MIL-OSI: Correction: Form 8.3 – Warehouse REIT Plc

Source: GlobeNewswire (MIL-OSI)

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

1p Ordinary Shares

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

64,093,769

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p Ordinary Shares
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	64,103,769	15.08%
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	64,103,769	15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares	Transfer Out	10,000

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at.

15.08%

(2) Cash-settled derivatives:

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

TOTAL:

64,093,769

15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares	Transfer Out	10,000

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at.

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p Ordinary Shares
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	64,093,769	15.08%
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	64,093,769	15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at.

The MIL Network –

April 25, 2025

MIL-OSI Economics: Independent Directors of Phillips 66 Issue Letter to Investors and Their Stewardship Teams

Source: Phillips

Encourages Honest, Independent Interrogation of Facts
Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company’s shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics.
In conjunction with today’s letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company’s strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term value for Phillips 66 shareholders.
The full text of the Board’s letter to investors and their stewardship teams follows:
Dear Phillips 66 Shareholders,
Due to the unique nature of shareholder engagement in 2025 and our concerns with the agenda Elliott is pushing, this letter is written directly to the stewardship teams, proxy advisers and all shareholders who prioritize strong corporate governance. This letter is intended to highlight critical areas for consideration that uniquely pertain to corporate governance, independence and transparency.
It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. Transparency allows shareholders to make informed decisions with full, complete and straight-forward information. Independence ensures that a Board is impartial, unbiased and objective in its pursuit of protecting the interests of all shareholders.
We have been surprised and concerned by the actions taken by Elliott in pursuit of its campaign to break-up Phillips 66. These actions, in our view, reveal a concerning disregard for good corporate governance, raise important questions of independence and demonstrate an alarming pattern of opaque disclosure.
There are serious questions about Elliott’s expectation of director loyalty.
Elliott is seeking to replace Bob Pease, a Board member it supported only one year ago.
Does this sudden switch in support, and Elliott’s own acknowledgment of its effort to have one-on-one conversations with Bob during the time he has been on our Board, suggest an expectation of loyalty to the activist and its thesis instead of fair evaluation of what is in the best interest of all shareholders?
Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott’s nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself.
Does this action further reveal an expectation of loyalty rather than true independence?
Elliott’s competitive interests merit careful attention.
Elliott’s subsidiary, Amber Energy, is in pursuit of a direct Phillips 66 competitor, CITGO. That pursuit has been ongoing for more than a year, and Elliott’s most recent bid for CITGO is valued meaningfully above the amount of Elliott’s investment in Phillips 66.
Elliott’s public solicitation materials do not clearly mention its pursuit of CITGO, or that multiple members of the Amber Energy leadership team have been directly involved in soliciting Phillips 66 shareholders.
On Elliott’s recent podcast episode, John Pike confirmed that the same Elliott professionals on their energy team invest in public equities and private situations. In other words, the same team that is investing in Phillips 66 is also leading the CITGO process.
At what point does pursuit of control of a company while trying influence the strategy of a direct competitor raise conflicts of interest concerns? Has Elliott adequately disclosed this competitive position to Phillips 66 shareholders? Should shareholders have legitimate concerns about how Elliott’s interests may differ from those of other Phillips 66 shareholders?
Elliott and affiliated parties have provided misleading, incomplete disclosure.
The CEO of Elliott’s Amber Energy, Gregory Goff, issued a public letter claiming to be merely an investor in Phillips 66 in support of Elliott’s campaign. The day prior to this letter, Mr. Goff had entered into an agreement with Elliott where Mr. Goff’s solicitation expenses would be paid for by Elliott. Mr. Goff’s letter does not mention Amber Energy or its ongoing pursuit of CITGO, and it does not mention this agreement with Elliott.
Why is Mr. Goff misleadingly soliciting Phillips 66 shareholders in his capacity as “a 40-year energy industry veteran and shareholder of Phillips 66” and not in his capacity as an interested Elliott employee? More importantly, why was that relationship not fully and clearly disclosed to Phillips 66 shareholders in the letter?
A number of Elliott’s nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott’s Amber Energy, these relationships call into question Elliott’s nominees’ independence.
Given Amber Energy’s role in the campaign against Phillips 66 and Mr. Goff’s highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott’s disclosures or the independence of Elliott’s nominees?
Elliott has put forth illegal corporate governance demands, masked by misleading communications.
As you know, we are fully committed to declassifying the Board so that each of our directors is up for election each year. Our last attempt to do so received approval from 73% of outstanding shares. With the attention this annual meeting is receiving, we are hoping that voter turnout will be higher than ever to achieve this important governance milestone.
But unlike Elliott, we want to do so legally, completely and without subjecting the Company to litigation and reputational harm.
Elliott is asking us to devise a slipshod workaround to declassify the Board in a de facto manner, without obtaining the required stockholder vote to do so. Put simply, if implemented, Elliott’s annual resignation proposal would contravene Delaware law, our Company’s charter and by-laws and our Board’s fiduciary duty to shareholders. Some resignation policies are acceptable, but not those with the specific purpose of evading a corporate charter. We will not establish the dangerous precedent of conveniently disregarding and circumventing our fundamental governing documents.
Don’t just take our word for it – a leading academic has said the proposal is “certainly creative; it is also, for three distinct reasons, illegal.”1We also received an advisory letter from a top Delaware law firm stating that, by implementing Elliott’s proposal, the Board would violate Delaware law and be exposed to potential claims for breaches of fiduciary duty. This leading law firm advised the Board not to implement Elliott’s proposal if passed.
Legal experts have also commented that shareholders are not accustomed to seeing proposals that violate state law because the SEC allows companies to exclude shareholder proposals submitted under Exchange Act Rule 14a-8 that would, if implemented, cause the company to violate applicable law. The difference, here, is that Elliott has included its proposal withinits ownproxy solicitation, which bypasses the SEC’s Rule 14a-8 vetting process and allows Elliott to present its proposal and the 2025 Annual Meeting. The Company never had a chance to exclude the proposal, which we believe we would have achieved under Rule 14a-8 based on the legal advice given by a leading Delaware law firm that the Company does not have the power to implement the proposal.
Do not be misled by Elliott’s claims that its mandatory resignation policy is legal because directors are already free to resign at any time, or its statements that its proposal is just voluntary. Any director canchooseto resign at any time, but a company policyrequiringsuch resignations to achieve de facto declassification is plainly illegal under well-settled Delaware law and our charter.Read for yourself – the plain text of Elliott’s proposal is arequirement, and the fact that directors can refuse to comply with it does not make it legitimate:“RESOLVED, that stockholders request that the Board adopt an annual election policy for directors, requiring each incumbent director (including directors with terms not set to expire at the next annual meeting) to deliver to the Board a letter of resignation effective at the next annual meeting of stockholders, each year prior to the nomination of director candidates for election at the annual meeting.”
Why is Elliott distracting from our actual efforts to declassify in a legal manner? Why does Elliott feel that companies should treat their governing documents as optional? Why does Elliott want shareholders to act as lawyers, rather than submitting its proposal in a manner that would have allowed the SEC to review it for illegality? What Pandora’s box would be opened if shareholders approved proposals that companies would have to breach their duties to implement?
Elliott’s lawsuit further exhibits its lack of transparency and preference for theatrics over engagement.
Do not believe Elliott’s misleading claims that this Board ever intended to reduce the size of the class standing for election. Unlike Elliott’s proposal, which treats our charter as an option, we respect our governing documents and their requirement that our classes be as nearly equal as possible.
Had Elliott waited just one more day – until March 26, the date Elliott was entitled to learn about our slate under the universal proxy rules – they would have seen that. Instead, they sought selective disclosure from us about our slate and then filed a lawsuit to compel what we were always planning to do – have four seats up for election this year.
Why did Elliott knowingly file a distracting lawsuit when it knew we would reveal our slate the next day in accordance with the universal proxy rules? Why did Elliott think it was entitled to selective disclosure?
In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions.
Sincerely,
Independent Directors of the Phillips 66 Board of Directors
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
Certain Information Regarding Participants
Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
1 Andrew Verstein, “How Not to De‑Classify a Board,” The CLS Blue Sky Blog, April 22, 2025. https://clsbluesky.law.columbia.edu/2025/04/22/how-not-to-de%E2%80%91classify-a-board/

Source: Phillips 66

MIL OSI Economics –

April 24, 2025

MIL-OSI United Kingdom: Westminster Insight – Women and Girls in Sport Conference

Source: United Kingdom – Executive Government & Departments

Speech

Westminster Insight – Women and Girls in Sport Conference

Sports Minister Stephanie Peacock delivered the keynote speech at the Westminster Insight – Women and Girls in Sport Conference

Thank you all for being here and inviting me to speak to you today. I am sorry I can’t be with you in person.

I want to talk to you today about the remarkable growth of women’s sport that we have witnessed in recent years, and what the Government is doing to build on this momentum.

I would like to begin by sharing some statistics. In 2024, UK Women’s Sport attracted audiences of over 44.17 million, an increase of nearly 40% in just two years. Over 2.6 million people attended a women’s sport event in person in 2023, an increase of 23% from the previous year.

Globally, Deloitte predicts that revenue generated by women’s elite sports will reach at least $2.35 billion, or £1.8 billion, in 2025, with revenues predicted to have risen by 240% in 4 years.

This is, of course, good news for economic growth and for those playing women’s elite sport. But most importantly the impact that it will have on women and girls across the country will be profound.

Inspiring women and girls across the country to take part in sport is hugely important to me as Sports Minister.

Girls need to know from a young age that they belong in sport. That is why we want to review and shape our education system to inspire girls from an early age to get active and build a lifelong love and affinity for sport.

To achieve this goal, Government is driving progress across women’s sport: from investing in grassroots facilities to supporting national campaigns.

It also means action on the elite end of sport, from hosting major events to supporting action to professionalise women’s sport.

Bringing all of these elements together is our strategy for women and girl’s sport. Let me take you through each of those in turn.

Firstly, we want more women and girls than ever to stay physically and mentally fit and healthy.

In order to do this, we need to keep evolving and challenging the way we think of women in sporting environments in order to understand what challenges and motivates them.

Sport England campaigns like This Girl Can has inspired nearly 4 million women to get active and 8 out of 10 women say that the campaign has boosted their confidence.

We want women to have options and variety available to them within their local area.

Getting this right starts with inclusion. Statistics show that for women on lower incomes from under-represented groups, the challenges and feelings of not being included are even greater.

When we support women’s sport, we will support women and girls right across our communities – not just elite athletes however important they are

Secondly, we know that in order to reach women and girls from all walks of life, equal access to high quality PE and school sports has a fundamental role to play.

I have seen first hand the value of school sports in my own constituency in Barnsley South. It was great to visit High View Primary Centre Centre in Wombwell a few weeks ago to watch the FA’s annual Biggest Ever Football Session, and I have enjoyed seeing the impact that events such as the Daily Mile can have on local children across Barnsley.

So, through our expert-led review of the curriculum, we are going to ensure that every child has the opportunity to engage in a broad range of subjects, including PE and sport. I’ve been working closely with the Minister for Schools and with National Governing Bodies across a range of issues, and we are committed to ensuring that all children can access high-quality sport and physical activity across the school day.

We also know that access to facilities, player welfare standards and suitable kit and equipment are all key parts of ensuring women and girls have the opportunity to excel.

On 21 March, we announced an investment of £100 million to fund grassroots facilities throughout the UK. £98 million of this will support projects in 2025/26.

This funding will support more women and girls to take part in the sports that they love, particularly by ensuring that funded sites across the UK provide priority slots for women and girls. Beyond this, in England there is funding specifically targeted at creating female-friendly facilities off the pitch, including changing rooms and toilets.

As well as focusing on getting women and girls active at a grassroots level, progress in women’s sport requires a healthy professional system to fund participation and to create inspirational role models.

This is why I am acting on the recommendations of Karen Carney’s independent Review of Women’s Football starting with a series of in depth discussions on the recommendations, and led by a taskforce I have convened to drive this forward.

We want Karen’s excellent Review to lead to tangible change in women’s football, acting as a wider blueprint for all of women’s sport.

Our work is already making a difference: we the Taskforce recently agreed on a series of concrete actions to improve player welfare in women’s football.

I also want to address one of the major issues identified by Karen in the Review, which is the lack of research. Only 6% of all sports science research today is dedicated solely to female athletes. Obviously this imbalance is a global challenge but I believe the UK is well positioned to take the lead in addressing, building on our reputation for world class research. This Government is determined to ensure that our sport science research continues to be world leading and tailored to the needs of our athletes.

On a recent visit to Loughborough University’s Women in Sport Research and Innovation Hub, I saw first hand ground breaking innovation which will shape the future of women’s sport.

This includes development in areas such as the menstrual cycle, the design of pregnancy and postpartum sportswear, sports nutrition, and innovation in sports bras.

This vital work will help us accelerate the progress we have already made and ensure that research into women’s sport is tailored to female athletes.

Finally, progress in women’s sport also means increasing visibility and inspiring a nation, by showcasing what our world leading female athletes can do.

We know women and girls across the country are inspired by female role models.

This summer, some fans will be watching the Lionesses on TV with their family, while others will be at the Women’s Rugby World Cup across England enjoying the atmosphere. Many more will be watching their favourite local teams and athletes from their home town.

We want everyone to join us in marvelling at the incredible talent we have here in the UK. We want to create the best women’s leagues in the world and we want to lead the way in helping women’s sport to stand the test of time and be financially sustainable.

This will mean that a girl growing up in my area of Barnsley will be able to watch us host major events like the Women’s Rugby World Cup, the Women’s T20 World Cup and the Tour de France Femmes, and be able to recreate moments with their friends at school.

With our incredible track record for hosting these kinds of events, I know that they are going to be huge success stories that inspire everyone watching women’s sport right across the globe.

We are also working hard to support the FA’s bid for the 2035 Women’s World Cup, a tournament with the potential to inspire yet another generation of women’s football fans.

This is how we lead the way in women’s sport and create lasting legacies for generations to come.

Before I end today, I want to directly address last week’s Supreme Court ruling, which I am sure is on the minds of many of you attending today. As a Government we have always been clear that when it comes to women’s sport, biology matters and we will continue to support sports to develop policies that protect fairness and safety, particularly when it is not possible to balance those factors with inclusion. Alongside this, sports need to come up with approaches to ensure everyone has the opportunity to take part somehow – and I know that sporting bodies will be considering this in light of the Supreme Court decision.

As I finish speaking to you today, I recognise that we still have challenges to overcome when it comes to women’s sport. However, the future is also one of huge opportunities to drive women’s sport forward.

Progress in women’s sport requires a clear vision. From young girls learning about sport and movement in school through PE, to teenagers accessing facilities built with women and girls in mind, to adults having the right knowledge, kit and environment, to excel we want to support women and girls at every stage of their lives.

We want women and girls across the UK to watch global events hosted at home, to be inspired by their role models and to have the opportunity to dream big. Every girl deserves that chance.

And to enable this, this Government is committed to improving access to sport in schools, to making provision of facilities more equal, to improving research, driving visibility and investing in women’s sport at every level.

It is not enough to focus on one aspect alone. We must drive progress across all of these areas as part of one cohesive women’s sport strategy.

I look forward to working with you all to ensure all women and girls have the opportunities they deserve.

Thank you.

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI: Marquette National Corporation Declares a Dividend of $0.31 per Share

Source: GlobeNewswire (MIL-OSI)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.31 per share. The dividend will be payable on July 1, 2025 to shareholders of record on June 20, 2025. As of March 31, 2025, Marquette had 4,367,449 shares issued and outstanding.

Marquette National Corporation is a diversified bank holding company with total assets of $2.2 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com

Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

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

The MIL Network –

April 24, 2025

MIL-OSI: First Northwest Bancorp Reports First Quarter 2025 Improved Profitability

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., April 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported net income of $1.5 million for the first quarter of 2025, compared to a net loss of $2.8 million for the fourth quarter of 2024 and net income of $396,000 for the first quarter of 2024. Basic and diluted income per share were $0.17 for the first quarter of 2025, compared to basic and diluted loss per share of $0.32 for the fourth quarter of 2024 and basic and diluted income per share of $0.04 for the first quarter of 2024.

In the first quarter of 2025, the Company recorded adjusted pre-tax, pre-provision net revenue (“PPNR”)⁽¹⁾ of $1.5 million, compared to $1.4 million for the preceding quarter and $1.2 million for the first quarter of 2024.

The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on May 23, 2025, to shareholders of record as of the close of business on May 9, 2025.

Quote from First Northwest President and CEO, Matthew P. Deines:
“We were pleased to see improved profitability in the first quarter of 2025, which helped grow capital levels and tangible book value. We saw improvement on our asset quality metrics, with nonperforming loans 14% lower than the prior quarter, and remain focused on continued asset quality improvement over the balance of 2025. Core commercial and consumer customer growth was positive during the first quarter, with lower net loans and deposits largely the result of a decrease in funding to one large wholesale relationship and reduced brokered deposit balances. We expect better core growth and asset quality trends, combined with ongoing expense discipline and modest margin improvement, will continue to improve profitability and capital in future quarters. With improved profitability, we are evaluating the potential for future stock buybacks.”

Key Points for First Quarter and Going Forward

Positive Balance Sheet Trends:

A favorable deposit mix shift included a $45.0 million decrease in brokered deposits while core customer deposits grew $23.0 million. The loan-to-deposit ratio was stable at 99.9% compared to 99.3% in the fourth quarter of 2024.
The Company reduced borrowings by $28.9 million. The total cost of funds decreased to 2.67% compared to 2.80% in the fourth quarter of 2024.

Update on provision for credit losses:

The Company recorded a $1.6 million provision for credit losses on loans in the first quarter of 2025, primarily due to $1.4 million of charge-offs related to three commercial business loans, one commercial construction loan and a small number of consumer loans. This compares to loan credit loss provisions of $3.8 million for the preceding quarter and $1.2 million for the first quarter of 2024.
We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers and expect further improvement in nonperforming loans over the course of 2025.

Other significant events:

First Fed Bank’s (“First Fed” or the “Bank”) balance sheet restructuring continued with the remaining bank-owned life insurance policy (“BOLI”) surrender transaction recorded in the first quarter of 2025, with $266,000 of tax and penalties recorded in the provision for income tax. The surrendered policy value was reinvested in the second quarter of 2025. We expect to receive the return of the surrendered funds early in the third quarter of 2025.
We sadly lost a former Bank employee in the first quarter of 2025, resulting in a $1.1 million BOLI death benefit gain.
The Company recorded a $846,000 gain on extinguishment of debt related to repurchasing $5.0 million of subordinated debt at a discount during the first quarter of 2025. In addition to the current quarter gain, the future cost related to interest expense on the subordinated debt will be reduced.
The Company also recognized a $315,000 gain on the conversion of a commercial business loan receivable into a Series A equity investment during the first quarter of 2025.

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Selected Quarterly Financial Ratios:

	As of or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Performance ratios: ⁽¹⁾
Return on average assets		0.28	%		-0.51	%		-0.36	%		-0.40	%		0.07	%
Adjusted PPNR return on average assets ⁽²⁾		0.27			0.26			0.17			0.10			0.22
Return on average equity		3.92			-6.92			-4.91			-5.47			0.98
Net interest margin ⁽³⁾		2.76			2.73			2.70			2.76			2.76
Efficiency ratio ⁽⁴⁾		79.4			92.2			100.3			72.3			88.8
Equity to total assets		7.22			6.89			7.13			7.17			7.17
Book value per common share	$	16.63		$	16.45		$	17.17		$	16.81		$	17.00
Tangible performance ratios: ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		7.15	%		6.83	%		7.06	%		7.10	%		7.10	%
Return on average tangible common equity ⁽²⁾		3.96			-6.99			-4.96			-5.53			0.99
Tangible book value per common share ⁽²⁾	$	16.48		$	16.29		$	17.00		$	16.64		$	16.83
Capital ratios (First Fed): ⁽⁵⁾
Tier 1 leverage		9.5	%		9.4	%		9.4	%		9.4	%		9.7	%
Common equity Tier 1 capital		12.7			12.4			12.2			12.4			12.6
Total risk-based		13.9			13.6			13.4			13.5			13.6

(1	)	Performance ratios are annualized, where appropriate.
(2	)	See reconciliation of Non-GAAP Financial Measures later in this release.
(3	)	Net interest income divided by average interest-earning assets.
(4	)	Total noninterest expense as a percentage of net interest income and total other noninterest income.
(5	)	Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.

Adjusted Pre-tax, Pre-Provision Net Revenue ⁽¹⁾

Adjusted PPNR for the first quarter of 2025 increased $40,000 to $1.5 million, compared to $1.4 million for the preceding quarter, and increased $308,000 from $1.2 million in the first quarter one year ago.

	For the Quarter Ended
(Dollars in thousands)	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net interest income	$	13,847	$	14,137		$	14,020		$	14,235		$	13,928
Total noninterest income		4,092		1,300			1,779			7,347			2,188
Total revenue		17,939		15,437			15,799			21,582			16,116
Total noninterest expense		14,249		14,233			15,848			15,609			14,303
PPNR ⁽¹⁾		3,690		1,204			(49	)		5,973			1,813
Less selected nonrecurring adjustments to PPNR:
BOLI death benefit		1,059		1,536			—			—			—
Gain on extinguishment of subordinated debt included in other income		846		—			—			—			—
Gain on conversion of loan receivable into Series A equity investment		315		—			—			—			—
Equity investment repricing adjustment		—		(1,762	)		—			—			651
One-time compensation payouts related to reduction in force		—		—			(996	)		—			—
Net gain on sale of premises and equipment		—		—			—			7,919			—
Sale leaseback taxes and assessments included in occupancy and equipment		—		—			—			(359	)		—
Net gain on sale of investment securities		—		—			—			(2,117	)		—
Adjusted PPNR ⁽¹⁾	$	1,470	$	1,430		$	947		$	530		$	1,162

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Total interest income decreased $1.4 million to $26.8 million for the first quarter of 2025, compared to $28.2 million for the previous quarter, and decreased $503,000 compared to $27.3 million in the first quarter of 2024. Interest income decreased in the first quarter of 2025 primarily due to a decrease in the income earned on loans receivable and reduced interest income received on Company deposit accounts as both yields earned and average volumes decreased. Average loan balances and related interest income were impacted by a significant decrease in the Northpointe Bank Mortgage Purchase Program (“Northpointe Bank MPP”) of $24.7 million and $461,000, respectively. Variable-rate yields on loans and investments were impacted by the cumulative 100 basis points Federal Reserve rate cuts which occurred between September and December 2024.
Total interest expense decreased $1.1 million to $13.0 million for the first quarter of 2025, compared to $14.1 million for the previous quarter, and decreased $422,000 compared to $13.4 million in the first quarter of 2024. Interest expense decreased in the first quarter of 2025 primarily due to decreases in interest paid on brokered certificates of deposit (“CDs”), money market accounts and customer CDs.
The net interest margin increased to 2.76% for the first quarter of 2025, from 2.73% for the prior quarter, and was flat compared to the first quarter of 2024. The Company reported reduced rates and declining volumes of CDs and money market accounts during the first quarter of 2025 which lowered costs; however, these savings were partially offset by a decrease in interest earned on loans and an increase in cost due to higher average borrowings.
Noninterest income included a $1.1 million BOLI death benefit payment received due to the passing of a former employee, a $846,000 gain on extinguishment of debt and a $315,000 gain on the conversion of a loan receivable into an equity investment during the current quarter.
Noninterest expense was relatively unchanged at $14.3 million for the first quarter of 2025, compared to the previous quarter and the first quarter of 2024.

Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

The allowance for credit losses on loans (“ACLL”) increased $176,000 to $20.6 million at March 31, 2025, from $20.5 million at December 31, 2024. The ACLL as a percentage of total loans was 1.24% at March 31, 2025, an increase from 1.21% at December 31, 2024, and an increase from 1.05% one year earlier. The small increase to the pooled loan reserve combined with charge-offs totaling $1.4 million resulted in a provision expense of $1.6 million for the quarter ended March 31, 2025.

Nonperforming loans totaled $26.4 million at March 31, 2025, a decrease of $4.1 million, or 13.5%, from December 31, 2024. ACLL to nonperforming loans increased to 78% at March 31, 2025, from 67% at December 31, 2024, and decreased from 92% at March 31, 2024. This ratio increased during the first quarter as principal payments and charge-offs decreased balances on loans that were already adequately reserved.

Classified loans decreased $4.7 million to $37.9 million at March 31, 2025, from $42.5 million at December 31, 2024, primarily due to $3.9 million in principal payments received on two commercial construction loans and charge-offs totaling $825,000 on two commercial business loans and one commercial construction loan during the first quarter. An $8.1 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; a $7.2 million commercial construction loan relationship, which became classified in the second quarter of 2024; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 57% of the classified loan balance at March 31, 2025. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 16 loans totaling $1.7 million included in classified loans at March 31, 2025, and an additional seven loans totaling $2.4 million included in the special mention risk grading category.

	For the Quarter Ended
ACLL ($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance at beginning of period	$	20,449		$	21,970		$	19,343		$	17,958		$	17,510
Charge-offs:
Construction and land		(374	)		(411	)		—			(3,978	)		—
Auto and other consumer		(243	)		(364	)		(492	)		(832	)		(806	)
Commercial business		(811	)		(4,596	)		(24	)		(2,643	)		(33	)
Total charge-offs		(1,428	)		(5,371	)		(516	)		(7,453	)		(839	)
Recoveries:
One-to-four family		—			—			42			—			2
Commercial real estate		6			2			—			—			—
Auto and other consumer		43			52			24			198			46
Commercial business		2			36			—			—			—
Total recoveries		51			90			66			198			48
Net loan charge-offs		(1,377	)		(5,281	)		(450	)		(7,255	)		(791	)
Provision for credit losses		1,553			3,760			3,077			8,640			1,239
Balance at end of period	$	20,625		$	20,449		$	21,970		$	19,343		$	17,958

Average total loans		1,662,164			1,708,232			1,718,402			1,717,830			1,678,656
Annualized net charge-offs to average outstanding loans		0.34	%		1.23	%		0.10	%		1.70	%		0.19	%

Asset Quality ($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonaccrual loans:
One-to-four family	$	1,404		$	1,477		$	1,631		$	1,750		$	1,237
Multi-family		—			—			—			708			708
Commercial real estate		5,574			5,598			5,634			14			22
Construction and land		15,280			19,544			19,382			19,292			14,440
Home equity		54			55			116			118			121
Auto and other consumer		710			700			894			746			1,012
Commercial business		3,365			3,141			2,719			1,003			1,941
Total nonaccrual loans		26,387			30,515			30,376			23,631			19,481
Other real estate owned		—			—			—			—			—
Total nonperforming assets	$	26,387		$	30,515		$	30,376		$	23,631		$	19,481

Nonaccrual loans as a % of total loans ⁽¹⁾		1.59	%		1.80	%		1.75	%		1.39	%		1.14	%
Nonperforming assets as a % of total assets ⁽²⁾		1.21			1.37			1.35			1.07			0.87
ACLL as a % of total loans		1.24			1.21			1.27			1.14			1.05
ACLL as a % of nonaccrual loans		78.16			67.01			72.33			81.85			92.18
Total past due loans to total loans		1.74			1.98			1.92			1.45			1.91

(1	)	Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
(2	)	Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.

Financial Condition and Capital

Investment securities decreased $24.9 million, or 7.3%, to $315.4 million at March 31, 2025, compared to $340.3 million three months earlier, and decreased $10.5 million compared to $326.0 million at March 31, 2024. The market value of the portfolio increased $3.1 million during the first quarter of 2025. The estimated average life of the securities portfolio was approximately 6.9 years at March 31, 2025, 6.9 years at the prior quarter end and 7.8 years at the end of the first quarter of 2024. The effective duration of the portfolio was approximately 4.3 years at March 31, 2025, compared to 3.9 years at the prior quarter end and 4.4 years at the end of the first quarter of 2024. The MBS non-agency portfolio decreased $20.2 million due to early redemptions and maturities and $2.4 million from regular repayment activity during the most recent quarter.

