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Category: KB

  • MIL-OSI Asia-Pac: Child protection guide launched

    Source: Hong Kong Information Services

    Secretary for Labour & Welfare Chris Sun today announced the official launch of a guide for mandated reporters’ reference on child protection.

    The Mandatory Reporting of Child Abuse Ordinance, which mandates 25 categories of specified professionals from the social welfare, education and healthcare sectors to report serious child abuse cases, will commence on January 20, 2026, to create a wide and effective protection web for children.

    As such, the Government formed three professional consultative panels in each of these sectors in early 2024 for formulating the guide.

    Addressing the guide’s launch ceremony, Mr Sun said that the three professional consultative panels comprise cross-disciplinary professionals.

    He noted that their professional exchanges on different cases not only have assisted in establishing a list of key factors that mandated reporters should take into consideration before deciding whether a report is necessary under different scenarios, but also laid an important foundation for the decision trees in the guide, which further helps mandated reporters make reporting decisions and serves as a practical reference for mandated reporters.

    The welfare chief said that an electronic system of the decision trees has also been specially developed by the Social Welfare Department to assist mandated reporters in making an analysis of the case scenarios in a swift and convenient manner only by answering simple questions.

    He added that the electronic system will also direct those cases that need mandatory reporting to the reporting page to ensure mandated reporters can make a report as soon as practicable.

    The features of the guide were introduced at the ceremony. A demonstration of the workflow of the electronic version of the decision trees to be rolled out was also featured.

    While formulating the guide, the professional consultative panels discussed 650 case scenarios and questions collected from their sectors in 33 focus group meetings.

    The valuable advice gathered from the 540 frontline professionals participating in these focus group meetings became a helpful and important reference for the professional consultative panels to finalise the details of the guide.

    The Government will roll out Module 2 of the online learning course for specified professionals in phases starting from next week, covering basic knowledge on the legal and reporting matters related to the ordinance, including the key content of the ordinance, a brief introduction to the guide, analysis of common scenarios, reporting procedures and post-reporting follow-up.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea (with photos)

    Source: Hong Kong Government special administrative region

    HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea       
         The exhibition is presented by the Leisure and Cultural Services Department (LCSD) and jointly organised by the SAC and the HKMoA. The exhibition is made possible by the Wu Guanzhong Art Sponsorship. This exhibition in Seoul is a continuation of the popular thematic exhibition of Wu, held at the HKMoA from March 2024 to March 2025, which achieved great success and attracted more than 570 000 visitors during the exhibition period. Accompanied by insightful excerpts from the artist’s writings, the exhibition allows visitors to explore the art master’s distinctive chromatic aesthetics as well as the countless passions and flights of imagination evoked from the interplay between black and white. There will be opportunities to appreciate iconic paintings such as “Two Swallows”, “Reminiscences of Jiangnan”, “Waterway” and more. 
          
         Wu’s works perfectly fuse Eastern and Western aesthetics. He dedicated his entire life to exploring the integration of Chinese and Western art, studied traditional Chinese ink painting and also ventured into the colourful world of oil painting in his early years. After studying in France, he returned to China. His works are noted for his masterful integration of the emotional depth of traditional Chinese ink painting with Western modernist and abstract composition. In 1992, Wu was among the first living Chinese artists to be honoured with a solo exhibition at the British Museum, and his works are also widely exhibited in Asia, Europe and the United States.
          
         Wu had deep connections with Hong Kong, and held multiple exhibitions and participated in various art events in the city. Over the years, Wu and his family have continuously made donations of Wu’s works and archives to the HKMoA, making up a substantial collection of over 450 items. The HKMoA has become the institution with the largest and most diverse collection of Wu’s works. With the support of the Wu Guanzhong Art Sponsorship, the HKMoA is bringing the museum collection and the research and curatorial insights of the art of Wu overseas, and will continue to promote Wu and modern Chinese art to audiences in different regions and at various levels through comprehensive and diversified perspectives.
          
         In addition, an immersive installation from the “Wu Guanzhong Art Sponsorship Cross-disciplinary Series: Wu Guanzhong x Chris Cheung” will also be on display overseas for the first time, complementing the exhibition. Processed by AI, “Sentient Pond – Seoul Edition” created by Hong Kong artist Chris Cheung generates exclusive paintings by visitors that embody Wu’s brushstrokes and artistic style through machine learning over hundreds of Wu’s paintings from the museum collection, to carry on the unconventional creations and spirit of Wu with a contemporary twist.
          
         Hong Kong Week is an annual arts festival organised by the LCSD, celebrating Hong Kong’s creative excellence worldwide and fostering cultural exchanges and artistic collaboration. This year, the festival will arrive in Seoul for the first time. Beginning on September 26, a total of 14 programmes will feature stage performances, film screenings, outdoor shows, visual art exhibitions, comic creations, fashion designs as well as other fringe activities. 
     
    For details of the exhibition and HK Week@Seoul, please visit the HKMoA’s website at hk.art.museum/en/web/ma/exhibitions-and-events/overseas-wgz-bnw.htmlIssued at HKT 19:25

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    MIL OSI Asia Pacific News –

  • MIL-OSI Video: EU-Japan Summit

    Source: European Commission (video statements)

    On July 23, 2025, Ursula von der Leyen, President of the European Commission, along with European Council President António Costa, visited Tokyo for the 30th EU-Japan Summit with Japanese Prime Minister Shigeru Ishiba. Security and trade were the key points of discussion, with both sides emphasizing their commitment to strengthening cooperation in areas like defense, economic security, and trade rules.

    https://www.youtube.com/shorts/NsZgsf2S7Mc

    MIL OSI Video –

  • MIL-OSI Africa: Nelson Mandela Bay, UNISA forge groundbreaking library partnership

    Source: Government of South Africa

    The Nelson Mandela Bay Municipality has launched a pioneering partnership with the University of South Africa (UNISA) to dramatically expand access to library services for students and the broader public within the metro.

    Launched on Tuesday at New Brighton Library, the collaboration aims to enhance educational opportunities by transforming municipal libraries into resource hubs that support both UNISA students and lifelong learners.

    Under the agreement, municipal libraries will provide free internet and computer access, designated study spaces, and serve as convenient delivery and collection points for UNISA library materials.

    Through this collaboration, the municipality’s libraries will offer internet and computer facilities, provide study spaces, and serve as convenient delivery and collection points for UNISA library materials.

    As part of the agreement, the following areas of collaboration were outlined:
    •    Reciprocal participation in annual events and programmes.
    •    ICT training and support, primarily facilitated by UNISA.
    •    Distribution of UNISA brochures, posters, and event announcements in municipal libraries, and vice versa.
    •    Free internet access and usage of electronic resources for students, including Wi-Fi, databases, electronic reserves, journals, and books.
    •    Collaboration on courier services and information dissemination.
    •    Provision of study spaces for UNISA students.
    •    Joint efforts in marketing and communication to assess student satisfaction.
    •    Collaboration on sponsorships, such as provision of computers.
    •    Sharing of reports, statistics, and information.

    Nelson Mandela Bay Municipality Executive Mayor, Babalwa Lobishe, hailed the initiative as a transformative moment for the metro’s education agenda.

    “We are not only opening library doors, but we are opening pathways to opportunity, to education, and to a better future for all. By extending the access to knowledge and technology, especially in our undeserved communities, we are affirming that education is the foundation of dignity, progress, and equality. This fits well in our efforts to build a people-centred and inclusive metro,” Lobishe said.

    UNISA Executive Director for Library Services, Professor Mpho Ngoepe echoed the mayor’s sentiments, saying the initiative marks the beginning of a journey and contributing to closing the inequality gap that leads to poverty, through knowledge and empowerment.

    “In this digital era, libraries must take intentional steps to reach users where they are. We are moving towards a time when UNISA library services will be accessible to everyone, including those who are not enrolled with UNISA.

    “This is the end of the era where universities were seen as inaccessible ivory towers. Through this partnership, we will also explore the dissemination of research outputs,” Ngoepe said.

    Member of the Mayoral Committee for Sport, Recreation, Arts and Culture, Sinesipho Kwatsha, emphasised the broader social impact of the initiative.

    “This partnership is about more than logistics, it is a social contract and a clear commitment that every learner matters, “no matter where they come from. Through this collaboration, learners from disadvantaged communities, who might not otherwise have access to conducive learning spaces and resources, will now be supported through our network of municipal libraries across the metro,” Kwatsha said. – SAnews.gov.za
     

    MIL OSI Africa –

  • India–UK CETA to strengthen global footprint of Indian SMEs

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

    The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is set to give a major boost to India’s small and medium enterprises (SMEs), which form the backbone of the country’s economy. SMEs contributed around 30.1% to India’s GDP in 2022–23 and accounted for 45.8% of India’s total exports in 2024–25.

    SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

    In addition to lower tariffs and better market access, SMEs will also benefit from the cooperation between India and the UK on best practices regarding trade education and finance, digital skills, business infrastructure and other important areas, facilitating business opportunities for SMEs.

    The Working Group on Government Procurement and on Innovation enable cooperation to address the issues of SMEs and facilitate participation in government procurement and innovation.

  • India–UK CETA to boost employment, gender equality and youth opportunities

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

    The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, will generate tangible employment gains and create brighter futures for Indian workers across multiple sectors. It also focuses on fostering inclusive economic growth by creating meaningful opportunities for women and youth across both nations.

    The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

    The CETA offers a range of protections to workers by endorsing internationally recognized labour rights. Workers will benefit from increased public awareness of labour laws and access to impartial and independent tribunals and proceedings for the enforcement of their rights in an accessible and transparent manner.

    Expanding opportunities for women and youth

    India’s youth, aged 15 to 29, make up approximately 27.3% of the population and are key drivers of social and economic change. The CETA is poised to expand high-quality employment pathways for this demographic by easing access to services markets, securing mutual recognition of professional qualifications, and facilitating short-term mobility for talent in sectors such as IT, healthcare, finance, and the creative industries.

    By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

    Dedicated working groups under the CETA will promote activities that address discriminatory practices, encourage diversity, and further gender equality. Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros.

    Additionally, the CETA will promote cooperative activities between the Parties that will enable capacity and skill development of workers.

    The CETA also provides enhanced market access for workers which include better mobility access to the UK for Indian workers engaged in maintenance and repair and tourist guides, among others. The CETA and its enhanced market access will create job opportunities for a wide range of workers across various sectors.

  • Parliament Monsoon Session: Both Houses adjourned till Friday amid Opposition protest

    Source: Government of India

    Source: Government of India (4)

    Proceedings in both Houses of Parliament were adjourned for the day on Thursday following continued protests by Opposition members demanding a discussion on the Special Intensive Revision (SIR) of the voter list in Bihar.

    The Lok Sabha and Rajya Sabha will reconvene at 11 a.m. on Friday.

    In the Lok Sabha, uproar broke out during a discussion on the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024. Amid the commotion, Krishna Prasad Tenneti, who was chairing the session, adjourned the House for the day.

    Earlier in the day, the Lower House had faced repeated disruptions. The House was initially adjourned till 2 p.m. shortly after convening at 11 a.m., following loud sloganeering by Opposition members. Speaker Om Birla appealed for decorum, expressing concern over the members’ conduct.

    “Such behaviour lowers the dignity of the House,” Birla said, urging members not to raise slogans or carry banners inside the chamber. In a veiled remark directed at the Congress party, the Speaker said, “This is not in a party’s ‘sanskar’, but the new generation is setting a different example for the nation to see.”

    Meanwhile, in the Rajya Sabha, the Carriage of Goods by Sea Bill was under discussion when disruptions resumed. Chairing the House, MP Bhubaneshwar Kalita adjourned the session after Opposition members raised slogans over the SIR issue.

    Speaking to reporters, Congress MP Gaurav Gogoi said, “The Lok Sabha can function if the government agrees to discuss the Special Intensive Revision of the voter list in Bihar. That is our only demand.

    As Parliament heads into another day of the Monsoon Session, tensions between the Treasury and Opposition benches continue to dominate proceedings.

    (With ANI inputs) 

  • India–UK CETA paves global pathways for Indian businesses

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.

    The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is poised to offer wide-ranging benefits for Indian businesses, enabling them to expand their global footprint and deepen their presence in the UK market.

    Beyond lower tariffs and broader market access for Indian goods and services, the agreement promotes ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes. This includes established systems like a Single Window and the Authorised Economic Operator framework.

    Moreover, the provision of non-discriminatory treatment for Indian businesses and exporters across goods, services, and government procurement will strengthen their competitive position within the UK market.

    The CETA serves as a strategic catalyst for Indian enterprises operating within the UK, facilitating the optimal deployment of skilled personnel to deliver competitively benchmarked services aligned with UK market expectations.

    Prominent service sector entities, particularly in information technology with an established presence in the UK, stand to benefit from enhanced regulatory certainty regarding visa provisions for the assignment of Indian professionals. This framework is expected to strengthen bilateral economic ties and support the sustained growth of India’s services exports to the UK.

    Businesses will also benefit from the cooperative efforts enshrined in various chapters of the CETA, like the Innovation Working Group and cooperation on digital identities and trade, that will help promote connectivity, digital trade growth, collaboration on best practice principles and innovative opportunities; and responsible business conduction and corporate responsibility practices.

  • MIL-OSI United Kingdom: CW3 cost extension forms updated

    Source: United Kingdom – Executive Government & Departments

    News story

    CW3 cost extension forms updated

    Updates to Controlled work forms (CW3) for extension requests on hourly rates and standard fee cases in immigration & asylum matters

    Which forms are affected?

    Changes have been made to the CW3 forms that immigration providers use when seeking an extension to a cost limit in a Controlled Work matter.

    How have the forms been changed?

    Changes have been made to the PDF versions:

    • to update the contract references to include the 2024 Standard Civil Contract
    • to ensure that terminology matches that used in the Standard Civil Contract
    • to help clarify the use of the forms in different case types

    We have also removed the electronic (Excel) versions as these are rarely used.

    Will old forms still be accepted?

    Previous versions of the application forms will continue to be accepted until 27 October 2025 so providers have time to adjust and to allow software vendors time to update their case management systems.

    If providers have any queries as to which form to use, they should contact cw3@justice.gov.uk

    Why is it happening now?

    Forms have been reviewed to ensure they support the current 2024 Standard Civil Contract.

    Further information

    Updated forms CW3: extension of upper cost limit in controlled work cases – GOV.UK

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Policy paper: India-UK Vision 2035

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Policy paper

    India-UK Vision 2035

    The Prime Ministers of India and the UK endorsed the new ‘India-UK Vision 2035’ during their meeting in London on 24 July 2025.

    Documents

    India-UK Vision 2035

    PDF, 1.36 MB, 22 pages

    India-UK Vision 2035

    HTML

    Details

    The Prime Ministers of India and the United Kingdom, during their meeting on 24 July 2025 in London, endorsed the new ‘India-UK Vision 2035’ that reaffirms their shared commitment to unlocking the full potential of a revitalised partnership.

    This ambitious and future-focused agreement underscores the 2 nations’ resolve to work together for mutual growth, prosperity and to shape a prosperous, secure, and sustainable world in a time of rapid global change.

    Increased ambition: since elevating the relationship to a Comprehensive Strategic Partnership, India and the UK have catalysed significant partnerships and growth across all sectors. The new vision builds on this momentum, setting ambitious goals to deepen and diversify bilateral cooperation.

    Strategic vision: by 2035, flagship partnerships will redefine the India-UK relationship delivering transformative opportunities and tangible benefits for both countries. The India-UK Vision 2035 sets clear strategic goals and milestones, tracking a path for sustained future collaboration and innovation.

    Comprehensive outcomes: the pillars of the India-UK Vision 2035 are designed to reinforce one another, creating a partnership that is greater than the sum of its parts across a wide and deep range of outcomes including:

    • growth and jobs in the UK and India, building on an ambitious trade deal that unlocks markets and opportunities for both countries
    • an education and skills partnership to nurture the next generation of global talent, deepening transnational education collaborations between UK and Indian universities, including the establishment of campuses of leading universities in each other’s countries
    • develop cutting-edge technology and research, building on the Technology Security Initiative, focused on future telecoms, AI and critical minerals, laying the ground for future collaboration on semi-conductors, quantum, bio-technology and advanced materials
    • a transformative climate partnership focussed on accelerating clean energy, mobilising climate finance at scale, and strengthening resilience
    • defence and security cooperation, including a common commitment to peace, security and prosperity in the Indo-Pacific and beyond

    Updates to this page

    Published 24 July 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Wall of Shame – July 2025

    Source: City of Coventry

    The latest episode of the Wall of Shame is out now.

    Fly-tippers continue to plague the city. We continue to expose them. We need you to help us catch them. 

    Watch this month’s episode below or on YouTube now. 

    If you recognise anyone on this video, please email flytipping-cctv@coventry.gov.uk so we can take action.

    You can also look at previous episodes to see if you recognise anyone. 

    Thursday, 24th July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The expert group of the State University of Management has developed recommendations for interdepartmental cooperation in the implementation of youth policy

    Translation. Region: Russian Federal

    Source: Official website of the State –

    An important disclaimer is at the bottom of this article.

    On July 23, 2025, a public discussion of by-laws prepared as part of the implementation of the updated provisions of the Federal Law “On Youth Policy in the Russian Federation” took place in the House of Unions. Specialists from the State University of Management took part in the development of these by-laws.

    The public discussion was attended by: Chairman of the State Duma Committee on Youth Policy, GUU graduate Artem Metelev, Deputy Minister of Science and Higher Education Olga Petrova, First Deputy Chairman of the State Duma Committee on Youth Policy Mikhail Kiselev, Deputy Chairman of the State Duma Committee on Science and Higher Education Ekaterina Kharchenko, Deputy Head of Rosmolodezh Yuri Leskin and other experts.

    The agenda was outlined by the Chairman of the State Duma Committee on Youth Policy, Artem Metelev: “We have accumulated an agenda of three blocks, which we propose to discuss together today. The first: a set of measures for the patriotic education of youth and the spiritual and moral education of youth in the Russian Federation. The second: recommendations for the implementation of the main directions of youth policy in Russia, including the logistical support for its implementation. And the third: recommendations for the organization of interdepartmental interaction between the executive bodies of the country’s constituent entities in the implementation of youth policy.”

    Deputy Minister of Science and Higher Education Olga Petrova noted the activity of universities participating in the development and discussion of documents: “For our part, we have also sent all the necessary materials for consideration to the expert community of the Government of Russia and plan to present the documentary results within the next month.”

    At the initiative of the Federal Agency for Youth Affairs, the Department of State and Municipal Administration, together with the Department of Youth Policy and Educational Work of the State University of Management, developed a draft of recommendations for organizing interdepartmental interaction between executive bodies of the constituent entities of the Russian Federation in implementing youth policy to ensure consistency, eliminate duplication of powers, and ensure the effectiveness and systematicity of the work of government bodies at all levels.

    The project team included: – Advisor to the rector of the State University of Management, head of the department of state and municipal management Sergey Chuev; – Professor of the department of state and municipal management, doctor of economic sciences Vladimir Zotov; – Professor of the department of state and municipal management, doctor of pedagogical sciences Tatyana Korosteleva; – Professor of the department of state and municipal management, doctor of economic sciences Mikhail Shatokhin; – Associate Professor of the department of state and municipal management, candidate of economic sciences Mikhail Polyakov; – Deputy Director of the Institute of Social and Cultural Policy and Culture for educational work, candidate of psychological sciences Svetlana Grishaeva.

    Vice-Rector of the State University of Management Pavel Pavlovsky reported to the public council: “As for the mechanism of interdepartmental cooperation, here we have a number of specific points: establishing a clear procedure for exchanging information and recommendations, obliging regional departments to prepare and implement comprehensive measures to support young specialists aimed at their professional growth and career. Here we also include the development of measures for the professional self-determination of young people, support for gifted children, the creation and implementation of educational programs for patriotism and civic responsibility among young people, the organization of internships and practice for graduates of educational institutions, ensuring their participation in real work projects.”

    The expert group of the State University of Management also proposed to develop a system of joint participation of different branches of government, institutions and organizations in the implementation of youth projects, to ensure openness and accessibility of information about all existing support measures and possible events, for which it is necessary to create one-stop services and digital platforms where young people could resolve any issues that arise.

    At the end of the meeting, Artem Metelev noted that if the recommendations are accepted and regulations are developed on their basis, this will seriously simplify the work of government bodies, which will have a clear line in working with young people.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: Bread Financial Announces Modified Dutch Auction Cash Tender Offers for 9.750% Senior Notes Due 2029 and/or 8.375% Fixed-Rate Subordinated Notes due 2035

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) today announced it has commenced cash tender offers (the “Tender Offers” and each, a “Tender Offer”) to purchase up to $150.0 million (subject to increase, the “Aggregate Tender Cap”) aggregate principal amount of its 9.750% Senior Notes maturing March 2029 (the “2029 Notes”) and/or its 8.375% Fixed-Rate Reset Subordinated Notes due 2035, maturing June 2035 (the “2035 Notes” and, together with the 2029 Notes, the “Notes”) subject to (i) the aggregate principal amount of all 2029 Notes accepted for purchase not exceeding $100.0 million (the “2029 Notes Sublimit”) and (ii) the aggregate principal amount of all 2035 Notes accepted for purchase not exceeding $50.0 million (the “2035 Notes Sublimit” and, together with the 2029 Notes Sublimit, the “Sublimits” and each, respectively, a “Sublimit”). The Tender Offers are being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated July 24, 2025 (as it may be amended or supplemented, the “Offer to Purchase”).

    The Tender Offers will expire at 5:00 p.m., New York City time, on August 21, 2025, unless extended or earlier terminated as described in the Offer to Purchase (such date and time, as they may be extended, the “Expiration Time”), with an early participation deadline of 5:00 p.m., New York City time, on August 6, 2025 (the “Early Participation Date”), unless extended or earlier terminated.

    The total consideration payable for each $1,000 principal amount of each series of Notes will be determined based on a modified “Dutch Auction” procedure for each series. Holders of the Notes (“Holders”) who validly tender (and do not validly withdraw) their Notes before 5:00 p.m., New York City time, on the Early Participation Date, and whose Notes are accepted for purchase by the Company, will be eligible to receive the “Total Consideration,” which includes an “Early Participation Amount” of $50.00 for each $1,000 principal amount of the Notes validly tendered. The Company may, but is not obligated to, following the Early Participation Date and prior to the Expiration Time, elect to accept the Notes validly tendered by Holders on or prior to the Early Participation Date, for settlement on such date or promptly thereafter (the “Early Payment Date”) in one or both Tender Offers. If the Company elects to have an Early Payment Date for one or both Tender Offers, it is currently expected to be August 11, 2025, though it will issue a press release announcing the date selected as such Early Payment Date. Holders who validly tender their Notes after the Early Participation Date and on or prior to the Expiration Time, and who have their Notes accepted for purchase by the Company, will not be eligible to receive the Early Participation Amount and will only receive the Total Consideration minus the Early Participation Amount (the “Tender Offer Consideration”) on the final payment date (the “Final Payment Date”). The Final Payment Date is currently expected to occur on August 26, 2025. Holders that hold both 2029 Notes and 2035 Notes may participate in one, both or neither of the Tender Offers.

    Holders electing to participate may specify the minimum applicable Total Consideration (the “Bid Price”) they would be willing to receive in exchange for each $1,000 principal amount of each series of Notes they choose to tender in the Tender Offers. The Bid Price that Holders specify for each $1,000 principal amount of each series of Notes must be within the applicable range set forth in the table below and must be in increments of $1.25. The following table sets forth certain terms of the Tender Offers:

        
    Series of Notes
    		   CUSIP / ISIN   Aggregate
    Principal Amount
    Outstanding    		   Sublimit (3)   Total Consideration
    (Acceptable Bid
    Range)(1)(2)    		   Early Participation
    Amount(1)
    9.750% Senior Notes maturing March 2029   144A: 018581AP3 / US018581AP34
    Reg S: U0179AK2 / USU01797AK20
    Reg S: U01797AL0 / USU01797AL03    		   $750,012,000   $100,000,000   $1,040 — $1,070   $50.00
    8.375% Fixed-Rate Reset Subordinated Notes maturing June 2035   144A: 018581AQ1 / US018581AQ17
    Reg S: U01797AM8 / USU01797AM85    		   $400,000,000   $50,000,000   $995 — $1,025   $50.00
         
    (1)    Per $1,000 principal amount of Notes that are accepted for purchase by the Company.
    (2)    Includes the $50.00 Early Participation Amount.
    (3)    Subject to Aggregate Tender Cap.
     

    As more fully described in the Offer to Purchase, the Total Consideration for each $1,000 principal amount of each series of Notes validly tendered by Holders (and not validly withdrawn) pursuant to the respective Tender Offer on or prior to the Early Participation Date and accepted for purchase by the Company (subject to proration, if applicable) will be equal to the sum of: (1) the “Base Price” for that series of Notes, which also is equal to the minimum Bid Price, and (2) the “Clearing Premium” for that series of Notes, which will be determined by consideration of the bid premiums of all validly tendered (and not validly withdrawn) Notes of such series on or prior to the Early Participation Date, in order of lowest to highest bid premiums. If the aggregate amount of the Notes of a series validly tendered (and not validly withdrawn) in a Tender Offer at or below the Clearing Premium for such series would cause the Company to accept an aggregate principal amount of Notes of such series in excess of the applicable Sublimit for such series under the applicable Tender Offer, then Holders of Notes of such series tendered at the applicable Clearing Premium will be subject to proration as described in the Offer to Purchase.

    Tendered Notes may be withdrawn any time on or prior to 5:00 p.m., New York City time, on August 6, 2025, unless extended by the Company (such date and time, as the same may be extended or earlier terminated, the “Withdrawal Date”). Notes validly tendered after the Withdrawal Date may not be withdrawn or revoked, unless otherwise required by law. The Tender Offers are subject to the satisfaction or waiver of a number of conditions as set forth in the Offer to Purchase. The Company may amend, extend or terminate the Tender Offers in its sole discretion and subject to applicable law.

    The Company reserves the right, subject to applicable law, to (a) extend the Early Participation Date, the Withdrawal Date or the Expiration Time, in each case, to a later date and time; (b) increase the Aggregate Tender Cap, the 2029 Notes Sublimit and/or the 2035 Notes Sublimit; (c) waive in whole or in part any or all conditions to either Tender Offer; (d) delay the acceptance for purchase of any Notes or delay the purchase of any Notes; (e) increase the maximum bid price (as described in the Offer to Purchase) for one or both series of Notes; (f) decrease the minimum bid price or the maximum bid price (each as described in the Offer to Purchase), in each case, for one or both series of Notes; or (g) otherwise modify or terminate the Tender Offers. The Company does not intend to extend the Early Participation Date, the Withdrawal Date or the Expiration Time unless required by law or otherwise in its sole discretion.

    J.P. Morgan Securities LLC is acting as the sole lead dealer manager and BMO Capital Markets Corp., CIBC World Markets Corp., KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., Fifth Third Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are acting as co-dealer managers for the Tender Offers. D.F. King, Inc. is serving as the information agent and tender agent. Copies of the Offer to Purchase and related tender offering materials are available by contacting the information agent at (212) 448-4476 (banks and brokers) and at (866) 340-7108 or by email at bread@dfking.com. Questions regarding the Tender Offer should be directed to J.P. Morgan at (866) 834-4666 (toll free) or (212) 834-7489 (collect).

    None of the Company, the sole lead dealer manager, the co-dealer managers, the information agent and tender agent or the trustee for the Notes makes any recommendation as to whether Holders should tender any Notes in response to the Tender Offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes and the Bid Price or Bid Prices at which to tender. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Tender Offers are being made solely by means of the Offer to Purchase. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the dealer managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

    Cautionary Statement on Forward-Looking Language
    This news release may contain forward-looking statements, including, but not limited to, our financing plans and the details thereof, including the proposed tender offer of the Notes and the other expected effects of such transaction. Forward-looking statements may generally be identified by the use of the words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company relies, including the amount of its Allowance for credit losses and our credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon its brand partners, including its brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of Comenity Bank and Comenity Capital Bank (the “Banks”) to pay dividends to the Company; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures or breaches in the Company’s operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of its information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third party supply chain issues; and any tax or other liability or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. and certain of its subsidiaries and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and the Company undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    About Bread Financial
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

    Contacts
    Brian Vereb – Investor Relations
    Brian.Vereb@BreadFinancial.com

    Susan Haugen – Investor Relations
    Susan.Haugen@BreadFinancial.com

    Rachel Stultz – Media
    Rachel.Stultz@BreadFinancial.com

    The MIL Network –

  • MIL-OSI: Bread Financial Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its second quarter 2025 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

    Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

    Contacts
    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI: Bread Financial Provides Performance Update for June 2025

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated:

      For the
    month ended
    June 30, 2025    		   For the
    three months ended
    June 30, 2025
      (dollars in millions)
    End-of-period credit card and other loans $ 17,656     $ 17,656  
    Average credit card and other loans $ 17,631     $ 17,686  
    Year-over-year change in average credit card and other loans   (1 %)     (1 %)
    Net principal losses(1) $ 113     $ 348  
    Net loss rate(1)   7.8 %     7.9 %
      As of
    June 30, 2025    		   As of
    June 30, 2024
      (dollars in millions)
    30 days + delinquencies – principal $ 922     $ 979  
    Period ended credit card and other loans – principal $ 16,102     $ 16,344  
    Delinquency rate   5.7 %     6.0 %
    (1) As a result of hurricanes Helene and Milton we froze delinquency progression for cardholders in Federal Emergency Management Agency identified impact zones for one billing cycle, which resulted in modestly lower Net principal losses and Net loss rate in the fourth quarter of 2024, and consequently these actions negatively impacted Net principal losses and Net loss rate in the second quarter of 2025.


    About Bread Financial    ®  

    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.  

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.  

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts 
    Brian Vereb – Investor Relations 
    Brian.Vereb@BreadFinancial.com  

    Susan Haugen – Investor Relations 
    Susan.Haugen@BreadFinancial.com  

    Rachel Stultz – Media 
    Rachel.Stultz@BreadFinancial.com  

    The MIL Network –

  • MIL-OSI: Fixing of coupon rates – Nykredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen

    24 July 2025

    FIXING OF COUPON RATES 

    Fixing of coupon rates effective from 28 July 2025

    Effective from 28 July 2025, the coupon rates of floating-rate bonds issued by Nykredit Realkredit A/S will be adjusted.

    Bonds with quarterly interest rate fixing
    The new coupon rates will apply from 28 July 2025 to 27 October 2025:

    Uncapped bonds
    DK0030482849, (SNP), maturity in 2026, new rate as at 28 July 2025: 3.1250% pa
    DK0030513585, (Tier2), maturity in 2032, new rate as at 28 July 2025: 5.8367% pa

    Questions may be directed to Investor Relations at investor_relations@nykredit.dk or Press Officer Peter Klaaborg, tel +45 44 55 14 94.

    Attachment

    The MIL Network –

  • 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 –

  • 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 –

  • MIL-OSI: Xtract One Secures SmartGateway Contract with Global Performing Arts Company Famous for Live Entertainment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced its SmartGateway screening solution has been chosen by a leading, global performing arts company, known for permanent and touring live entertainment, to amplify security for its shows. The initial deployment will support a number of the organization’s touring performances across dozens of venue locations beginning earlier in 2025. Further deployments are in planning for later in 2025 and into 2026.

    Following a thorough evaluation of available solutions and trial period with a single show with SmartGateway, the entertainment organization selected Xtract One for its enhanced weapons detection capabilities, streamlined entrance experience, flexibility and portability to address the dynamic and changing needs of a tour environment, and seamless integration into existing business security protocols. This deployment sets a new benchmark for safety and innovation in the entertainment industry, spanning live shows, multimedia productions, and immersive experiences. It also reinforces Xtract One’s position as a leader in providing outstanding guest experience, operational simplicity and flexibility, and a solution that can deliver against a globally diverse set of security needs.

    “In the world of live entertainment, brand experience is a key priority. These are immersive experiences where the first brand moment occurs at the entry to the venue. Well executed security changes the security guard to the first brand ambassador that a guest encounters, and their first brand experience” said Peter Evans, CEO of Xtract One. “We’re proud to be working with another major player in the entertainment field, delivering next-generation security solutions that meet the demands of large-scale complex events in a myriad of deployment applications. These deployments demonstrate an exciting opportunity to combine our technological expertise with their creative vision, ensuring safe, seamless experiences for all audience members throughout the world.”

    SmartGateway revolutionizes security by delivering fast, reliable, and accurate patron screening for high-throughput venues. This concealed weapons detection solution discreetly scans individuals for weapons and prohibited items upon entry by leveraging AI-powered sensors that detect threats without the need for patrons to remove personal items. The advanced system replaces intimidating and traditional metal detectors to ensure that patron privacy and comfort are not compromised, all while maximizing security screening efforts. The Company’s Multi-Sensor Gateway portfolio has been awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

    To learn more, visit www.xtractone.com.

    About Xtract One
    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    About Threat Detection Systems
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    Forward Looking Statements
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
    Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
    Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

    The MIL Network –

  • 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 –

  • MIL-OSI: MEXC Celebrates StablR Euro (EURR) Listing with Exclusive Launchpool Event Featuring 85,000 USDT

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, July 24, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, today announced it will launch a special Launchpool event to mark the listing of StablR Euro (EURR), a Euro-backed stablecoin. The event will run from July 24, 11:00 to July 28, 11:00 (UTC) and offers users the opportunity to share an 85,000 USDT prize pool. Participation is open to both new and existing users.

    About StablR Euro (EURR)

    StablR Euro (EURR) represents a significant addition to MEXC’s expanding stablecoin offerings. This Euro-backed digital asset maintains a 1:1 peg with the Euro and is fully redeemable, backed by fiat currency and short-term government bonds. With a total supply of 6,325,084 EURR, the stablecoin serves as a digital alternative to traditional money, offering enhanced efficiency, security, and accessibility for users worldwide.

    The stablecoin addresses multiple use cases including faster cross-border payments, international trade facilitation, and supporting more flexible financial systems. As a reliable store of value and medium of exchange, EURR provides European users and global traders with direct exposure to Euro-denominated digital assets without the volatility typically associated with cryptocurrencies.

    Launchpool Event Highlights

    Event 1: Launchpool – Stake USDT, MX, EURR to Share 70,000 USDT
    Users can stake USDT, MX, or EURR to share 70,000 USDT in rewards. The USDT staking pool, offering the largest 50,000 USDT prize, is exclusively available to new users. Each pool features distinct reward caps and staking limits, giving users flexible ways to participate. Additionally, users staking MX tokens can earn bonus airdrops through MEXC’s Kickstarter events, unlocking double rewards.

    Event 2: Invite New Users & Share 15,000 USDT
    In addition, users can invite friends to join MEXC and earn up to 400 USDT in referral rewards—20 USDT per successful invite, capped at 20 invites per user. Rewards are distributed on a first-come, first-served basis.

    Complete event details are available on the MEXC platform.

    MEXC’s User-Centric Commitment

    This event reflects MEXC’s user-centric philosophy and demonstrates its determination to create a convenient and mutually beneficial trading environment for the global community. With rapid listing efficiency, comprehensive selection of over 3,000 digital assets, daily airdrop benefits, industry-leading liquidity, low trading fees, and robust security infrastructure, MEXC has earned the trust of over 40 million users worldwide. In the future, MEXC will continue to uphold its user-centric values while delivering cutting-edge trading solutions and community benefits.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92cdf20d-c8fa-4de9-a88d-c7fd5b975478

    The MIL Network –

  • MIL-OSI: Quality Clouds Launches AI Quality Shield for Technology Services Companies to Empower Enterprise Clients with AI Readiness and Orchestration

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Quality Clouds, a provider of software governance solutions trusted by companies like JPMorgan Chase, Shell, Barclays, and BP, today announced the launch of AI Quality Shield, a new governance suite designed to assist technology services leaders in achieving successful AI transformations for their enterprise clients. This broadens Quality Clouds’ established software governance toolset to address the growing demand for enterprise AI readiness and growth.

    While the potential of AI is widely acknowledged, many enterprise AI initiatives have yet to deliver substantial impact. Recent industry reports highlight this challenge, with Accenture disclosing that only 15% of companies are “AI reinvention-ready” and McKinsey noting that only 1% of enterprises view their generative AI strategies as mature. This “Gen AI Paradox” underscores a critical need for a robust foundation to scale AI effectively.

    Technology services companies agree that enterprise clients need to reengineer their digital foundation of technology and processes to build the necessary capabilities, security, and organizational trust for an effective AI journey.

    Recognizing that governance is a major component of this AI-ready foundation, AI Quality Shield automates governance across key phases of AI transformations:

    • Readiness: Quality Clouds provides environment diagnostics and assessment scoring, enabling partners and their clients to safely prepare for AI adoption.
    • Growth: The suite offers ongoing governance, helping end-customers confidently deploy and evolve AI systems at scale.

    “Forward-thinking technology services companies are developing programs to help their enterprise clients transition into AI-first businesses,” said Adrian Serle, Chief Executive Officer of Quality Clouds. “Our new AI Quality Shield builds upon our legacy of enterprise software governance to provide our partners with the AI Readiness and Growth automation necessary to accelerate outcomes and achieve the transformative goals for their clients.”

    About Quality Clouds

    Quality Clouds provides an industry-leading independent governance layer for enterprise software platforms, empowering organizations to manage and mitigate risk across their DevOps and AI initiatives. Trusted by Fortune 500 companies and leading technology services providers, Quality Clouds’ solutions offer comprehensive visibility into code, configuration, and technical debt. By extending its capabilities to include AI readiness and ongoing governance, Quality Clouds empowers enterprises to achieve secure, compliant, and scalable innovation throughout their DevOps and AI transformation journeys.

    QualityClouds.com/aiqualityshield

    A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44735b9c-dff2-4ed9-a98e-31ff72c335cf

    The MIL Network –

  • 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 –

  • MIL-OSI: Nasdaq Announces Quarterly Dividend of $0.27 Per Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock. The dividend is payable on September 26, 2025 to shareholders of record at the close of business on September 12, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading 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.

    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, information regarding our dividend program and future payment obligations. 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, government and industry regulation, interest rate risk, U.S. and global competition, and other factors 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.

    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-

    The MIL Network –

  • MIL-OSI Economics: Consultation deadline extended by three weeks

    Source: Isle of Man

    The Isle of Man Financial Services Authority has extended the deadline for responses to its public consultation on the Financial Services (Miscellaneous Provisions) Bill.

    Feedback on the proposals aimed at enhancing the Island’s regulatory framework can now be submitted up to Monday 1 September 2025. The draft Bill includes plans to revise measures within the:

    • Collective Investment Schemes Act 2008
    • Designated Businesses (Registration and Oversight) Act 2015
    • Financial Services Act 2008
    • Insurance Act 2008

    The consultation documents are available to view on the Isle of Man Government Engagement Hub. Comments should be sent to Policy@iomfsa.im or to Casey Houareau, Policy Adviser, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.

    MIL OSI Economics –

  • India and UK sign landmark trade deal: How CETA could benefit different sections of society

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

    By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

    The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

    It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

    Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

    Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

    The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

    The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

    The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

    The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

    By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

    India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

    Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

    SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

    SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

    Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

    Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

    Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

    CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

    The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

    This opens up significant opportunities to boost bilateral trade between India and the UK.

    In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

    (ANI)

  • India-UK CETA to empower Indian fisherfolk with global opportunities

    Source: Government of India

    Source: Government of India (4)

    The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom is poised to significantly enhance the competitiveness of India’s fishery and aquaculture sector, which accounts for 7.96% of global fish production and supports the livelihoods of approximately 28 million individuals.

    By eliminating tariffs and providing preferential access to the USD 3 billion fisheries market of the UK, the CETA directly benefits Indian seafood exporters, particularly those supplying high-demand products such as shrimp and other seafood.

    The enhanced market access is set to boost exports, which will directly benefit Indian fishermen of Andhra Pradesh, Gujarat, Karnataka, Odisha, and Maharashtra.

    Overall, the CETA will not only strengthen India’s fisheries exports but also contribute to the welfare and livelihoods of fishermen, promote coastal economic development, and enhance the competitiveness of the Indian fisheries sector on the global stage. Through this agreement, India strengthens not only its seafood exports but also its commitment to inclusive and equitable trade.

  • MIL-OSI United Kingdom: UK-India Technology Security Initiative – Anniversary Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-India Technology Security Initiative – Anniversary Statement

    Statement on the one-year anniversary of the landmark UK-India Technology Security Initiative

    On the occasion of the one-year anniversary of the landmark UK-India Technology Security Initiative (TSI), the UK and India reaffirmed their shared commitment to harness frontier technologies to drive economic growth and strengthen national security.

    Both parties welcomed the Initiative’s achievements to date and underscored the transformative potential of the TSI to deliver cutting-edge innovations and generate investment across the entire technology value chain.

    The TSI has already enabled industry, academia and government to deliver new strategic opportunities. Over the past year, both sides have:

    • Launched a flagship £7 million joint research programme on Future Telecoms in 2024 to support joint Open RAN and 5G/6G testbed development.
    • Formalised collaboration between key telecoms lab facilities – India’s Centre for Development of Telematics (C-DOT) and the UK’s Smart RAN Open Network Interoperability Centre (SONIC) for bilateral collaboration in telecom innovation, testing and emerging technology.
    • Accelerated development in responsible and trustworthy AI, including through the first UK-India Conference on AI opportunities, held in Bengaluru in February 2025.
    • Completed the successful first phase of the world’s first UK-India Critical Minerals Supply Chain Observatory. Phase Two, supported by £1.8 million of new funding, will deliver the world’s largest digital data infrastructure on the critical minerals value chain and establish a new satellite campus at the Indian School of Mines in Dhanbad.
    • Strengthened our partnership in FEMTECH – Women-Orientated Health Tech by collaboration between National Institute for Health and Care Research (NIHR) and Department of Biotechnology (DBT).
    • Initiated several new partnerships between private sector from both sides in the fields of Telecoms, Critical Minerals, Advanced Materials and AI.

    To further our strategic collaboration, both sides will:

    • Harness together, the benefits of the global AI revolution and boost economic growth through a UK-India joint centre for AI that will promote trusted real world AI innovations and widespread adoption.
    • Advance next generation, secure-by-design telecommunications through joint research, development and innovation, strategically collaborating on advanced connectivity and cyber resilience. Establish an India-UK Connectivity and Innovation Centre to pioneer AI-driven telecoms, non-terrestrial networks and secure 5G and 6G. Work together through international fora like ITU and 3GPP for 6G.
    • Secure resilient and sustainable critical mineral supply chains to power the Fourth Industrial Revolution. Establish a UK-India Critical Minerals Guild to transform financing standards and innovation. Together, the two sides will prioritise processing, R&D, recycling, managing risk to supply chains, market development etc. and will champion circular economy principles and advance traceability.
    • Use the UK-India biotechnology partnership to unlock the potential in biofoundries, bioprinting, biomanufacturing, bio-based materials, advanced biosciences and drive innovation across health, clean energy and sustainable agriculture. Explore the possibility of setting up a UK-India Biotechnology Accelerator.

    The UK and India continue to work together across other TSI commitments including the collaboration on Graphene and 2D Materials Technology.
    In recognition of the TSI’s success, the two leaders agreed to expand the TSI into new frontier domains, particularly to unlock engagement on futuristic, secure and strategic technologies. This expansion will further align UK and Indian national security priorities and unlock new opportunities for industry and researchers.

    Both parties called on industry, including start-ups and academia to further catalyse the UK-India technology partnership and to take advantage of the opportunities presented by the TSI.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Simon Lewis appointed as Chair of UK Anti-Doping

    Source: United Kingdom – Government Statements

    News story

    Simon Lewis appointed as Chair of UK Anti-Doping

    The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.

    Simon Lewis

    Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.

    His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.  

    Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.

    On his appointment, Simon Lewis said:

    “It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.

    “I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”

    Lisa Nandy, Secretary of State for Culture, Media and Sport said:

    “I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.

    “Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”

    Jane Rumble, Chief Executive of UKAD said:

    “We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.

    “On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.

    “I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”

    Remuneration and Governance Code

    The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Xi Jinping: China, EU should adhere to openness and cooperation, properly handle differences /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 24 (Xinhua) — Chinese President Xi Jinping said on Thursday that China and the European Union (EU) should adhere to openness and cooperation and properly handle differences.

    Xi Jinping made the announcement during a meeting with European Council President António Costa and European Commission President Ursula von der Leyen, who are in Beijing to attend the 25th China-EU leaders’ meeting.

    History and reality show that interdependence is not a risk and the intertwining of interests is not a threat, Xi Jinping said, noting that competitiveness cannot be enhanced by “erecting walls and creating barriers” – attempts to decouple and break chains can only lead to self-isolation.

    The head of state stressed that “reducing dependence” should not lead to a reduction in cooperation between China and the EU. Bilateral trade and economic relations, which are essentially complementary and mutually beneficial, should and can achieve dynamic equilibrium through development, Xi Jinping said.

    According to him, China’s high-quality development and opening up have opened up new opportunities and new horizons for China-EU cooperation. Xi Jinping called on both sides to deepen green and digital partnerships and promote mutual investment cooperation.

    Xi Jinping expressed hope that the EU will keep its trade and investment markets open, exercise restraint in using restrictive trade and economic instruments, and create a favorable business environment for Chinese enterprises willing to invest and do business in the EU. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –