at March 31, 2025 compared to 0.76% at December 31, 2024.

    The ratio of classified assets to total assets decreased to 0.85% at March 31, 2025 from 1.06% at December 31, 2024 as classified assets decreased $10.0 million, or 20.5%, to $38.8 million at March 31, 2025 compared to $48.8 million at December 31, 2024. The largest portfolios of classified assets at March 31, 2025 included $12.9 million of owner-occupied CRE loans, $6.6 million of 1-4 family residential real estate loans, $5.4 million of equipment finance loans, $4.2 million of commercial and industrial loans, $4.2 million of HELOCs, and $3.8 million of non-owner occupied CRE loans.

    Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, in the prior quarter we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $109.9 million at March 31, 2025 and $68.4 million at April 21, 2025. The Company retained the prior quarter $2.2 million ACL allocation for the potential impact of the storm on this portion of our loan portfolio. To date, no charge-offs have been recognized which were directly related to Hurricane Helene.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for the Bank. As of March 31, 2025, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

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

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) March 31, 2025   December 31, 2024(1)   September 30, 2024   June 30, 2024   March 31, 2024
    Assets                  
    Cash $ 14,303     $ 18,778     $ 18,980     $ 18,382     $ 16,134  
    Interest-bearing deposits   285,522       260,441       274,497       275,808       364,359  
    Cash and cash equivalents   299,825       279,219       293,477       294,190       380,493  
    Certificates of deposit in other banks   25,806       28,538       29,290       32,131       33,625  
    Debt securities available for sale, at fair value   150,577       152,011       140,552       134,135       120,807  
    FHLB and FRB stock   13,602       13,630       18,384       19,637       13,691  
    SBIC investments, at cost   17,746       15,117       15,489       15,462       14,568  
    Loans held for sale, at fair value   2,175       4,144       2,968       1,614       2,764  
    Loans held for sale, at the lower of cost or fair value   151,164       202,018       189,722       224,976       220,699  
    Total loans, net of deferred loan fees and costs   3,648,609       3,648,299       3,698,892       3,701,454       3,648,152  
    Allowance for credit losses – loans   (44,742)       (45,285)       (48,131)       (49,223)       (47,502)  
    Loans, net   3,603,867       3,603,014       3,650,761       3,652,231       3,600,650  
    Premises and equipment held for sale, at the lower of cost or fair value   8,240       616       616       616       616  
    Premises and equipment, net   62,347       69,872       69,603       69,880       70,588  
    Accrued interest receivable   18,269       18,336       17,523       18,412       16,944  
    Deferred income taxes, net   9,288       10,735       10,100       10,512       11,222  
    BOLI   91,715       90,868       90,021       89,176       88,369  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   6,080       6,595       7,162       7,730       8,297  
    Other assets   63,248       66,606       68,130       66,051       67,183  
    Total assets $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864     $ 4,684,011  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,736,360     $ 3,779,203     $ 3,761,588     $ 3,707,779     $ 3,799,807  
    Junior subordinated debt   10,145       10,120       10,096       10,070       10,045  
    Borrowings   177,000       188,000       260,013       364,513       291,513  
    Other liabilities   69,106       66,349       65,592       64,874       69,473  
    Total liabilities   3,992,611       4,043,672       4,097,289       4,147,236       4,170,838  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   176       175       175       175       175  
    Additional paid in capital   176,682       176,693       175,495       172,907       172,919  
    Retained earnings   393,026       380,541       368,383       357,147       346,598  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (3,835)       (3,966)       (4,099)       (4,232)       (4,364)  
    Accumulated other comprehensive income (loss)   (600)       (1,685)       50       (2,369)       (2,155)  
    Total stockholders’ equity   565,449       551,758       540,004       523,628       513,173  
    Total liabilities and stockholders’ equity $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864     $ 4,684,011  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; and 17,444,787 at March 31, 2024.

    Consolidated Statements of Income (Unaudited)

      Three Months Ended
    (Dollars in thousands) March 31, 2025   December 31, 2024
    Interest and dividend income      
    Loans $ 58,613   $ 62,224  
    Debt securities available for sale   1,787     1,621  
    Other investments and interest-bearing deposits   3,235     2,353  
    Total interest and dividend income   63,635     66,198  
    Interest expense      
    Deposits   20,363     22,574  
    Junior subordinated debt   205     223  
    Borrowings   160     196  
    Total interest expense   20,728     22,993  
    Net interest income   42,907     43,205  
    Provision (benefit) for credit losses   1,540     (855)  
    Net interest income after provision (benefit) for credit losses   41,367     44,060  
    Noninterest income      
    Service charges and fees on deposit accounts   2,244     2,326  
    Loan income and fees   721     728  
    Gain on sale of loans held for sale   1,908     1,068  
    BOLI income   842     842  
    Operating lease income   1,379     2,259  
    Other   933     1,020  
    Total noninterest income   8,027     8,243  
    Noninterest expense      
    Salaries and employee benefits   17,699     17,234  
    Occupancy expense, net   2,511     2,476  
    Computer services   2,805     3,110  
    Operating lease depreciation expense   1,868     2,068  
    Telephone, postage and supplies   546     541  
    Marketing and advertising   452     234  
    Deposit insurance premiums   511     556  
    Core deposit intangible amortization   515     567  
    Contract renewal consulting fee   —     2,965  
    Other   4,054     4,258  
    Total noninterest expense   30,961     34,009  
    Income before income taxes   18,433     18,294  
    Income tax expense   3,894     4,086  
    Net income $ 14,539   $ 14,208  

    Per Share Data

        Three Months Ended 
        March 31, 2025   December 31, 2024
    Net income per common share(1)        
    Basic   $ 0.84   $ 0.83
    Diluted   $ 0.84   $ 0.83
    Average shares outstanding        
    Basic     17,011,359     16,983,751
    Diluted     17,113,424     17,084,943
    Book value per share at end of period   $ 32.21   $ 31.48
    Tangible book value per share at end of period(2)   $ 30.00   $ 29.24
    Cash dividends declared per common share   $ 0.12   $ 0.12
    Total shares outstanding at end of period     17,552,626     17,527,709

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

    Selected Financial Ratios and Other Data

      Three Months Ended
      March 31, 2025   December 31, 2024
    Performance ratios(1)  
    Return on assets (ratio of net income to average total assets) 1.33%     1.27%  
    Return on equity (ratio of net income to average equity) 10.52     10.32  
    Yield on earning assets 6.20     6.27  
    Rate paid on interest-bearing liabilities 2.73     2.94  
    Average interest rate spread 3.47     3.33  
    Net interest margin(2) 4.18     4.09  
    Average interest-earning assets to average interest-bearing liabilities 135.25     134.81  
    Noninterest expense to average total assets 2.84     3.03  
    Efficiency ratio 60.79     66.10  
    Efficiency ratio – adjusted(3) 60.29     59.89  

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

      At or For the Three Months Ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.61%     0.63%     0.64%     0.54%     0.43%  
    Nonperforming loans to total loans(1) 0.74     0.76     0.78     0.68     0.55  
    Total classified assets to total assets 0.85     1.06     0.99     0.91     0.80  
    Allowance for credit losses to nonperforming loans(1) 165.96     163.68     166.51     194.80     235.18  
    Allowance for credit losses to total loans 1.23     1.24     1.30     1.33     1.30  
    Net charge-offs to average loans (annualized) 0.14     0.19     0.42     0.27     0.24  
    Capital ratios                  
    Equity to total assets at end of period 12.41%     12.01%     11.64%     11.21%     10.96%  
    Tangible equity to total tangible assets(2) 11.65     11.25     10.88     10.44     10.18  
    Average equity to average assets 12.66     12.28     12.02     11.78     11.51  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At March 31, 2025, $7.5 million, or 27.9%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Loans

    (Dollars in thousands) March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Commercial real estate                  
    Construction and land development $ 247,539     $ 274,356     $ 300,905     $ 316,050     $ 304,727  
    Commercial real estate – owner occupied   570,150       545,490       544,689       545,631       532,547  
    Commercial real estate – non-owner occupied   867,711       866,094       881,340       892,653       881,143  
    Multifamily   118,094       120,425       114,155       92,292       89,692  
    Total commercial real estate   1,803,494       1,806,365       1,841,089       1,846,626       1,808,109  
    Commercial                  
    Commercial and industrial   349,085       316,159       286,809       266,136       243,732  
    Equipment finance   380,166       406,400       443,033       461,010       462,649  
    Municipal leases   163,554       165,984       158,560       152,509       151,894  
    Total commercial   892,805       888,543       888,402       879,655       858,275  
    Residential real estate                  
    Construction and land development   56,858       53,683       63,016       70,679       85,840  
    One-to-four family   631,537       630,391       627,845       621,196       605,570  
    HELOCs   199,747       195,288       194,909       188,465       184,274  
    Total residential real estate   888,142       879,362       885,770       880,340       875,684  
    Consumer   64,168       74,029       83,631       94,833       106,084  
    Total loans, net of deferred loan fees and costs   3,648,609       3,648,299       3,698,892       3,701,454       3,648,152  
    Allowance for credit losses – loans   (44,742)       (45,285)       (48,131)       (49,223)       (47,502)  
    Loans, net $ 3,603,867     $ 3,603,014     $ 3,650,761     $ 3,652,231     $ 3,600,650  

    Deposits

    (Dollars in thousands) March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Core deposits                  
    Noninterest-bearing accounts $ 721,814   $ 680,926   $ 684,501   $ 683,346   $ 773,901
    NOW accounts   573,745     575,238     534,517     561,789     600,561
    Money market accounts   1,357,961     1,341,995     1,345,289     1,311,940     1,308,467
    Savings accounts   184,396     181,317     179,762     185,499     191,302
    Total core deposits   2,837,916     2,779,476     2,744,069     2,742,574     2,874,231
    Certificates of deposit   898,444     999,727     1,017,519     965,205     925,576
    Total $ 3,736,360   $ 3,779,203   $ 3,761,588   $ 3,707,779   $ 3,799,807

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

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

        Three Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024
    Noninterest expense   $ 30,961   $ 34,009
    Less: contract renewal consulting fee     —     2,965
    Noninterest expense – adjusted   $ 30,961   $ 31,044
             
    Net interest income   $ 42,907   $ 43,205
    Plus: tax-equivalent adjustment     418     389
    Plus: noninterest income     8,027     8,243
    Net interest income plus noninterest income – adjusted   $ 51,352   $ 51,837
    Efficiency ratio   60.79%   66.10%
    Efficiency ratio – adjusted   60.29%   59.89%

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

        As of
    (Dollars in thousands, except per share data)   March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Total stockholders’ equity   $ 565,449   $ 551,758   $ 540,004   $ 523,628   $ 513,173
    Less: goodwill, core deposit intangibles, net of taxes     38,793     39,189     39,626     40,063     40,500
    Tangible book value   $ 526,656   $ 512,569   $ 500,378   $ 483,565   $ 472,673
    Common shares outstanding     17,552,626     17,527,709     17,514,922     17,437,326     17,444,787
    Book value per share   $ 32.21   $ 31.48   $ 30.83   $ 30.03   $ 29.42
    Tangible book value per share   $ 30.00   $ 29.24   $ 28.57   $ 27.73   $ 27.10

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

        As of
    (Dollars in thousands)   March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Tangible equity(1)   $ 526,656   $ 512,569   $ 500,378   $ 483,565   $ 472,673
    Total assets     4,558,060     4,595,430     4,637,293     4,670,864     4,684,011
    Less: goodwill, core deposit intangibles, net of taxes     38,793     39,189     39,626     40,063     40,500
    Total tangible assets   $ 4,519,267   $ 4,556,241   $ 4,597,667   $ 4,630,801   $ 4,643,511
    Tangible equity to tangible assets   11.65%   11.25%   10.88%   10.44%   10.18%

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

    The MIL Network –

  • MIL-OSI: Bitget Wallet Launches Major Upgrade to Market Tools and Alpha Interface

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, April 24, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has introduced a major upgrade to its market insight features, including advanced K-line charting, real-time token analytics, and dynamic trading overlays. The enhanced interface gives users a professional-grade monitoring experience from a simple, mobile-first wallet.

    The new interface enables users to interact with candlestick (K-line) charts using familiar gestures — drag to view historical price movements, pinch to zoom for detail, and long-press to reveal a floating window with precise data points. Users can also choose to display or hide trade-specific overlays such as buy/sell points, average price, and position size, making it easier to monitor performance without clutter.

    Each token’s detail page now includes a dedicated “Trading Activity” section, surfacing key onchain metrics like address count changes, top 10 address volumes, largest trades, and major inflow/outflow events. A new “Daily Movers” section on the market homepage highlights tokens with unusual price or volume shifts, helping users quickly identify emerging trends. Meanwhile, Bitget Wallet Alpha, previously known as MemeX, has been upgraded with a simplified layout, clearer gain multipliers, and improved stablecoin purchase options.

    While feature-rich, the upgrade remains true to Bitget Wallet’s broader design philosophy — the delivery of powerful tools through an interface that feels intuitive and easy to navigate. “Great design is about making powerful tools simple,” said Alvin Kan, COO of Bitget Wallet. “This upgrade delivers the depth that active users expect, while staying true to our vision of a wallet that anyone can use.“

    The upgraded features are now available for all Bitget Wallet users on iOS and Android, with further usability improvements set to roll out in the coming months. For more details, please visit Bitget Wallet’s official X.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, secure, and accessible for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3203f0f-c697-4c68-bf43-d35ce1fe26a7

    The MIL Network –

  • MIL-OSI United Kingdom: Reusable period products given out at Leeds leisure centres

    Source: City of Leeds

    Leeds City Council’s leisure centres are supporting visitors and staff to make the switch to reusable period products and removing the barrier of periods when being active.

    Together with period poverty charity Freedom 4 Girls, Active Leeds are giving out free sustainable products at their leisure centres across Leeds over the next few months.

    1 in 10 girls in the UK can’t afford period products, and a lack of access can mean missing school, work and physical activity.

    Members of staff at Leeds leisure centres have shared their experiences of how periods have impacted them at work, whether it is the fear of leaking, getting caught short and not having products with them at work, navigating perimenopause and irregular periods or struggling with feeling confident to do their job whilst on their period.

    Over the next few months, Active Leeds and Freedom 4 Girls are providing the opportunity for staff and visitors to explore and take home sustainable period products, removing both financial and cultural barriers to physical activity. They are also asking for help to stock the leisure centres’ period stations through donations of disposable or sustainable menstrual products.

    At the two pilot events that have already taken place, teams handed out 208 free sustainable products including 121 period pants, 57 period swimwear and 30 reusable pads. In exchange for the free products, they collected over 100 packets and boxes of disposable products, to be able to offer free period products for all visitors at the Active Leeds sites.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “This initiative is about more than just access to reusable and sustainable period products, it’s about normalising conversations, building confidence, and ensuring that no one is left behind because of their period.

    “Following the success of the pilot events, we’re looking forward to rolling this out across more leisure centres over the next few months.”

    Events will take place at the following leisure centres:

    Kirkstall Leisure Centre – 21 May

    Armley Leisure Centre – 22 May

    Garforth Leisure Centre – 11 June

    Rothwell Leisure Centre – 12 June

    Middleton Leisure Centre – 25 June

    Pudsey Leisure Centre – 26 June

    Scott Hall Leisure Centre – 9 July

    Fearnville Leisure Centre – 10 July

    John Smeaton Leisure Centre – 16 July

    Morley Leisure Centre – 17 July

    Find out more about Active Leeds at https://active.leeds.gov.uk/.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: 6.4k students awarded

    Source: Hong Kong Information Services

    Over 6,400 students were granted scholarships and awards under the Hong Kong Special Administrative Region (HKSAR) Government Scholarship Fund and the Self-financing Post-secondary Education Fund in the 2024-25 academic year.

    Around 600 students with special educational needs were given the Endeavour Merit Award and the Endeavour Scholarship under the two funds.

    Funds allocated through scholarships and awards totalled about $196 million, the Government said.

    Secretary for Education Choi Yuk-lin presented certificates to the awardees under the two funds at a joint scholarship presentation ceremony.

    Ms Choi said that the two scholarship schemes have successfully attracted outstanding non-local students to pursue their studies in Hong Kong by commending those with excellent performance in various aspects, thereby enhancing the city’s position as an international hub for post-secondary education.

    She added that to tie in with the overall national development, the Education Bureau will adhere to the principle of integrity and innovation, and seize the development opportunities arising from the country’s Belt & Road initiatives, the Guangdong-Hong Kong-Macao Greater Bay Area, etc, to deepen Hong Kong’s role as a cluster of talent and consolidate and develop the city’s advantages in education.

    The HKSAR Government Scholarship Fund was established to encourage outstanding local students to advance their studies at home and meritorious non-local students to pursue higher education opportunities in Hong Kong.

    In the 2024-25 academic year, about 1,200 local students and about 800 non-local students were awarded by the fund.

    The Self-financing Post-secondary Scholarship Scheme, established under the Self-financing Post-secondary Education Fund, aims to promote high-quality and sustainable development in the self-financing post-secondary sector.

    In the 2024-25 academic year, scholarships and awards were offered to about 2,400 students to pursue undergraduate studies, and to about 2,000 students pursuing studies at sub-degree level.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Memphis Man Pleads Guilty to Charges Related to 2024 Carjacking

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Memphis, TN – A Memphis man recently pled guilty to charges brought against him related to a carjacking committed in Memphis, Tennessee in May of 2024.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the guilty plea today.

    According to the information presented in court, on May 16, 2024, Jaylen Simpson, 23, hid in a Memphis resident’s backyard and confronted the resident when he was outside his home.  Simpson almost immediately shot the victim in the stomach before taking his car keys and driving off in the victim’s 2017 Kia Cadenza which had been parked in the driveway of the residence.

    After the carjacking, officers with the Memphis Police Department located Simpson and the stolen vehicle and gave chase.  Simpson eventually abandoned the Kia Cadenza and fled on foot. The MPD officers then apprehended Simpson and found a loaded semi-automatic pistol in his backpack.

    On April 15, 2025, after a day of jury selection, Simpson pled guilty to the federal crime of carjacking resulting in serious bodily injury and of the separate crime of using a firearm during a crime of violence.  He is scheduled to be sentenced on July 16, 2025 and faces a mandatory minimum sentence of 10 years for the discharge of the firearm up to life in prison.  A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    This case is part of Project Safe Neighborhoods, a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence and to make our neighborhoods safer for everyone.  On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. 

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Memphis Police Department Violent Crime Unit investigated the case.

    Trial Attorney Ashleigh Atasoy, of the Department of Justice Criminal Division’s Violent Crime and Racketeering Section, and Assistant United States Attorney Stephen Hall, of the United States Attorney’s Office for the Western District of Tennessee, prosecuted the case.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI United Kingdom: FMQs: Scottish Government urged to halt controversial industrial salmon farm at Loch Long

    Source: Scottish Greens

    24 Apr 2025 Nature

    The Loch Long industrial development will scar the landscape.

    More in Nature

    The First Minister has been urged to ensure local people are listened to in their campaign against destructive proposals for an industrial salmon farm development at Loch Long.

    Scottish Green MSP Ariane Burgess has led a campaign that has seen over 4300 people lodging objections via a web portal created by the Scottish Greens.

    The controversial proposal was rejected by the National Park Authority in 2022. It was appealed by the developers almost 12 months ago, with the Scottish Government taking the rare decision to “call” it in.

    In her first question to the First Minister, Ms Burgess said:

    “To ask the First Minister whether he will provide an update on when the Scottish Government expects to respond to the Loch Long salmon farm planning application.”

    In his response the First Minister did not provide a timeframe for the decision.

    In her second question, Ms Burgess said:

    “The industrial salmon farm development proposed for Loch Long will scar the loch’s coastline and harm its wildlife.

    “It has been opposed by the community, the local planning authority, and even the industry. But we have now been waiting over a year for the Government’s response after the application was called in.

    “First Minister – more than 4,000 people have written to the Government asking it to protect Loch Long from this damaging development. Will the First Minister personally ensure that my constituents voices will be listened to?”

    Only 2 miles from Loch Lomond, at the heart of Loch Lomond and The Trossachs National Park, Loch Long is an iconic landscape. It’s home to seals, otters and seabirds, as well as linking with the Endrick Water Special Area of Conservation, which hosts a fragile population of endangered Atlantic Salmon.

    The final decision now lies with the Scottish Government and Cabinet Secretary Shona Robison.

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: 24 April 2025 Expanded use of new dual-insecticide nets offers hope for malaria control efforts in Africa

    Source: World Health Organisation

    Insecticide-treated nets (ITNs) have been a cornerstone of malaria prevention efforts over the past 2 decades, and their widespread use has been instrumental in preventing the disease and saving lives. Since 2000, the global malaria response, including through ITN distribution campaigns, has helped prevent more than 2 billion cases and nearly 13 million deaths.

    Despite progress, malaria-transmitting mosquitoes in many areas have developed resistance to the insecticides commonly used on ITNs – especially pyrethroids – reducing their impact and undermining gains in malaria prevention. This rising threat has prompted researchers to accelerate the development of new types of nets that offer more durable protection against malaria.

    In 2017, WHO recommended the first ITN designed to enhance efficacy against pyrethroid-resistant mosquitoes. While this marked an important step forward, further innovation was needed to develop dual-insecticide nets, assess their efficacy in managing resistant mosquitoes and their impact on malaria transmission, and to evaluate their cost-effectiveness.

    This photo story, published on World Malaria Day 2025, highlights the research, development and scale-up of dual-insecticide ITNs – made possible through years of collaboration among countries, communities, manufacturers, funders and a range of global, regional and national partners.

    A young girl sleeps under a dual-insecticide net in Cameroon. © The Global Fund

    Global partnership launches extensive studies to test dual-insecticide nets

    In 2018, Unitaid and the Global Fund launched the New Nets Project. Led by the Innovative Vector Control Consortium – and working closely with National Malaria Programmes and other partners such as the U.S. Presidents Malaria Initiative, the Gates Foundation and MedAccess – the project supported evidence building and pilots to rapidly accelerate the shift to dual-insecticide nets in sub-Saharan Africa to counter pyrethroid resistance.

    The nets were first deployed in 2019 in Burkina Faso, and then Benin, Mozambique, Rwanda and the United Republic of Tanzania were added in subsequent years to test how the nets performed in different settings.

    By the end of 2022, the New Nets Project, together with the Global Fund and U.S. President’s Malaria Initiative deployed more than 56 million mosquito nets in 17 countries across sub-Saharan Africa where insecticide resistance had been reported.

    Clinical trials and pilot studies found that dual-insecticide nets improved malaria control by 20–50% compared with standard pyrethroid-only nets. Additionally, clinical trials in the United Republic of Tanzania and Benin demonstrated that the pyrethroid-chlorfenapyr nets significantly reduced malaria infections in children between the ages of 6 months and 10 years.

    “The New Nets Project significantly advanced malaria control by accelerating access to dual active ingredient nets, an important tool in the fight against malaria,” said Dr Philippe Duneton, Executive Director of Unitaid. “The success of this initiative is the result of strong partnerships that helped us overcome access barriers and reach communities faster. Together with our partners, we continue working to explore and support innovations that reduce malaria transmission and save lives.”

    The New Nets Project also included research universities, such as Tulane University and the London School of Hygiene & Tropical Medicine; advocacy organizations such as PATH, Population Services International (PSI) and the Alliance for Malaria Prevention; and funding from the U.S. Agency for International Development (USAID) and the Gates Foundation.

    A mother and her 8-month-old son play in their home in Soa, Cameroon. The family sleeps under dual-insecticide mosquito nets to protect themselves from malaria. © The Global Fund/Vincent Becker.

    WHO issues recommendations for new generation nets

    With strong clinical trial and study results, WHO issued recommendations for new generation insecticide-treated nets and updated the WHO guidelines for malaria in 2023. The WHO recommendations covered 2 new classes of dual ingredient ITNs: pyrethroid-chlorfenapyr nets and pyrethroid-pyriproxyfen nets.

    Pyrethroid-chlorfenapyr nets combine a pyrethroid and a pyrrole insecticide to enhance the killing effect of the net and pyrethroid-pyriproxyfen nets combine a pyrethroid with an insect growth regulator (IGR), which disrupts mosquito growth and reproduction.

    Wider scale-up of new generation nets poised to lower disease burden

    Today, malaria-endemic countries and families are recognizing the value of new generation nets in preventing malaria and saving lives. In 2023, nearly 80% of nets delivered in sub-Saharan Africa were these more effective dual-insecticide nets, up from 59% in 2022, according to the latest World malaria report.

    “In 2019, we used to have malaria frequently before we got the nets,” says Elizabeth, a tailor and mother of two young children in the United Republic of Tanzania. “It cost us a lot of money because sometimes we used to go to private hospitals.”

    Since receiving the new generation nets, Elizabeth’s family has stayed free of malaria. “The difference now is that I don’t use the money to treat my child for malaria,” she adds. “Instead, I use the money to pay for school fees.”

    To date, dual-insecticide nets are being used and scaled up in 17 countries in Africa. The rapid scale-up of the new nets and other innovative tools, such as malaria vaccines, offer fresh hope for controlling malaria, especially in countries with the highest risk of the disease.

    “Dual-insecticide nets represent a breakthrough in malaria prevention,” notes Dr Daniel Ngamije, Director of the WHO Global Malaria Programme. “Their development and wide deployment are a testament to what can be achieved through science, sustained investment and global collaboration.”

    Sustained investment in innovations critical to curbing malaria

    Strengthening surveillance, monitoring and management of biological threats – such as insecticide resistance, invasive species and changing vector behaviour – will be essential to curb and, ultimately, eliminate malaria transmission. At the same time, investment in innovative tools to address these evolving challenges remains equally critical.

    Scaling up the deployment and monitoring of next-generation nets, vaccines and other innovations will require sustained investment in malaria control and elimination programmes. This includes securing successful replenishments for the Global Fund and Gavi, the Vaccine Alliance.

    In addition to new nets, researchers are pursuing a range of innovative vector control products, such as spatial repellents, lethal house lures (eaves tubes) and genetic engineering of mosquitoes.

    MIL OSI United Nations News –

  • MIL-OSI Security: Acting U.S. Attorney Promotes DEA Drug Take Back Day

    Source: Office of United States Attorneys

    WHEELING, WEST VIRGINIA – Law enforcement from across the Northern District of West Virginia will participate in the Drug Enforcement Administration’s (DEA) Drug Take Back Day on Saturday, April 26 from 10 a.m. until 2 p.m.

    Acting United States Attorney Randolph J. Bernard encourages residents to use this opportunity to rid their homes of unused and unneeded prescription medications, reducing the risk of misuse.

    “The Drug Take Back program is an excellent opportunity to take inventory of the leftover and outdated prescription drugs that are stored in your home,” stated Bernard. “Providing the unused drugs to the DEA as part of the program is a great way to make your home a safe place for those you love. It safeguards our children and prevents abuse of the drugs by others.  It also keeps the discarded drugs out of landfills and our water.”

    Law enforcement 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.

    There are 4,500 collection sites nationwide. To find one near you, go to https://www.dea.gov/takebackday

    MIL Security OSI –

  • MIL-OSI: CALIFORNIA BANCORP REPORTS NET INCOME OF $16.9 MILLION FOR THE FIRST QUARTER OF 2025

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., April 24, 2025 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2025.

    The Company reported net income of $16.9 million, or $0.52 per diluted share, for the first quarter of 2025, compared to $16.8 million, or $0.51 per diluted share for the fourth quarter of 2024, and net income of $4.9 million, or $0.26 per diluted share for the first quarter of 2024.

    “I’m pleased to report our strong first quarter earnings of $16.9 million, the second strong quarter of combined financial results since the close of our merger last July,” said David Rainer, Executive Chairman of the Company and Bank. “We continue to execute on our strategy of derisking the consolidated balance sheet through decreasing our exposure in the Sponsor Finance portfolio, and reducing our reliance on brokered deposits. We remain focused on building tangible book value, which increased to $12.29 per common share in the first quarter, up $0.58 from the prior quarter and $1.37 in the eight months since the merger closed.”

    “We continue with our successful integration, as demonstrated by the strong performance achieved in our first two quarters of combined operations,” said Steven Shelton, CEO of the Company and Bank. “Markets have been volatile lately with the recent changes in tariff policies and given the fluid dynamics of the situation we are reaching out to our clients to assess the potential impact of these changing policies on their businesses. As always, we continue to focus on providing them the highest level of outstanding service, and on building shareholder value.”

    First Quarter 2025 Highlights

      ● Net income of $16.9 million or $0.52 diluted earnings per share for the first quarter.
      ● Net interest margin of 4.65%, compared with 4.61% in the prior quarter; average total loan yield of 6.61% compared with 6.84% in the prior quarter.
      ● Reversal of credit losses of $3.8 million for the first quarter, compared with $3.8 million for the prior quarter.
      ● Return on average assets of 1.71%, compared with 1.60% in the prior quarter.
      ● Return on average common equity of 13.18%, compared with 13.21% in the prior quarter.
      ● Efficiency ratio (non-GAAP1) of 55.6% compared with 57.4% in the prior quarter; excluding merger related expenses the efficiency ratio was 55.6%, compared with 55.9% in the prior quarter.
      ● Tangible book value per common share (non-GAAP1) of $12.29 at March 31, 2025, up $0.58 from $11.71 at December 31, 2024.
      ● Total assets of $3.98 billion at March 31, 2025, compared with $4.03 billion at December 31, 2024.
      ● Total loans, including loans held for sale of $3.07 billion at March 31, 2025, compared with $3.16 billion at December 31, 2024.
      ● Nonperforming assets to total assets ratio of 0.68% at March 31, 2025, compared with 0.76% at December 31, 2024.
      ● Allowance for credit losses (“ACL”) was 1.57% of total loans held for investment at March 31, 2025; allowance for loan losses (“ALL”) was 1.49% of total loans held for investment at March 31, 2025.
      ● Total deposits of $3.34 billion at March 31, 2025, decreased $56.3 million or 1.7% compared with $3.40 billion at December 31, 2024.
      ● Noninterest-bearing demand deposits of $1.29 billion at March 31, 2025, an increase of $35.7 million or 2.8% from December 31, 2024; noninterest bearing deposits represented 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024.
      ● Total brokered deposits of $13.8 million, a decrease of $107.4 million from December 31, 2024.
      ● Cost of deposits was 1.59%, compared with 1.87% in the prior quarter.
      ● Cost of funds was 1.72%, compared with 1.99% in the prior quarter.
      ● The Company’s preliminary capital ratios at March 31, 2025 exceed the minimums required to be “well-capitalized,” the highest regulatory capital category.
         

    First Quarter Operating Results

    Net Income

    Net income for the first quarter of 2025 was $16.9 million, or $0.52 per diluted share, compared to $16.8 million, or $0.51 per diluted share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, an increase of $481 thousand from the prior quarter. Excluding the merger and related expenses, the adjusted pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, a decrease of $162 thousand from the prior quarter. The net income and diluted earnings per share increases were largely driven by the merger with predecessor California BanCorp (the “Merger”) and the operating results since the closing date of the Merger.

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $42.3 million, compared with $44.5 million in the prior quarter. The decrease in net interest income was primarily due to a $5.7 million decrease in total interest and dividend income, partially offset by a $3.4 million decrease in total interest expense in the first quarter of 2025, as compared to the prior quarter. During the first quarter of 2025, loan interest income decreased by $4.1 million, including a decrease of $421 thousand of accretion income from the net purchase accounting discounts on acquired loans, total debt securities income decreased $174 thousand, and interest and dividend income from other financial institutions decreased $1.5 million. The decrease in interest income was mainly due to decreases in average loan balances and average deposits in other financial institutions. Average total interest-earning assets decreased $160.8 million in the first quarter of 2025, the result of a $75.2 million decrease in average total loans, a $8.5 million decrease in average total debt securities, a $105.5 million decrease in average deposits in other financial institutions, partially offset by a $27.1 million increase in average Fed funds sold/resale agreements and a $1.3 million increase in average restricted stock investments and other bank stock. The decrease in interest expense for the first quarter of 2025 was primarily due to a $3.4 million decrease in interest expense on interest-bearing deposits, the result of a $151.1 million decrease in average interest-bearing deposits and a 39 basis point decrease in average interest-bearing deposit costs in the first quarter of 2025.

    Net interest margin for the first quarter of 2025 was 4.65%, compared with 4.61% in the prior quarter. The increase was primarily related to a 27 basis point decrease in the cost of funds, partially offset by a 22 basis point decrease in the total interest-earning assets yield. The yield on total average interest-earning assets in the first quarter of 2025 was 6.26%, compared with 6.48% in the prior quarter. The yield on average total loans in the first quarter of 2025 was 6.61%, a decrease of 23 basis points from 6.84% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $5.7 million, increasing the yield on average total loans by 62 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $526 thousand, the combination of which increased the net interest margin by 57 basis points in the first quarter of 2025. In the prior quarter, accretion income from the net purchase accounting discounts on acquired loans was $6.1 million, increasing the yield on average total loans by 76 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $467 thousand, the combination of which increased the net interest margin by 58 basis points.

    Cost of funds for the first quarter of 2025 was 1.72%, a decrease of 27 basis points from 1.99% in the prior quarter. The decrease was primarily driven by a 39 basis point decrease in the cost of average interest-bearing deposits, partially offset by an increase of 9 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $559 thousand from the purchase accounting discounts on acquired subordinated debt which increased the cost on total borrowings by 7 basis points. Average noninterest-bearing demand deposits decreased $27.7 million to $1.26 billion and represented 37.4% of total average deposits for the first quarter of 2025, compared with $1.28 billion and 36.3%, respectively, in the prior quarter; average interest-bearing deposits decreased $151.1 million to $2.10 billion during the first quarter of 2025. The total cost of deposits in the first quarter of 2025 was 1.59%, a decrease of 28 basis points from 1.87% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and the ongoing pay off of high cost brokered deposits in the first quarter of 2025.

    Average total borrowings increased $607 thousand to $70.0 million in the first quarter of 2025, primarily due to the amortization related to the purchase accounting discounts on acquired subordinated debt. The average cost of total borrowings was 8.06% for the first quarter of 2025, up from 7.97% in the prior quarter.

    Reversal of Credit Losses

    The Company recorded a reversal of credit losses of $3.8 million in both the first quarter of 2025 and the prior quarter. Total net charge-offs were $1.5 million in the first quarter of 2025, which included $273 thousand from an acquired consumer solar loan portfolio, $1.2 million from commercial and industrial dental loans acquired from the Merger and $1.7 million from a purchase credit deteriorated (“PCD”) commercial real-estate loan, partially offset by a $1.6 million recovery from a PCD commercial and industrial loan. The reversal of credit losses in the first quarter of 2025 included a $618 thousand reversal of credit losses for unfunded loan commitments related to the decrease in unfunded loan commitments during the first quarter of 2025, coupled with lower loss rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments decreased $33.2 million to $892.1 million at March 31, 2025, compared to $925.3 million in unfunded loan commitments at December 31, 2024.

    The reversal of credit losses for loans held for investment in the first quarter of 2025 was $3.2 million, an increase of $291 thousand from a reversal of credit losses of $2.9 million in the prior quarter. The increase was driven primarily by changes in the composition of the loans held for investment portfolio, coupled with changes in qualitative factors and the reasonable and supportable forecast, primarily related to the economic outlook for California. The Company’s management continues to monitor macroeconomic variables related to changes in interest rates and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

    Noninterest Income

    The Company recorded noninterest income of $2.6 million in the first quarter of 2025, an increase of $1.6 million compared to $1.0 million in the fourth quarter of 2024. The Company reported a gain on sale of loans of $577 thousand from SBA 7A loan sales, in the first quarter of 2025, compared to a loss on sale of loans of $1.1 million related to the sale of certain Sponsor Finance loans in the prior quarter. Service charges and fees on deposit accounts of $1.2 million in the first quarter of 2025 increased $275 thousand from the prior quarter, related to the one-time waiver of analysis charges for certain deposit accounts in light of the core system conversion in the prior quarter. Bank owned life insurance income of $463 thousand in the first quarter of 2025 decreased $360 thousand from the prior quarter, primarily related to a $368 thousand death benefit income recorded in the prior quarter. No comparable death benefit income was recorded in the first quarter of 2025.

    Noninterest Expense

    Total noninterest expense for the first quarter of 2025 was $24.9 million, a decrease of $1.2 million from total noninterest expense of $26.1 million in the prior quarter, which was largely due to the decrease in merger related expenses.

    Salaries and employee benefits decreased $210 thousand during the quarter to $15.9 million. The decrease in salaries and employee benefits was primarily related to the decrease in average headcount. There were no merger related expenses in the first quarter of 2025, compared to $643 thousand in the prior quarter. Regulatory assessments of $722 thousand increased $286 thousand due to an increase in the FDIC assessment rates. Other real estate owned expense of $68 thousand in the first quarter of 2025 decreased by $152 thousand, due primarily to lower receivership expenses and property tax. Other expenses of $2.0 million in the first quarter of 2025 decreased by $175 thousand, due primarily to lower loan related expenses, customer service related expenses, travel expenses and insurance expenses.

    Efficiency ratio (non-GAAP1) for the first quarter of 2025 was 55.6%, compared to 57.4% in the prior quarter. Excluding the merger and related expenses of zero and $643 thousand, the efficiency ratio (non-GAAP1) for the first quarter of 2025 and fourth quarter of 2024 would have been 55.6% and 55.9%, respectively.

    Income Tax

    In the first quarter of 2025, the Company’s income tax expense was $6.8 million, compared with $6.5 million in the fourth quarter of 2024. The effective rate was 28.8% for the first quarter of 2025 and 27.9% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter of 2025 was primarily attributable to the impact of the non-tax deductible portion of the merger expenses and the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, partially offset by the impact of the tax on the excess executive compensation.

    Balance Sheet

    Assets

    Total assets at March 31, 2025 were $3.98 billion, a decrease of $48.6 million or 1.2% from December 31, 2024. The decrease in total assets from the prior quarter was primarily related to a decrease in loans, including loans held for sale, of $82.9 million, partially offset by an increase in cash and cash equivalents of $51.1 million as compared to the prior quarter. The decrease in assets primarily relates to the decreases in wholesale funding sources and loan sales and payoffs.

    Loans

    Total loans held for investment were $3.07 billion at March 31, 2025, a decrease of $70.4 million, compared to December 31, 2024. During the first quarter of 2025, there were new originations of $69.4 million, offset by net paydowns of $21.5 million, loan sales and payoffs of $115.1 million, and the partial charge-offs of loans in the amount of $3.2 million. Total loans secured by real estate decreased by $30.7 million, of which construction and land development loans decreased by $5.9 million, commercial real estate and other loans decreased by $11.8 million, 1-4 family residential loans decreased by $7.0 million and multifamily loans decreased by $6.1 million. Commercial and industrial loans decreased by $38.5 million, and consumer loans decreased by $1.2 million. The Company had $4.6 million in loans held for sale at March 31, 2025, compared to $17.2 million at December 31, 2024.

    Deposits

    Total deposits at March 31, 2025 were $3.34 billion, a decrease of $56.3 million from December 31, 2024. The decrease primarily consisted of $107.4 million of brokered time deposits, partially offset by a $35.7 million increase in noninterest-bearing demand deposits, $10.9 million in interest-bearing non-maturity deposits, and $4.5 million of non-brokered time deposits. Noninterest-bearing demand deposits at March 31, 2025, were $1.29 billion, or 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024. At March 31, 2025, total interest-bearing deposits were $2.05 billion, compared to $2.14 billion at December 31, 2024. At March 31, 2025, total brokered time deposits were $13.8 million, compared to $121.1 million at December 31, 2024. The Company offers the Insured Cash Sweep (ICS) product, Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, all of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At March 31, 2025, total reciprocal deposits were $763.6 million, or 22.8% of total deposits at March 31, 2025, compared to $754.4 million, or 22.2% of total deposits at December 31, 2024.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    At March 31, 2025 and December 31, 2024, the Company had no overnight FHLB borrowings. There were no outstanding Federal Reserve Discount Window borrowings at March 31, 2025 or December 31, 2024.

    At March 31, 2025, the Company had available borrowing capacity from an FHLB secured line of credit of approximately $687.8 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $353.0 million. The Company also had available borrowing capacity from four unsecured credit lines from correspondent banks of approximately $90.5 million at March 31, 2025, with no outstanding borrowings. Total available borrowing capacity was $1.13 billion at March 31, 2025. Additionally, the Company had unpledged liquid securities at fair value of approximately $118.5 million and cash and cash equivalents of $439.2 million at March 31, 2025.

    Asset Quality

    Total non-performing assets decreased to $26.9 million, or 0.68% of total assets at March 31, 2025, compared with $30.6 million, or 0.76% of total assets at December 31, 2024. Total non-performing loans decreased to $22.8 million, or 0.74% of total loans held for investment at March 31, 2025, compared with $26.5 million, or 0.85% of total loans held for investment at December 31, 2024.

    There were four loans totaling $6.8 million downgraded to nonaccrual, partially offset by one 1-4 family residential loan of $2.9 million upgraded to accrual status and one commercial real estate loan of $7.2 million sold with an additional charge-off of $1.7 million during the first quarter of 2025. Non-performing assets in the first quarter of 2025 included OREO, net of valuation allowance, of $4.1 million related to a multifamily building, the same balance as the prior quarter.

    Special mention loans increased by $5.1 million during the first quarter of 2025 to $74.4 million at March 31, 2025. The increase in the special mention loans was due mostly to $18.9 million in downgrades from Pass loans and $8.6 million in net advances, partially offset by $15.9 million in downgrades to substandard loans, $2.1 million upgrades to Pass loans, and $4.5 million in payoffs. Substandard loans decreased by $5.8 million during the first quarter of 2025 to $111.8 million at March 31, 2025. The decrease in the substandard loans was due primarily to a 1-4 family residential loan and a commercial real estate nonaccrual PCD loan totaling $11.6 million that were both sold, $16.0 million in paydowns and payoffs, and $1.2 million in net charge-offs, partially offset by $7.2 million in downgrades from Pass loans, and $15.9 million in downgrades from special mention loans.

    The Company had $45 thousand in consumer solar loans that were over 90 days past due and still accruing interest at March 31, 2025, compared to $150 thousand in such delinquencies at December 31, 2024.

    There were $5.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at March 31, 2025, compared to $12.1 million in such loan delinquencies at December 31, 2024.

    The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $48.3 million at March 31, 2025, compared to $53.6 million at December 31, 2024. The decrease in the allowance for credit losses included a $3.2 million and $618 thousand reversal of provision for credit losses for the loan portfolio and reserve for unfunded loan commitments, respectively, coupled with total net charge-offs of $1.5 million for the quarter ended March 31, 2025.

    The ALL was $45.8 million, or 1.49% of total loans held for investment at March 31, 2025, compared with $50.5 million, or 1.61% at December 31, 2024.

    Capital

    Tangible book value per common share (non-GAAP1) at March 31, 2025, was $12.29, compared with $11.71 at December 31, 2024. In the first quarter of 2025, tangible book value was primarily impacted by net income of $16.9 million for the first quarter, stock-based compensation expense, coupled with a decrease in net of tax unrealized losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $2.2 million to $4.4 million at March 31, 2025, from $6.6 million at December 31, 2024. The decrease in the net of tax unrealized losses on available-for-sale debt securities was attributable to non-credit related factors, including an increase in bond prices at the long end of the yield curve and the general interest rate environment. Tangible common equity (non-GAAP1) as a percentage of total tangible assets (non-GAAP1) at March 31, 2025, increased to 10.34% from 9.69% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1) at March 31, 2025 decreased to 1.1% from 1.8% in the prior quarter.

    The Company’s preliminary capital ratios exceed the minimums required to be “well-capitalized” at March 31, 2025.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Merger, as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to the Merger, including the risks that cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended    		  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands except share and per share data)  
    EARNINGS                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Reversal of credit losses   $ (3,776 )   $ (3,835 )   $ (331 )
    Noninterest income   $ 2,566     $ 1,004     $ 1,413  
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Income tax expense   $ 6,824     $ 6,483     $ 2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Pre-tax pre-provision income (1)   $ 19,901     $ 19,420     $ 6,926  
    Adjusted pre-tax pre-provision income (1)   $ 19,901     $ 20,063     $ 7,475  
    Diluted earnings per share   $ 0.52     $ 0.51     $ 0.26  
    Shares outstanding at period end     32,402,140       32,265,935       18,527,178  
                             
    PERFORMANCE RATIOS                        
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (1)     1.71 %     1.64 %     0.95 %
    Return on average common equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average common equity (1)     13.18 %     13.57 %     7.61 %
    Yield on total loans     6.61 %     6.84 %     6.02 %
    Yield on interest earning assets     6.26 %     6.48 %     5.79 %
    Cost of deposits     1.59 %     1.87 %     2.05 %
    Cost of funds     1.72 %     1.99 %     2.17 %
    Net interest margin     4.65 %     4.61 %     3.80 %
    Efficiency ratio (1)     55.60 %     57.36 %     68.38 %
    Adjusted efficiency ratio (1)     55.60 %     55.95 %     65.88 %
        As of  
        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands except share and per share data)  
    CAPITAL                
    Tangible equity to tangible assets (1)     10.34 %     9.69 %
    Book value (BV) per common share   $ 16.40     $ 15.86  
    Tangible BV per common share (1)   $ 12.29     $ 11.71  
                     
    ASSET QUALITY                
    Allowance for loan losses (ALL)   $ 45,839     $ 50,540  
    Reserve for unfunded loan commitments   $ 2,485     $ 3,103  
    Allowance for credit losses (ACL)   $ 48,324     $ 53,643  
    Allowance for loan losses to nonperforming loans     2.01 x     1.90 x
    ALL to total loans held for investment     1.49 %     1.61 %
    ACL to total loans held for investment     1.57 %     1.71 %
    30-89 days past due, excluding nonaccrual loans   $ 5,103     $ 12,082  
    Over 90 days past due, excluding nonaccrual loans   $ 45     $ 150  
    Special mention loans   $ 74,421     $ 69,339  
    Special mention loans to total loans held for investment     2.43 %     2.21 %
    Substandard loans   $ 111,786     $ 117,598  
    Substandard loans to total loans held for investment     3.64 %     3.75 %
    Nonperforming loans   $ 22,825     $ 26,536  
    Nonperforming loans to total loans held for investment     0.74 %     0.85 %
    Other real estate owned, net   $ 4,083     $ 4,083  
    Nonperforming assets   $ 26,908     $ 30,619  
    Nonperforming assets to total assets     0.68 %     0.76 %
                     
    END OF PERIOD BALANCES                
    Total loans, including loans held for sale   $ 3,073,399     $ 3,156,345  
    Total assets   $ 3,983,090     $ 4,031,654  
    Deposits   $ 3,342,503     $ 3,398,760  
    Loans to deposits     91.9 %     92.9 %
    Shareholders’ equity   $ 531,384     $ 511,836  


    (1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

        At or for the
    Three Months Ended    		  
    ALLOWANCE for CREDIT LOSSES   March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands)  
    Allowance for loan losses                        
    Balance at beginning of period   $ 50,540     $ 53,552     $ 22,569  
    Reversal of credit losses     (3,158 )     (2,867 )     (314 )
    Charge-offs     (3,159 )     (154 )     (1 )
    Recoveries     1,616       9       —  
    Net charge-offs     (1,543 )     (145 )     (1 )
    Balance, end of period   $ 45,839     $ 50,540     $ 22,254  
    Reserve for unfunded loan commitments (1)                        
    Balance, beginning of period   $ 3,103     $ 4,071     $ 933  
    Reversal of credit losses     (618 )     (968 )     (17 )
    Balance, end of period     2,485       3,103       916  
    Allowance for credit losses   $ 48,324     $ 53,643     $ 23,170  
                             
    ALL to total loans held for investment     1.49 %     1.61 %     1.18 %
    ACL to total loans held for investment     1.57 %     1.71 %     1.23 %
    Net charge-offs to average total loans     (0.20 )%     (0.02 )%     0.00 %


    (1)     Included in “Accrued interest and other liabilities” on the consolidated balance sheet.

    California BanCorp and Subsidiary
    Balance Sheets (Unaudited)

        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands)  
    ASSETS                
    Cash and due from banks   $ 80,441     $ 60,471  
    Federal funds sold & interest-bearing balances     358,800       327,691  
    Total cash and cash equivalents     439,241       388,162  
                     
    Debt securities available-for-sale, at fair value (amortized cost of $137,855, and $151,429 at March 31, 2025 and December 31, 2024)     131,593       142,001  
    Debt securities held-to-maturity, at cost (fair value of $47,329 and $47,823 at March 31, 2025 and December 31, 2024)     53,194       53,280  
    Loans held for sale     4,625       17,180  
    Loans held for investment:                
    Construction & land development     221,437       227,325  
    1-4 family residential     157,442       164,401  
    Multifamily     237,896       243,993  
    Other commercial real estate     1,755,962       1,767,727  
    Commercial & industrial     672,468       710,970  
    Other consumer     23,569       24,749  
    Total loans held for investment     3,068,774       3,139,165  
    Allowance for credit losses – loans     (45,839 )     (50,540 )
    Total loans held for investment, net     3,022,935       3,088,625  
                     
    Restricted stock at cost     30,845       30,829  
    Premises and equipment     13,154       13,595  
    Right of use asset     13,384       14,350  
    Other real estate owned, net     4,083       4,083  
    Goodwill     111,780       111,787  
    Intangible assets     21,323       22,271  
    Bank owned life insurance     66,867       66,636  
    Deferred taxes, net     36,473       43,127  
    Accrued interest and other assets     33,593       35,728  
    Total assets   $ 3,983,090     $ 4,031,654  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Deposits:                
    Noninterest-bearing demand   $ 1,292,689     $ 1,257,007  
    Interest-bearing NOW accounts     674,460       673,589  
    Money market and savings accounts     1,192,960       1,182,927  
    Time deposits     182,394       285,237  
    Total deposits     3,342,503       3,398,760  
                     
    Borrowings     70,308       69,725  
    Operating lease liability     17,142       18,310  
    Accrued interest and other liabilities     21,753       33,023  
    Total liabilities     3,451,706       3,519,818  
                     
    Shareholders’ Equity:                
    Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,402,140 and 32,265,935 at March 31, 2025 and December 31, 2024     442,934       442,469  
    Retained earnings     92,861       76,008  
    Accumulated other comprehensive loss – net of taxes     (4,411 )     (6,641 )
    Total shareholders’ equity     531,384       511,836  
    Total liabilities and shareholders’ equity   $ 3,983,090     $ 4,031,654  

    California BanCorp and Subsidiary
    Income Statements – Quarterly and Year-to-Date (Unaudited)

        Three Months Ended  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands except share and per share data)  
    INTEREST AND DIVIDEND INCOME                        
    Interest and fees on loans   $ 50,686     $ 54,791     $ 28,584  
    Interest on debt securities     1,524       1,698       1,213  
    Interest on tax-exempted debt securities     305       305       306  
    Interest and dividends from other institutions     4,310       5,764       1,161  
    Total interest and dividend income     56,825       62,558       31,264  
                             
    INTEREST EXPENSE                        
    Interest on NOW, savings, and money market accounts     11,116       12,447       6,770  
    Interest on time deposits     2,063       4,179       3,021  
    Interest on borrowings     1,391       1,391       979  
    Total interest expense     14,570       18,017       10,770  
    Net interest income     42,255       44,541       20,494  
    Reversal of credit losses (1)     (3,776 )     (3,835 )     (331 )
    Net interest income after reversal of credit losses     46,031       48,376       20,825  
                             
    NONINTEREST INCOME                        
    Service charges and fees on deposit accounts     1,186       911       525  
    Gain (loss) on sale of loans     577       (1,095 )     415  
    Bank owned life insurance income     463       823       261  
    Servicing and related income on loans     142       157       73  
    Other charges and fees     199       208       139  
    Total noninterest income     2,566       1,004       1,413  
                             
    NONINTEREST EXPENSE                        
    Salaries and employee benefits     15,864       16,074       9,610  
    Occupancy and equipment expenses     2,152       2,314       1,452  
    Data processing     1,935       1,960       1,150  
    Legal, audit and professional     859       817       516  
    Regulatory assessments     722       436       387  
    Director and shareholder expenses     404       458       203  
    Merger and related expenses     —       643       549  
    Intangible assets amortization     948       1,060       65  
    Other real estate owned expense     68       220       88  
    Other expense     1,968       2,143       961  
    Total noninterest expense     24,920       26,125       14,981  
    Income before income taxes     23,677       23,255       7,257  
    Income tax expense     6,824       6,483       2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
                             
    Net income per share – basic   $ 0.52     $ 0.52     $ 0.27  
    Net income per share – diluted   $ 0.52     $ 0.51     $ 0.26  
    Weighted average common shares-diluted     32,698,227       32,698,714       18,801,716  
    Pre-tax, pre-provision income (2)   $ 19,901     $ 19,420     $ 6,926  


    (1) Included reversal of credit losses on unfunded loan commitments of $618 thousand, $968.0 thousand and $17 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    (2) Non-GAAP measure. See — GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
        ($ in thousands)  
    Assets                                                                        
    Interest-earning assets:                                                                        
    Total loans   $ 3,109,722     $ 50,686       6.61 %   $ 3,184,918     $ 54,791       6.84 %   $ 1,909,271     $ 28,584       6.02 %
    Taxable debt securities     139,481       1,524       4.43 %     147,895       1,698       4.57 %     126,803       1,213       3.85 %
    Tax-exempt debt securities (1)     53,522       305       2.93 %     53,607       305       2.87 %     53,842       306       2.89 %
    Deposits in other financial institutions     316,582       3,468       4.44 %     422,032       5,123       4.83 %     54,056       716       5.33 %
    Fed funds sold/resale agreements     30,413       335       4.47 %     3,353       38       4.51 %     9,771       134       5.52 %
    Restricted stock investments and other bank stock     31,657       507       6.50 %     30,341       603       7.91 %     16,412       311       7.62 %
    Total interest-earning assets     3,681,377       56,825       6.26 %     3,842,146       62,558       6.48 %     2,170,155       31,264       5.79 %
    Total noninterest-earning assets     318,132                       326,601                       139,672                  
    Total assets   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Liabilities and Shareholders’ Equity                                                                        
    Interest-bearing liabilities:                                                                        
    Interest-bearing NOW accounts   $ 735,209     $ 3,366       1.86 %   $ 704,017     $ 3,784       2.14 %   $ 359,784     $ 2,045       2.29 %
    Money market and savings accounts     1,161,960       7,750       2.70 %     1,192,692       8,663       2.89 %     648,640       4,725       2.93 %
    Time deposits     207,519       2,063       4.03 %     359,111       4,179       4.63 %     255,474       3,021       4.76 %
    Total interest-bearing deposits     2,104,688       13,179       2.54 %     2,255,820       16,626       2.93 %     1,263,898       9,791       3.12 %
    Borrowings:                                                                        
    FHLB advances     —       —       — %     —       —       — %     50,593       708       5.63 %
    Subordinated debt     70,027       1,391       8.06 %     69,420       1,391       7.97 %     17,878       271       6.10 %
    Total borrowings     70,027       1,391       8.06 %     69,420       1,391       7.97 %     68,471       979       5.75 %
    Total interest-bearing liabilities     2,174,715       14,570       2.72 %     2,325,240       18,017       3.08 %     1,332,369       10,770       3.25 %
                                                                             
    Noninterest-bearing liabilities:                                                                        
    Noninterest-bearing deposits (2)     1,255,883                       1,283,591                       661,265                  
    Other liabilities     50,368                       55,007                       26,430                  
    Shareholders’ equity     518,543                       504,909                       289,763                  
    Total Liabilities and Shareholders’ Equity   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Net interest spread                     3.54 %                     3.40 %                     2.54 %
    Net interest income and margin           $ 42,255       4.65 %           $ 44,541       4.61 %           $ 20,494       3.80 %
    Cost of deposits   $ 3,360,571     $ 13,179       1.59 %   $ 3,539,411     $ 16,626       1.87 %   $ 1,925,163     $ 9,791       2.05 %
    Cost of funds   $ 3,430,598     $ 14,570       1.72 %   $ 3,608,831     $ 18,017       1.99 %   $ 1,993,634     $ 10,770       2.17 %


    (1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2) Average noninterest-bearing deposits represent 37.37%, 36.27% and 34.35% of average total deposits for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    California BanCorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income (loss), (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per common share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        Three Months Ended  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands)  
    Adjusted net income                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Add: After-tax merger and related expenses (1)     —       453       547  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Efficiency Ratio                        
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Deduct: Merger and related expenses     —       643       549  
    Adjusted noninterest expense     24,920       25,482       14,432  
                             
    Net interest income     42,255       44,541       20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income   $ 44,821     $ 45,545     $ 21,907  
    Efficiency ratio (non-GAAP)     55.6 %     57.4 %     68.4 %
    Adjusted efficiency ratio (non-GAAP)     55.6 %     55.9 %     65.9 %
                             
    Pre-tax pre-provision income                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income     44,821       45,545       21,907  
    Less: Noninterest expense     24,920       26,125       14,981  
    Pre-tax pre-provision income (non-GAAP)     19,901       19,420       6,926  
    Add: Merger and related expenses     —       643       549  
    Adjusted pre-tax pre-provision income (non-GAAP)   $ 19,901     $ 20,063     $ 7,475  


    (1) After-tax merger and related expenses are presented using a 29.56% tax rate.

    Return on Average Assets, Equity, and Tangible Equity                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Average assets   $ 3,999,509     $ 4,168,747     $ 2,309,827  
    Average shareholders’ equity     518,543       504,909       289,763  
    Less: Average intangible assets     133,567       135,064       38,964  
    Average tangible common equity (non-GAAP)   $ 384,976     $ 369,845     $ 250,799  
                             
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (non-GAAP)     1.71 %     1.64 %     0.95 %
    Return on average equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average equity (non-GAAP)     13.18 %     13.57 %     7.61 %
    Return on average tangible common equity (non-GAAP)     17.75 %     18.04 %     7.91 %
    Adjusted return on average tangible common equity (non-GAAP)     17.75 %     18.53 %     8.79 %
        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands except share and per share data)  
    Tangible Common Equity Ratio/Tangible Book Value Per Share                
    Shareholders’ equity   $ 531,384     $ 511,836  
    Less: Intangible assets     133,103       134,058  
    Tangible common equity (non-GAAP)   $ 398,281     $ 377,778  
                     
    Total assets   $ 3,983,090     $ 4,031,654  
    Less: Intangible assets     133,103       134,058  
    Tangible assets (non-GAAP)   $ 3,849,987     $ 3,897,596  
                     
    Equity to asset ratio     13.34 %     12.70 %
    Tangible common equity to tangible asset ratio (non-GAAP)     10.34 %     9.69 %
    Book value per share   $ 16.40     $ 15.86  
    Tangible book value per share (non-GAAP)   $ 12.29     $ 11.71  
    Shares outstanding     32,402,140       32,265,935  


    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce, N.A.
    kmccabe@bankcbc.com
    818.637.7065 

    The MIL Network –

  • MIL-OSI: Thomas Barnes Joins Monarch Private Capital’s #Bestinclass Renewable Energy Team

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, April 24, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to welcome Thomas Barnes as Manager, Renewable Energy.

    In this newly-created role, Barnes will facilitate all aspects of investment execution, including onboarding, investment alignment, fund documentation, underwriting/closing, and subsequent fundings. He serves as a key liaison between Monarch’s investors and developer partners, working with internal placement, project management, operations, and asset management teams—ensuring a seamless and #bestinclass transaction process.

    Barnes brings extensive tax credit structuring and legal experience to Monarch. Prior to joining the firm, he held several roles within the renewable energy division at U.S. Bank, most recently serving as Syndications Project Manager. In that role, he led investor communications and due diligence efforts, negotiated transaction documents, and facilitated the closing of tax credit investments. Earlier in his tenure at U.S. Bank, Barnes served as an Asset Manager, overseeing a portfolio of renewable energy investments and supporting risk mitigation efforts across legal, tax, and credit functions. Before transitioning into renewable energy finance, Barnes practiced law for nearly a decade, focusing on corporate transactions and contract negotiation for a wide range of clients and industries.

    “Thomas brings a rare combination of legal acumen and transaction execution experience to our already strong team,” said Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital. “His ability to manage complexity, collaborate across functions, and drive high-quality outcomes for our investors will undoubtably enhance our #everbetter, #bestinclass execution process.”

    In addition to his transaction responsibilities, Barnes will contribute to process innovation, cross-functional collaboration, and risk management strategies across Monarch’s clean energy portfolio.

    “Monarch is known for its thoughtful, high-performing culture, and I’m excited to be a part of a team that prioritizes excellence and investor success,” said Barnes. “I look forward to contributing to a strong foundation that enables the firm to continue scaling with impact.”

    Barnes earned his Juris Doctor from the University of Minnesota Law School and a Bachelor of Arts in English from the University of St. Thomas. Committed to giving back, he has volunteered with organizations including Catholic Charities, Feed the Children, and Project Offstreets, and has mentored and coached youth in both Minneapolis and Denver.

    For more information about Monarch Private Capital, visit www.monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    CONTACT
    Jane Rafeedie
    Monarch Private Capital
    Jrafeedie@monarchprivate.com
    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11639d57-4ef6-4162-9d83-aa2972dbe120

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    First Quarter 2025 Highlights:

    • Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share1of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
    • Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
    • Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
    • Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
    • Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
    • Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
    • The efficiency ratio totaled 54.54% for the quarter.

    “The first quarter was a strong start to the year with healthy loan growth and increasing profitability,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress.”

    First Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.

    Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

    Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

    Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

    Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

    Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

    Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

    The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

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

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

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

    Forward-Looking Statements

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

           
    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) March 31,
      2025   2024
    ASSETS      
    Cash and due from banks $ 86,113     $ 100,514  
    Interest-bearing deposits   331,534       410,497  
    Investment securities available for sale   1,378,489       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,163,361  
    Loans held for sale   23,004       15,118  
    Loans   13,004,905       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (204,681 )
    Net loans   12,812,874       12,260,901  
    Premises and equipment   128,749       132,706  
    Federal Home Loan Bank stock   45,006       41,758  
    Interest receivable   88,352       92,550  
    Goodwill   712,002       712,002  
    Other intangibles   18,302       25,142  
    Cash surrender value of life insurance   304,918       306,028  
    Other real estate owned   4,966       4,886  
    Tax asset, deferred and receivable   87,665       101,121  
    Other assets   369,181       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,317,803  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,185,057     $ 2,338,364  
    Interest-bearing   12,276,921       12,546,220  
    Total Deposits   14,461,978       14,884,584  
    Borrowings:      
    Federal funds purchased   185,000       —  
    Securities sold under repurchase agreements   122,947       130,264  
    Federal Home Loan Bank advances   972,478       612,778  
    Subordinated debentures and other borrowings   62,619       118,612  
    Total Borrowings   1,343,044       861,654  
    Interest payable   13,304       19,262  
    Other liabilities   289,247       327,500  
    Total Liabilities   16,107,573       16,093,000  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,810,232 and 58,564,819 shares   7,226       7,321  
    Additional paid-in capital   1,183,263       1,208,447  
    Retained earnings   1,306,911       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,317,803  
       
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
    (Dollars In Thousands, Except Per Share Amounts) March 31,
      2025   2024
    INTEREST INCOME      
    Loans:      
    Taxable $ 187,728     $ 198,023  
    Tax-exempt   10,532       8,190  
    Investment securities:      
    Taxable   8,372       8,748  
    Tax-exempt   12,517       13,611  
    Deposits with financial institutions   2,372       6,493  
    Federal Home Loan Bank stock   997       835  
    Total Interest Income   222,518       235,900  
    INTEREST EXPENSE      
    Deposits   80,547       98,285  
    Federal funds purchased   812       —  
    Securities sold under repurchase agreements   742       1,032  
    Federal Home Loan Bank advances   9,364       6,773  
    Subordinated debentures and other borrowings   783       2,747  
    Total Interest Expense   92,248       108,837  
    NET INTEREST INCOME   130,270       127,063  
    Provision for credit losses   4,200       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       125,063  
    NONINTEREST INCOME      
    Service charges on deposit accounts   8,072       7,907  
    Fiduciary and wealth management fees   8,644       8,200  
    Card payment fees   4,526       4,500  
    Net gains and fees on sales of loans   5,022       3,254  
    Derivative hedge fees   404       263  
    Other customer fees   415       427  
    Earnings on cash surrender value of life insurance   2,179       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (2 )
    Other income   793       497  
    Total Noninterest Income   30,048       26,638  
    NONINTEREST EXPENSES      
    Salaries and employee benefits   54,982       58,293  
    Net occupancy   7,216       7,312  
    Equipment   7,008       6,226  
    Marketing   1,353       1,198  
    Outside data processing fees   5,929       6,889  
    Printing and office supplies   347       353  
    Intangible asset amortization   1,526       1,957  
    FDIC assessments   3,648       4,287  
    Other real estate owned and foreclosure expenses   600       534  
    Professional and other outside services   3,261       3,952  
    Other expenses   7,032       5,934  
    Total Noninterest Expenses   92,902       96,935  
    INCOME BEFORE INCOME TAX   63,216       54,766  
    Income tax expense   7,877       6,825  
    NET INCOME   55,339       47,941  
    Preferred stock dividends   469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 47,472  
    Per Share Data:      
    Basic Net Income Available to Common Stockholders $ 0.95     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       59,273  
           
    FINANCIAL HIGHLIGHTS      
    (Dollars in thousands) Three Months Ended
      March 31,
      2025   2024
    NET CHARGE-OFFS $ 4,926     $ 2,253  
           
    AVERAGE BALANCES:      
    Total Assets $ 18,341,738     $ 18,430,521  
    Total Loans   12,941,353       12,477,066  
    Total Earning Assets   16,960,475       17,123,851  
    Total Deposits   14,419,338       14,881,205  
    Total Stockholders’ Equity   2,340,874       2,242,139  
           
    FINANCIAL RATIOS:      
    Return on Average Assets   1.21 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       13.21  
    Average Earning Assets to Average Assets   92.47       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.65  
    Interest Expense/Average Earning Assets   2.17       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.10  
    Efficiency Ratio   54.54       59.21  
                       
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccrual Loans $ 81,922     $ 73,773     $ 59,088     $ 61,906     $ 62,478  
    Other Real Estate Owned and Repossessions   4,966       4,948       5,247       4,824       4,886  
    Nonperforming Assets (NPA)   86,888       78,721       64,335       66,730       67,364  
    90+ Days Delinquent   4,280       5,902       14,105       1,686       2,838  
    NPAs & 90 Day Delinquent $ 91,168     $ 84,623     $ 78,440     $ 68,416     $ 70,202  
                       
    Allowance for Credit Losses – Loans $ 192,031     $ 192,757     $ 187,828     $ 189,537     $ 204,681  
    Quarterly Net Charge-offs   4,926       771       6,709       39,644       2,253  
    NPAs / Actual Assets %   0.47 %     0.43 %     0.35 %     0.36 %     0.37 %
    NPAs & 90 Day / Actual Assets %   0.49 %     0.46 %     0.43 %     0.37 %     0.38 %
    NPAs / Actual Loans and OREO %   0.67 %     0.61 %     0.51 %     0.53 %     0.54 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.47 %     1.50 %     1.48 %     1.50 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.15 %     0.02 %     0.21 %     1.26 %     0.07 %
                       
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    ASSETS                  
    Cash and due from banks $ 86,113     $ 87,616     $ 84,719     $ 105,372     $ 100,514  
    Interest-bearing deposits   331,534       298,891       359,126       168,528       410,497  
    Investment securities available for sale   1,378,489       1,386,475       1,553,496       1,618,893       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,074,220       2,108,649       2,134,195       2,163,361  
    Loans held for sale   23,004       18,663       40,652       32,292       15,118  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    Net loans   12,812,874       12,661,602       12,458,980       12,450,113       12,260,901  
    Premises and equipment   128,749       129,743       129,582       133,245       132,706  
    Federal Home Loan Bank stock   45,006       41,690       41,716       41,738       41,758  
    Interest receivable   88,352       91,829       92,055       97,546       92,550  
    Goodwill   712,002       712,002       712,002       712,002       712,002  
    Other intangibles   18,302       19,828       21,599       23,371       25,142  
    Cash surrender value of life insurance   304,918       304,906       304,613       306,379       306,028  
    Other real estate owned   4,966       4,948       5,247       4,824       4,886  
    Tax asset, deferred and receivable   87,665       92,387       86,732       107,080       101,121  
    Other assets   369,181       387,169       348,384       367,845       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,185,057     $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364  
    Interest-bearing   12,276,921       12,196,047       12,030,903       12,265,757       12,546,220  
    Total Deposits   14,461,978       14,521,626       14,365,100       14,569,070       14,884,584  
    Borrowings:                  
    Federal funds purchased   185,000       99,226       30,000       147,229       —  
    Securities sold under repurchase agreements   122,947       142,876       124,894       100,451       130,264  
    Federal Home Loan Bank advances   972,478       822,554       832,629       832,703       612,778  
    Subordinated debentures and other borrowings   62,619       93,529       93,562       93,589       118,612  
    Total Borrowings   1,343,044       1,158,185       1,081,085       1,173,972       861,654  
    Deposits and other liabilities held for sale   —       —       288,476       —       —  
    Interest payable   13,304       16,102       18,089       18,554       19,262  
    Other liabilities   289,247       311,073       292,429       329,302       327,500  
    Total Liabilities   16,107,573       16,006,986       16,045,179       16,090,898       16,093,000  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,226       7,247       7,265       7,256       7,321  
    Additional paid-in capital   1,183,263       1,188,768       1,192,683       1,191,193       1,208,447  
    Retained earnings   1,306,911       1,272,528       1,229,125       1,200,930       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (188,685 )     (151,825 )     (211,979 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,304,983       2,302,373       2,212,525       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 187,728     $ 197,536     $ 206,680     $ 201,413     $ 198,023  
    Tax-exempt   10,532       9,020       8,622       8,430       8,190  
    Investment securities:                  
    Taxable   8,372       9,024       9,263       9,051       8,748  
    Tax-exempt   12,517       12,754       13,509       13,613       13,611  
    Deposits with financial institutions   2,372       5,350       2,154       2,995       6,493  
    Federal Home Loan Bank stock   997       958       855       879       835  
    Total Interest Income   222,518       234,642       241,083       236,381       235,900  
    INTEREST EXPENSE                  
    Deposits   80,547       89,835       98,856       99,151       98,285  
    Federal funds purchased   812       26       329       126       —  
    Securities sold under repurchase agreements   742       680       700       645       1,032  
    Federal Home Loan Bank advances   9,364       8,171       8,544       6,398       6,773  
    Subordinated debentures and other borrowings   783       1,560       1,544       1,490       2,747  
    Total Interest Expense   92,248       100,272       109,973       107,810       108,837  
    NET INTEREST INCOME   130,270       134,370       131,110       128,571       127,063  
    Provision for credit losses   4,200       4,200       5,000       24,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       130,170       126,110       104,071       125,063  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,072       8,124       8,361       8,214       7,907  
    Fiduciary and wealth management fees   8,644       8,665       8,525       8,825       8,200  
    Card payment fees   4,526       4,957       5,121       4,739       4,500  
    Net gains and fees on sales of loans   5,022       5,681       6,764       5,141       3,254  
    Derivative hedge fees   404       1,594       736       489       263  
    Other customer fees   415       316       344       460       427  
    Earnings on cash surrender value of life insurance   2,179       2,188       2,755       1,929       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (11,592 )     (9,114 )     (49 )     (2 )
    Gain on branch sale   —       19,983       —       —       —  
    Other income   793       2,826       1,374       1,586       497  
    Total Noninterest Income   30,048       42,742       24,866       31,334       26,638  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   54,982       55,437       55,223       52,214       58,293  
    Net occupancy   7,216       7,335       6,994       6,746       7,312  
    Equipment   7,008       7,028       6,949       6,599       6,226  
    Marketing   1,353       2,582       1,836       1,773       1,198  
    Outside data processing fees   5,929       6,029       7,150       7,072       6,889  
    Printing and office supplies   347       377       378       354       353  
    Intangible asset amortization   1,526       1,771       1,772       1,771       1,957  
    FDIC assessments   3,648       3,744       3,720       3,278       4,287  
    Other real estate owned and foreclosure expenses   600       227       942       373       534  
    Professional and other outside services   3,261       3,777       3,035       3,822       3,952  
    Other expenses   7,032       7,982       6,630       7,411       5,934  
    Total Noninterest Expenses   92,902       96,289       94,629       91,413       96,935  
    INCOME BEFORE INCOME TAX   63,216       76,623       56,347       43,992       54,766  
    Income tax expense   7,877       12,274       7,160       4,067       6,825  
    NET INCOME   55,339       64,349       49,187       39,925       47,941  
    Preferred stock dividends   469       469       468       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 0.95     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 26.78     $ 26.64     $ 25.10     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.21 %     1.39 %     1.07 %     0.87 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       11.05       8.66       7.16       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       16.75       13.39       11.29       13.21  
    Average Earning Assets to Average Assets   92.47       92.48       92.54       92.81       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.50       1.48       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.02       0.21       1.26       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.51       12.26       12.02       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.63       5.82       5.69       5.65  
    Interest Expense/Average Earning Assets   2.17       2.35       2.59       2.53       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.28       3.23       3.16       3.10  
    Efficiency Ratio   54.54       48.48       53.76       53.84       59.21  
                       
    LOANS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Commercial and industrial loans $ 4,306,597     $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365  
    Agricultural land, production and other loans to farmers   243,864       256,312       238,743       239,926       234,431  
    Real estate loans:                  
    Construction   793,175       792,144       814,704       823,267       941,726  
    Commercial real estate, non-owner occupied   2,177,869       2,274,016       2,251,351       2,323,533       2,368,360  
    Commercial real estate, owner occupied   1,214,739       1,157,944       1,152,751       1,174,195       1,137,894  
    Residential   2,389,852       2,374,729       2,366,943       2,370,905       2,316,490  
    Home equity   650,499       659,811       641,188       631,104       618,258  
    Individuals’ loans for household and other personal expenditures   140,954       166,028       158,480       162,089       161,459  
    Public finance and other commercial loans   1,087,356       1,059,083       981,431       964,814       964,599  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    NET LOANS $ 12,812,874     $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901  
    DEPOSITS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Demand deposits $ 7,786,554   $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976
    Savings deposits   4,791,874     4,522,758     4,302,236     4,339,161     4,679,593
    Certificates and other time deposits of $100,000 or more   896,143     1,043,068     1,277,833     1,415,131     1,451,443
    Certificates and other time deposits of $100,000 or less   625,203     692,068     802,949     889,949     901,280
    Brokered certificates of deposits1   362,204     283,671     303,572     167,150     80,292
    TOTAL DEPOSITS $ 14,461,978   $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584
     
    1 – Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.
                 
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      March 31, 2025   March 31, 2024
      Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate    		   Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 294,016   $ 2,372   3.23 %   $ 575,699   $ 6,493   4.51 %
    Federal Home Loan Bank stock   43,980     997   9.07       41,764     835   8.00  
    Investment Securities: (1)                      
    Taxable   1,634,452     8,372   2.05       1,783,057     8,748   1.96  
    Tax-exempt (2)   2,046,674     15,844   3.10       2,246,265     17,229   3.07  
    Total Investment Securities   3,681,126     24,216   2.63       4,029,322     25,977   2.58  
    Loans held for sale   20,965     319   6.09       21,782     328   6.02  
    Loans: (3)                      
    Commercial   8,770,282     147,772   6.74       8,598,110     159,209   7.41  
    Real estate mortgage   2,191,384     24,446   4.46       2,130,947     22,357   4.20  
    HELOC and installment   828,874     15,191   7.33       821,815     16,129   7.85  
    Tax-exempt (2)   1,129,848     13,332   4.72       904,412     10,367   4.59  
    Total Loans   12,941,353     201,060   6.21       12,477,066     208,390   6.68  
    Total Earning Assets   16,960,475     228,645   5.39 %     17,123,851     241,695   5.65 %
    Total Non-Earning Assets   1,381,263             1,306,670        
    TOTAL ASSETS $ 18,341,738           $ 18,430,521        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,522,434   $ 34,606   2.51 %   $ 5,419,821   $ 39,491   2.91 %
    Money market deposits   3,437,998     25,952   3.02       3,045,478     27,383   3.60  
    Savings deposits   1,299,405     2,445   0.75       1,559,877     3,801   0.97  
    Certificates and other time deposits   1,947,854     17,544   3.60       2,427,859     27,610   4.55  
    Total Interest-Bearing Deposits   12,207,691     80,547   2.64       12,453,035     98,285   3.16  
    Borrowings   1,262,926     11,701   3.71       1,011,812     10,552   4.17  
    Total Interest-Bearing Liabilities   13,470,617     92,248   2.74       13,464,847     108,837   3.23  
    Noninterest-bearing deposits   2,211,647             2,428,170        
    Other liabilities   318,600             295,365        
    Total Liabilities   16,000,864             16,188,382        
    STOCKHOLDERS’ EQUITY   2,340,874             2,242,139        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,341,738     92,248       $ 18,430,521     108,837    
    Net Interest Income (FTE)     $ 136,397           $ 132,858    
    Net Interest Spread (FTE) (4)         2.65 %           2.42 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.39 %           5.65 %
    Interest Expense / Average Earning Assets         2.17 %           2.55 %
    Net Interest Margin (FTE) (5)         3.22 %           3.10 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
    (3) Non accruing loans have been included in the average balances.
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Income Available to Common Stockholders – GAAP $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   7       11,592       9,114       49       2  
    Gain on branch sale   —       (19,983 )     —       —       —  
    Non-core expenses1,2   —       762       —       —       3,481  
    Tax on adjustments   (2 )     1,851       (2,220 )     (12 )     (848 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 54,875     $ 58,102     $ 55,613     $ 39,493     $ 50,107  
                       
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
                       
    Diluted Earnings Per Common Share – GAAP $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   —       0.20       0.15       —       —  
    Gain on branch sale   —       (0.34 )     —       —       —  
    Non-core expenses1,2   —       0.01       —       —       0.06  
    Tax on adjustments   —       0.03       (0.04 )     —       (0.01 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 0.94     $ 1.00     $ 0.95     $ 0.68     $ 0.85  
     
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
             
    NET INTEREST MARGIN (“NIM”), ADJUSTED
    (Dollars in Thousands)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Fully Taxable Equivalent (“FTE”) Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income (FTE) (non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Average Earning Assets (GAAP) $ 16,960,475     $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851  
    Net Interest Margin (GAAP)   3.07 %     3.15 %     3.09 %     3.02 %     2.97 %
    Net Interest Margin (FTE) (non-GAAP)   3.22 %     3.28 %     3.23 %     3.16 %     3.10 %
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Total Average Stockholders’ Equity (GAAP) $ 2,340,874     $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (726,917 )     (728,218 )     (729,581 )     (730,980 )     (732,432 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,588,832     $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582  
                       
    Net Income Available to Common Stockholders (GAAP) $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Plus: Intangible Asset Amortization, Net of Tax   1,206       1,399       1,399       1,399       1,546  
    Tangible Net Income (Non-GAAP) $ 56,076     $ 65,279     $ 50,118     $ 40,855     $ 49,018  
                       
    Return on Tangible Common Equity (Non-GAAP)   14.12 %     16.75 %     13.39 %     11.29 %     13.21 %
    EFFICIENCY RATIO – NON-GAAP                  
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Non Interest Expense (GAAP) $ 92,902     $ 96,289     $ 94,629     $ 91,413     $ 96,935  
    Less: Intangible Asset Amortization   (1,526 )     (1,771 )     (1,772 )     (1,771 )     (1,957 )
    Less: OREO and Foreclosure Expenses   (600 )     (227 )     (942 )     (373 )     (534 )
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
                       
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Plus: Fully Taxable Equivalent Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Non Interest Income (GAAP) $ 30,048     $ 42,742     $ 24,866     $ 31,334     $ 26,638  
    Less: Investment Securities (Gains) Losses   7       11,592       9,114       49       2  
    Adjusted Non Interest Income (Non-GAAP) $ 30,055     $ 54,334     $ 33,980     $ 31,383     $ 26,640  
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Efficiency Ratio (Non-GAAP)   54.54 %     48.48 %     53.76 %     53.84 %     59.21 %
                       
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
    Less: Non-core Expenses1,2   —       (762 )     —       —       (3,481 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 90,776     $ 93,529     $ 91,915     $ 89,269     $ 90,963  
                       
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Less: Gain on Branch Sale   —       (19,983 )     —       —       —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 166,452     $ 174,509     $ 170,973     $ 165,813     $ 159,498  
    Adjusted Efficiency Ratio (Non-GAAP)   54.54 %     53.60 %     53.76 %     53.84 %     57.03 %
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
     

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

    SOURCE: First Merchants Corporation, Muncie, Indiana

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