MIL-OSI Security: Three Admit Stealing Jewelry, Valuables from St. Louis County Homes

Source: US FBI

ST. LOUIS – Three men from Florida have admitted stealing jewelry and other valuables worth hundreds of thousands of dollars from homes in St. Louis County, including Ladue and Chesterfield.

Benjamin Andres Ovalle-Taibo, 33, and Jonathan Vejar-Caro, 33, pleaded guilty Wednesday in U.S. District Court in St. Louis. Ovalle-Taibo pleaded guilty to one count of conspiracy to commit the transportation of stolen goods and Vejar-Caro to one count of transportation of stolen goods.

Henry Jose Ferreira-Perez, now 21, pleaded guilty to one count of transportation of stolen goods in December and has been sentenced to 14 months in prison.

All three admitted travelling on June 9, 2023, to St. Louis County, where they scouted possible burglary targets and purchased items to use in home break-ins. That evening Ovalle-Taibo and Vejar-Caro stole luxury items worth more than $330,000 from a home in Ladue, including jewelry, handbags and watches. They drove to Illinois and stayed in an Airbnb before returning to Florida to sell the stolen goods.

On June 16, 2023, Ovalle-Taibo and Vejar-Caro burglarized a home in unincorporated St. Louis County which was investigated by the Frontenac Police Department. They stole about $128,000 worth of items, primarily jewelry. They next day, they burglarized two homes in Chesterfield, stealing about $188,500 worth of items from one home and $44,000 from the other.

Ovalle-Taibo and Vejar-Caro are scheduled to be sentenced in October. All three are in the United States illegally and will likely be deported upon their release from prison.

The case was investigated by the FBI, the Ladue Police Department, the Frontenac Police Department and the Chesterfield Police Department. Assistant U.S. Attorney Gwendolyn Carroll is prosecuting the case.

MIL Security OSI –

July 25, 2025

MIL-OSI Security: Operation Grayskull Culminates in Lengthy Sentences for Managers of Darkweb Site Dedicated to Sexual Abuse of Children

Source: US FBI

Operation Grayskull Eradicated Four Dark Web Child Abuse Sites and Led to the Convictions of 18 Offenders to Date, Who Have Collectively Received More than 300 Years in Prison

Today, the Justice Department announced the results of Operation Grayskull, a highly successful joint effort between the Department of Justice and the FBI that resulted in the dismantling of four dark web sites dedicated to images and videos containing child sexual abuse material (CSAM). To date, the operation has led to the convictions of 18 offenders, including a Minnesota man who was sentenced yesterday to 250 months in prison and lifetime supervised release for his involvement with one of these dark web sites. He was also ordered to pay $23,000 in restitution.

“Today’s announcement sends a clear warning to those who exploit and abuse children: you will not find safe haven, even on the dark web,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “These offenders thought that they could act without consequences, but they were wrong. Thanks to the relentless determination of our prosecutors and law enforcement partners we have exposed these perpetrators for who they are, eliminated their websites and brought justice to countless victims.”

“This operation represents one of the most significant strikes ever made against online child exploitation networks,” said FBI Director Kash Patel. “We’ve not only dismantled dangerous platforms on the dark web, but we’ve also brought key perpetrators to justice and delivered a powerful message: you cannot hide behind anonymity to harm children.”

“Yesterday’s sentencing reaffirms our steadfast commitment to protecting our children, the most vulnerable among us, from those who exploit and harm them through the despicable trade in child sexual abuse material,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Thomas Peter Katsampes and his co-conspirators ran some of the darkweb’s most heinous networks, enabling horrific crimes against innocent victims, but Operation Grayskull has shut these sites down and delivered justice. We applaud the FBI and our international partners for their tireless work, and let this be a clear warning: we will relentlessly pursue and prosecute anyone engaged in such atrocities, no matter how they attempt to cover their tracks.”

Thomas Peter Katsampes, 52, of Eagan, Minnesota, pleaded guilty to conspiracy to advertise and conspiracy to distribute child pornography on Feb. 27. According to court documents, Katsampes joined a dark web site dedicated to CSAM in 2022, advertised and distributed CSAM over the website, including CSAM depicting prepubescent children, and eventually worked his way up to a staff position on the web site, which, among other things, involved moderating the site, enforcing the site’s rules for posting CSAM, and advising the site’s users about how to post CSAM.

In addition to Katsampes, eight individuals have been convicted and sentenced in the Southern District of Florida for their involvement in running the primary site targeted by Operation Grayskull.

Defendant	Residence	Case Status
Selwyn David Rosenstein	Boynton Beach, Florida	Pleaded guilty to conspiracy to advertise child pornography, five counts of advertisement of child pornography, and possession of child pornography. Sentenced on Dec. 12, 2022, to 28 years in prison and ordered to pay $80,500 in restitution to victims of his offense.
Matthew Branden Garrell	Raleigh, North Carolina	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 1, 2023, to 20 years and 10 months in prison and ordered to pay $158,500 in restitution to victims of his offense.
Robert Preston Boyles	Clarksville, Tennessee	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 15, 2023, to 23 years and four months in prison and ordered to pay $7,500 in restitution to victims of his offense.
Gregory Malcolm Good	Silver Springs, Nevada	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 22, 2023, to 25 years and 10 months in prison and ordered to pay $93,500 in restitution to victims of his offense.
William Michael Spearman	Madison, Alabama	Pleaded guilty to engaging in a child exploitation enterprise. Sentenced on Jan. 23, 2024, to life in prison and ordered to pay $123,400 in restitution to victims of his offense.
Joseph Addison Martin	Tahuya, Washington	Pleaded guilty to engaging in a child exploitation enterprise. Sentenced on April 18, 2024, to 42 years in prison and ordered to pay $174,500 in restitution to victims of his offense.
Joseph Robert Stewart	Milton, Washington	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on April 18, 2024, to 23 years and 9 months in prison and ordered to pay $19,500 in restitution to victims of his offense.
Keith David McIntosh	Grand Rapids, Michigan	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography, both as a person with a prior conviction for possession of child pornography. Sentenced on Dec. 19, 2024, to 55 years in prison.

The website’s leaders advertised and distributed CSAM, promulgated rules for the website, enforced the rules by banning or scolding users who violated them, held staff meetings, recruited members to serve as staff members, recommended users for promotion, edited and deleted user posts, praised individuals for participating in and contributing to the website, kept records of CSAM posts made by individual members, and paid for and maintained the website servers, among other things.

Operation Grayskull resulted in the dismantling of a total of four sites dedicated to images and videos depicting child sexual abuse. These websites were some of the most egregious on the dark web, and they included sections specifically dedicated to infants and toddlers, as well as depictions of violence, sadism, and torture. The websites also contained detailed advice on how to avoid detection by law enforcement – for example, by using sophisticated technologies.

In other judicial districts around the country, nine additional individuals have been convicted for their involvement with these websites, including the following:

Charles Hand, of Aberdeen, Maryland, was prosecuted in the District of Maryland and was sentenced to 14 years in federal prison;
Michael Ibarra, of Wenatchee, Washington, was prosecuted in the Eastern District of Washington and was sentenced to 12 years in prison;
Clay Trimble, of Fordyce, Arkansas, was prosecuted in the Eastern District of Arkansas and was sentenced to 18 years in prison;
David Craig, of Houston, Texas, was prosecuted in the Southern District of Texas and was sentenced to nine years in prison;
Robert Rella of Chesapeake, Virginia, was prosecuted in the Eastern District of Virginia and was sentenced to five years and eight months in prison;
Samuel Hicks, of Fort Wayne, Indiana, was prosecuted in the Northern District of Indiana and was sentenced to 16 years in prison;
Richard Smith of Dallas, Texas, was prosecuted in the Eastern District of Texas and was sentenced to 14 years in prison;
Patrick Harrison, of Grand Rapids, Michigan, was prosecuted in the Western District of Michigan and was sentenced to five years and ten months in prison.
Thomas Gailus, of Webbers Falls, Oklahoma, was prosecuted in the Eastern District of Oklahoma, and his sentencing is pending.

Two other individuals in the United States died before being charged for their involvement with the websites. The operation also resulted in arrests in the United Kingdom, the Netherlands, Italy, Germany, Estonia, Belgium, and South Africa.

The FBI’s Child Exploitation Operational Unit and Miami Field Office, West Palm Beach Resident Agency investigated the cases.

Acting Deputy Chief Kyle P. Reynolds and Trial Attorney William G. Clayman of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and former Assistant U.S. Attorney Gregory Schiller of the Southern District of Florida coordinated the operation and prosecuted the defendants in the Southern District of Florida.

Substantial assistance for the cases prosected in the Southern District of Florida was provided by FBI Field Offices and Resident Agencies in Huntsville, Alabama; Reno, Nevada; Clarksville, Tennessee; Raleigh, North Carolina; Madison, Wisconsin; Tacoma, Washington; Grand Rapids, Michigan; and Minneapolis, Minnesota; CEOS’s High Technology Investigative Unit; and the U.S. Attorney’s Offices for the Northern District of Alabama, District of Nevada, Middle District of Tennessee, Eastern District of North Carolina, Western District of Wisconsin, Western District of Washington, Western District of Michigan, and District of Minnesota.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

July 25, 2025

MIL-OSI Security: Operation Grayskull Culminates in Lengthy Sentences for Managers of Darkweb Site Dedicated to Sexual Abuse of Children

Source: US FBI

Operation Grayskull Eradicated Four Dark Web Child Abuse Sites and Led to the Convictions of 18 Offenders to Date, Who Have Collectively Received More than 300 Years in Prison

Today, the Justice Department announced the results of Operation Grayskull, a highly successful joint effort between the Department of Justice and the FBI that resulted in the dismantling of four dark web sites dedicated to images and videos containing child sexual abuse material (CSAM). To date, the operation has led to the convictions of 18 offenders, including a Minnesota man who was sentenced yesterday to 250 months in prison and lifetime supervised release for his involvement with one of these dark web sites. He was also ordered to pay $23,000 in restitution.

“Today’s announcement sends a clear warning to those who exploit and abuse children: you will not find safe haven, even on the dark web,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “These offenders thought that they could act without consequences, but they were wrong. Thanks to the relentless determination of our prosecutors and law enforcement partners we have exposed these perpetrators for who they are, eliminated their websites and brought justice to countless victims.”

“This operation represents one of the most significant strikes ever made against online child exploitation networks,” said FBI Director Kash Patel. “We’ve not only dismantled dangerous platforms on the dark web, but we’ve also brought key perpetrators to justice and delivered a powerful message: you cannot hide behind anonymity to harm children.”

“Yesterday’s sentencing reaffirms our steadfast commitment to protecting our children, the most vulnerable among us, from those who exploit and harm them through the despicable trade in child sexual abuse material,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Thomas Peter Katsampes and his co-conspirators ran some of the darkweb’s most heinous networks, enabling horrific crimes against innocent victims, but Operation Grayskull has shut these sites down and delivered justice. We applaud the FBI and our international partners for their tireless work, and let this be a clear warning: we will relentlessly pursue and prosecute anyone engaged in such atrocities, no matter how they attempt to cover their tracks.”

Thomas Peter Katsampes, 52, of Eagan, Minnesota, pleaded guilty to conspiracy to advertise and conspiracy to distribute child pornography on Feb. 27. According to court documents, Katsampes joined a dark web site dedicated to CSAM in 2022, advertised and distributed CSAM over the website, including CSAM depicting prepubescent children, and eventually worked his way up to a staff position on the web site, which, among other things, involved moderating the site, enforcing the site’s rules for posting CSAM, and advising the site’s users about how to post CSAM.

In addition to Katsampes, eight individuals have been convicted and sentenced in the Southern District of Florida for their involvement in running the primary site targeted by Operation Grayskull.

Defendant	Residence	Case Status
Selwyn David Rosenstein	Boynton Beach, Florida	Pleaded guilty to conspiracy to advertise child pornography, five counts of advertisement of child pornography, and possession of child pornography. Sentenced on Dec. 12, 2022, to 28 years in prison and ordered to pay $80,500 in restitution to victims of his offense.
Matthew Branden Garrell	Raleigh, North Carolina	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 1, 2023, to 20 years and 10 months in prison and ordered to pay $158,500 in restitution to victims of his offense.
Robert Preston Boyles	Clarksville, Tennessee	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 15, 2023, to 23 years and four months in prison and ordered to pay $7,500 in restitution to victims of his offense.
Gregory Malcolm Good	Silver Springs, Nevada	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on Aug. 22, 2023, to 25 years and 10 months in prison and ordered to pay $93,500 in restitution to victims of his offense.
William Michael Spearman	Madison, Alabama	Pleaded guilty to engaging in a child exploitation enterprise. Sentenced on Jan. 23, 2024, to life in prison and ordered to pay $123,400 in restitution to victims of his offense.
Joseph Addison Martin	Tahuya, Washington	Pleaded guilty to engaging in a child exploitation enterprise. Sentenced on April 18, 2024, to 42 years in prison and ordered to pay $174,500 in restitution to victims of his offense.
Joseph Robert Stewart	Milton, Washington	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography. Sentenced on April 18, 2024, to 23 years and 9 months in prison and ordered to pay $19,500 in restitution to victims of his offense.
Keith David McIntosh	Grand Rapids, Michigan	Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography, both as a person with a prior conviction for possession of child pornography. Sentenced on Dec. 19, 2024, to 55 years in prison.

The website’s leaders advertised and distributed CSAM, promulgated rules for the website, enforced the rules by banning or scolding users who violated them, held staff meetings, recruited members to serve as staff members, recommended users for promotion, edited and deleted user posts, praised individuals for participating in and contributing to the website, kept records of CSAM posts made by individual members, and paid for and maintained the website servers, among other things.

Operation Grayskull resulted in the dismantling of a total of four sites dedicated to images and videos depicting child sexual abuse. These websites were some of the most egregious on the dark web, and they included sections specifically dedicated to infants and toddlers, as well as depictions of violence, sadism, and torture. The websites also contained detailed advice on how to avoid detection by law enforcement – for example, by using sophisticated technologies.

In other judicial districts around the country, nine additional individuals have been convicted for their involvement with these websites, including the following:

Charles Hand, of Aberdeen, Maryland, was prosecuted in the District of Maryland and was sentenced to 14 years in federal prison;
Michael Ibarra, of Wenatchee, Washington, was prosecuted in the Eastern District of Washington and was sentenced to 12 years in prison;
Clay Trimble, of Fordyce, Arkansas, was prosecuted in the Eastern District of Arkansas and was sentenced to 18 years in prison;
David Craig, of Houston, Texas, was prosecuted in the Southern District of Texas and was sentenced to nine years in prison;
Robert Rella of Chesapeake, Virginia, was prosecuted in the Eastern District of Virginia and was sentenced to five years and eight months in prison;
Samuel Hicks, of Fort Wayne, Indiana, was prosecuted in the Northern District of Indiana and was sentenced to 16 years in prison;
Richard Smith of Dallas, Texas, was prosecuted in the Eastern District of Texas and was sentenced to 14 years in prison;
Patrick Harrison, of Grand Rapids, Michigan, was prosecuted in the Western District of Michigan and was sentenced to five years and ten months in prison.
Thomas Gailus, of Webbers Falls, Oklahoma, was prosecuted in the Eastern District of Oklahoma, and his sentencing is pending.

Two other individuals in the United States died before being charged for their involvement with the websites. The operation also resulted in arrests in the United Kingdom, the Netherlands, Italy, Germany, Estonia, Belgium, and South Africa.

The FBI’s Child Exploitation Operational Unit and Miami Field Office, West Palm Beach Resident Agency investigated the cases.

Acting Deputy Chief Kyle P. Reynolds and Trial Attorney William G. Clayman of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and former Assistant U.S. Attorney Gregory Schiller of the Southern District of Florida coordinated the operation and prosecuted the defendants in the Southern District of Florida.

Substantial assistance for the cases prosected in the Southern District of Florida was provided by FBI Field Offices and Resident Agencies in Huntsville, Alabama; Reno, Nevada; Clarksville, Tennessee; Raleigh, North Carolina; Madison, Wisconsin; Tacoma, Washington; Grand Rapids, Michigan; and Minneapolis, Minnesota; CEOS’s High Technology Investigative Unit; and the U.S. Attorney’s Offices for the Northern District of Alabama, District of Nevada, Middle District of Tennessee, Eastern District of North Carolina, Western District of Wisconsin, Western District of Washington, Western District of Michigan, and District of Minnesota.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

July 25, 2025

MIL-OSI USA: Graham and Cornyn Call for Special Counsel to Investigate Obama Administration’s Role in the Russia Collusion Hoax

US Senate News:

Source: United States Senator for South Carolina Lindsey Graham

WASHINGTON — U.S. Senators Lindsey Graham (R-South Carolina) and John Cornyn (R-Texas), both senior members of the Senate Judiciary Committee, today called on U.S. Attorney General Pam Bondi to appoint a special counsel to investigate the Obama Administration’s involvement in the Russia collusion hoax.

“For the good of the country, we urge Attorney General Bondi to appoint a special counsel to investigate the extent to which former President Obama, his staff and administration officials manipulated the U.S. national security apparatus for a political outcome.

“As we have supported in the past, appointing an independent special counsel would do the country a tremendous service in this case.

“With every piece of information that gets released, it becomes more evident that the entire Russia collusion hoax was created by the Obama Administration to subvert the will of the American people.

“Democrats and the liberal media have been out to get President Trump since 2016. There must be an immediate investigation of what we believe to be an unprecedented and clear abuse of power by a U.S. presidential administration.”

Background:

Last week, Director of National Intelligence (DNI) Tulsi Gabbard released evidence demonstrating that former President Barack Obama and his national security staff manipulated information from the intelligence community in order to insinuate that Russia was attempting to help then-candidate Donald Trump win the 2016 presidential election, including:

In the months leading up to the November 2016 election, the Intelligence Community (IC) assessed that Russia is “probably not trying … to influence the election by using cyber means.”

On December 7, 2016, after the election, talking points were prepared for DNI James Clapper stating, “Foreign adversaries did not use cyberattacks on election infrastructure to alter the US Presidential election outcome.”

A declassified copy of the Presidential Daily Brief, which was prepared using intelligence from the CIA, Defense Intelligence Agency, FBI, National Security Agency, Department of Homeland Security, State Department, and open sources, for Obama on December 8, 2016, assessed that “Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure.”

That Presidential Daily Brief was scheduled to be published on December 9, 2016, but communications revealed that DNI Clapper’s office stopped its publication “based on some new guidance”.

On December 9, 2016, Obama gathered top National Security Council Principals for a meeting in the Situation Room that included James Clapper, John Brennan, Susan Rice, John Kerry, Loretta Lynch, Andrew McCabe and others, to discuss Russia.

After the meeting, DNI Clapper’s Executive Assistant sent an email to IC leaders tasking them with creating a new IC assessment “per the President’s request” that details the “tools Moscow used and actions it took to influence the 2016 election.” It went on to say, “ODNI will lead this effort with participation from CIA, FBI, NSA, and DHS.”

Obama officials leaked false statements to media outlets, including The Washington Post and The New York Times, claiming, “Russia has attempted through cyber means to interfere in, if not actively influence, the outcome of an election.”

On January 6, 2017, a new Intelligence Community Assessment was released.

MIL OSI USA News –

July 25, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of TC Bancshares, Inc. (OTCMKTS: TCBC)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TC Bancshares, Inc. (OTCMKTS: TCBC) related to its merger with Colony Bankcorp, Inc. Upon completion of the proposed transaction, each outstanding share of TCBC common stock issued will be converted, at the election of each TCBC shareholder, either (i) $21.25 in cash, or (ii) 1.25 shares of Colony common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/tc-bancshares-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

July 25, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of TC Bancshares, Inc. (OTCMKTS: TCBC)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TC Bancshares, Inc. (OTCMKTS: TCBC) related to its merger with Colony Bankcorp, Inc. Upon completion of the proposed transaction, each outstanding share of TCBC common stock issued will be converted, at the election of each TCBC shareholder, either (i) $21.25 in cash, or (ii) 1.25 shares of Colony common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/tc-bancshares-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

July 25, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of City Office REIT, Inc. (NYSE: CIO)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating City Office REIT, Inc. (NYSE: CIO) related to its merger with MCME Carell Holdings, LP. Upon completion of the proposed transaction, each outstanding share of City Office common stock will be converted into the right to receive $7.00 per share in cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/city-office-reit-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

July 25, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of City Office REIT, Inc. (NYSE: CIO)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating City Office REIT, Inc. (NYSE: CIO) related to its merger with MCME Carell Holdings, LP. Upon completion of the proposed transaction, each outstanding share of City Office common stock will be converted into the right to receive $7.00 per share in cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/city-office-reit-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

July 25, 2025

MIL-OSI: CREDIT AGRICOLE SA: LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

Source: GlobeNewswire (MIL-OSI)

Press Release

Paris, 24 July 2025

LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

LCL and Crédit Agricole Assurances have entered into exclusive negotiations with AnaCap, a private equity fund investing in the European mid-market segment, for the joint acquisition of Milleis Group, a long-standing independent player in private banking and wealth management in France .

This joint project by LCL and Crédit Agricole Assurances encompasses the acquisition by LCL of the entire Milleis Group, namely Milleis Banque and its subsidiaries Milleis Vie and Cholet Dupont Oudart. This would be immediately followed by the sale of the life insurance company Milleis Vie by LCL to Crédit Agricole Assurances.

This acquisition would enable LCL to strengthen its position in the French wealth management market and develop synergies. It would also provide Crédit Agricole Assurances with the opportunity to reinforce the positioning of its subsidiary Spirica in the high net worth segment and to broaden its distribution channels.

The project will be subject to consultation with the employee representative bodies of the various entities involved, with a potential completion of the transaction in the first half of 2026. It would also remain subject to the usual condition precedents, including obtaining regulatory approvals.

This transaction would be in line with the Group’s return on investment objectives, and its impact on the CET1 ratio of Crédit Agricole S.A., the parent company of Crédit Agricole Assurances and LCL, would be limited.

About LCL

A subsidiary of Crédit Agricole S.A., LCL banque urbaine is one of the largest retail banks in France. Customer satisfaction is LCL’s top priority, and it aims to be the n°1 bank in terms of satisfaction. Combining human and digital approaches, LCL offers its 6 million individual clients, of which 220,000 private banking clients, 400,000 professionals and 31,000 corporates and institutions, an omnichannel relationship through its 1,400 branches located in the heart of towns, its remote customer service centers « LCL Mon Contact » with 400 advisors available by phone, and its websites and apps, including the highly rated « LCL Mes Comptes ». With a comprehensive range of banking, insurance, and non-banking solutions, LCL supports its clients on a daily basis and in their life projects. True to its urban banking strategy, LCL is also committed to supporting clients who want to take part in the fight against climate change.
www.lcl.fr

About Crédit Agricole Assurances

A subsidiary of Crédit Agricole S.A., Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and corporate customers.
Spirica is Crédit Agricole Assurances’ high-end life insurance subsidiary, dedicated to online distribution as well as distribution through networks of IFAs and private banks.
At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
www.ca-assurances.com

About Milleis Group

A long-standing player in private banking and wealth management in France, the Milleis Group, heir to Barclays France, is recognised for its expertise in the market. The Milleis Group has nearly 64,000 customers and manages €12.6 billion in assets under management. In 2024, it generated €150 million in net banking income and currently employs nearly 700 people. Cholet Dupont Oudart joined the Milleis Group in 2023 to form the third largest independent private bank in France.
https://www.milleis.fr/

About AnaCap

AnaCap is a leading partner for founders and entrepreneurial management teams, investing within the European financial ecosystem. Since 2016, the company has grown its assets under management to over €2 billion, successfully completing around 100 transactions across Western and Northern Europe. AnaCap supports mid-market companies that need capital and expertise to implement their organic and external growth strategies.
www.anacap.com

Press Contacts

LCL & Crédit Agricole S.A.

Crédit Agricole Assurances

Investor Relations

Crédit Agricole S.A.

Crédit Agricole Assurances

Attachment

UK 2025 07 24 PR LCL CAA

The MIL Network –

July 25, 2025

MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.85 per basic share and $0.82 per diluted share, for the three months ended June 30, 2025 compared to net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30, 2024. In addition, the Company reported net income of $21.7 million, or $1.65 per basic share and $1.60 per diluted share, for the six months ended June 30, 2025 compared to net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months ended June 30, 2024.

Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are once again pleased to be able to report continued strong performance throughout our entire loan portfolio, with continuing focus on construction lending in high demand, high absorption sub-markets, as well as our growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens. Despite the uncertainty throughout the national economy during the first half of the year, loan demand continues to increase with outstanding unfunded commitments exceeding $636 million at June 30, 2025.”

Highlights for the three months and six months ended June 30, 2025 are as follows:

Performance metrics continue to be strong with a return on average total assets ratio of 2.27%, a return on average shareholders’ equity ratio of 13.37%, and an efficiency ratio of 40.52% for the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company reported a return on average total assets ratio of 2.20%, a return on average shareholders’ equity ratio of 13.18%, and an efficiency ratio of 41.08%.
Asset quality metrics continue to remain strong with no non-performing loans at either June 30, 2025 or December 31, 2024, and non-performing assets to total assets of 0.04% and 0.25% at June 30, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $4.7 million, or 0.26% of total loans at June 30, 2025 compared to $4.8 million, or 0.27% of total loans at December 31, 2024.
Total stockholders’ equity increased by $18.3 million, or 5.8%, to $336.7 million, or 17.06% of total assets as of June 30, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

Balance Sheet Summary

Total assets decreased $35.7 million, or 1.8%, to $2.0 billion at June 30, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in cash and cash equivalents of $18.9 million, net loans of $14.9 million, and real estate owned of $4.4 million, partially offset by an increase of $3.4 million in equity securities.

Cash and cash equivalents decreased $18.9 million, or 24.1%, to $59.4 million at June 30, 2025 from $78.3 million at December 31, 2024. The decrease in cash and cash equivalents was a result of a decrease in deposits of $191.2 million, partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities.

Equity securities increased $3.4 million, or 15.2%, to $25.3 million at June 30, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $3.0 million in equity securities during the six months ended June 30, 2025 and market appreciation of $351,000 due to market interest rate volatility during the six months ended June 30, 2025.

Securities held-to-maturity decreased $218,000, or 1.5%, to $14.4 million at June 30, 2025 from $14.6 million at December 31, 2024 due to $128,000 in maturities and pay-downs of various investment securities.

Loans, net of the allowance for credit losses, decreased $14.9 million, or 0.8%, to $1.8 billion at June 30, 2025 from $1.8 billion at December 31, 2024. The decrease in loans consisted of decreases of $102.7 million in construction loans, $1.6 million in consumer loans, $482,000 in mixed-use loans, $475,000 in non-residential loans, and $74,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $85.9 million in multi-family loans of which $43.2 million is attributed to residential cooperative building loans and $4.3 million in commercial and industrial loans.

During the six months ended June 30, 2025, we originated loans totaling $462.7 million consisting primarily of $338.8 million in construction loans, $95.4 million in multi-family loans of which $32.9 million is attributed to residential cooperative building loans, $27.8 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $338.8 million in construction loans had 41.6% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

The allowance for credit losses related to loans decreased to $4.7 million as of June 30, 2025, from $4.8 million as of December 31, 2024. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $602,000, offset by recoveries totaling $434,000 and provision for credit losses totaling $62,000.

Premises and equipment increased $536,000, or 2.2%, to $25.3 million at June 30, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

Federal Home Loan Bank stock increased $688,000, or 173.3%, to $1.1 million at June 30, 2025 from $397,000 at December 31, 2024 primarily due to an increase in borrowings from the Federal Home Loan Bank.

Bank owned life insurance (“BOLI”) increased $336,000, or 1.3%, to $26.1 million at June 30, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

Accrued interest receivable decreased $1.4 million, or 10.1%, to $12.1 million at June 30, 2025 from $13.5 million at December 31, 2024 due to a decrease of $14.9 million in the loan portfolio.

Real estate owned decreased $4.4 million, or 85.0%, to $767,000 at June 30, 2025 from $5.1 million at December 31, 2024 due to the sale of a foreclosed property to an independent third party.

Property held for investment was $1.4 million at both June 30, 2025 and December 31, 2024.

Right of use assets — operating increased $382,000, or 9.6%, to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the right of use assets.

Other assets decreased $1.2 million, or 10.5%, to $10.4 million at June 30, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.2 million in tax assets and $118,000 in prepaid expenses, partially offset by an increase of $116,000 in suspense accounts.

Total deposits decreased $191.2 million, or 11.5%, to $1.5 billion at June 30, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to a decrease in certificates of deposit of $251.5 million, or 25.1%, partially offset by increases in NOW/money market accounts of $56.4 million, or 23.2%, savings account balances of $3.3 million, or 2.4%, and non-interest bearing deposits of $2.2 million, or 0.8%. The decrease of $251.5 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $134.2 million, or 26.2%, and a decrease in brokered certificates of deposit of $129.1 million, or 29.7%, partially offset by an increase in non-brokered listing services certificates of deposit of $11.7 million, or 35.0%.

The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

Advance payments by borrowers for taxes and insurance increased $804,000, or 49.7%, to $2.4 million at June 30, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

Borrowings increased to $135.0 million at June 30, 2025 from none at December 31, 2024 due primarily to management’s strategy to diversify funding sources.

Lease liability – operating increased $389,000, or 9.5%, to $4.5 million at June 30, 2025 from $4.1 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the lease liability.

Accounts payable and accrued expenses increased $970,000, or 6.7%, to $15.5 million at June 30, 2025 from $14.5 million at December 31, 2024 due primarily to increases in accrued borrowing interest expense of $905,000, accounts payable of $666,000, deferred compensation of $312,000, suspense accounts for loan closings of $269,000, and the allowance for credit losses for off-balance sheet commitments of $175,000, partially offset by a decrease in accrued expense of $1.4 million.

The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.9%, to $879,000 at June 30, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $74.5 million, or 13.3%, in off-balance sheet commitments since December 31, 2024.

Stockholders’ equity increased $18.3 million, or 5.8% to $336.7 million at June 30, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $21.7 million for the six months ended June 30, 2025, an increase of $638,000 in earned employee stock ownership plan shares coupled with a reduction of $435,000 in unearned employee stock ownership plan shares, and the amortization expense of $894,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss.

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Net Interest Income

Net interest income was $25.1 million for the three months ended June 30, 2025, as compared to $26.2 million for the three months ended June 30, 2024. The decrease in net interest income of $1.1 million, or 4.4%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

Total interest and dividend income decreased $2.2 million, or 5.5%, to $38.0 million for the three months ended June 30, 2025 from $40.2 million for the three months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 78 basis points from 8.89% for the three months ended June 30, 2024 to 8.11% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $64.9 million, or 3.6%, to $1.9 billion for the three months ended June 30, 2025 from $1.8 billion for the three months ended June 30, 2024.

Interest expense decreased $1.1 million, or 7.5%, to $13.0 million for the three months ended June 30, 2025 from $14.0 million for the three months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 45 basis points from 4.33% for the three months ended June 30, 2024 to 3.88% for the three months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $41.9 million, or 3.2%, to $1.3 billion for the three months ended June 30, 2025 from $1.3 billion for the three months ended June 30, 2024.

Our net interest margin decreased 44 basis points, or 7.6%, to 5.35% for the three months ended June 30, 2025 compared to 5.79% for the three months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

Credit Loss Expense

The Company recorded no credit loss expense for the three months ended June 30, 2025 compared to a credit loss expense reduction of $226,000 for the three months ended June 30, 2024.

The credit loss expense reduction of $226,000 for the three months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000 for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet commitments and favorable trends in the economy.

With respect to the allowance for credit losses for loans, we charged-off $485,000 during the three months ended June 30, 2025 as compared to charge-offs of $12,000 during the three months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded recoveries of $82,000 during the three months ended June 30, 2025 compared to no recoveries during the three months ended June 30, 2024. The recoveries of $82,000 during the three months ended June 30, 2025 comprised of recoveries from a previously charged-off unpaid overdraft on a demand deposit account.

Non-Interest Income

Non-interest income for the three months ended June 30, 2025 was $858,000 compared to non-interest income of $731,000 for the three months ended June 30, 2024. The increase of $127,000, or 17.4%, in total non-interest income was primarily due to increases of $71,000 in unrealized gain on equity securities, $48,000 in other loan fees and service charges, and $8,000 in BOLI income.

The increase in unrealized gain on equity securities was due to an unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 compared to an unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024. Both the unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 and the unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 were due to market interest rate volatility during both periods.

The increase of $48,000 in other loan fees and service charges was due to an increase of $60,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $14,000 in other loan fees and loan servicing fees. The increase in BOLI income of $8,000 was due to an increase in the yield on BOLI assets.

Non-Interest Expense

Non-interest expense increased $1.0 million, or 10.6%, to $10.5 million for the three months ended June 30, 2025 from $9.5 million for the three months ended June 30, 2024. The increase resulted primarily from increases of $398,000 in salaries and employee benefits, $220,000 in real estate owned expense, $151,000 in outside data processing expense, $111,000 in other operating expense, $69,000 in occupancy expense, $32,000 in equipment expense, and $29,000 in advertising expense.

Income Taxes

We recorded income tax expense of $4.3 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, we had approximately $210,000 in tax exempt income, compared to approximately $199,000 in tax exempt income for the three months ended June 30, 2024. Our effective income tax rates were 27.6% for the three months ended June 30, 2025 and June 30, 2024.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Net Interest Income

Net interest income was $49.3 million for the six months ended June 30, 2025 as compared to $51.2 million for the six months ended June 30, 2024. The decrease in net interest income of $1.9 million, or 3.7%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

Total interest and dividend income decreased $2.1 million, or 2.7%, to $76.2 million for the six months ended June 30, 2025 from $78.4 million for the six months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 75 basis points from 8.83% for the six months ended June 30, 2024 to 8.08% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $112.3 million, or 6.3%, to $1.9 billion for the six months ended June 30, 2025 from $1.8 billion for the six months ended June 30, 2024.

Interest expense decreased $242,000, or 0.9%, to $26.9 million for the six months ended June 30, 2025 from $27.2 million for the six months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 34 basis points from 4.31% for the six months ended June 30, 2024 to 3.97% for the six months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $95.7 million, or 7.6%, to $1.4 billion for the six months ended June 30, 2025 from $1.3 billion for the six months ended June 30, 2024.

Net interest margin decreased 54 basis points, or 9.4%, to 5.23% for the six months ended June 30, 2025 compared to 5.77% for the six months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

Credit Loss Expense

The Company recorded a credit loss expense of $237,000 for the six months ended June 30, 2025 compared to a credit loss expense reduction of $391,000 for the six months ended June 30, 2024. The credit loss expense of $237,000 for the six months ended June 30, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

The credit loss expense for loans of $62,000 for the six months ended June 30, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the six months ended June 30, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

The credit loss expense reduction of $391,000 for the six months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for off-balance sheet commitments of $235,000 for the six months ended June 30, 2024 was primarily attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends in the economy.

With respect to the allowance for credit losses for loans, we charged-off $602,000 during the six months ended June 30, 2025 as compared to charge-offs of $33,000 during the six months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded recoveries of $434,000 during the six months ended June 30, 2025 compared to no recoveries during the six months ended June 30, 2024. The recoveries of $434,000 during the six months ended June 30, 2025 comprised of recoveries of $350,000 with respect to a previously charged-off non-residential mortgage loan and $84,000 from previously charged-off unpaid overdrafts on demand deposit accounts.

Non-Interest Income

Non-interest income for the six months ended June 30, 2025 was $2.1 million compared to non-interest income of $1.3 million for the six months ended June 30, 2024. The increase of $808,000, or 62.9%, in total non-interest income was primarily due to increases of $453,000 in unrealized gain on equity securities, $326,000 in other loan fees and service charges, $17,000 in BOLI income, and $12,000 in miscellaneous other non-interest income.

The increase in unrealized gain on equity securities was due to an unrealized gain of $351,000 on equity securities during the six months ended June 30, 2025 compared to an unrealized loss of $102,000 on equity securities during the six months ended June 30, 2024. Both the unrealized gain of $351,000 on equity securities during the 2025 period and the unrealized loss of $102,000 on equity securities during the 2024 period were due to market interest rate volatility during both periods.

The increase of $326,000 in other loan fees and service charges was due to increases of $232,000 in other loan fees and loan servicing fees, $91,000 in ATM/debit card/ACH fees, and $3,000 in deposit account fees. The increase in BOLI income of $17,000 was due to an increase in the yield on BOLI assets.

Non-Interest Expense

Non-interest expense increased $1.9 million, or 10.2%, to $21.1 million for the six months ended June 30, 2025 from $19.2 million for the six months ended June 30, 2024. The increase resulted primarily from increases of $980,000 in salaries and employee benefits, $332,000 in other operating expense, $251,000 in outside data processing expense, $238,000 in real estate owned expense, $108,000 in occupancy expense, and $43,000 in advertising expense, partially offset by a decrease of $4,000 in equipment expense.

Income Taxes

We recorded income tax expense of $8.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, we had approximately $415,000 in tax exempt income, compared to approximately $394,000 in tax exempt income for the six months ended June 30, 2024. Our effective income tax rates were 27.7% and 28.3% for the six months ended June 30, 2025 and 2024, respectively.

Asset Quality

Non-performing assets were $767,000 at June 30, 2025 compared to $5.1 million at December 31, 2024. The non-performing assets consisted of one foreclosed property located in Pittsburgh, Pennsylvania. We sold one foreclosed property totaling $4.3 million located in the Bronx, New York on June 30, 2025 to a third-party buyer at no loss to the Company and in connection therewith we provided the financing to complete the multi-family project.

Our ratio of non-performing assets to total assets remained low at 0.04% at June 30, 2025 as compared to 0.25% at December 31, 2024.

The Company’s allowance for credit losses related to loans was $4.7 million, or 0.26% of total loans as of June 30, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at June 30, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

In addition, at June 30, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

Capital

The Company’s total stockholders’ equity to assets ratio was 17.06% as of June 30, 2025. At June 30, 2025, the Company had the ability to borrow $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2025, the Bank had a tier 1 leverage capital ratio of 15.87% and a total risk-based capital ratio of 14.99%.

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

About NorthEast Community Bancorp

NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT:	Kenneth A. Martinek
	Chairman and Chief Executive Officer

PHONE:	(914) 684-2500


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	June 30,			December 31,
	2025			2024
	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	19,042		$	13,700
Interest-bearing deposits		40,331			64,559
Total cash and cash equivalents		59,373			78,259
Certificates of deposit		100			100
Equity securities		25,345			21,994
Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)		14,398			14,616
Loans receivable		1,797,618			1,812,647
Deferred loan fees, net		(62	)		(49	)
Allowance for credit losses		(4,724	)		(4,830	)
Net loans		1,792,832			1,807,768
Premises and equipment, net		25,341			24,805
Investments in restricted stock, at cost		1,085			397
Bank owned life insurance		26,074			25,738
Accrued interest receivable		12,119			13,481
Real estate owned		767			5,120
Property held for investment		1,352			1,370
Right of Use Assets – Operating		4,383			4,001
Right of Use Assets – Financing		345			347
Other assets		10,370			11,585
Total assets	$	1,973,884		$	2,009,581
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	287,741		$	287,135
Interest bearing		1,191,420			1,383,240
Total deposits		1,479,161			1,670,375
Advance payments by borrowers for taxes and insurance		2,422			1,618
Borrowings		135,000			–
Lease Liability – Operating		4,497			4,108
Lease Liability – Financing		628			609
Accounts payable and accrued expenses		15,500			14,530
Total liabilities		1,637,208			1,691,240

Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively		140			140
Additional paid-in capital		111,624			110,091
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(5,653	)		(6,088	)
Retained earnings		230,345			213,974
Accumulated other comprehensive gain		220			224
Total stockholders’ equity		336,676			318,341
Total liabilities and stockholders’ equity	$	1,973,884		$	2,009,581

NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
	(In thousands, except per share amounts)					(In thousands, except per share amounts)
INTEREST INCOME:
Loans	$	36,740	$	38,634		$	73,622	$	75,337
Interest-earning deposits		1,027		1,385			2,108		2,585
Securities		272		218			516		436
Total Interest Income		38,039		40,237			76,246		78,358
INTEREST EXPENSE:
Deposits		12,053		13,435			25,986		25,829
Borrowings		902		570			902		1,302
Financing lease		10		10			20		19
Total Interest Expense		12,965		14,015			26,908		27,150
Net Interest Income		25,074		26,222			49,338		51,208
Provision for (reversal of) credit loss		—		(226	)		237		(391	)
Net Interest Income after Provision for (Reversal of) Credit Loss		25,074		26,448			49,101		51,599
NON-INTEREST INCOME:
Other loan fees and service charges		611		563			1,351		1,025
Earnings on bank owned life insurance		170		162			336		319
Unrealized gain (loss) on equity securities		51		(20	)		351		(102	)
Other		26		26			55		43
Total Non-Interest Income		858		731			2,093		1,285
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,650		5,252			11,583		10,603
Occupancy expense		743		674			1,489		1,381
Equipment		253		221			470		474
Outside data processing		758		607			1,494		1,243
Advertising		123		94			225		182
Real estate owned expense		247		27			277		39
Other		2,734		2,623			5,589		5,257
Total Non-Interest Expenses		10,508		9,498			21,127		19,179
INCOME BEFORE PROVISION FOR INCOME TAXES		15,424		17,681			30,067		33,705
PROVISION FOR INCOME TAXES		4,254		4,883			8,330		9,533
NET INCOME	$	11,170	$	12,798		$	21,737	$	24,172

NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(In thousands, except per share amounts)						(In thousands, except per share amounts)
Per share data:
Earnings per share – basic	$	0.85		$	0.98		$	1.65		$	1.84
Earnings per share – diluted		0.82			0.97			1.60			1.83
Weighted average shares outstanding – basic		13,216			13,084			13,204			13,119
Weighted average shares outstanding – diluted		13,568			13,181			13,563			13,205
Performance ratios/data:
Return on average total assets		2.27	%		2.70	%		2.20	%		2.60	%
Return on average shareholders’ equity		13.37	%		17.28	%		13.18	%		16.59	%
Net interest income	$	25,074		$	26,222		$	49,338		$	51,208
Net interest margin		5.35	%		5.79	%		5.23	%		5.77	%
Efficiency ratio		40.52	%		35.24	%		41.08	%		36.54	%
Net charge-off ratio		0.09	%		0.00	%		0.01	%		0.00	%

Loan portfolio composition:								June 30, 2025			December 31, 2024
One-to-four family							$	3,398		$	3,472
Multi-family								292,552			206,606
Mixed-use								26,089			26,571
Total residential real estate								322,039			236,649
Non-residential real estate								28,971			29,446
Construction								1,323,477			1,426,167
Commercial and industrial								123,084			118,736
Consumer								47			1,649
Gross loans								1,797,618			1,812,647
Deferred loan fees, net								(62	)		(49	)
Total loans							$	1,797,556		$	1,812,598
Asset quality data:
Loans past due over 90 days and still accruing							$	–		$	–
Non-accrual loans								–			–
OREO property								767			5,120
Total non-performing assets							$	767		$	5,120

Allowance for credit losses to total loans								0.26	%		0.27	%
Allowance for credit losses to non-performing loans								0.00	%		0.00	%
Non-performing loans to total loans								0.00	%		0.00	%
Non-performing assets to total assets								0.04	%		0.25	%

Bank’s Regulatory Capital ratios:
Total capital to risk-weighted assets								14.99	%		13.92	%
Common equity tier 1 capital to risk-weighted assets								14.71	%		13.65	%
Tier 1 capital to risk-weighted assets								14.71	%		13.65	%
Tier 1 leverage ratio								15.87	%		14.44	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Three Months Ended June 30, 2025								Three Months Ended June 30, 2024
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,754,363		$	36,740		8.38	%	$	1,687,029		$	38,634		9.16	%
Securities		37,839			265		2.80	%		33,438			199		2.38	%
Federal Home Loan Bank stock		438			7		6.39	%		704			19		10.80	%
Other interest-earning assets		83,135			1,027		4.94	%		89,736			1,385		6.17	%
Total interest-earning assets		1,875,775			38,039		8.11	%		1,810,907			40,237		8.89	%
Allowance for credit losses		(5,122	)							(4,927	)
Non-interest-earning assets		95,651								91,085
Total assets	$	1,966,304							$	1,897,065

Interest-bearing demand deposit	$	298,689		$	2,401		3.22	%	$	205,536		$	1,930		3.76	%
Savings and club accounts		141,238			761		2.16	%		158,292			982		2.48	%
Certificates of deposit		815,000			8,891		4.36	%		884,626			10,523		4.76	%
Total interest-bearing deposits		1,254,927			12,053		3.84	%		1,248,454			13,435		4.30	%
Borrowed money		82,712			912		4.41	%		47,276			580		4.91	%
Total interest-bearing liabilities		1,337,639			12,965		3.88	%		1,295,730			14,015		4.33	%
Non-interest-bearing demand deposit		274,466								285,368
Other non-interest-bearing liabilities		20,114								19,641
Total liabilities		1,632,219								1,600,739
Equity		334,085								296,326
Total liabilities and equity	$	1,966,304							$	1,897,065

Net interest income / interest spread				$	25,074		4.23	%				$	26,222		4.56	%
Net interest rate margin							5.35	%							5.79	%
Net interest earning assets	$	538,136							$	515,177
Average interest-earning assets to interest-bearing liabilities		140.23	%							139.76	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,761,069		$	73,622		8.36	%	$	1,649,686		$	75,337		9.13	%
Securities		37,298			500		2.68	%		33,643			396		2.35	%
Federal Home Loan Bank stock		418			16		7.66	%		773			40		10.35	%
Other interest-earning assets		88,277			2,108		4.78	%		90,644			2,585		5.70	%
Total interest-earning assets		1,887,062			76,246		8.08	%		1,774,746			78,358		8.83	%
Allowance for credit losses		(4,978	)							(5,009	)
Non-interest-earning assets		96,071								89,972
Total assets	$	1,978,155							$	1,859,709

Interest-bearing demand deposit	$	286,726		$	4,846		3.38	%	$	188,510		$	3,483		3.70	%
Savings and club accounts		140,077			1,491		2.13	%		170,531			2,184		2.56	%
Certificates of deposit		888,136			19,649		4.42	%		847,606			20,162		4.76	%
Total interest-bearing deposits		1,314,939			25,986		3.95	%		1,206,647			25,829		4.28	%
Borrowed money		41,584			922		4.43	%		54,184			1,321		4.88	%
Total interest-bearing liabilities		1,356,523			26,908		3.97	%		1,260,831			27,150		4.31	%
Non-interest-bearing demand deposit		272,680								288,639
Other non-interest-bearing liabilities		19,107								18,865
Total liabilities		1,648,310								1,568,335
Equity		329,845								291,374
Total liabilities and equity	$	1,978,155							$	1,859,709

Net interest income / interest spread				$	49,338		4.11	%				$	51,208		4.52	%
Net interest rate margin							5.23	%							5.77	%
Net interest earning assets	$	530,539							$	513,915
Average interest-earning assets to interest-bearing liabilities		139.11	%							140.76	%

The MIL Network –

July 25, 2025

MIL-OSI: Trader AI: This Trader AI App Sets New Standard in AI-Driven Trading with Unmatched Security and User Approval

Source: GlobeNewswire (MIL-OSI)

New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — Trader AI, a pioneering fintech platform specializing in AI-powered cryptocurrency trading, today announces the launch of its fully integrated trading robot tailored specifically for Canadian investors. Building on extensive development and rigorous testing, Trader AI delivers a secure, compliant, and highly automated solution designed to help both novice and experienced traders optimize returns while effectively managing risk.

By seamlessly combining advanced machine learning algorithms, real-time market analysis, and regulatory compliance, Trader AI establishes itself as a frontrunner in the emerging landscape of AI-driven crypto trading. With the cryptocurrency market expanding rapidly—exceeding USD 50 billion in annual trading volume—investors are seeking innovative tools that simplify trading processes without compromising on security or transparency. Trader AI’s newly announced features and localized support address these needs directly, empowering Canadians to participate confidently in digital asset markets.

Key Highlights:

AI-Powered Signal Generation: Proprietary machine learning models continuously scan global crypto markets to identify high-probability trade setups across major coins—including Bitcoin (BTC), Ethereum (ETH), and top altcoins—enabling swift, data-driven decision-making.
Fully Automated Execution: Direct API integrations with FINTRAC-registered Canadian brokerages ensure that algorithmic signals translate instantly into live orders, minimizing latency and slippage.
User-Centric Interface: A clean, intuitive dashboard guides users from registration to live trading in under 20 minutes, supported by a built-in demo mode for risk-free practice and an optional manual trading toggle for advanced traders.
Robust Risk Management: Dynamic stop-loss and take-profit mechanisms adjust automatically to real-time volatility metrics, while customizable position-sizing algorithms safeguard capital with preset risk thresholds.
Transparent Fee Structure: Trader AI requires a minimum deposit of USD 250 and operates commission-free—fees are embedded solely within market-standard spreads, ensuring full cost transparency.
Canadian-Focused Compliance: With partnerships in Ontario and British Columbia, Trader AI operates alongside regulated broker-dealers, maintains PIPEDA-aligned data practices, and offers optional KYC verification for withdrawals exceeding CAD 2,000 per month.
Localized Support & Education: 24/7 live chat, toll-free phone lines, region-specific webinars on taxation and compliance, and a bilingual knowledge base demonstrate Trader AI’s commitment to serving Canada’s diverse trading community.

Visit Here to Register on the Trader AI – Select Your Country Here!!!

Trader AI’s Mission: Democratizing Crypto Trading

In recent years, the cryptocurrency sector has witnessed explosive growth—often accompanied by elevated volatility, regulatory uncertainty, and a steep learning curve for newcomers. Recognizing these challenges, Trader AI was conceived to bridge the gap between sophisticated algorithmic trading and accessibility for everyday Canadians. By leveraging artificial intelligence, the platform aims to automate labor-intensive tasks such as trend analysis, technical indicator computation, and real-time order generation, freeing users from the need to monitor markets around the clock.

How Trader AI Works: A Technical Overview

According to official website, Trader AI’s core engine is anchored in a multi-layered AI architecture that integrates supervised learning, deep neural networks, and real-time data aggregation. Below is an outline of the platform’s operational framework:

Comprehensive Market Data Aggregation
- Trader AI continuously ingests live order book data, trade histories, volume indicators, and social sentiment inputs from over 20 global exchanges.
- All incoming data undergoes cleaning and normalization, ensuring consistency for downstream machine learning modules.
Machine Learning and Pattern Recognition
- A combination of supervised models—trained on historical price movements from January 2017 to December 2024—and unsupervised clustering algorithms identify characteristic market patterns, such as sudden volume surges, technical divergence, and on-chain network activity that historically precedes price shifts.
- Periodic model retraining occurs every four weeks, incorporating the most recent market data to adapt to evolving conditions.
Signal Generation and Scoring
- When the AI identifies a pattern that meets predefined confidence thresholds (typically 70–85% probability), it issues a trade signal complete with suggested entry price, stop-loss, take-profit levels, and ideal position size relative to account equity.
- Each signal is assigned a Signal Quality Score (SQS)—a proprietary metric ranging from 0 to 100—that reflects confidence based on factors such as liquidity depth, volatility, and historical win rate for similar setups.
Automated Order Execution
- Upon user authorization (via the “Auto-Trade” toggle), signals are dispatched instantly through secure API connections to partnered Canadian brokerages and select international exchanges.
- In live conditions, orders are executed with an average round-trip latency of under 150 milliseconds, minimizing the risk of slippage during periods of heightened volatility.
Dynamic Risk Management
- Stop-loss and take-profit parameters adjust in real-time based on Average True Range (ATR) and Bollinger Band expansions. For example, if an asset’s 24-hour volatility spikes above 8%, the AI narrows stop-loss bands by 10–15% to limit drawdown.
- The platform’s Position Sizing Algorithm (PSA) calculates optimal trade size by referencing account balance, risk tolerance (e.g., 1–3% per trade), and portfolio diversification targets. Any deviation beyond preset risk thresholds triggers an automated alert or halts new allocations.

Registration and Onboarding: Getting Started in Minutes

Trader AI’s streamlined registration process has been optimized for speed, transparency, and regulatory compliance—ensuring that Canadian clients can begin trading quickly without unnecessary hurdles. The following steps outline the typical user journey from initial sign-up to live trading:

Account Creation
- Visit official website homepage, click “Sign Up,” and complete the registration form with basic information:
  - Full legal name
  - Email address
  - Country of residence (preselected as based on IP detection)
  - Phone number (for 2FA and important notifications)
- Users must acknowledge the platform’s Terms of Service and Privacy Policy, both of which include specific disclosures regarding data handling under PIPEDA regulations.
Email and Phone Verification
- An email containing a verification link is sent immediately; clicking the link confirms the email address.
- A one-time code (OTP) is dispatched to the registered phone number. Entering this code completes the two-step verification process.
Demo Account Activation
- Without any deposit requirement, new users receive CAD 10,000 in virtual funds to explore the platform’s features and test AI-generated signals.
- The demo environment simulates real market conditions, including bid-ask spreads and execution latencies, enabling risk-free practice trades.
Minimum Deposit and Funding Options
- To transition from demo to live trading, a minimum deposit of USD 250 is required.
- Canadian users may fund accounts via:
  - Interac e-Transfer: Funds clear within 1–2 business hours.
  - Credit/Debit Card (Visa/Mastercard): Instant funding up to CAD 5,000 per day for non-verified accounts.
  - Wire Transfer: Larger deposit limits (up to CAD 50,000 daily) with a 1–2 business day processing time.
- Immediately after deposit confirmation, live trading features unlock—allowing users to choose between fully automated or manual signal execution.
Optional KYC Verification
- For withdrawals exceeding CAD 2,000 per month, users are prompted to complete Know Your Customer (KYC) verification by uploading:
  - A government-issued photo ID (e.g., driver’s license, passport)
  - Proof of address (e.g., utility bill, bank statement dated within the last 90 days)
- KYC checks typically finalize within 24–48 hours, though urgent requests may be expedited upon user inquiry.
Live Trading Activation
- With funds deposited and (if necessary) KYC cleared, users can configure initial risk parameters—such as daily drawdown limits, maximum open trades, and preferred asset baskets.
- The AI engine is now primed to generate signals. Traders can elect “Auto-Trade” to allow fully automated execution or opt to review and manually approve each AI recommendation.

Core Features and Functionalities

As per official website, Trader AI’s feature set has been refined to balance sophistication with usability—addressing the distinct needs of Canada’s diverse trading population. The following sections highlight the platform’s most compelling capabilities:

1. AI-Powered Trade Signals

Proprietary Algorithms: Trader AI’s AI suite includes recurrent neural networks (RNNs) and convolutional neural networks (CNNs), which process time-series price data, order flow imbalances, and macroeconomic indicators to forecast short-term price movements.
Cross-Asset Analysis: Signals are not isolated to single-asset momentum. The system examines correlations between Bitcoin, major equities indices, and global macro events—such as central bank announcements—to adjust trading thresholds.
Signal Quality Score (SQS): Each trade recommendation includes an SQS metric (0–100) reflecting confidence based on factors like market depth, recent volatility shifts, and historical win rates for analogous setups. Users can filter signals by minimum SQS thresholds (e.g., ≥ 70) to ensure high-probability engagement.

2. Automated Trade Execution

API Integrations: Trader AI maintains secure API connections with FINTRAC-registered Canadian brokerages—such as Maple Brokerage and Aurora Digital Assets—and renowned international exchanges. This reduces counterparty risk by routing orders through regulated entities rather than holding funds internally.
Low-Latency Order Routing: By co-locating servers near major exchange matching engines, Trader AI achieves average order round-trip times under 150 ms. This is critical during rapid price fluctuations when even small delays can erode profit margins.
Slippage Control: Users may elect “Maximum Slippage Tolerance” parameters (e.g., 0.1%–0.5% of trade size) to prevent orders from executing at disadvantageous prices. If slippage exceeds the user-defined threshold, orders are canceled automatically.

3. Customizable Strategy Settings

Risk Tolerance Profiles: “Conservative,” “Moderate,” and “Aggressive” presets allow users to quickly adopt risk frameworks aligned with their goals. Conservative settings limit daily drawdown to 2% of account equity and cap leverage at 2x; moderate settings permit up to 4% drawdown and 5x leverage; aggressive settings enable up to 6% drawdown and 10x leverage (subject to brokerage approvals).
Asset Basket Creation: User-defined “Smart Baskets” group multiple cryptocurrencies—such as “Top 5 by Market Cap,” “Emerging DeFi Tokens,” or “Stablecoin Arbitrage.” The platform rebalances these baskets weekly based on performance, market capitalization changes, and liquidity metrics.
Volatility-Adaptive Stop-Loss: Stop-loss percentages are not static. Instead, they adjust proportionally to the 14-day Average True Range (ATR) and Bollinger Band expansions. For example, if the ATR for Bitcoin spikes from 2% to 4%, the stop-loss widens by 10–15% to avoid premature exit during heightened volatility.

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4. Portfolio Diversification Engine

Balanced Allocation Recommendations: The AI provides suggested allocation percentages across multiple asset classes—e.g., 40% BTC, 25% ETH, 15% top-10 altcoins, and 20% stablecoins—based on risk-adjusted performance data and user-defined risk tolerance.
Correlated Asset Mitigation: By monitoring correlation coefficients between assets (e.g., BTC vs. ETH correlation of 0.85), the platform can reduce overweight positions to minimize systemic exposure. When correlation exceeds 0.9, the AI recommends temporary reallocation to lower-correlation assets.
Automated Rebalancing: Weekly portfolio rebalancing ensures that no single asset exceeds preset maximum exposure (e.g., 25% of total equity). If an asset’s value grows beyond this cap, the system executes partial sell orders and redistributes proceeds to underweighted categories.

5. Comprehensive Reporting and Analytics

Real-Time Dashboard: The homepage features live P&L, open trade positions, daily profit percentages, and drawdown statistics. A customizable graph displays historical performance, including monthly ROI comparisons against benchmark indices like the S&P 500 and TSX Composite.
Sharpe Ratio & Sortino Ratio: Users can view risk-adjusted performance metrics to gauge risk efficiency. A Sharpe Ratio above 1.5 is highlighted in green, indicating favorable risk-adjusted returns. Sortino Ratio (which penalizes downside volatility) is also displayed for more precise risk assessment.
Trade History: A searchable log details each executed trade (entry price, exit price, timestamp, P&L, SQS). Users can filter by asset, date range, or trade outcome (win/loss). CSV export functionality enables further analysis in external tools.

6. Security and Data Protection

SSL Encryption & Data Integrity: All data in transit is encrypted via AES 256-bit SSL/TLS protocols. Sensitive user information—such as login credentials and payment details—resides in encrypted databases with advanced hashing (bcrypt) and tokenization methods.
Two-Factor Authentication (2FA): Upon login, users must input their password followed by a one-time code generated through an authenticator app (e.g., Google Authenticator) or delivered via SMS. This two-tier verification effectively prevents unauthorized access, even if credentials are compromised.
Third-Party Security Audits: Leading cybersecurity firms—such as CanSecWest Security—conduct quarterly penetration tests and codebase reviews. Summary reports are shared with the Canadian Office of the Privacy Commissioner to demonstrate ongoing compliance with PIPEDA.
Data Residency: All Canadian user data is stored on servers located within Canada, ensuring compliance with provincial data sovereignty regulations. Backups occur daily and are encrypted with unique user-specific keys.

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7. Transparent Fee Structure

No Subscription Fees: Trader AI does not charge recurring platform fees—traders benefit from a zero-cost software model.
Embedded Spread-Only Costs: All trading costs are embedded in exchange spreads. For example:
- BTC–USD: Typical spread between 0.10% and 0.20%.
- ETH–USD: Typical spread between 0.12% and 0.22%.
- Top Altcoins (e.g., LINK, DOT): Spreads between 0.20% and 0.40%.
Withdrawal Fees:
- Interac e-Transfer (≤ CAD 1,000): Flat CAD 20 fee.
- Interac e-Transfer (> CAD 1,000): No fee.
- Wire Transfers: CAD 30 processing fee (waivable for account balances > CAD 10,000).
Currency Conversion Markup: For trades executed in USD or other foreign currencies, a transparent 0.25% conversion margin is applied—visibly displayed on the funding page prior to transaction confirmation.

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Localized Support and Educational Initiatives

Trader AI’s success in Canada is rooted in its investment in region-specific support and educational resources. Recognizing that regulatory requirements and tax implications for cryptocurrencies vary significantly from country to country, the platform has implemented multiple initiatives to guide Canadian users.

1. Multi-Channel Customer Support

24/7 Live Chat: Available directly on the website, live chat is staffed around the clock by bilingual (English/French) agents trained in both technical troubleshooting and Canadian regulatory guidelines.
Toll-Free Canadian Phone Lines: Operating daily from 8 AM to 8 PM ET, dedicated support lines (1-800-IMPATH1) ensure prompt resolution of urgent issues—ranging from account access difficulties to withdrawal queries.
Email Ticketing System: For non-urgent matters, users can submit support tickets via support@immediate-path.com. Average response time is 4–6 hours on weekdays; weekend requests are addressed within 12 hours.

2. Dedicated Compliance Resources

Regulatory Updates Section: A rotating banner on the Trader AI homepage alerts users to any changes in Canadian crypto regulations—such as new FINTRAC reporting guidelines or provincial licensing requirements.
Tax Reporting Guides: Downloadable PDFs explain:
- How to classify various transactions (spot trading, staking rewards, airdrops) for CRA reporting.
- Strategies for netting gains and losses across multiple wallets and platforms—ensuring accurate portfolio-wide tax calculations.
AML & KYC Policy Disclosure: Users can review Trader AI’s anti-money-laundering protocols, including suspicious transaction reporting criteria and process flows for large withdrawals requiring enhanced due diligence.

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Safety and Security

As crypto regulatory framework continues to evolve, Trader AI remains committed to exceeding compliance standards and upholding the highest levels of security—minimizing risk for users and partners alike.

1. Data Privacy and PIPEDA Compliance

PIPEDA-Aligned Privacy Policy: Trader AI’s privacy policy explicitly references the Personal Information Protection and Electronic Documents Act (PIPEDA), ensuring that Canadian user data is collected, processed, and stored in accordance with federal requirements.
Data Residency: All Canadian user data is housed on servers located within Canadian jurisdiction (Toronto and Montreal data centers), offering additional protection under provincial data sovereignty regulations (e.g., Ontario’s provincial data residency requirements).
User Rights: Canadians retain full control over personal information—users can request access, correction, or deletion of their data at any time by contacting privacy@immediate-path.com.

2. Encryption and Infrastructure Security

End-to-End SSL/TLS Encryption: All data transmitted between user browsers and Trader AI’s servers is encrypted via AES 256-bit SSL/TLS protocols, preventing interception or tampering.
Hashed Password Storage: User passwords are stored using bcrypt with a work factor of 12, making brute-force compromises computationally infeasible.
Intrusion Detection & Multi-Tenant Segmentation: Network traffic is continuously scanned by an Intrusion Detection System (IDS). Each user’s trading environment resides within an isolated container, preventing cross-account data leaks or unauthorized lateral movement by attackers.

Comparative Performance: Backtesting and Live Results

Trader AI’s performance results—both in backtesting and real-world conditions—underscore its capability to navigate dynamic crypto landscape:

Backtesting Overview (January 2020–December 2024)

Annualized Return (Conservative Settings): 45%
- Parameters: Maximum daily drawdown capped at 2%, trades limited to 07:00–16:00 EST (peak liquidity hours), leverage ≤ 2x.
- Historical drawdown: 12% during March 2020 “Corona Crash.”
Annualized Return (Moderate Settings): 70%
- Parameters: Daily drawdown ≤ 4%, 24/7 trading, leverage ≤ 5x.
- Historical drawdown: 18% during May 2021 “Altseason Correction.”
Annualized Return (Aggressive Settings): 95%
- Parameters: Daily drawdown ≤ 6%, leverage ≤ 10x, full asset basket allocation including high-volatility DeFi tokens.
- Historical drawdown: 25% during November 2021 “Crypto Winter II.”

Metrics

Average Win Rate: 62%
Average Risk/Reward Ratio: 1:1.8
Maximum Drawdown (Conservative): 12%
Maximum Drawdown (Aggressive): 25%

Asset Coverage and Diversification Strategies

Trader AI supports a broad spectrum of digital assets, enabling traders to construct diversified portfolios that mitigate risk and capture growth across multiple sectors:

Major Cryptocurrencies
- Bitcoin (BTC): The flagship asset, receiving the highest allocation in most conservative and moderate baskets.
- Ethereum (ETH): Backbone of decentralized finance (DeFi) and smart contracts, featured prominently.
- Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA): Liquid, established altcoins available for core portfolio building.
Emerging DeFi and Layer-1 Tokens
- Polkadot (DOT), Solana (SOL), Avalanche (AVAX): Rapidly scaling networks with robust ecosystems—suitable for moderate-risk allocations.
- Chainlink (LINK), Aave (AAVE), Uniswap (UNI): Leading DeFi and oracle solutions that often exhibit high volatility paired with substantial upside potential.
Metaverse and NFT-Related Tokens
- Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND): Assets tied to virtual real estate and blockchain gaming—ideal for investors seeking exposure to Web3 trends.
Stablecoin Pairs and Hedging Options
- Tether (USDT), USD Coin (USDC), Dai (DAI): Trader AI’s AI can automatically rotate capital into these stablecoins when market volatility exceeds user-defined thresholds (e.g., 10% 24-hour price swing), preserving equity during short-term drawdowns.
Sector-Specific Baskets
- “Layer 1 Champions”: Allocation across BTC, ETH, DOT, SOL, AVAX.
- “DeFi Innovators”: Allocation across LINK, AAVE, UNI, SUSHI, COMP.
- “Metaverse Mavericks”: Allocation across MANA, AXS, SAND, FLOW.

Trader AI Knows the Next Move—Be the First to Profit. Download and Trade Today!

Payments, Fees, and Account Funding

Trader AI’s commitment to transparency extends to its straightforward funding and fee model. Canadian users benefit from local payment options, minimal entry capital requirements, and no hidden subscription charges.

1. Minimum Deposit Requirement

Base Capital: USD 250 (equivalent to approximately CAD 330 at current exchange rates).
Deposit Methods for Canadians:
- Interac e-Transfer: Typical processing time of 1–2 business hours; no fees for deposits over CAD 1,000; flat CAD 20 fee for deposits ≤ CAD 1,000.
- Credit/Debit Card (Visa, Mastercard): Instant processing with a daily limit of CAD 5,000 for non-verified accounts.
- Wire Transfer: For larger capital needs (up to CAD 50,000 per transaction), processed in 1–2 business days; CAD 30 fee applies (waivable for initial deposits > CAD 10,000).
Currency Conversion: For trades executed on non-CAD pairs, an automatic 0.25% conversion margin is applied. Real-time mid-market exchange rates are displayed prior to transaction.

2. Fee Structure

Software Access: No subscription or platform fees—Trader AI’s model is “software-free,” with all platform maintenance costs absorbed by the company.
Trading Costs (Embedded Spreads):
- BTC–USD/CAD: Spreads between 0.10% and 0.20%.
- ETH–USD/CAD: Spreads between 0.12% and 0.22%.
- Major Altcoins: Spreads ranging from 0.20% to 0.40%.
- Spread rates adjust dynamically based on overall market liquidity—tightening during high-liquidity periods and widening slightly during low-liquidity windows (e.g., weekends, public holidays).
Withdrawal Fees:
- Interac e-Transfer (≤ CAD 1,000): Flat CAD 20.
- Interac e-Transfer (> CAD 1,000): No fee.
- Wire Transfer: CAD 30 (waived if account balance exceeds CAD 10,000 at time of withdrawal).
- Credit/Debit Card Refunds: If a user funded via card and requests a refund to the same card, a 2% processing fee applies to cover issuer charges.
Overnight Funding Fees: If a user employs leverage (up to 10x for aggressive strategies), an overnight interest rate of 0.03% per day is applied—transparent line-item in the trade ticket before order execution.

About Trader AI

Trader AI Inc. is a AI-driven cryptocurrency trading solutions. Founded in 2023 by a team of quantitative analysts, data scientists, and seasoned software engineers, Trader AI’s mission is to democratize algorithmic trading—making advanced, data-driven strategies accessible to investors of all experience levels.

Key Facts:

Established: 2023
Core Product: AI-powered crypto trading robot with automated and manual trading modes
Target Market: Crypto investors, ranging from first-time traders to institutional participants
Regulatory Partners: Maple Brokerage (Ontario), Victory Crypto (British Columbia)—both FINTRAC-registered

Company Vision: Trader AI seeks to empower Canadians by providing state-of-the-art AI trading tools under a fully compliant, transparent framework. By combining deep learning, robust risk management, and localized support, Trader AI aims to elevate Canada as a global hub for safe, responsible cryptocurrency trading.

Conclusion

Trader AI stands at the forefront of AI-driven cryptocurrency trading, combining cutting-edge machine learning, rigorous risk management, and a deep commitment to regulatory compliance. For both newcomers and seasoned traders, the platform offers a streamlined onboarding process, transparent fee structures, and a robust suite of tools designed to optimize performance while safeguarding capital. All users benefit from local payment integrations, bilingual support, and educational resources that demystify tax reporting and compliance requirements.

Whether you’re aiming to augment your existing strategy or take your first steps into automated crypto trading, Trader AI delivers an accessible, secure, and high-performing environment. With a proven track record of consistent returns—backed by both backtesting data and real-world results—this platform has quickly become a trusted choice for Canadian investors seeking to navigate volatile markets with confidence.

Ready to experience the power of AI-driven trading for yourself? Sign up for a free demo account and explore Trader AI’s features with CAD 10,000 in virtual funds. When you’re ready to trade live, a minimum deposit of USD 250 (approximately CAD 330) unlocks full access to all automated and manual trading modes. Discover why thousands of Canadians are turning to Trader AI to harness smarter strategies and take control of their crypto portfolios.

Forward-Looking Statements

This press release contains forward-looking statements that reflect Trader AI Inc.’s expectations regarding future events, including anticipated performance, product enhancements, and regulatory developments. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Trader AI Inc. assumes no obligation to update or revise these statements except as required by applicable law.

Visit Here to Register on the Trader AI – Select Your Country Here!!!

Media Contact

Trader AI

50 W 4th St,
New York, NY 10012, USA
Email: info@traderai.ai
Phone
AU +61284889800
UK +442038379676
Website – https://traderai.ai

General Disclaimer:
The content provided in this article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Readers are advised to consult a certified financial advisor, licensed loan officer, or legal professional before making any financial decisions. The information presented may not apply to every individual circumstance and is not intended to substitute professional judgment or regulatory guidance. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
Trading Disclaimer:
Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO’s, IEO’s, STO’s and any other form of offering will not guarantee a return on your investment.
HIGH RISK WARNING: Dealing or Trading FX, CFDs and Cryptocurrencies is highly speculative, carries a level of non-negligible risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. Please refer to the risk disclosure below. Trader AI does not gain or lose profits based on your activity and operates as a services company. Trader AI is not a financial services firm and is not eligible of providing financial advice. Therefore, Trader AI shall not be liable for any losses occurred via or in relation to this informational website.
SITE RISK DISCLOSURE: Trader AI does not accept any liability for loss or damage as a result of reliance on the information contained within this website; this includes education material, price quotes and charts, and analysis. Please be aware of and seek professional advice for the risks associated with trading the financial markets; never invest more money than you can risk losing. The risks involved in FX, CFDs and Cryptocurrencies may not be suitable for all investors. Trader AI doesn’t retain responsibility for any trading losses you might face as a result of using or inferring from the data hosted on this site.
LEGAL RESTRICTIONS: Without limiting the above mentioned provisions, you understand that laws regarding financial activities vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site. To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence. It is against the law to solicit US individuals to buy and sell commodity options, even if they are called “prediction” contracts, unless they are listed for trading and traded on a CFTC-registered exchange unless legally exempt. The UK Financial Conduct Authority has issued a policy statement PS20/10, which prohibits the sale, promotion, and distribution of CFD on Crypto assets. It prohibits the dissemination of marketing materials relating to distribution of CFDs and other financial products based on
Cryptocurrencies that addressed to UK residents. The provision of trading services involving any MiFID II financial instruments is prohibited in the EU, unless when authorized/licensed by the applicable authorities and/or regulator(s). Please note that we may receive advertising fees for users opted to open an account with our partner advertisers via advertisers websites. We have placed cookies on your computer to help improve your experience when visiting this website. You can change cookie settings on your computer at any time. Use of this website indicates your acceptance of this website. Please be advised that the names depicted on our website, including but not limited to Trader AI, are strictly for marketing and illustrative purposes. These names do not represent or imply the existence of specific entities, service providers, or any real-life individuals. Furthermore, the pictures and/or videos presented on our website are purely promotional in nature and feature professional actors. These actors are not actual users, clients, or traders, and their depictions should not be interpreted as endorsements or representations of real-life experiences. All content is intended solely for illustrative purposes and should not be construed as factual or as forming any legally binding relationship
RISKS ASSOCIATED WITH FUTURES TRADING
Futures transactions involve high risk. The amount of the initial margin is low compared to the value of the futures contract, so that transactions are “leveraged” or “geared”. A relatively small market movement has a proportionately larger impact on the funds that you have deposited or have to pay: this can work both for you and against you. You may experience the total loss of the initial margin funds as well as any additional funds deposited in the system. If the market develops in a way that is contrary to your position or if margins are increased, you may be asked to pay significant additional funds at short notice to maintain your position. In this case it may also happen that your broker account is in the red and you thus have to make payments beyond the initial investment.
RISKS ASSOCIATED WITH ELECTRONIC TRADING
Before you begin carrying out transactions with an electronic system, you should carefully review the rules and provisions of the stock exchange offering the system, or of the financial instruments listed that you intend to trade, as well as your broker’s conditions. Online trading has inherent risks due to system responses/reaction times and access times that may vary due to market conditions, system performance and other factors, and on which you have no influence. You should be aware of these additional risks in electronic trading before you carry out investment transactions.
Accuracy Disclaimer:
All information included in this article is presented in good faith and believed to be accurate at the time of writing. However, no representations or warranties are made regarding the completeness, accuracy, reliability, or timeliness of any information presented. Any reliance placed on such information is strictly at the reader’s own risk. The publisher does not accept responsibility for typographical errors, outdated information, or changes to products, terms, or policies after publication.
Regulatory and Jurisdictional Disclaimer:
Lending laws vary by jurisdiction, and not all services described in this article may be available in every state or region. It is the responsibility of the reader to understand and comply with local laws and regulations. The platforms mentioned are independently operated and are not controlled or endorsed by the publisher.
Third-Party Liability Waiver:
The publisher, its writers, editors, affiliates, and syndication partners shall not be held liable for any direct or indirect loss, damages, or legal claims arising from the use of this content or from reliance on any third-party services, platforms, or products mentioned herein. All loan agreements, terms, and disputes are strictly between the borrower and the lender or service provider.
Syndication Partner Use:
This content may be republished or syndicated by authorized partners under existing licensing or distribution arrangements. All syndication partners are free from liability regarding the editorial stance, financial suggestions, or any user outcome resulting from the reading or application of this content.

Attachment

The MIL Network –

July 25, 2025

MIL-OSI: ETHRANSACTION Launches 2025 Guide for Newbies to Yield BTC and DogeCoin

Source: GlobeNewswire (MIL-OSI)

New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — With the evolving financial landscape, more people are adding cryptocurrencies to their portfolios. The current momentum in the crypto market has drawn in new participants eager to earn returns. However, due to a lack of experience, some newcomers face losses from uninformed decisions. That’s why smart investors are now turning to platforms like ETHRANSACTION, which offer stable returns and a smooth entry into the crypto space.

Through ETHRANSACTION’s remote digital asset earning service, users gain more reliable income streams and can quickly understand the crypto landscape, benefiting from the potential growth of Bitcoin and Dogecoin. In this article, we explore how ETHRANSACTION works, how it simplifies digital earnings, and how it can help users reach daily profits of $19,494 or more.

ETHRANSACTION’s Remote Platform:

Generating income from digital currencies no longer requires expensive hardware, technical knowledge, or constant monitoring. ETHRANSACTION simplifies the process, allowing anyone to take part, regardless of experience. Instead of investing in physical infrastructure or complex systems, users lease algorithmic resources remotely and earn a percentage of the returns.

Why Choose ETHRANSACTION?

ETHRANSACTION is ideal for beginners due to its ultra-simple, user-friendly interface. Even crypto novices can start immediately. For users, efficiency is rewarded, hands-off participation becomes the key to success.

As a global leader in digital asset solutions, ETHRANSACTION operates over 100 facilities worldwide powered entirely by renewable energy. With over 8.1 million users, the platform has built a reputation for delivering consistent returns and prioritizing user safety.

ETHRANSACTION is recognized for its exceptional daily passive income, offering opportunities to earn thousands of dollars per day. Imagine earning a strong income without active management, this is what ETHRANSACTION delivers.

Trust and security are fundamental in crypto-based earnings, and ETHRANSACTION understands this well. The platform upholds full transparency and compliance, ensuring that your capital remains protected while your profits grow. Its operations use clean energy, contributing to carbon neutrality and sustainable investment practices, offering not only high returns but also environmental responsibility.

Key Advantages of ETHRANSACTION:

Instant $19 bonus upon registration.
High earning potential with automated daily payouts.
No hidden service or maintenance fees.
Supports 7+ cryptocurrencies including DOGE, BTC, LTC, ETH, USDC, USDT, and BCH.
Affiliate program with up to 6% commission for each referral.
Enterprise-grade security: McAfee® and Cloudflare® protections, 100% uptime guarantee, and 24/7 live support.

How to Join ETHRANSACTION:

Step 1: Create an Account
Register quickly with just your email address. Once registered, users can begin earning returns from Bitcoin and other digital assets instantly.

Step 2: Select a Plan
ETHRANSACTION offers various earning packages tailored to different investment levels. Here are a few popular options:

Avalon Plan
Amount: $100 → Total Return: $100 + $18
DG Home1 Plan
Amount: $600 → Total Return: $600 + $52.5
L7 Plan
Amount: $1,300 → Total Return: $1,300 + $236.6
T21 Plan
Amount: $3,700 → Total Return: $3,700 + $1,021.2
D1 Plan
Amount: $6,300 → Total Return: $6,300 + $2,441.25

Earnings begin within 24 hours of plan activation. Once your balance reaches $100, you may withdraw to your digital wallet or reinvest in another plan of your choice.

Affiliate Program:

ETHRANSACTION’s referral program allows you to earn even without investing. Simply invite others to join. When your referrals participate, you earn up to 6% commission—unlimited referrals mean unlimited earning potential.

Summary

If you’re looking for a hands-off way to grow your crypto assets, ETHRANSACTION offers an effective solution. These types of automated opportunities are ideal for investors who prefer “autopilot” over active trading.

Passive income remains a top goal for modern investors, and ETHRANSACTION makes it easier than ever to achieve. Whether you’re just starting or scaling up, the platform is designed for reliable, secure, and eco-conscious crypto earnings.

To learn more, visit the official ETHRANSACTION website:
https://ethransaction.vip
Email: info@ethransaction.vip

Attachment

ETHRANSACTION

The MIL Network –

July 25, 2025

MIL-OSI: Bitcoin Swift Presale Stage 1 Nears Completion as Programmable Yield Protocol Reaches Key Milestone

Source: GlobeNewswire (MIL-OSI)

LUXEMBOURG, July 24, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift, a next-generation blockchain platform focused on programmable yield and intelligent governance, today announced the final countdown to the completion of Stage 1 of its BTC3 token presale. The current Stage 1 token price of $1.00 will increase to $2.00 with the start of Stage 2 on July 26, 2025. The full presale will run for 64 days, concluding on September 18, 2025, with a confirmed launch price of $15.00.

The Bitcoin Swift protocol is designed to address key structural and functional limitations found in legacy blockchain systems. It introduces an automated Proof-of-Yield (PoY) system, privacy-enhancing technologies, and AI-driven governance to create a more responsive and participatory financial ecosystem.

Unlike traditional token sales that delay access to utility until mainnet launch, Bitcoin Swift’s infrastructure enables early participants to engage with on-chain functions—such as staking and governance—immediately following each presale stage.

Stage 1 Presale Details

Stage 1 Ends: July 26, 2025
Current Token Price: $1.00
Stage 2 Price: $2.00
Confirmed Launch Price: $15.00
Presale Ends: September 18, 2025
Stage 1 APY: 143%, distributed via Proof-of-Yield

What Sets Bitcoin Swift Apart

Bitcoin Swift is built from the ground up to support real-time user interaction and reward distribution. Its unique Proof-of-Yield model automates staking rewards based on network activity, transaction volume, and protocol sustainability metrics. Rewards are distributed automatically at the end of each presale stage, giving users immediate exposure to protocol incentives.

The protocol uses federated AI oracles to monitor live blockchain metrics, environmental factors, and transaction behaviors. These oracles feed data into smart contracts that update staking logic dynamically, ensuring the system adapts to actual usage rather than relying on static parameters.

In addition to programmable yield, Bitcoin Swift introduces several innovations to promote decentralization, transparency, and long-term utility:

AI-Assisted Governance: Governance proposals are evaluated by AI agents before they reach community voting, helping to filter out spam and low-quality submissions.
Quadratic Voting System: Voting is weighted based on reputation and identity, using decentralized identifiers (DIDs) to ensure fair representation.
Sustainability Tracking: Rewards are tied not only to user activity but also to the protocol’s environmental impact, as monitored by AI-led metrics.
zk-SNARK Integration: The platform uses privacy-preserving cryptography to protect user identities while enabling transparent, verifiable transactions.

Smart Contract Design and Compliance

The BTC3 smart contract ecosystem is designed to deliver both performance and adaptability. Unlike fixed APY models, the Bitcoin Swift protocol adjusts staking yields based on network contributions and environmental efficiency. All logic is pre-audited and fully visible on-chain, with audits conducted by third-party firms such as Spywolf and Solidproof. The development team has also completed full KYC verification to strengthen compliance efforts and build trust.

“Bitcoin Swift aims to deliver a utility-ready protocol that empowers participants from the first stage,” said a project representative. “The Stage 1 presale is the first step toward establishing an ecosystem where value is driven by engagement, not speculation.”

Community and Roadmap

While still in its presale phase, Bitcoin Swift has already launched community initiatives across platforms such as Telegram and X (formerly Twitter), inviting early adopters to engage in governance discussions and protocol education.

Following the end of Stage 1, the project roadmap includes:

Release of a governance dashboard with AI proposal filtering
Integration of federated oracles for market and sustainability metrics
Launch of a developer grant program for protocol-layer integrations
Activation of PoY staking for all Stage 1 and 2 participants

Once the presale ends on September 18, BTC3 tokens will become fully transferable, and governance mechanisms will be activated for the entire tokenholder base.

What the Crypto Community Is Saying

The rise of BTC3 has not gone unnoticed. Influencers like Crypto Vlog and Token Empire have published detailed reviews on why Bitcoin Swift is attracting investors. Both emphasize its unique PoY system and AI-powered infrastructure. Meanwhile, Crypto Show and Crypto League break down how the project’s presale is already showing strong traction. The reviews focus on its compliance-first design, performance incentives, and accessible governance.

Many creators point to its use of Telegram and X as a sign of its open approach to community building. BTC3 is one of the few projects where early users don’t just speculate, they participate and shape the network’s growth.

Access and Participation

Bitcoin Swift is accessible via a non-custodial, Solana-compatible interface, allowing users to join the presale without centralized exchange registration. With just two days remaining in Stage 1, interested participants can still lock in the $1.00 price before the token enters Stage 2 at $2.00.

More details on the protocol, presale timeline, and documentation are available on the official website: https://bitcoinswift.com

Contact:
Luc Schaus
support@bitcoinswift.com

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

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3a973967-d3a8-4feb-bbbb-d5ea8c88df3c

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ecd72f4-e3ae-44ed-8a85-f05fa1500d0f

https://www.globenewswire.com/NewsRoom/AttachmentNg/70ce2ba2-42b9-4857-9632-acbe975aa7d7

The MIL Network –

July 25, 2025

MIL-OSI: Bitcoin Swift Presale Stage 1 Nears Completion as Programmable Yield Protocol Reaches Key Milestone

Source: GlobeNewswire (MIL-OSI)

LUXEMBOURG, July 24, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift, a next-generation blockchain platform focused on programmable yield and intelligent governance, today announced the final countdown to the completion of Stage 1 of its BTC3 token presale. The current Stage 1 token price of $1.00 will increase to $2.00 with the start of Stage 2 on July 26, 2025. The full presale will run for 64 days, concluding on September 18, 2025, with a confirmed launch price of $15.00.

The Bitcoin Swift protocol is designed to address key structural and functional limitations found in legacy blockchain systems. It introduces an automated Proof-of-Yield (PoY) system, privacy-enhancing technologies, and AI-driven governance to create a more responsive and participatory financial ecosystem.

Unlike traditional token sales that delay access to utility until mainnet launch, Bitcoin Swift’s infrastructure enables early participants to engage with on-chain functions—such as staking and governance—immediately following each presale stage.

Stage 1 Presale Details

Stage 1 Ends: July 26, 2025
Current Token Price: $1.00
Stage 2 Price: $2.00
Confirmed Launch Price: $15.00
Presale Ends: September 18, 2025
Stage 1 APY: 143%, distributed via Proof-of-Yield

What Sets Bitcoin Swift Apart

Bitcoin Swift is built from the ground up to support real-time user interaction and reward distribution. Its unique Proof-of-Yield model automates staking rewards based on network activity, transaction volume, and protocol sustainability metrics. Rewards are distributed automatically at the end of each presale stage, giving users immediate exposure to protocol incentives.

The protocol uses federated AI oracles to monitor live blockchain metrics, environmental factors, and transaction behaviors. These oracles feed data into smart contracts that update staking logic dynamically, ensuring the system adapts to actual usage rather than relying on static parameters.

In addition to programmable yield, Bitcoin Swift introduces several innovations to promote decentralization, transparency, and long-term utility:

AI-Assisted Governance: Governance proposals are evaluated by AI agents before they reach community voting, helping to filter out spam and low-quality submissions.
Quadratic Voting System: Voting is weighted based on reputation and identity, using decentralized identifiers (DIDs) to ensure fair representation.
Sustainability Tracking: Rewards are tied not only to user activity but also to the protocol’s environmental impact, as monitored by AI-led metrics.
zk-SNARK Integration: The platform uses privacy-preserving cryptography to protect user identities while enabling transparent, verifiable transactions.

Smart Contract Design and Compliance

The BTC3 smart contract ecosystem is designed to deliver both performance and adaptability. Unlike fixed APY models, the Bitcoin Swift protocol adjusts staking yields based on network contributions and environmental efficiency. All logic is pre-audited and fully visible on-chain, with audits conducted by third-party firms such as Spywolf and Solidproof. The development team has also completed full KYC verification to strengthen compliance efforts and build trust.

“Bitcoin Swift aims to deliver a utility-ready protocol that empowers participants from the first stage,” said a project representative. “The Stage 1 presale is the first step toward establishing an ecosystem where value is driven by engagement, not speculation.”

Community and Roadmap

While still in its presale phase, Bitcoin Swift has already launched community initiatives across platforms such as Telegram and X (formerly Twitter), inviting early adopters to engage in governance discussions and protocol education.

Following the end of Stage 1, the project roadmap includes:

Release of a governance dashboard with AI proposal filtering
Integration of federated oracles for market and sustainability metrics
Launch of a developer grant program for protocol-layer integrations
Activation of PoY staking for all Stage 1 and 2 participants

Once the presale ends on September 18, BTC3 tokens will become fully transferable, and governance mechanisms will be activated for the entire tokenholder base.

What the Crypto Community Is Saying

The rise of BTC3 has not gone unnoticed. Influencers like Crypto Vlog and Token Empire have published detailed reviews on why Bitcoin Swift is attracting investors. Both emphasize its unique PoY system and AI-powered infrastructure. Meanwhile, Crypto Show and Crypto League break down how the project’s presale is already showing strong traction. The reviews focus on its compliance-first design, performance incentives, and accessible governance.

Many creators point to its use of Telegram and X as a sign of its open approach to community building. BTC3 is one of the few projects where early users don’t just speculate, they participate and shape the network’s growth.

Access and Participation

Bitcoin Swift is accessible via a non-custodial, Solana-compatible interface, allowing users to join the presale without centralized exchange registration. With just two days remaining in Stage 1, interested participants can still lock in the $1.00 price before the token enters Stage 2 at $2.00.

More details on the protocol, presale timeline, and documentation are available on the official website: https://bitcoinswift.com

Contact:
Luc Schaus
support@bitcoinswift.com

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The MIL Network –

July 25, 2025

MIL-OSI United Kingdom: Business leaders welcome the UK-India Free Trade Agreement

Source: United Kingdom – Executive Government & Departments

Press release

Business leaders welcome the UK-India Free Trade Agreement

Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.

Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

Business Groups

Rain Newton-Smith, CEO, CBI said:

In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.

A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.

The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.   

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses.

Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter.

Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

Richard Heald OBE, Chair, UK-India Business Council, said:

The UK-India FTA marks a historic milestone in the bilateral relationship.

Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

Aerospace

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Financial and professional services

Ian Stuart, CEO of HSBC UK, said:

Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.

As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement.

Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said:

This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:

Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries.

Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

Adam Gagen, Global Head of Government Affairs at Revolut, said: 

As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

Nicola Watkinson, Managing Director for International, TheCityUK, said:

India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

Automotives

Mike Hawes, SMMT Chief Executive, said:

The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

A JLR spokesperson said:

We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

India is an important market for our British built products and represents significant future growth opportunities.

Food and drink

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. 

India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

Mark Kent, Chief Executive of the SWA said:

The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

George Hyde, Head of Trade, The Food and Drink Federation:

We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies.

With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

We look forward to working with government to help businesses make the most of this opportunity.

Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said:

There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

Stephen Davies, Chief Executive of Penderyn Distillery, said:

We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

These are exciting times.

Medtech

Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:

The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action.

India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

Deepak Nath, Chief Executive Officer, Smith+Nephew, said:

Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector.

We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.

Manufacturing

Graeme Macdonald, JCB Chief Executive, said:

India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.

It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said:

Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters.

The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific.

It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

Mark Ridgway OBE DL, CEO of Rhodes Group, said:

As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market.

Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

Idir Boudaoud, Founder and CEO at Sensoteq, said:

India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us.

Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security.

This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

William Crawford, Director of Concrete Canvas Ltd, said: 

India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive.

This is welcome news for both UK and Indian businesses!

Creative Industries

Richard Masters, Premier League Chief Executive, said:

India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.

The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

Richard Pring, Co-Founder at Wales Interactive, said:

The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences.

Digital and Tech

Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:

The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.

This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

Clean Energy

Neil Spann, CEO of Power Roll, said:

As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us. It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.

As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

Transport

Chris Woodroofe, Manchester Airport Managing Director, said:

We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole.

Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK.

That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

Textiles

Bill Leach, Global Sales Director, John Smedley Ltd, said:

India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition.

John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear.

We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

Cosmetics

Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:

The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry. Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers. CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

Published 24 July 2025

MIL OSI United Kingdom –

July 25, 2025

MIL-OSI: Dime Community Bancshares, Inc. Reports Strong Second Quarter Results With Earnings Per Share Increasing by 49% on a Year-over-Year Basis

Source: GlobeNewswire (MIL-OSI)

Continued Growth in Core Deposits and Business Loans on a Year-over-Year Basis

Quarterly Net Interest Margin Improves to 2.98%

HAUPPAUGE, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $27.9 million for the quarter ended June 30, 2025, or $0.64 per diluted common share, compared to $19.6 million, or $0.45 per diluted common share, for the quarter ended March 31, 2025 and net income available to common stockholders of $16.7 million for the quarter ended June 30, 2024, or $0.43 per diluted common share.

Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “As we continue to execute on our growth plan, we were pleased with the solid growth in core deposits, business loans, net interest margin and capital ratios. We had an active second quarter from a recruiting standpoint, which will aid us in the years ahead as we diversify our balance sheet and continue to take market share. Of note, and recognizing the progress we have made in creating a high quality balance sheet, Kroll Bond Rating Agency revised our outlook from “Stable” to “Positive” in the month of June.”

Second Quarter Recruiting Update

Hired Shawn Gines as Executive Vice President of Corporate and Specialty Finance; Mr. Gines was previously the Regional President of the New York City and New Jersey metro markets for Webster Bank;
Hired Jason Brenner and Zach Schwartz to lead the newly created Lender Finance vertical; Mr. Brenner and Mr. Schwartz were previously with Axos Bank and First Citizens Bank, respectively;
Hired Michael Watts to lead the newly created Fund Finance vertical; Mr. Watts was previously with East West Bank;
Hired Raffaella Palazzo as Director of Business Banking; Ms. Palazzo was previously Chief Operations Officer at Hanover Bank; and
Hired Solomon Ponniah as Group Leader to grow metro NYC lending presence; Mr. Ponniah was previously Director of Business Banking at Popular Bank.

Geographic Expansion

Received all requisite regulatory approvals to open a branch location at 500 Boulevard of the Americas in Lakewood, New Jersey. The branch opening is planned for early 2026.
Expect to open a new branch location in Manhattan in the fourth quarter of 2025.

Highlights for the Second Quarter of 2025 included:

Total deposits increased $711.7 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.21 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the second quarter was 30%;
Business loans grew $113.3 million on a linked quarter basis and $371.3 million on a year-over-year basis;
The net interest margin increased to 2.98% for the second quarter of 2025 compared to 2.95% for the prior quarter; and
The Company’s Common Equity Tier 1 Ratio increased to 11.25% at the end of the second quarter.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the second quarter of 2025 was $98.1 million compared to $94.2 million for the first quarter of 2025 and $75.5 million for the second quarter of 2024.

The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.


(Dollars in thousands)	Q2 2025			Q1 2025			Q2 2024
Net interest income	$	98,097		$	94,213		$	75,502
Purchase accounting amortization (accretion) on loans (“PAA”)		(225	)		(124	)		(101	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	97,872		$	94,089		$	75,401

Average interest-earning assets	$	13,195,116		$	12,963,320		$	12,624,556

NIM⁽¹⁾		2.98	%		2.95	%		2.41	%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.98	%		2.94	%		2.40	%

⁽¹⁾NIM represents net interest income divided by average interest-earning assets.
⁽²⁾Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

Mr. Lubow commented, “Dime has multiple levers to grow NIM over time.

First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

Loan Portfolio

The ending weighted average rate (“WAR”) on the total loan portfolio was 5.33% at June 30, 2025, an 8 basis point increase compared to the ending WAR of 5.25% on the total loan portfolio at March 31, 2025.

Outlined below are loan balances and WARs for the quarter ended as indicated.


	June 30, 2025				March 31, 2025				June 30, 2024
(Dollars in thousands)	Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,902,170	6.65	%	$	2,788,848	6.55	%	$	2,530,896	6.92	%
One-to-four family residential, including condominium and cooperative apartment		998,677	4.85			961,562	4.77			906,949	4.55
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,693,481	4.48			3,780,078	4.46			3,920,354	4.59
Non-owner-occupied commercial real estate		3,128,453	5.12			3,191,536	5.07			3,315,100	5.25
Acquisition, development, and construction		141,755	8.28			140,309	7.96			144,860	8.96
Other loans		6,336	11.08			6,402	10.39			6,699	3.39
Loans held for investment	$	10,870,872	5.33	%	$	10,868,735	5.25	%	$	10,824,858	5.39	%

⁽¹⁾    WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
⁽²⁾    Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
⁽³⁾    Includes loans underlying multifamily cooperatives.
⁽⁴⁾    While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

Outlined below are the loan originations, for the quarter ended as indicated.


(Dollars in millions)	Q2 2025		Q1 2025		Q2 2024
Originations Excluding New Lines of Credit	$	227.3	$	71.5	$	162.4
Originations Including New Lines of Credit		450.5		136.7		284.6

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at June 30, 2025 were $11.74 billion, compared to $11.61 billion at March 31, 2025 and $11.03 billion at June 30, 2024. The Company reduced its brokered deposit levels to $200.0 million at June 30, 2025, compared to $285.6 million at March 31, 2025 and $780.3 million at June 30, 2024.

Total Federal Home Loan Bank advances were $508.0 million at June 30, 2025, compared to $508.0 million at March 31, 2025 and $633.0 million at June 30, 2024.

Non-Interest Income

Non-interest income was $11.6 million during the second quarter of 2025, $9.6 million during the first quarter of 2025, and $11.8 million during the second quarter of 2024.

Non-Interest Expense

Total non-interest expense was $60.3 million during the second quarter of 2025, $65.5 million during the first quarter of 2025, and $55.7 million during the second quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, adjusted non-interest expense was $59.9 million during the second quarter of 2025, $58.0 million during the first quarter of 2025, and $55.4 million during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Lubow commented, “The increase in non-interest expense on year-over-year-basis has been due to significant investments and hires the Company has made as we execute on our growth plan, which is centered around growing core deposits, diversifying our loan portfolio and selectively adding new geographies. In the second quarter of 2025, we launched various commercial lending verticals that we expect to contribute to loan and revenue growth in the years ahead.”

The ratio of non-interest expense to average assets was 1.72% during the second quarter of 2025, compared to 1.90% during the linked quarter and 1.66% during the second quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.71% during the second quarter of 2025, 1.68% during the first quarter of 2025, and 1.65% during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

The efficiency ratio was 55.0% during the second quarter of 2025, compared to 63.1% during the linked quarter and 63.8% during the second quarter of 2024. Excluding the impact of net gain on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets, the adjusted efficiency ratio was 54.7% during the second quarter of 2025, compared to 55.8% during the linked quarter and 65.9% during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Income Tax Expense

Income tax expense was $10.5 million during the second quarter of 2025, $7.3 million during the first quarter of 2025, and $7.6 million during the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 26.1%, compared to 25.3% for the first quarter of 2025 and compared to 29.0% for the second quarter of 2024.

Credit Quality

Non-performing loans were $53.2 million at June 30, 2025, compared to $58.0 million at March 31, 2025 and $24.8 million at June 30, 2024.

A credit loss provision of $9.2 million was recorded during the second quarter of 2025, compared to a credit loss provision of $9.6 million during the first quarter of 2025, and a credit loss provision of $5.6 million during the second quarter of 2024.

Capital Management

Stockholders’ equity increased $19.0 million to $1.43 billion at June 30, 2025, compared to $1.41 billion at March 31, 2025.

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of June 30, 2025. All risk-based regulatory capital ratios increased in the second quarter of 2025.

Dividends per common share were $0.25 during the second quarter of 2025 and the first quarter of 2025, respectively.

Book value per common share was $29.95 at June 30, 2025 compared to $29.58 at March 31, 2025.

Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $26.32 at June 30, 2025 compared to $25.94 at March 31, 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Earnings Call Information

The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, July 24, 2025, during which CEO Lubow will discuss the Company’s second quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/7qhzfy2o. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIb23e2d2040014fbe89e85e3654130c71. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/7qhzfy2o.

ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island. ⁽¹⁾

⁽¹⁾ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, tariffs, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contact: Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)

	June 30,			March 31,			December 31,
	2025			2025			2024
Assets:
Cash and due from banks	$	1,156,754		$	1,030,702		$	1,283,571
Securities available-for-sale, at fair value		703,461			710,579			690,693
Securities held-to-maturity		625,188			631,334			637,339
Loans held for sale		13,617			2,527			22,625
Loans held for investment, net:
Business loans⁽¹⁾		2,902,170			2,788,848			2,726,602
One-to-four family and cooperative/condominium apartment		998,677			961,562			952,195
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,693,481			3,780,078			3,820,492
Non-owner-occupied commercial real estate		3,128,453			3,191,536			3,231,398
Acquisition, development and construction		141,755			140,309			136,172
Other loans		6,336			6,402			5,084
Allowance for credit losses		(93,189	)		(90,455	)		(88,751	)
Total loans held for investment, net		10,777,683			10,778,280			10,783,192
Premises and fixed assets, net		33,957			33,650			34,858
Restricted stock		67,110			66,987			69,106
BOLI		393,345			389,167			290,665
Goodwill		155,797			155,797			155,797
Other intangible assets		3,409			3,644			3,896
Operating lease assets		44,717			45,657			46,193
Derivative assets		90,966			98,740			116,496
Accrued interest receivable		55,418			56,044			55,970
Other assets		86,513			94,574			162,857
Total assets	$	14,207,935		$	14,097,682		$	14,353,258
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,432,667		$	3,245,409		$	3,355,829
Interest-bearing checking		1,029,297			950,090			1,079,823
Savings (excluding mortgage escrow deposits)		1,923,277			1,939,852			1,927,903
Money market		4,229,503			4,271,363			4,198,784
Certificates of deposit		1,080,093			1,121,068			1,069,081
Deposits (excluding mortgage escrow deposits)		11,694,837			11,527,782			11,631,420
Non-interest-bearing mortgage escrow deposits		45,256			88,138			54,715
Interest-bearing mortgage escrow deposits		2			4			6
Total mortgage escrow deposits		45,258			88,142			54,721
FHLBNY advances		508,000			508,000			608,000
Other short-term borrowings		—			—			50,000
Subordinated debt, net		272,414			272,370			272,325
Derivative cash collateral		69,840			85,230			112,420
Operating lease liabilities		47,559			48,432			48,993
Derivative liabilities		86,110			92,516			108,347
Other liabilities		52,911			63,197			70,515
Total liabilities		12,776,929			12,685,669			12,956,741
Stockholders’ equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			461
Additional paid-in capital		622,660			623,305			624,822
Retained earnings		820,221			803,202			794,526
Accumulated other comprehensive loss (“AOCI”), net of deferred taxes		(37,937	)		(39,045	)		(45,018	)
Unearned equity awards		(13,525	)		(12,909	)		(7,640	)
Treasury stock, at cost		(77,443	)		(79,570	)		(87,203	)
Total stockholders’ equity		1,431,006			1,412,013			1,396,517
Total liabilities and stockholders’ equity	$	14,207,935		$	14,097,682		$	14,353,258

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
⁽²⁾ Includes loans underlying multifamily cooperatives.

⁽³⁾ While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts)

	Three Months Ended							Six Months Ended
	June 30,		March 31,		June 30,			June 30,		June 30,
	2025		2025		2024			2025		2024
Interest income:
Loans	$	145,448	$	142,705	$	147,099		$	288,153	$	290,664
Securities		11,353		11,323		7,907			22,676		15,787
Other short-term investments		10,749		7,837		4,412			18,586		13,976
Total interest income		167,550		161,865		159,418			329,415		320,427
Interest expense:
Deposits and escrow		60,181		58,074		72,878			118,255		145,947
Borrowed funds		8,354		8,381		9,033			16,735		23,730
Derivative cash collateral		918		1,197		2,005			2,115		3,718
Total interest expense		69,453		67,652		83,916			137,105		173,395
Net interest income		98,097		94,213		75,502			192,310		147,032
Provision for credit losses		9,221		9,626		5,585			18,847		10,795
Net interest income after provision		88,876		84,587		69,917			173,463		136,237
Non-interest income:
Service charges and other fees		4,642		4,643		3,972			9,285		8,516
Title fees		118		98		294			216		427
Loan level derivative income		942		61		1,085			1,003		1,491
BOLI income		4,186		3,993		2,484			8,179		4,945
Gain on sale of Small Business Administration (“SBA”) loans		387		82		113			469		366
Gain on sale of residential loans		50		32		27			82		104
Fair value change in equity securities and loans held for sale		83		18		(416	)		101		(1,258	)
Net gain on securities		149		—		—			149		—
Gain on sale of other assets		—		—		3,695			—		6,663
Other		1,038		706		554			1,744		1,021
Total non-interest income		11,595		9,633		11,808			21,228		22,275
Non-interest expense:
Salaries and employee benefits		36,218		35,651		32,184			71,869		64,221
Severance		136		76		—			212		42
Occupancy and equipment		7,729		8,002		7,409			15,731		14,777
Data processing costs		4,903		4,794		4,405			9,697		8,718
Marketing		1,756		1,666		1,637			3,422		3,134
Professional services		2,097		2,116		2,766			4,213		4,233
Federal deposit insurance premiums		1,692		2,047		2,250			3,739		4,489
Loss on extinguishment of debt		—		—		—			—		453
Loss due to pension settlement		—		7,231		—			7,231		—
Amortization of other intangible assets		235		252		285			487		592
Other		5,533		3,676		4,758			9,209		7,546
Total non-interest expense		60,299		65,511		55,694			125,810		108,205
Income before taxes		40,172		28,709		26,031			68,881		50,307
Income tax expense		10,475		7,251		7,552			17,726		14,137
Net income		29,697		21,458		18,479			51,155		36,170
Preferred stock dividends		1,821		1,822		1,822			3,643		3,643
Net income available to common stockholders	$	27,876	$	19,636	$	16,657		$	47,512	$	32,527
Earnings per common share (“EPS”):
Basic	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84
Diluted	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84

Average common shares outstanding for diluted EPS		43,030,023		42,948,690		38,329,485			42,989,581		38,292,253


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts)

	At or For the Three Months Ended									At or For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Per Share Data:
Reported EPS (Diluted)	$	0.64		$	0.45		$	0.43		$	1.09		$	0.84
Cash dividends paid per common share		0.25			0.25			0.25			0.50			0.50
Book value per common share		29.95			29.58			28.97			29.95			28.97
Tangible common book value per share⁽¹⁾		26.32			25.94			24.87			26.32			24.87
Common shares outstanding		43,889			43,799			39,148			43,889			39,148
Dividend payout ratio		39.06	%		55.56	%		58.14	%		45.87	%		59.52	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.85	%		0.62	%		0.55	%		0.74	%		0.53	%
Return on average equity		8.28			6.04			5.88			7.16			5.78
Return on average tangible common equity⁽¹⁾		9.68			6.92			6.88			8.30			6.76
Net interest margin		2.98			2.95			2.41			2.96			2.31
Non-interest expense to average assets		1.72			1.90			1.66			1.81			1.59
Efficiency ratio		55.0			63.1			63.8			58.9			63.9
Effective tax rate		26.08			25.26			29.01			25.73			28.10

Balance Sheet Data:
Average assets	$	14,013,592		$	13,777,665		$	13,418,441		$	13,896,281		$	13,606,682
Average interest-earning assets		13,195,116			12,963,320			12,624,556			13,079,859			12,820,156
Average tangible common equity⁽¹⁾		1,158,738			1,145,915			979,611			1,152,361			974,165
Loan-to-deposit ratio at end of period⁽²⁾		92.6	%		93.6	%		98.2	%		92.6	%		98.2	%

Capital Ratios and Reserves – Consolidated:⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets⁽¹⁾		9.05			8.99			8.14
Tier 1 common equity ratio		11.25			11.11			10.06
Tier 1 risk-based capital ratio		12.34			12.21			11.17
Total risk-based capital ratio		15.84			15.68			14.46
Tier 1 leverage ratio		9.43			9.46			8.78
Consolidated CRE concentration ratio⁽³⁾⁽⁴⁾		425			442			499
Allowance for credit losses/ Total loans		0.86			0.83			0.72
Allowance for credit losses/ Non-performing loans		175.12			155.85			313.21

⁽¹⁾    See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
⁽²⁾    Total deposits include mortgage escrow deposits, which fluctuate seasonally.
⁽³⁾   June 30, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.

⁽⁴⁾ The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The June 30, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,798,899	$	46,593	6.68	%	$	2,748,142	$	45,047	6.65	%	$	2,400,219	$	42,933	7.19	%
One-to-four family residential, including condo and coop		981,138		11,532	4.71			962,046		11,069	4.67			886,037		9,968	4.52
Multifamily residential and residential mixed-use		3,740,939		42,462	4.55			3,796,754		42,329	4.52			3,958,617		45,775	4.65
Non-owner-occupied commercial real estate		3,175,062		41,822	5.28			3,214,758		41,326	5.21			3,359,004		44,728	5.36
Acquisition, development, and construction		136,154		3,009	8.86			138,428		2,906	8.51			164,283		3,638	8.91
Other loans		7,135		30	1.69			5,740		28	1.98			5,100		57	4.50
Securities		1,361,383		11,353	3.34			1,372,563		11,323	3.35			1,537,487		7,907	2.07
Other short-term investments		994,406		10,749	4.34			724,889		7,837	4.38			313,809		4,412	5.65
Total interest-earning assets		13,195,116		167,550	5.09	%		12,963,320		161,865	5.06	%		12,624,556		159,418	5.08	%
Non-interest-earning assets		818,476						814,345						793,885
Total assets	$	14,013,592					$	13,777,665					$	13,418,441

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	943,716	$	4,141	1.76	%	$	912,852	$	4,164	1.85	%	$	631,403	$	1,499	0.95	%
Money market		4,174,694		32,818	3.15			4,076,612		31,294	3.11			3,495,989		33,193	3.82
Savings⁽²⁾		1,925,224		14,048	2.93			1,970,338		14,185	2.92			2,336,202		23,109	3.98
Certificates of deposit		1,075,729		9,174	3.42			973,108		8,431	3.51			1,393,678		15,077	4.35
Total interest-bearing deposits		8,119,363		60,181	2.97			7,932,910		58,074	2.97			7,857,272		72,878	3.73
FHLBNY advances		508,000		4,053	3.20			509,111		4,066	3.24			671,242		6,429	3.85
Subordinated debt, net		272,385		4,301	6.33			272,341		4,302	6.41			202,232		2,604	5.18
Other short-term borrowings		—		—	—			633		13	8.33			—		—	—
Total borrowings		780,385		8,354	4.29			782,085		8,381	4.35			873,474		9,033	4.16
Derivative cash collateral		79,188		918	4.65			104,126		1,197	4.66			145,702		2,005	5.53
Total interest-bearing liabilities		8,978,936		69,453	3.10	%		8,819,121		67,652	3.11	%		8,876,448		83,916	3.80	%
Non-interest-bearing checking⁽²⁾		3,412,215						3,322,583						3,042,382
Other non-interest-bearing liabilities		187,774						213,876						242,980
Total liabilities		12,578,925						12,355,580						12,161,810
Stockholders’ equity		1,434,667						1,422,085						1,256,631
Total liabilities and stockholders’ equity	$	14,013,592					$	13,777,665					$	13,418,441
Net interest income			$	98,097					$	94,213					$	75,502
Net interest rate spread					1.99	%					1.95	%					1.28	%
Net interest margin					2.98	%					2.95	%					2.41	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,531,578	$	60,181	2.09	%	$	11,255,493	$	58,074	2.09	%	$	10,899,654	$	72,878	2.69	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Includes mortgage escrow deposits.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands)

	At or For the Three Months Ended
	June 30,			March 31,			June 30,
Asset Quality Detail	2025			2025			2024
Non-performing loans (“NPLs”)
Business loans⁽¹⁾	$	18,007		$	21,944		$	20,287
One-to-four family residential, including condominium and cooperative apartment		1,642			3,763			3,884
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		32,908			31,677			15
Acquisition, development, and construction		657			657			657
Other loans		—			—			—
Total Non-accrual loans	$	53,214		$	58,041		$	24,843
Total Non-performing assets (“NPAs”)	$	53,214		$	58,041		$	24,843

Total loans 90 days delinquent and accruing (“90+ Delinquent”)	$	—		$	—		$	—

NPAs and 90+ Delinquent	$	53,214		$	58,041		$	24,843

NPAs and 90+ Delinquent / Total assets		0.37	%		0.41	%		0.18	%
Net charge-offs (“NCOs”)	$	5,405		$	7,058		$	3,640
NCOs / Average loans⁽²⁾		0.20	%		0.26	%		0.14	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Calculated based on annualized NCOs to average loans, excluding loans held for sale.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)

The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net gain on sale of securities and other assets, severance, loss on extinguishment of debt and loss due to pension settlement.


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders
Reported net income available to common stockholders	$	27,876		$	19,636		$	16,657		$	47,512		$	32,527
Adjustments to net income ^(1):
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net gain on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Severance		136			76			—			212			42
Loss on extinguishment of debt		—			—			—			—			453
Loss due to pension settlement		—			7,231			—			7,231			—
Income tax effect of adjustments noted above ⁽¹⁾		6			(2,237	)		1,043			(2,231	)		1,561
Adjusted net income available to common stockholders (non-GAAP)	$	27,863		$	24,688		$	14,421		$	52,551		$	29,178

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above)
Adjusted EPS (Diluted)	$	0.64		$	0.57		$	0.37		$	1.20		$	0.75
Adjusted return on average assets		0.85	%		0.77	%		0.48	%		0.81	%		0.48	%
Adjusted return on average equity		8.28			7.46			5.17			7.87			5.25
Adjusted return on average tangible common equity		9.67			8.68			5.97			9.18			6.07
Adjusted non-interest expense to average assets		1.71			1.68			1.65			1.70			1.57
Adjusted efficiency ratio		54.7			55.8			65.9			55.2			65.4

⁽¹⁾ Adjustments to net income are taxed at the Company’s approximate statutory tax rate.

The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):


	Three Months Ended								Six Months Ended
	June 30,			March 31,		June 30,			June 30,			June 30,
		2025		2025			2024			2025			2024
Operating expense as a % of average assets – as reported		1.72	%	1.90	%		1.66	%		1.81	%		1.59	%
Loss on extinguishment of debt		—		—			—			—			(0.01	)
Loss due to pension settlement		—		(0.21	)		—			(0.10	)		—
Amortization of other intangible assets		(0.01	)	(0.01	)		(0.01	)		(0.01	)		(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)		1.71	%	1.68	%		1.65	%		1.70	%		1.57	%

The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Efficiency ratio – as reported (non-GAAP) ⁽¹⁾		55.0	%		63.1	%		63.8	%		58.9	%		63.9	%
Non-interest expense – as reported	$	60,299		$	65,511		$	55,694		$	125,810		$	108,205
Severance		(136	)		(76	)		—			(212	)		(42	)
Loss on extinguishment of debt		—			—			—			—			(453	)
Loss due to pension settlement		—			(7,231	)		—			(7,231	)		—
Amortization of other intangible assets		(235	)		(252	)		(285	)		(487	)		(592	)
Adjusted non-interest expense (non-GAAP)	$	59,928		$	57,952		$	55,409		$	117,880		$	107,118
Net interest income – as reported	$	98,097		$	94,213		$	75,502		$	192,310		$	147,032
Non-interest income – as reported	$	11,595		$	9,633		$	11,808		$	21,228		$	22,275
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net loss (gain) on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Adjusted non-interest income (non-GAAP)	$	11,440		$	9,615		$	8,529		$	21,055		$	16,870
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	109,537		$	103,828		$	84,031		$	213,365		$	163,902
Adjusted efficiency ratio (non-GAAP) ⁽²⁾		54.7	%		55.8	%		65.9	%		55.2	%		65.4	%

⁽¹⁾The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
⁽²⁾The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):


	June 30,			March 31,			June 30,
	2025			2025			2024
Reconciliation of Tangible Assets:
Total assets	$	14,207,935		$	14,097,682		$	13,548,763
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible assets (non-GAAP)	$	14,048,729		$	13,938,241		$	13,388,499

Reconciliation of Tangible Common Equity – Consolidated:
Total stockholders’ equity	$	1,431,006		$	1,412,013		$	1,250,596
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible equity (non-GAAP)		1,271,800			1,252,572			1,090,332
Preferred stock, net		(116,569	)		(116,569	)		(116,569	)
Tangible common equity (non-GAAP)	$	1,155,231		$	1,136,003		$	973,763

Common shares outstanding		43,889			43,799			39,148

Tangible common equity to tangible assets (non-GAAP)		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets (non-GAAP)		9.05			8.99			8.14

Book value per common share	$	29.95		$	29.58		$	28.97
Tangible common book value per share (non-GAAP)		26.32			25.94			24.87

The MIL Network –

July 24, 2025

MIL-OSI: Nasdaq Reports Second Quarter 2025 Results; Double-Digit Net Revenue Growth Reflects Strong Momentum Across All Divisions

Source: GlobeNewswire (MIL-OSI)

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

Second quarter 2025 net revenue¹ was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic² basis. This included Solutions³ revenue growing 10%.
Annualized Recurring Revenue (ARR)⁴ of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.
Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.
Index revenue of $196 million grew 17%, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.
GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the second quarter of 2025.
In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

Second Quarter 2025 Highlights

(US$ millions, except per share)	2Q25	YoY change %	Adjusted²YoY change %	Organic YoY change %
Solutions revenue	$991	10%	10%	10%
Market Services net revenue	$306	22%	21%	21%
Net revenue	$1,306	13%	12%	12%
GAAP operating income	$568	34%
Non-GAAP operating income	$721	16%	16%	16%
ARR	$2,931	10%	9%	9%
GAAP diluted EPS	$0.78	103%
Non-GAAP diluted EPS	$0.85	24%		24%

Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.

Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”

FINANCIAL REVIEW

Second quarter 2025 net revenue was $1,306 million, reflecting 13% growth versus the prior year period. Organic net revenue growth was 12%.
Solutions revenue was $991 million in the second quarter of 2025, up 10% versus the prior year period, reflecting strong growth from Index and Financial Technology.
ARR grew 10% year-over-year, or 9% on an organic basis, in the second quarter of 2025, with 12% ARR growth for Financial Technology, or 11% on an organic basis, and 7% ARR growth for Capital Access Platforms, or 6% on an organic basis.
Market Services net revenue was $306 million in the second quarter of 2025, up 22% versus the prior year period, or 21% on an organic basis.
Second quarter 2025 GAAP operating expenses were $738 million, in line with the prior year period. The quarter reflected lower restructuring costs, offset by higher compensation and benefits costs, merger and strategic initiative costs, and increased investments in technology and people to drive innovation and long-term growth.
Second quarter 2025 non-GAAP operating expenses were $585 million, reflecting 9% growth versus the prior year period, or 8% 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 $746 million for the second quarter, enabling the company to make continued progress on its deleveraging plan. In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. As of June 30, 2025, there was $1.5 billion remaining under the board authorized share repurchase program. The company also repaid $400 million of senior unsecured notes in the second quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁶

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,295 million to $2,335 million. The driver of the update is the impact of foreign exchange rates, which is offset in net revenue. The company is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology achieved solid revenue growth across each subdivision in a dynamic macro environment. Robust client demand drove double-digit revenue and ARR growth. FinTech delivered 57 new clients, 130 upsells, and a record 7 cross-sells. Second quarter highlights included:
- Financial Crime Management Technology is executing on its key growth initiatives. Second quarter results included three new enterprise client signings, including a cross-sell client and 2 upsells, reflecting continued progress on its enterprise client land and expand strategy. Nasdaq Verafin added 46 new small-and-medium bank clients in the second quarter. The business also signed its first proof of concept project with a European Tier 1 bank as part of its international expansion strategy.
- Regulatory Technology’s success with new client wins and upsells driving growth. AxiomSL signed a new client and a cross-sell. The business accelerated its momentum with existing clients in the second quarter with 34 upsells, including the renewal of a large bank. Surveillance signed 6 new clients in the quarter, including 2 market operators and a European regulator, as well as 3 cross-sells. The business closed 33 upsells in the quarter, including a strategic upsell to a large European bank.
- Solid momentum in Capital Markets Technology. Second quarter client demand was robust, supported by the ongoing market modernization mega trend. Calypso signed 2 new clients, 37 upsells, and a cross-sell. Market Technology secured 2 new clients, 24 upsells, and a cross-sell. In the second quarter, the business signed 3 clients to its fourth-generation marketplace technology platform, Nasdaq Eqlipse, including 2 fully managed services mandates where Nasdaq hosts and manages the clients’ entire trading environment and one AWS-hosted SaaS deployment.
Index ETP assets under management reached record levels and surpassed $700 billion at quarter-end. In the second quarter, Index had $20 billion in net inflows. ETP AUM was $745 billion at quarter-end, an all-time high. Nasdaq launched 33 new Index products in the second quarter, including 21 international products, 12 products in partnership with new Index clients, and 7 in the institutional insurance annuity space. Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive license contract to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, reflecting the companies’ shared commitment to delivering value through trusted benchmark products.
Nasdaq extended its listing leadership to 46 consecutive quarters. Nasdaq had the highest number of first half listings since 2021. New listings in the first half included 83 operating companies that raised more than $8 billion in total proceeds, contributing to a 81% win rate for eligible operating company listings. In the second quarter, the company welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds with a 79% win rate. Nasdaq maintained momentum in its switch program, attracting nearly $50 billion in market value in the second quarter and over $270 billion year-to-date, including Shopify, Thomson Reuters, and Kimberly Clark.
Market Services delivered record net revenue with record cash equities and derivatives revenue in the U.S. Nasdaq’s exchanges achieved record U.S. cash equities volumes in a quarter in which the industry achieved record volumes. During the Russell reconstitution, Nasdaq’s Closing Cross successfully executed 2.5 billion shares in 0.871 seconds across Nasdaq-listed securities that represented a record $102.5 billion dollars in notional value. Extending the first quarter’s trend, Nasdaq’s North American markets continued to experience exceptional message traffic in the second quarter, reaching a new record of more than 560 billion messages⁷ in a day. Nasdaq’s European equities business achieved sequential market share improvement in an elevated volume environment.
Nasdaq continues to execute 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 approximately $130 million actioned as of the end of the second quarter. In the second quarter, Nasdaq surpassed the 3.3x gross leverage milestone that was set following the Adenza acquisition, achieving this milestone 16 months ahead of plan.
- Innovate – Nasdaq continues to focus on innovating across the business. In July, Nasdaq Verafin announced the launch of its Agentic AI workforce. This suite of digital workers, now in beta testing, has the potential to address the most resource intensive anti-money laundering workflows. For example, when onboarded into a bank’s alert triage workflow, the Digital Sanctions Analyst automates the screening, documentation and acknowledgement processes, reducing alert review workload requiring human intervention by more than 80%. Beyond AI, Calypso announced a proof of concept that expands its industry-leading collateral management capabilities with digital assets. The use case demonstrates Nasdaq’s ability to integrate on-chain capabilities and help financial institutions manage collateral across asset classes in a more dynamic and efficient manner. Nasdaq became the exclusive distributor of Nasdaq Private Market’s Tape D^(R) API in the second quarter to deliver real-time private market data and valuation insights to investors.
- Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. 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 second quarter, cross-sells continued to account for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
² Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
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 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.
⁷ 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 tables 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 and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. 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, 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, 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, https://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:

David Lurie
+1.914.538.0533
David.Lurie@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						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

Revenues:
Capital Access Platforms		$	527		$	481		$	1,042		$	960
Financial Technology			464			420			896			813
Market Services			1,090			883			2,224			1,678
Other Revenues			9			8			18			18
	Total revenues		2,090			1,792			4,180			3,469
Transaction-based expenses:
Transaction rebates			(629	)		(483	)		(1,208	)		(965	)
Brokerage, clearance and exchange fees			(155	)		(150	)		(429	)		(227	)
Revenues less transaction-based expenses			1,306			1,159			2,543			2,277

Operating Expenses:
Compensation and benefits			352			328			681			669
Professional and contract services			39			39			75			72
Technology and communication infrastructure			79			69			156			135
Occupancy			30			27			58			56
General, administrative and other			23			30			29			58
Marketing and advertising			14			12			28			23
Depreciation and amortization			158			153			313			308
Regulatory			14			18			29			28
Merger and strategic initiatives			20			4			44			13
Restructuring charges			9			56			15			82
	Total operating expenses		738			736			1,428			1,444
Operating income			568			423			1,115			833
Interest income			12			6			24			12
Interest expense			(95	)		(102	)		(192	)		(211	)
Net gain on divestitures			39			—			39			—
Other income			1			12			—			13
Net income from unconsolidated investees			23			2			50			6
Income before income taxes			548			341			1,036			653
Income tax provision			96			119			190			198
Net income			452			222			846			455
Net loss attributable to noncontrolling interests			—			—			1			1
Net income attributable to Nasdaq		$	452		$	222		$	847		$	456

Per share information:
Basic earnings per share		$	0.79		$	0.39		$	1.47		$	0.79
Diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
Cash dividends declared per common share		$	0.27		$	0.24		$	0.51		$	0.46

Weighted-average common shares outstanding
for earnings per share:
Basic			574.1			576.4			574.6			575.9
Diluted			579.0			579.0			579.5			578.9

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

				Three Months Ended						Six Months Ended
				June 30,			June 30,			June 30,			June 30,
					2025			2024			2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	198		$	187		$	391		$	372
	Index revenues				196			167			388			336
	Workflow and Insights revenues				133			127			263			252
		Total Capital Access Platforms revenues			527			481			1,042			960

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				81			67			157			131
	Regulatory Technology revenues				104			95			206			186
	Capital Markets Technology revenues				279			258			533			496
		Total Financial Technology revenues			464			420			896			813

MARKET SERVICES
	Market Services revenues				1,090			883			2,224			1,678
	Transaction-based expenses:
			Transaction rebates		(629	)		(483	)		(1,208	)		(965	)
			Brokerage, clearance and exchange fees		(155	)		(150	)		(429	)		(227	)
		Total Market Services revenues, net			306			250			587			486

OTHER REVENUES					9			8			18			18

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,306		$	1,159		$	2,543		$	2,277

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

		June 30,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	732		$	592
	Restricted cash and cash equivalents		195			31
	Default funds and margin deposits		5,218			5,664
	Financial investments		84			184
	Receivables, net		896			1,022
	Other current assets		227			293
Total current assets			7,352			7,786
Property and equipment, net			656			593
Goodwill			14,328			13,957
Intangible assets, net			6,741			6,905
Operating lease assets			441			375
Other non-current assets			865			779
Total assets		$	30,383		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	246		$	269
	Section 31 fees payable to SEC		411			319
	Accrued personnel costs		280			325
	Deferred revenue		848			711
	Other current liabilities		154			215
	Default funds and margin deposits		5,218			5,664
	Short-term debt		500			399
Total current liabilities			7,657			7,902
Long-term debt			8,678			9,081
Deferred tax liabilities, net			1,540			1,594
Operating lease liabilities			453			388
Other non-current liabilities			237			230
Total liabilities			18,565			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,425			5,530
	Common stock in treasury, at cost		(706	)		(647	)
	Accumulated other comprehensive loss		(1,869	)		(2,099	)
	Retained earnings		8,955			8,401
Total Nasdaq stockholders’ equity			11,811			11,191
	Noncontrolling interests		7			9
Total equity			11,818			11,200
Total liabilities and equity		$	30,383		$	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						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	452		$	222		$	847		$	456
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Net gain on divestitures ⁽⁴⁾		(39	)		—			(39	)		—
	Net income from unconsolidated investees ⁽⁵⁾		(23	)		(2	)		(50	)		(6	)
	Gain on extinguishment of debt ⁽⁶⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁷⁾		1			13			4			16
	Pension settlement charge ⁽⁸⁾		—			—			—			23
	Other loss (income) ⁽⁹⁾		1			(10	)		1			(9	)
	Total non-GAAP adjustments		91			183			199			363
	Non-GAAP adjustment to the income tax provision ⁽¹⁰⁾		(24	)		(41	)		(70	)		(88	)
	Other tax adjustments ⁽¹¹⁾		(27	)		33			(27	)		33
	Total non-GAAP adjustments, net of tax		40			175			102			308
Non-GAAP net income attributable to Nasdaq		$	492		$	397		$	949		$	764

U.S. GAAP diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
	Total adjustments from non-GAAP net income above		0.07			0.31			0.18			0.53
Non-GAAP diluted earnings per share		$	0.85		$	0.69		$	1.64		$	1.32

Weighted-average diluted common shares outstanding for earnings per share:			579.0			579.0			579.5			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 and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.
(5) 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.
(6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(8) For the six months ended June 30, 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.
(9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.
(10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.
(11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.

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

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating income		$	568		$	423		$	1,115		$	833
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Gain on extinguishment of debt ⁽⁴⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁵⁾		1			13			4			16
	Pension settlement charge ⁽⁶⁾		—			—			—			23
	Other loss		1			2			1			2
	Total non-GAAP adjustments		153			197			288			380
Non-GAAP operating income		$	721		$	620		$	1,403		$	1,213

Revenues less transaction-based expenses		$	1,306		$	1,159		$	2,543		$	2,277

U.S. GAAP operating margin ⁽⁷⁾			44	%		36	%		44	%		37	%

Non-GAAP operating margin ⁽⁸⁾			55	%		53	%		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 and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 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) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
(8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

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

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating expenses		$	738		$	736		$	1,428		$	1,444
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(122	)		(243	)		(244	)
	Merger and strategic initiatives expense ⁽²⁾		(20	)		(4	)		(44	)		(13	)
	Restructuring charges ⁽³⁾		(9	)		(56	)		(15	)		(82	)
	Gain on extinguishment of debt ⁽⁴⁾		—			—			19			—
	Legal and regulatory matters ⁽⁵⁾		(1	)		(13	)		(4	)		(16	)
	Pension settlement charge ⁽⁶⁾		—			—			—			(23	)
	Other loss		(1	)		(2	)		(1	)		(2	)
	Total non-GAAP adjustments		(153	)		(197	)		(288	)		(380	)
Non-GAAP operating expenses		$	585		$	539		$	1,140		$	1,064


(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 and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 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 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⁾				Adjusted/Organic Impact ⁽²⁾
	June 30, 2025		June 30, 2024		$		%		$		%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	198	$	187	$	11	6	%	$	3	2	%	$	8	5	%
Index revenues		196		167		29	17	%		—	—	%		29	17	%
Workflow and Insights revenues		133		127		6	5	%		1	1	%		5	5	%
Total Capital Access Platforms revenues		527		481		46	10	%		4	1	%		42	9	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		81		67		14	20	%		—	—	%		14	20	%
Regulatory Technology revenues		104		95		9	10	%		—	(1	)%		9	11	%
Capital Markets Technology revenues		279		258		21	8	%		—	—	%		21	8	%
Total Financial Technology revenues		464		420		44	10	%		—	—	%		44	10	%

Solutions revenues ⁽³⁾		991		901		90	10	%		4	—	%		86	10	%

Market Services, net revenues		306		250		56	22	%		4	2	%		52	21	%

Other revenues		9		8		1	5	%		—	3	%		1	1	%

Revenues less transaction-based expenses	$	1,306	$	1,159	$	147	13	%	$	8	1	%	$	139	12	%

Non-GAAP Operating Expenses	$	585	$	539	$	46	9	%	$	5	1	%	$	41	8	%

Non-GAAP Operating Income	$	721	$	620	$	101	16	%	$	3	1	%	$	98	16	%

Non-GAAP diluted earnings per share	$	0.85	$	0.69	$	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) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
(2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
(3) Represents Capital Access Platforms and Financial Technology segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,315		$	1,226		$	1,315		$	1,226
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		79			39			142			66
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		6			5			10			6
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		194			84			364			163
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		6			10			15			12
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,238			4,004			4,238			4,004
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,148			1,198			1,148			1,198
	Index
	Number of licensed exchange traded products ⁽⁶⁾		422			373			422			373
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	745		$	569		$	745		$	569
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	663		$	531		$	662		$	512
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	53		$	88		$	53
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	115		$	88		$	115

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	308		$	258		$	308		$	258
	Regulatory Technology		376			338			376			338
	Capital Markets Technology		932			846			932			846
	Total Financial Technology	$	1,616		$	1,442		$	1,616		$	1,442

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		52.5			42.1			53.0			42.7
	Nasdaq PHLX matched market share		9.6	%		9.9	%		9.4	%		10.1	%
	The Nasdaq Options Market matched market share		4.3	%		5.5	%		4.7	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.3	%		1.7	%		2.3	%
	Nasdaq ISE Options matched market share		6.6	%		6.9	%		6.7	%		6.6	%
	Nasdaq GEMX Options matched market share		4.4	%		2.6	%		4.0	%		2.6	%
	Nasdaq MRX Options matched market share		2.8	%		2.1	%		2.8	%		2.3	%
	Total matched market share executed on Nasdaq’s exchanges		29.4	%		29.3	%		29.3	%		29.3	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		223,450			251,677			240,133			246,527

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		18.4			11.8			17.1			11.8
	Matched share volume (in billions)		158.4			119.3			295.5			236.0
	The Nasdaq Stock Market matched market share		13.5	%		15.6	%		13.8	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.3	%		0.3	%		0.3	%
	Nasdaq PSX matched market share		0.1	%		0.2	%		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		13.9	%		16.1	%		14.2	%		16.2	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		47.7	%		42.9	%		47.9	%		42.2	%
	Total market share ⁽⁸⁾		61.6	%		59.0	%		62.1	%		58.4	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		804,121			663,897			796,426			665,183
	Total average daily value of shares traded (in billions)	$	5.7		$	4.7		$	5.5		$	4.7
	Total market share executed on Nasdaq’s exchanges ⁽⁹⁾		71.9	%		74.1	%		71.2	%		73.3	%


	(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 June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 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 and six months ended June 30, 2025 and 2024 included 914 and 645 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 June 30, 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 had 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.
	(9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., July 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”), the holding company for First Fed Bank (“First Fed” or the “Bank”), today reported net income of $3.7 million for the second quarter of 2025, compared to a net loss of $9.0 million for the first quarter of 2025 and a net loss of $2.2 million for the second quarter of 2024. Basic and diluted income per share were $0.42 for the second quarter of 2025, compared to basic and diluted loss per share of $1.03 for the first quarter of 2025 and basic and diluted loss per share of $0.25 for the second quarter of 2024.

In the second quarter of 2025, the Company recorded Adjusted Pre-Tax, Pre-Provision Net Revenue (“PPNR”)⁽¹⁾ of $2.1 million, compared to $1.5 million for the preceding quarter and $530,000 for the second quarter of 2024.

The Board of Directors of First Northwest has elected not to declare a dividend for this quarter as part of a prudent approach to capital management. The Company remains committed to maintaining a strong balance sheet and will continue to evaluate future dividend decisions in light of the Company’s long-term strategic objectives.

Quote from Cindy Finnie, First Northwest Board Chair:
“As previously disclosed, the Board has begun a search process for the next full time Chief Executive Officer. We also continue to strongly dispute the allegations contained in the legal proceedings disclosed in our June 13, 2025, 8-K and intend to vigorously defend against them. Despite the volatility of the past few quarters, the Board remains focused on the strategic objectives of the Bank, building on the positive core trends from the past few quarters.”

Quote from Geraldine Bullard, First Northwest Interim CEO:
“Our second quarter included continued modest improvement in several important performance measures, including seven basis points of net interest margin expansion and our fifth consecutive quarter of growing Adjusted PPNR. Commercial business loan recoveries totaling $1.1 million drove a modest provision release during the quarter. The Bank continues to show core customer growth, with loans growing 3% annualized compared to the preceding quarter and total deposits only down modestly despite a $31.0 million reduction in brokered time deposits during the quarter.”

Key Points for the Second Quarter

Positive Trends:

Return on average assets increased to 0.68% for the current quarter from -1.69% in the preceding quarter.
Net interest margin increased to 2.83% for the current quarter compared to 2.76% in the first quarter of 2025, as a result of an increase in the yield on interest-earning assets and a decrease in the rate paid on interest-bearing liabilities.
Efficiency ratio improved to 78.0% for the current quarter from 113.5% in the preceding quarter due to the recognition of a payroll tax credit in the current quarter while the preceding quarter included higher expenses related to the legal reserve recorded.
Customer deposits increased $19.6 million to $1.55 billion at June 30, 2025 from $1.53 billion at March 31, 2025.
Recorded a $296,000 recapture of provision for credit losses on loans in the second quarter of 2025, compared to provisions for credit losses on loans of $7.8 million for the preceding quarter and $8.7 million for the second quarter of 2024.

Other significant events:

In the second quarter of 2025, the statute of limitations expired on employee retention credit (“ERC”) payments received for the first and second quarters of 2021. As a result, the Bank recorded $2.6 million as a reduction to compensation and benefits. A related contingent ERC consulting expense of $528,000 was recorded in professional fees, partially offsetting the credit. The Bank anticipates recording the remaining reserved ERC of $2.0 million in 2028.
During the second quarter of 2025, the Bank consolidated the operations of its Bellevue and Fremont business centers into a new location, the Seattle business center. This consolidation resulted in a one-time increase to other expense of $599,000 for the early termination of the Bellevue business center lease and write-off of remaining leasehold improvements. No additional costs were incurred for closing the Fremont business center. The Bank estimates the consolidation will reduce annual rent expense by $130,000 going forward.
The Company disclosed in its Current Report on Form 8-K filed on July 21, 2025, that a settlement agreement was reached in the previously disclosed legal matter discussed in Part II, Item 1 of the Company’s Form 10-Q for the quarter ended March 31, 2025. The Bank continues to vigorously defend itself in the separate legal proceedings disclosed in the Company’s Current Report on Form 8-K filed on June 13, 2025.

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

Selected Quarterly Financial Ratios:

	As of or For the Quarter Ended															As of or For the Six Months Ended June 30,
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			2025			2024
Performance ratios: ⁽¹⁾
Return on average assets		0.68	%		-1.69	%		-0.51	%		-0.36	%		-0.40	%		-0.50	%		-0.17	%
Adjusted PPNR return on average assets ⁽²⁾		0.39			0.27			0.26			0.17			0.10			0.33			0.16
Return on average equity		10.00			-23.42			-6.92			-4.91			-5.47			-7.15			-2.26
Net interest margin ⁽³⁾		2.83			2.76			2.73			2.70			2.76			2.80			2.76
Efficiency ratio ⁽⁴⁾		78.0			113.5			92.2			100.3			72.3			96.40			79.35
Equity to total assets		6.82			6.75			6.89			7.13			7.17			6.82			7.17
Book value per common share	$	15.85		$	15.52		$	16.45		$	17.17		$	16.81		$	15.85		$	16.81
Tangible performance ratios: ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		6.76	%		6.68	%		6.83	%		7.06	%		7.10	%		6.76	%		7.10	%
Return on average tangible common equity ⁽²⁾		10.10			-23.65			-6.99			-4.96			-5.53			-7.22			-2.28
Tangible book value per common share ⁽²⁾	$	15.70		$	15.36		$	16.29		$	17.00		$	16.64		$	15.70		$	16.64
Capital ratios (First Fed): ⁽⁵⁾
Tier 1 leverage		9.2	%		9.0	%		9.4	%		9.4	%		9.4	%		9.2	%		9.4	%
Common equity Tier 1		12.1			12.1			12.4			12.2			12.4			12.1			12.4
Total risk-based		13.1			13.4			13.6			13.4			13.5			13.1			13.5

(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 second quarter of 2025 increased $616,000 to $2.1 million, compared to $1.5 million for the preceding quarter, and increased $1.6 million from $530,000 in the second quarter one year ago.

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)	$	14,193		$	13,847		$	14,137		$	14,020		$	14,235		$	28,040		$	28,163
Total noninterest income (GAAP)		2,170			3,777			1,300			1,779			7,347			5,947			9,535
Total revenue (GAAP)		16,363			17,624			15,437			15,799			21,582			33,987			37,698
Total noninterest expense (GAAP)		12,765			20,000			14,233			15,848			15,609			32,765			29,912
PPNR (Non-GAAP) ⁽¹⁾		3,598			(2,376	)		1,204			(49	)		5,973			1,222			7,786
Less selected nonrecurring adjustments to PPNR (Non-GAAP):
Employee retention credit (“ERC”) included in compensation and benefits		2,640			—			—			—			—			2,640			—
ERC consulting expense included in professional fees		(528	)		—			—			—			—			(528	)		—
Costs associated with early termination of Bellevue Business Center lease included in other expense		(599	)		—			—			—			—			(599	)		—
Bank-owned life insurance (“BOLI”) death benefit		—			1,059			1,536			—			—			1,059			—
Gain on extinguishment of subordinated debt included in other income		—			846			—			—			—			846			—
Legal reserve		—			(5,750	)		—			—			—			(5,750	)		—
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			—			7,919
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			—			(359	)		—			(359	)
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Adjusted PPNR (Non-GAAP) ⁽¹⁾	$	2,085		$	1,469		$	1,430		$	947		$	530		$	3,554		$	1,692

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

Total interest income increased $308,000 to $27.1 million for the second quarter of 2025, compared to $26.8 million for the preceding quarter, and decreased $1.5 million compared to $28.6 million in the second quarter of 2024. Interest income increased in the second quarter of 2025 primarily due to an increase in the yields earned on loans receivable, partially offset by a decrease in both the yield earned and average volume of investment securities. Average real estate and commercial business loan balances decreased while average consumer loan balances increased over the preceding quarter.
Total interest expense decreased $38,000 to $12.9 million for the second quarter of 2025, compared to $13.0 million for the preceding quarter, and decreased $1.4 million compared to $14.4 million in the second quarter of 2024. Interest expense decreased in the second quarter of 2025 primarily due to a reduced volume of brokered certificates of deposit (“CDs”) and decreases in interest paid on customer CDs, brokered CDs and demand deposits. These decreases were partially offset by increases in the volume and interest paid on money market and savings accounts and an increase in the rate paid on advances during the current quarter.
The net interest margin increased to 2.83% for the second quarter of 2025, from 2.76% for both the preceding quarter and the second quarter of 2024.
Noninterest income decreased $1.6 million to $2.2 million for the second quarter of 2025, from $3.8 million for the preceding quarter. The first quarter of 2025 was higher due to nonrecurring income items including a $1.1 million BOLI death benefit payment received due to the passing of a former employee and a $846,000 gain on extinguishment of debt.
Noninterest expense decreased $7.2 million to $12.8 million for the second quarter of 2025, compared to $20.0 million for the preceding quarter. Compensation and benefits was lower primarily due to the ERC recorded during the current quarter. Other expense for the preceding quarter included the previously disclosed $5.8 million legal reserve.

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

The allowance for credit losses on loans (“ACLL”) decreased $2.2 million to $18.4 million at June 30, 2025, from $20.6 million at March 31, 2025. The ACLL as a percentage of total loans was 1.10% at June 30, 2025, a decrease from 1.24% at March 31, 2025, and from 1.14% one year earlier. A release of $2.6 million reserves on individually evaluated loans, partially offset by net loan charge-offs totaling $1.9 million and a small increase to the pooled loan reserve, resulted in a recapture of provision expense of $296,000 for the quarter ended June 30, 2025.

Nonperforming loans totaled $20.4 million at both June 30, 2025 and March 31, 2025. Current quarter activity included an increase due to a $4.1 million commercial real estate loan transitioning into nonperforming status, large principal payments received totaling $3.6 million and charged-off balances totaling $1.3 million. ACLL to nonperforming loans decreased to 90% at June 30, 2025, from 101% at March 31, 2025, and increased from 82% at June 30, 2024. This ratio increased in the first quarter of 2025 with decreases in balances due to principal payments and charge-offs on loans with appropriate reserves.

Classified loans decreased $663,000 to $30.9 million at June 30, 2025, from $31.6 million at March 31, 2025, primarily due to payments received of $3.2 million and commercial business loan net charge-offs totaling $1.5 million, partially offset by the downgrade of a $4.1 million commercial real estate loan that was adversely impacted by reduced cross-border traffic during the second quarter. Four collateral dependent loans totaling $23.8 million account for 77% of the classified loan balance at June 30, 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 the largest of these four collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 11 loans totaling $562,000 included in classified loans at June 30, 2025, and four additional loans totaling $686,000 included in the special mention risk grading category.

	For the Quarter Ended
ACLL ($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Balance at beginning of period	$	20,569		$	20,449		$	21,970		$	19,343		$	17,958
Charge-offs:
Commercial real estate		(15	)		(5,571	)		—			—			—
Construction and land		—			(374	)		(411	)		—			(3,978	)
Auto and other consumer		(273	)		(243	)		(364	)		(492	)		(832	)
Commercial business		(2,823	)		(1,513	)		(4,596	)		(24	)		(2,643	)
Total charge-offs		(3,111	)		(7,701	)		(5,371	)		(516	)		(7,453	)
Recoveries:
One-to-four family		—			—			—			42			—
Commercial real estate		20			6			2			—			—
Construction and land		5			—			—			—			—
Auto and other consumer		74			43			52			24			198
Commercial business		1,084			2			36			—			—
Total recoveries		1,183			51			90			66			198
Net loan charge-offs		(1,928	)		(7,650	)		(5,281	)		(450	)		(7,255	)
(Recapture of) provision for credit losses		(296	)		7,770			3,760			3,077			8,640
Balance at end of period	$	18,345		$	20,569		$	20,449		$	21,970		$	19,343

Average total loans	$	1,658,723		$	1,662,164		$	1,708,232		$	1,718,402		$	1,717,830
Annualized net charge-offs to average outstanding loans		0.47	%		1.87	%		1.23	%		0.10	%		1.70	%

Asset Quality ($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Nonaccrual loans:
One-to-four family	$	2,274		$	1,404		$	1,477		$	1,631		$	1,750
Multi-family		—			—			—			—			708
Commercial real estate		4,095			4			5,598			5,634			14
Construction and land		13,063			15,280			19,544			19,382			19,292
Home equity		10			54			55			116			118
Auto and other consumer		410			710			700			894			746
Commercial business		514			2,903			3,141			2,719			1,003
Total nonaccrual loans		20,366			20,355			30,515			30,376			23,631
Other real estate owned		1,297			—			—			—			—
Total nonperforming assets	$	21,663		$	20,355		$	30,515		$	30,376		$	23,631

Nonaccrual loans as a % of total loans ⁽¹⁾		1.22	%		1.23	%		1.80	%		1.75	%		1.39	%
Nonperforming assets as a % of total assets ⁽²⁾		0.99			0.94			1.37			1.35			1.07
ACLL as a % of total loans		1.10			1.24			1.21			1.27			1.14
ACLL as a % of nonaccrual loans		90.08			101.05			67.01			72.33			81.85
Total past due loans to total loans		1.17			1.36			1.98			1.92			1.45

(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 $11.9 million, or 3.8%, to $303.5 million at June 30, 2025, compared to $315.4 million three months earlier, and decreased $3.2 million compared to $306.7 million at June 30, 2024. Maturities totaling $11.8 million and regular principal payments totaling $5.7 million were partially offset by purchases totaling $5.5 million during the current quarter. Net unrealized losses were flat for the second quarter of 2025. The estimated average life of the securities portfolio was approximately 7.6 years at June 30, 2025, 6.9 years at the preceding quarter end and 7.8 years at the end of the second quarter of 2024. The effective duration of the portfolio was approximately 4.9 years at June 30, 2025, compared to 4.3 years at the preceding quarter end and 4.3 years at the end of the second quarter of 2024.

Investment Securities ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024	Three Month % Change		One Year % Change
Available for Sale at Fair Value
Municipal bonds	$	77,324	$	78,295	$	78,825	-1.2	%	-1.9	%
U.S. government agency issued asset-backed securities (ABS agency)		12,298		12,643		13,982	-2.7		-12.0
Corporate issued asset-backed securities (ABS corporate)		13,105		15,671		16,483	-16.4		-20.5
Corporate issued debt securities (Corporate debt)		55,760		55,067		52,892	1.3		5.4
U.S. Small Business Administration securities (SBA)		7,504		8,061		9,772	-6.9		-23.2
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)		96,014		96,642		77,301	-0.6		24.2
Non-agency issued mortgage-backed securities (MBS non-agency)		41,510		49,054		57,459	-15.4		-27.8
Total securities available for sale	$	303,515	$	315,433	$	306,714	-3.8		-1.0

Net loans, excluding loans held for sale, increased $9.6 million, or 0.6%, to $1.65 billion at June 30, 2025, from $1.64 billion at March 31, 2025, and decreased $30.6 million, or 1.8%, from $1.68 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $6.0 million. New loan funding totaling $47.2 million and draws on existing loans totaling $23.9 million outpaced loan payoffs of $34.1 million, regular payments of $28.4 million and charge-offs totaling $2.4 million.

Loans ($ in thousands)		June 30, 2025			March 31, 2025			June 30, 2024	Three Month % Change		One Year % Change
Real Estate:
One-to-four family	$	387,459		$	394,428		$	389,934	-1.8	%	-0.6	%
Multi-family		329,696			338,147			350,076	-2.5		-5.8
Commercial real estate		391,362			387,312			375,511	1.0		4.2
Construction and land		72,538			64,877			107,273	11.8		-32.4
Total real estate loans		1,181,055			1,184,764			1,222,794	-0.3		-3.4
Consumer:
Home equity		84,927			79,151			72,613	7.3		17.0
Auto and other consumer		280,877			273,878			285,623	2.6		-1.7
Total consumer loans		365,804			353,029			358,236	3.6		2.1
Commercial business		117,843			119,783			117,094	-1.6		0.6
Total loans receivable		1,664,702			1,657,576			1,698,124	0.4		-2.0
Less:
Derivative basis adjustment		(860	)		(566	)		1,017	-51.9		-184.6
Allowance for credit losses on loans		18,345			20,569			19,343	-10.8		-5.2
Total loans receivable, net	$	1,647,217		$	1,637,573		$	1,677,764	0.6		-1.8

The Bank invested $9.1 million into a new bank-owned life insurance policy in the second quarter of 2025 to replace a policy surrendered in the preceding quarter. The Bank received the return of the surrendered funds early in the third quarter of 2025.

Total deposits decreased $11.4 million to $1.65 billion at June 30, 2025, compared to $1.67 billion at March 31, 2025, and decreased $53.7 million compared to $1.71 billion one year prior. During the second quarter of 2025, total customer deposit balances increased $19.6 million and brokered deposit balances decreased $31.0 million. Overall, the current rate environment continues to contribute to competition for deposits leading to increased volumes and higher rates paid on money market and savings accounts during the current quarter. The deposit mix compared to June 30, 2024, also reflects a shift in volume to money market and customer CD accounts while the volume and rate paid on brokered CDs decreased.

Deposits ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024	Three Month % Change		One Year % Change
Noninterest-bearing demand deposits	$	240,051	$	247,890	$	276,543	-3.2	%	-13.2	%
Interest-bearing demand deposits		144,409		169,912		162,201	-15.0		-11.0
Money market accounts		484,787		424,469		423,047	14.2		14.6
Savings accounts		227,968		235,188		224,631	-3.1		1.5
Certificates of deposit, customer		450,494		450,663		398,161	0.0		13.1
Certificates of deposit, brokered		106,927		137,946		223,705	-22.5		-52.2
Total deposits	$	1,654,636	$	1,666,068	$	1,708,288	-0.7		-3.1

Total shareholders’ equity increased to $149.7 million at June 30, 2025, compared to $146.5 million three months earlier, due to net income of $3.7 million and an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $128,000, partially offset by dividends declared of $661,000 and a decrease in the after-tax fair market values of derivatives of $197,000.

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 June 30, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at June 30, 2025, were 12.1% and 13.1%, respectively.

First Northwest continued to provide a return on capital to our shareholders through cash dividends during the second quarter of 2025. The Company paid cash dividends totaling $650,000 in the second 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 June 30, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

2025 Awards/Recognition
Forbes Best-in-State Banks

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 17 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; legal proceedings regulatory investigations and their resolutions; 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:
Geraldine Bullard, Interim Chief Executive Officer, Chief Operating Officer and EVP
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461


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

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
ASSETS
Cash and due from banks	$	18,487		$	18,911		$	16,811		$	17,953		$	19,184
Interest-earning deposits in banks		69,376			51,412			55,637			64,769			63,995
Investment securities available for sale, at fair value (amortized cost at each period end of $336,206, $348,249, $376,265, $341,011 and $344,941)		303,515			315,433			340,344			310,860			306,714
Loans held for sale		1,557			2,940			472			378			1,086
Loans receivable (net of allowance for credit losses on loans at each period end of $18,345, $20,569, $20,449, $21,970, and $19,343)		1,647,217			1,637,573			1,675,186			1,714,416			1,677,764
Federal Home Loan Bank (FHLB) stock, at cost		14,906			13,106			14,435			14,435			13,086
Accrued interest receivable		8,305			8,319			8,159			8,939			9,466
Premises and equipment, net		8,999			9,870			10,129			10,436			10,714
Servicing rights on sold loans, at fair value		3,220			3,301			3,281			3,584			3,740
Bank-owned life insurance (“BOLI”), net		41,380			31,786			41,150			41,429			41,113
Equity and partnership investments		14,811			15,026			13,229			14,912			15,085
Goodwill and other intangible assets, net		1,081			1,082			1,082			1,083			1,084
Deferred tax asset, net		14,266			14,304			13,738			10,802			12,216
Right-of-use (“ROU”) asset, net		15,772			16,687			17,001			17,315			17,627
Prepaid expenses and other assets		32,471			31,680			21,352			24,175			23,088
Total assets	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	1,654,636		$	1,666,068		$	1,688,026		$	1,711,641		$	1,708,288
Borrowings		344,108			307,091			336,014			334,994			302,575
Accrued interest payable		1,514			2,163			3,295			2,153			3,143
Lease liability, net		16,257			17,266			17,535			17,799			18,054
Accrued expenses and other liabilities		27,790			29,767			31,770			25,625			23,717
Advances from borrowers for taxes and insurance		1,325			2,583			1,484			2,485			1,304
Total liabilities		2,045,630			2,024,938			2,078,124			2,094,697			2,057,081

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: 9,444,963; 9,440,618; 9,353,348; 9,365,979; and 9,453,247		94			94			93			94			94
Additional paid-in capital		93,595			93,450			93,357			93,218			93,985
Retained earnings		90,506			87,506			97,198			100,660			103,322
Accumulated other comprehensive loss, net of tax		(28,198	)		(28,129	)		(30,172	)		(26,424	)		(31,597	)
Unearned employee stock ownership plan (ESOP) shares		(6,264	)		(6,429	)		(6,594	)		(6,759	)		(6,923	)
Total shareholders’ equity		149,733			146,492			153,882			160,789			158,881
Total liabilities and shareholders’ equity	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962


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

	For the Quarter Ended															For the Six Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
INTEREST INCOME
Interest and fees on loans receivable	$	22,814		$	22,231		$	23,716		$	23,536		$	23,733		$	45,045		$	46,500
Interest on investment securities		3,466			3,803			3,658			3,786			3,949			7,269			7,581
Interest on deposits in banks		520			482			550			582			571			1,002			1,216
FHLB dividends		331			307			273			302			358			638			640
Total interest income		27,131			26,823			28,197			28,206			28,611			53,954			55,937
INTEREST EXPENSE
Deposits		9,552			9,737			11,175			10,960			10,180			19,289			20,292
Borrowings		3,386			3,239			2,885			3,226			4,196			6,625			7,482
Total interest expense		12,938			12,976			14,060			14,186			14,376			25,914			27,774
Net interest income		14,193			13,847			14,137			14,020			14,235			28,040			28,163
PROVISION FOR CREDIT LOSSES
(Recapture of) provision for credit losses on loans		(296	)		7,770			3,760			3,077			8,640			7,474			9,879
(Recapture of) provision for credit losses on unfunded commitments		(64	)		15			(105	)		57			99			(49	)		(170	)
(Recapture of) provision for credit losses		(360	)		7,785			3,655			3,134			8,739			7,425			9,709
Net interest income after (recapture of) provision for credit losses		14,553			6,062			10,482			10,886			5,496			20,615			18,454
NONINTEREST INCOME
Loan and deposit service fees		1,095			1,106			1,054			1,059			1,076			2,201			2,178
Sold loan servicing fees and servicing rights mark-to-market		92			195			(115	)		10			74			287			293
Net gain on sale of loans		44			11			52			58			150			55			202
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Net gain on sale of premises and equipment		—			—			—			—			7,919			—			7,919
Increase in BOLI cash surrender value		485			372			328			315			293			857			536
Income from BOLI death benefit, net		—			1,059			1,536			—			—			1,059			—
Other income (loss)		454			1,034			(1,555	)		337			(48	)		1,488			524
Total noninterest income		2,170			3,777			1,300			1,779			7,347			5,947			9,535
NONINTEREST EXPENSE
Compensation and benefits		4,698			7,715			7,367			8,582			8,588			12,413			16,716
Data processing		1,926			2,011			2,065			2,085			2,008			3,937			3,952
Occupancy and equipment		1,507			1,592			1,559			1,553			1,799			3,099			3,039
Supplies, postage, and telephone		346			298			296			360			317			644			610
Regulatory assessments and state taxes		501			479			460			548			457			980			970
Advertising		299			265			362			409			377			564			686
Professional fees		1,449			777			813			698			684			2,226			1,594
FDIC insurance premium		463			434			491			533			473			897			859
Other expense		1,576			6,429			820			1,080			906			8,005			1,486
Total noninterest expense		12,765			20,000			14,233			15,848			15,609			32,765			29,912
Income (loss) before provision (benefit) for income taxes		3,958			(10,161	)		(2,451	)		(3,183	)		(2,766	)		(6,203	)		(1,923	)
Provision (benefit) for income taxes		297			(1,125	)		359			(1,203	)		(547	)		(828	)		(100	)
Net income (loss)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)

Basic and diluted earnings (loss) per common share	$	0.42		$	(1.03	)	$	(0.32	)	$	(0.23	)	$	(0.25	)	$	(0.61	)	$	(0.21	)


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

Selected Loan Detail	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Construction and land loans breakout
1-4 Family construction	$	39,040	$	42,371	$	39,319	$	43,125	$	56,514
Multifamily construction		14,728		9,223		15,407		29,109		43,341
Nonresidential construction		12,832		7,229		16,857		17,500		1,015
Land and development		5,938		6,054		6,527		5,975		6,403
Total construction and land loans	$	72,538	$	64,877	$	78,110	$	95,709	$	107,273

Auto and other consumer loans breakout
Triad Manufactured Home loans	$	135,537	$	134,740	$	128,231	$	129,600	$	110,510
Woodside auto loans		127,828		118,972		117,968		126,129		131,151
First Help auto loans		11,221		13,012		14,283		15,971		17,427
Other auto loans		1,016		1,313		1,647		2,064		2,690
Other consumer loans		5,275		5,841		6,747		7,434		23,845
Total auto and other consumer loans	$	280,877	$	273,878	$	268,876	$	281,198	$	285,623

Commercial business loans breakout
Northpointe Bank MPP	$	–	$	–	$	36,230	$	38,155	$	9,150
Secured lines of credit		41,043		39,986		35,701		37,686		28,862
Unsecured lines of credit		2,551		2,030		1,717		1,571		1,133
SBA loans		6,618		6,889		7,044		7,219		7,146
Other commercial business loans		67,631		70,878		70,801		70,696		70,803
Total commercial business loans	$	117,843	$	119,783	$	151,493	$	155,327	$	117,094

Loans by Collateral and Unfunded Commitments	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

One-to-four family construction	$	40,509	$	38,221	$	44,468	$	51,607	$	49,440
All other construction and land		36,129		30,947		34,290		45,166		58,346
One-to-four family first mortgage		420,847		428,081		466,046		469,053		434,840
One-to-four family junior liens		20,116		15,155		15,090		14,701		13,706
One-to-four family revolving open-end		57,502		51,832		51,481		48,459		44,803
Commercial real estate, owner occupied:
Health care		29,091		29,386		29,129		29,407		29,678
Office		19,116		19,363		17,756		17,901		19,215
Warehouse		7,432		9,272		14,948		11,645		14,613
Other		74,364		74,915		78,170		64,535		56,292
Commercial real estate, non-owner occupied:
Office		42,198		41,885		49,417		49,770		50,158
Retail		51,708		50,737		49,591		49,717		50,101
Hospitality		64,308		62,226		61,919		62,282		62,628
Other		93,505		93,549		81,640		82,573		84,428
Multi-family residential		330,784		339,217		333,419		354,118		350,382
Commercial business loans		73,403		75,628		77,381		86,904		79,055
Commercial agriculture and fishing loans		22,443		22,914		21,833		15,369		14,411
State and political subdivision obligations		369		369		369		404		405
Consumer automobile loans		139,992		133,209		133,789		144,036		151,121
Consumer loans secured by other assets		138,378		137,619		131,429		132,749		129,293
Consumer loans unsecured		2,508		3,051		3,658		4,411		5,209
Total loans	$	1,664,702	$	1,657,576	$	1,695,823	$	1,734,807	$	1,698,124

Unfunded commitments under lines of credit or existing loans	$	166,589	$	175,100	$	163,827	$	166,446	$	155,005


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

	Three Months Ended June 30,
	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)}	$	1,639,236		$	22,814		5.58	%	$	1,698,777		$	23,733		5.62	%
Total investment securities		311,078			3,466		4.47			316,878			3,949		5.01
FHLB dividends		13,313			331		9.97			15,175			358		9.49
Interest-earning deposits in banks		46,807			520		4.46			41,450			571		5.54
Total interest-earning assets ⁽³⁾		2,010,434			27,131		5.41			2,072,280			28,611		5.55
Noninterest-earning assets		154,145								147,090
Total average assets	$	2,164,579							$	2,219,370
Interest-bearing liabilities:
Interest-bearing demand deposits	$	164,475		$	240		0.59		$	165,212		$	193		0.47
Money market accounts		444,135			2,660		2.40			405,393			2,420		2.40
Savings accounts		228,901			884		1.55			227,650			915		1.62
Certificates of deposit, customer		451,712			4,396		3.90			400,197			4,079		4.10
Certificates of deposit, brokered		124,383			1,372		4.42			209,566			2,573		4.94
Total interest-bearing deposits ⁽⁴⁾		1,413,606			9,552		2.71			1,408,018			10,180		2.91
Advances		275,176			3,041		4.43			315,375			3,801		4.85
Subordinated debt		34,600			345		4.00			39,465			395		4.03
Total interest-bearing liabilities		1,723,382			12,938		3.01			1,762,858			14,376		3.28
Noninterest-bearing deposits ⁽⁴⁾		243,655								251,442
Other noninterest-bearing liabilities		50,685								41,991
Total average liabilities		2,017,722								2,056,291
Average equity		146,857								163,079
Total average liabilities and equity	$	2,164,579							$	2,219,370

Net interest income				$	14,193							$	14,235
Net interest rate spread							2.40								2.27
Net earning assets	$	287,052							$	309,422
Net interest margin ⁽⁵⁾							2.83								2.76
Average interest-earning assets to average interest-bearing liabilities		116.7	%							117.6	%

(1)	The average loans receivable, net balances include nonaccrual loans.
(2)	Interest earned on loans receivable includes net deferred (costs) fees of ($148,000) and $34,000 for the three months ended June 30, 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 2.31% and 2.47% for the three months ended June 30, 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															For the Six Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024

Net income (loss) (GAAP)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)
Plus: (recapture of) provision for credit losses (GAAP)		(360	)		7,785			3,655			3,134			8,739			7,425			9,709
Provision (benefit) for income taxes (GAAP)		297			(1,125	)		359			(1,203	)		(547	)		(828	)		(100	)
PPNR (Non-GAAP) ⁽¹⁾		3,598			(2,376	)		1,204			(49	)		5,973			1,222			7,786
Less selected nonrecurring adjustments to PPNR (Non-GAAP):
Employee retention credit (“ERC”) included in compensation and benefits		2,640			—			—			—			—			2,640			—
ERC consulting expense included in professional fees		(528	)		—			—			—			—			(528	)		—
Costs associated with early termination of Bellevue Business Center lease included in other expense		(599	)		—			—			—			—			(599	)		—
Bank-owned life insurance (“BOLI”) death benefit		—			1,059			1,536			—			—			1,059			—
Gain on extinguishment of subordinated debt included in other income		—			846			—			—			—			846			—
Legal reserve		—			(5,750	)		—			—			—			(5,750	)		—
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			—			7,919
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			—			(359	)		—			(359	)
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Adjusted PPNR (Non-GAAP) ⁽¹⁾	$	2,085		$	1,469		$	1,430		$	947		$	530		$	3,554		$	1,692

Average total assets (GAAP)	$	2,164,579		$	2,174,748		$	2,205,502		$	2,209,333		$	2,219,370		$	2,169,621		$	2,192,779
GAAP Ratio:
Return on average assets (GAAP)		0.68	%		-1.69	%		-0.51	%		-0.36	%		-0.40	%		-0.50	%		-0.17	%
Non-GAAP Ratios:
PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.67	%		-0.44	%		0.22	%		-0.01	%		1.08	%		0.11	%		0.71	%
Adjusted PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.39	%		0.27	%		0.26	%		0.17	%		0.10	%		0.33	%		0.16	%

(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															For the Six Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024

Total shareholders’ equity	$	149,733		$	146,492		$	153,882		$	160,789		$	158,881		$	149,733		$	158,881
Less: Goodwill and other intangible assets		1,081			1,082			1,082			1,083			1,084			1,081			1,084
Disallowed non-mortgage loan servicing rights		372			415			423			489			517			372			517
Total tangible common equity	$	148,280		$	144,995		$	152,377		$	159,217		$	157,280		$	148,280		$	157,280

Total assets	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,195,363		$	2,215,962
Less: Goodwill and other intangible assets		1,081			1,082			1,082			1,083			1,084			1,081			1,084
Disallowed non-mortgage loan servicing rights		372			415			423			489			517			372			517
Total tangible assets	$	2,193,910		$	2,169,933		$	2,230,501		$	2,253,914		$	2,214,361		$	2,193,910		$	2,214,361

Average shareholders’ equity	$	146,857		$	156,470		$	161,560		$	160,479		$	163,079		$	151,620		$	162,473
Less: Average goodwill and other intangible assets		1,081			1,082			1,083			1,084			1,085			1,082			1,085
Average disallowed non-mortgage loan servicing rights		415			423			489			517			489			419			485
Total average tangible common equity	$	145,361		$	154,965		$	159,988		$	158,878		$	161,505		$	150,119		$	160,903

Net income (loss)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)
Common shares outstanding		9,444,963			9,440,618			9,353,348			9,365,979			9,453,247			9,444,963			9,453,247
GAAP Ratios:
Equity to total assets		6.82	%		6.75	%		6.89	%		7.13	%		7.17	%		6.82	%		7.17	%
Return on average equity		10.00	%		-23.42	%		-6.92	%		-4.91	%		-5.47	%		-7.15	%		-2.26	%
Book value per common share	$	15.85		$	15.52		$	16.45		$	17.17		$	16.81		$	15.85		$	16.81
Non-GAAP Ratios:
Tangible common equity to tangible assets ⁽¹⁾		6.76	%		6.68	%		6.83	%		7.06	%		7.10	%		6.76	%		7.10	%
Return on average tangible common equity ⁽¹⁾		10.10	%		-23.65	%		-6.99	%		-4.96	%		-5.53	%		-7.22	%		-2.28	%
Tangible book value per common share ⁽¹⁾	$	15.70		$	15.36		$	16.29		$	17.00		$	16.64		$	15.70		$	16.64

(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/c85e4dc5-66aa-4a20-9353-c1b9da5ac869

https://www.globenewswire.com/NewsRoom/AttachmentNg/e8d326aa-0fde-4c3c-954f-bb809e7c276c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f24035e8-5a6e-4f39-a0db-93ca11dc39d5

https://www.globenewswire.com/NewsRoom/AttachmentNg/c29167d1-36df-44c1-9e51-889b5be4fb96

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae6ceb7f-9f7a-4a77-b835-146a0638be30

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ba4f507-769e-4e54-acdb-4aed9253c967

https://www.globenewswire.com/NewsRoom/AttachmentNg/66e51144-1d2d-4c3f-ae91-2192cc90a887

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2025 of $133.2 million, or $0.22 per diluted common share, as compared to the first quarter 2025 net income of $106.1 million, or $0.18 per diluted common share, and net income of $70.4 million, or $0.13 per diluted common share, for the second quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $134.4 million, or $0.23 per diluted common share, for the second quarter 2025, $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, and $71.6 million, or $0.13 per diluted common share, for the second 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, “I am pleased by the continued balance sheet strength and commercial loan growth exhibited during the second quarter. Our profitability metrics are trending positively, consistent with our expectations for improvement throughout the year. We remain focused on growing low-cost deposits, which we expect will support our aspirations in 2025 and beyond.”

Mr. Robbins continued, “Our quarterly credit results continued to improve as illustrated by the significant reduction in our provision for loan losses on both a quarter-over-quarter and year-over-year basis. Our allowance coverage ratio remains at a comfortable level, and we expect general stability going forward.”

Key financial highlights for the second quarter 2025:

Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 5 basis points to 3.01 percent in the second quarter 2025 as compared to 2.96 percent for the first quarter 2025. Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. The increase in net interest income from the first quarter 2025 was mainly driven by higher yields on new loan originations, increases in average loans and taxable investments and one additional day during the second quarter 2025. See additional details in the “Net Interest Income and Margin” section below.
Loan Portfolio: Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mostly due to increases of $719.8 million and $137.6 million in commercial and industrial (C&I) and automobile loans, respectively. Total commercial real estate (CRE) loans (including construction loans) decreased $288.6 million from March 31, 2025 largely due to normal repayments and continued selective origination activity. 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 349 percent at June 30, 2025 from 353 percent at March 31, 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 $594.0 million and $594.1 million at June 30, 2025 and March 31, 2025, respectively, representing 1.20 percent and 1.22 percent of total loans at each respective date. During the second quarter 2025, we recorded a provision for credit losses for loans of $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. See the “Credit Quality” section below for more details.
Credit Quality: Net loan charge-offs totaled $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and second quarter 2024, respectively. Non-accrual loans totaled $354.4 million, or 0.72 percent of total loans, at June 30, 2025 as compared to $346.5 million, or 0.71 percent of total loans, at March 31, 2025. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025. The majority of this increase related to three CRE loans, of which two were no longer past due in July 2025. See the “Credit Quality” section below for more details.
Deposits: Total deposit balances increased $759.4 million to $50.7 billion at June 30, 2025 as compared to $50.0 billion at March 31, 2025 mainly due to increases in both direct and indirect (brokered) customer time deposits during the second quarter 2025, partially offset by the outflows of certain indirect customer deposits in the savings, NOW and money market deposit category. Non-interest bearing deposits increased $118.2 million to $11.7 billion at June 30, 2025 from March 31, 2025. See the “Deposits” section below for more details.
Subordinated Debt Redemptions: On June 15, 2025, we redeemed in full $115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030. The transaction was accounted for as an early debt extinguishment and resulted in a $922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025. In addition, we repaid $100 million of 4.55 percent fixed rate subordinated notes that matured on June 30, 2025.
Non-Interest Income: Non-interest income increased $4.3 million to $62.6 million for the second quarter 2025 as compared to the first quarter 2025 mainly due to increases of $2.8 million and $2.0 million in capital markets income and service charges on deposit accounts, respectively. The increase in capital markets income was largely driven by a higher volume of interest rate swap transactions executed for commercial loan customers during the second quarter 2025.
Non-Interest Expense: Non-interest expense increased $7.5 million to $284.1 million for the second quarter 2025 as compared to the first quarter 2025 largely due to an increase of $4.3 million in professional and legal fees driven by higher consulting and legal expenses. Salary and employee benefits expense also increased $2.8 million from the first quarter 2025 mainly due to annual salary merit increases late in the first quarter 2025 and higher cash incentive compensation and severance related expenses. These items were partially offset by lower payroll taxes.
Efficiency Ratio: Our efficiency ratio was 55.20 percent for the second quarter 2025 as compared to 55.87 percent and 59.62 percent for the first quarter 2025 and second 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 0.86 percent, 7.08 percent and 9.62 percent for the second quarter 2025, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.87 percent, 7.15 percent and 9.71 percent for the second 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 $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. Interest income on a tax equivalent basis increased $20.3 million to $806.3 million for the second quarter 2025 as compared to the first quarter 2025. The increase was mostly driven by (i) higher yields on new loan originations, (ii) increased average loan balances driven by new organic loan originations largely within the C&I loan portfolio, (iii) additional interest income from purchases of taxable investments mainly within the available for sale portfolio during the first half of 2025 and (iv) one additional day in the second quarter 2025. Total interest expense increased $8.0 million to $372.6 million for the second quarter 2025 as compared to the first quarter 2025 largely due to (i) a $548.7 million increase in average time deposit balances, (ii) the increased cost of certain non-maturity deposits and (iii) the aforementioned increase in day count. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 3.01 percent for the second quarter 2025 increased by 5 basis points from 2.96 percent for the first quarter 2025 and increased 17 basis points from 2.84 percent for the second quarter 2024. The increase as compared to the first quarter 2025 was mostly due to the 7 basis point increase in the yield on average interest earning assets largely caused by higher interest rates on new loan originations in the second quarter 2025 and higher yielding investment purchases. The overall cost of average interest bearing liabilities increased 2 basis points to 3.56 percent for the second quarter 2025 as compared to the first quarter 2025 mostly due to higher interest rates on certain non-maturity deposit products, partially offset by a lower overall cost of time deposits driven by both new volumes and maturities. Our cost of total average deposits was 2.67 percent for the second quarter 2025 as compared to 2.65 percent and 3.18 percent for the first quarter 2025 and the second quarter 2024, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mainly due to increases in the C&I and automobile loan portfolios, partially offset by lower CRE loan balances. C&I loans grew by $719.8 million, or 28.4 percent on an annualized basis, to $10.9 billion at June 30, 2025 from March 31, 2025 largely due to our continued strategic focus on organic growth within this category. Automobile loans increased by $137.6 million, or 27.0 percent on an annualized basis, to $2.2 billion at June 30, 2025 from March 31, 2025 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Residential mortgage loans also moderately increased $73.6 million to $5.7 billion at June 30, 2025 from March 31, 2025 as new loan originations outpaced repayment activity. Total CRE (including construction) loans decreased $288.6 million to $28.8 billion at June 30, 2025 from March 31, 2025. The decrease was largely driven by runoff from repayment activity and our efforts to focus new CRE loan originations on more profitable holistic banking clients. Additionally, construction loans decreased $172.1 million to $2.9 billion at June 30, 2025 from March 31, 2025 mainly due to the migration of completed projects to permanent financing within the multifamily loan category of the CRE loan portfolio during the second quarter 2025.

Deposits. Actual ending balances for deposits increased $759.4 million to $50.7 billion at June 30, 2025 from March 31, 2025 due to increases of $962.9 million and $118.2 million in time deposits and non-interest bearing deposits, respectively, partially offset by a $321.6 million decrease in savings, NOW and money market deposit balances. The increase in time deposit balances was mainly driven by continued deposit inflows from new promotional retail CD offerings and additional fully-insured indirect (i.e., brokered) customer CDs during the second quarter 2025. The increase in non-interest bearing deposit balances was mostly due to higher commercial customer deposit inflows in the second quarter 2025. Savings, NOW and money market deposit balances decreased at June 30, 2025 from March 31, 2025 largely due to lower indirect customer deposits, as well as some seasonal runoff in governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.5 billion and $6.3 billion at June 30, 2025 and March 31, 2025, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 52 percent and 25 percent of total deposits as of June 30, 2025, respectively, as compared to 23 percent, 53 percent and 24 percent of total deposits as of March 31, 2025, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase and FHLB advances, increased $103.2 million to $162.2 million at June 30, 2025 from March 31, 2025 largely due to an increase in FHLB advances. Long-term borrowings totaled $2.9 billion at June 30, 2025 and remained relatively unchanged as compared to March 31, 2025. In June 2025, we fully redeemed $215 million of subordinated notes that were mostly offset by the issuance of new long-term FHLB advances during the second quarter 2025.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.6 million to $360.8 million at June 30, 2025 as compared to March 31, 2025. Non-accrual loans increased $7.9 million to $354.4 million at June 30, 2025 as compared to $346.5 million at March 31, 2025 mainly because of a net increase in non-performing CRE loans during the second quarter 2025, which was partially offset by a decline in non-performing C&I loans. Non-accrual C&I loans decreased largely due to the full charge-offs of four loan relationships totaling $17.4 million during the second quarter 2025. Non-accrual loans represented 0.72 percent of total loans at June 30, 2025 as compared to 0.71 percent of total loans at March 31, 2025. OREO decreased $2.9 million to $4.8 million at June 30, 2025 from March 31, 2025 mostly due to the fair valuation write-down related to one CRE property recorded during the second quarter 2025.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025.

Loans 30 to 59 days past due increased $89.5 million to $123.0 million at June 30, 2025 as compared to March 31, 2025 due, in large part, to one $39.2 million CRE loan and one $35.0 million construction loan included in this early stage delinquency category at June 30, 2025. The $39.2 million CRE loan 30 to 59 days past due was subsequently paid in full by the borrower in July 2025. Loans 60 to 89 days past due increased $62.8 million to $73.3 million at June 30, 2025 as compared to March 31, 2025 mainly due to a $60.6 million CRE loan. This past due loan was subsequently modified and was brought current to its restructured terms in July 2025. Loans 90 days or more past due and still accruing interest decreased $4.8 million to $2.9 million at June 30, 2025 as compared to March 31, 2025 mainly due to a decrease in residential mortgage loan 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 June 30, 2025, March 31, 2025 and June 30, 2024:

		June 30, 2025				March 31, 2025				June 30, 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		$	173,415	1.60	%	$	184,700	1.82	%	$	149,243	1.57	%
Commercial real estate loans:
	Commercial real estate		270,937	1.04			266,938	1.02			246,316	0.87
	Construction		64,042	2.24			54,724	1.81			54,777	1.54
Total commercial real estate loans			334,979	1.16			321,662	1.10			301,093	0.95
Residential mortgage loans			48,830	0.86			48,906	0.87			47,697	0.85
Consumer loans:
	Home equity		3,689	0.58			3,401	0.56			3,077	0.54
	Auto and other consumer		18,587	0.55			19,531	0.62			18,200	0.63
Total consumer loans			22,276	0.56			22,932	0.61			21,277	0.62
Allowance for loan losses			579,500	1.17			578,200	1.19			519,310	1.03
Allowance for unfunded credit commitments			14,520				15,854				13,231
Total allowance for credit losses for loans		$	594,020			$	594,054			$	532,541
Allowance for credit losses for loans as a % of total loans				1.20	%			1.22	%			1.06	%

Our loan portfolio, totaling $49.4 billion at June 30, 2025, had net loan charge-offs totaling $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and the second quarter 2024, respectively. Gross loan charge-offs totaled $42.1 million for the second quarter 2025 and included $23.1 million of partial and full charge-offs related to five non-performing C&I loan relationships with combined specific reserves of $11.2 million at March 31, 2025.

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 1.20 percent at June 30, 2025, 1.22 percent at March 31, 2025, and 1.06 percent at June 30, 2024. For the second quarter 2025, the provision for credit losses for loans totaled $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. The second quarter 2025 provision reflects, among other factors, the impact of loan growth mainly within the C&I loan portfolio and loan charge-offs, partially offset by a decline in quantitative reserves in certain loan categories and lower specific reserves associated with collateral dependent loans at June 30, 2025.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.67 percent, 11.57 percent, 10.85 percent and 9.49 percent, respectively, at June 30, 2025 as compared to 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025. The reduction in our total risk-based capital ratio reflects the early redemption of our $115 million of 5.25 percent fixed-to-floating rate subordinated notes due in June 2030, which was previously eligible for full regulatory capital treatment.

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 second 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, August 25, 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 $63 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; U.S. government 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 new legislation and policy changes under the current 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 concerns regarding the soundness, or 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, 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 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 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									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data and stock price)		2025			2025			2024			2025			2024
FINANCIAL DATA:
Net interest income – FTE ⁽¹⁾	$	433,675		$	421,378		$	402,984		$	855,052		$	797,831
Net interest income	$	432,408		$	420,105		$	401,685		$	852,513		$	795,233
Non-interest income		62,604			58,294			51,213			120,898			112,628
Total revenue		495,012			478,399			452,898			973,411			907,861
Non-interest expense		284,122			276,618			277,497			560,740			557,807
Pre-provision net revenue		210,890			201,781			175,401			412,671			350,054
Provision for credit losses		37,799			62,661			82,070			100,460			127,270
Income tax expense		39,924			33,062			22,907			72,986			56,080
Net income		133,167			106,058			70,424			239,225			166,704
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net income available to common shareholders	$	126,219		$	99,103		$	66,316		$	225,322		$	158,477
Weighted average number of common shares outstanding:
Basic		560,336,610			559,613,272			509,141,252			559,976,939			508,740,986
Diluted		562,312,330			563,305,525			510,338,502			563,431,390			510,437,959
Per common share data:
Basic earnings	$	0.23		$	0.18		$	0.13		$	0.40		$	0.31
Diluted earnings		0.22			0.18			0.13			0.40			0.31
Cash dividends declared		0.11			0.11			0.11			0.22			0.22
Closing stock price – high		9.20			10.42			8.02			10.42			10.80
Closing stock price – low		7.87			8.56			6.52			7.87			6.52
FINANCIAL RATIOS:
Net interest margin		3.01	%		2.95	%		2.83	%		2.98	%		2.81	%
Net interest margin – FTE ⁽¹⁾		3.01			2.96			2.84			2.99			2.81
Annualized return on average assets		0.86			0.69			0.46			0.77			0.54
Annualized return on avg. shareholders’ equity		7.08			5.69			4.17			6.39			4.95
NON-GAAP FINANCIAL DATA AND RATIOS: ⁽²⁾
Basic earnings per share, as adjusted	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Diluted earnings per share, as adjusted		0.23			0.18			0.13			0.40			0.32
Annualized return on average assets, as adjusted		0.87	%		0.69	%		0.47	%		0.78	%		0.56	%
Annualized return on average shareholders’ equity, as adjusted		7.15			5.69			4.24			6.42			5.08
Annualized return on average tangible shareholders’ equity		9.62			7.76			5.95			8.70			7.07
Annualized return on average tangible shareholders’ equity, as adjusted		9.71			7.76			6.05			8.74			7.25
Efficiency ratio		55.20			55.87			59.62			55.53			59.36

AVERAGE BALANCE SHEET ITEMS:
Assets	$	62,106,945		$	61,502,768		$	61,518,639		$	61,806,614		$	61,387,754
Interest earning assets		57,553,624			56,891,691			56,772,950			57,224,486			56,695,874
Loans		49,032,637			48,654,921			50,020,901			48,844,823			50,133,746
Interest bearing liabilities		41,913,735			41,230,709			41,576,344			41,574,732			41,566,466
Deposits		49,907,124			49,139,303			49,383,209			49,525,957			48,979,591
Shareholders’ equity		7,524,231			7,458,177			6,753,981			7,491,395			6,739,838

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	As Of
BALANCE SHEET ITEMS:	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024
Assets	$	62,705,358		$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974
Total loans		49,391,420			48,657,128			48,799,711			49,355,319			50,311,702
Deposits		50,725,284			49,965,844			50,075,857			50,395,966			50,112,177
Shareholders’ equity		7,575,421			7,499,897			7,435,127			6,972,380			6,737,737

LOANS:
(In thousands)
Commercial and industrial	$	10,870,036		$	10,150,205		$	9,931,400		$	9,799,287		$	9,479,147
Commercial real estate:
Non-owner occupied		11,747,491			11,945,222			12,344,355			12,647,649			13,710,015
Multifamily		8,434,173			8,420,385			8,299,250			8,612,936			8,976,264
Owner occupied		5,789,397			5,722,014			5,886,620			5,654,147			5,536,844
Construction		2,854,859			3,026,935			3,114,733			3,487,464			3,545,723
Total commercial real estate		28,825,920			29,114,556			29,644,958			30,402,196			31,768,846
Residential mortgage		5,709,971			5,636,407			5,632,516			5,684,079			5,627,113
Consumer:
Home equity		634,553			602,161			604,433			581,181			566,467
Automobile		2,178,841			2,041,227			1,901,065			1,823,738			1,762,852
Other consumer		1,172,099			1,112,572			1,085,339			1,064,838			1,107,277
Total consumer loans		3,985,493			3,755,960			3,590,837			3,469,757			3,436,596
Total loans	$	49,391,420		$	48,657,128		$	48,799,711		$	49,355,319		$	50,311,702

CAPITAL RATIOS:
Book value per common share	$	12.89		$	12.76		$	12.67		$	13.00		$	12.82
Tangible book value per common share ⁽²⁾		9.35			9.21			9.10			9.06			8.87
Tangible common equity to tangible assets ⁽²⁾		8.63	%		8.61	%		8.40	%		7.68	%		7.52	%
Tier 1 leverage capital		9.49			9.41			9.16			8.40			8.19
Common equity tier 1 capital		10.85			10.80			10.82			9.57			9.55
Tier 1 risk-based capital		11.57			11.53			11.55			10.29			9.98
Total risk-based capital		13.67			13.91			13.87			12.56			12.17

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	Three Months Ended									Six Months Ended
ALLOWANCE FOR CREDIT LOSSES:	June 30,			March 31,			June 30,			June 30,
($ in thousands)		2025			2025			2024			2025			2024
Allowance for credit losses for loans
Beginning balance – Allowance for credit losses for loans	$	594,054		$	573,328		$	487,269		$	573,328		$	465,550
Loans charged-off:
Commercial and industrial		(25,189	)		(28,456	)		(14,721	)		(53,645	)		(29,014	)
Commercial real estate		(14,623	)		(12,260	)		(22,144	)		(26,883	)		(23,348	)
Construction		—			(1,163	)		(212	)		(1,163	)		(7,806	)
Total consumer		(2,259	)		(2,140	)		(1,262	)		(4,399	)		(3,071	)
Total loans charged-off		(42,071	)		(44,019	)		(38,339	)		(86,090	)		(63,239	)
Charged-off loans recovered:
Commercial and industrial		2,789			810			742			3,599			1,424
Commercial real estate		188			249			150			437			391
Construction		455			—			—			455			—
Residential mortgage		37			168			5			205			30
Total consumer		773			843			603			1,616			1,000
Total loans recovered		4,242			2,070			1,500			6,312			2,845
Total net charge-offs		(37,829	)		(41,949	)		(36,839	)		(79,778	)		(60,394	)
Provision for credit losses for loans		37,795			62,675			82,111			100,470			127,385
Ending balance	$	594,020		$	594,054		$	532,541		$	594,020		$	532,541
Components of allowance for credit losses for loans:
Allowance for loan losses	$	579,500		$	578,200		$	519,310		$	579,500		$	519,310
Allowance for unfunded credit commitments		14,520			15,854			13,231			14,520			13,231
Allowance for credit losses for loans	$	594,020		$	594,054		$	532,541		$	594,020		$	532,541
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	39,129		$	61,299		$	86,901		$	100,428		$	133,624
(Credit) provision for unfunded credit commitments		(1,334	)		1,376			(4,790	)		42			(6,239	)
Total provision for credit losses for loans	$	37,795		$	62,675		$	82,111		$	100,470		$	127,385
Annualized ratio of total net charge-offs to total average loans		0.31	%		0.34	%		0.29	%		0.33	%		0.24	%
Allowance for credit losses for loans as a % of total loans		1.20	%		1.22	%		1.06	%		1.20	%		1.06	%

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	As Of
ASSET QUALITY:	June 30,			March 31,			December 31,			September 30,			June 30,
($ in thousands)		2025			2025			2024			2024			2024
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	10,451		$	3,609		$	2,389		$	4,537		$	5,086
Commercial real estate		42,884			170			20,902			76,370			1,879
Construction		35,000			—			—			—			—
Residential mortgage		21,744			16,747			21,295			19,549			17,389
Total consumer		12,878			12,887			12,552			14,672			21,639
Total 30 to 59 days past due		122,957			33,413			57,138			115,128			45,993
60 to 89 days past due:
Commercial and industrial		1,095			420			1,007			1,238			1,621
Commercial real estate		60,601			—			24,903			43,926			—
Residential mortgage		7,627			7,700			5,773			6,892			6,632
Total consumer		4,001			2,408			4,484			2,732			3,671
Total 60 to 89 days past due		73,324			10,528			36,167			54,788			11,924
90 or more days past due:
Commercial and industrial		—			—			1,307			1,786			2,739
Commercial real estate		—			—			—			—			4,242
Construction		—			—			—			—			3,990
Residential mortgage		2,062			6,892			3,533			1,931			2,609
Total consumer		859			864			1,049			1,063			898
Total 90 or more days past due		2,921			7,756			5,889			4,780			14,478
Total accruing past due loans	$	199,202		$	51,697		$	99,194		$	174,696		$	72,395
Non-accrual loans:
Commercial and industrial	$	90,973		$	110,146		$	136,675		$	120,575		$	102,942
Commercial real estate		193,604			172,011			157,231			113,752			123,011
Construction		24,068			24,275			24,591			24,657			45,380
Residential mortgage		41,099			35,393			36,786			33,075			28,322
Total consumer		4,615			4,626			4,215			4,260			3,624
Total non-accrual loans		354,359			346,451			359,498			296,319			303,279
Other real estate owned (OREO)		4,783			7,714			12,150			7,172			8,059
Other repossessed assets		1,642			2,054			1,681			1,611			1,607
Total non-performing assets	$	360,784		$	356,219		$	373,329		$	305,102		$	312,945
Total non-accrual loans as a % of loans		0.72	%		0.71	%		0.74	%		0.60	%		0.60	%
Total accruing past due and non-accrual loans as a % of loans		1.12	%		0.82	%		0.94	%		0.95	%		0.75	%
Allowance for losses on loans as a % of non-accrual loans		163.53	%		166.89	%		155.45	%		185.05	%		171.23	%

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									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2025			2024
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	133,167		$	106,058		$	70,424		$	239,225		$	166,704
Add: Loss on extinguishment of debt		922			—			—			922			—
Add: FDIC special assessment ^(a)		—			—			1,363			—			8,757
Add: Losses on available for sale and held to maturity debt securities, net ^(b)		—			11			4			11			11
Add: Restructuring charge ^(c)		800			—			334			800			954
Less: Gain on sale of commercial premium finance lending division ^(d)		—			—			—			—			(3,629	)
Total non-GAAP adjustments to net income		1,722			11			1,701			1,733			6,093
Income tax adjustments related to non-GAAP adjustments ^(e)		(474	)		(3	)		(482	)		(477	)		(1,706	)
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net income available to common shareholders, as adjusted (non-GAAP)	$	127,467		$	99,111		$	67,535		$	226,578		$	162,864
__________
(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) Included in other income within non-interest income.
(e) 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)	$	127,467		$	99,111		$	67,535		$	226,578		$	162,864
Average number of shares outstanding		560,336,610			559,613,272			509,141,252			559,976,939			508,740,986
Basic earnings, as adjusted (non-GAAP)	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Average number of diluted shares outstanding		562,312,330			563,305,525			510,338,502			563,431,390			510,437,959
Diluted earnings, as adjusted (non-GAAP)	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Less: Average goodwill and other intangible assets		1,987,381			1,994,061			2,016,766			1,990,702			2,020,883
Average tangible shareholders’ equity	$	5,536,850		$	5,464,116		$	4,737,215		$	5,500,693		$	4,718,955
Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)		9.71	%		7.76	%		6.05	%		8.74	%		7.25	%
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average assets	$	62,106,945		$	61,502,768		$	61,518,639		$	61,806,614		$	61,387,754
Annualized return on average assets, as adjusted (non-GAAP)		0.87	%		0.69	%		0.47	%		0.78	%		0.56	%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2025			2024
Adjusted annualized return on average shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Annualized return on average shareholders’ equity, as adjusted (non-GAAP)		7.15	%		5.69	%		4.24	%		6.42	%		5.08	%
Annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as reported (GAAP)	$	133,167		$	106,058		$	70,424		$	239,225		$	166,704
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Less: Average goodwill and other intangible assets		1,987,381			1,994,061			2,016,766			1,990,702			2,020,883
Average tangible shareholders’ equity	$	5,536,850		$	5,464,116		$	4,737,215		$	5,500,693		$	4,718,955
Annualized return on average tangible shareholders’ equity (non-GAAP)		9.62	%		7.76	%		5.95	%		8.70	%		7.07	%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	284,122		$	276,618		$	277,497		$	560,740		$	557,807
Less: Loss on extinguishment of debt (pre-tax)		922			—			—			922			—
Less: FDIC special assessment (pre-tax)		—			—			1,363			—			8,757
Less: Restructuring charge (pre-tax)		800			—			334			800			954
Less: Amortization of tax credit investments (pre-tax)		9,134			9,320			5,791			18,454			11,353
Non-interest expense, as adjusted (non-GAAP)	$	273,266		$	267,298		$	270,009		$	540,564		$	536,743
Net interest income, as reported (GAAP)		432,408			420,105			401,685			852,513			795,233
Non-interest income, as reported (GAAP)		62,604			58,294			51,213			120,898			112,628
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)		—			11			4			11			11
Less: Gain on sale of premium finance division (pre-tax)		—			—			—			—			(3,629	)
Non-interest income, as adjusted (non-GAAP)	$	62,604		$	58,305		$	51,217		$	120,909		$	109,010
Gross operating income, as adjusted (non-GAAP)	$	495,012		$	478,410		$	452,902		$	973,422		$	904,243
Efficiency ratio (non-GAAP)		55.20	%		55.87	%		59.62	%		55.53	%		59.36	%

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2024			2024
Tangible book value per common share (non-GAAP):
Common shares outstanding		560,281,821			560,028,101			558,786,093			509,252,936			509,205,014
Shareholders’ equity (GAAP)	$	7,575,421		$	7,499,897		$	7,435,127		$	6,972,380		$	6,737,737
Less: Preferred stock		354,345			354,345			354,345			354,345			209,691
Less: Goodwill and other intangible assets		1,983,515			1,990,276			1,997,597			2,004,414			2,012,580
Tangible common shareholders’ equity (non-GAAP)	$	5,237,561		$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466
Tangible book value per common share (non-GAAP)	$	9.35		$	9.21		$	9.10		$	9.06		$	8.87
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders’ equity (non-GAAP)	$	5,237,561		$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466
Total assets (GAAP)	$	62,705,358		$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974
Less: Goodwill and other intangible assets		1,983,515			1,990,276			1,997,597			2,004,414			2,012,580
Tangible assets (non-GAAP)	$	60,721,843		$	59,875,379		$	60,494,094		$	60,087,918		$	60,046,394
Tangible common equity to tangible assets (non-GAAP)		8.63	%		8.61	%		8.40	%		7.68	%		7.52	%

VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data)
	June 30,			December 31,
		2025			2024
	(Unaudited)
Assets
Cash and due from banks	$	440,870		$	411,412
Interest bearing deposits with banks		745,547			1,478,713
Investment securities:
Equity securities		77,408			71,513
Available for sale debt securities		3,896,205			3,369,724
Held to maturity debt securities (net of allowance for credit losses of $637 at June 30, 2025 and $647 at December 31, 2024)		3,530,924			3,531,573
Total investment securities		7,504,537			6,972,810
Loans held for sale (includes fair value of $9,146 at June 30, 2025 and $16,931 at December 31, 2024 for loans originated for sale)		28,096			25,681
Loans		49,391,420			48,799,711
Less: Allowance for loan losses		(579,500	)		(558,850	)
Net loans		48,811,920			48,240,861
Premises and equipment, net		337,371			350,796
Lease right of use assets		332,324			328,475
Bank owned life insurance		735,026			731,574
Accrued interest receivable		238,278			239,941
Goodwill		1,868,936			1,868,936
Other intangible assets, net		114,579			128,661
Other assets		1,547,874			1,713,831
Total Assets	$	62,705,358		$	62,491,691
Liabilities
Deposits:
Non-interest bearing	$	11,746,770		$	11,428,674
Interest bearing:
Savings, NOW and money market		26,091,633			26,304,639
Time		12,886,881			12,342,544
Total deposits		50,725,284			50,075,857
Short-term borrowings		162,244			72,718
Long-term borrowings		2,903,091			3,174,155
Junior subordinated debentures issued to capital trusts		57,629			57,455
Lease liabilities		392,633			388,303
Accrued expenses and other liabilities		889,056			1,288,076
Total Liabilities		55,129,937			55,056,564
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2025 and December 31, 2024)		111,590			111,590
Series B (4,000,000 shares issued at June 30, 2025 and December 31, 2024)		98,101			98,101
Series C (6,000,000 shares issued at June 30, 2025 and December 31, 2024)		144,654			144,654
Common stock (no par value, authorized 650,000,000 shares; issued 560,522,946 shares at June 30, 2025 and 558,786,093 shares at December 31, 2024)		196,606			195,998
Surplus		5,451,543			5,442,070
Retained earnings		1,694,903			1,598,048
Accumulated other comprehensive loss		(119,889	)		(155,334	)
Treasury stock, at cost (241,125 common shares at June 30, 2025)		(2,087	)		—
Total Shareholders’ Equity		7,575,421			7,435,127
Total Liabilities and Shareholders’ Equity	$	62,705,358		$	62,491,691

VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except for share data)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2024			2025			2024
Interest Income
Interest and fees on loans	$	720,282		$	703,609		$	770,964		$	1,423,891		$	1,542,517
Interest and dividends on investment securities:
Taxable		67,164			63,898			40,460			131,062			76,257
Tax-exempt		4,681			4,702			4,799			9,383			9,595
Dividends		5,528			5,664			6,341			11,192			13,169
Interest on federal funds sold and other short-term investments		7,357			6,879			10,902			14,236			20,584
Total interest income		805,012			784,752			833,466			1,589,764			1,662,122
Interest Expense
Interest on deposits:
Savings, NOW and money market		203,390			200,221			231,597			403,611			464,103
Time		129,324			125,069			160,442			254,393			311,507
Interest on short-term borrowings		1,736			2,946			691			4,682			21,303
Interest on long-term borrowings and junior subordinated debentures		38,154			36,411			39,051			74,565			69,976
Total interest expense		372,604			364,647			431,781			737,251			866,889
Net Interest Income		432,408			420,105			401,685			852,513			795,233
Provision (credit) for credit losses for available for sale and held to maturity securities		4			(14	)		(41	)		(10	)		(115	)
Provision for credit losses for loans		37,795			62,675			82,111			100,470			127,385
Net Interest Income After Provision for Credit Losses		394,609			357,444			319,615			752,053			667,963
Non-Interest Income
Wealth management and trust fees		14,056			15,031			13,136			29,087			31,066
Insurance commissions		3,430			3,402			3,958			6,832			6,209
Capital markets		9,767			6,940			7,779			16,707			13,449
Service charges on deposit accounts		14,705			12,726			11,212			27,431			22,461
(Losses) gains on securities transactions, net		(1	)		46			3			45			52
Fees from loan servicing		3,671			3,215			2,691			6,886			5,879
Gains on sales of loans, net		2,025			2,197			884			4,222			2,502
Bank owned life insurance		6,019			4,777			4,545			10,796			7,780
Other		8,932			9,960			7,005			18,892			23,230
Total non-interest income		62,604			58,294			51,213			120,898			112,628
Non-Interest Expense
Salary and employee benefits expense		145,422			142,618			140,815			288,040			282,646
Net occupancy expense		25,483			25,888			24,252			51,371			48,575
Technology, furniture and equipment expense		30,667			29,896			35,203			60,563			70,665
FDIC insurance assessment		12,192			12,867			14,446			25,059			32,682
Amortization of other intangible assets		7,427			8,019			8,568			15,446			17,980
Professional and legal fees		19,970			15,670			17,938			35,640			34,403
Loss on extinguishment of debt		922			—			—			922			—
Amortization of tax credit investments		9,134			9,320			5,791			18,454			11,353
Other		32,905			32,340			30,484			65,245			59,503
Total non-interest expense		284,122			276,618			277,497			560,740			557,807
Income Before Income Taxes		173,091			139,120			93,331			312,211			222,784
Income tax expense		39,924			33,062			22,907			72,986			56,080
Net Income		133,167			106,058			70,424			239,225			166,704
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net Income Available to Common Shareholders	$	126,219		$	99,103		$	66,316		$	225,322		$	158,477

VALLEY NATIONAL BANCORP Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and Net Interest Income on a Tax Equivalent Basis
	Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 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⁾	$	49,032,637	$	720,305		5.88	%	$	48,654,921	$	703,632		5.78	%	$	50,020,901	$	770,987		6.17	%
Taxable investments ⁽³⁾		7,350,792		72,692		3.96			7,100,958		69,562		3.92			5,379,101		46,801		3.48
Tax-exempt investments ⁽¹⁾⁽³⁾		544,302		5,925		4.35			552,291		5,952		4.31			575,272		6,075		4.22
Interest bearing deposits with banks		625,893		7,357		4.70			583,521		6,879		4.72			797,676		10,902		5.47
Total interest earning assets		57,553,624		806,279		5.60			56,891,691		786,025		5.53			56,772,950		834,765		5.88
Other assets		4,553,321							4,611,077							4,745,689
Total assets	$	62,106,945						$	61,502,768						$	61,518,639
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	26,451,349	$	203,390		3.08	%	$	26,345,983	$	200,221		3.04	%	$	24,848,266	$	231,597		3.73	%
Time deposits		12,119,461		129,324		4.27			11,570,758		125,069		4.32			13,311,381		160,442		4.82
Short-term borrowings		196,491		1,736		3.53			307,637		2,946		3.83			97,502		691		2.83
Long-term borrowings ⁽⁴⁾		3,146,434		38,154		4.85			3,006,331		36,411		4.84			3,319,195		39,051		4.71
Total interest bearing liabilities		41,913,735		372,604		3.56			41,230,709		364,647		3.54			41,576,344		431,781		4.15
Non-interest bearing deposits		11,336,314							11,222,562							11,223,562
Other liabilities		1,332,665							1,591,320							1,964,752
Shareholders’ equity		7,524,231							7,458,177							6,753,981
Total liabilities and shareholders’ equity	$	62,106,945						$	61,502,768						$	61,518,639

Net interest income/interest rate spread ⁽⁵⁾			$	433,675		2.04	%			$	421,378		1.99	%			$	402,984		1.73	%
Tax equivalent adjustment				(1,267	)						(1,273	)						(1,299	)
Net interest income, as reported			$	432,408						$	420,105						$	401,685
Net interest margin ⁽⁶⁾						3.01	%						2.95	%						2.83	%
Tax equivalent effect						0.00							0.01							0.01
Net interest margin on a fully tax equivalent basis ⁽⁶⁾						3.01	%						2.96	%						2.84	%

____________

(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.

SHAREHOLDER 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 –

July 24, 2025

MIL-OSI USA: Office of the Governor — Travel Release — Gov. Green to Attend NGA Summer Meeting in Colorado

Source: US State of Hawaii

Office of the Governor — Travel Release — Gov. Green to Attend NGA Summer Meeting in Colorado

Posted on Jul 23, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA

GOVERNOR GREEN TO ATTEND NATIONAL GOVERNORS ASSOCIATION SUMMER MEETING IN COLORADO

FOR IMMEDIATE RELEASE
July 23, 2025

HONOLULU – Governor Josh Green, M.D., will travel to Colorado for the National Governors Association (NGA) 2025 Summer Meeting on Wednesday, July 23. He will participate in panel discussions with education experts, economists and business leaders. As one of the NGA’s Public Health and Disaster Task Force co–chairs with Vermont Governor Phil Scott, Governor Green will facilitate a discussion with Center for Medicare & Medicaid Services Administrator Dr. Mehmet Oz. The session will cover how potential changes to federal health programs could affect states. He will return to Hawai‘i Sunday, July 27, 2025.

Lieutenant Governor Sylvia Luke will serve as acting Governor from the evening of July 23 until the afternoon of July 27.

# # #

Media Contacts:
Erika Engle
Press Secretary
Office of the Governor, State of Hawai‘i
Office: 808-586-0120
Email: [email protected]

Makana McClellan
Director of Communications
Office of the Governor, State of Hawaiʻi
Cell: 808-265-0083
Email: [email protected]

MIL OSI USA News –

July 24, 2025

MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, July 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 and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

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 June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	830,622	$	831,012	$	830,622	$	831,012
Net income	$	59,805	$	49,073	$	79,620	$	61,898
Diluted earnings per share	$	1.34	$	1.08	$	1.79	$	1.37
EBITDA (non-GAAP measure)	$	132,753	$	117,651	$	145,129	$	121,882
Weighted-average diluted shares		44,552		45,289		44,552		45,289

	Six Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	1,667,045	$	1,667,382	$	1,667,045	$	1,667,382
Net income	$	143,396	$	110,441	$	172,399	$	132,087
Diluted earnings per share	$	3.21	$	2.44	$	3.86	$	2.91
EBITDA (non-GAAP measure)	$	295,714	$	250,238	$	308,009	$	253,474
Weighted-average diluted shares		44,670		45,338		44,670		45,338

Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
For the trailing twelve month period ended June 30, 2025 the Company reported:
- Revenues of $3.4 billion
- Net income of $292 million on a GAAP basis and adjusted net income of $343 million
- Adjusted EBITDA of $613 million
- Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

Store Base and Platform Growth

U.K. Pawn Acquisition Update
- On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
- Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
- The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
- This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
Other Pawn Store Additions
- A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
- Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
- There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
- The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
- As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.

Retail POS Payment Solutions (AFF) Merchant Partnerships
- At June 30, 2025, there were approximately 15,300 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 second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local 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 second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

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

Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period 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 June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
- A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
- 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
- Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
- Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
Net debt at June 30, 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 $152 million at June 30, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% 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 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

2025 Outlook

Driven by the strong first half results and continuing customer 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. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. 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 small acquisitions.

U.S. Pawn

Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

Latin America Pawn

U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July 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 and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
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:

The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

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 second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

“The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

“In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

“Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

“Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

“Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” 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 and the Company’s previously announced H&T acquisition. 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 and risks 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; 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; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; 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						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenue:
Retail merchandise sales	$	385,125		$	363,463		$	756,181		$	730,284
Pawn loan fees		190,822			181,046			382,693			360,581
Leased merchandise income		139,784			194,570			296,702			400,241
Interest and fees on finance receivables		76,075			56,799			149,488			114,186
Wholesale scrap jewelry sales		38,816			35,134			81,981			62,090
Total revenue		830,622			831,012			1,667,045			1,667,382

Cost of revenue:
Cost of retail merchandise sold		230,326			218,147			454,450			441,676
Depreciation of leased merchandise		78,272			110,157			167,091			230,441
Provision for lease losses		32,543			47,653			60,105			90,663
Provision for loan losses		41,761			31,116			78,121			61,534
Cost of wholesale scrap jewelry sold		34,904			28,542			70,259			51,831
Total cost of revenue		417,806			435,615			830,026			876,145

Net revenue		412,816			395,397			837,019			791,237

Expenses and other income:
Operating expenses		222,493			228,369			437,079			449,505
Administrative expenses		59,263			46,602			107,786			90,620
Depreciation and amortization		25,864			26,547			51,366			52,574
Interest expense		26,337			25,187			53,808			50,605
Interest income		(527	)		(261	)		(1,756	)		(1,004	)
(Gain) loss on foreign exchange		(1,271	)		1,437			(1,285	)		1,251
Merger and acquisition expenses		2,777			1,364			3,239			1,961
Other income, net		(3,199	)		(26	)		(5,514	)		(2,338	)
Total expenses and other income		331,737			329,219			644,723			643,174

Income before income taxes		81,079			66,178			192,296			148,063

Provision for income taxes		21,274			17,105			48,900			37,622

Net income	$	59,805		$	49,073		$	143,396		$	110,441

Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.

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

	June 30,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	101,467		$	113,693		$	175,095
Accounts receivable, net		76,062			72,158			73,325
Pawn loans		550,718			491,731			517,867
Finance receivables, net		154,518			105,401			147,501
Inventories		355,733			315,424			334,580
Leased merchandise, net		100,689			142,935			128,437
Prepaid expenses and other current assets		35,667			31,923			26,943
Total current assets		1,374,854			1,273,265			1,403,748

Property and equipment, net		750,862			661,005			717,916
Operating lease right of use asset		342,859			324,651			324,646
Goodwill		1,826,184			1,794,957			1,787,172
Intangible assets, net		204,643			253,910			228,858
Other assets		9,805			9,606			9,934
Deferred tax assets, net		5,042			5,014			4,712
Total assets	$	4,514,249		$	4,322,408		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	145,035		$	141,314		$	171,540
Customer deposits and prepayments		80,848			76,452			72,703
Lease liability, current		100,845			97,809			95,161
Total current liabilities		326,728			315,575			339,404

Revolving unsecured credit facilities		152,000			150,000			198,000
Senior unsecured notes		1,532,865			1,529,870			1,531,346
Deferred tax liabilities, net		125,290			129,060			128,574
Lease liability, non-current		237,198			219,454			225,498
Total liabilities		2,374,081			2,343,959			2,422,822

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,760,179			1,760,986			1,767,569
Retained earnings		1,520,677			1,296,721			1,411,083
Accumulated other comprehensive loss		(96,267	)		(84,366	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(995,467	)		(995,467	)
Total stockholders’ equity		2,140,168			1,978,449			2,054,164
Total liabilities and stockholders’ equity	$	4,514,249		$	4,322,408		$	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
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	249,918		$	230,093			9	%
Pawn loan fees		130,948			120,332			9	%
Wholesale scrap jewelry sales		28,740			26,311			9	%
Total revenue		409,606			376,736			9	%

Cost of revenue:
Cost of retail merchandise sold		143,149			132,449			8	%
Cost of wholesale scrap jewelry sold		26,265			21,269			23	%
Total cost of revenue		169,414			153,718			10	%

Net revenue		240,192			223,018			8	%

Segment expenses:
Operating expenses		133,815			125,192			7	%
Depreciation and amortization		8,091			7,231			12	%
Total segment expenses		141,906			132,423			7	%

Segment pre-tax operating income	$	98,286		$	90,595			8	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	24		%	24		%

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

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

	Six Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	501,143		$	467,083			7	%
Pawn loan fees		268,896			243,306			11	%
Wholesale scrap jewelry sales		62,232			44,037			41	%
Total revenue		832,271			754,426			10	%

Cost of revenue:
Cost of retail merchandise sold		288,907			272,363			6	%
Cost of wholesale scrap jewelry sold		53,489			36,535			46	%
Total cost of revenue		342,396			308,898			11	%

Net revenue		489,875			445,528			10	%

Segment expenses:
Operating expenses		262,766			244,087			8	%
Depreciation and amortization		15,691			14,244			10	%
Total segment expenses		278,457			258,331			8	%

Segment pre-tax operating income	$	211,418		$	187,197			13	%

Operating metrics:
Retail merchandise sales margin	42		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

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

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

	As of June 30,
	2025			2024			Increase
Earning assets:
Pawn loans	$	400,143		$	356,342			12	%
Inventories		252,885			223,428			13	%
	$	653,028		$	579,770			13	%

Average outstanding pawn loan amount (in ones)	$	286		$	260			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	43		%
Jewelry	61		%	57		%
	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												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	135,956			$	134,445			1		%		$	153,234			14		%
Pawn loan fees			59,874				60,714			(1	)	%			67,497			11		%
Wholesale scrap jewelry sales			10,076				8,823			14		%			10,076			14		%
Total revenue			205,906				203,982			1		%			230,807			13		%

Cost of revenue:
Cost of retail merchandise sold			87,579				86,276			2		%			98,641			14		%
Cost of wholesale scrap jewelry sold			8,639				7,273			19		%			9,811			35		%
Total cost of revenue			96,218				93,549			3		%			108,452			16		%

Net revenue			109,688				110,433			(1	)	%			122,355			11		%

Segment expenses:
Operating expenses			64,414				67,902			(5	)	%			72,340			7		%
Depreciation and amortization			4,294				5,418			(21	)	%			4,804			(11	)	%
Total segment expenses			68,708				73,320			(6	)	%			77,144			5		%

Segment pre-tax operating income		$	40,980			$	37,113			10		%		$	45,211			22		%

Operating metrics:
Retail merchandise sales margin	36			%	36			%					36			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	20			%	18			%					20			%

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

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

														Constant Currency Basis
														Six Months
														Ended
		Six Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	256,488			$	265,294			(3	)	%		$	296,887			12		%
Pawn loan fees			113,797				117,275			(3	)	%			131,755			12		%
Wholesale scrap jewelry sales			19,749				18,053			9		%			19,749			9		%
Total revenue			390,034				400,622			(3	)	%			448,391			12		%

Cost of revenue:
Cost of retail merchandise sold			166,318				170,459			(2	)	%			192,333			13		%
Cost of wholesale scrap jewelry sold			16,770				15,296			10		%			19,491			27		%
Total cost of revenue			183,088				185,755			(1	)	%			211,824			14		%

Net revenue			206,946				214,867			(4	)	%			236,567			10		%

Segment expenses:
Operating expenses			125,831				135,327			(7	)	%			144,841			7		%
Depreciation and amortization			8,730				10,523			(17	)	%			10,008			(5	)	%
Total segment expenses			134,561				145,850			(8	)	%			154,849			6		%

Segment pre-tax operating income		$	72,385			$	69,017			5		%		$	81,718			18		%

Operating metrics:
Retail merchandise sales margin	35			%	36			%					35			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	19			%	17			%					18			%

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
										June 30,
	As of June 30,									2025		Increase
	2025			2024			Increase			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	150,575		$	135,389			11	%	$	154,466		14	%
Inventories		102,848			91,996			12	%		105,501		15	%
	$	253,423		$	227,385			11	%	$	259,967		14	%

Average outstanding pawn loan amount (in ones)	$	96		$	89			8	%	$	98		10	%

Composition of pawn collateral:
General merchandise	57		%	63		%
Jewelry	43		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	59		%	69		%
Jewelry	41		%	31		%
	100		%	100		%

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

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.1 times			4.3 times

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

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	139,784	$	194,570		(28	)	%
Interest and fees on finance receivables		76,075		56,799		34		%
Total revenue		215,859		251,369		(14	)	%

Cost of revenue:
Depreciation of leased merchandise		78,529		110,567		(29	)	%
Provision for lease losses		32,667		47,824		(32	)	%
Provision for loan losses		41,761		31,116		34		%
Total cost of revenue		152,957		189,507		(19	)	%

Net revenue		62,902		61,862		2		%

Segment expenses:
Operating expenses		24,264		35,275		(31	)	%
Depreciation and amortization		699		678		3		%
Total segment expenses		24,963		35,953		(31	)	%

Segment pre-tax operating income	$	37,939	$	25,909		46		%

	Six Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	296,702	$	400,241		(26	)	%
Interest and fees on finance receivables		149,488		114,186		31		%
Total revenue		446,190		514,427		(13	)	%

Cost of revenue:
Depreciation of leased merchandise		167,672		231,341		(28	)	%
Provision for lease losses		60,271		91,004		(34	)	%
Provision for loan losses		78,121		61,534		27		%
Total cost of revenue		306,064		383,879		(20	)	%

Net revenue		140,126		130,548		7		%

Segment expenses:
Operating expenses		48,482		70,091		(31	)	%
Depreciation and amortization		1,404		1,399		—		%
Total segment expenses		49,886		71,490		(30	)	%

Segment pre-tax operating income	$	90,240	$	59,058		53		%

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

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

	Three Months Ended								Six Months Ended
	June 30,				Increase /				June 30,				Increase /
	2025		2024		(Decrease)				2025		2024		(Decrease)
Leased merchandise	$	110,516	$	146,778		(25	)	%	$	204,822	$	300,899		(32	)	%
Finance receivables		149,943		105,258		42		%		291,205		207,422		40		%
Total gross transaction volume	$	260,459	$	252,036		3		%	$	496,027	$	508,321		(2	)	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of June 30,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	170,824		$	246,457			(31	)	%
Less allowance for lease losses		(69,972	)		(103,301	)		(32	)	%
Leased merchandise, net	$	100,852		$	143,156			(30	)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	277,392		$	205,362			35		%
Less allowance for loan losses		(122,874	)		(99,961	)		23		%
Finance receivables, net	$	154,518		$	105,401			47		%

Portfolio Metrics

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	30		%	33		%	29		%	30		%
Average monthly net charge-off rate ^{(2), (3)}	6.2		%	5.4		%	6.2		%	5.4		%
Delinquency rate ⁽⁴⁾	23.2		%	23.0		%	23.2		%	23.0		%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28		%	30		%	27		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.6		%	4.5		%	4.4		%	4.7		%
Delinquency rate ⁽⁴⁾	20.6		%	20.0		%	20.6		%	20.0		%

_{⁽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⁾ The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.}
_{⁽⁴⁾ 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 June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,197		1,826		3,023
New locations opened	1		9		10
Locations acquired	3		—		3
Consolidation of existing pawn locations ⁽¹⁾	(7	)	(2	)	(9	)
Total locations, end of period	1,194		1,833		3,027


	Six Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	2		19		21
Locations acquired	4		—		4
Consolidation of existing pawn locations ⁽¹⁾	(12	)	(12	)	(24	)
Total locations, end of period	1,194		1,833		3,027

_{⁽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 June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations. This compares to the active door count of approximately 12,800 locations at June 30, 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.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the Consumer Financial Protection Bureau (“CFPB”) litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. 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.

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					Six Months Ended					Months Ended
	June 30,					June 30,					June 30,
		2025			2024		2025			2024		2025		2024
	In Thousands			In Thousands		In Thousands			In Thousands		In Thousands		In Thousands
Net income, as reported	$	59,805		$	49,073	$	143,396		$	110,441	$	291,770	$	237,174
Adjustments, net of tax:
Merger and acquisition expenses		2,134			1,047		2,488			1,504		2,690		7,380
AFF purchase accounting and other adjustments		9,258			9,572		18,516			19,145		37,660		51,497
CFPB litigation settlement		9,390			—		9,390			—		9,390		—
Other (income) expenses, net		(967	)		2,206		(1,391	)		997		1,482		(343	)
Adjusted net income	$	79,620		$	61,898	$	172,399		$	132,087	$	342,992	$	295,708

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024		2025			2024
	Per Share			Per Share		Per Share			Per Share
Diluted earnings per share, as reported	$	1.34		$	1.08	$	3.21		$	2.44
Adjustments, net of tax:
Merger and acquisition expenses		0.05			0.03		0.06			0.03
AFF purchase accounting and other adjustments		0.21			0.21		0.41			0.42
CFPB litigation settlement		0.21			—		0.21			—
Other (income) expenses, net		(0.02	)		0.05		(0.03	)		0.02
Adjusted diluted earnings per share	$	1.79		$	1.37	$	3.86		$	2.91

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						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
	2025			2024			2025			2024			2025			2024
Net income	$	59,805		$	49,073		$	143,396		$	110,441		$	291,770		$	237,174
Income taxes		21,274			17,105			48,900			37,622			95,239			80,001
Depreciation and amortization		25,864			26,547			51,366			52,574			103,733			107,574
Interest expense		26,337			25,187			53,808			50,605			108,429			101,880
Interest income		(527	)		(261	)		(1,756	)		(1,004	)		(2,687	)		(1,548	)
EBITDA		132,753			117,651			295,714			250,238			596,484			525,081
Adjustments:
Merger and acquisition expenses		2,777			1,364			3,239			1,961			3,506			9,600
AFF purchase accounting and other adjustments ⁽¹⁾		—			—			—			—			—			13,968
CFPB litigation settlement		11,000			—			11,000			—			11,000			—
Other (income) expenses, net		(1,401	)		2,867			(1,944	)		1,275			1,982			(486	)
Adjusted EBITDA	$	145,129		$	121,882		$	308,009		$	253,474		$	612,972		$	548,163

_{⁽¹⁾ For the twelve months ended June 30, 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						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
		2025			2024			2025			2024			2025			2024
Cash flow from operating activities	$	116,854		$	106,187		$	243,494		$	228,719		$	554,733		$	439,192
Cash flow from certain investing activities:
Pawn loans, net ⁽¹⁾		(50,032	)		(46,036	)		(30,592	)		(20,887	)		(81,704	)		(56,053	)
Finance receivables, net		(35,411	)		(22,252	)		(55,977	)		(37,563	)		(157,728	)		(95,880	)
Purchases of furniture, fixtures, equipment and improvements		(12,952	)		(16,237	)		(25,866	)		(42,664	)		(51,447	)		(74,464	)
Free cash flow		18,459			21,662			131,059			127,605			263,854			212,795
Merger and acquisition expenses paid, net of tax benefit		2,134			1,047			2,488			1,504			2,690			7,380
Adjusted free cash flow	$	20,593		$	22,709		$	133,547		$	129,109		$	266,544		$	220,175

_{⁽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
	June 30, 2025
Adjusted net income ⁽¹⁾	$	342,992

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,046,067
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	17		%

Average total assets (average of five most recent quarter-end balances)	$	4,426,553
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	8		%

_{⁽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

	June 30,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	18.9	18.4		(3	)	%
Three months ended	19.5	17.2		(13	)	%
Six months ended	20.0	17.1		(17	)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1		%
Three months ended	7.7	7.8		1		%
Six months ended	7.7	7.8		1		%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,070	4,148		2		%
Three months ended	4,199	3,927		(7	)	%
Six months ended	4,195	3,921		(7	)	%

The MIL Network –

July 24, 2025

MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, July 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 and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

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 June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	830,622	$	831,012	$	830,622	$	831,012
Net income	$	59,805	$	49,073	$	79,620	$	61,898
Diluted earnings per share	$	1.34	$	1.08	$	1.79	$	1.37
EBITDA (non-GAAP measure)	$	132,753	$	117,651	$	145,129	$	121,882
Weighted-average diluted shares		44,552		45,289		44,552		45,289

	Six Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	1,667,045	$	1,667,382	$	1,667,045	$	1,667,382
Net income	$	143,396	$	110,441	$	172,399	$	132,087
Diluted earnings per share	$	3.21	$	2.44	$	3.86	$	2.91
EBITDA (non-GAAP measure)	$	295,714	$	250,238	$	308,009	$	253,474
Weighted-average diluted shares		44,670		45,338		44,670		45,338

Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
For the trailing twelve month period ended June 30, 2025 the Company reported:
- Revenues of $3.4 billion
- Net income of $292 million on a GAAP basis and adjusted net income of $343 million
- Adjusted EBITDA of $613 million
- Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

Store Base and Platform Growth

U.K. Pawn Acquisition Update
- On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
- Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
- The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
- This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
Other Pawn Store Additions
- A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
- Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
- There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
- The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
- As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.

Retail POS Payment Solutions (AFF) Merchant Partnerships
- At June 30, 2025, there were approximately 15,300 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 second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local 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 second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

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

Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period 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 June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
- A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
- 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
- Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
- Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
Net debt at June 30, 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 $152 million at June 30, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% 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 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

2025 Outlook

Driven by the strong first half results and continuing customer 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. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. 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 small acquisitions.

U.S. Pawn

Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

Latin America Pawn

U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July 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 and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
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:

The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

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 second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

“The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

“In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

“Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

“Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

“Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” 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 and the Company’s previously announced H&T acquisition. 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 and risks 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; 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; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; 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						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenue:
Retail merchandise sales	$	385,125		$	363,463		$	756,181		$	730,284
Pawn loan fees		190,822			181,046			382,693			360,581
Leased merchandise income		139,784			194,570			296,702			400,241
Interest and fees on finance receivables		76,075			56,799			149,488			114,186
Wholesale scrap jewelry sales		38,816			35,134			81,981			62,090
Total revenue		830,622			831,012			1,667,045			1,667,382

Cost of revenue:
Cost of retail merchandise sold		230,326			218,147			454,450			441,676
Depreciation of leased merchandise		78,272			110,157			167,091			230,441
Provision for lease losses		32,543			47,653			60,105			90,663
Provision for loan losses		41,761			31,116			78,121			61,534
Cost of wholesale scrap jewelry sold		34,904			28,542			70,259			51,831
Total cost of revenue		417,806			435,615			830,026			876,145

Net revenue		412,816			395,397			837,019			791,237

Expenses and other income:
Operating expenses		222,493			228,369			437,079			449,505
Administrative expenses		59,263			46,602			107,786			90,620
Depreciation and amortization		25,864			26,547			51,366			52,574
Interest expense		26,337			25,187			53,808			50,605
Interest income		(527	)		(261	)		(1,756	)		(1,004	)
(Gain) loss on foreign exchange		(1,271	)		1,437			(1,285	)		1,251
Merger and acquisition expenses		2,777			1,364			3,239			1,961
Other income, net		(3,199	)		(26	)		(5,514	)		(2,338	)
Total expenses and other income		331,737			329,219			644,723			643,174

Income before income taxes		81,079			66,178			192,296			148,063

Provision for income taxes		21,274			17,105			48,900			37,622

Net income	$	59,805		$	49,073		$	143,396		$	110,441

Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.

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

	June 30,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	101,467		$	113,693		$	175,095
Accounts receivable, net		76,062			72,158			73,325
Pawn loans		550,718			491,731			517,867
Finance receivables, net		154,518			105,401			147,501
Inventories		355,733			315,424			334,580
Leased merchandise, net		100,689			142,935			128,437
Prepaid expenses and other current assets		35,667			31,923			26,943
Total current assets		1,374,854			1,273,265			1,403,748

Property and equipment, net		750,862			661,005			717,916
Operating lease right of use asset		342,859			324,651			324,646
Goodwill		1,826,184			1,794,957			1,787,172
Intangible assets, net		204,643			253,910			228,858
Other assets		9,805			9,606			9,934
Deferred tax assets, net		5,042			5,014			4,712
Total assets	$	4,514,249		$	4,322,408		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	145,035		$	141,314		$	171,540
Customer deposits and prepayments		80,848			76,452			72,703
Lease liability, current		100,845			97,809			95,161
Total current liabilities		326,728			315,575			339,404

Revolving unsecured credit facilities		152,000			150,000			198,000
Senior unsecured notes		1,532,865			1,529,870			1,531,346
Deferred tax liabilities, net		125,290			129,060			128,574
Lease liability, non-current		237,198			219,454			225,498
Total liabilities		2,374,081			2,343,959			2,422,822

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,760,179			1,760,986			1,767,569
Retained earnings		1,520,677			1,296,721			1,411,083
Accumulated other comprehensive loss		(96,267	)		(84,366	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(995,467	)		(995,467	)
Total stockholders’ equity		2,140,168			1,978,449			2,054,164
Total liabilities and stockholders’ equity	$	4,514,249		$	4,322,408		$	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
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	249,918		$	230,093			9	%
Pawn loan fees		130,948			120,332			9	%
Wholesale scrap jewelry sales		28,740			26,311			9	%
Total revenue		409,606			376,736			9	%

Cost of revenue:
Cost of retail merchandise sold		143,149			132,449			8	%
Cost of wholesale scrap jewelry sold		26,265			21,269			23	%
Total cost of revenue		169,414			153,718			10	%

Net revenue		240,192			223,018			8	%

Segment expenses:
Operating expenses		133,815			125,192			7	%
Depreciation and amortization		8,091			7,231			12	%
Total segment expenses		141,906			132,423			7	%

Segment pre-tax operating income	$	98,286		$	90,595			8	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	24		%	24		%

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

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

	Six Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	501,143		$	467,083			7	%
Pawn loan fees		268,896			243,306			11	%
Wholesale scrap jewelry sales		62,232			44,037			41	%
Total revenue		832,271			754,426			10	%

Cost of revenue:
Cost of retail merchandise sold		288,907			272,363			6	%
Cost of wholesale scrap jewelry sold		53,489			36,535			46	%
Total cost of revenue		342,396			308,898			11	%

Net revenue		489,875			445,528			10	%

Segment expenses:
Operating expenses		262,766			244,087			8	%
Depreciation and amortization		15,691			14,244			10	%
Total segment expenses		278,457			258,331			8	%

Segment pre-tax operating income	$	211,418		$	187,197			13	%

Operating metrics:
Retail merchandise sales margin	42		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

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

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

	As of June 30,
	2025			2024			Increase
Earning assets:
Pawn loans	$	400,143		$	356,342			12	%
Inventories		252,885			223,428			13	%
	$	653,028		$	579,770			13	%

Average outstanding pawn loan amount (in ones)	$	286		$	260			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	43		%
Jewelry	61		%	57		%
	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												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	135,956			$	134,445			1		%		$	153,234			14		%
Pawn loan fees			59,874				60,714			(1	)	%			67,497			11		%
Wholesale scrap jewelry sales			10,076				8,823			14		%			10,076			14		%
Total revenue			205,906				203,982			1		%			230,807			13		%

Cost of revenue:
Cost of retail merchandise sold			87,579				86,276			2		%			98,641			14		%
Cost of wholesale scrap jewelry sold			8,639				7,273			19		%			9,811			35		%
Total cost of revenue			96,218				93,549			3		%			108,452			16		%

Net revenue			109,688				110,433			(1	)	%			122,355			11		%

Segment expenses:
Operating expenses			64,414				67,902			(5	)	%			72,340			7		%
Depreciation and amortization			4,294				5,418			(21	)	%			4,804			(11	)	%
Total segment expenses			68,708				73,320			(6	)	%			77,144			5		%

Segment pre-tax operating income		$	40,980			$	37,113			10		%		$	45,211			22		%

Operating metrics:
Retail merchandise sales margin	36			%	36			%					36			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	20			%	18			%					20			%

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

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

														Constant Currency Basis
														Six Months
														Ended
		Six Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	256,488			$	265,294			(3	)	%		$	296,887			12		%
Pawn loan fees			113,797				117,275			(3	)	%			131,755			12		%
Wholesale scrap jewelry sales			19,749				18,053			9		%			19,749			9		%
Total revenue			390,034				400,622			(3	)	%			448,391			12		%

Cost of revenue:
Cost of retail merchandise sold			166,318				170,459			(2	)	%			192,333			13		%
Cost of wholesale scrap jewelry sold			16,770				15,296			10		%			19,491			27		%
Total cost of revenue			183,088				185,755			(1	)	%			211,824			14		%

Net revenue			206,946				214,867			(4	)	%			236,567			10		%

Segment expenses:
Operating expenses			125,831				135,327			(7	)	%			144,841			7		%
Depreciation and amortization			8,730				10,523			(17	)	%			10,008			(5	)	%
Total segment expenses			134,561				145,850			(8	)	%			154,849			6		%

Segment pre-tax operating income		$	72,385			$	69,017			5		%		$	81,718			18		%

Operating metrics:
Retail merchandise sales margin	35			%	36			%					35			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	19			%	17			%					18			%

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
										June 30,
	As of June 30,									2025		Increase
	2025			2024			Increase			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	150,575		$	135,389			11	%	$	154,466		14	%
Inventories		102,848			91,996			12	%		105,501		15	%
	$	253,423		$	227,385			11	%	$	259,967		14	%

Average outstanding pawn loan amount (in ones)	$	96		$	89			8	%	$	98		10	%

Composition of pawn collateral:
General merchandise	57		%	63		%
Jewelry	43		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	59		%	69		%
Jewelry	41		%	31		%
	100		%	100		%

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

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.1 times			4.3 times

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

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	139,784	$	194,570		(28	)	%
Interest and fees on finance receivables		76,075		56,799		34		%
Total revenue		215,859		251,369		(14	)	%

Cost of revenue:
Depreciation of leased merchandise		78,529		110,567		(29	)	%
Provision for lease losses		32,667		47,824		(32	)	%
Provision for loan losses		41,761		31,116		34		%
Total cost of revenue		152,957		189,507		(19	)	%

Net revenue		62,902		61,862		2		%

Segment expenses:
Operating expenses		24,264		35,275		(31	)	%
Depreciation and amortization		699		678		3		%
Total segment expenses		24,963		35,953		(31	)	%

Segment pre-tax operating income	$	37,939	$	25,909		46		%

	Six Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	296,702	$	400,241		(26	)	%
Interest and fees on finance receivables		149,488		114,186		31		%
Total revenue		446,190		514,427		(13	)	%

Cost of revenue:
Depreciation of leased merchandise		167,672		231,341		(28	)	%
Provision for lease losses		60,271		91,004		(34	)	%
Provision for loan losses		78,121		61,534		27		%
Total cost of revenue		306,064		383,879		(20	)	%

Net revenue		140,126		130,548		7		%

Segment expenses:
Operating expenses		48,482		70,091		(31	)	%
Depreciation and amortization		1,404		1,399		—		%
Total segment expenses		49,886		71,490		(30	)	%

Segment pre-tax operating income	$	90,240	$	59,058		53		%

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

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

	Three Months Ended								Six Months Ended
	June 30,				Increase /				June 30,				Increase /
	2025		2024		(Decrease)				2025		2024		(Decrease)
Leased merchandise	$	110,516	$	146,778		(25	)	%	$	204,822	$	300,899		(32	)	%
Finance receivables		149,943		105,258		42		%		291,205		207,422		40		%
Total gross transaction volume	$	260,459	$	252,036		3		%	$	496,027	$	508,321		(2	)	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of June 30,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	170,824		$	246,457			(31	)	%
Less allowance for lease losses		(69,972	)		(103,301	)		(32	)	%
Leased merchandise, net	$	100,852		$	143,156			(30	)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	277,392		$	205,362			35		%
Less allowance for loan losses		(122,874	)		(99,961	)		23		%
Finance receivables, net	$	154,518		$	105,401			47		%

Portfolio Metrics

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	30		%	33		%	29		%	30		%
Average monthly net charge-off rate ^{(2), (3)}	6.2		%	5.4		%	6.2		%	5.4		%
Delinquency rate ⁽⁴⁾	23.2		%	23.0		%	23.2		%	23.0		%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28		%	30		%	27		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.6		%	4.5		%	4.4		%	4.7		%
Delinquency rate ⁽⁴⁾	20.6		%	20.0		%	20.6		%	20.0		%

_{⁽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⁾ The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.}
_{⁽⁴⁾ 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 June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,197		1,826		3,023
New locations opened	1		9		10
Locations acquired	3		—		3
Consolidation of existing pawn locations ⁽¹⁾	(7	)	(2	)	(9	)
Total locations, end of period	1,194		1,833		3,027


	Six Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	2		19		21
Locations acquired	4		—		4
Consolidation of existing pawn locations ⁽¹⁾	(12	)	(12	)	(24	)
Total locations, end of period	1,194		1,833		3,027