Investment Securities ($ in thousands)		March 31, 2025		December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Available for Sale at Fair Value
Municipal bonds	$	78,295	$	77,876	$	87,004	0.5	%	-10.0	%
U.S. government agency issued asset-backed securities (ABS agency)		12,643		12,876		14,822	-1.8		-14.7
Corporate issued asset-backed securities (ABS corporate)		15,671		16,122		13,929	-2.8		12.5
Corporate issued debt securities (Corporate debt)		55,067		54,491		53,031	1.1		3.8
U.S. Small Business Administration securities (SBA)		8,061		8,666		7,911	-7.0		1.9
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)		96,642		98,697		83,271	-2.1		16.1
Non-agency issued mortgage-backed securities (MBS non-agency)		49,054		71,616		65,987	-31.5		-25.7
Total securities available for sale	$	315,433	$	340,344	$	325,955	-7.3		-3.2

Net loans, excluding loans held for sale, decreased $31.4 million, or 1.9%, to $1.64 billion at March 31, 2025, from $1.68 billion at December 31, 2024, and decreased $49.0 million, or 2.9%, from $1.69 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $13.3 million. Loan payoffs of $71.0 million, regular payments of $29.4 million and charge-offs totaling $1.4 million outpaced new loan funding totaling $45.3 million and draws on existing loans totaling $23.3 million. The large decrease in commercial business loans was due to the change in funding needs of the Northpointe Bank MPP, which dropped $36.2 million compared to the prior quarter.

Loans ($ in thousands)		March 31, 2025			December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Real Estate:
One-to-four family	$	394,428		$	395,315	$	383,905	-0.2	%	2.7	%
Multi-family		338,147			332,596		339,538	1.7		-0.4
Commercial real estate		392,882			390,379		385,130	0.6		2.0
Construction and land		64,877			78,110		125,347	-16.9		-48.2
Total real estate loans		1,190,334			1,196,400		1,233,920	-0.5		-3.5
Consumer:
Home equity		79,151			79,054		72,391	0.1		9.3
Auto and other consumer		273,878			268,876		268,834	1.9		1.9
Total consumer loans		353,029			347,930		341,225	1.5		3.5
Commercial business		120,486			151,493		136,297	-20.5		-11.6
Total loans receivable		1,663,849			1,695,823		1,711,442	-1.9		-2.8
Less:
Derivative basis adjustment		(566	)		188		710	-401.1		-179.7
Allowance for credit losses on loans		20,625			20,449		17,958	0.9		14.9
Total loans receivable, net	$	1,643,790		$	1,675,186	$	1,692,774	-1.9		-2.9

Total deposits decreased $22.0 million to $1.67 billion at March 31, 2025, compared to $1.69 billion at December 31, 2024, and was relatively unchanged compared to one year prior. During the first quarter of 2025, total customer deposit balances increased $23.0 million and brokered deposit balances decreased $45.0 million. Overall, the current rate environment continues to contribute to greater competition for deposits leading to higher rates paid on interest-bearing demand deposits and savings accounts during the current quarter. The deposit mix compared to March 31, 2024, also reflects a shift to higher demand and money market account balances with increased rates paid on those accounts while rates paid on certificate and savings accounts decreased.

Deposits ($ in thousands)		March 31, 2025		December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Noninterest-bearing demand deposits	$	247,890	$	256,416	$	252,761	-3.3	%	-1.9	%
Interest-bearing demand deposits		169,912		164,891		170,729	3.0		-0.5
Money market accounts		424,469		413,822		395,480	2.6		7.3
Savings accounts		235,188		205,055		236,550	14.7		-0.6
Certificates of deposit, customer		450,663		464,928		418,904	-3.1		7.6
Certificates of deposit, brokered		137,946		182,914		192,200	-24.6		-28.2
Total deposits	$	1,666,068	$	1,688,026	$	1,666,624	-1.3		0.0

Total shareholders’ equity increased to $157.0 million at March 31, 2025, compared to $153.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $2.4 million and net income of $1.5 million, partially offset by dividends declared of $656,000 and a decrease in the after-tax fair market values of derivatives of $425,000.

Capital levels for both the Company and the Bank remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at March 31, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at March 31, 2025, were 12.7% and 13.9%, respectively.

First Northwest continued to return capital to our shareholders through cash dividends during the first quarter of 2025. The Company paid cash dividends totaling $649,000 in the first quarter of 2025. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended March 31, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

We recommend reading this earnings release in conjunction with the First Quarter 2025 Investor Presentation, located at http://investor.ourfirstfed.com/quarterly-reports and included as an exhibit to our April 24, 2025, Current Report on Form 8-K.

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim 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. These risks could cause our actual results for 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

For More Information Contact:
Matthew P. Deines, President and Chief Executive Officer
Phyllis Nomura, EVP and Chief Financial Officer
IRGroup@ourfirstfed.com
360-457-0461

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	18,911		$	16,811		$	17,953		$	19,184		$	15,562
Interest-earning deposits in banks		51,412			55,637			64,769			63,995			61,784
Investment securities available for sale, at fair value		315,433			340,344			310,860			306,714			325,955
Loans held for sale		2,940			472			378			1,086			988
Loans receivable (net of allowance for credit losses on loans $20,625, $20,449, $21,970, $19,343, and $17,958)		1,643,790			1,675,186			1,714,416			1,677,764			1,692,774
Federal Home Loan Bank (FHLB) stock, at cost		13,106			14,435			14,435			13,086			15,876
Accrued interest receivable		8,319			8,159			8,939			9,466			8,909
Premises held for sale, net		—			—			—			—			6,751
Premises and equipment, net		9,870			10,129			10,436			10,714			11,028
Servicing rights on sold loans, at fair value		3,301			3,281			3,584			3,740			3,820
Bank-owned life insurance, net		31,786			41,150			41,429			41,113			34,681
Equity and partnership investments		15,026			13,229			14,912			15,085			15,121
Goodwill and other intangible assets, net		1,082			1,082			1,083			1,084			1,085
Deferred tax asset, net		13,179			13,738			10,802			12,216			12,704
Right-of-use (“ROU”) asset, net		16,687			17,001			17,315			17,627			5,841
Prepaid expenses and other assets		31,588			21,352			24,175			23,088			27,141
Total assets	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	1,666,068		$	1,688,026		$	1,711,641		$	1,708,288		$	1,666,624
Borrowings		307,091			336,014			334,994			302,575			371,455
Accrued interest payable		2,163			3,295			2,153			3,143			2,830
Lease liability, net		17,266			17,535			17,799			18,054			6,227
Accrued expenses and other liabilities		24,217			31,770			25,625			23,717			29,980
Advances from borrowers for taxes and insurance		2,583			1,484			2,485			1,304			2,398
Total liabilities		2,019,388			2,078,124			2,094,697			2,057,081			2,079,514

Shareholders’ Equity
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,440,618; 9,353,348; 9,365,979; 9,453,247; and 9,442,796		94			93			94			94			94
Additional paid-in capital		93,450			93,357			93,218			93,985			93,763
Retained earnings		98,056			97,198			100,660			103,322			106,202
Accumulated other comprehensive loss, net of tax		(28,129	)		(30,172	)		(26,424	)		(31,597	)		(32,465	)
Unearned employee stock ownership plan (ESOP) shares		(6,429	)		(6,594	)		(6,759	)		(6,923	)		(7,088	)
Total shareholders’ equity		157,042			153,882			160,789			158,881			160,506
Total liabilities and shareholders’ equity	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
INTEREST INCOME
Interest and fees on loans receivable	$	22,231	$	23,716		$	23,536		$	23,733		$	22,767
Interest on investment securities		3,803		3,658			3,786			3,949			3,632
Interest on deposits in banks		482		550			582			571			645
FHLB dividends		307		273			302			358			282
Total interest income		26,823		28,197			28,206			28,611			27,326
INTEREST EXPENSE
Deposits		9,737		11,175			10,960			10,180			10,112
Borrowings		3,239		2,885			3,226			4,196			3,286
Total interest expense		12,976		14,060			14,186			14,376			13,398
Net interest income		13,847		14,137			14,020			14,235			13,928
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		1,553		3,760			3,077			8,640			1,239
Provision for (recapture of) credit losses on unfunded commitments		15		(105	)		57			99			(269	)
Provision for credit losses		1,568		3,655			3,134			8,739			970
Net interest income after provision for credit losses		12,279		10,482			10,886			5,496			12,958
NONINTEREST INCOME
Loan and deposit service fees		1,106		1,054			1,059			1,076			1,102
Sold loan servicing fees and servicing rights mark-to-market		195		(115	)		10			74			219
Net gain on sale of loans		11		52			58			150			52
Net gain on sale of investment securities		—		—			—			(2,117	)		—
Net gain on sale of premises and equipment		—		—			—			7,919			—
Increase in cash surrender value of bank-owned life insurance		372		328			315			293			243
Income from death benefit on bank-owned life insurance, net		1,059		1,536			—			—			—
Other income (loss)		1,349		(1,555	)		337			(48	)		572
Total noninterest income		4,092		1,300			1,779			7,347			2,188
NONINTEREST EXPENSE
Compensation and benefits		7,715		7,367			8,582			8,588			8,128
Data processing		2,011		2,065			2,085			2,008			1,944
Occupancy and equipment		1,592		1,559			1,553			1,799			1,240
Supplies, postage, and telephone		298		296			360			317			293
Regulatory assessments and state taxes		479		460			548			457			513
Advertising		265		362			409			377			309
Professional fees		777		813			698			684			910
FDIC insurance premium		434		491			533			473			386
Other expense		678		820			1,080			906			580
Total noninterest expense		14,249		14,233			15,848			15,609			14,303
Income (loss) before provision for income taxes		2,122		(2,451	)		(3,183	)		(2,766	)		843
Provision for income taxes		608		359			(1,203	)		(547	)		447
Net income (loss)	$	1,514	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396

Basic and diluted earnings (loss) per common share	$	0.17	$	(0.32	)	$	(0.23	)	$	(0.25	)	$	0.04

FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Selected Loan Detail	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Construction and land loans breakout
1-4 Family construction	$	42,371	$	39,319	$	43,125	$	56,514	$	69,075
Multifamily construction		9,223		15,407		29,109		43,341		45,776
Nonresidential construction		7,229		16,857		17,500		1,015		3,374
Land and development		6,054		6,527		5,975		6,403		7,122
Total construction and land loans	$	64,877	$	78,110	$	95,709	$	107,273	$	125,347

Auto and other consumer loans breakout
Triad Manufactured Home loans	$	134,740	$	128,231	$	129,600	$	110,510	$	119,309
Woodside auto loans		118,972		117,968		126,129		131,151		128,072
First Help auto loans		13,012		14,283		15,971		17,427		8,326
Other auto loans		1,313		1,647		2,064		2,690		3,313
Other consumer loans		5,841		6,747		7,434		23,845		9,814
Total auto and other consumer loans	$	273,878	$	268,876	$	281,198	$	285,623	$	268,834

Commercial business loans breakout
Northpointe Bank MPP	$	–	$	36,230	$	38,155	$	9,150	$	15,047
Secured lines of credit		39,986		35,701		37,686		28,862		41,014
Unsecured lines of credit		2,030		1,717		1,571		1,133		1,001
SBA loans		6,889		7,044		7,219		7,146		8,944
Other commercial business loans		71,581		70,801		70,696		70,803		70,291
Total commercial business loans	$	120,486	$	151,493	$	155,327	$	117,094	$	136,297

Loans by Collateral and Unfunded Commitments	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
One-to-four family construction	$	38,221	$	44,468	$	51,607	$	49,440	$	70,100
All other construction and land		30,947		34,290		45,166		58,346		55,286
One-to-four family first mortgage		428,081		466,046		469,053		434,840		436,543
One-to-four family junior liens		15,155		15,090		14,701		13,706		12,608
One-to-four family revolving open-end		51,832		51,481		48,459		44,803		45,536
Commercial real estate, owner occupied:
Health care		29,386		29,129		29,407		29,678		29,946
Office		19,363		17,756		17,901		19,215		17,951
Warehouse		14,843		14,948		11,645		14,613		14,683
Other		74,915		78,170		64,535		56,292		55,063
Commercial real estate, non-owner occupied:
Office		41,885		49,417		49,770		50,158		53,099
Retail		50,737		49,591		49,717		50,101		50,478
Hospitality		62,226		61,919		62,282		62,628		66,982
Other		93,549		81,640		82,573		84,428		93,040
Multi-family residential		339,217		333,419		354,118		350,382		339,907
Commercial business loans		76,330		77,381		86,904		79,055		90,781
Commercial agriculture and fishing loans		22,914		21,833		15,369		14,411		10,200
State and political subdivision obligations		369		369		404		405		405
Consumer automobile loans		133,209		133,789		144,036		151,121		139,524
Consumer loans secured by other assets		137,619		131,429		132,749		129,293		122,895
Consumer loans unsecured		3,051		3,658		4,411		5,209		6,415
Total loans	$	1,663,849	$	1,695,823	$	1,734,807	$	1,698,124	$	1,711,442

Unfunded commitments under lines of credit or existing loans	$	172,260	$	163,827	$	166,446	$	155,005	$	148,736

FIRST NORTHWEST BANCORP AND SUBSIDIARY NET INTEREST MARGIN ANALYSIS (Dollars in thousands) (Unaudited)

	Three Months Ended March 31,
	2025								2024
	Average			Interest					Average			Interest
	Balance			Earned/		Yield/			Balance			Earned/		Yield/
	Outstanding			Paid		Rate			Outstanding			Paid		Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable, net ^{(1) (2)}	$	1,642,007		$	22,231		5.49	%	$	1,661,420		$	22,767		5.51	%
Investment securities		333,208			3,803		4.63			307,490			3,632		4.75
FHLB dividends		13,609			307		9.15			12,328			282		9.20
Interest-earning deposits in banks		42,917			482		4.55			46,583			645		5.57
Total interest-earning assets ⁽³⁾		2,031,741			26,823		5.35			2,027,821			27,326		5.42
Noninterest-earning assets		143,033								138,366
Total average assets	$	2,174,774							$	2,166,187
Interest-bearing liabilities:
Interest-bearing demand deposits	$	168,414		$	260		0.63		$	165,379		$	187		0.45
Money market accounts		414,425			2,345		2.29			377,505			1,949		2.08
Savings accounts		216,499			783		1.47			235,784			953		1.63
Certificates of deposit, customer		451,936			4,522		4.06			437,525			4,494		4.13
Certificates of deposit, brokered		158,269			1,827		4.68			205,923			2,529		4.94
Total interest-bearing deposits ⁽⁴⁾		1,409,543			9,737		2.80			1,422,116			10,112		2.86
Advances		279,500			2,796		4.06			252,912			2,892		4.60
Subordinated debt		38,370			443		4.68			39,446			394		4.02
Total interest-bearing liabilities		1,727,413			12,976		3.05			1,714,474			13,398		3.14
Noninterest-bearing deposits ⁽⁴⁾		243,569								249,283
Other noninterest-bearing liabilities		47,238								40,563
Total average liabilities		2,018,220								2,004,320
Average equity		156,554								161,867
Total average liabilities and equity	$	2,174,774							$	2,166,187

Net interest income				$	13,847							$	13,928
Net interest rate spread							2.30								2.28
Net earning assets	$	304,328							$	313,347
Net interest margin ⁽⁵⁾							2.76								2.76
Average interest-earning assets to average interest-bearing liabilities		117.6	%							118.3	%

(1)	The average loans receivable, net balances include nonaccrual loans.
(2)	Interest earned on loans receivable includes net deferred costs of ($338,000) and ($171,000) for the three months ended March 31, 2025 and 2024, respectively.
(3)	Includes interest-earning deposits (cash) at other financial institutions.
(4)	Cost of all deposits, including noninterest-bearing demand deposits, was 2.39% and 2.43% for the three months ended March 31, 2025 and 2024, respectively.
(5)	Net interest income divided by average interest-earning assets.

FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)

Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

Calculations Based on PPNR and Adjusted PPNR:

	For the Quarter Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income (loss)	$	1,514		$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396
Plus: provision for credit losses		1,568			3,655			3,134			8,739			970
Provision for income taxes		608			359			(1,203	)		(547	)		447
PPNR ⁽¹⁾		3,690			1,204			(49	)		5,973			1,813
Less selected nonrecurring adjustments to PPNR:
BOLI death benefit		1,059			1,536			—			—			—
Gain on extinguishment of subordinated debt included in other income		846			—			—			—			—
Gain on conversion of loan receivable into Series A equity investment		315			—			—			—			—
Equity investment repricing adjustment		—			(1,762	)		—			—			651
One-time compensation payouts related to reduction in force		—			—			(996	)		—			—
Net gain on sale of premises and equipment		—			—			—			7,919			—
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			(359	)		—
Net gain on sale of investment securities		—			—			—			(2,117	)		—
Adjusted PPNR ⁽¹⁾	$	1,470		$	1,430		$	947		$	530		$	1,162

Average total assets	$	2,174,774		$	2,205,502		$	2,209,333		$	2,219,370		$	2,166,187
Return on average assets (GAAP)		0.28	%		-0.51	%		-0.36	%		-0.40	%		0.07	%
PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.69	%		0.22	%		-0.01	%		1.08	%		0.34	%
Adjusted PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.27	%		0.26	%		0.17	%		0.10	%		0.22	%

(1)

PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.

FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Calculations Based on Tangible Common Equity:

	For the Quarter Ended
(Dollars in thousands, except per share data)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total shareholders’ equity	$	157,042		$	153,882		$	160,789		$	158,881		$	160,506
Less: Goodwill and other intangible assets		1,082			1,082			1,083			1,084			1,085
Disallowed non-mortgage loan servicing rights		415			423			489			517			489
Total tangible common equity	$	155,545		$	152,377		$	159,217		$	157,280		$	158,932

Total assets	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020
Less: Goodwill and other intangible assets		1,082			1,082			1,083			1,084			1,085
Disallowed non-mortgage loan servicing rights		415			423			489			517			489
Total tangible assets	$	2,174,933		$	2,230,501		$	2,253,914		$	2,214,361		$	2,238,446

Average shareholders’ equity	$	156,554		$	161,560		$	160,479		$	163,079		$	161,867
Less: Average goodwill and other intangible assets		1,082			1,083			1,084			1,085			1,085
Average disallowed non-mortgage loan servicing rights		423			489			517			489			481
Total average tangible common equity	$	155,049		$	159,988		$	158,878		$	161,505		$	160,301

Net income (loss)	$	1,514		$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396
Common shares outstanding		9,440,618			9,353,348			9,365,979			9,453,247			9,442,796
GAAP Ratios:
Equity to total assets		7.22	%		6.89	%		7.13	%		7.17	%		7.17	%
Return on average equity		3.92	%		-6.92	%		-4.91	%		-5.47	%		0.98	%
Book value per common share	$	16.63		$	16.45		$	17.17		$	16.81		$	17.00
Non-GAAP Ratios:
Tangible common equity to tangible assets ⁽¹⁾		7.15	%		6.83	%		7.06	%		7.10	%		7.10	%
Return on average tangible common equity ⁽¹⁾		3.96	%		-6.99	%		-4.96	%		-5.53	%		0.99	%
Tangible book value per common share ⁽¹⁾	$	16.48		$	16.29		$	17.00		$	16.64		$	16.83

(1

)

We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d5c93711-67c1-4664-a49c-37df22040147

https://www.globenewswire.com/NewsRoom/AttachmentNg/4a3584b1-1204-464b-8080-7fcc46d66470

https://www.globenewswire.com/NewsRoom/AttachmentNg/37ce187a-5662-457d-bd13-66e409ac2710

https://www.globenewswire.com/NewsRoom/AttachmentNg/4b958691-2f11-4ceb-a89a-ab88b1b1d702

https://www.globenewswire.com/NewsRoom/AttachmentNg/7207465f-e4fb-4f05-8218-e87558fb913c

https://www.globenewswire.com/NewsRoom/AttachmentNg/1c8a4efe-4d1b-4b02-bdac-6fd686314c0b

The MIL Network –

April 24, 2025

MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

First quarter 2025 net revenue¹ was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted² basis. This included Solutions³ revenue growing 9%, or up 11% on an adjusted basis.
Annualized Recurring Revenue (ARR)⁴ of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the first quarter of 2025.
In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

First Quarter 2025 Highlights

(US$ millions, except per share)	1Q25	YoY change %	Adjusted YoY change %	Organic⁶YoY change %
Solutions revenue	$947	9%	11%	9%
Market Services net revenue	$281	19%	19%	19%
Net revenue	$1,237	11%	12%	11%
Non-GAAP operating income	$682	15%	17%	14%
ARR	$2,831	8%	9%	9%
GAAP diluted EPS	$0.68	69%
Non-GAAP diluted EPS	$0.79	24%		24%

Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

FINANCIAL REVIEW

First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁷

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
- Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
- Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
- Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages⁸ in a day.
Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
- Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
- Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
²Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
³ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁴ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
⁶ Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
⁷ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁸ Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact
Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi.@Nasdaq.com

Investor Relations Contact
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

NDAQF

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

Revenues:
Capital Access Platforms		$	515		$	479
Financial Technology			432			392
Market Services			1,134			794
Other Revenues			9			9
	Total revenues		2,090			1,674
Transaction-based expenses:
Transaction rebates			(579	)		(481	)
Brokerage, clearance and exchange fees			(274	)		(76	)
Revenues less transaction-based expenses			1,237			1,117

Operating Expenses:
Compensation and benefits			329			340
Professional and contract services			36			34
Technology and communication infrastructure			77			67
Occupancy			28			28
General, administrative and other			6			28
Marketing and advertising			14			11
Depreciation and amortization			156			155
Regulatory			15			9
Merger and strategic initiatives			24			9
Restructuring charges			5			26
	Total operating expenses		690			707
Operating income			547			410
Interest income			11			6
Interest expense			(96	)		(108	)
Other income (loss)			(1	)		1
Net income from unconsolidated investees			27			3
Income before income taxes			488			312
Income tax provision			93			79
Net income			395			233
Net loss attributable to noncontrolling interests			—			1
Net income attributable to Nasdaq		$	395		$	234

Per share information:
Basic earnings per share		$	0.69		$	0.41
Diluted earnings per share		$	0.68		$	0.40
Cash dividends declared per common share		$	0.24		$	0.22

Weighted-average common shares outstanding
for earnings per share:
Basic			575.0			575.4
Diluted			580.0			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended
				March 31,			March 31,
					2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	192		$	186
	Index revenues				193			168
	Workflow and Insights revenues				130			125
		Total Capital Access Platforms revenues			515			479

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				77			64
	Regulatory Technology revenues				101			90
	Capital Markets Technology revenues				254			238
		Total Financial Technology revenues			432			392

MARKET SERVICES
	Market Services revenues				1,134			794
	Transaction-based expenses:
			Transaction rebates		(579	)		(481	)
			Brokerage, clearance and exchange fees		(274	)		(76	)
		Total Market Services revenues, net			281			237

OTHER REVENUES					9			9

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,237		$	1,117

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		March 31,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	690		$	592
	Restricted cash and cash equivalents		18			31
	Default funds and margin deposits		5,686			5,664
	Financial investments		201			184
	Receivables, net		986			1,022
	Other current assets		237			293
Total current assets			7,818			7,786
Property and equipment, net			621			593
Goodwill			14,179			13,957
Intangible assets, net			6,830			6,905
Operating lease assets			381			375
Other non-current assets			818			779
Total assets		$	30,647		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	255		$	269
	Section 31 fees payable to SEC		264			319
	Accrued personnel costs		198			325
	Deferred revenue		981			711
	Other current liabilities		187			215
	Default funds and margin deposits		5,686			5,664
	Short-term debt		400			399
Total current liabilities			7,971			7,902
Long-term debt			8,926			9,081
Deferred tax liabilities, net			1,586			1,594
Operating lease liabilities			393			388
Other non-current liabilities			216			230
Total liabilities			19,092			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,450			5,530
	Common stock in treasury, at cost		(672	)		(647	)
	Accumulated other comprehensive loss		(1,896	)		(2,099	)
	Retained earnings		8,658			8,401
Total Nasdaq stockholders’ equity			11,546			11,191
	Noncontrolling interests		9			9
Total equity			11,555			11,200
Total liabilities and equity		$	30,647		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	395		$	234
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Net income from unconsolidated investees ⁽⁴⁾		(27	)		(3	)
	Gain from extinguishment of debt ⁽⁵⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁶⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		108			180
	Non-GAAP adjustment to the income tax provision ⁽⁷⁾		(47	)		(47	)
	Total non-GAAP adjustments, net of tax		61			133
Non-GAAP net income attributable to Nasdaq		$	456		$	367

U.S. GAAP diluted earnings per share		$	0.68		$	0.40
	Total adjustments from non-GAAP net income above		0.11			0.23
Non-GAAP diluted earnings per share		$	0.79		$	0.63

Weighted-average diluted common shares outstanding for earnings per share:			580.0			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating income		$	547		$	410
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Gain from extinguishment of debt ⁽⁴⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁵⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		135			183
Non-GAAP operating income		$	682		$	593

Revenues less transaction-based expenses		$	1,237		$	1,117

U.S. GAAP operating margin ⁽⁶⁾			44 %			37 %

Non-GAAP operating margin ⁽⁷⁾			55 %			53 %

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating expenses		$	690		$	707
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(123	)
	Merger and strategic initiatives expense ⁽²⁾		(24	)		(9	)
	Restructuring charges ⁽³⁾		(5	)		(26	)
	Gain from extinguishment of debt ⁽⁴⁾		19			—
	Legal and regulatory matters		(2	)		(2	)
	Pension settlement charge ⁽⁵⁾		—			(23	)
	Other loss		(1	)		—
	Total non-GAAP adjustments		(135	)		(183	)
Non-GAAP operating expenses		$	555		$	524


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Operating Margin
(in millions)
(unaudited)

	Three Months Ended
	As Reported				Adenza		Adjusted ⁽¹⁾		Total Variance				FX & Other ⁽²⁾			Adjusted YoY
	March 31, 2025		March 31, 2024		March 31, 2024		March 31, 2024		$		%		$			$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	—	$	186	$	6	3	%	$	(1	)	$	7	4	%
Index revenues		193		168		—		168		25	14	%		(16	)		41	26	%
Workflow and insights revenues		130		125		—		125		5	4	%		—			5	4	%
Total Capital Access Platforms revenues		515		479		—		479		36	7	%		(17	)		53	11	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		—		64		13	21	%		—			13	21	%
Regulatory Technology revenues		101		90		3		93		8	8	%		(1	)		9	10	%
Capital Markets Technology revenues		254		238		—		238		16	7	%		(1	)		17	7	%
Total Financial Technology revenues		432		392		3		395		37	9	%		(2	)		39	10	%

Solutions revenues ⁽³⁾		947		871		3		874		73	8	%		(19	)		92	11	%

Market Services, net revenues		281		237		—		237		44	19	%		(2	)		46	19	%
Other revenues		9		9		—		9		—	(6	)%		—			—	(4	)%
Revenues less transaction-based expenses		1,237		1,117		3		1,120		117	10	%		(21	)		138	12	%

Non-GAAP operating expenses		555		524		—		524		31	6	%		(6	)		37	7	%
Non-GAAP operating income	$	682	$	593	$	3	$	596	$	86	14	%	$	(15	)	$	101	17	%
Non-GAAP operating margin		55%		53%				53%


(1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.
Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾					Organic Impact ⁽²⁾
	March 31, 2025		March 31, 2024		$		%		$			%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	6	3	%	$	(1	)	(1	)%	$	7	4	%
Index revenues		193		168		25	14	%		—		—	%		25	14	%
Workflow and Insights revenues		130		125		5	4	%		—		—	%		5	4	%
Total Capital Access Platforms revenues		515		479		36	7	%		(1	)	—	%		37	8	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		13	21	%		—		—	%		13	21	%
Regulatory Technology revenues		101		90		11	12	%		2		2	%		9	10	%
Capital Markets Technology revenues		254		238		16	7	%		(1	)	—	%		17	7	%
Total Financial Technology revenues		432		392		40	10	%		1		—	%		39	10	%

Solutions revenues ⁽³⁾		947		871		76	9	%		—		—	%		76	9	%

Market Services, net revenues		281		237		44	19	%		(2	)	(1	)%		46	19	%

Other revenues		9		9		—	(6	)%		—		(2	)%		—	(4	)%

Revenues less transaction-based expenses	$	1,237	$	1,117	$	120	11	%	$	(2	)	—	%	$	122	11	%

Non-GAAP Operating Expenses	$	555	$	524	$	31	6	%	$	(6	)	(1	)%	$	37	7	%

Non-GAAP Operating Income	$	682	$	593	$	89	15	%	$	4		1	%	$	85	14	%

Non-GAAP diluted earnings per share	$	0.79	$	0.63	$	0.16	24	%	$	—		—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
(2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,281		$	1,220
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		63			27
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		4			1
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		170			79
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		9			2
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,139			4,020
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,160			1,203
	Index
	Number of licensed exchange traded products ⁽⁶⁾		418			362
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	622		$	519
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	662		$	492
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	86		$	46
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	17		$	124

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	295		$	243
	Regulatory Technology		362			328
	Capital Markets Technology		893			821
	Total Financial Technology	$	1,550		$	1,392

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		53.6			43.3
	Nasdaq PHLX matched market share		9.1	%		10.3	%
	The Nasdaq Options Market matched market share		5.1	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.2	%
	Nasdaq ISE Options matched market share		6.8	%		6.3	%
	Nasdaq GEMX Options matched market share		3.6	%		2.5	%
	Nasdaq MRX Options matched market share		2.8	%		2.5	%
	Total matched market share executed on Nasdaq’s exchanges		29.1	%		29.2	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		256,009			241,665

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		15.7			11.8
	Matched share volume (in billions)		137.6			116.7
	The Nasdaq Stock Market matched market share		14.2	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.4	%
	Nasdaq PSX matched market share		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		14.6	%		16.3	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		48.1	%		41.4	%
	Total market share ⁽⁸⁾		62.7	%		57.7	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		789,103			666,408
	Total average daily value of shares traded (in billions)	$	5.4		$	4.7
	Total market share executed on Nasdaq’s exchanges		69.9	%		71.7	%

	Fixed Income and Commodities Trading and Clearing
	Fixed Income
	Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		83,864			92,070

	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

The MIL Network –

April 24, 2025

MIL-OSI: Valley National Bancorp Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the first quarter 2025 of $106.1 million, or $0.18 per diluted common share, as compared to the fourth quarter 2024 net income of $115.7 million, or $0.20 per diluted common share, and net income of $96.3 million, or $0.18 per diluted common share, for the first quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, $75.7 million, or $0.13 per diluted common share, for the fourth quarter 2024, and $99.4 million, or $0.19 per diluted common share, for the first quarter 2024. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “The first quarter was highlighted by the continued improvement in our funding base. Core deposit growth has enabled us to further reduce our reliance on indirect deposits which benefited our revenue and net interest margin. We anticipate that additional core deposit growth will create a sustainable tailwind despite the volatility in the current operating environment.”

Mr. Robbins continued, “I am generally pleased with the quarter’s results from a credit perspective. The provision for loan losses for the first quarter was at the lowest point in the last four quarters, and we anticipate further improvement throughout the remainder of the year. Non-accrual loans and early stage delinquencies also improved sequentially, and we believe our allowance coverage to total loans is at a comfortable level as of March 31, 2025. We remain on track to achieve our profitability goals for the year as we continue to benefit from the net interest income and credit cost tailwinds that we have discussed previously.”

Key financial highlights for the first quarter 2025:

Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 4 basis points to 2.96 percent in the first quarter 2025 as compared to 2.92 percent for the fourth quarter 2024. Net interest income on a tax equivalent basis of $421.4 million for the first quarter 2025 decreased $2.9 million compared to the fourth quarter 2024 and increased $26.5 million as compared to the first quarter 2024. The moderate decrease in net interest income from the fourth quarter 2024 was due to the impact of two less days during the first quarter 2025. See additional details in the “Net Interest Income and Margin” section below.
Loan Portfolio: Total loans decreased $142.6 million, or 1.2 percent on an annualized basis, to $48.7 billion at March 31, 2025 from December 31, 2024 mostly due to normal repayment activity and selective originations within the commercial real estate (CRE) portfolio. As a result, our CRE loan concentration ratio (defined as total commercial real estate loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 353 percent at March 31, 2025 from 362 percent at December 31, 2024. Partially offsetting the lower CRE loan balances, commercial and industrial (C&I) and automobile loans grew by $218.8 million and $140.2 million, respectively, at March 31, 2025 from December 31, 2024. Auto loan originations resulting from high quality consumer demand remained strong during the first quarter 2025. See the “Loans” section below for more details.
Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $594.1 million and $573.3 million at March 31, 2025 and December 31, 2024, respectively, representing 1.22 percent and 1.17 percent of total loans at each respective date. During the first quarter 2025, we recorded a provision for credit losses for loans of $62.7 million as compared to $107.0 million and $45.3 million for the fourth quarter 2024 and first quarter 2024, respectively. See the “Credit Quality” section below for more details.
Credit Quality: Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $47.5 million to $51.7 million, or 0.11 percent of total loans, at March 31, 2025 as compared to $99.2 million, or 0.20 percent of total loans, at December 31, 2024. Non-accrual loans totaled $346.5 million, or 0.71 percent of total loans, at March 31, 2025 as compared to $359.5 million, or 0.74 percent of total loans, at December 31, 2024. Net loan charge-offs totaled $41.9 million for the first quarter 2025 as compared to $98.3 million and $23.6 million for the fourth quarter 2024 and first quarter 2024, respectively. See the “Credit Quality” section below for more details.
Deposits: Non-interest bearing deposits increased $199.9 million to $11.6 billion at March 31, 2025 from December 31, 2024 largely due to higher inflows of commercial customer deposits during the first quarter 2025. Savings, NOW, and money market deposits increased $108.6 million to $26.4 billion at March 31, 2025 from December 31, 2024 mostly due to new deposits from our online savings deposit product offerings. Total actual deposit balances decreased $110.0 million to $50.0 billion at March 31, 2025 as compared to $50.1 billion at December 31, 2024 as the increases in our direct customer deposits were offset by a $726.5 million decrease in indirect customer deposits (consisting largely of brokered CDs) during the first quarter 2025. See the “Deposits” section below for more details.
Non-Interest Income: Non-interest income increased $7.1 million to $58.3 million for the first quarter 2025 as compared to the fourth quarter 2024. The increase reflected net gains on sales of loans of $2.2 million for the first quarter 2025 as compared to net losses of $4.7 million for the fourth quarter 2024, which included $7.9 million of losses related to the sale of performing CRE loans.
Non-Interest Expense: Non-interest expense decreased $2.0 million to $276.6 million for the first quarter 2025 as compared to the fourth quarter 2024 largely due to decreases of $6.1 million in professional and legal expenses; and $5.6 million in technology, furniture and equipment expense, partially offset by higher amortization of tax credit investments and the normal seasonal increases in salary and employee benefits expense related to payroll taxes during the first quarter 2025. The decreases in professional and technology-related expenses were mostly due to elevated fourth quarter 2024 expenses resulting from transformation and enhancement efforts in our bank operations.
Income Tax Expense: Income tax expense was $33.1 million for the first quarter 2025 as compared to an income tax benefit of $26.7 million for the fourth quarter 2024, which reflected a $46.4 million total reduction in uncertain tax liability positions and related accrued interest due to statute of limitation expirations. Our effective tax rate was 23.8 percent for the first quarter 2025 compared to a negative 29.9 percent for the fourth quarter 2024.
Efficiency Ratio: Our efficiency ratio was 55.87 percent for the first quarter 2025 as compared to 57.21 percent and 59.10 percent for the fourth quarter 2024 and first quarter 2024, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.69 percent, 5.69 percent and 7.76 percent for the first quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $421.4 million for the first quarter 2025 decreased $2.9 million compared to the fourth quarter 2024 and increased $26.5 million as compared to the first quarter 2024. Interest income on a tax equivalent basis decreased $50.1 million to $786.0 million for the first quarter 2025 as compared to the fourth quarter 2024. The decrease was mostly driven by the impact of (i) two less days in the first quarter 2025, (ii) the bulk sale of certain performing CRE loans during the fourth quarter 2024, and (iii) downward repricing on adjustable rate loans. Total interest expense decreased $47.2 million to $364.6 million for the first quarter 2025 as compared to the fourth quarter 2024 mainly due to (i) the aforementioned reduction in day count, (ii) a $2.0 billion decrease in average time deposit balances (primarily related to the maturity and repayment of higher cost indirect customer CDs), and (iii) lower interest rates on many interest bearing deposit products in the first quarter 2025. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 2.96 percent for the first quarter 2025 increased by 4 basis points from 2.92 percent for the fourth quarter 2024 and increased 17 basis points from 2.79 percent for the first quarter 2024. The increase as compared to the fourth quarter 2024 was mostly due to the 29 basis point decline in our cost of total average deposits, largely offset by the lower yield on average interest earning assets. The yield on average interest earning assets decreased by 22 basis points to 5.53 percent on a linked quarter basis largely due to downward repricing of our adjustable rate loans and two less days in the first quarter 2025, partially offset by higher yielding investment purchases. The overall cost of average interest bearing liabilities decreased 31 basis points to 3.54 percent for the first quarter 2025 as compared to the fourth quarter 2024 largely due to a decrease in higher cost time deposits and lower interest rates on most deposit products. Our cost of total average deposits was 2.65 percent for the first quarter 2025 as compared to 2.94 percent and 3.16 percent for the fourth quarter 2024 and the first quarter 2024, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans decreased $142.6 million, or 1.2 percent on an annualized basis, to $48.7 billion at March 31, 2025 from December 31, 2024. Total CRE (including construction) loans decreased $530.4 million to $29.1 billion at March 31, 2025 from December 31, 2024. The decrease was largely driven by repayment activity and continued selective origination activity within the CRE portfolio. Additionally, construction loans decreased $87.8 million to $3.0 billion at March 31, 2025 from December 31, 2024 mainly due to the migration of completed projects to permanent financing within the multifamily loan category during the first quarter 2025 and a non-performing loan totaling $10.2 million, net of $638 thousand of charge-offs, transferred to loans held for sale at March 31, 2025, partially offset by new advances. As a result of the completed construction projects, multifamily loans increased $121.1 million to $8.4 billion at March 31, 2025 from December 31, 2024. C&I loans grew by $218.8 million, or 8.8 percent on an annualized basis, to $10.2 billion at March 31, 2025 from December 31, 2024 largely due to our continued strategic focus on growth within this category. Automobile loans increased by $140.2 million, or 29.5 percent on an annualized basis, to $2.0 billion at March 31, 2025 from December 31, 2024 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio.

Deposits. Actual ending balances for deposits decreased $110.0 million to $50.0 billion at March 31, 2025 from December 31, 2024 mainly due to a $418.5 million decrease in time deposits, partially offset by increases of $199.9 million and $108.6 million in non-interest bearing deposits and savings, NOW and money market deposits, respectively. The decrease in time deposit balances was mainly driven by a decline of approximately $661 million in indirect (i.e., brokered) customer CDs, partially offset by deposit inflows from new retail CD offerings during the first quarter 2025. The increase in non-interest bearing was mostly due to higher commercial customer deposit inflows late in the first quarter 2025. Savings, NOW and money market deposit balances increased at March 31, 2025 from December 31, 2024 largely due to new deposits from our online savings deposit product offerings, partially offset by lower governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.3 billion and $7.0 billion in March 31, 2025 and December 31, 2024, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits as of March 31, 2025, respectively, as compared to 23 percent, 52 percent and 25 percent of total deposits as of December 31, 2024, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $13.7 million to $59.0 million at March 31, 2025 from December 31, 2024. Long-term borrowings totaled $2.9 billion at March 31, 2025 and decreased $269.6 million as compared to December 31, 2024 due to the maturity and repayment of certain FHLB advances.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $17.1 million to $356.2 million at March 31, 2025 as compared to December 31, 2024. Non-accrual loans decreased $13.0 million to $346.5 million at March 31, 2025 as compared to $359.5 million at December 31, 2024 largely driven by partial charge-offs of two non-performing C&I loan relationships during the first quarter 2025, partially offset by a moderate increase in non-performing CRE loans at March 31, 2025. Non-accrual loans represented 0.71 percent of total loans at March 31, 2025 as compared to 0.74 percent of total loans at December 31, 2024. OREO decreased $4.4 million to $7.7 million at March 31, 2025 from December 31, 2024 mostly due to the sale of one CRE property, which resulted in a $2.9 million loss for the first quarter 2025.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $47.5 million to $51.7 million, or 0.11 percent of total loans, at March 31, 2025 as compared to $99.2 million, or 0.20 percent of total loans, at December 31, 2024.

Loans 30 to 59 days past due decreased $23.7 million to $33.4 million at March 31, 2025 as compared to December 31, 2024 largely due to a previously reported delinquent CRE loan totaling $15.4 million that was current to its contractual payments at March 31, 2025, as well as a general improvement in residential mortgage loan delinquencies in this category. Loans 60 to 89 days past due decreased $25.6 million to $10.5 million at March 31, 2025 as compared to December 31, 2024 mostly due to the renewal of an $18.6 million matured performing CRE loan reported in this delinquency category at December 31, 2024 and two CRE loans totaling $6.9 million that were reclassified to the non-accrual category during the first quarter 2025. Loans 90 days or more past due and still accruing interest increased $1.9 million to $7.8 million at March 31, 2025 as compared to December 31, 2024 mainly due to an increase in residential mortgage loans delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at March 31, 2025, December 31, 2024 and March 31, 2024:

	March 31, 2025				December 31, 2024				March 31, 2024
			Allocation				Allocation				Allocation
			as a % of				as a % of				as a % of
	Allowance		Loan		Allowance		Loan		Allowance		Loan
	Allocation		Category		Allocation		Category		Allocation		Category
	($ in thousands)
Loan Category:
Commercial and industrial loans	$	184,700	1.82	%	$	173,002	1.74	%	$	138,593	1.52	%
Commercial real estate loans:
Commercial real estate		266,938	1.02			251,351	0.95			209,355	0.74
Construction		54,724	1.81			52,797	1.70			56,492	1.59
Total commercial real estate loans		321,662	1.10			304,148	1.03			265,847	0.84
Residential mortgage loans		48,906	0.87			58,895	1.05			44,377	0.79
Consumer loans:
Home equity		3,401	0.56			3,379	0.56			2,809	0.50
Auto and other consumer		19,531	0.62			19,426	0.65			17,622	0.60
Total consumer loans		22,932	0.61			22,805	0.64			20,431	0.58
Allowance for loan losses		578,200	1.19			558,850	1.15			469,248	0.94
Allowance for unfunded credit commitments		15,854				14,478				18,021
Total allowance for credit losses for loans	$	594,054			$	573,328			$	487,269
Allowance for credit losses for loans as a % total of loans			1.22	%			1.17	%			0.98	%

Our loan portfolio, totaling $48.7 billion at March 31, 2025, had net loan charge-offs totaling $41.9 million for the first quarter 2025 as compared to $98.3 million and $23.6 million for the fourth quarter 2024 and the first quarter 2024, respectively. Gross loan charge-offs totaled $44.0 million for the first quarter 2025 and included $24.1 million of partial and full charge-offs related to two non-performing C&I loan relationships with combined specific reserves of $16.0 million at December 31, 2024.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.22 percent at March 31, 2025, 1.17 percent at December 31, 2024, and 0.98 percent at March 31, 2024. For the first quarter 2025, the provision for credit losses for loans totaled $62.7 million as compared to $107.0 million and $45.3 million for the fourth quarter 2024 and first quarter 2024, respectively. The first quarter 2025 provision reflects, among other factors, the impact of loan charge-offs, increased quantitative reserves and continued growth in the C&I loan portfolio, partially offset by a decrease in specific reserves associated with collateral dependent loans at March 31, 2025.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity Tier 1 capital, and Tier 1 leverage capital ratios were 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025 as compared to 13.87 percent, 11.55 percent, 10.82 percent and 9.16 percent, respectively, at December 31, 2024.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss Valley’s first quarter 2025 earnings. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, May 26, 2025. Investor presentation materials will be made available prior to the conference call at valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs, any retaliatory actions, related market uncertainty, or other factors; debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as legislation and policy changes under the new U.S. presidential administration, geopolitical instabilities or events, natural and other disasters, including severe weather events, health emergencies, acts of terrorism, or other external events;
the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
changes in the statutes, regulations, policies, or enforcement priorities of the federal bank regulatory agencies;
the loss of or decrease in lower-cost funding sources within our deposit base;
damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
the inability to grow customer deposits to keep pace with the level of loan growth;
a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
increased competitive challenges, including our ability to stay current with rapid technological changes in the financial services industry;
cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks;
results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
our ability to successfully execute our business plan and strategic initiatives; and
unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

-Tables to Follow-

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data and stock price)	2025			2024			2024
FINANCIAL DATA:
Net interest income – FTE ⁽¹⁾	$	421,378		$	424,277		$	394,847
Net interest income	$	420,105		$	422,977		$	393,548
Non-interest income		58,294			51,202			61,415
Total revenue		478,399			474,179			454,963
Non-interest expense		276,618			278,582			280,310
Pre-provision net revenue		201,781			195,597			174,653
Provision for credit losses		62,661			106,536			45,200
Income tax expense (benefit)		33,062			(26,650	)		33,173
Net income		106,058			115,711			96,280
Dividends on preferred stock		6,955			7,025			4,119
Net income available to common shareholders	$	99,103		$	108,686		$	92,161
Weighted average number of common shares outstanding:
Basic		559,613,272			536,159,463			508,340,719
Diluted		563,305,525			540,087,600			510,633,945
Per common share data:
Basic earnings	$	0.18		$	0.20		$	0.18
Diluted earnings		0.18			0.20			0.18
Cash dividends declared		0.11			0.11			0.11
Closing stock price – high		10.42			10.78			10.80
Closing stock price – low		8.56			8.70			7.43
FINANCIAL RATIOS:
Net interest margin		2.95	%		2.91	%		2.78	%
Net interest margin – FTE ⁽¹⁾		2.96			2.92			2.79
Annualized return on average assets		0.69			0.74			0.63
Annualized return on avg. shareholders’ equity		5.69			6.38			5.73
NON-GAAP FINANCIAL DATA AND RATIOS: ⁽²⁾
Basic earnings per share, as adjusted	$	0.18		$	0.13		$	0.19
Diluted earnings per share, as adjusted		0.18			0.13			0.19
Annualized return on average assets, as adjusted		0.69	%		0.48	%		0.65	%
Annualized return on average shareholders’ equity, as adjusted		5.69			4.17			5.91
Annualized return on avg. tangible shareholders’ equity		7.76			8.81			8.19
Annualized return on average tangible shareholders’ equity, as adjusted		7.76			5.76			8.46
Efficiency ratio		55.87			57.21			59.10

AVERAGE BALANCE SHEET ITEMS:
Assets	$	61,502,768		$	62,865,338		$	61,256,868
Interest earning assets		56,891,691			58,214,783			56,618,797
Loans		48,654,921			49,730,130			50,246,591
Interest bearing liabilities		41,230,709			42,765,949			41,556,588
Deposits		49,139,303			50,726,080			48,575,974
Shareholders’ equity		7,458,177			7,255,159			6,725,695

	As Of
BALANCE SHEET ITEMS:	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)	2025			2024			2024			2024			2024
Assets	$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974		$	61,000,188
Total loans		48,657,128			48,799,711			49,355,319			50,311,702			49,922,042
Deposits		49,965,844			50,075,857			50,395,966			50,112,177			49,077,946
Shareholders’ equity		7,499,897			7,435,127			6,972,380			6,737,737			6,727,139

LOANS:
(In thousands)
Commercial and industrial	$	10,150,205		$	9,931,400		$	9,799,287		$	9,479,147		$	9,104,193
Commercial real estate:
Non-owner occupied		11,945,222			12,344,355			12,647,649			13,710,015			14,962,851
Multifamily		8,420,385			8,299,250			8,612,936			8,976,264			8,818,263
Owner occupied		5,722,014			5,886,620			5,654,147			5,536,844			4,367,839
Construction		3,026,935			3,114,733			3,487,464			3,545,723			3,556,511
Total commercial real estate		29,114,556			29,644,958			30,402,196			31,768,846			31,705,464
Residential mortgage		5,636,407			5,632,516			5,684,079			5,627,113			5,618,355
Consumer:
Home equity		602,161			604,433			581,181			566,467			564,083
Automobile		2,041,227			1,901,065			1,823,738			1,762,852			1,700,508
Other consumer		1,112,572			1,085,339			1,064,838			1,107,277			1,229,439
Total consumer loans		3,755,960			3,590,837			3,469,757			3,436,596			3,494,030
Total loans	$	48,657,128		$	48,799,711		$	49,355,319		$	50,311,702		$	49,922,042

CAPITAL RATIOS:
Book value per common share	$	12.76		$	12.67		$	13.00		$	12.82		$	12.81
Tangible book value per common share ⁽²⁾		9.21			9.10			9.06			8.87			8.84
Tangible common equity to tangible assets ⁽²⁾		8.61	%		8.40	%		7.68	%		7.52	%		7.62	%
Tier 1 leverage capital		9.41			9.16			8.40			8.19			8.20
Common equity tier 1 capital		10.80			10.82			9.57			9.55			9.34
Tier 1 risk-based capital		11.53			11.55			10.29			9.98			9.78
Total risk-based capital		13.91			13.87			12.56			12.17			11.88

	Three Months Ended
ALLOWANCE FOR CREDIT LOSSES:	March 31,			December 31,			March 31,
($ in thousands)	2025			2024			2024
Allowance for credit losses for loans
Beginning balance – Allowance for credit losses for loans	$	573,328		$	564,671		$	465,550
Loans charged-off:
Commercial and industrial		(28,456	)		(31,784	)		(14,293	)
Commercial real estate		(12,260	)		(69,218	)		(1,204	)
Construction		(1,163	)		—			(7,594	)
Residential mortgage		—			(29	)		—
Total consumer		(2,140	)		(2,621	)		(1,809	)
Total loans charged-off		(44,019	)		(103,652	)		(24,900	)
Charged-off loans recovered:
Commercial and industrial		810			1,452			682
Commercial real estate		249			3,138			241
Residential mortgage		168			81			25
Total consumer		843			673			397
Total loans recovered		2,070			5,344			1,345
Total net charge-offs		(41,949	)		(98,308	)		(23,555	)
Provision for credit losses for loans		62,675			106,965			45,274
Ending balance	$	594,054		$	573,328		$	487,269
Components of allowance for credit losses for loans:
Allowance for loan losses	$	578,200		$	558,850		$	469,248
Allowance for unfunded credit commitments		15,854			14,478			18,021
Allowance for credit losses for loans	$	594,054		$	573,328		$	487,269
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	61,299		$	108,831		$	46,723
Provision (credit) for unfunded credit commitments		1,376			(1,866	)		(1,449	)
Total provision for credit losses for loans	$	62,675		$	106,965		$	45,274
Annualized ratio of total net charge-offs to total average loans		0.34	%		0.79	%		0.19	%
Allowance for credit losses for loans as a % of total loans		1.22	%		1.17	%		0.98	%

	As Of
ASSET QUALITY:	March 31,			December 31,			September 30,			June 30,			March 31,
($ in thousands)	2025			2024			2024			2024			2024
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	3,609		$	2,389		$	4,537		$	5,086		$	6,202
Commercial real estate		170			20,902			76,370			1,879			5,791
Residential mortgage		16,747			21,295			19,549			17,389			20,819
Total consumer		12,887			12,552			14,672			21,639			14,032
Total 30 to 59 days past due		33,413			57,138			115,128			45,993			46,844
60 to 89 days past due:
Commercial and industrial		420			1,007			1,238			1,621			2,665
Commercial real estate		—			24,903			43,926			—			3,720
Residential mortgage		7,700			5,773			6,892			6,632			5,970
Total consumer		2,408			4,484			2,732			3,671			1,834
Total 60 to 89 days past due		10,528			36,167			54,788			11,924			14,189
90 or more days past due:
Commercial and industrial		—			1,307			1,786			2,739			5,750
Commercial real estate		—			—			—			4,242			—
Construction		—			—			—			3,990			3,990
Residential mortgage		6,892			3,533			1,931			2,609			2,884
Total consumer		864			1,049			1,063			898			731
Total 90 or more days past due		7,756			5,889			4,780			14,478			13,355
Total accruing past due loans	$	51,697		$	99,194		$	174,696		$	72,395		$	74,388
Non-accrual loans:
Commercial and industrial	$	110,146		$	136,675		$	120,575		$	102,942		$	102,399
Commercial real estate		172,011			157,231			113,752			123,011			100,052
Construction		24,275			24,591			24,657			45,380			51,842
Residential mortgage		35,393			36,786			33,075			28,322			28,561
Total consumer		4,626			4,215			4,260			3,624			4,438
Total non-accrual loans		346,451			359,498			296,319			303,279			287,292
Other real estate owned (OREO)		7,714			12,150			7,172			8,059			88
Other repossessed assets		2,054			1,681			1,611			1,607			1,393
Total non-performing assets	$	356,219		$	373,329		$	305,102		$	312,945		$	288,773
Total non-accrual loans as a % of loans		0.71	%		0.74	%		0.60	%		0.60	%		0.58	%
Total accruing past due and non-accrual loans as a % of loans		0.82			0.94	%		0.95	%		0.75	%		0.72	%
Allowance for losses on loans as a % of non-accrual loans		166.89			155.45	%		185.05	%		171.23	%		163.33	%

NOTES TO SELECTED FINANCIAL DATA

(1)		Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2)		Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

Non-GAAP Reconciliations to GAAP Financial Measures

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data)	2025			2024			2024
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	106,058		$	115,711		$	96,280
Add: FDIC special assessment ^(a)		—			—			7,394
Add: Losses on available for sale and held to maturity debt securities, net ^(b)		11			3			7
Add: Restructuring charge^(c)		—			1,085			620
Add: Net losses on the sale of commercial real estate loans ^(d)		—			7,866			—
Less: Gain on sale of commercial premium finance lending division ^(e)		—			—			(3,629	)
Less: Income tax benefit ^(f)		—			(46,431	)		—
Total non-GAAP adjustments to net income		11			(37,477	)		4,392
Income tax adjustments related to non-GAAP adjustments ^(g)		(3	)		(2,520	)		(1,224	)
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Dividends on preferred stock		6,955			7,025			4,119
Net income available to common shareholders, as adjusted (non-GAAP)	$	99,111		$	68,689		$	95,329

(a) Included in the FDIC insurance assessment.
(b) Included in gains on securities transactions, net.
(c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(d) Represents actual and mark to market losses on commercial real estate loan sales included in gains (losses) on sales of loans, net.
(e) Included in gains (losses) on sales of assets, net within non-interest income.
(f) Represents the income tax benefit from the reduction in uncertain tax liability positions and accrued interest due to statute of limitation expirations included in income tax expense (benefit).
(g) Calculated using the appropriate blended statutory tax rate for the applicable period.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	99,111		$	68,689		$	95,329
Average number of shares outstanding		559,613,272			536,159,463			508,340,719
Basic earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.19
Average number of diluted shares outstanding		563,305,525			540,087,600			510,633,945
Diluted earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.19
Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average shareholders’ equity	$	7,458,177		$	7,255,159		$	6,725,695
Less: Average goodwill and other intangible assets		1,994,061			2,000,574			2,024,999
Average tangible shareholders’ equity	$	5,464,116		$	5,254,585		$	4,700,696
Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)		7.76	%		5.76	%		8.46	%
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average assets	$	61,502,768		$	62,865,338		$	61,256,868
Annualized return on average assets, as adjusted (non-GAAP)		0.69	%		0.48	%		0.65	%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data)	2025			2024			2024
Adjusted annualized return on average shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average shareholders’ equity	$	7,458,177		$	7,255,159		$	6,725,695
Annualized return on average shareholders’ equity, as adjusted (non-GAAP)		5.69	%		4.17	%		5.91	%
Annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as reported (GAAP)	$	106,058		$	115,711		$	96,280
Average shareholders’ equity	$	7,458,177		$	7,255,159		$	6,725,695
Less: Average goodwill and other intangible assets		1,994,061			2,000,574			2,024,999
Average tangible shareholders’ equity	$	5,464,116		$	5,254,585		$	4,700,696
Annualized return on average tangible shareholders’ equity (non-GAAP)		7.76	%		8.81	%		8.19	%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	276,618		$	278,582		$	280,310
Less: FDIC special assessment (pre-tax)		—			—			7,394
Less: Restructuring charge (pre-tax)		—			1,085			620
Less: Amortization of tax credit investments (pre-tax)		9,320			1,740			5,562
Non-interest expense, as adjusted (non-GAAP)	$	267,298		$	275,757		$	266,734
Net interest income, as reported (GAAP)		420,105			422,977			393,548
Non-interest income, as reported (GAAP)		58,294			51,202			61,415
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)		11			3			7
Add: Net losses on the sale of commercial real estate loans (pre-tax)		—			7,866			—
Less: Gain on sale of premium finance division (pre-tax)		—			—			(3,629	)
Non-interest income, as adjusted (non-GAAP)	$	58,305		$	59,071		$	57,793
Gross operating income, as adjusted (non-GAAP)	$	478,410		$	482,048		$	451,341
Efficiency ratio (non-GAAP)		55.87	%		57.21	%		59.10	%

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
($ in thousands, except for share data)	2025			2024			2024			2024			2024
Tangible book value per common share (non-GAAP):
Common shares outstanding		560,028,101			558,786,093			509,252,936			509,205,014			508,893,059
Shareholders’ equity (GAAP)	$	7,499,897		$	7,435,127		$	6,972,380		$	6,737,737		$	6,727,139
Less: Preferred stock		354,345			354,345			354,345			209,691			209,691
Less: Goodwill and other intangible assets		1,990,276			1,997,597			2,004,414			2,012,580			2,020,405
Tangible common shareholders’ equity (non-GAAP)	$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466		$	4,497,043
Tangible book value per common share (non-GAAP)	$	9.21		$	9.10		$	9.06		$	8.87		$	8.84
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders’ equity (non-GAAP)	$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466		$	4,497,043
Total assets (GAAP)		61,865,655			62,491,691			62,092,332			62,058,974			61,000,188
Less: Goodwill and other intangible assets		1,990,276			1,997,597			2,004,414			2,012,580			2,020,405
Tangible assets (non-GAAP)	$	59,875,379		$	60,494,094		$	60,087,918		$	60,046,394		$	58,979,783
Tangible common equity to tangible assets (non-GAAP)		8.61	%		8.40	%		7.68	%		7.52	%		7.62	%

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)


	March 31,			December 31,
	2025			2024
	(Unaudited)
Assets
Cash and due from banks	$	508,887		$	411,412
Interest bearing deposits with banks		714,810			1,478,713
Investment securities:
Equity securities		74,425			71,513
Available for sale debt securities		3,658,704			3,369,724
Held to maturity debt securities (net of allowance for credit losses of $633 at March 31, 2025 and $647 at December 31, 2024)		3,545,328			3,531,573
Total investment securities		7,278,457			6,972,810
Loans held for sale (includes fair value of $8,427 at March 31, 2025 and $16,931 at December 31, 2024 for loans originated for sale)		27,377			25,681
Loans		48,657,128			48,799,711
Less: Allowance for loan losses		(578,200	)		(558,850	)
Net loans		48,078,928			48,240,861
Premises and equipment, net		344,123			350,796
Lease right of use assets		334,013			328,475
Bank owned life insurance		733,135			731,574
Accrued interest receivable		238,326			239,941
Goodwill		1,868,936			1,868,936
Other intangible assets, net		121,340			128,661
Other assets		1,617,323			1,713,831
Total Assets	$	61,865,655		$	62,491,691
Liabilities
Deposits:
Non-interest bearing	$	11,628,578		$	11,428,674
Interest bearing:
Savings, NOW and money market		26,413,258			26,304,639
Time		11,924,008			12,342,544
Total deposits		49,965,844			50,075,857
Short-term borrowings		59,026			72,718
Long-term borrowings		2,904,567			3,174,155
Junior subordinated debentures issued to capital trusts		57,542			57,455
Lease liabilities		394,334			388,303
Accrued expenses and other liabilities		984,445			1,288,076
Total Liabilities		54,365,758			55,056,564
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2025 and December 31, 2024)		111,590			111,590
Series B (4,000,000 shares issued at March 31, 2025 and December 31, 2024)		98,101			98,101
Series C (6,000,000 shares issued at March 31, 2025 and December 31, 2024)		144,654			144,654
Common stock (no par value, authorized 650,000,000 shares; issued 560,278,101 shares at March 31, 2025 and 558,786,093 shares at December 31, 2024)		196,520			195,998
Surplus		5,444,756			5,442,070
Retained earnings		1,634,690			1,598,048
Accumulated other comprehensive loss		(128,252	)		(155,334	)
Treasury stock, at cost (250,000 common shares at March 31, 2025)		(2,162	)		—
Total Shareholders’ Equity		7,499,897			7,435,127
Total Liabilities and Shareholders’ Equity	$	61,865,655		$	62,491,691

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest Income
Interest and fees on loans	$	703,609		$	750,667		$	771,553
Interest and dividends on investment securities:
Taxable		63,898			55,983			35,797
Tax-exempt		4,702			4,803			4,796
Dividends		5,664			5,860			6,828
Interest on federal funds sold and other short-term investments		6,879			17,513			9,682
Total interest income		784,752			834,826			828,656
Interest Expense
Interest on deposits:
Savings, NOW and money market		200,221			214,489			232,506
Time		125,069			158,716			151,065
Interest on short-term borrowings		2,946			293			20,612
Interest on long-term borrowings and junior subordinated debentures		36,411			38,351			30,925
Total interest expense		364,647			411,849			435,108
Net Interest Income		420,105			422,977			393,548
(Credit) provision for credit losses for available for sale and held to maturity securities		(14	)		(429	)		(74	)
Provision for credit losses for loans		62,675			106,965			45,274
Net Interest Income After Provision for Credit Losses		357,444			316,441			348,348
Non-Interest Income
Wealth management and trust fees		15,031			16,425			17,930
Insurance commissions		3,402			3,705			2,251
Capital markets		6,940			7,425			5,670
Service charges on deposit accounts		12,726			12,989			11,249
Gains on securities transactions, net		46			1			49
Fees from loan servicing		3,215			3,071			3,188
Gains (losses) on sales of loans, net		2,197			(4,698	)		1,618
Gains (losses) on sales of assets, net		43			(20	)		3,694
Bank owned life insurance		4,777			3,775			3,235
Other		9,917			8,529			12,531
Total non-interest income		58,294			51,202			61,415
Non-Interest Expense
Salary and employee benefits expense		142,618			137,117			141,831
Net occupancy expense		25,888			26,576			24,323
Technology, furniture and equipment expense		29,896			35,482			35,462
FDIC insurance assessment		12,867			14,002			18,236
Amortization of other intangible assets		8,019			8,373			9,412
Professional and legal fees		15,670			21,794			16,465
Amortization of tax credit investments		9,320			1,740			5,562
Other		32,340			33,498			29,019
Total non-interest expense		276,618			278,582			280,310
Income Before Income Taxes		139,120			89,061			129,453
Income tax expense (benefit)		33,062			(26,650	)		33,173
Net Income		106,058			115,711			96,280
Dividends on preferred stock		6,955			7,025			4,119
Net Income Available to Common Shareholders	$	99,103		$	108,686		$	92,161

VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
Net Interest Income on a Tax Equivalent Basis

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average					Avg.		Average					Avg.		Average					Avg.
($ in thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Interest earning assets:
Loans ⁽¹⁾⁽²⁾	$	48,654,921	$	703,632		5.78	%	$	49,730,130	$	750,690		6.04	%	$	50,246,591	$	771,577		6.14	%
Taxable investments ⁽³⁾		7,100,958		69,562		3.92			6,504,106		61,843		3.80			5,094,978		42,625		3.35
Tax-exempt investments ⁽¹⁾⁽³⁾		552,291		5,952		4.31			565,877		6,080		4.30			579,842		6,071		4.19
Interest bearing deposits with banks		583,521		6,879		4.72			1,414,670		17,513		4.95			697,386		9,682		5.55
Total interest earning assets		56,891,691		786,025		5.53			58,214,783		836,126		5.75			56,618,797		829,955		5.86
Other assets		4,611,077							4,650,555							4,638,071
Total assets	$	61,502,768						$	62,865,338						$	61,256,868
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	26,345,983	$	200,221		3.04		$	25,928,201	$	214,489		3.31	%	$	24,793,452	$	232,506		3.75	%
Time deposits		11,570,758		125,069		4.32			13,530,980		158,716		4.69			12,599,395		151,065		4.80
Short-term borrowings		307,637		2,946		3.83			72,504		293		1.62			1,537,879		20,612		5.36
Long-term borrowings ⁽⁴⁾		3,006,331		36,411		4.84			3,234,264		38,351		4.74			2,625,862		30,925		4.71
Total interest bearing liabilities		41,230,709		364,647		3.54			42,765,949		411,849		3.85			41,556,588		435,108		4.19
Non-interest bearing deposits		11,222,562							11,266,899							11,183,127
Other liabilities		1,591,320							1,577,331							1,791,458
Shareholders’ equity		7,458,177							7,255,159							6,725,695
Total liabilities and shareholders’ equity	$	61,502,768						$	62,865,338						$	61,256,868

Net interest income/interest rate spread ⁽⁵⁾			$	421,378		1.99	%			$	424,277		1.90	%			$	394,847		1.67	%
Tax equivalent adjustment				(1,273	)						(1,300	)						(1,299	)
Net interest income, as reported			$	420,105						$	422,977						$	393,548
Net interest margin ⁽⁶⁾						2.95							2.91							2.78
Tax equivalent effect						0.01							0.01							0.01
Net interest margin on a fully tax equivalent basis ⁽⁶⁾						2.96	%						2.92	%						2.79	%

_________

(1)	Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2)	Loans are stated net of unearned income and include non-accrual loans.
(3)	The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4)	Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5)	Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6)	Net interest income as a percentage of total average interest earning assets.

SHAREHOLDERS RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

Contact:	Travis Lan
	Senior Executive Vice President and
	Chief Financial Officer
	973-686-5007

The MIL Network –

April 24, 2025

MIL-OSI Video: UK The UK news sector faces huge challenges says Lords committee

Source: United Kingdom UK House of Lords (video statements)

The Communications and Digital Committee found that a growing proportion of society will have limited engagement with professionally produced news and the gap is widening. It highlights that AI is making it harder for quality journalism to stay profitable, while tech firms become hugely influential.

It called on the government to support local media, champion responsible AI, address the influence of big tech in news, and ensure the BBC is meeting audiences’ needs.

Find out more: https://ukparliament.shorthandstories.com/future-of-news-comms-digital-lords-report/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• X: https://twitter.com/UKHouseofLords
• Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
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• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament

https://www.youtube.com/watch?v=J9qoVU-fLOE

MIL OSI Video –

April 24, 2025

MIL-OSI Russia: Demand for urban development services for individual housing construction is growing in Moscow

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

In the first quarter of this year, the demand for approval of urban development plans for land plots (GPZU) for individual housing construction (IHC) increased by 18.5 percent compared to the same period in 2024. More than a thousand documents were issued in three months. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

The urban development plan of a land plot is one of the fundamental documents required for the construction of objects. It contains detailed information about what can be built on the land plot and the maximum parameters permissible for a particular building.

“We see a steady growth in Muscovites’ interest in individual housing construction. Thus, in the first quarter of this year, 1,012 GPZUs were issued for the construction of private houses. More than 91 percent of them were received by individuals, which means that city residents are actively using the opportunity to build their own home within the city. This is an important indicator: people want to create comfortable conditions for themselves and their children. And the city is doing everything possible to make this process as simple and transparent as possible,” said Vladimir Efimov.

A significant part of the GPZU was issued for individual housing construction in TiNAO. Thus, 483 documents were issued for the Troitsky administrative district, and 365 documents (36 percent of the total) for Novomoskovsky. Today, TiNAO is a promising territory with comfortable living conditions and developed infrastructure.

“The increase in the number of issued GPZUs by 18.5 percent compared to the same period in 2024 is evidence of the demand for individual housing construction among Muscovites. When designing, special attention is paid not only to the allocation of land plots, but also to the integrated development of adjacent territories. Each new plot for individual housing construction is designed taking into account the creation of a comfortable urban environment – this includes landscaping, development of the road network, and construction of social facilities. In 2024, 854 documents were issued for the same period, and current indicators confirm a stable positive trend,” she emphasized.

Juliana Knyazhevskaya, Chairman of the Moscow Committee for Architecture and Urban Development (Moskomarkhitektura).

GPZU are provided through official websiteMoscow Government. The service can be obtained free of charge within 14 working days from the date of application.

Find out the latest news quickly in the official telegram channelthe city of Moscow.

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/153065073/

MIL OSI Russia News –

April 24, 2025

MIL-OSI USA: 1,000 more clean school buses coming soon to California roads as state sees big demand for zero-emission buses and trucks

Source: US State of California 2

Apr 23, 2025

What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year.

SACRAMENTO – California’s transition to zero-emission transportation is accelerating faster than ever thanks to incentives and investments from the state.

Following an announcement last August on plans to expand California’s largest-in-the-nation zero-emission school bus fleet, Governor Gavin Newsom today announced that $500 million has been awarded for educational agencies to buy zero-emission school buses and chargers.

Governor Newsom also announced that California saw a 177% increase in the state’s Clean Truck and Bus Voucher Incentive Project (HVIP) from 2023 to 2024. This program is funded primarily with proceeds from the cap-and-trade program and provides point-of-sale discounts to make zero-emission trucks and buses more accessible for fleets and businesses. In February alone more than 200 HVIP-funded zero-emission trucks and buses were deployed with $31 million in incentives.

California is paving the way to a cleaner, healthier future by investing in zero-emission vehicles across the state. From clean buses for kids in some of our most polluted communities to electric semi-trucks that provide the backbone for California businesses – we’re proving that clean transportation is here to stay.

Governor Gavin Newsom

Why it matters

🚌 Clean school buses funded by the state are expected to reduce 18,000 metric tons of greenhouse gas emissions annually — equivalent to taking more than 4,000 cars off the road for a year. Over 70% of the zero-emission school buses in use are in California’s most pollution-burdened communities.

While trucks total just 6% of vehicles on California’s roads, they account for over 35% of the state’s transportation emissions. Clean vehicles purchased through HVIP are helping to significantly cut emissions statewide, with 340+ million miles logged since the start of the program. while.

Investing in clean school buses

The Zero-Emissions School Bus and Infrastructure (ZESBI) project has selected 133 educational agencies to receive 1,000 zero-emission school buses and related charging infrastructure in rural, low-income, and disadvantaged school districts and other local educational entities. The grants are expected to be finalized by the end of the year. A map of awardees can be viewed here.

“Cleaning up the state’s school bus fleet is central to California’s efforts to provide clean transportation in priority communities that are disproportionately hurt by air pollution,” said California Air Resources Board Chair Liane Randolph. “The vast majority of these grants will go to local educational agencies that serve these communities.”

To date, California has provided more than $1.3 billion in incentives to school districts, funding more than 2,300 zero-emission school buses, of which 1,100 are already in use. More than 300 California school districts and local education agencies have purchased at least one zero-emission school bus – and a few have made the switch to a 100% clean fleet.

“California has set important benchmarks for removing internal combustion vehicles from our roads and replacing them with clean transportation,” said California Energy Commission Chair David Hochschild. “CEC is helping school districts move in that direction by funding ZESBI.”

Zero-emission school buses play a key role in California’s efforts to achieve carbon neutrality by 2045 and help protect children who are particularly vulnerable to the health impacts from diesel exhaust. In California, all school bus purchases made by school districts will need to be zero-emission technology by 2035, with an extension until 2045 for frontier local educational agencies in rural communities.

Incentivizing clean trucks and buses

Over 15 years, the state’s Clean Truck and Bus Voucher Incentive Project (HVIP) invested $754 million, helping 2,000 fleets deploy 10,000 clean trucks and buses. These vehicles have logged 340+ million miles while significantly cutting emissions statewide. Over 5,000 HVIP-funded ZEVs are in production to meet surging demand.

HVIP is a CARB program administered by CALSTART, a nonprofit transportation organization. Sales of new zero-emission trucks, buses and vans doubled in 2023 over the previous year, representing one out of every six new vehicles sold for services including last-mile delivery, freight transportation, and school buses. 16,327 charging and hydrogen fueling points for zero-emission trucks and buses are installed across the state.

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MIL OSI USA News –

April 24, 2025

MIL-OSI Africa: Hlabisa to receive memorandum from Abahlali baseMjondolo Movement SA

Source: South Africa News Agency

Thursday, April 24, 2025

The Minister of Cooperative Governance and Traditional Affairs, Velenkosini Hlabisa, will officially receive a memorandum of demands from the Abahlali baseMjondolo Movement SA on Friday.

According to the department, Hlabisa reaffirms his strong commitment to participatory democracy and recognises the important role of democratic social movements in strengthening inclusive and responsive governance.

“Moreover, the Minister values transparent engagements and is committed to working alongside Abahlali baseMjondolo and other communities to find fair, sustainable solutions to the challenges they face,” the statement read.

Abahlali baseMjondolo is a socialist movement of over 150 000 shack dwellers that primarily campaigns for land, housing and dignity.

The department said tomorrow’s engagement forms part of Hlabisa’s broader vision to advance people-centred governance, improve service delivery, and uphold the human dignity and constitutional rights of all South Africans.

“The Minister remains dedicated to building a government that is not only accountable and transparent but also one that places the voices of the people at the heart of policy and decision-making.” –SAnews.gov.za

MIL OSI Africa –

April 24, 2025

MIL-OSI NGOs: Algeria: Authorities step up crackdown on peaceful dissent in the face of new expressions of discontent

Source: Amnesty International –

In response to a new online protest movement and in the lead up to the sixth anniversary of the Hirak movement in February 2025, Algerian authorities have intensified their relentless clampdown on peaceful dissent through arbitrary arrests and unjust prosecutions leading to lengthy prison sentences, said Amnesty International.

Over the past five months, Algerian authorities have arrested and convicted at least 23 activists and journalists, particularly in relation to their support to the “Manich Radi” [I am not satisfied] online protest movement, launched in December 2024 to denounce restrictions on human rights and difficult socioeconomic conditions in the country. All have been detained solely for the peaceful exercise of their human rights, with the majority currently serving prison sentences or awaiting trial.

Nothing can justify detaining and jailing people solely for having expressed dissatisfaction about political and socioeconomic conditions.

Heba Morayef, Amnesty International’s Regional Director for the Middle East and North Africa.

“The trajectory of suffocating online activism pursued by the Algerian authorities is alarming and must be reversed. Nothing can justify detaining and jailing people solely for having expressed dissatisfaction about political and socioeconomic conditions. All those detained solely for the peaceful exercise of their right to freedom of expression must be immediately released,” said Heba Morayef, Amnesty International’s Regional Director for the Middle East and North Africa.

Amnesty International investigated nine illustrative cases of activists and journalists targeted for their online expression. Seven of them were convicted and sentenced to prison terms ranging from 18 months to five years solely for their online expression and activism. Five defendants were tried in expedited proceedings that did not provide time for adequate defence, undermining their right to a fair trial. Authorities also detained an activist and a journalist for several days and subjected the latter to an abusive and arbitrary ban on travel and issuing publications.

The latest spate of arbitrary arrests and unjust prosecutions demonstrates the Algerian authorities’ clear resolve to crush all expressions of discontent.

Heba Morayef, Amnesty International’s Regional Director for the Middle East and North Africa.

“The latest spate of arbitrary arrests and unjust prosecutions demonstrates the Algerian authorities’ clear resolve to crush all expressions of discontent online and punish people simply for exercising their human rights and denouncing injustice,” said Heba Morayef.

Authorities must end their crackdown on peaceful dissent and stop punishing the legitimate exercise of the right to freedom of expression. Authorities should also promptly, thoroughly, independently, impartially, transparently and effectively investigate allegations of human rights violations and bring to justice anyone suspected to be responsible in fair trial. Authorities should also ensure access to justice and effective remedies for victims.

The organization’s findings are based on a review of relevant court rulings, legal documents, relevant social media content posted by the victims, media reports and interviews with 11 people who provided consent for publication.

On 11 March 2025, the Bejaia Court upheld the conviction of activists Soheib Debbaghi and Mahdi Bazizi in expedited trial proceedings, sentencing them to 18 months in prison and a fine of DZA 100,000 (EUR 693). The conviction relates to the launch of the “Manich Radi” movement by Soheib Debbaghi and Samy Bazizi – Mahdi Bazizi’s brother, who lives in Canada – in December 2024 to express their frustration with the political and socioeconomic situation in Algeria, including the repression of human rights. The hashtag was relayed by thousands of people and drew comments from Algerian President Abdelmajid Tebboune, who stated on 24 December 2024: “Let no one think that Algeria can be preyed upon by a hashtag”.

Soheib Debbaghi was convicted of “publishing content harmful to national interest”, “publishing content harmful to national order and security” and “inciting an unarmed gathering” based on social media posts relaying the “#Manich_Radi” hashtag. Mahdi Bazizi was convicted of “hiding a person to obstruct the course of justice” in reference to Soheib Debbaghi’s attempt to avoid arrest.

On 20 January 2025, only four days after his arrest, the tribunal of Rouiba in Algiers sentenced renowned activist and poet Mohamed Tadjadit to five years in prison and a DZD 500,000 (EUR 3,465) fine following expedited proceedings. His conviction was solely based on social media content and digital communications, including posts relaying the “#Manich_Radi” hashtag and poetry with political messages. The court found him guilty of “undermining national unity”, “publishing content harmful to national interest”, “inciting to an unarmed gathering” and “offending public bodies”.

On 4 March, the tribunal of Tizi Ouzou, northeastern Algeria, also convicted activist Belaid Charfi of “publishing content harmful to national interest” and sentenced him to four years in prison and a DZD 100,000 (EUR 693) fine and DZD 10,000 (EUR 69) in civil damages. The conviction followed expedited trial proceedings and was solely based on social media posts including sharing the “Manich_Radi” hashtag and other political messages denouncing the detention of other activists and the deteriorating socioeconomic conditions.

Authorities also arrested activist and unionist Fadhila Hammas on 21 February 2025 in the northeastern town of Azazga. Police questioned her about her opinions and Facebook posts on political and human rights issues. Four days later, a public prosecutor ordered her release pending her trial on 11 May for “publishing false information susceptible to harm public order and security.” If convicted, she faces up to three years in prison.

On 16 February 2025, the Court of Ouargla, eastern Algeria, upheld the conviction of activist “Abla” Derama Kemari and sentenced her to three years in prison – including one year suspended – and a fine of DZD 300,000 (EUR 2,079). Authorities convicted her on charges of “offense to the president” and “creating an online account to incite hatred and discrimination” for Facebook posts denouncing socioeconomic issues in the Algerian Saharan regions and the repression of activists.

On 14 January 2025, the Court of Tizi Ouzou also upheld a verdict against activist Massinissa Lakhal in connection with his online activities. The court sentenced him to three years in prison and DZD 5,000,000 (EUR 34,645) in fines as well as DZD 200,000 (EUR 1,386) in civil damages based on his activity on Facebook, including following accounts and sharing publications allegedly supporting the Movement for Self-Determination of the Kabylie (MAK) — which the authorities designated as “terrorist” in a process not conforming with international human rights standards. His conviction was also based on his ties with other MAK activists, including his father, Ammar Lakhal, a former MAK representative in Canada.

Among the journalists targeted by the authorities is Abdelwaheb Moualek who was convicted by the tribunal of Sidi Aich in Bejaia on 25 February following expedited proceedings, without a lawyer. He was found guilty of “publishing content harmful to national interest” and sentenced to 18 months in prison and a fine of DZA 100,000 (EUR 693) for a Facebook publication commenting on repression. He remains free pending appeal.

On 2 January 2025 an investigative judge at the tribunal of Annaba, eastern Algeria, questioned journalist Mustapha Bendjama about his Facebook publications and placed him under judicial supervision for publishing content “harmful to national interest” and “false information susceptible to harm public order and security”. The judge imposed a formal travel ban on him for travel out of Algeria and out of the region of Annaba and banned him from issuing publications that could “undermine national interest”.

Background

Since the “Hirak” protest movement began in February 2019, the Algerian authorities have weaponized the criminal justice system to clamp down on peaceful dissent, arbitrarily arresting and prosecuting hundreds of activists, human rights defenders, protesters, and journalists for exercising their rights to peaceful assembly, association and expression, notably on social media, leading to a steady erosion of human rights in the country.

MIL OSI NGO –

April 24, 2025

MIL-OSI United Kingdom: Future of Energy Security summit: Energy Secretary opening remarks

Source: United Kingdom – Executive Government & Departments

Speech

Future of Energy Security summit: Energy Secretary opening remarks

The Energy Secretary delivered opening remarks at the International Energy Agency (IEA) Future of Energy Security summit.

Francine, thank you so much.

And distinguished delegates, on behalf of the UK government and the International Energy Agency, I want to welcome you all to this historic setting of Lancaster House and to London for this first global summit on the Future of Energy Security. 

As Francine has said, there are numerous countries represented here – almost 60 countries represented here today. 

And I want to thank each and every one of you who have made the trip here. We truly appreciate your presence and we really look forward to the discussions over the coming 2 days.

We also have leaders from more than 50 global businesses with us.

And I want to thank all of you for everything you do to help create energy security for our countries and our world. 

And we also have NGOs and civil society groups from around the world who are here with us, who play an important role in ensuring accountability of governments.

I also want to pay a specific thank you to the official partners of the summit: Iberdrola-Scottish Power, National Grid, SSE and Urenco. 

And if I may, I want to also thank the teams at the International Energy Agency and across the UK government who have worked incredibly hard to pull this event together. It is some feat of organisation.

And I want if I may also to pay particular tribute to Fatih Birol. Fatih, your leadership of the IEA for nearly a decade now has been marked by your commitment to rigour, to values and to multilateral cooperation. That is why the IEA is so central to the global discussion on energy, and I want to thank you. Perhaps the audience could show our appreciation for Fatih and the work he does.

You’ve got much more interesting people than me to hear from in these coming sessions, but let me make a few remarks to frame our discussions over the next 2 days. 

First, our starting point for this summit is that in an unstable and uncertain world, there can be no national or international security without energy security.  

And indeed it is now more than 50 years since the IEA was founded in response to the oil crisis of 1973.

Over that time, the challenges we face have changed. 

But I think the principle underpinning the IEA’s work – that countries need to collaborate to secure the uninterrupted supply of energy at an affordable price – remains the same. 

And in the years since Russia’s invasion of Ukraine we’ve been reminded in the UK, and indeed across Europe and the world of a simple truth: 

That as long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed. 

It is for this reason that energy security is also at the heart of economic security – because it is central to living standards, job creation and economic growth. 

And we hope this summit marks an important moment for countries to come together and discuss what the shifting global landscape means for how we deliver energy security in this era.

Second, the act of bringing together, which is an initiative that I’ve taken alongside Fatih and the IEA, I think stems from an underlying belief that can unite us all, which is there is huge benefit for us from cooperating on the basis of our shared interests. 

I think it’s really important to say every country faces its own energy security challenges and its own constraints. 

And each country will pursue its own pathway, following its national interest in securing its energy supplies. 

Different pathways – and I think this is a really important point for this conference – different pathways for different nations should be respected.  

And we will all get a chance to reflect on our different national circumstances in our discussions over the coming days. 

But here is the key thing: whatever our national pathways, I do believe that we share a fundamental belief that shared challenges invite shared solutions. 

Multilateral co-operation can make us stronger not weaker – in our own individual national interest. 

Third point – hopefully this is also a uniting idea – I believe that we gathered here are the optimists about what we can achieve for our society. Business, government, civil society – I believe we are, in this energy sector, the optimists.

Abundant energy can raise living standards, economic growth and deliver for today’s and future generations of citizens.

For the UK, just to talk about us for a moment, there is an exciting vision of energy security and abundance from cheap, homegrown, low carbon power. 

Following Russia’s invasion of Ukraine, we saw family finances, business finances and public finances wrecked as fossil fuel prices rocketed on the global markets, and therefore here in Britain. 

Now oil and gas, including from our North Sea, will continue to play an important role in our energy system, and we really value our industry and the jobs it supports. But as with many countries, we are a price taker not a price maker in international fossil fuel markets.  

So our vision of low carbon power goes well beyond the climate imperative — important as that is. Homegrown low carbon power is our nationally chosen route to energy security. 

Solar power, wind power, tidal, geothermal, nuclear power – also an essential part of the low carbon opportunity. 

These are often unlimited, low-cost power supplies which we can exploit for the benefit of our citizens. 

So to be clear about this, ours is a hard-headed approach to the role of low carbon power as the route to energy security. 

And I believe this isn’t just true for the UK – alongside a continuing important role for oil and gas, low carbon energy can play a critical role in delivering energy security for many countries around the world. 

And it presents a solution to the issue of energy security that simply wasn’t true in the same way as a decade and a half ago – and this again is important – and that’s because of what many countries in this room, working with business, public and private sector together, have achieved. 

The cost of solar globally has fallen by 90% since 2010.  

Offshore wind by more than 60%. 

That’s in part why last year, $2 trillion was invested in clean energy with 80% of new electricity generation met by renewables and nuclear. 

Indeed, according to BNEF, for more than two-thirds of the world’s population, new renewables are the cheapest source of bulk power generation. 

In the spirit of multilateralism, the UK is determined to work with others to accelerate this transition, including through our Global Clean Power Alliance, which the Prime Minister launched at the G20 last year. 

Final point, let me finish by saying that at a time when so much of what is happening in the world looks so intractable, I hope we can carry this spirit of optimism into our deliberations. 

And I hope genuinely that everyone here enjoys this event and your time in London.

I want to end with the following message from His Majesty The King that he has asked me to read out to you all because this summit is something that he was very much personally interested in.

And this is the message from King Charles:

As we all navigate the transition to cleaner energy for our planet and energy security for our citizens, summits such as these are of vital importance in facilitating shared learning between nations, particularly those in the global south and across the Commonwealth.

Events over recent years have shown that, when well-managed, the transition to more sustainable energy sources can itself lead to more resilient and secure energy systems.

While each country will follow its individual path, there are many shared challenges and opportunities on which we can work together, as partners.

And he ends by saying:

I wanted to take this opportunity to thank you all for participating in this summit on the future of energy security, and to send my warmest best wishes for productive discussions over the coming days.

Ladies and gentlemen, thank you so much for your attendance, and now it’s my huge privilege to introduce the Executive Director of the IEA, Dr Fatih Birol.

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Source: Government of India

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

We are proud that today India has become the second largest steel producer in the world: PM

We have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy: PM

Government policies for the steel industry are playing an important role in making many other Indian industries globally competitive: PM

For all our Infrastructure projects the goal should be ‘Zero Import’ and ‘Net Export’: PM

Our steel sector has to be ready for new processes, new grades and new scale: PM

We have to expand and upgrade keeping the future in mind, We have to become future ready from now itself: PM

In the last 10 years, many mining reforms have been implemented, availability of iron ore has become easier: PM

Now is the time to make proper use of allotted mines and the resources of the country, Green-field mining needs to be accelerated: PM

Together, let us build a Resilient, Revolutionary and Steel-Strong India: PM

Posted On: 24 APR 2025 2:49PM by PIB Delhi

The Prime Minister Shri Narendra Modi delivered his remarks during the India Steel 2025 programme at Mumbai, via video message today. Addressing the gathering, he said that over the next two days, discussions will focus on the potential and opportunities of India’s sunrise sector—the steel industry. He remarked that this sector forms the foundation of India’s progress, strengthens the base of a developed India, and is scripting a new chapter of transformation in the country. The Prime Minister welcomed everyone to India Steel 2025 and expressed confidence that the event will serve as a launchpad for sharing new ideas, forging new partnerships, and promoting innovation. He emphasized that this event will lay the groundwork for a new chapter in the steel sector.

“Steel has played a pivotal role in modern economies, akin to a skeleton”, emphasised Shri Modi, remarking that whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story. “India is striving to achieve the goal of becoming a $5 trillion economy, with the steel sector playing a significant role in this mission”, he added, expressing pride in India being the world’s second-largest steel producer. He noted that under the National Steel Policy, India has set a target of producing 300 million tons of steel by 2030. He remarked that the current per capita steel consumption in India is approximately 98 kilograms and is expected to rise to 160 kilograms by 2030. Shri Modi emphasized that this increasing steel consumption serves as a golden standard for the country’s infrastructure and economy, adding that it is also a benchmark for the nation’s direction, as well as the government’s efficiency and effectiveness.

Underlining that the steel industry is brimming with renewed confidence about its future due to the foundation of the PM-Gati Shakti National Master Plan, the Prime Minister remarked that this initiative integrates various utility services and logistics modes. He emphasized that mine areas and steel units are being mapped for improved multi-modal connectivity. He noted that new projects are being introduced to upgrade critical infrastructure in eastern India, where most of the steel sector is concentrated. He further highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced. He remarked that large-scale efforts to transform cities into smart cities, along with unprecedented pace in the development of roads, railways, airports, ports, and pipelines, are creating fresh opportunities for the steel sector. The Prime Minister pointed out that crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission. He remarked that welfare initiatives like these are also providing new strength to the steel industry. He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.

Underscoring that steel is a primary component driving the growth of multiple sectors, Shri Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive. He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the ‘Make in India’ initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.

Noting that India was long dependent on imports for high-grade steel, which was critical for defense and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolizing India’s capability and confidence. The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasized that this is just the beginning and that there is a long road ahead. He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure, adding “India aims to manufacture modern and large ships domestically and export them to other countries”. The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace. He stressed the need for a goal of “zero imports” and a focus on net exports. “India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset. The Prime Minister underlined the vast employment generation potential of the steel industry’s growth. He called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasized collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.

Shri Modi acknowledged that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese. He emphasized the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization”, he remarked, stressing the need to enhance efforts in these areas through innovation. He expressed optimism that collaboration between global partners and Indian companies will help address these challenges more effectively and at a faster pace.

The Prime Minister remarked on the significant impact of coal imports, particularly coking coal, on both costs and the economy. He emphasized the importance of exploring alternatives to reduce this dependence. He highlighted the availability of technologies such as the DRI route and stressed efforts to promote them further. Pointing out that coal gasification can be effectively utilized to make better use of the country’s coal resources and decrease reliance on imports, he urged all stakeholders in the steel industry to actively participate in this endeavor and take the necessary steps to move forward in this direction.

Underlining the importance of addressing the issue of unused greenfield mines, Shri Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier. He stressed that it is now time to utilize the allotted mines effectively to ensure optimal use of the country’s resources. Cautioning that delays in this process would adversely impact the industry, Shri Modi urged for the acceleration of greenfield mining efforts to overcome this challenge.

The Prime Minister emphasized that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities. He emphasized that improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub. The Prime Minister highlighted that India Steel provides a platform to expand capabilities and turn ideas into actionable solutions. He concluded by expressing best wishes to all participants and called for collective efforts to build a resilient, revolutionary, and steel-strong India.

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MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: DH supports World Immunisation Week by urging public to get vaccinated on time against serious threats posed by vaccine preventable diseases

Source: Hong Kong Government special administrative region

In support of World Immunisation Week organised by the World Health Organization (WHO) in the last week of April every year, the Centre for Health Protection (CHP) of the Department of Health (DH) today (April 24) reminded the public that timely vaccinations can safeguard individual and community health from serious threats posed by vaccine-preventable diseases.

“Immunisation is a safe and effective public health measure. Over the past 50 years, vaccines are effective against diseases that have saved more than 150 million lives worldwide. Hong Kong has long been providing vaccinations for children since the 1950s. Building on the WHO’s Expanded Programme on Immunisation and scientific evidence, the Hong Kong Childhood Immunisation Programme has been making continuous progress in terms of vaccine variety, vaccination schedules and service network coverage. With the support of parents, schools and the healthcare sector, Hong Kong maintains a very high vaccination coverage rate, which not only keeps most of the vaccine-preventable diseases under control, but also contributed to the eradication of smallpox and poliomyelitis in Hong Kong in 1980 and 2000 respectively, followed by successful elimination of measles and rubella (German measles) in Hong Kong in 2016 and 2021 respectively. In addition, the DH has been actively adopting a public-private partnership approach in providing vaccination services through private doctors to help parents and children receive the vaccines to increase the overall vaccination coverage. Taking the seasonal influenza vaccine as an example, the uptake rate of the vaccine for most age groups in the current season has increased as compared with the previous one,” the Controller of the CHP of the DH, Dr Edwin Tsui said.

The Scientific Committee on Vaccine Preventable Diseases (SCVPD) under the CHP makes recommendations on vaccines for different groups (e.g. children, pregnant women, the elderly etc) based on local epidemiology and the latest scientific evidence from a public health perspective. With reference to the recommendations of the SCVPD, the Government provides different types of vaccines and boosters for children from birth to Primary Six to protect them from 12 communicable diseases, as well as other vaccination services such as seasonal influenza vaccine, pneumococcal vaccine, and the COVID-19 vaccines for people in high-risk groups to boost their immunity and reduce the risk of infection or severe complications.

“Due to a drop in vaccination coverage during the COVID-19 pandemic, there has been a recent resurgence of outbreaks of vaccine-preventable diseases outside Hong Kong. For example, measles cases in Europe, the United States and neighboring countries, such as Japan, Vietnam and Cambodia, are on the rise, where children who have not yet completed their vaccinations or have unknown vaccination status were mainly affected. For pertussis, the number of cases reported in Japan, the United States and New Zealand this year are also higher than that of the same period in previous years, with most of the affected cases being infants and adolescents, underscoring the importance of timely vaccinations for maintaining a high vaccination rate and herd immunity,” Dr Tsui said.

He reminded the public to make sure that they have completed their required immunisation if they plan to visit places with outbreaks or high incidences of vaccine-preventable diseases. Anyone who has not completed immunisation or with an unknown vaccination history should consult his/her family doctor at least two weeks before travelling.

The incubation period of measles is seven to 21 days. Symptoms include fever, skin rash, cough, runny nose and red eyes. While for pertussis, the infected person may initially be sneezing and have a runny nose, a low-grade fever and a mild cough. The cough gradually becomes more severe and may even lead to seizures and coma in severe cases. If such symptoms appear after returning from places where measles and pertussis are endemic, people should wear surgical masks, stay home from work or school, avoid crowded places and seek medical advice as soon as possible.

For more information on the World Immunisation Week 2025, please visit the CHP website.

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

Source: Government of India

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

The rural economy has gained new momentum in the last decade: PM

The past decade has been the decade of India’s infrastructure: PM

Makhana is a superfood for the country and the world today, but in Mithila it is a part of the culture,source for prosperity here: PM

The willpower of 140 crore Indians will now break the back of the perpetrators of terror: PM

Terrorism will not go unpunished, Every effort will be made to ensure that justice is done, The entire nation is firm in this resolve: PM

Posted On: 24 APR 2025 2:11PM by PIB Delhi

The Prime Minister Shri Narendra Modi inaugurated, laid the foundation stone and dedicated to the nation multiple development projects worth over Rs 13,480 crore in Madhubani, Bihar today on the occasion of National Panchayati Raj Day. The Prime Minister appealed to everyone at the event to observe silence and pray for the departed souls in the Pahalgam attacks on 22 April 2025. Addressing the gathering on the occasion, he said that on the occasion of Panchayati Raj Day, the entire nation is connected with Mithila and Bihar. He remarked that projects worth thousands of crores of rupees, aimed at Bihar’s development, have been inaugurated and foundations laid for, emphasising that these initiatives in electricity, railways, and infrastructure will create new employment opportunities in Bihar. He paid tributes to the great poet and national icon, Ramdhari Singh Dinkar Ji, on his death anniversary.

Remarking that Bihar is the land where Mahatma Gandhi expanded the mantra of Satyagraha, Shri Modi highlighted Mahatma Gandhi’s firm belief that India’s rapid development is only possible when its villages are strong. He emphasized that the concept of Panchayati Raj was rooted in this sentiment. “Over the past decade, continuous steps have been taken to empower Panchayats. Technology has played a significant role in strengthening Panchayats, with over 2 lakh Gram Panchayats connected to the internet in the last decade”, he added. Shri Modi pointed out that more than 5.5 lakh Common Service Centers have been established in villages, underlining that the digitalization of Panchayats has brought additional benefits, such as easy access to documents like birth and death certificates, and landholding certificates. He remarked that while the nation received a new Parliament building after decades of independence, 30,000 new Panchayat Bhawans have also been constructed across the country. He also highlighted that ensuring adequate funds for Panchayats has been a priority for the government. “Over the past decade, Panchayats have received more than ₹2 lakh crore, all of which has been utilized for the development of villages”, he said.

Highlighting that one of the major issues faced by Gram Panchayats has been related to land disputes, the Prime Minister mentioned the frequent disagreements over which land is residential, agricultural, Panchayat-owned, or government-owned. He emphasized that to address this issue, the digitization of land records is being undertaken, which has helped resolve unnecessary disputes effectively.

Shri Modi underscored that Panchayats have strengthened social participation, remarking that Bihar was the first state in the country to provide 50% reservation for women in Panchayats. He emphasized that today, a significant number of women from economically weaker sections, Dalits, Mahadalits, backward, and extremely backward communities are serving as public representatives in Bihar, describing it as true social justice and genuine social participation. He underlined that democracy thrives and becomes stronger with greater participation. Reflecting this vision, Shri Modi noted that a law providing 33% reservation for women in the Lok Sabha and State Assemblies has also been enacted. He remarked that this will benefit women across all states, giving our sisters and daughters greater representation.

Emphasising that the government is working in mission mode to increase women’s income and create new opportunities for employment and self-employment, Shri Modi highlighted the transformative impact of the ‘Jeevika Didi’ program in Bihar, which has changed the lives of many women. He remarked that today, self-help groups of women in Bihar have been provided financial assistance of approximately ₹1,000 crore, noting that this will further strengthen the economic empowerment of women and contribute to the goal of creating 3 crore Lakhpati Didis across the country. He highlighted that the rural economy has gained new momentum over the past decade. He pointed out that villages have seen the construction of houses for the poor, roads, gas connections, water connections, and toilets, bringing lakhs of crores of rupees to rural areas. The Prime Minister remarked that new employment opportunities have been created, benefiting laborers, farmers, vehicle operators, and shopkeepers, providing them with new avenues for income. He emphasized that this has particularly benefited communities that have been deprived for generations. He cited the example of the PM Awas Yojana, which aims to ensure that no family in the country remains homeless and that everyone has a permanent roof over their heads. He noted that over the past decade, more than 4 crore permanent houses have been constructed under this scheme. He highlighted that in Bihar alone, 57 lakh poor families have received permanent houses. He remarked that these houses have been provided to families from economically weaker sections, Dalits, and backward and extremely backward communities like Pasmanda families. Shri Modi announced that in the coming years, 3 crore more permanent houses will be provided to the poor. He noted that today, approximately 1.5 lakh families in Bihar are moving into their new permanent homes. He said that across the country, 15 lakh poor families have been issued approval letters for the construction of new houses, including 3.5 lakh beneficiaries from Bihar. He highlighted that today, financial assistance has been sent to approximately 10 lakh poor families for their permanent houses, including 80,000 rural families and 1 lakh urban families from Bihar.

“The past decade has been a decade of infrastructure development for India”, said the Prime Minister, highlighting that this modern infrastructure is strengthening the foundation of a developed India. He noted that for the first time, over 12 crore rural families have received tap water connections in their homes, underlining that more than 2.5 crore households have been electrified, and those who never imagined cooking on gas stoves have now received gas cylinders. “Even in challenging regions like Ladakh and Siachen, where providing basic facilities is difficult, 4G and 5G mobile connections have now been established, reflecting the nation’s current priorities”, he pointed out. The Prime Minister highlighted advancements in healthcare, noting that institutions like AIIMS were once limited to major cities like Delhi. He announced that AIIMS is now being established in Darbhanga, and the number of medical colleges in the country has nearly doubled in the past decade and mentioned the construction of a new medical college in Jhanjharpur. He emphasized that to ensure quality healthcare in villages, over 1.5 lakh Ayushman Arogya Mandirs have been established across the country, including more than 10,000 in Bihar. He remarked that Jan Aushadhi Kendras have become a significant relief for the poor and middle class, offering medicines at an 80% discount. He noted that Bihar now has over 800 Jan Aushadhi Kendras, saving its people ₹2,000 crore in medical expenses. The Prime Minister highlighted that under the Ayushman Bharat scheme, lakhs of families in Bihar have received free treatment, resulting in savings of thousands of crores of rupees for these families.

“India is rapidly advancing its connectivity through infrastructure like railways, roads, and airports”, highlighted Shri Modi, noting that metro projects are underway in Patna, and over two dozen cities across the country are now connected with metro facilities. He announced the launch of the ‘Namo Bharat Rapid Rail’ service between Patna and Jaynagar, which will significantly reduce travel time between the two locations, and emphasized that this development will benefit lakhs of people from Samastipur, Darbhanga, Madhubani, and Begusarai.

The Prime Minister also mentioned the inauguration and launch of multiple new railway lines in Bihar, highlighting the commencement of the modern Amrit Bharat train service between Saharsa and Mumbai, which will greatly benefit the labor families. He remarked that the government is modernizing several railway stations in Bihar, including Madhubani and Jhanjharpur. He emphasized that air connectivity in Mithila and Bihar has improved significantly with Darbhanga Airport, and the expansion of Patna Airport is underway. “These development projects are creating new employment opportunities in Bihar”, he added.

“Farmers are the backbone of the rural economy, the stronger this backbone, the stronger the villages, and consequently, the nation”, said Shri Modi. He highlighted the persistent challenges of floods in the Mithila and Kosi regions, noting that the government is set to invest ₹11,000 crore to mitigate the impact of floods in Bihar. He said that this investment will facilitate the construction of dams on rivers such as Bagmati, Dhar, Budhi Gandak, and Kosi, adding that canals will be developed, ensuring irrigation arrangements through river water. “This initiative will not only reduce flood-related issues but will also ensure adequate water supply reaches every farmer’s field”, he added.

“Makhana, a cultural staple of Mithila, has now gained global recognition as a superfood”, highlighted Shri Modi, mentioning that makhana has been granted a GI tag, officially certifying it as a product of this region. He added that the Makhana Research Centre has been accorded national status. He also highlighted the Budget announcement of the Makhana Board, which is expected to transform the fortunes of makhana farmers, emphasising that Bihar’s makhana will now reach international markets as a superfood. He noted that the National Institute of Food Technology and Management is being established in Bihar, which will support the youth in setting up small enterprises related to food processing. He further emphasized that Bihar is making consistent progress in fisheries along with agriculture, highlighting that fishermen now have access to the benefits of the Kisan Credit Card, providing advantages to numerous families involved in fisheries. He remarked that under the PM Matsya Sampada Yojana, projects worth hundreds of crores have been executed in Bihar.

Expressing deep sorrow over the brutal killing of innocent civilians by terrorists in Pahalgam, Jammu and Kashmir, on April 22, Shri Modi remarked that the entire nation is distressed and stands in solidarity with the grieving families. He assured that every effort is being made by the government to ensure the speedy recovery of those undergoing treatment. He highlighted the profound loss suffered by families, where some lost their sons, brothers, or life partners, noting that the victims came from diverse linguistic and regional backgrounds—some spoke Bengali, Kannada, Marathi, Odia, Gujarati, and some were from Bihar. Underlining that from Kargil to Kanyakumari, the grief and outrage over this attack are shared equally across the nation, Shri Modi remarked that this attack was not just on unarmed tourists but was a brazen assault on the soul of India. “The terrorists responsible for this attack, along with those who conspired it, will face punishment beyond their imagination”, he declared in unequivocal terms, asserting that the time has come to eliminate the remaining strongholds of terrorism. “The willpower of 140 crore Indians will now break the backbone of the perpetrators of terror”, he stressed.

The Prime Minister declared from the soil of Bihar that India will identify, track, and punish every terrorist, their handlers, and their backers, emphasising that India will pursue them to the ends of the earth. “India’s spirit will never be broken by terrorism and terrorism will not go unpunished. Every effort will be made to ensure justice is served and the entire nation is firm in this resolve against terrorism”, he stressed. He further stated that everyone who believes in humanity stands with India during these times. He expressed his gratitude to the people and leaders of various countries who have supported India in these moments.

“Peace and security are the most critical prerequisites for rapid development”, said Shri Modi, remarking that a developed Bihar is essential for a developed India. He concluded by highlighting that efforts are being made to ensure development in Bihar and to extend the benefits of progress to every section and every region of the state. He expressed gratitude to everyone for joining the program on the occasion of Panchayati Raj Day.

The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Rajiv Ranjan Singh, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Chirag Paswan, Shri Nityanand Rai, Shri Ram Nath Thakur, Dr. Raj Bhushan Choudhary were present among other dignitaries at the event.

Background

Prime Minister participated in the National Panchayati Raj Day programme in Madhubani, Bihar. He also presented National Panchayat Awards, recognizing and incentivizing best-performing Panchayats on the occasion.

Prime Minister laid the foundation stone of an LPG bottling plant with rail unloading facility at Hathua in Gopalganj District of Bihar worth around Rs 340 crore. This will help in streamlining the supply chain and improving efficiency of bulk LPG transportation.

Boosting power infrastructure in the region, Prime Minister laid the foundation stone for projects worth over Rs 1,170 crore and also inaugurated multiple projects worth over Rs 5,030 crore in the power sector in Bihar under the Revamped Distribution Sector Scheme.

In line with his commitment to boost rail connectivity across the nation, Prime Minister flagged off Amrit Bharat express between Saharsa and Mumbai, Namo Bharat Rapid rail between Jaynagar and Patna and trains between Pipra and Saharsa and Saharsa and Samastipur. He also inaugurated the Supaul Pipra rail line, Hasanpur Bithan Rail line and two 2-lane Rail over bridges at Chapra and Bagaha. He dedicated to the nation the Khagaria-Alauli Rail line. These projects will improve connectivity and lead to overall socio-economic development of the region.

Prime Minister distributed benefits of around Rs 930 crore under Community Investment Fund to over 2 lakh SHGs from Bihar under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY- NRLM).

Prime Minister handed over sanction letters to 15 lakh new beneficiaries of PMAY-Gramin and released instalments to 10 lakh PMAY-G beneficiaries from across the country. He also handed over keys to some beneficiaries marking the Grih Pravesh of 1 lakh PMAY-G and 54,000 PMAY-U houses in Bihar.

बीते दशक में पंचायतों को सशक्त करने के लिए एक के बाद एक कदम उठाए गए हैं: PM @narendramodi pic.twitter.com/9QDhHcQCxw

— PMO India (@PMOIndia) April 24, 2025

मखाना, आज देश और दुनिया के लिए सुपरफूड है, लेकिन मिथिला की तो ये संस्कृति का हिस्सा है।

इसी संस्कृति को ही हम यहां की समृद्धि का भी सूत्र बना रहे हैं: PM @narendramodi pic.twitter.com/LeAiQKv5km

— PMO India (@PMOIndia) April 24, 2025

140 करोड़ भारतीयों की इच्छाशक्ति अब आतंक के आकाओं की कमर तोड़कर रहेगी: PM pic.twitter.com/kKlxlazkAU

— PMO India (@PMOIndia) April 24, 2025

Terrorism will not go unpunished.

Every effort will be made to ensure that justice is done.

The entire nation is firm in this resolve: PM pic.twitter.com/ojdN6fcEpD

— PMO India (@PMOIndia) April 24, 2025

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MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: Over 6 400 outstanding students awarded government scholarships in 2024/25 academic year

Source: Hong Kong Government special administrative region

The Secretary for Education, Dr Choi Yuk-lin, today (April 24) presented certificates to awardees under the HKSAR Government Scholarship Fund (GSF) and the Self-financing Post-secondary Education Fund (SPEF) for the 2024/25 academic year at the GSF and SPEF Joint Scholarship Presentation Ceremony 2025.

Over 6 400 meritorious post-secondary students received scholarships and awards, amounting to about $196 million in total. Both the GSF and the SPEF also give recognition to meritorious post-secondary students with special educational needs (SEN) through the Endeavour Merit Award and the Endeavour Scholarship. This year, a total of around 600 SEN students were given the awards/scholarships.

Dr 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. 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 and Road initiatives, the Guangdong-Hong Kong-Macao Greater Bay Area, etc, to deepen Hong Kong’s role as a cluster of talent, and to consolidate and develop Hong Kong’s advantages in education.

The GSF was established in 2008 to attract outstanding local students to advance their studies at home, and meritorious non-local students to pursue higher education opportunities in Hong Kong. There are five types of scholarships and awards under the GSF, namely Scholarships for Outstanding Performance, Belt and Road (B&R) Scholarship, Talent Development Scholarship, Reaching Out Award and Endeavour Merit Award. Scholarships and awards are offered to students studying full-time publicly funded sub-degree, undergraduate-level and above programmes in Hong Kong. In the 2024/25 academic year, about 2 000 students received the scholarships/awards, including about 1 200 local students and about 800 non-local students. In terms of levels of study, about 1 400 students were at the undergraduate level and above, while about 600 students were at the sub-degree level.

â€‹In addition, the B&R Scholarship was introduced to encourage students from B&R countries/regions to pursue studies in Hong Kong. In the 2024/25 academic year, 150 students from 31 B&R countries/regions have been awarded this scholarship for the first time.

The Self-financing Post-secondary Scholarship Scheme (SPSS) was established under the SPEF in 2011 to promote the quality and sustainable development of the self-financing post-secondary sector. There are five types of scholarships and awards under the scheme, namely Outstanding Performance Scholarship, Best Progress Award, Talent Development Scholarship, Reaching Out Award and Endeavour Scholarship. These scholarships and awards are offered to students pursuing full-time locally accredited self-financing sub-degree or undergraduate programmes. In the 2024/25 academic year, the SPEF offered scholarships and awards to about 4 000 local and about 400 non-local students. In terms of levels of study, about 2 400 of them pursued undergraduate studies, while about 2 000 students were at the sub-degree level.

A list of participating institutions is in Annex I. A broad distribution of the scholarship recipients is set out in Annex II. Details of the scholarships and awards under the GSF are available on the Education Bureau’s website (www.edb.gov.hk/en/edu-system/postsecondary/local-higher-edu/publicly-funded-programmes/scholarship.html). Those under the SPSS as well as the SPEF are available on the Committee on Self-financing Post-secondary Education’s website (www.cspe.edu.hk/en/index.html).

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI: Donegal Group Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MARIETTA, Pa., April 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the first quarter of 2025.

Significant Items for First Quarter of 2025 (all comparisons to first quarter of 2024):

Net premiums earned increased 2.2% to $232.7 million
Combined ratio of 91.6%, compared to 102.4%
Net income of $25.2 million, or $0.71 per diluted Class A share, compared to $6.0 million, or $0.18 per diluted Class A share
Net investment losses (after tax) of $0.4 million, or 1 cent per diluted Class A share, compared to net investment gains (after tax) of $1.7 million, or 5 cents per diluted Class A share, are included in net income
Annualized return on average equity of 17.8%, compared to 4.9%
Book value per share of $16.24 at March 31, 2025, compared to $14.53 at March 31, 2024

Financial Summary

	Three Months Ended March 31,
		2025			2024		% Change
	(dollars in thousands, except per share amounts)

Income Statement Data
Net premiums earned	$	232,702		$	227,749			2.2	%
Investment income, net		11,984			10,972			9.2
Net investment (losses) gains		(471	)		2,113			NM²
Total revenues		245,174			241,141			1.7
Net income		25,205			5,956			323.2
Non-GAAP operating income¹		25,577			4,286			496.8
Annualized return on average equity		17.8	%		4.9	%		12.9 pts

Per Share Data
Net income – Class A (diluted)	$	0.71		$	0.18			294.4	%
Net income – Class B		0.65			0.16			306.3
Non-GAAP operating income – Class A (diluted)		0.72			0.13			453.8
Non-GAAP operating income – Class B		0.66			0.12			450.0
Book value		16.24			14.53			11.8

¹The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
²Not meaningful.

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased that positive momentum, which began to emerge in the second half of 2024, continued into the first quarter of 2025 with our achievement of record earnings for the second straight quarter. We believe this accomplishment reflects the deliberate actions and strong operational discipline of our team in prioritizing sustained profitability while pursuing targeted premium growth.

“Net premiums earned rose by 2.2% to $232.7 million, while net premiums written¹ declined modestly by 1.7% compared to the prior-year quarter, with that decline primarily due to lower new business volume and planned attrition, offset partially by solid premium rate increases and strong retention of desired risks. We achieved a combined ratio of 91.6% for the first quarter of 2025, marking significant improvement over the 102.4% combined ratio for the prior-year quarter. We attribute the improvement to core loss ratio decreases that resulted from the strategic initiatives and profit improvement plans we implemented over the past several years, coupled with lower-than-average weather-related and large fire losses and a higher level of favorable development of reserves related to prior accident years.

“In our commercial lines business, we are actively promoting our small commercial products and capabilities while actively seeking to grow our middle market business segment. In our personal lines business, our strategic focus remains on maintaining profitability through rate adequacy. Our personal lines growth in the first quarter of 2025 was constrained by two intentional strategies. We limited new business volume and continued the non-renewal of a legacy Maryland book of business. We are taking proactive steps to stabilize personal lines premium level as the year progresses, and we will continue to emphasize higher levels of profitable growth in commercial lines that we believe will lead to long-term success.”

Mr. Burke concluded, “We believe we are well positioned to navigate the evolving insurance landscape, as we continue to enhance and refine our systems and operational capabilities. We are confident in our ability to achieve sustainable excellent financial performance and capitalize on future growth opportunities that will further enhance shareholder value over time.”

Insurance Operations

Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

	Three Months Ended March 31,
		2025		2024	% Change
	(dollars in thousands)

Net Premiums Earned
Commercial lines	$	136,216	$	132,092		3.1	%
Personal lines		96,486		95,657		0.9
Total net premiums earned	$	232,702	$	227,749		2.2	%

Net Premiums Written
Commercial lines:
Automobile	$	56,525	$	53,514		5.6	%
Workers’ compensation		28,754		31,074		-7.5
Commercial multi-peril		60,790		57,503		5.7
Other		14,549		13,403		8.6
Total commercial lines		160,618		155,494		3.3
Personal lines:
Automobile		55,192		61,381		-10.1
Homeowners		28,788		31,759		-9.4
Other		2,494		2,808		-11.2
Total personal lines		86,474		95,948		-9.9
Total net premiums written	$	247,092	$	251,442		-1.7	%

Net Premiums Written

The 1.7% decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024, as shown in the table above, represents the net combination of a 3.3% increase in commercial lines net premiums written and a 9.9% decrease in personal lines net premiums written. The $4.4 million decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024 included:

Commercial Lines: $5.1 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
Personal Lines: $9.5 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
		2025		2024

GAAP Combined Ratios (Total Lines)
Loss ratio – core losses		54.4	%	58.7	%
Loss ratio – weather-related losses		3.7		4.7
Loss ratio – large fire losses		3.1		6.6
Loss ratio – net prior-year reserve development		-4.5		-3.7
Loss ratio		56.7		66.3
Expense ratio		34.6		35.7
Dividend ratio		0.3		0.4
Combined ratio		91.6	%	102.4	%

Statutory Combined Ratios
Commercial lines:
Automobile		91.4	%	99.6	%
Workers’ compensation		117.6		111.2
Commercial multi-peril		90.3		102.7
Other		80.8		82.2
Total commercial lines		94.7		101.6
Personal lines:
Automobile		85.0		99.8
Homeowners		83.8		102.9
Other		56.6		85.2
Total personal lines		83.6		100.3
Total lines		90.3	%	101.2	%

Loss Ratio

For the first quarter of 2025, the loss ratio decreased to 56.7%, compared to 66.3% for the first quarter of 2024. The core loss ratio, which excludes weather-related losses, large fire losses and net favorable development of reserves for losses incurred in prior accident years, was 54.2% for the first quarter of 2025, compared to 58.7% for the first quarter of 2024. For the commercial lines segment, the core loss ratio of 58.3% for the first quarter of 2025 decreased modestly from 59.0% for the first quarter of 2024, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.7% for the first quarter of 2025 decreased significantly from 58.1% for the first quarter of 2024, due largely to the favorable impact of ongoing premium rate increases on net premiums earned for that segment. While we did not see a material impact in the first quarter of 2025, we are monitoring the impact of tariffs and other inflationary factors, which may result in increases in loss costs in future quarters.

Weather-related losses were $8.6 million, or 3.7 percentage points of the loss ratio, for the first quarter of 2025, compared to $10.8 million, or 4.7 percentage points of the loss ratio, for the first quarter of 2024. The weather-related loss ratio for the first quarter of 2025 was modestly lower than our previous five-year first-quarter average of 4.6 percentage points of the loss ratio.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the first quarter of 2025 were $7.7 million, or 3.3 percentage points of the loss ratio. That amount was substantially lower than the large fire losses of $15.0 million, or 6.6 percentage points of the loss ratio, for the first quarter of 2024. We primarily attribute the decrease to lower loss frequency and severity compared to the prior-year quarter. We experienced a $5.3 million decrease in commercial property fire losses and a $2.0 million decrease in homeowner fire losses.

Net favorable development of reserves for losses incurred in prior accident years of $10.5 million decreased the loss ratio for the first quarter of 2025 by 4.5 percentage points, compared to $8.4 million that decreased the loss ratio for the first quarter of 2024 by 3.7 percentage points. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, commercial automobile and commercial multi-peril lines of business, offset partially by modest unfavorable development in workers’ compensation for the first quarter of 2025.

Expense Ratio

The expense ratio was 34.6% for the first quarter of 2025, compared to 35.7% for the first quarter of 2024. The decrease in the expense ratio primarily reflected the favorable impact of ongoing expense management initiatives, offset partially by higher underwriting-based incentive costs for agents and employees. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.2 percentage points of the expense ratio for the first quarter of 2025, and we expect the full year 2025 expense ratio impact will be approximately 1.0 percentage point.

Investment Operations

Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.7% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at March 31, 2025.

	March 31, 2025						December 31, 2024
	Amount			%			Amount			%
	(dollars in thousands)
Fixed maturities, at carrying value:
U.S. Treasury securities and obligations of U.S.
government corporations and agencies	$	176,090			12.5	%	$	170,423			12.3	%
Obligations of states and political subdivisions		412,304			29.3			409,560			29.6
Corporate securities		442,275			31.4			440,552			31.8
Mortgage-backed securities		317,236			22.5			304,459			22.0
Allowance for expected credit losses		(1,351	)		-0.1			(1,388	)		-0.1
Total fixed maturities		1,346,554			95.6			1,323,606			95.6
Equity securities, at fair value		40,206			2.9			36,808			2.6
Short-term investments, at cost		20,622			1.5			24,558			1.8
Total investments	$	1,407,382			100.0	%	$	1,384,972			100.0	%

Average investment yield		3.4	%					3.3	%
Average tax-equivalent investment yield		3.5	%					3.4	%
Average fixed-maturity duration (years)		5.2						5.2

Net investment income of $12.0 million for the first quarter of 2025 increased 9.2% compared to $11.0 million for the first quarter of 2024. The increase in net investment income reflected an increase in average investment yield and higher average invested assets relative to the prior-year first quarter.

Net investment losses were $0.5 million for the first quarter of 2025, compared to net investment gains of $2.1 million for the first quarter of 2024. We attribute the losses to the decrease in the market value of the equity securities we held at March 31, 2025.

Our book value per share was $16.24 at March 31, 2025, compared to $15.36 at December 31, 2024, with the increase partially related to net income, as well as $6.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.19 per share. Consistent with our historical practice, we did not declare any cash dividends in the first quarter of 2025 or 2024.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

	Three Months Ended March 31,
		2025		2024	% Change
	(dollars in thousands)

Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	232,702	$	227,749		2.2	%
Change in net unearned premiums		14,390		23,693		-39.3
Net premiums written	$	247,092	$	251,442		-1.7	%

The following table provides a reconciliation of net income to operating income for the periods indicated:

	Three Months Ended March 31,
		2025		2024		% Change
	(dollars in thousands, except per share amounts)

Reconciliation of Net Income
to Non-GAAP Operating Income
Net income	$	25,205	$	5,956			323.2	%
Investment losses (gains) (after tax)		372		(1,670	)		NM
Non-GAAP operating income	$	25,577	$	4,286			496.8	%

Per Share Reconciliation of Net Income
to Non-GAAP Operating Income
Net income – Class A (diluted)	$	0.71	$	0.18			294.4	%
Investment losses (gains) (after tax)		0.01		(0.05	)		NM
Non-GAAP operating income – Class A	$	0.72	$	0.13			453.8	%

Net income – Class B	$	0.65	$	0.16			306.3	%
Investment losses (gains) (after tax)		0.01		(0.04	)		NM
Non-GAAP operating income – Class B	$	0.66	$	0.12			450.0	%

The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

Dividend Information

On April 17, 2025, we declared regular quarterly cash dividends of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on May 15, 2025 to stockholders of record as of the close of business on May 1, 2025.

Pre-Recorded Webcast

At approximately 8:30 am EST on Thursday, April 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

About the Company

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Investor Relations Contacts

Karin Daly, Vice President, The Equity Group Inc.

Phone: (212) 836-9623
E-mail: kdaly@equityny.com

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com

Financial Supplement

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)

	Quarter Ended March 31,
		2025			2024

Net premiums earned	$	232,702		$	227,749
Investment income, net of expenses		11,984			10,972
Net investment (losses) gains		(471	)		2,113
Lease income		77			82
Installment payment fees		882			225
Total revenues		245,174			241,141

Net losses and loss expenses		132,033			150,896
Amortization of deferred acquisition costs		39,231			39,602
Other underwriting expenses		41,195			41,740
Policyholder dividends		760			1,055
Interest		333			155
Other expenses, net		461			445
Total expenses		214,013			233,893

Income before income tax expense		31,161			7,248
Income tax expense		5,956			1,292

Net income	$	25,205		$	5,956

Net income per common share:
Class A – basic	$	0.72		$	0.18
Class A – diluted	$	0.71		$	0.18
Class B – basic and diluted	$	0.65		$	0.16

Supplementary Financial Analysts’ Data

Weighted-average number of shares
outstanding:
Class A – basic		30,120,649			27,811,312
Class A – diluted		30,430,042			27,846,313
Class B – basic and diluted		5,576,775			5,576,775

Net premiums written	$	247,092		$	251,442

Book value per common share
at end of period	$	16.24		$	14.53

Annualized operating return on average equity		17.8	%		4.9	%

Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)

	March 31,			December 31,
		2025			2024
	(unaudited)

ASSETS
Investments:
Fixed maturities:
Held to maturity, at amortized cost	$	706,098		$	705,714
Available for sale, at fair value		640,456			617,892
Equity securities, at fair value		40,206			36,808
Short-term investments, at cost		20,622			24,558
Total investments		1,407,382			1,384,972
		64,315			52,926
Premiums receivable		193,975			181,107
Reinsurance receivable		403,382			420,742
Deferred policy acquisition costs		76,194			73,347
Prepaid reinsurance premiums		182,860			176,162
Other assets		40,169			46,776
Total assets	$	2,368,277		$	2,336,032

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Losses and loss expenses	$	1,092,624		$	1,120,985
Unearned premiums		633,564			612,476
Borrowings under lines of credit		35,000			35,000
Other liabilities		22,366			21,795
Total liabilities		1,783,554			1,790,256
Stockholders’ equity:
Class A common stock		334			329
Class B common stock		56			56
Additional paid-in capital		376,864			369,680
Accumulated other comprehensive loss		(21,472	)		(28,200	)
Retained earnings		270,167			245,137
Treasury stock		(41,226	)		(41,226	)
Total stockholders’ equity		584,723			545,776
Total liabilities and stockholders’ equity	$	2,368,277		$	2,336,032

The MIL Network –

April 24, 2025

MIL-OSI Video: FEMA Application Deadline Extended

Source: United States of America – Federal Government Departments (video statements)

Kentucky flood survivors whose home or property was damaged by the February floods have until May 25, 2025, to apply for FEMA assistance.

https://www.youtube.com/watch?v=2XTcaeD3mCI

MIL OSI Video –

April 24, 2025

MIL-OSI Video: Assistance for Private Roads and Bridges

Source: United States of America – Federal Government Departments (video statements)

If you own a private road, bridge or driveway that was damaged by the February storms and you can’t get to your home, FEMA may be able to help repair or replace them.

https://www.youtube.com/watch?v=r4yjhw6Pk68

MIL OSI Video –

April 24, 2025

MIL-OSI Video: FEMA May Assist with Furnace and HVAC Units

Source: United States of America – Federal Government Departments (video statements)

If water got into your home during the February floods in Kentucky, it’s possible your furnace or HVAC may have been impacted, so we encourage you to turn them on and make sure they are in good working order.

https://www.youtube.com/watch?v=DtKWifC8PCQ

MIL OSI Video –

April 24, 2025

MIL-OSI: Amalgamated Financial Corp. Reports First Quarter 2025 Financial Results; $446 Million Total Deposit Growth; Strong Margin at 3.55%

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights (on a linked quarter basis)

Net income of $25.0 million, or $0.81 per diluted share, compared to $24.5 million, or $0.79 per diluted share.
Core net income¹ of $27.1 million, or $0.88 per diluted share, compared to $28.0 million, or $0.90 per diluted share.

Deposits and Liquidity

On-balance sheet deposits increased $231.5 million, or 3.2%, to $7.4 billion.
Off-balance sheet deposits were $214.5 million at the end of the quarter, comprised of mainly not-for-profit deposits and some political deposits.
Including deposits held off-balance sheet, total deposits increased $445.9 million, or 6.2%, to $7.6 billion.
Political deposits increased $102.7 million, or 11%, to $1.1 billion, which includes both on and off-balance sheet deposits.
Average cost of deposits, excluding Brokered CDs and off-balance sheet deposits, increased 7 basis points to 159 basis points, where non-interest-bearing deposits comprised 39% of total deposits.
Cash and borrowing capacity totaled $3.3 billion (immediately available) plus unpledged securities (two-day availability) of $301.0 million for total liquidity within two-days of $3.6 billion.
Total two-day liquidity is 94% of total uninsured deposits, and 164% of uninsured non-super core deposits¹.

Assets and Margin

Net interest margin decreased 4 basis points to 3.55%, as expected.
Net interest income decreased by $2.5 million, or 3.4%, to $70.6 million, as expected.
Net loans receivable increased $7.0 million, or 0.2%, to $4.6 billion.
Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $25.8 million or 0.9%.
Total PACE assessments grew $3.2 million, or 0.3%, to $1.2 billion.
The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 199% to total risk based capital.

Capital and Returns

Tier 1 leverage ratio of 9.22%, increased by 22 basis points, and Common Equity Tier 1 ratio of 14.27%.
Tangible common equity¹ ratio increased to 8.73%, representing a tenth consecutive quarter of improvement.
Tangible book value per share¹ increased $0.91, or 4.0%, to $23.51, and has increased $6.18, or 35.7% since September 2021.
Core return on average tangible common equity¹ of 15.54% and core return on average assets¹ of 1.33%.

Share Repurchase

Repurchased approximately 105,000 shares, or $3.5 million of common stock, through March 31, 2025.
On March 10, 2025, a new $40 million share repurchase program was approved, under which approximately 75,000 shares have been repurchased from April 1 through April 22, 2025.

Priscilla Sims Brown, President and Chief Executive Officer, commented, “All of our key earnings metrics came in strong and as expected, showing again that at Amalgamated, we do what we say we will. Our balance sheet boasts a low-risk asset profile including low commercial real-estate lending concentration, high levels of immediate and two-day liquidity, and return metrics near the top of our peer stack.”

First Quarter Earnings

Net income was $25.0 million, or $0.81 per diluted share, compared to $24.5 million, or $0.79 per diluted share, for the prior quarter. The $0.5 million increase during the quarter was primarily driven by a $3.1 million decrease in provision for credit losses, as well as a $0.8 million net valuation gain on residential loans sold during the quarter, compared to a $4.1 million reduction in fair value on residential loans moved to held for sale in the previous quarter. This was offset by an expected $2.5 million decrease in net interest income, an expected $1.9 million decrease in non-core income from solar tax equity investments, an expected $1.3 million decrease in non-core ICS One-Way Sell fee income from off-balance sheet deposits, and a $1.1 million increase in income tax expense.

Core net income¹ was $27.1 million, or $0.88 per diluted share, compared to $28.0 million, or $0.90 per diluted share, for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities. Excluded from core net income for the fourth quarter of 2024, pre-tax, was a $4.1 million reduction in fair value on a pool of lower yielding performing residential loans moved to held for sale, $1.3 million of ICS One-Way Sell fee income, $1.0 million of losses on the sale of securities, and $0.9 million of accelerated depreciation from solar tax equity investments.

Net interest income was $70.6 million, compared to $73.1 million for the prior quarter. This decrease was expected as interest bearing off-balance sheet deposits moved back on balance sheet towards the end of the fourth quarter to replace largely non-interest bearing deposit outflow related to the election cycle conclusion and the full effect of interest rate resets from the prior quarter were recognized. Loan interest income and loan yields remained flat mainly as a $75.5 million increase in average loan balances was offset by paydowns on shorter-term high yielding commercial & industrial loans and a shorter day count in the quarter. Interest income on securities decreased $1.8 million driven by a decrease in the average balance of securities of $92.8 million. Interest expense on total interest-bearing deposits increased $0.3 million driven by an increase in the average balance of total interest-bearing deposits of $272.3 million partially offset by a 9 basis point decrease in cost. Additionally, while the average balance of borrowings increased $35.6 million, all short-term borrowings utilized at year-end were paid off over the course of the quarter. Remaining borrowings now substantially consist of lower-cost subordinated debt priced at 3.25% with a fixed rate maturity in November 2026.

Net interest margin was 3.55%, an expected decrease of 4 basis points from 3.59% in the prior quarter. The decrease is largely due to a higher average balance of interest-bearing deposits as noted above, a $338.2 million decrease in non-interest bearing deposits, as well as a higher cost of funds. Prepayment penalties had no impact on net interest margin in the current quarter, compared to a one basis point impact in the prior quarter.

Provision for credit losses totaled an expense of $0.6 million, compared to an expense of $3.7 million in the prior quarter. The expense in the first quarter was primarily driven by charge-offs on the consumer solar and small business portfolios, as well as increases in reserves for one leveraged commercial and industrial loan, offset by improvements in macro-economic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

Non-interest income was $6.4 million, compared to $4.8 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income¹ was $9.1 million, compared to $9.5 million in the prior quarter. The decrease was primarily related to lower commercial banking fees, offset by modestly higher income from Trust fees.

Non-interest expense was $41.7 million, an increase of $0.5 million from the prior quarter. Core non-interest expense¹ was $41.5 million, an increase of $0.4 million from the prior quarter. This was mainly driven by a $2.1 million increase in professional fees related to expected increases in digital transformation deployment and partnership costs to evaluate growth requirements and other advisory services. This increase is mainly offset by a $1.4 million decrease in compensation and employee benefits expense.

Provision for income tax expense was $9.7 million, compared to $8.6 million for the prior quarter. The effective tax rate was 28.0%, compared to 25.9% in the prior quarter. The increase in the tax rate was the result of a higher annual effective tax rate for 2025, in addition to discrete tax items related to a city and state tax examination which led to a net increase in tax provision in the current quarter, as well as additional discrete items in the prior quarter which resulted in a tax benefit. Excluding these discrete items, the tax rate would have been 27.0%, compared to 26.6% in the prior quarter.

Balance Sheet Quarterly Summary

Total assets were $8.3 billion at March 31, 2025, compared to $8.3 billion at December 31, 2024, keeping the balance sheet neutral. Notable changes within individual balance sheet line items include a $65.1 million increase in securities and a $17.9 million increase in resell agreements to solidify net interest income, as well as a $7.0 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $231.5 million while borrowings decreased by $244.7 million. Off-balance sheet deposits increased to $214.5 million in the quarter.

Total net loans receivable at March 31, 2025 were $4.6 billion, an increase of $7.0 million, or 0.2% for the quarter. The increase in loans is primarily driven by a $20.3 million increase in multifamily loans, and a $7.8 million increase in commercial and industrial loans, offset by a $2.4 million decrease in commercial real estate loans, a $8.9 million decrease in consumer solar loans, and a $9.8 million decrease in residential loans. During the quarter, criticized or classified loans decreased $12.0 million, largely related to payoffs of three delinquent commercial and industrial loans totaling $10.1 million, the upgrade of one $1.4 million commercial & industrial loan, charge-offs of small business loans totaling $0.8 million, and a decrease of $4.5 million in residential and consumer substandard loans. This was offset by the downgrade of one $4.2 million commercial & industrial loan to special mention, and additional downgrades of small business loans totaling $1.0 million.

Total on-balance sheet deposits at March 31, 2025 were $7.4 billion, an increase of $231.5 million, or 3.2%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.1 billion as of March 31, 2025, an increase of $102.7 million during the quarter. Non-interest-bearing deposits represented 39% of average total deposits and 39% of ending total deposits for the quarter, contributing to an average cost of total deposits of 159 basis points. Super-core deposits¹ totaled approximately $4.0 billion, had a weighted average life of 18 years, and comprised 54% of total deposits, excluding Brokered CDs. Total uninsured deposits were $3.9 billion, comprising 52% of total deposits.

Nonperforming assets totaled $33.9 million, or 0.41% of period-end total assets at March 31, 2025, an increase of $8.0 million, compared with $25.9 million, or 0.31% on a linked quarter basis. The increase in nonperforming assets was primarily driven by an $11.8 million increase in commercial & industrial non-accrual loans, including one $8.3 million commercial & industrial loan that was placed on non-accrual in the quarter. This was offset by the sale of $3.9 million in nonperforming residential loans that were reported as held-for-sale in the prior quarter.

During the quarter, the allowance for credit losses on loans decreased $2.4 million to $57.7 million. The ratio of allowance to total loans was 1.23%, a decrease of 6 basis points from 1.29% in the fourth quarter of 2024. The decrease was primarily the result of improvements in the macroeconomic forecasts used in the CECL model, mainly related to the consumer solar loan portfolio, which can be volatile, offset by charge-offs on consumer solar and small business portfolios, as well as increases in reserves for one legacy leveraged commercial and industrial loan.

Capital Quarterly Summary

As of March 31, 2025, the Common Equity Tier 1 Capital ratio was 14.27%, the Total Risk-Based Capital ratio was 16.61%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 13.90%, 16.26% and 9.00%, respectively, as of December 31, 2024. Stockholders’ equity at March 31, 2025 was $736.0 million, an increase of $28.3 million during the quarter. The increase in stockholders’ equity was primarily driven by $25.0 million of net income for the quarter and a $11.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $4.3 million in dividends paid at $0.14 per outstanding share.

Tangible book value per share¹ was $23.51 as of March 31, 2025 compared to $22.60 as of December 31, 2024. Tangible common equity¹ improved to 8.73% of tangible assets, compared to 8.41% as of December 31, 2024.

Conference Call

As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its first quarter 2025 results today, April 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. First Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13752421. The telephonic replay will be available until May 1, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

About Amalgamated Financial Corp.

Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of March 31, 2025, total assets were $8.3 billion, total net loans were $4.6 billion, and total deposits were $7.4 billion. Additionally, as of March 31, 2025, the trust business held $35.7 billion in assets under custody and $14.2 billion in assets under management.

Non-GAAP Financial Measures

This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

Management utilizes this information to compare operating performance for March 31, 2025 versus certain periods in 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

Terminology

Certain terms used in this release are defined as follows:

“Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

“Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

“Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

“Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

“Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

“Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

“Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

“Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

“Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

“Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

“Traditional securities portfolio” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

Forward-Looking Statements

Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
changes in deposits, including an increase in uninsured deposits;
ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
the outcome of legal or regulatory proceedings that may be instituted against us;
inability to achieve organic loan and deposit growth and the composition of that growth;
composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
limitations on the ability to declare and pay dividends;
the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
increased competition for experienced members of the workforce including executives in the banking industry;
a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
a downgrade in the Company’s credit rating;
“greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
descriptions of assumptions underlying or relating to any of the foregoing.

Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172

Consolidated Statements of Income (unaudited)
	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands)		2025			2024			2024
INTEREST AND DIVIDEND INCOME
Loans	$	57,843		$	58,024		$	51,952
Securities		41,653			43,448			42,390
Interest-bearing deposits in banks		1,194			1,113			2,592
Total interest and dividend income		100,690			102,585			96,934
INTEREST EXPENSE
Deposits		28,917			28,582			25,891
Borrowed funds		1,196			908			3,006
Total interest expense		30,113			29,490			28,897
NET INTEREST INCOME		70,577			73,095			68,037
Provision for credit losses		596			3,686			1,588
Net interest income after provision for credit losses		69,981			69,409			66,449
NON-INTEREST INCOME
Trust Department fees		4,191			3,971			3,854
Service charges on deposit accounts		3,438			5,337			6,136
Bank-owned life insurance income		626			661			609
Losses on sale of securities		(680	)		(1,003	)		(2,774	)
Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net		832			(4,090	)		47
Equity method investments income (loss)		(2,508	)		(529	)		2,072
Other income		507			442			285
Total non-interest income		6,406			4,789			10,229
NON-INTEREST EXPENSE
Compensation and employee benefits		23,314			24,691			22,273
Occupancy and depreciation		3,293			3,376			2,904
Professional fees		4,739			2,674			2,376
Technology		5,619			5,299			4,629
Office maintenance and depreciation		629			578			663
Amortization of intangible assets		144			183			183
Advertising and promotion		51			314			1,219
Federal deposit insurance premiums		900			715			1,050
Other expense		2,961			3,313			2,855
Total non-interest expense		41,650			41,143			38,152
Income before income taxes		34,737			33,055			38,526
Income tax expense		9,709			8,564			11,277
Net income	$	25,028		$	24,491		$	27,249
Earnings per common share – basic	$	0.82		$	0.80		$	0.89
Earnings per common share – diluted	$	0.81		$	0.79		$	0.89

Consolidated Statements of Financial Condition
($ in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Assets	(unaudited)						(unaudited)
Cash and due from banks	$	4,196		$	4,042		$	3,830
Interest-bearing deposits in banks		61,518			56,707			151,374
Total cash and cash equivalents		65,714			60,749			155,204
Securities:
Available for sale, at fair value
Traditional securities		1,546,127			1,477,047			1,445,793
Property Assessed Clean Energy (“PACE”) assessments		161,147			152,011			82,258
		1,707,274			1,629,058			1,528,051
Held-to-maturity, at amortized cost:
Traditional securities, net of allowance for credit losses of $47, $49, and $53, respectively		535,065			542,246			616,172
PACE assessments, net of allowance for credit losses of $654, $655, and $657, respectively		1,038,052			1,043,959			1,057,790
		1,573,117			1,586,205			1,673,962

Loans held for sale		3,667			37,593			2,137
Loans receivable, net of deferred loan origination costs		4,677,506			4,672,924			4,423,780
Allowance for credit losses		(57,676	)		(60,086	)		(64,400	)
Loans receivable, net		4,619,830			4,612,838			4,359,380

Resell agreements		41,651			23,741			131,242
Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost		4,679			15,693			4,603
Accrued interest receivable		55,092			61,172			53,436
Premises and equipment, net		7,366			6,386			7,128
Bank-owned life insurance		108,652			108,026			106,137
Right-of-use lease asset		12,477			14,231			19,797
Deferred tax asset, net		33,799			42,437			49,171
Goodwill		12,936			12,936			12,936
Intangible assets, net		1,343			1,487			2,034
Equity method investments		5,639			8,482			14,801
Other assets		31,991			35,858			16,663
Total assets	$	8,285,227		$	8,256,892		$	8,136,682
Liabilities
Deposits	$	7,412,072		$	7,180,605		$	7,305,765
Borrowings		69,676			314,409			139,705
Operating leases		17,190			19,734			27,250
Other liabilities		50,293			34,490			47,024
Total liabilities		7,549,231			7,549,238			7,519,744
Stockholders’ equity
Common stock, par value $0.01 per share		309			308			307
Additional paid-in capital		288,539			288,656			287,198
Retained earnings		500,783			480,144			412,190
Accumulated other comprehensive loss, net of income taxes		(47,308	)		(58,637	)		(78,872	)
Treasury stock, at cost		(6,327	)		(2,817	)		(4,018	)
Total Amalgamated Financial Corp. stockholders’ equity		735,996			707,654			616,805
Noncontrolling interests		—			—			133
Total stockholders’ equity		735,996			707,654			616,938
Total liabilities and stockholders’ equity	$	8,285,227		$	8,256,892		$	8,136,682

Select Financial Data
	As of and for the
	Three Months Ended
	March 31,		December 31,		March 31,
(Shares in thousands)		2025		2024		2024
Selected Financial Ratios and Other Data:
Earnings per share
Basic	$	0.82	$	0.80	$	0.89
Diluted		0.81		0.79		0.89
Core net income (non-GAAP)
Basic	$	0.88	$	0.91	$	0.84
Diluted		0.88		0.90		0.83
Book value per common share (excluding minority interest)	$	23.98	$	23.07	$	20.22
Tangible book value per share (non-GAAP)	$	23.51	$	22.60	$	19.73
Common shares outstanding, par value $0.01 per share⁽¹⁾		30,697		30,671		30,510
Weighted average common shares outstanding, basic		30,682		30,677		30,476
Weighted average common shares outstanding, diluted		30,946		30,976		30,737

(1) 70,000,000 shares authorized; 30,940,480, 30,809,484, and 30,736,141 shares issued for the periods ended March 31, 2025, December 31, 2024, and March 31, 2024 respectively, and 30,696,940, 30,670,982, and 30,510,393 shares outstanding for the periods ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Select Financial Data
	As of and for the						As of and for the
	Three Months Ended						Three Months Ended
	March 31,		December 31,		March 31,		March 31,
	2025		2024		2024		2025		2024
Selected Performance Metrics:
Return on average assets	1.22	%	1.17	%	1.36	%	1.22	%	1.36	%
Core return on average assets (non-GAAP)	1.33	%	1.34	%	1.27	%	1.33	%	1.27	%
Return on average equity	14.05	%	13.83	%	18.24	%	14.05	%	18.24	%
Core return on average tangible common equity (non-GAAP)	15.54	%	16.13	%	17.59	%	15.54	%	17.59	%
Average equity to average assets	8.71	%	8.48	%	7.44	%	8.71	%	7.44	%
Tangible common equity to tangible assets (non-GAAP)	8.73	%	8.41	%	7.41	%	8.73	%	7.41	%
Loan yield	5.00	%	5.00	%	4.76	%	5.00	%	4.76	%
Securities yield	5.15	%	5.12	%	5.21	%	5.15	%	5.21	%
Deposit cost	1.59	%	1.53	%	1.46	%	1.59	%	1.46	%
Net interest margin	3.55	%	3.59	%	3.49	%	3.55	%	3.49	%
Efficiency ratio⁽¹⁾	54.10	%	52.83	%	48.75	%	54.10	%	48.75	%
Core efficiency ratio (non-GAAP)	52.11	%	49.82	%	50.40	%	52.11	%	50.40	%

Asset Quality Ratios:
Nonaccrual loans to total loans	0.70	%	0.45	%	0.75	%	0.70	%	0.75	%
Nonperforming assets to total assets	0.41	%	0.31	%	0.42	%	0.41	%	0.42	%
Allowance for credit losses on loans to nonaccrual loans	175.07	%	286.00	%	195.04	%	175.07	%	195.04	%
Allowance for credit losses on loans to total loans	1.23	%	1.29	%	1.46	%	1.23	%	1.46	%
Annualized net charge-offs to average loans	0.22	%	0.36	%	0.20	%	0.22	%	0.20	%

Capital Ratios:
Tier 1 leverage capital ratio	9.22	%	9.00	%	8.29	%	9.22	%	8.29	%
Tier 1 risk-based capital ratio	14.27	%	13.90	%	13.68	%	14.27	%	13.68	%
Total risk-based capital ratio	16.61	%	16.26	%	16.35	%	16.61	%	16.35	%
Common equity tier 1 capital ratio	14.27	%	13.90	%	13.68	%	14.27	%	13.68	%

⁽¹⁾Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income

Loan and PACE Assessments Portfolio Composition
(In thousands)	At March 31, 2025					At December 31, 2024					At March 31, 2024
	Amount			% of total		Amount			% of total		Amount			% of total
Commercial portfolio:
Commercial and industrial	$	1,183,297		25.3	%	$	1,175,490		25.2	%	$	1,014,084		22.9	%
Multifamily		1,371,950		29.3	%		1,351,604		28.9	%		1,175,467		26.6	%
Commercial real estate		409,004		8.7	%		411,387		8.8	%		353,598		8.0	%
Construction and land development		20,690		0.4	%		20,683		0.4	%		23,266		0.5	%
Total commercial portfolio		2,984,941		63.8	%		2,959,164		63.3	%		2,566,415		58.0	%

Retail portfolio:
Residential real estate lending		1,303,856		27.9	%		1,313,617		28.1	%		1,419,321		32.1	%
Consumer solar		356,601		7.6	%		365,516		7.8	%		398,501		9.0	%
Consumer and other		32,108		0.7	%		34,627		0.8	%		39,543		0.9	%
Total retail portfolio		1,692,565		36.2	%		1,713,760		36.7	%		1,857,365		42.0	%
Total loans held for investment		4,677,506		100.0	%		4,672,924		100.0	%		4,423,780		100.0	%

Allowance for credit losses		(57,676	)				(60,086	)				(64,400	)
Loans receivable, net	$	4,619,830				$	4,612,838				$	4,359,380

PACE assessments:
Available for sale, at fair value
Residential PACE assessments		161,147		13.4	%		152,011		12.7	%		82,258		7.2	%

Held-to-maturity, at amortized cost
Commercial PACE assessments		271,200		22.6	%		268,692		22.5	%		256,661		22.5	%
Residential PACE assessments		767,507		64.0	%		775,922		64.8	%		801,786		70.3	%
Total Held-to-maturity PACE assessments		1,038,707		86.6	%		1,044,614		87.3	%		1,058,447		92.8	%
Total PACE assessments		1,199,854		100.0	%		1,196,625		100.0	%		1,140,705		100.0	%

Allowance for credit losses		(654	)				(655	)				(657	)
Total PACE assessments, net	$	1,199,200				$	1,195,970				$	1,140,048


Loans receivable, net and total PACE assessments, net as a % of Deposits		78.5	%				80.9	%				75.3	%
Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs		78.5	%				80.9	%				77.0	%

Net Interest Income Analysis
	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(In thousands)	Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	121,321		$	1,194	3.99	%	$	105,958		$	1,113	4.18	%	$	205,369		$	2,592	5.08	%
Securities⁽¹⁾		3,220,590			40,867	5.15	%		3,313,349			42,632	5.12	%		3,170,356			41,064	5.21	%
Resell agreements		30,169			786	10.57	%		50,938			816	6.37	%		79,011			1,326	6.75	%
Loans receivable, net⁽²⁾		4,695,264			57,843	5.00	%		4,619,723			58,024	5.00	%		4,390,489			51,952	4.76	%
Total interest-earning assets		8,067,344			100,690	5.06	%		8,089,968			102,585	5.04	%		7,845,225			96,934	4.97	%
Non-interest-earning assets:
Cash and due from banks		5,045							6,291							5,068
Other assets		220,589							214,868							226,270
Total assets	$	8,292,978						$	8,311,127						$	8,076,563

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	4,242,786		$	26,806	2.56	%	$	3,971,128		$	26,329	2.64	%	$	3,591,551		$	21,872	2.45	%
Time deposits		232,683			2,111	3.68	%		220,205			2,085	3.77	%		188,045			1,576	3.37	%
Brokered CDs		—			—	0.00	%		11,822			169	5.69	%		190,240			2,443	5.16	%
Total interest-bearing deposits		4,475,469			28,917	2.62	%		4,203,155			28,583	2.71	%		3,969,836			25,891	2.62	%
Borrowings		134,340			1,196	3.61	%		98,768			908	3.66	%		288,093			3,006	4.20	%
Total interest-bearing liabilities		4,609,809			30,113	2.65	%		4,301,923			29,491	2.73	%		4,257,929			28,897	2.73	%
Non-interest-bearing liabilities:
Demand and transaction deposits		2,901,061							3,239,251							3,138,238
Other liabilities		59,728							65,580							79,637
Total liabilities		7,570,598							7,606,754							7,475,804
Stockholders’ equity		722,380							704,373							600,759
Total liabilities and stockholders’ equity	$	8,292,978						$	8,311,127						$	8,076,563

Net interest income / interest rate spread				$	70,577	2.41	%				$	73,094	2.31	%				$	68,037	2.24	%
Net interest-earning assets / net interest margin	$	3,457,535				3.55	%	$	3,788,045				3.59	%	$	3,587,296				3.49	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	7,376,530				1.59	%	$	7,430,584				1.52	%	$	6,917,834				1.36	%
Total deposits / total cost of deposits	$	7,376,530				1.59	%	$	7,442,406				1.53	%	$	7,108,074				1.46	%
Total funding / total cost of funds	$	7,510,870				1.63	%	$	7,541,174				1.56	%	$	7,396,167				1.57	%

(1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
(2) Includes prepayment penalty interest income in 1Q2025, 4Q2024, or 1Q2024 of $0, $121, and $18, respectively (in thousands).

Deposit Portfolio Composition
	Three Months Ended
(In thousands)	March 31, 2025				December 31, 2024				March 31, 2024
	Ending Balance		Average Balance		Ending Balance		Average Balance		Ending Balance		Average Balance
Non-interest-bearing demand deposit accounts	$	2,895,757	$	2,901,061	$	2,868,506	$	3,239,251	$	3,182,047	$	3,138,238
NOW accounts		187,078		177,827		179,765		174,963		200,900		197,659
Money market deposit accounts		3,772,423		3,739,548		3,564,423		3,471,242		3,222,271		3,051,670
Savings accounts		330,410		325,411		328,696		324,922		341,054		342,222
Time deposits		226,404		232,683		239,215		220,205		197,265		188,045
Brokered certificates of deposit (“CDs”)		—		—		—		11,822		162,228		190,240
Total deposits	$	7,412,072	$	7,376,530	$	7,180,605	$	7,442,405	$	7,305,765	$	7,108,074

Total deposits excluding Brokered CDs	$	7,412,072	$	7,376,530	$	7,180,605	$	7,430,583	$	7,143,537	$	6,917,834

	Three Months Ended
	March 31, 2025				December 31, 2024				March 31, 2024
(In thousands)	Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds

Non-interest bearing demand deposit accounts	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
NOW accounts	0.72	%	0.70	%	0.72	%	0.81	%	1.05	%	1.03	%
Money market deposit accounts	2.73	%	2.76	%	2.67	%	2.85	%	2.96	%	2.67	%
Savings accounts	1.28	%	1.28	%	1.32	%	1.37	%	1.34	%	1.29	%
Time deposits	3.52	%	3.68	%	3.54	%	3.77	%	3.44	%	3.37	%
Brokered CDs	—	%	—	%	—	%	5.69	%	4.99	%	5.16	%
Total deposits	1.57	%	1.59	%	1.52	%	1.53	%	1.60	%	1.46	%

Interest-bearing deposits excluding Brokered CDs	2.58	%	2.62	%	2.54	%	2.70	%	2.75	%	2.50	%

⁽¹⁾ Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.

Asset Quality
(In thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Loans 90 days past due and accruing	$	—	$	—	$	—
Nonaccrual loans held for sale		989		4,853		989
Nonaccrual loans – Commercial		27,872		16,041		24,228
Nonaccrual loans – Retail		5,072		4,968		8,791
Nonaccrual securities		7		8		31
Total nonperforming assets	$	33,940	$	25,870	$	34,039

Nonaccrual loans:
Commercial and industrial	$	12,786	$	872	$	8,750
Commercial real estate		3,979		4,062		4,354
Construction and land development		11,107		11,107		11,124
Total commercial portfolio		27,872		16,041		24,228

Residential real estate lending		1,375		1,771		4,763
Consumer solar		3,479		2,827		3,852
Consumer and other		218		370		176
Total retail portfolio		5,072		4,968		8,791
Total nonaccrual loans	$	32,944	$	21,009	$	33,019

Credit Quality
	March 31, 2025		December 31, 2024		March 31, 2024
($ in thousands)
Criticized and classified loans
Commercial and industrial	$	55,157	$	62,614	$	62,242
Multifamily		8,540		8,573		10,274
Commercial real estate		3,979		4,062		8,475
Construction and land development		11,107		11,107		11,124
Residential real estate lending		1,375		6,387		4,763
Consumer solar		3,479		2,827		3,852
Consumer and other		218		370		176
Total loans	$	83,855	$	95,940	$	100,906

Criticized and classified loans to total loans
Commercial and industrial	1.18	%	1.34	%	1.41	%
Multifamily	0.18	%	0.18	%	0.23	%
Commercial real estate	0.09	%	0.09	%	0.19	%
Construction and land development	0.24	%	0.24	%	0.25	%
Residential real estate lending	0.03	%	0.14	%	0.11	%
Consumer solar	0.07	%	0.06	%	0.09	%
Consumer and other	—	%	0.01	%	0.01	%
Total loans	1.79	%	2.06	%	2.29	%

	March 31, 2025				December 31, 2024				March 31, 2024
	Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance
Commercial and industrial	0.28	%	1.29	%	0.53	%	1.15	%	0.16	%	1.58	%
Multifamily	—	%	0.23	%	0.15	%	0.21	%	—	%	0.38	%
Commercial real estate	—	%	0.39	%	—	%	0.39	%	—	%	0.40	%
Construction and land development	—	%	6.05	%	(7.19)	%	6.06	%	—	%	3.67	%
Residential real estate lending	—	%	0.73	%	0.28	%	0.71	%	—	%	0.87	%
Consumer solar	1.90	%	7.01	%	1.71	%	7.96	%	1.67	%	6.72	%
Consumer and other	0.70	%	5.67	%	0.86	%	6.83	%	0.86	%	6.36	%
Total loans	0.22	%	1.23	%	0.36	%	1.29	%	0.20	%	1.46	%

Reconciliation of GAAP to Non-GAAP Financial Measures The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.
	As of and for the
	Three Months Ended
(in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Core operating revenue
Net Interest Income (GAAP)	$	70,577		$	73,095		$	68,037
Non-interest income (GAAP)		6,406			4,789			10,229
Add: Securities loss		680			1,003			2,774
Less: ICS One-Way Sell Fee Income⁽¹⁾		(9	)		(1,347	)		(2,903	)
Less: Changes in fair value of loans held-for-sale⁽⁶⁾		(837	)		4,117			—
Add: Tax (credits) depreciation on solar investments⁽³⁾		2,868			920			(1,808	)
Core operating revenue (non-GAAP)	$	79,685		$	82,577		$	76,329

Core non-interest expense
Non-interest expense (GAAP)	$	41,650		$	41,143		$	38,152
Add: Gain on settlement of lease termination⁽⁴⁾		—			—			499
Less: Severance costs⁽⁵⁾		(125	)		(1	)		(184	)
Core non-interest expense (non-GAAP)	$	41,525		$	41,142		$	38,467

Core net income
Net Income (GAAP)	$	25,028		$	24,491		$	27,249
Add: Securities loss		680			1,003			2,774
Less: ICS One-Way Sell Fee Income⁽¹⁾		(9	)		(1,347	)		(2,903	)
Less: Changes in fair value of loans held-for-sale⁽⁶⁾		(837	)		4,117			—
Less: Gain on settlement of lease termination⁽⁴⁾		—			—			(499	)
Add: Severance costs⁽⁵⁾		125			1			184
Add: Tax (credits) depreciation on solar investments⁽³⁾		2,868			920			(1,808	)
Less: Tax on notable items		(731	)		(1,217	)		607
Core net income (non-GAAP)	$	27,124		$	27,968		$	25,604

Tangible common equity
Stockholders’ equity (GAAP)	$	735,996		$	707,654		$	616,938
Less: Minority interest		—			—			(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,343	)		(1,487	)		(2,034	)
Tangible common equity (non-GAAP)	$	721,717		$	693,231		$	601,835

Average tangible common equity
Average stockholders’ equity (GAAP)	$	722,380		$	704,373		$	600,759
Less: Minority interest		—			(132	)		(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,413	)		(1,575	)		(2,123	)
Average tangible common equity (non-GAAP)	$	708,031		$	689,730		$	585,567

(1) Included in service charges on deposit accounts in the Consolidated Statements of Income
(2) Included in other income in the Consolidated Statements of Income
(3) Included in equity method investments income in the Consolidated Statements of Income
(4) Included in occupancy and depreciation in the Consolidated Statements of Income
(5) Included in compensation and employee benefits in the Consolidated Statements of Income
(6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income

^¹ Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.

The MIL Network –

April 24, 2025

MIL-OSI: FirstCash Reports Record First Quarter Operating Results; Earnings per Share Increase 39% in Total and 34% on an Adjusted Basis; Operating Cash Flows Fund Store Additions, $60 Million of First Quarter Share Repurchases and Continued Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three month period ended March 31, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid in May 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record first quarter results, driven by the continued revenue and earnings growth from core pawn operations coupled with strong operating margins in the AFF POS payment solutions segment. Resulting first quarter net income grew 36% on a GAAP basis and 32% on an adjusted basis.

“Demand for pawn loans was robust during the quarter in both the U.S. and Latin America, with ending same-store pawn receivables increasing 13% in the U.S. and 14% in Latin America (local currency basis) versus last year. This marked seven consecutive quarters of double-digit same-store receivable growth in the U.S. segment which drove a 17% increase in earnings from the Company’s largest operating segment.

“Driven by a 19% increase in the number of merchant locations and further diversification outside of the furniture vertical, AFF delivered strong results as well, with earnings growth benefiting from solid credit performance and significant cost reductions. Excluding certain furniture retailers that closed last year due to bankruptcies, the number of active doors increased 29%, which should drive future revenue growth with greater merchant vertical diversification.

“Strong cash flows for the first quarter provided funding for the addition of 12 pawn locations, further purchases of store real estate and $60 million of stock repurchases in addition to the ongoing quarterly cash dividend. These investments are expected to deliver further earnings accretion in 2025 and beyond.”

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended March 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts		2025		2024		2025		2024
Revenue	$	836,423	$	836,370	$	836,423	$	836,370
Net income	$	83,591	$	61,368	$	92,781	$	70,189
Diluted earnings per share	$	1.87	$	1.35	$	2.07	$	1.55
EBITDA (non-GAAP measure)	$	162,961	$	132,587	$	162,880	$	131,592
Weighted-average diluted shares		44,789		45,387		44,789		45,387

Consolidated Operating Highlights

Diluted earnings per share for the first quarter increased 39% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 34% compared to the prior-year quarter.
Net income for the first quarter increased 36% over the prior-year quarter on a GAAP basis while adjusted net income increased 32% compared to the prior-year quarter.
Gross revenues totaled $836 million in the first quarter, flat on a U.S. dollar basis and up 4% on a constant currency basis, compared to the prior-year quarter.
For the trailing twelve month period ended March 31, 2025:
- Revenues totaled a record $3.4 billion
- Net income totaled $281 million on a GAAP basis while adjusted net income was $325 million
- Adjusted EBITDA was $590 million
- Operating cash flows were $544 million and adjusted free cash flows (a non-GAAP measure) were $269 million

Store Base and Platform Growth

Pawn Stores – 12 pawn locations were added in the first quarter through an acquisition and new store openings in three countries.
- In the U.S., a high profile luxury buy/sell retail store was acquired in Las Vegas, Nevada, and one new location in Texas was opened during the first quarter.
- There were 10 new store openings in Latin America in the first quarter which included nine locations in Mexico and one location in El Salvador.
- The Company purchased the underlying real estate of seven U.S. stores during the quarter, bringing the total number of company owned locations to 407 at quarter end.
- As of March 31, 2025, the Company had 3,023 locations, comprised of 1,197 U.S. locations and 1,826 locations in Latin America.
Retail POS Payment Solutions (AFF) Merchant Partnerships – At March 31, 2025, there were approximately 14,500 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

U.S. Pawn Segment Operating Results

Segment pre-tax operating income in the first quarter of 2025 was a record $113 million, an increase of $17 million, or 17%, compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 27% for the first quarter of 2025 compared to 26% for the prior-year quarter.
Pawn receivables increased 16% in total at March 31, 2025 compared to the prior year, driven by a 2% increase in the year-to-date weighted-average store count coupled with an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 27%.
Pawn loan fees increased 12% for the first quarter, while on a same-store basis, they increased 10% compared to the respective prior-year period.
Retail merchandise sales increased 6% in the first quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 2% compared to the prior-year quarter.
Retail sales margins increased to 42% for the first quarter compared to 41% in the prior-year quarter.
Annualized inventory turnover was 2.8 times for the trailing twelve months ended March 31, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at March 31, 2025 remained low at 2% of total inventories.
Operating expenses for the first quarter increased 8% as compared to the prior-year quarter, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 6% for the quarter compared to the respective prior-year period.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the first quarter of 2025 was 20.4 pesos / dollar, an unfavorable change of 20% versus the comparable prior-year period.

Given the 20% decrease in the average Mexican peso exchange rate, first quarter segment pre-tax operating income decreased 2% on a U.S. dollar basis compared to last year. Segment earnings increased 13% over last year on a constant currency basis, with resulting segment pre-tax operating margins of 17% under both measures, compared to 16% in the prior year.
Pawn receivables at March 31, 2025 decreased 5% on a U.S. dollar basis while increasing 15% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 5% on a U.S. dollar basis but increased 14% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the first quarter decreased 5% on a U.S. dollar-basis, they increased 13% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the first quarter of 2025 decreased 8% on a U.S. dollar-basis compared to the prior-year quarter while increasing 9% on a constant currency basis. On a same-store basis, first quarter retail merchandise sales decreased 9% on a U.S. dollar basis while increasing 9% on a constant currency basis compared to the prior-year quarter.
Retail margins were 35% for the first quarter of 2025 compared to 36% in the prior-year quarter. Annualized inventory turnover was 4.2 times for the trailing twelve months ended March 31, 2025 compared to 4.4 times in the prior-year period. Inventories aged greater than one year at March 31, 2025 remained low at 2%.
Operating expenses decreased 9% in total and 8% on a same-store basis compared to the prior-year quarter. On a constant currency basis, they increased 8% both in total and on a same-store basis. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage), along with other inflationary impacts.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

First quarter segment pre-tax operating income totaled $52 million, an increase of 58% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions.
While gross revenues, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 12% compared to the prior-year quarter, net revenue increased 12%. The improvement in net revenue reflected lower LTO depreciation expense resulting from lower early buyout activity in the current quarter combined with lower lease and loan loss provisioning expense as discussed below.
Gross transaction volume of lease and loan originations during the first quarter decreased $21 million, or 8%, compared to the first quarter of last year. Excluding 2024 originations from American Freight and Conn’s Home Plus (both of which ceased operations in the fourth quarter of 2024 due to bankruptcy), first quarter 2025 origination volume increased approximately 24%.
Combined gross leased merchandise and finance receivables outstanding at March 31, 2025 decreased 4% compared to the March 31, 2024 balances due to lower first quarter originations.
The combined first quarter lease and loan loss provision expense decreased $10 million, or 13%, compared to last year. The decrease reflected reduced up-front provisioning given the $21 million decline in origination activity, coupled with lower than expected charge-offs resulting in reserve releases on older vintages. As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 27% for the first quarter of 2025 compared to 29% in the first quarter of 2024. The combined allowance as a percentage of combined leased merchandise and finance receivables at March 31, 2025 was 43% compared to 42% a year ago.
Operating expenses decreased 30% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the American Freight and Conn’s Home Plus relationships along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended March 31, 2025 grew 27% and totaled $544 million compared to $428 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 33% to $269 million in the twelve month period ended March 31, 2025 compared to $201 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $76 million compared to last year.
- A total of 38 pawn stores were acquired for a combined purchase price of $103 million.
- 53 new pawn stores were added with a combined investment of $19 million in fixed assets and working capital.
- Real estate purchases totaled $82 million as the Company purchased the underlying real estate at 56 of its existing pawn stores, bringing the number of Company-owned properties to 407 locations.
Net debt at March 31, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $175 million at March 31, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.68x at March 31, 2025.

Shareholder Returns

The Board of Directors declared a $0.38 per share second quarter cash dividend, which will be paid on May 30, 2025 to stockholders of record as of May 15, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
During the first quarter, the Company repurchased 525,000 shares of common stock at a total cost of $60 million and an average price of $113.54 per share.
Over the past twelve months, the Company has repurchased 1,246,000 shares of common stock at a total cost of $145 million and paid out $67 million in cash dividends, representing a payout ratio of approximately 75% of net income over the same period.
The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
The Company generated a 14% return on equity and a 6% return on assets for the twelve months ended March 31, 2025. Using adjusted net income for the twelve months ended March 31, 2025, the adjusted return on equity was 16% while the adjusted return on assets was 7%.

2025 Outlook

Driven by the strong first quarter results and continued demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. Anticipated conditions and trends for the remainder of 2025 include the following:

Pawn Operations:

Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. The guidance provided below does not assume any material acquisition activity.

U.S. Pawn

Same-store pawn loans at March 31, 2025 were up 13% compared to a year ago, with April balances to date up similarly. Given the strength of the first quarter same-store results, the increase in pawn fee growth is estimated to be in a range of 9% to 11% for the full year.
Retail sales are expected to grow mid-single digits in 2025, with retail sales margins targeted at approximately 41% to 42%.

Latin America Pawn

U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range of approximately 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
Same-store pawn receivables at March 31, 2025 were down 5% on a U.S. dollar basis but up 14% on a constant currency basis, with April balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis while it is projected to be flat to down slightly on a U.S. dollar basis, given the current exchange rate.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

Retail POS Payment Solutions (AFF) Operations:

Despite an 8% year-over-year decrease in first quarter originations, the forecast for full year origination volume for 2025 is expected to be consistent with or slightly above full year 2024 volume. Excluding 2024 originations from Conn’s Home Plus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
While net revenue in the first quarter benefited from lower credit provisioning on reduced originations and older vintage reserve releases, the remainder of the year will see increased loss provisioning consistent with the expected growth in origination activity over the balance of 2025.
Given the above origination and provisioning dynamics, second quarter net revenues are expected to decline 14% to 16% over last year, with full year net revenues forecast to decline in a range of 8% to 12% compared to the prior year. Quarterly operating expenses for the balance of 2025 are expected to remain consistent with the first quarter run rate.
The Company is raising AFF segment earnings expectations for 2025, with full year segment income now expected to increase over last year in a mid single-digit percentage range given the strong first quarter results coupled with the continued operating expense savings.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s strong first quarter results and the outlook for the remainder of 2025, “As reported, our first quarter operating results were outstanding for each business segment and provide tremendous momentum as we begin the second quarter.

“The operating fundamentals in our core pawn segments remain especially strong given current demand for pawn loans. Total outstanding pawn loans at the end of the quarter were up 16% in the U.S. and 15% in Latin America, on a local currency basis, while the average loan amounts were up 11% in the U.S and 7% in Latin America on a local currency basis. At the same time, retail sales and margins remain solid given the deep-value, treasure-hunt nature of our retail showrooms.

“FirstCash continued to invest in the long-term growth of its core pawn assets by expanding its presence in existing markets and entering new markets across both segments. Over the last 12 months, we have added a total of 91 locations through new store openings and acquisitions. The Las Vegas location acquired in the first quarter is expected to deliver significantly higher retail revenue than a typical store, and with the addition of pawn products, should drive even greater profitability and further raise our profile in the high-end segment of the pawn market. Most importantly, the pipeline driving pawn store growth remains robust as we continue to open new stores and evaluate additional acquisition opportunities across multiple markets.

“In addition, we continue to purchase the underlying real estate of high-performing U.S. stores where we now own over 400 locations, representing over a third of our domestic locations. These real estate acquisitions give us not only long-term control of our prime locations, but also reduce future operating costs. At the same time, we continue to reduce current expenses in certain markets in both the U.S. and Latin America, where we often have overlapping locations arising from acquisitions. By consolidating the operations of these overlapping stores into single locations, we can achieve significant cost savings.

“First quarter results for AFF were also positive in almost every aspect despite the bankruptcies of two of its larger furniture lease-to-own merchant partners in late 2024. While revenues declined slightly as expected, we more than offset the impact with strong collection results on the existing portfolios and reduced operating expenses. Our resulting outlook for 2025 earnings is improved and we continue to see a clear path for long-term growth of the AFF segment.

“Strong consolidated cash flows again supported the growth and further shareholder returns through year-over-year growth in earning assets, new and acquired stores and further share repurchases and dividends. The 525,000 shares repurchased in the first quarter for $60 million were executed at an average price of less than $114 per share. At the same time, we reduced outstanding debt on our revolving credit facility by $23 million and decreased the leverage ratio during the quarter.

“In summary, the current market environment remains extremely strong for our pawn-focused business model. Pawn products do well in challenging or uncertain economic cycles and combine well with a deep-value retail sales channel that has limited direct impact from tariffs. With our excellent balance sheet and cash flows, we have a strong platform to continue to drive expected long-term growth in revenues, earnings and shareholder value,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.


FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended
	March 31,
		2025			2024
Revenue:
Retail merchandise sales	$	371,056		$	366,821
Pawn loan fees		191,871			179,535
Leased merchandise income		156,918			205,671
Interest and fees on finance receivables		73,413			57,387
Wholesale scrap jewelry sales		43,165			26,956
Total revenue		836,423			836,370

Cost of revenue:
Cost of retail merchandise sold		224,124			223,529
Depreciation of leased merchandise		88,819			120,284
Provision for lease losses		27,562			43,010
Provision for loan losses		36,360			30,418
Cost of wholesale scrap jewelry sold		35,355			23,289
Total cost of revenue		412,220			440,530

Net revenue		424,203			395,840

Expenses and other income:
Operating expenses		214,586			221,136
Administrative expenses		48,523			44,018
Depreciation and amortization		25,502			26,027
Interest expense		27,471			25,418
Interest income		(1,229	)		(743	)
Gain on foreign exchange		(14	)		(186	)
Merger and acquisition expenses		462			597
Other income, net		(2,315	)		(2,312	)
Total expenses and other income		312,986			313,955

Income before income taxes		111,217			81,885

Provision for income taxes		27,626			20,517

Net income	$	83,591		$	61,368

Certain amounts in the consolidated statement of income for the three months ended March 31, 2024 have been reclassified in order to conform to the 2025 presentation.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	March 31,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	146,034		$	135,070		$	175,095
Accounts receivable, net		71,166			69,703			73,325
Pawn loans		499,710			456,079			517,867
Finance receivables, net		145,079			105,653			147,501
Inventories		334,700			302,385			334,580
Leased merchandise, net		103,612			157,785			128,437
Prepaid expenses and other current assets		26,033			30,460			26,943
Total current assets		1,326,334			1,257,135			1,403,748

Property and equipment, net		724,213			658,349			717,916
Operating lease right of use asset		329,183			320,515			324,646
Goodwill		1,815,139			1,730,353			1,787,172
Intangible assets, net		216,736			265,184			228,858
Other assets		9,952			10,080			9,934
Deferred tax assets, net		4,720			5,836			4,712
Total assets	$	4,426,277		$	4,247,452		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	129,137		$	138,812		$	171,540
Customer deposits and prepayments		76,211			75,423			72,703
Lease liability, current		96,539			100,874			95,161
Total current liabilities		301,887			315,109			339,404

Revolving unsecured credit facilities		175,000			15,000			198,000
Senior unsecured notes		1,532,099			1,529,147			1,531,346
Deferred tax liabilities, net		129,936			133,606			128,574
Lease liability, non-current		228,995			209,208			225,498
Total liabilities		2,367,917			2,202,070			2,422,822

Stockholders’ equity:
Common stock		575			573			575
Additional paid-in capital		1,755,591			1,727,564			1,767,569
Retained earnings		1,477,730			1,263,564			1,411,083
Accumulated other comprehensive loss		(130,540	)		(36,702	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(909,617	)		(995,467	)
Total stockholders’ equity		2,058,360			2,045,382			2,054,164
Total liabilities and stockholders’ equity	$	4,426,277		$	4,247,452		$	4,476,986

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(UNAUDITED)

The Company organizes its operations into three reportable segments as follows:

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	March 31,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	251,225		$	236,990		6	%
Pawn loan fees		137,948			122,974		12	%
Wholesale scrap jewelry sales		33,492			17,726		89	%
Total revenue		422,665			377,690		12	%

Cost of revenue:
Cost of retail merchandise sold		145,758			139,914		4	%
Cost of wholesale scrap jewelry sold		27,224			15,266		78	%
Total cost of revenue		172,982			155,180		11	%

Net revenue		249,683			222,510		12	%

Segment expenses:
Operating expenses		128,951			118,895		8	%
Depreciation and amortization		7,600			7,013		8	%
Total segment expenses		136,551			125,908		8	%

Segment pre-tax operating income	$	113,132		$	96,602		17	%

Operating metrics:
Retail merchandise sales margin	42		%	41		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	27		%	26		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of March 31,
	2025			2024			Increase
Earning assets:
Pawn loans	$	365,972		$	315,792		16	%
Inventories		246,237			216,762		14	%
	$	612,209		$	532,554		15	%

Average outstanding pawn loan amount (in ones)	$	289		$	261		11	%

Composition of pawn collateral:
General merchandise	27		%	29		%
Jewelry	73		%	71		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	41		%
Jewelry	61		%	59		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

												Constant Currency Basis
												Three Months
												Ended
		Three Months Ended										March 31,
		March 31,						Increase /					2025		Increase
			2025			2024		(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	120,532		$	130,849			(8	)%		$	143,211			9	%
Pawn loan fees			53,923			56,561			(5	)%			64,091			13	%
Wholesale scrap jewelry sales			9,673			9,230			5	%			9,673			5	%
Total revenue			184,128			196,640			(6	)%			216,975			10	%

Cost of revenue:
Cost of retail merchandise sold			78,739			84,183			(6	)%			93,439			11	%
Cost of wholesale scrap jewelry sold			8,131			8,023			1	%			9,647			20	%
Total cost of revenue			86,870			92,206			(6	)%			103,086			12	%

Net revenue			97,258			104,434			(7	)%			113,889			9	%

Segment expenses:
Operating expenses			61,417			67,425			(9	)%			72,515			8	%
Depreciation and amortization			4,436			5,105			(13	)%			5,216			2	%
Total segment expenses			65,853			72,530			(9	)%			77,731			7	%

Segment pre-tax operating income		$	31,405		$	31,904			(2	)%		$	36,158			13	%

Operating metrics:
Retail merchandise sales margin	35			%	36		%				35			%
Net revenue margin	53			%	53		%				52			%
Segment pre-tax operating margin	17			%	16		%				17			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

									Constant Currency Basis
									As of
									March 31,
	As of March 31,						Increase /		2025		Increase
	2025			2024			(Decrease)		(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	133,738		$	140,287		(5	)%	$	161,065	15	%
Inventories		88,463			85,623		3	%		106,579	24	%
	$	222,201		$	225,910		(2	)%	$	267,644	18	%

Average outstanding pawn loan amount (in ones)	$	86		$	97		(11	)%	$	104	7	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	62		%	66		%
Jewelry	38		%	34		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	March 31,				Increase /
		2025		2024	(Decrease)
Revenue:
Leased merchandise income	$	156,918	$	205,671	(24	)%
Interest and fees on finance receivables		73,413		57,387	28	%
Total revenue		230,331		263,058	(12	)%

Cost of revenue:
Depreciation of leased merchandise		89,143		120,774	(26	)%
Provision for lease losses		27,604		43,180	(36	)%
Provision for loan losses		36,360		30,418	20	%
Total cost of revenue		153,107		194,372	(21	)%

Net revenue		77,224		68,686	12	%

Segment expenses:
Operating expenses		24,218		34,816	(30	)%
Depreciation and amortization		705		721	(2	)%
Total segment expenses		24,923		35,537	(30	)%

Segment pre-tax operating income	$	52,301	$	33,149	58	%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	March 31,				Increase /
		2025		2024	(Decrease)
Leased merchandise	$	94,305	$	154,121		(39	)%
Finance receivables		141,262		102,165		38	%
Total gross transaction volume	$	235,567	$	256,286		(8	)%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of March 31,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	172,886		$	253,876			(32	)%
Less allowance for lease losses		(69,077	)		(95,786	)		(28	)%
Leased merchandise, net	$	103,809		$	158,090			(34	)%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	263,421		$	201,673			31	%
Less allowance for loan losses		(118,342	)		(96,020	)		23	%
Finance receivables, net	$	145,079		$	105,653			37	%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	March 31,						Increase /
		2025			2024		(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	80,661		$	95,752			(16	)%
Provision for lease losses		27,604			43,180			(36	)%
Charge-offs		(41,528	)		(45,149	)		(8	)%
Recoveries		2,340			2,003			17	%
Balance at end of period	$	69,077		$	95,786			(28	)%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29		%	28		%
Average monthly net charge-off rate ⁽²⁾	6.8		%	5.5		%
Delinquency rate ⁽³⁾	22.6		%	20.5		%

Allowance for loan losses:
Balance at beginning of period	$	117,005		$	96,454			21	%
Provision for loan losses		36,360			30,418			20	%
Charge-offs		(38,419	)		(33,279	)		15	%
Recoveries		3,396			2,427			40	%
Balance at end of period	$	118,342		$	96,020			23	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.4		%	5.0		%
Delinquency rate ⁽³⁾	19.3		%	19.2		%

_{⁽¹⁾Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.}
_{⁽²⁾Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.}
_{⁽³⁾Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).}

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of March 31, 2025, the Company operated 3,023 pawn store locations composed of 1,197 stores in 29 U.S. states and the District of Columbia, 1,724 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following table details pawn store count activity for the three months ended March 31, 2025:

	Three Months Ended March 31, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	1		10		11
Locations acquired	1		—		1
Consolidation of existing pawn locations ⁽¹⁾	(5	)	(10	)	(15	)
Total locations, end of period	1,197		1,826		3,023

_{⁽¹⁾Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.}

Retail POS Payment Solutions

As of March 31, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 14,500 active retail merchant partner locations. This compares to the active door count of approximately 12,200 locations at March 31, 2024.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
		2025			2024			2025		2024
	In Thousands			In Thousands			In Thousands		In Thousands
Net income, as reported	$	83,591		$	61,368		$	281,038	$	233,281
Adjustments, net of tax:
Merger and acquisition expenses		354			457			1,603		6,524
Non-cash foreign currency loss (gain) related to lease liability		40			(169	)		2,836		(1,100	)
AFF purchase accounting and other adjustments		9,258			9,573			37,974		52,812
Other expenses (income), net		(462	)		(1,040	)		1,821		(2,154	)
Adjusted net income	$	92,781		$	70,189		$	325,272	$	289,363

	Three Months Ended
	March 31,
		2025			2024
	Per Share			Per Share
Diluted earnings per share, as reported	$	1.87		$	1.35
Adjustments, net of tax:
Merger and acquisition expenses		—			0.01
AFF purchase accounting and other adjustments		0.21			0.21
Other expenses (income), net		(0.01	)		(0.02	)
Adjusted diluted earnings per share	$	2.07		$	1.55

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Net income	$	83,591		$	61,368		$	281,038		$	233,281
Income taxes		27,626			20,517			91,070			78,240
Depreciation and amortization		25,502			26,027			104,416			108,077
Interest expense		27,471			25,418			107,279			97,764
Interest income		(1,229	)		(743	)		(2,421	)		(1,695	)
EBITDA		162,961			132,587			581,382			515,667
Adjustments:
Merger and acquisition expenses		462			597			2,093			8,488
Non-cash foreign currency loss (gain) related to lease liability		57			(241	)		4,053			(1,571	)
AFF purchase accounting and other adjustments ⁽¹⁾		—			—			—			13,968
Other expenses (income), net		(600	)		(1,351	)		2,197			(2,798	)
Adjusted EBITDA	$	162,880		$	131,592		$	589,725		$	533,754

_{⁽¹⁾For the twelve months ended March 31, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

							Trailing Twelve
	Three Months Ended						Months Ended
	March 31,						March 31,
		2025			2024			2025			2024
Cash flow from operating activities	$	126,640		$	122,532		$	544,066		$	428,080
Cash flow from certain investing activities:
Pawn loans, net ⁽¹⁾		19,440			25,149			(77,708	)		(54,187	)
Finance receivables, net		(20,566	)		(15,311	)		(144,569	)		(106,213	)
Purchases of furniture, fixtures, equipment and improvements		(12,914	)		(26,427	)		(54,732	)		(72,747	)
Free cash flow		112,600			105,943			267,057			194,933
Merger and acquisition expenses paid, net of tax benefit		354			457			1,603			6,524
Adjusted free cash flow	$	112,954		$	106,400		$	268,660		$	201,457

_{⁽¹⁾Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Trailing Twelve
	Months Ended
	March 31, 2025
Adjusted net income⁽¹⁾	$	325,272

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,027,110
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	16		%

Average total assets (average of five most recent quarter-end balances)	$	4,373,194
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

_{⁽¹⁾See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.}

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	March 31,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.7	(22	)%
Three months ended	20.4	17.0	(20	)%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8	1	%
Three months ended	7.7	7.8	1	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,193	3,842	(9	)%
Three months ended	4,191	3,915	(7	)%

The MIL Network –

April 24, 2025

MIL-Evening Report: Scares and stunts in the home stretch: election special podcast

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

Michelle Grattan and Amanda Dunn discuss the fourth week of the 2025 election campaign. While the death of Pope Francis interrupted campaigning for a while, the leaders had another debate on Tuesday night and the opposition (belatedly) put out its defence policy.

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

– ref. Scares and stunts in the home stretch: election special podcast – https://theconversation.com/scares-and-stunts-in-the-home-stretch-election-special-podcast-255224

MIL OSI Analysis – EveningReport.nz –

April 24, 2025

MIL-OSI United Kingdom: On-call firefighter recruits officially welcomed into the States of Jersey Fire & Rescue Service in a pass-out parade24 April 2025 Eleven new on-call firefighter recruits were officially welcomed into the States of Jersey Fire & Rescue Service over the Easter Weekend, with a pass-out parade. Their families and friends joined… Read more

Source: Channel Islands – Jersey

24 April 2025

Eleven new on-call firefighter recruits were officially welcomed into the States of Jersey Fire & Rescue Service over the Easter Weekend, with a pass-out parade.

Their families and friends joined them for the ceremony where Area Commander Lee Drawbridge presented the firefighters with certificates.

Their loved ones were also able to witness some of the life-saving emergency work they’ll be undertaking in their new role, with an RTC casualty extrication demonstration.

Following a successful recruitment campaign and subsequent training programme, the new firefighters are joining crews based at either the Western or Town stations.

These successful candidates will play a part in strengthening and protecting our community – and in the Island’s response to emergencies.

Deputy Chief Fire Officer Bryn Coleman said: “We are delighted to welcome these 11 enthusiastic individuals into the Fire and Rescue Service family.

“Our on-call firefighters are a vital element to the island’s resilience and these new recruits go a long way towards bolstering our resilience within the States of Jersey Fire and Rescue Service.

“Both our stations rely on on-call firefighters to ensure we can respond effectively to emergencies, and we are grateful for their dedication in helping make our Island home that little bit safer.

“We are also grateful to their families and loved ones who were able to join us for their pass-out parade.

“As emergency responders, having that support at home makes all the difference.”

The States of Jersey Fire & Rescue Service on-call firefighters are often permanently employed by other organisations but provide an on-call service to the fire service when their pager alerts them. Just like full-time firefighters, on-call firefighters are trained to deal with a wide range of situations and incidents.

They are required to respond to emergencies every four days if working from St Helier, or alternate evenings if working from Western Station in St Brelade.

The challenging role of a firefighter means it suits people who work well in a team; people with a positive, professional approach; and people who recognise the value of rules and procedures but who are also innovative and can challenge appropriately.

Firefighters also need to deal sensitively with members of the public in difficult and emotional situations and the ability to deliver under pressure, often with great courage and in distressing circumstances.

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI United Kingdom: Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Source: Northern Ireland – City of Derry

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

17 April 2025

Get ready for a vibrant injection of New Orleans spirit as ‘Angela and Her NOLA Brass Squad’ prepares to make their highly anticipated debut at the City of Derry Jazz & Big Band Festival.
Born from the embers of the much-loved Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ brings together familiar energy with exciting new sounds. After 15 years of electrifying street performances, the original Jaydee Brass Band took a break. However, the musical connection remained strong, and a core group of the original crew couldn’t resist reuniting, keen to experiment and explore fresh musical avenues.

This new ensemble welcomes dynamic vocalist Angela, whose captivating voice and charming stage presence perfectly complements their vision. The band’s formation was driven by a desire to create a versatile act equally at home busking on the streets and commanding festival stages.

While carrying the energetic DNA of Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ carves its own path. This isn’t just a typical jazz fest brass band; it’s a powerful vocalist fronting a dynamic ensemble, reminiscent of a rock festival stage presence, yet retaining the raw, engaging spirit of a busking brass band. The ‘NOLA’ in their name is a clear nod to New Orleans, Louisiana, the birthplace of jazz and a city where the joy of everyday music-making thrives.

Band member Eelco van Velzen said the new ensemble is looking forward to returning to this year’s Jazz Festival and hope the Derry public love everything ‘Angela and Her NOLA Brass Squad’ have to offer. Eelco said: “Coming back to Derry after 15 previous visits with the Jaydee Brass band feels like flying home to introduce our new girlfriend to our parents. We are sure you will like her and approve of how we are moving forward.”

Extending a warm welcome to the new group, Jazz Festival Coordinator with Derry City and Strabane District Council, Aisling McCallion, said: “We are absolutely delighted to welcome ‘Angela and Her NOLA Brass Squad’ to this year’s festival lineup. Their unique blend of New Orleans jazz with contemporary flair perfectly embodies the spirit of musical innovation we strive to showcase. Having hosted the Jaydee Brass Band multiple times in previous years, we’re excited to see this evolution and know our festival attendees will be in for something truly special.”

Don’t miss the chance to witness the exciting debut of ‘Angela and Her NOLA Brass Squad’ at the City of Derry Jazz & Big Band Festival. Expect feisty, unfiltered fun and a musical experience that will get you moving!

There are multiple opportunities to catch this new group at this year’s festival – they’ll be on the steps of the Millennium Forum at 7.15pm on Friday 2^nd May or pop into the Blackbird at 11pm that night. On Saturday they are taking part in the DLD Second Line Parade at 11am, before returning to the Millennium Forum steps at 3.45pm, and closing Saturday with a performance at the Guildhall Taphouse at 10.30pm. On Sunday they will be playing at the Craft Village at 1pm, and then on the steps of the Richmond Centre at 4.30pm.

The City of Derry Jazz and Big Band Festival is organised and funded by Derry City and Strabane District Council with support from Diageo and EY.

For more information go to cityofderryjazzfestival.com and for regular updates follow the City of Derry Jazz festival on Facebook Instagram and X @derryjazzfest.

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI United Kingdom: Playhouse to bring acclaimed Jazz production for festival debut

Source: Northern Ireland – City of Derry

Playhouse to bring acclaimed Jazz production for festival debut

24 April 2025

The City of Derry Jazz Festival swings into town once again over the May Bank holiday with a stellar line up of talent all set to celebrate jazz in all its forms.

The Playhouse is just one of a number of dedicated Jazz Hubs with its own festival line up, and this year the theatre is bringing a new jazz experience to audiences in the form of the intriguingly titled ‘No Citation’.

The play is written by musician and song-writer Kyron Bourke who is a familiar face on the local Jazz circuit. Originally from Dublin, Kyron moved to Belfast in 1992, initially for three months to play in Larry’s Piano Bar, and decades later he can still be found holding court at weekends as Music Curator of the popular Bert’s Jazz Bar in the Merchant Hotel.

The play premiered at the Lyric Theatre Belfast before a successful run in Dublin’s Smock Alley Theatre, but Kyron is looking forward to bringing the production for the first time to Derry, and a new audience at Ireland’s biggest jazz celebration.

This unique theatrical and musical event combines powerful storytelling with original jazz compositions, following the story of Jeremy d’Wolfe McCarthy, a legendary piano man facing his final judgment. Finding himself in the derelict Dimitri’s Piano Bar, McCarthy attempts to entertain with his latest songs but is haunted by ghosts from his past. As he realizes this may be his final performance, he desperately tries to set the record straight.

Born into a theatrical and literary family in Dublin, transitioning from music to drama was a natural process for Kyron, as he revealed ahead of the festival. “My father, from a prominent theatrical family in Dublin, was an actor and my mother was an opera singer. My father‘s cousin was Brendan Behan. Basically everybody in the family either danced or acted, directed and produced plays or wrote them, so from an early age I was immersed in the process,” he reflects.

“I had written before, mainly reviews for theatre companies that I worked for and once as a result of a bursary from the Royal Court, London. A few years ago, I wrote a play about a famous alcoholic Shakespearean actor who had died and was looking back over his life.

“I workshopped the play and the general consensus was that I should write about subject matter closer to my own experience. So, I took this advice on board and decided to write about a piano man who has passed over. My piano man was similar to the protagonist in the first play, except for the fact that the piano man had not really achieved a lot as far as fame was concerned. But in terms of abusing alcohol and substances he was the same and was possessed of an equally enormous ego.”

While the show features original songs penned by Kyron, and delivered by a fabulous line up of accomplished jazz musicians, it won’t just appeal to hard core jazz fans.

“The play has 10 or so songs and incidental music throughout but there’s also a good deal of dialogue and a compelling story line. The style of the music is jazz but in no way is it hard-core jazz. It’s a good introduction for non jazzers. For those who feel that jazz is not for them the music and songs in ‘No Citation’ would be a good starting point.”

Over his time at Bert’s Kyron has been immersed in the local jazz scene and is seeing a new wave of talent shaking up the industry. “The scene has changed quite a lot over the past 30 years,” he explains. “The calibre of musicianship of the young musicians coming up is astonishing. I guess there’s better training in place. It’s a very a vibrant scene – very exciting. “Events like the City of Derry Jazz Festival provide an opportunity for those artists to connect with new audiences and the more jazz festivals the better as far as I am concerned. “The Derry Jazz Festival is unique because there are already superb international standard jazz musicians living in and around Derry and I imagine this ever-present core of homegrown jazz musicians drives the desire to seek out genuine jazz international acts and not just random music acts. I always feel there’s a good cross section of jazz styles at the Derry Festival, so there is something for everybody.”

Musician, broadcaster and academic, Dr Linley Hamilton, who recently picked up an MBE for services to music, plays one of an impressive cast of characters that appear in silhouette throughout the production to take Jeremy on a musical odyssey in his final moments. Linley has worked closely with Kyron over the years and is looking forward to collaborating once again, as he explained. “Kyron is the real deal when it comes to music. He’s an amazing vocalist and a brilliant song-writer and it’s an absolute joy to work with him again on this project. He has a passion that proves that music isn’t about how you write it – it’s how you can make people feel.

“Kyron is one of those musicians where you just press the button and he’s in a different world and he takes you along with him. As an artist he’s completely selfless in that he gives performers room to play which is unusual. He provides musicians with the opportunity to play to the maximum – it’s not about him, and that’s very rare I this industry. Here in N. Ireland there’s a very small domestic market when it comes to jazz, there are only a few dedicated venues and opportunities to perform are rare. But the way he works pays dividends because performers respond to him what you get is something completely unique and authentic.”

The City of Derry Jazz and Big Band Festival is organised and funded by Derry City and Strabane District Council with support from Diageo and EY.

You can catch ‘No Citation’ at the Playhouse on Thursday May 1^st at 8pm. Tickets costing £25/Concession £22, are available at www.derryplayhouse.com

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI United Kingdom: Liverpool Welcomes 50 New Citizens on St George’s Day

Source: City of Liverpool

Today, Wednesday 23rd April, Liverpool celebrates a powerful moment of inclusion and civic pride, as 50 people from across the world becomes British citizens in a special ceremony at St George’s Hall — held fittingly on St George’s Day.

Led by Liverpool City Council’s Registration Service, the ceremony marks the final step in a deeply personal journey for each participant, and the beginning of a new chapter as full members of British society.

The event took place in the historic grandeur of St George’s Hall, offering a powerful atmosphere for new citizens to mark the start of a new chapter. The event shines a light on the diverse communities that make up Liverpool, and the values of unity that define it.

With the ceremony falling on St George’s Day, a date traditionally associated with English identity, it becomes an even more symbolic moment, highlighting the evolving story of modern Britain and Liverpool’s proud tradition as a welcoming city.

As Liverpool continues to welcome people from all over the world, this event stands as a powerful symbol of what it means to belong — and what it means to be a Liverpudlian.

Councillor Laura Robertson-Collins, Cabinet Member for Neighbourhoods, said: “This is what Liverpool is all about, a city that welcomes, embraces and celebrates the people who choose to call it home.

“These ceremonies are powerful reminders of the strength we gain from our diversity and I’m incredibly proud that so many people are becoming citizens right here, in the heart of Liverpool, on such a symbolic day.“

Dr Mqhreen Aleem, one of the new citizens, shared what the moment means to them: “This day means everything to me.

“I’ve worked hard to build a life here, and becoming a British citizen in Liverpool — in such a beautiful place, on St George’s Day — feels like a true beginning. I’m proud to call this city my home’’.

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI United Kingdom: Government action to improve safety in young offender institutions

Source: United Kingdom – Executive Government & Departments 3

Press release

Government action to improve safety in young offender institutions

Frontline officers and young people in custody will be better protected under plans to equip specially selected and trained staff with synthetic pepper spray, the Government has announced today (24 April).

Specially selected, trained staff to be equipped with synthetic pepper spray
Response to rising violence in young offender institutions
Rate of assaults on staff 14 times higher than in adult prisons

Amid rising levels of violence, the decision will help keep both staff and young people safe and reduce the severity of incidents in young offender institutions.

Over the last few years, more and more frontline officers have been forced to put themselves in danger to protect young people in custody from attack and fend off homemade weapons.

PAVA, a synthetic pepper spray which temporarily incapacitates those it is sprayed upon, will now be available to specialist staff in young offender institutions to help de-escalate and diffuse violent situations.

Today’s announcement comes as new figures show the rate of assaults in public youth offender institutions is around 14 times higher than in adult prisons.

By giving staff the tools they need to keep young people in custody safe, they will be able to focus on rehabilitation and help them turn their lives around. Reducing reoffending is fundamental to the government’s pledge to keep our streets safe, part of its Plan for Change.

Minister for Youth Justice Sir Nic Dakin said:

This government inherited a criminal justice system in crisis. The unacceptable levels of violence faced by our brave frontline officers in young offender institutions is yet another symptom of that.

This is not a decision we have made lightly, but our overarching duty is to keep staff and young people in custody safe. This spray is a vital tool to prevent serious violence, helping staff to focus on rehabilitation as part of our Plan for Change.

The number of young people in custody has fallen significantly in recent years. Those now held in young offender institutions are mostly older teenage boys, aged 16 to 18 years of age, and over two-thirds of all young people are there for violent offences such as murder, attempted murder and grievous bodily harm.

Recent incidents have seen young people in custody sustain serious injuries while staff have experienced fractures, dislocations, puncture wounds and lacerations.

The PAVA rollout will allow staff to respond to these incidents more effectively and restore order more quickly.

It will only be deployed in limited circumstances by specially trained individuals where there is serious violence or an imminent risk of it taking place. It has previously been used in young offender institutions when National Tactical Response Groups have been called to deal with serious incidents, but this change will mean it can be used more quickly to diffuse situations. It is already used by police in the community and by prison officers in the adult estate to reduce the risk of serious harm to staff and prisoners alike.

To keep both staff and young people safe, use in the youth estate will have strict controls, with each use of PAVA being reviewed by an independent panel and reported to ministers for further scrutiny. Ministers will also review its operation and impact after 12 months including to address any disproportionate use.

Today’s announcement follows extensive research and evidence gathering with specialists including subject matter experts and NHS England.

The Government has also recently taken action to end the practice of placing girls in young offender institutions following recommendations from Susannah Hancock’s independent review into the placement and care of girls in youth custody.

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI New Zealand: Energy Resources Aotearoa Welcomes New Industry-Led Work-based Learning Model

Source: Energy Resources Aotearoa

Energy Resources Aotearoa has welcomed Vocational Education Minister Penny Simmonds’ announcement today confirming the introduction of an independent, industry-led model for work-based learning from 1 January 2026.

John Carnegie, Chief Executive of Energy Resources Aotearoa, says the announcement reflects strong industry feedback and is a positive step forward for vocational education in New Zealand.

“It’s great to see the Government listening to industry and confirming the ‘independent learning model’ that we and others have strongly advocated for,” says Carnegie. “This approach recognises the importance of relevant, fit-for-purpose training that meets the real needs of employers and learners.”

Carnegie says the energy sector, in particular, has faced challenges under the current system.

“In the past, the energy industry has had to work across two different standard-setting bodies, creating fragmentation and inefficiencies.

We would like to see a cohesive Industry Skills Board representing the broad energy sector to ensure consistency and coordination across our workforce needs. This is especially important given the skills deficit and the particular challenges the sector faces to deliver secure, reliable and affordable energy to households and businesses.”

Carnegie says the timeframe is tight, but the 2026 start date provides some runway to prepare for the transition.

“We acknowledge that the timeframe is ambitious, but we also appreciate the clarity that changes will take effect from January 2026. This allows industry and training providers to plan for a smooth shift.”

Carnegie also highlights the need for more detail on implementation.

“We would like to see more detail on how the Industry Skills Boards will be appointed and when this process will begin. It’s also important that we get clarity around the structure of these boards, particularly which industries will fall under which board, and how those decisions will be made.

This is especially important given the skills deficit and the particular challenges the sector now faces to deliver secure, reliable and affordable energy to households and businesses.”

Energy Resources Aotearoa looks forward to working closely with Government to ensure the new model delivers high-quality, relevant training that supports a skilled workforce for the energy sector and beyond.

MIL OSI New Zealand News –

April 24, 2025

Category: housing

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Prime Minister Shri Narendra Modi addresses the India Steel 2025 programmeSteel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj DayIn the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

24 April 2025

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Playhouse to bring acclaimed Jazz production for festival debut

Government action to improve safety in young offender institutions

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Source: Energy Resources Aotearoa

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM