Category: Pandemic

MIL-OSI USA: Cramer, Warner Reintroduce Bipartisan Bill to Authorize Remote Online Notarizations Nationwide

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
***Click here for audio.***
WASHINGTON, D.C. – Despite significant advancements in digital technology, remote notarization has yet to be fully deployed and accepted on an interstate basis. While nearly every state allows for remote electronic notarization, regulations and recognition vary between states.
U.S. Senators Kevin Cramer (R-ND) and Mark Warner (D-VA) introduced their bipartisan Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act. This bill would permit the nationwide use of Remote Online Notarizations (RON), enabling notaries and signers to complete the process from different physical locations. It authorizes every notary in the United States to perform RON and provides certainty for interstate recognition of RON. The SECURE Notarization Act requires tamper-evident technology and fraud prevention measures through the use of multifactor authentication.
“We’ve made a lot of progress toward much more widespread use of online notarizations in the past few years, particularly through the pandemic,” said Cramer. “But this patchwork of state regulations really leaves consumers without consistent access to some notary services. Quite honestly, I think it violates, certainly, the spirit of interstate commerce. Our bill simply makes sure online notarizations are valid across [state] lines and allow every notary to perform them, and perform them in a very secure way.”
“It’s time to finally bring the notarization process into the 21st century,” said Warner. “Remote notarizations have proven to be a safe and convenient way for individuals to complete essential services such as executing wills, completing financial documents, and buying or selling a home online. This legislation would continue to modernize this system by permitting nationwide use of Remote Online Notarization to complete important documents.”
The SECURE Notarization Act will complement state regulations, including those in North Dakota, which already allow for remote notarizations.
The bill is endorsed by American Land Title Association (ALTA), Mortgage Bankers Association (MBA), National Association of REALTORS (NAR), and American Council of Life Insurers (ACLI).
“Senators Cramer and Warner have been longstanding champions in recognizing the clear benefits of extending RON access to all Americans and leading this bipartisan legislation, which offers a safe and secure path to remotely close real estate and mortgage transactions,” said Diane Tomb, CEO of ALTA. “By passing the SECURE Notarization Act, Congress will embrace a proven innovation and modernize the notarization process with a secure system that meets consumer needs and expectations, including those of our military heroes overseas, the elderly, and homebuyers seeking convenience.”
“The SECURE Notarization Act would make the mortgage closing process more convenient for consumers by creating federal minimum standards to allow notaries in all states to perform remote online notarization (RON) transactions,” said Bill Killmer, Senior Vice President of Legislative and Political Affairs at MBA. “MBA appreciates Senator Cramer and Warner’s commitment to enable nationwide use of RON technology. Their continued diligence and hard work on this critical issue will greatly simplify and improve mortgage transactions for all borrowers.”
“The National Association of REALTORS applauds Senators Cramer and Warner for reintroducing the SECURE Notarization Act,” said Shannon McGhan, EVP & Chief Advocacy Officer for the National Association of REALTORS. “This commonsense, bipartisan bill will modernize an essential part of real estate transactions by allowing nationwide use of secure, remote online notarization. Reliable, accessible notarized records are the bedrock of real estate, and this technology ensures Americans can continue to buy, sell, and finance property with confidence in today’s digital age.”
“Senators Cramer and Warner understand that families need practical, modern tools to plan for their financial futures,” said David Chavern, President and CEO of the ACLI. “During COVID, life insurers demonstrated how well remote online notarization works for consumers. Allowing its use nationwide is a smart, commonsense step to bring the notarization process into the 21st century.”
Click here for bill text.

MIL-OSI USA: Speaker Johnson Outlines Roadmap for America’s Industrial Comeback

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Today, Speaker Johnson delivered closing remarks at the Hill and Valley Forum that detailed how President Trump and Republicans in Congress are laying the groundwork for America’s industrial renewal.

Click here to watch the full speech

Read Speaker Johnson’s remarks below:

I want to talk to you about an important issue that I know is top of mind for all of you and that’s about some long-held assumptions. There’s a long-held assumption out there that government and innovation must be at odds. We don’t believe that. You don’t believe that.

But I think today’s thoughtful and insightful conversations – and most of American history for that matter – actually tell a different story. Many of our most consequential innovations have emerged from a healthy interplay between private ingenuity and public engagement.

Today, America is eager to get back to the days of making and building things again. And rightly so. For the better part of this century, we’ve actually been moving in the opposite direction. From the steel towns of Pennsylvania to the textile mills of the Carolinas, American communities watched as their factories shut down and main streets emptied out. We were told that we could simply innovate here and build elsewhere. The result was a gradual erosion of our industrial strength, which was part of the great strength of America.

In recent years, we’ve seen the consequences of allowing the industrial backbone of our economy to atrophy, whether it’s strategic vulnerabilities in semiconductors, rare earths, and pharmaceuticals, or the regulations that smother businesses and jobs far too often.

Our economy is coming back. We are doing the right things right now. We are making the right decisions to get this going. And that’s after the very damaging effects of Bidenomics the last four years, but we also see warning signs below the surface.

I think we owe it to ourselves to be frank about this because we’re the ones that have to figure this out. Company profits are up, but the productivity of key American industries of course is down. Unemployment is low, but the number of Americans in job market still stagnates still below pre-pandemic levels. And our industrial capacity – the real engine of a resilient economy – has barely begun to recover from decades of neglect.

What we are slowly learning is that our technological and our industrial strength is inextricably linked to our national prosperity and security. People in this room understand that, but others are taking notice.

This situation didn’t happen by accident, it didn’t happen overnight. Decades worth of policymakers made it too easy to offshore entire industries, while providing few incentives to reinvest here in the USA. And it happened because government forgot that its role is not to control the markets, but to cultivate the conditions in which innovation can not only survive, but thrive.

We saw this failure play out in real time under the last administration. I mean this is just objective fact, I don’t want to give you a partisan speech, but we need to look at reality. President Biden put the full weight of government behind clean energy, EVs, and broadband as a way to implement his green new economy. What we got instead was billions in spending with very little to show for it, if anything at all.

The EV charger program has to be one of the worst boondoggles ever. There were fewer than 10 functioning stations built in the first three years. Billions went into these failed programs, while burdensome permitting processes and red tape worked against the very innovation the Administration hoped to spur.

And while Joe Biden paused America’s LNG exports, his Administration enriched adversaries like Russia, who were all too willing to fill this void in the market. Our European allies quite literally had to go get their natural gas and get their energy needs met by Vladimir Putin. It fueled his war machine and caused so much of the chaos we’re still dealing with.

These policies don’t just handicap America and American technology; they fundamentally misunderstood the role of government in our system of free enterprise.

Republicans, and especially President Trump, see things very differently. We believe government’s job is not to pick winners and losers. It’s to set the rules of the road, clear the obstacles, and get out of the way so American capital and ingenuity can get to work.

We have to allow the job creators, and the risk takers, and the entrepreneurs, and the economy to do what they do. government can’t have a boot on the neck of those people and expect them to perform today.

We’ve got an opportunity to reckon with all these failures, to recalibrate appropriately and get America back to being an industrial powerhouse once again. Our survival as a nation, I think, depends upon this. So what role should government actually play? Let me just outline three quick, broad policies that Republicans in Congress are pursuing right now to accomplish all this in concert with the White House, because this is a – we’re trying to operate as a seamless team. You’ll see that we’re working day to day, hand in hand with the administration, and that Republicans who control now both chambers of Congress, because we have unified government, you’ll see the Senate and House Republicans working together in tandem. That’s very deliberate, I think, very, very important.

But three broad policies that we’re pursuing: number one, unleashing abundant American energy. I don’t have to tell the people in this auditorium why that’s so important. Artificial intelligence and data centers are consuming enormous amounts of energy, and this demand is growing exponentially. They come in and show us the charts where the demand goes like this on a chart, and we’re behind the eight ball already, as we know, if we’re to support these innovations and build the jobs and factories of tomorrow, we need reliable, affordable, abundant energy. And that means that unleashing the full potential of American energy and cutting red tape and tapping into every energy source, like commercial nuclear and liquefied natural gas, is just critically important.

Our second priority that we’re trying to pursue here is keeping taxes low and keeping competition in the marketplace. The 2017 Trump tax cuts sparked a real resurgence in American industry. The year after they passed, business investment jumped by roughly 10% real wages grew and companies began to reinvest in US manufacturing again. I mean, quite literally, all boats were rising. We say in these big forums as going around the country to a campaign and say, look, President Trump is a known entity. The first Trump Administration, look at what he did and what he was able to do prior to COVID, we had the greatest economy in the history of the world since we cut taxes and cut regulations. It’s not rocket science. We aspire to get back to that at that time, every boat was rising. I mean literally, every demographic in the country and every region in the country was doing better because these policies were implemented.

Right now, we’re working to make these tax cuts, the tax cuts of the first administration, permanent, not just for families, but also to ensure that American innovators have the confidence to take risks and to reinvest boldly in expanding our industrial base.

The third big priority I wanted to mention today is reducing the size and scope of government. We get two important levers to do that. One is reining in wasteful spending. Number two, it’s cutting back regulations again. Under President Biden, we cross the dangerous threshold of $35 trillion in national debt. This is a dire situation. I know the people in this room understand it. A lot of people back home don’t have a full scope of the threat that this is. When we bring in leaders in the Pentagon or the Joint Chiefs of Staff of the last several years, I served on the House Armed Services Committee, among other assignments. We would ask them, “what is the greatest national threat to our country? What is our top national security concern?” And you would expect them to say, China, Russia, Iran, North Korea. They don’t. They say the debt. And it’s true that our interest payments alone are on track to outpace our entire defense fund. It’s not a sustainable situation, and everybody knows that. Our adversaries know it as well.

So we’re working right now on the one big, beautiful bill is the reconciliation process, and we’re going through that. We’re taking an honest look at every corner of the budget, including programs along considered to be “untouchable.” We know that when we work to root out wasteful and abuse, just like any smart business, we make our system and these vital programs more effective and efficient the people who really need and deserve them. And we’ve got all hands on deck to do this at the same time. We need to cut harmful regulations that smother innovation.

All of you run into this, I’m sure at some point or another, may be dealing with it today, but I hope to tell you, in good faith that help is on the way. America’s industrial comeback can’t wait on government bureaucracy. We need to clear the runway for capital to move swiftly into new factories and robotics and advanced automation. Just before COVID, Tesla built its giga factory in Shanghai. They did it in under one year. If you did that same thing here, it would take just as long to pull together the darn permits just to get started building. We can and we must do better. We cannot allow other countries to exceed our performance in that way.

Nowhere is it more necessary for Congress to move with caution than AI. If we over regulate here, which you know, Washington tends to do, we don’t just risk regulating American AI out of existence. We would cede critical grounded China and this fateful race to dominate this new technology, and it’s a race that we cannot afford to lose.

Our priority with AI and technology more broadly, is create an environment that’s competitive and open to new and emerging players, and not just one that benefits the big guys, right?

Let me talk about tariffs briefly, and I know I’m the last speaker today, so I don’t want to give you a long policy speech, but I think some of this is important, and I’m sure it’s timely for you, and it’s probably one of the questions you would ask if we opened it up.

President Trump is taking a serious look at our trade relationships, and it’s something I think that we should applaud. We have been mistreated. We have unfair trade partners around the globe, and this has been going on for quite some time. We’re living in the relic of really, what happened after World War II. Think about it, the historical terms I mean, we emerged as a great superpower, and Europe largely had to be rebuilt. So all these trade agreements were made with America as the new great nation, and the emerging superpower, and they sort of rationalized, “well, Americans can afford it, and we need a break.”

Well, I mean, we’re a long time past World War II. President Trump’s right to point it out. He said, reciprocal trade means it’s got to be fair. He said, every time I talk to him “Mr. President, we’re free traders, free market guys.” He goes “yeah, free and fair trade.” Well, that’s a good point. So tariffs are one tool among many that he’s using to try to do a rebalancing there. He’s trying to rebalance trade and restore a level playing field for American workers and businesses. We’re in uncharted waters on this. This hasn’t been done, so there’s bound to be some market disruption. That’s what we’ve all kind of lived through the last several weeks.

But I trust the President’s instincts here, and I know that American business leaders are tired of tactics from China. They just constantly undercut and outmaneuver American firms. They’ve stolen our IP, everybody here knows it. People are tired of competing with Chinese firms that are propped up by state subsidies and use actual slave labor to produce their products and they steal our intellectual property.

But tariffs are just one part of the equation securing our long-term security and the competitive edge that will depend that we’ll need all that’s going to depend on leaning into innovations like AI and advanced robotics and automation. I really empathize with Americans who feel uneasy about the rapid pace of technology advancement. I get that, but history gives us reason to be optimistic about this. From the automobile to the aircraft to the internet, each new breakthrough has unlocked entirely new industries and professions and forms of prosperity that have worked in our favor. They’ve transformed the way we live. We should always invite and celebrate those advances, because we know the better technology makes our workers more productive, and when our workers are more productive, they earn more, they build more and we see more human flourishing.

At the end of the day, that is our objective. We are trying to bring about human flourishing. That’s the goal of all this. It should be the goal of all of our public policy. Not everybody thinks about it that way, but we’re trying to, we’re trying to change things that they do. We should invite new ideas to reinvigorate our industrial base, not just to decouple from China, although that’s critical, but to give the American people a renewed sense of pride in what we make and what we build and what we export to the world, I have to say I’m incredibly bullish on America, not just because of the talent and ingenuity in this room and across the country, but because of what I’ve seen with my own eyes around the country.

I’ll just leave you with this quick anecdote. Two weeks ago, I was down in south Texas. I visited Saronic. You’ll probably know some of you guys know company. Y’all heard about it earlier on the stage, I think, but its headquarters sit in an unassuming lot right outside downtown Austin. I drove up and I was like, we’re here, but what I saw inside this building was truly extraordinary. What they’re doing is incredible work to bring back American shipbuilding, essentially from the ashes. We’re blessed where I’m from because Saronic is soon expanding manufacturing operation in my home state, Louisiana, and we’re going to welcome them with open arms, because it’s really exciting stuff.

I’m telling this story because that is what American renewal looks like. It’s not just about Silicon Valley or Washington or bringing back the smokestacks of the 50’s. This is about expanding the pool of opportunity for every American in every community, in every corner of this great country. It’s about pioneering innovation. It’s about taking risks and betting big on America. Once again, it can happen anywhere in the country, and we want to bring about the conditions to allow that to happen. And that’s why I’m more confident than ever that our best days still lie ahead of us.

Last thought, because I know you want to go. In July of next year, we’ll celebrate our 250th anniversary as a nation. This grand experiment in self-governance has lasted two and a half centuries. We have already exceeded the expiration date, the lifespan of a nation like ours, a republic, and we’ve done something totally different that no one had ever done before. America was truly revolutionary. The very concept was and we’re built upon these very firm foundations, these ideas, some of the things I’ve articulated today are made us who we are.

Sometimes in this job, I take the opportunity to go and speak to university and college students, and I’m often alarmed my friends, because I will ask at the beginning, I’ll get on a stage like this, and I’ll say, “would you raise your hand if you agree that you live in the greatest nation in the history of the world?” And sadly, sometimes you get 10-15% of the hands raised in an auditorium like this, I’ll say, “gee, well, you don’t believe in the live in the greatest nation? Would you at least concede you live in a great nation?” Get a few more hands, and then I spend the rest of time explaining to them. I’m a constitutional law attorney. I can put on my case. I need several hours, but I try to convince it, and in 20 minutes or so I say “look, you live in the greatest nation in the history of the world. It’s not even close by any objective measure.” We’re the most successful, most powerful, most free, most benevolent nation that has ever been on the earth.

But there’s a reason that we are, and it’s incumbent upon us as stewards of this great Republic if we are going to keep this grand experiment in self-governance, it is incumbent upon us to understand what those foundations are and to nurture them, to get back to those foundations, because we can’t allow them to be destroyed.

MIL-OSI Global: Whether GDP swings up or down, there are limits to what it says about the economy and your place in it

Source: The Conversation – USA – By Sophie Mitra, Professor of Economics, Fordham University

The price of eggs might mean more to some Americans than what’s going on with GDP. Scott Olson/Getty Images

The Bureau of Economic Analysis released the latest U.S. gross domestic product data on April 30. In the first three months of 2025, it said, GDP contracted by 0.3%. The GDP growth rate captures the pace at which the total value of goods and services grows or shrinks. Together with unemployment and inflation, it usually receives a lot of attention as an indicator of economic performance.

Some economists and analysts said the economy might not be as bad as this rate’s decline might suggest. While this is the first time in three years that GDP has shrunk instead of growing, it is a relatively small decline.

This raises a critical question: Does a relatively small GDP contraction mean the economy is in trouble? I have spent much of my working life studying economic well-being at the level of individuals or families.

What I’ve learned can offer a different lens on the economy than you’d get from just focusing on the most popular indicators, such as the GDP growth rate.

GDP problems

The GDP growth rate has many limitations as an economic indicator. It captures only a very narrow slice of economic activity: goods and services. It pays no attention to what is produced, how it is produced or how people assess their economic lives.

GDP gets a lot of attention, in part, because of the misconception that economics only has to do with market transactions, money and wealth. But economics is also about people and their livelihoods.

Many economists would agree that economics treats wealth or the production of goods and services as means to improve human lives.

Since the 1990s, a number of international commissions and research projects have come up with ways to go beyond GDP. In 2008, the French government asked two Nobel Prize winners, Joseph Stiglitz and Amartya Sen, as well as the late economist Jean-Paul Fitoussi, to put together an international commission of experts to come up with new ways to measure economic performance and progress. In their 2010 report, they argued that there is a need to “shift emphasis from measuring economic production to measuring people’s well-being.”

Considering complementary metrics

One approach is to use a composite index that combines data on a variety of aspects of a country’s well-being into a single statistic. That one number could unfold into a detailed picture of the situation of a country if you zoom into each underlying indicator, by demographic group or region.

The production of such composite indices has flourished. For example, the Human Development Index of the United Nations, started in 1990, covers income per capita, life expectancy at birth and education. This index shows how focusing on GDP alone can mislead the public about a country’s economic performance.

In 2024, the U.S. ranked fifth in the world in terms of GDP per capita, but was in 20th place on the Human Development Index due to relatively lower life expectancy and years of schooling compared to other countries at the top of the list, like Switzerland and Norway.

Monitoring other indicators

Another approach is to rely on a larger number of indicators that are frequently updated. These other data points reflect a variety of perspectives about the economy, including subjective ones that convey personal perceptions and experiences.

For instance, in addition to inflation rates, there is data on stress due to inflation as well as inflation expectations. Both offer insights into people’s perceptions, perspectives and experiences about inflation.

During the COVID-19 pandemic, the annual U.S. inflation rate increased from 1% in July 2020 to 8.5% in July 2022. My research partners and I found, using U.S. Census data, that more than 3 in 4 adults in the U.S. were experiencing moderate or high levels of stress due to inflation at that time and continued to do so even after inflation went down in 2023.

More recently, the Trump administration’s sporadic tariff changes have made future prices more uncertain, which exposes people to risks. That, in turn, makes people adjust their expectations and feel worse off.

The share of consumers expecting higher inflation rates has climbed sharply in 2025, while consumer confidence has declined abruptly. About 1 in 3 consumers expect that there will be fewer jobs created in the next six months, which is almost as low as during the Great Recession of 2007-2009.

Consumers also have negative expectations about their own future income and worry about their own economic status.

At this moment, the U.S. economy has not officially entered a recession – which requires a longer period of GDP contraction than just one quarter. Although unemployment and inflation rates remain relatively low, the broad picture of the economy that takes into account people’s expectations and perceptions is troubling. To be clear, I’m not saying that just because of what the GDP data may indicate.

This article includes material from an article originally published on Aug. 7, 2018.

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

– ref. Whether GDP swings up or down, there are limits to what it says about the economy and your place in it – https://theconversation.com/whether-gdp-swings-up-or-down-there-are-limits-to-what-it-says-about-the-economy-and-your-place-in-it-255688

MIL OSI – Global Reports –

MIL-OSI USA: Malliotakis Introduces Legislation to Revitalize U.S. Medical Manufacturing

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

(WASHINGTON, DC) – Congresswoman Nicole Malliotakis, along with Rep. Maria Salazar (R-FL-27), Rep. Ritchie Torres (D-NY-15), Rep. Jeff Hurd (R-CO-03), and Rep. Darren Soto (D-FL-09) introduced The Medical Manufacturing, Economic Development, and Sustainability (MMEDS) Act to revitalize domestic medical manufacturing. The legislation aims to strengthen production by offering federal tax benefits and other incentives to pharmaceutical manufacturers that operate in the United States or relocate their facilities to U.S. soil, with a particular focus on economically distressed areas across the nation and its territories.

This legislation will secure the U.S. medical supply chain, restore economic well-being, and protect America’s patients. The COVID-19 pandemic demonstrated that our health, economic, and national security are at risk because of our dependency on foreign jurisdictions to manufacture vital medical supplies. The MMEDS Actencourages U.S. companies to re-shore operations from nations deemed to pose a risk to U.S. medical preparedness into economically distressed zones within the United States by providing a dollar-for-dollar credit against Federal taxes to U.S. companies for the wages and capital investments made in distressed zones, and for purchases made by a manufacturer from within a distressed zone. An economically distressed zone is defined as an area that has historically suffered from pervasive poverty, unemployment, and low labor force participation, resulting in a prolonged period of economic decline.

The MMEDS Act would also establish a BARDA-led public-private Strategic Initiative to drive innovation and the development of advanced population health medicines, while also providing tax incentives to encourage such innovation in economically distressed areas.

“I am proud to introduce the bipartisan MMEDS Act to bring medical manufacturing to the United States and revitalize an industry that once thrived in regions such as Puerto Rico,” said Rep. Malliotakis. “The COVID-19 pandemic made clear the urgent need to restore our domestic supply chain so that we are not dependent on adversaries like Communist China for critical pharmaceutical and medical supplies needed by America’s hospitals and patients. The support of my colleagues representing different corners of the nation demonstrates the broad, bipartisan recognition that strengthening our medical supply chain is a national priority. I also thank Puerto Rico’s Governor Jenniffer González-Colón for her leadership and partnership in advancing this important initiative.”

“As recently as 2019, data has shown that the United States imports nearly two-thirds of its medicines and medical supplies from Europe and Asia. This must change,” said Rep. Maria Salazar. “The MMEDS Act will prioritize American manufacturing and restore our medical supply chain while creating jobs and economic growth in Florida, Puerto Rico, and across the country.”

“It is an honor to be an original cosponsor of the Medical Manufacturing, Economic Development, and Sustainability (MMEDS) Act from Rep. Nicole Malliotakis, who is continuing Gov. Jennifer González-Colón’s critical legislation to strengthen our nation’s medical supply chain from the previous Congress. This bill is particularly important for Puerto Rico and would help revitalize the island’s pharmaceutical manufacturing sector, create good-paying jobs, and support long-term economic growth.” Rep. Ritchie Torres

“I am proud to co-sponsor the MMEDS Act, which will provide tax incentives to bring medical manufacturing to rural areas in my district,” said Rep. Jeff Hurd. “This legislation will help grow manufacturing industries and support the development of advanced health medicines in Colorado’s 3rd District.”

“I thank my dear friend Congresswoman Nicole Malliotakis for her leadership in reintroducing the MMEDS Act in the 119th Congress. This legislation supports bringing critical medical manufacturing back to American soil, including in Puerto Rico, fostering economic growth and job creation in economically distressed areas. It authorizes targeted tax credits tied to investment and repatriation of medical manufacturing companies, thus prioritizing measured incentives for work undertaken in the U.S. and safeguarding our supply chain. Our country has the infrastructure, expertise, and workforce needed to remain a leader in innovation, technology, and manufacturing. In the case of Puerto Rico, we host some of the main global medical and pharmaceutical manufacturing companies, paired with a highly trained and specialized workforce that abides by American standards for safety and quality. I look forward to continue working with Congresswoman Malliotakis, who has seen first-hand the manufacturing capabilities in Puerto Rico and the rest of the country, and Representatives Salazar and Torres to get this bipartisan bill across the finish line,” said Governor Jenniffer González-Colón.

Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China.

View the Bill text HERE.

The MMEDS Act was originally introduced by then Resident Commissioner of Puerto Rico, Jenniffer González-Colón in the 118th Congress.

MIL-OSI USA: HHS, NIH launch next-generation universal vaccine platform for pandemic-prone viruses

Source: US Department of Health and Human Services – 2

News Release
Thursday, May 1, 2025

The U.S. Department of Health and Human Services (HHS) and the National Institutes for Health (NIH) today announced the development of the next-generation, universal vaccine platform, Generation Gold Standard, using a beta-propiolactone (BPL)-inactivated, whole-virus platform.
This initiative represents a decisive shift toward transparency, effectiveness, and comprehensive preparedness, funding the NIH’s in-house development of universal influenza and coronavirus vaccines, including candidates BPL-1357 and BPL-24910. These vaccines aim to provide broad-spectrum protection against multiple strains of pandemic-prone viruses such as H5N1 avian influenza and coronaviruses including SARS-CoV-2, SARS-CoV-1, and MERS-CoV.
“Our commitment is clear: every innovation in vaccine development must be grounded in gold standard science and transparency, and subjected to the highest standards of safety and efficacy testing,” said HHS Secretary Robert F. Kennedy, Jr.
The program realigns BARDA’s operations with its statutory mission under the Public Health Service Act—to prepare for all influenza viral threats, not just those currently circulating.
“Generation Gold Standard is a paradigm shift,” said NIH Director Dr. Jay Bhattacharya. “It extends vaccine protection beyond strain-specific limits and prepares for flu viral threats – not just today’s, but tomorrow’s as well – using traditional vaccine technology brought into the 21st century.”
Generation Gold Standard, developed exclusively by NIH’s National Institute of Allergy and Infectious Diseases (NIAID):

Recalibrates America’s pandemic preparedness. Unlike traditional vaccines that target specific strains, BPL-inactivated whole-virus vaccines preserve the virus’s structural integrity while eliminating infectivity. This approach induces robust B and T cell immune responses and offers long-lasting protection across diverse viral families. Moreover, the intranasal formulation of BPL-1357 is currently in Phase Ib and II/III trials and is designed to block virus transmission—an innovation absent from current flu and COVID-19 vaccines.
Embodies efficient, transparent, and government-led research. The BPL platform is fully government-owned and NIH-developed. This approach ensures radical transparency, public accountability, and freedom from commercial conflicts of interest.
Marks the future of vaccine development. In addition to influenza and coronavirus, the BPL platform is adaptable for future use against respiratory syncytial virus (RSV), metapneumovirus, and parainfluenza. It also offers the unprecedented capability to protect against avian influenza without inducing antigenic drift—a major step forward in proactive pandemic prevention.

Clinical trials for universal influenza vaccines are scheduled to begin in 2026, with Food and Drug Administration (FDA) approval targeted for 2029. The intranasal BPL-1357 flu vaccine, currently in advanced trials, is also on track for FDA review by 2029.
About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
NIH…Turning Discovery Into Health®
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MIL-OSI: Security Federal Corporation Announces Increase in First Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., May 01, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the quarter ended March 31, 2025.

The Company reported net income available to common shareholders of $2.6 million, or $0.81 per common share, for the quarter ended March 31, 2025, compared to $1.8 million, or $0.54 per common share, for the first quarter of 2024. The increase in net income available to common shareholders was primarily due to increases in net interest income and non-interest income, as well as a decrease in the provision for credit losses, which were partially offset by an increase in non-interest expense, provision for income taxes and the payment of preferred stock dividends during the first quarter of 2025.

First Quarter Financial Highlights

Net interest income increased $1.2 million, or 12.5%, to $11.2 million as interest income increased and interest expense decreased.
Total interest income increased $514,000, or 2.7%, to $19.2 million while total interest expense decreased $733,000, or 8.4%, to $8.0 million during the first quarter of 2025 compared to the same quarter in 2024. The increase in interest income was the result of a $1.6 million increase in interest income from loans, which was partially offset by a decrease in interest income from investments and other interest-earning assets. Interest expense decreased during the first quarter of 2025 due to lower market interest rates and the payoff of outstanding borrowings with the Federal Reserve, which resulted in a lower balance of average interest-bearing liabilities compared to the first quarter of 2024.
Non-interest income increased $122,000, or 5.3%, to $2.4 million during the first quarter of 2025 compared to the same quarter in the prior year primarily due to a $60,000 increase in rental income and $62,000 gain on sale of land held for sale. During the first quarter of 2025, we purchased a multi-tenant property resulting in an increase to rental income. The property is intended to be the future site of a full-service branch.
Non-interest expense increased $205,000, or 2.1%, to $9.8 million during the quarter ended March 31, 2025, compared to the same quarter in the prior year primarily due to a $256,000 increase in salaries and expenses for employee benefits, which was partially offset by a decrease in expenses for advertising and depreciation and maintenance of equipment.

	*Quarter Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*3/31/2025*		*3/31/2024*
Total interest income	$	19,233	$	18,719
Total interest expense		8,004		8,737
Net interest income		11,229		9,982
Provision for credit losses		–		335
Net interest income after provision for credit losses		11,229		9,647
Non-interest income		2,443		2,321
Non-interest expense		9,840		9,635
Income before income taxes		3,832		2,333
Provision for income taxes		826		580
Net income		3,006		1,753
Preferred stock dividends		415		–
Net income available to common shareholders	$	2,591	$	1,753
Earnings per common share (basic)	$	0.81	$	0.54

Credit Quality

The Bank recorded no provision for credit losses during the first quarter of 2025 compared to $300,000 in provision for credit losses on loans and $35,000 in provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $335,000 for the first quarter of 2024.
Non-performing assets were $7.3 million, or 0.46% of total assets, at March 31, 2025, compared to $7.6 million, or 0.47% of total assets, at December 31, 2024.
The allowance for credit losses as a percentage of gross loans was 1.99% at March 31, 2025, compared to 1.98% at December 31, 2024.


*At Period End (dollars in thousands):*	*3/31/2025*		*12/31/2024*		*3/31/2024*
Non-performing assets	$	7,264	$	7,636	$	6,635
Non-performing assets to total assets		0.46%		0.47%		0.44%
Allowance for credit losses	$	14,005	$	13,894	$	12,842
Allowance for credit losses to gross loans		1.99%		1.98%		1.95%

Balance Sheet Highlights and Capital Management

Total assets were $1.6 billion at March 31, 2025, a year-over-year increase of $65.8 million, or 4.3%, and a $27.7 million, or 1.7% decrease from the prior quarter.
Cash and cash equivalents decreased $45.2 million during the first quarter of 2025 to $133.1 million at March 31, 2025 primarily because of the repayment of borrowings with the Federal Reserve.
Total loans receivable, net was $689.1 million at March 31, 2025, an increase of $2.0 million, or 0.3%, since December 31, 2024.
Investment securities increased $13.7 million, or 2.1%, during the quarter to $674.6 million at March 31, 2025, purchases of investment securities exceeded maturities and principal paydowns.
Deposits increased $21.5 million, or 1.6%, during the first quarter to $1.3 billion at March 31, 2025.
Borrowings decreased $53.6 million, or 57.6%, during the quarter to $39.4 million at March 31, 2025, primarily due to the repayment of borrowings with the Federal Reserve Bank.
Common equity book value per share increased to $32.57 at March 31, 2025, from $31.21 at December 31, 2024.


*Dollars in thousands (except per share amounts)*	*3/31/2025*		*12/31/2024*		*3/31/2024*
Total assets	$	1,584,027	$	1,611,773	$	1,518,214
Cash and cash equivalents		133,080		178,277		92,775
Total loans receivable, net		689,111		687,149		646,007
Investment securities		674,569		660,823		691,554
Deposits		1,345,548		1,324,033		1,205,879
Borrowings		39,391		92,964		125,383
Total shareholders’ equity		186,738		182,389		174,569
Common shareholders’ equity		103,789		99,440		91,620
Common equity book value per share	$	32.57	$	31.21	$	28.41
Total risk based capital to risk weighted assets (1)		20.16%		19.96%		19.27%
CET1 capital to risk weighted assets (1)		18.90%		18.71%		18.01%
Tier 1 leverage capital ratio (1)		10.58%		9.88%		9.91%
(1) – Ratio is calculated using Bank only information and not consolidated information

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

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 the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s 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 or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in the Community Development Capital Initiative (CDCI) Program; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

MIL-OSI: Superstar Platforms, Inc Files Registration Statement with the Securities and Exchange Commission

Source: GlobeNewswire (MIL-OSI)

Marks Key Milestone Toward Becoming a Fully Reporting Public Company

ATLANTA, GA, May 01, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) A leading national technology conglomerate specializing in automotive, fintech, and entertainment solutions has announced the filing of its Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC). Formerly known as Dinewise, the Company will now operate under its new name, Superstar Platforms, Inc., as it transitions into a fully reporting public entity.

“This is a pivotal milestone in our company’s journey,” said Michael Farr, CEO of Superstar Platforms, Inc. “From the moment I accepted the role of CEO, I have been laser-focused on providing transparency and meeting all necessary compliance requirements in our operations. This filing reflects our commitment to our stakeholders, and paves the way for greater liquidity.”

With this filing, Superstar Platforms, Inc. will now adhere to the SEC’s regulatory framework required of public companies. The company has also established a board of directors composed of a diverse group of seasoned entrepreneurs, trailblazers, and community leaders, each bringing valuable experience and insight to guide the company’s strategic initiatives.

Looking forward, the company anticipates finalizing its acquisition of TitlePal; a fintech company that has developed an innovative online solution for Title Pawn transactions, in the coming month. Superstar Platforms also plans to update its ticker symbol to better align with its new corporate identity.

About Superstar Platforms

Superstar Platforms, a leading national technology conglomerate, is the parent company that owns and controls a diversified portfolio of subsidiaries across various industries. Growth will primarily be driven through strategic acquisitions. Currently Superstar Platforms owns PawnTrust: a specialized marketplace designed exclusively for the approximately 11,000 pawn shops across the country. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.

About TitlePal

TitlePal is an innovative, web-based lender that delivers fast, convenient cash loans to individuals with clear auto titles. By harnessing advanced algorithms and integrating with third-party systems, the platform ensures seamless verification of applicants’ identity, financial capacity, and vehicle condition. Approved funds are deposited directly into customers’ bank accounts, often within minutes, setting a new standard for efficiency in title lending

Forward-Looking Information

This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Investor Relations:
Resources Unlimited
718-269-3366
mike@resourcesunlimitedllc.com

MIL-OSI Global: Using fire to produce nanoparticles could revolutionize various industries

Source: The Conversation – Canada – By Keroles Riad, Postdoctoral fellow, Energy and Particle Technology Laboratory, Carleton University

Fire is how most widely used nanoparticles — and by extension nanotechnologies — are made. (Shutterstock)

Fire is arguably humanity’s earliest discovery. It was pivotal in advancing society — underpinning many of humanity’s most transformative inventions, from cooking and forging weapons to generating energy and enabling car combustion engines.

Today, fire continues to be the gateway to some of the most cutting-edge nanotechnologies currently being developed for use in cancer treatments and as breath sensors for early detection of diabetes and other metabolic diseases.

Nanotechnologies can be found in almost every aspect of our daily lives. For instance, I have previously written about the nanotechnology used in the mRNA vaccines that helped us through the pandemic, and have facilitated conversations discussing how nanotechnology affects our wine, gut and climate.

For example, gas sensors incorporating nanoparticles made via fire can be used to verify that there’s no methanol in alcoholic beverages. Methanol is a highly poisonous alcohol contaminant, and has caused numerous poisonings worldwide.

Fire is how most widely used nanoparticles — and by extension, nanotechnologies — are made. For example, a third of a car tire’s weight is comprised of carbon black nanoparticles, which are made using fire. These nanoparticles help to reinforce the tire. The white paint we use on our walls and the coatings on some pills contain fire-made titania nanoparticles. Similarly, fumed silica — which is used in the optical fibres needed for internet and communication systems — are also forged in fire.

How nanotechnology is made

So how do nanoparticles, which are 80 to 100 thousand times smaller than the thickness of a human hair, form inside a fire?

I specialize in making nanoparticles in fire — specifically using a technology called flame spray pyrolysis.

In my research, I burn flammable chemicals that contain the target metal elements to form my nanoparticles. Everything gets oxidized during combustion: carbon becomes CO2, hydrogen becomes water vapor and metal elements become metal oxides.

During the milliseconds that these metal oxide particulates spend inside the fire, they collide and grow into nano- or micro-particles. I collect these particles on a filter on top of the fire. Important properties such as the size and crystal structure of the nanoparticles that are produced depend on how much time these particles spend inside the fire.

The more time the particles have to collide inside the forging fire, the larger they grow. We can also make complicated particles consisting of multiple elements by burning a mixture of different chemicals. This process is both versatile and scalable — allowing millions of tonnes of nanoparticles to be produced each year.

Carbon black is a nanoparticle that is produced through flame spray pyrolysis.
(Shutterstock)

Overcoming limitations

Being able to mass-produce nanoparticles has been one of the biggest challenges of producing nanotechnologies on a larger scale. This is because most of the nanoparticles used in nanotechnologies can only be made via “wet chemistry,” or by using liquids.

It can take hours of working with liquid in beakers, mixing them, heating them, then separating and centrifuging them just to obtain tiny amounts of material. These processes are often too expensive and too dangerous to scale enough for viable commercialisation.

For instance, quantum dots (nanoparticles made from semiconducting materials which have both optical and electrical properties) — the discovery of which was celebrated by the Chemistry Noble Prize in 2023. These have the potential to revolutionize many technologies — including solar cells, carbon capture and contrast agents used in medical imaging.

However, quantum dots are hardly ever used in those technologies on a large scale because the prohibitive cost of making them via wet chemistry can be as high as US$45,000 per gram.

But unlike wet chemistry, fire is simple, cheap, scaleable and surprisingly safe. So when processes that allow for the production of high value nanoparticles, such as quantum dots, with fire are developed, costs drastically drop and they become immediately scaleable and of potential interest to industry.

Fire can also produce harmful particles and by-products.

For instance, if you place a napkin in front of the exhaust of your car, black stuff will accumulate on it. This black residue is soot particles produced by the fire burning inside the engine. Similarly, smoking cigarettes causes soot to form and accumulate in a smoker’s lung, often causing cancer.

Soot is also, by some estimations, the third highest contributor to global warming after carbon dioxide and methane. However, those assessments may actually be underestimating the true contribution of soot to greenhouse gas effects.

Flame spray pyrolysis technology has also been used to simulate combustion conditions to not only study the impact of generated soot more accurately, but also test process changes that could virtually eliminate soot emissions. For example, one study used flame spray pyrolysis to show that injecting air downstream of jet fuel combustion can reduce soot emission by more than 90 per cent. Flame spray pyrolysis could continue to be a useful tool in researching the impacts of pollution.

The future of nanoparticles

But not all nanoparticles can be produced by fire. As such, research exploring new recipes and processes to make high-value nanoparticles that are not yet possible to make in fire could have a large impact.

For example, a major focus of my current work is to explore the possibility of using fire to make graphene. Graphene is the strongest material known at the nanoscale. My previous work shows that by using ultraviolet light, graphene can be transformed into strong macroscopic structures — possibly allowing it to be used in 3D printing.

Graphene is the strongest material known at nanoscale.
(Shutterstock)

Further, there’s massive untapped potential in nanomedicine to integrate the nanoparticles that are already possible to make in fire. Only about 30 types of nanoparticles are approved by the U.S. Food and Drug Administration — such as those used in COVID-19 vaccines, as well as iron-based nanoparticles used for treating anemia and kidney disease.

All those approved nanomedicines are given via injections. This leaves plenty of room to explore the benefits of inorganic nanoparticles in medicine — especially orally administrated therapeutics.

Keroles Riad is the founder and CEO of O Nanotech Solutions, a startup that produces flame-made quantum dots. He also receives funding from NSERC as a Canada Banting Postdoctoral Fellow. He also receives funding from MITACS as a part of their Accelerate Entrepreneur Program. He holds both scholarships at Carleton University. He is also the CEO of enuf, a Bcorp-certified social enterprise focused on sustainable waste management.

– ref. Using fire to produce nanoparticles could revolutionize various industries – https://theconversation.com/using-fire-to-produce-nanoparticles-could-revolutionize-various-industries-234058

MIL OSI – Global Reports –

MIL-OSI: Lloyds Bank PLC: 2025 Q1 Interim Management Statement

Source: GlobeNewswire (MIL-OSI)

LONDON, May 01, 2025 (GLOBE NEWSWIRE) —

Lloyds Bank plc
Q1 2025 Interim Management Statement
1 May 2025

Member of the Lloyds Banking Group

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

FINANCIAL REVIEW

Income statement

The Group’s profit before tax for the first three months of 2025 was £1,177 million, 26% lower than the same period in 2024. This was driven by higher operating expenses and a higher impairment charge. Profit after tax was £881 million (three months to 31 March 2024: £1,159 million).

Total income for the first three months of 2025 was £4,371 million, broadly in line with the same period in 2024 (three months to 31 March 2024: £4,385 million). Net interest income of £3,244 million was up 4% on the prior year (three months to 31 March 2024: £3,127 million), driven by a higher margin and higher average interest-earning assets. Other income decreased by 10% to £1,127 million (three months to 31 March 2024: £1,258 million). The decrease in other income reflected improved performance in UK Motor Finance, with fleet growth and higher average vehicle rental values, which was more than offset by negative market volatility and a reduction in income from fellow Lloyds Banking Group undertakings.

Total operating expenses of £2,884 million were 6% higher than in the prior year. This reflects higher costs, combining inflationary pressures, timing of strategic investment including planned higher severance front-loaded into the first quarter of 2025 and business growth costs, partly offset by cost savings and continued cost discipline. This is alongside higher operating lease depreciation, as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices over 2024.

No net remediation charge was recognised by the Group in the first three months of 2025 (three months to 31 March 2024: £25 million). There have been no further charges relating to motor finance commission arrangements. The Supreme Court heard the appeal of the Wrench, Johnson and Hopcraft decision in early April and has stated that it is likely to produce its judgment in July. The FCA has indicated that the decision will inform its next steps in the discretionary commission arrangements (DCA) review and that it will confirm within six weeks of the decision if it is proposing a redress scheme and if so, how it will take that forward. The FCA has also noted that its next steps on non-DCA complaints will be informed by the decision.

The impairment charge was £310 million, up from £70 million in the three months to 31 March 2024. Asset quality remained resilient in the quarter. The charge included strong portfolio performance in Retail, more than offset by a higher charge in Commercial Banking, partly due to the non-recurrence of a release from loss rates used in the model in 2024. The charge also included a £100 million central adjustment to address downside risks to the base case related to the potential impact from US tariff policies announced at the start of April. These were becoming apparent around the balance sheet date and were determined to not be fully captured within the modelled divisional ECL allowances. This is partially offset by benefits to the MES from small increases to house price and wage growth expectations.

FINANCIAL REVIEW (continued)

Balance sheet

Total assets were £5,143 million, or 1%, higher at £616,356 million at 31 March 2025 (31 December 2024: £611,213 million).

Financial assets at amortised cost were £3,135 million higher at £508,032 million (31 December 2024: £504,897 million) with increases in loans and advances to customers. This included growth of £4,807 million in UK mortgages and growth across UK Retail unsecured loans, credit cards, UK Motor Finance and the European retail business. Lending balances reduced in Commercial Banking as a result of repayments of government-backed lending. The growth in loans and advances to customers was partly offset by a £908 million reduction in reverse repurchase agreements, a £302 million reduction in loans and advances to banks and a £1,474 million reduction in debt securities.

Cash and balances at central banks decreased 1% to £42,000 million. Financial assets held at fair value through profit or loss increased by £733 million, due to increased reverse repurchase agreements. Derivative financial assets were £520 million lower at £3,715 million (31 December 2024: £4,235 million), driven by interest rate and currency movements in the period. Financial assets at fair value through other comprehensive income were stable in the period at £30,682 million. Other assets were £1,853 million higher, primarily reflecting increased settlement balances.

Total liabilities were £3,230 million higher at £574,696 million (31 December 2024: £571,466 million). Customer deposits of £456,574 million increased in the period by £4,780 million. Retail deposits increased by £2,637 million in the period, driven by net inflows to limited withdrawal and fixed term deposits alongside higher current account balances. Commercial Banking deposits were up in the quarter, aided by short term balances.

Other liabilities increased by £1,034 million reflecting increased settlement balances, while debt securities in issue decreased by £2,789 million, with higher levels of maturities in the period.

Total equity increased to £41,660 million at 31 March 2025 (31 December 2024: £39,747 million). The increase primarily reflected profit attributable to ordinary shareholders alongside unwind of the cash flow hedge reserve and issuance of an AT1 capital instrument in February 2025 to Lloyds Banking Group plc.

Capital

The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6% at 31 March 2025 from 13.7% at 31 December 2024. Profit for the first three months of the year was offset by the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

The Group’s total capital ratio at 31 March 2025 remained at 19.9% (31 December 2024: 19.9%). The increase in CET1 capital and the issuance of a new AT1 capital instrument were offset by the increase in risk-weighted assets and a reduction in tier 2 capital reflecting an instrument call and other movements.

Risk-weighted assets increased by £3,955 million to £190,951 million at 31 March 2025 from £186,996 million at 31 December 2024. This reflects the impact of lending growth, but also includes a temporary c.£2.5 billion increase primarily due to hedging activity that is expected to reverse by the third quarter. The growth in risk-weighted assets was partly offset by continued optimisation activity and other movements.

The Group’s UK leverage ratio increased to 5.5% at 31 March 2025 from 5.4% at 31 December 2024, reflecting an increase in the total tier 1 capital position, partially offset by an increase in the leverage exposure measure. The latter reflects increases across loans and advances and other assets, due in part to lending growth, partially offset by a reduction in the measure for securities financing transactions.


CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

	Three months ended 31 Mar 2025 £m		Three months ended 31 Mar 2024 £m

Net interest income	3,244		3,127
Other income	1,127		1,258
Total income	4,371		4,385
Operating expenses	(2,884	)	(2,728	)
Impairment	(310	)	(70	)
Profit before tax	1,177		1,587
Tax expense	(296	)	(428	)
Profit after tax	881		1,159

Profit attributable to ordinary shareholders	774		1,069
Profit attributable to other equity holders	98		86
Profit attributable to equity holders	872		1,155
Profit attributable to non-controlling interests	9		4
Profit after tax	881		1,159


CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

	At 31 Mar 2025 £m	At 31 Dec 2024 £m

Assets
Cash and balances at central banks	42,000	42,396
Financial assets at fair value through profit or loss	3,054	2,321
Derivative financial instruments	3,715	4,235
Financial assets at amortised cost	508,032	504,897
Financial assets at fair value through other comprehensive income	30,682	30,344
Other assets	28,873	27,020
Total assets	616,356	611,213
Liabilities
Deposits from banks	3,899	3,144
Customer deposits	456,574	451,794
Repurchase agreements	38,474	37,760
Due to fellow Lloyds Banking Group undertakings	3,981	4,049
Financial liabilities at fair value through profit or loss	4,538	4,630
Derivative financial instruments	5,327	5,787
Debt securities in issue at amortised cost	42,492	45,281
Other liabilities	12,844	11,810
Subordinated liabilities	6,567	7,211
Total liabilities	574,696	571,466
Total equity	41,660	39,747
Total equity and liabilities	616,356	611,213

ADDITIONAL FINANCIAL INFORMATION

1. Basis of presentation

This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the three months ended 31 March 2025.

The Group’s Q1 2025 Interim Pillar 3 Disclosures can be found at: www.lloydsbankinggroup.com/investors/financial-downloads.html.

Accounting policies

The accounting policies are consistent with those applied by the Group in its 2024 Annual Report and Accounts.

2. Loans and advances to customers and expected credit loss allowance

At 31 March 2025	Stage 1 £m		Stage 2 £m	Stage 3 £m	POCI £m	Total £m		Stage 2 as % of total	Stage 3 as % of total
Loans and advances to customers
UK mortgages	275,816		31,912	4,137	6,016	317,881		10.0	1.3
Credit cards	13,875		2,327	261	–	16,463		14.1	1.6
UK unsecured loans and overdrafts	9,660		1,325	171	–	11,156		11.9	1.5
UK Motor Finance	14,197		2,491	131	–	16,819		14.8	0.8
Other	18,462		471	151	–	19,084		2.5	0.8
Retail	332,010		38,526	4,851	6,016	381,403		10.1	1.3
Business and Commercial Banking	25,778		2,946	1,160	–	29,884		9.9	3.9
Corporate and Institutional Banking	36,705		2,528	1,007	–	40,240		6.3	2.5
Commercial Banking	62,483		5,474	2,167	–	70,124		7.8	3.1
Other¹	(414	)	–	–	–	(414	)
Total gross lending	394,079		44,000	7,018	6,016	451,113		9.8	1.6

Customer related ECL allowance (drawn and undrawn)
UK mortgages	52		245	322	179	798
Credit cards	199		308	130	–	637
UK unsecured loans and overdrafts	167		240	114	–	521
UK Motor Finance²	170		118	75	–	363
Other	14		14	38	–	66
Retail	602		925	679	179	2,385
Business and Commercial Banking	133		183	172	–	488
Corporate and Institutional Banking	108		149	323	–	580
Commercial Banking	241		332	495	–	1,068
Other³	50		50	–	–	100
Total	893		1,307	1,174	179	3,553

Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers
	Stage 1 %		Stage 2 %	Stage 3 %	POCI %	Total %
UK mortgages	–		0.8	7.8	3.0	0.3
Credit cards	1.4		13.2	49.8	–	3.9
UK unsecured loans and overdrafts	1.7		18.1	66.7	–	4.7
UK Motor Finance	1.2		4.7	57.3	–	2.2
Other	0.1		3.0	25.2	–	0.3
Retail	0.2		2.4	14.0	3.0	0.6
Business and Commercial Banking	0.5		6.2	14.8	–	1.6
Corporate and Institutional Banking	0.3		5.9	32.1	–	1.4
Commercial Banking	0.4		6.1	22.8	–	1.5
Other				–	–
Total	0.2		3.0	16.7	3.0	0.8

¹ Contains central fair value hedge accounting adjustments.
² UK Motor Finance includes £178 million relating to provisions against residual values of vehicles subject to finance leases.
³ Other includes a £100 million central adjustment that has not been allocated to specific portfolios.

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions

Base case and MES economic assumptions

The Group’s base case scenario is for a slow expansion in gross domestic product (GDP) and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Inflationary pressures remain persistent, but gradual cuts in UK Bank Rate are expected to continue during 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the first quarter of 2025. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements of the Group’s 2024 annual report and accounts.

The Group had included assumptions for expected tariffs and potential responses in its quarter-end base case conditioning assumptions prior to announcements at the start of April. Initial non-UK tariffs announced in the first few days of April and the immediate market response were larger than expected. Accordingly, the Group has adopted a £100 million central adjustment to reflect the potential ECL impact, informed by high level sensitivity to key UK economic metrics based on tariff scenarios. Subsequent developments through April were judged to relate to conditions after the balance sheet date and will be reflected in the second quarter reporting period.

UK economic assumptions – base case scenario by quarter

Key quarterly assumptions made by the Group in the base case scenario are shown below. GDP growth is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

At 31 March 2025	First quarter 2025 %	Second quarter 2025 %	Third quarter 2025 %	Fourth quarter 2025 %	First quarter 2026 %	Second quarter 2026 %	Third quarter 2026 %	Fourth quarter 2026 %

Gross domestic product growth	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.4
Unemployment rate	4.6	4.7	4.8	4.8	4.8	4.8	4.8	4.8
House price growth	3.8	3.8	2.4	1.7	1.3	1.7	1.9	1.8
Commercial real estate price growth	2.6	2.8	2.7	1.3	0.9	0.7	0.8	1.1
UK Bank Rate	4.50	4.25	4.00	4.00	3.75	3.75	3.50	3.50
CPI inflation	2.8	3.6	3.6	3.5	3.0	2.8	2.6	2.7

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions (continued)

UK economic assumptions – scenarios by year

Key annual assumptions made by the Group are shown below. GDP growth and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

At 31 March 2025	2025 %		2026 %		2027 %		2028 %		2029 %		2025-2029 average %

Upside
Gross domestic product growth	1.3		2.2		1.6		1.5		1.4		1.6
Unemployment rate	4.1		3.2		3.1		3.1		3.2		3.3
House price growth	2.9		5.9		6.8		5.4		4.3		5.1
Commercial real estate price growth	6.1		5.7		2.6		1.0		0.4		3.2
UK Bank Rate	4.43		4.72		4.86		5.06		5.20		4.85
CPI inflation	3.3		2.8		2.8		3.1		3.0		3.0

Base case
Gross domestic product growth	0.8		1.4		1.6		1.6		1.5		1.3
Unemployment rate	4.7		4.8		4.6		4.5		4.5		4.6
House price growth	1.7		1.8		1.9		2.5		2.9		2.1
Commercial real estate price growth	1.3		1.1		1.2		0.6		0.3		0.9
UK Bank Rate	4.19		3.63		3.50		3.50		3.50		3.66
CPI inflation	3.4		2.8		2.5		2.5		2.4		2.7

Downside
Gross domestic product growth	(0.2	)	(0.9	)	0.9		1.5		1.5		0.6
Unemployment rate	5.6		7.4		7.6		7.3		7.0		7.0
House price growth	0.5		(3.4	)	(6.7	)	(4.2	)	(1.1	)	(3.0	)
Commercial real estate price growth	(4.7	)	(5.7	)	(1.7	)	(2.2	)	(2.3	)	(3.4	)
UK Bank Rate	3.83		1.67		0.96		0.65		0.42		1.51
CPI inflation	3.4		2.8		2.0		1.5		1.0		2.1

Severe downside
Gross domestic product growth	(1.1	)	(2.3	)	0.7		1.4		1.5		0.0
Unemployment rate	6.8		10.0		10.2		9.7		9.3		9.2
House price growth	(0.6	)	(8.4	)	(13.8	)	(9.6	)	(5.0	)	(7.6	)
Commercial real estate price growth	(12.5	)	(13.3	)	(7.1	)	(5.7	)	(4.9	)	(8.8	)
UK Bank Rate – modelled	3.38		0.39		0.09		0.03		0.01		0.78
UK Bank Rate – adjusted¹	4.25		2.94		2.80		2.76		2.75		3.10
CPI inflation – modelled	3.4		2.5		1.3		0.4		(0.2	)	1.5
CPI inflation – adjusted¹	3.8		3.8		3.2		2.7		2.4		3.2

Probability-weighted
Gross domestic product growth	0.5		0.6		1.3		1.5		1.5		1.1
Unemployment rate	5.0		5.6		5.6		5.4		5.4		5.4
House price growth	1.4		0.5		(0.8	)	0.1		1.3		0.5
Commercial real estate price growth	(0.4	)	(1.0	)	(0.1	)	(0.7	)	(1.0	)	(0.6	)
UK Bank Rate – modelled	4.07		3.04		2.81		2.76		2.74		3.08
UK Bank Rate – adjusted¹	4.16		3.30		3.08		3.04		3.01		3.32
CPI inflation – modelled	3.4		2.7		2.3		2.1		1.9		2.5
CPI inflation – adjusted¹	3.4		2.9		2.5		2.4		2.2		2.7

¹ The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.

CONTACTS

For further information please contact:

INVESTORS AND ANALYSTS
Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com

Rohith Chandra-Rajan
Director of Investor Relations
07786 988936
rohith.chandra-rajan@lloydsbanking.com

Nora Thoden
Director of Investor Relations – ESG
020 7356 2334
nora.thoden@lloydsbanking.com

Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com

Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com

CORPORATE AFFAIRS
Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com

Emma Fairhurst
Media Relations Senior Manager
07814 395 855
emma.fairhurst@lloydsbanking.com

Copies of this Interim Management Statement may be obtained from:
Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
Registered in England No. 2065

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

MIL-OSI: Parker Reports Fiscal 2025 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, May 01, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended March 31, 2025, that included the following highlights (compared with the prior year quarter):

Fiscal 2025 Third Quarter Highlights:

Sales were $5.0 billion; organic sales growth was 1%
Net income was $961 million, an increase of 32%, or $904 million adjusted, an increase of 6%
EPS were $7.37, an increase of 33%, or $6.94 adjusted, an increase of 7%
Segment operating margin was 23.2%, an increase of 170 bps, or 26.3% adjusted, an increase of 160 bps
YTD cash flow from operations increased 8% to $2.3 billion, or 15.8% of sales
Repurchased $650 million of shares in the quarter

“Our third quarter performance demonstrates the strength of our business and our global team’s ability to continue to deliver record results,” said Jenny Parmentier, Chairman and Chief Executive Officer. “All reported businesses showed substantial margin expansion and helped us surpass 26% adjusted segment operating margin for the first time. We also produced record earnings per share, generated record cash flow from operations, and repurchased $650 million of shares. We recently announced a 10% increase in our quarterly cash dividend and are committed to our strategy of actively deploying capital to drive shareholder value, including acquisitions and increased share repurchase activity, depending on market conditions.”

“The resiliency of our portfolio coupled with the power of our business system, The Win Strategy™, has enabled us to consistently deliver strong results through business cycles. With our decentralized structure and the agility of our global teams, we are confident in our ability to manage through macroeconomic uncertainty, including tariffs. We are fully committed to achieving our fiscal year 2029 financial targets.”

This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

Outlook

Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

Sales growth in fiscal 2025 of approximately (1%), with organic sales growth of approximately 1%; divestitures of (1.5%) and unfavorable currency of (0.5%)
Total segment operating margin of approximately 22.7%, or approximately 25.9% on an adjusted basis
EPS of $25.92 to $26.12, or $26.60 to $26.80 on an adjusted basis, and includes the effect of announced tariffs fully offset by mitigation actions

Segment Results


Diversified Industrial Segment

North America Businesses
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	2,031		$	2,231		-9.0	%	-3.5	%
Segment Operating Income	$	467		$	490		-4.8	%
Segment Operating Margin		23.0	%		22.0	%	100 bps
Adjusted Segment Operating Income	$	513		$	538		-4.8	%
Adjusted Segment Operating Margin		25.2	%		24.1	%	110 bps

Achieved record adjusted segment operating margin
Softness in transportation, off-highway and energy markets
Orders positive for second consecutive quarter


International Businesses
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	1,358		$	1,434		-5.3	%	-2.8	%
Segment Operating Income	$	312		$	310		0.7	%
Segment Operating Margin		23.0	%		21.6	%	140 bps
Adjusted Segment Operating Income	$	340		$	337		1.2	%
Adjusted Segment Operating Margin		25.1	%		23.5	%	160 bps

Achieved record adjusted segment operating margin
Organic growth: 2% APAC; (7%) EMEA; 8% LA
Orders accelerate on long-cycle strength


Aerospace Systems Segment
$ in mm	FY25 Q3			FY24 Q3			Change		Organic Growth
Sales	$	1,572		$	1,409		11.6	%	11.7	%
Segment Operating Income	$	373		$	289		28.9	%
Segment Operating Margin		23.7	%		20.5	%	320 bps
Adjusted Segment Operating Income	$	451		$	376		19.8	%
Adjusted Segment Operating Margin		28.7	%		26.7	%	200 bps

Achieved record sales on continued aftermarket strength
Delivered record adjusted segment operating margin
Aerospace backlog increased to a record $7.3 billion


Order Rates

	FY25 Q3
Parker	+9	%
Diversified Industrial Segment – North America Businesses	+3	%
Diversified Industrial Segment – International Businesses	+11	%
Aerospace Systems Segment	+14	%

Parker order rates increased to 9% reflecting our transformed portfolio and long-cycle strength
Aerospace orders increased to 14% driven by strength in both commercial and defense
Orders remained positive across all reported businesses

About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

Contacts:
Media:	Financial Analysts:
Aidan Gormley	Jeff Miller
216-896-3258	216-896-2708
aidan.gormley@parker.com	jeffrey.miller@parker.com

Notice of Webcast
Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 third quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

Note on Orders The company reported orders for the quarter ending March 31, 2025, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

Note on Non-GAAP Financial Measures
This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margin for Parker and by segment; (d) adjusted segment operating income for Parker and by segment and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

Forward-Looking Statements
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.


CONSOLIDATED STATEMENT OF INCOME

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands, except per share amounts)		2025			2024			2025			2024
Net sales	$	4,960,349		$	5,074,356		$	14,606,926		$	14,742,791
Cost of sales		3,129,951			3,279,650			9,249,899			9,478,961
Selling, general and administrative expenses		784,355			816,337			2,415,565			2,496,830
Interest expense		95,942			123,732			309,835			387,229
Other income, net		(44,713	)		(65,406	)		(404,230	)		(228,872	)
Income before income taxes		994,814			920,043			3,035,857			2,608,643
Income taxes		33,628			193,309			427,494			548,780
Net income		961,186			726,734			2,608,363			2,059,863
Less: Noncontrolling interests		320			160			535			611
Net income attributable to common shareholders	$	960,866		$	726,574		$	2,607,828		$	2,059,252

Earnings per share attributable to common shareholders:
Basic earnings per share	$	7.48		$	5.65		$	20.28		$	16.03
Diluted earnings per share	$	7.37		$	5.56		$	19.97		$	15.82

Average shares outstanding during period – Basic		128,442,623			128,502,829			128,619,515			128,467,209
Average shares outstanding during period – Diluted		130,320,802			130,593,026			130,576,225			130,169,331


CASH DIVIDENDS PER COMMON SHARE
	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Amounts in dollars)		2025			2024			2025			2024
Cash dividends per common share	$	1.63		$	1.48		$	4.89		$	4.44


RECONCILIATION OF ORGANIC GROWTH

(Unaudited)	Three Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment	(7.6	)%	(1.5	)%	(2.9	)%	(3.2	)%
Aerospace Systems Segment	11.6	%	(0.1	)%	—	%	11.7	%
Total	(2.2	)%	(1.0	)%	(2.1	)%	0.9	%

(Unaudited)	Nine Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment	(6.5	)%	(1.0	)%	(1.7	)%	(3.8	)%
Aerospace Systems Segment	14.3	%	0.1	%	—	%	14.2	%
Total	(0.9	)%	(0.7	)%	(1.2	)%	1.0	%


RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Net income attributable to common shareholders	$	960,866		$	726,574		$	2,607,828		$	2,059,252
Adjustments:
Acquired intangible asset amortization expense		135,964			141,216			414,211			438,763
Business realignment charges		10,379			8,468			40,740			35,914
Integration costs to achieve		5,447			13,256			18,751			29,676
Gain on sale of building		—			—			(10,461	)		—
Gain on divestitures		—			—			(249,748	)		(25,651	)
Saegertown incident		7,725			—			7,725			—
Tax effect of adjustments¹		(36,689	)		(38,779	)		(82,337	)		(108,403	)
Discrete tax benefit²		(179,849	)		—			(179,849	)		—
Adjusted net income attributable to common shareholders	$	903,843		$	850,735		$	2,566,860		$	2,429,551


RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Amounts in dollars)		2025			2024			2025			2024
Earnings per diluted share	$	7.37		$	5.56		$	19.97		$	15.82
Adjustments:
Acquired intangible asset amortization expense		1.04			1.08			3.17			3.36
Business realignment charges		0.08			0.06			0.31			0.27
Integration costs to achieve		0.04			0.10			0.14			0.23
Gain on sale of building		—			—			(0.08	)		—
Gain on divestitures		—			—			(1.91	)		(0.20	)
Saegertown incident		0.06			—			0.06			—
Tax effect of adjustments¹		(0.28	)		(0.29	)		(0.61	)		(0.82	)
Discrete tax benefit²		(1.37	)		—			(1.37	)		—
Adjusted earnings per diluted share	$	6.94		$	6.51		$	19.68		$	18.66

¹This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
²Release of a tax valuation allowance.


BUSINESS SEGMENT INFORMATION

	Three Months Ended					Nine Months Ended
(Unaudited)	March 31,					March 31,
(Dollars in thousands)		2025		2024			2025			2024
Net sales
Diversified Industrial	$	3,388,759	$	3,665,643		$	10,097,723		$	10,798,644
Aerospace Systems		1,571,590		1,408,713			4,509,203			3,944,147
Total net sales	$	4,960,349	$	5,074,356		$	14,606,926		$	14,742,791
Segment operating income
Diversified Industrial	$	779,103	$	800,211		$	2,273,211		$	2,359,299
Aerospace Systems		372,908		289,339			1,034,078			778,711
Total segment operating income		1,152,011		1,089,550			3,307,289			3,138,010
Corporate general and administrative expenses		43,698		56,782			148,756			162,340
Income before interest expense and other expense (income), net		1,108,313		1,032,768			3,158,533			2,975,670
Interest expense		95,942		123,732			309,835			387,229
Other expense (income), net		17,557		(11,007	)		(187,159	)		(20,202	)
Income before income taxes	$	994,814	$	920,043		$	3,035,857		$	2,608,643


RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment sales	$	3,388,759		$	3,665,643		$	10,097,723		$	10,798,644

Diversified Industrial Segment operating income	$	779,103		$	800,211		$	2,273,211		$	2,359,299
Adjustments:
Acquired intangible asset amortization		61,600			66,409			189,434			201,669
Business realignment charges		10,249			6,953			38,492			32,877
Integration costs to achieve		2,072			1,292			3,477			3,302
Adjusted Diversified Industrial Segment operating income	$	853,024		$	874,865		$	2,504,614		$	2,597,147

Diversified Industrial Segment operating margin		23.0	%		21.8	%		22.5	%		21.8	%
Adjusted Diversified Industrial Segment operating margin		25.2	%		23.9	%		24.8	%		24.1	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Aerospace Systems Segment sales	$	1,571,590		$	1,408,713		$	4,509,203		$	3,944,147

Aerospace Systems Segment operating income	$	372,908		$	289,339		$	1,034,078		$	778,711
Adjustments:
Acquired intangible asset amortization		74,364			74,807			224,777			237,094
Business realignment charges		35			(12	)		429			318
Integration costs to achieve		3,375			11,964			15,274			26,374
Adjusted Aerospace Systems Segment operating income	$	450,682		$	376,098		$	1,274,558		$	1,042,497

Aerospace Systems Segment operating margin		23.7	%		20.5	%		22.9	%		19.7	%
Adjusted Aerospace Systems Segment operating margin		28.7	%		26.7	%		28.3	%		26.4	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Total net sales	$	4,960,349		$	5,074,356		$	14,606,926		$	14,742,791

Total segment operating income	$	1,152,011		$	1,089,550		$	3,307,289		$	3,138,010
Adjustments:
Acquired intangible asset amortization		135,964			141,216			414,211			438,763
Business realignment charges		10,284			6,941			38,921			33,195
Integration costs to achieve		5,447			13,256			18,751			29,676
Adjusted total segment operating income	$	1,303,706		$	1,250,963		$	3,779,172		$	3,639,644

Total segment operating margin		23.2	%		21.5	%		22.6	%		21.3	%
Adjusted total segment operating margin		26.3	%		24.7	%		25.9	%		24.7	%


CONSOLIDATED BALANCE SHEET

(Unaudited)	March 31,		June 30,
(Dollars in thousands)		2025		2024
Assets
Current assets:
Cash and cash equivalents	$	408,735	$	422,027
Trade accounts receivable, net		2,852,833		2,865,546
Non-trade and notes receivable		281,789		331,429
Inventories		2,822,547		2,786,800
Prepaid expenses		253,436		252,618
Other current assets		157,800		140,204
Total current assets		6,777,140		6,798,624
Property, plant and equipment, net		2,821,566		2,875,668
Deferred income taxes		271,431		92,704
Investments and other assets		1,215,201		1,207,232
Intangible assets, net		7,370,524		7,816,181
Goodwill		10,461,946		10,507,433
Total assets	$	28,917,808	$	29,297,842

Liabilities and equity
Current liabilities:
Notes payable and long-term debt payable within one year	$	1,951,543	$	3,403,065
Accounts payable, trade		1,980,967		1,991,639
Accrued payrolls and other compensation		473,725		581,251
Accrued domestic and foreign taxes		356,506		354,659
Other accrued liabilities		851,725		982,695
Total current liabilities		5,614,466		7,313,309
Long-term debt		7,421,370		7,157,034
Pensions and other postretirement benefits		389,891		437,490
Deferred income taxes		1,399,612		1,583,923
Other liabilities		692,644		725,193
Shareholders’ equity		13,390,974		12,071,972
Noncontrolling interests		8,851		8,921
Total liabilities and equity	$	28,917,808	$	29,297,842


CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended
(Unaudited)	March 31,
(Dollars in thousands)		2025			2024
Cash flows from operating activities:
Net income	$	2,608,363		$	2,059,863
Depreciation and amortization		677,665			696,463
Stock incentive plan compensation		129,766			128,682
Gain on sale of businesses		(253,043	)		(23,667	)
(Gain) loss on property, plant and equipment and intangible assets		(8,531	)		5,847
Net change in receivables, inventories and trade payables		(101,351	)		(244,268	)
Net change in other assets and liabilities		(514,937	)		(427,509	)
Other, net		(229,171	)		(48,334	)
Net cash provided by operating activities		2,308,761			2,147,077
Cash flows from investing activities:
Capital expenditures		(304,153	)		(283,328	)
Proceeds from property, plant and equipment		31,871			8,905
Proceeds from sale of businesses		622,697			75,561
Other, net		(5,745	)		4,561
Net cash provided by (used in) investing activities		344,670			(194,301	)
Cash flows from financing activities:
Net payments for common stock activity		(856,925	)		(237,689	)
Acquisition of noncontrolling interests		—			(2,883	)
Net payments for debt		(1,193,952	)		(1,193,373	)
Dividends paid		(630,168	)		(571,583	)
Net cash used in financing activities		(2,681,045	)		(2,005,528	)
Effect of exchange rate changes on cash		14,322			(16,946	)
Net decrease in cash and cash equivalents		(13,292	)		(69,698	)
Cash and cash equivalents at beginning of year		422,027			475,182
Cash and cash equivalents at end of period	$	408,735		$	405,484

RECONCILIATION OF FORECASTED ORGANIC GROWTH
(Unaudited)
(Amounts in percentages)	Fiscal Year 2025
Forecasted net sales	~ (1%)
Adjustments:
Currency	0.5%
Divestitures	1.5%
Adjusted forecasted net sales	~ 1%


RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN

(Unaudited)
(Amounts in percentages)	Fiscal Year 2025
Forecasted segment operating margin	~ 22.7%
Adjustments:
Business realignment charges	0.3%
Costs to achieve	0.1%
Acquisition-related intangible asset amortization expense	2.8%
Adjusted forecasted segment operating margin	~ 25.9%


RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE

(Unaudited)
(Amounts in dollars)	Fiscal Year 2025
Forecasted earnings per diluted share	$25.92 to $26.12
Adjustments:
Business realignment charges	0.47
Costs to achieve	0.17
Acquisition-related intangible asset amortization expense	4.22
Net gain on divestitures	(1.91)
Gain on sale of building	(0.08)
Saegertown incident	0.06
Tax effect of adjustments¹	(0.88)
Discrete tax benefit²	(1.37)
Adjusted forecasted earnings per diluted share	$26.60 to $26.80

¹This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

²Release of a tax valuation allowance.

Note: Totals may not foot due to rounding


SUPPLEMENTAL INFORMATION

BUSINESS SEGMENT INFORMATION
	Three Months Ended				Nine Months Ended
(Unaudited)	March 31,				March 31,
(Dollars in thousands)		2025		2024		2025		2024
Net sales
Diversified Industrial:
North America businesses	$	2,030,970	$	2,231,478	$	6,059,302	$	6,571,587
International businesses		1,357,789		1,434,165		4,038,421		4,227,057

Segment operating income
Diversified Industrial:
North America businesses	$	467,064	$	490,452	$	1,378,194	$	1,458,355
International businesses		312,039		309,759		895,017		900,944


RECONCILIATION OF ORGANIC GROWTH

(Unaudited)	Three Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment:
North America businesses	(9.0	)%	(0.8	)%	(4.7	)%	(3.5	)%
International businesses:
Europe	(8.6	)%	(1.7	)%	—	%	(6.9	)%
Asia Pacific	(0.8	)%	(3.0	)%	—	%	2.2	%
Latin America	(0.2	)%	(8.1	)%	—	%	7.9	%
International businesses	(5.3	)%	(2.5	)%	—	%	(2.8	)%

(Unaudited)	Nine Months Ended
	As Reported						Adjusted
	March 31, 2025		Currency		Divestitures		March 31, 2025
Diversified Industrial Segment:
North America businesses	(7.8	)%	(0.6	)%	(2.7	)%	(4.5	)%
International businesses:
Europe	(8.1	)%	(0.4	)%	—	%	(7.7	)%
Asia Pacific	0.8	%	(1.9	)%	—	%	2.7	%
Latin America	(3.3	)%	(13.9	)%	—	%	10.6	%
International businesses	(4.5	)%	(1.8	)%	—	%	(2.7	)%


RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS

	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment:
North America businesses sales	$	2,030,970		$	2,231,478		$	6,059,302		$	6,571,587

North America businesses operating income	$	467,064		$	490,452		$	1,378,194		$	1,458,355
Adjustments:
Acquired intangible asset amortization		40,209			43,945			124,169			133,327
Business realignment charges		4,218			3,058			13,106			8,892
Integration costs to achieve		1,038			841			2,088			2,348
Adjusted North America businesses operating income	$	512,529		$	538,296		$	1,517,557		$	1,602,922

North America businesses operating margin		23.0	%		22.0	%		22.7	%		22.2	%
Adjusted North America businesses operating margin		25.2	%		24.1	%		25.0	%		24.4	%


	Three Months Ended						Nine Months Ended
(Unaudited)	March 31,						March 31,
(Dollars in thousands)		2025			2024			2025			2024
Diversified Industrial Segment:
International businesses sales	$	1,357,789		$	1,434,165		$	4,038,421		$	4,227,057

International businesses operating income	$	312,039		$	309,759		$	895,017		$	900,944
Adjustments:
Acquired intangible asset amortization		21,391			22,464			65,265			68,342
Business realignment charges		6,031			3,895			25,386			23,985
Integration costs to achieve		1,034			451			1,389			954
Adjusted International businesses operating income	$	340,495		$	336,569		$	987,057		$	994,225

International businesses operating margin		23.0	%		21.6	%		22.2	%		21.3	%
Adjusted International businesses operating margin		25.1	%		23.5	%		24.4	%		23.5	%

MIL-OSI: WISeKey Confirms June Launch of Next-Generation WISeSat Satellite with SpaceX Featuring Encrypted Communications and SEALCOIN Integration

Source: GlobeNewswire (MIL-OSI)

WISeKey Confirms June Launch of Next-Generation WISeSat Satellite with SpaceX Featuring Encrypted Communications and SEALCOIN Integration

Geneva, Switzerland, May 1, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces the upcoming launch of its next-generation WISeSat.Space satellite aboard a SpaceX mission in June 2025. This milestone marks a major technological step forward for WISeSat.Space’s secure space communications infrastructure and the deployment of Transactional IoT (t-IoT) solutions directly from orbit.

The upcoming satellite launch introduces two significant innovations: first, the capability to establish secure, encrypted communications with WISePhone mobile devices, and second, the integration of SEALCOIN, a decentralized agent embedded in the satellite enabling machine-to-machine (M2M) transactions from space. These features significantly enhance the utility of WISeSat.Space’s constellation, as it evolves toward a fully decentralized, secure IoT and communications network supporting autonomous digital ecosystems.

This development supports WISeSat.Space’s ongoing mission to deliver secure, scalable IoT connectivity from space and strengthens European independence in satellite communications. By anchoring its infrastructure in Europe, WISeSat.Space ensures data sovereignty and helps reduce reliance on non-European providers for strategic technologies, in line with EU objectives for technological resilience and autonomy.

The new generation of WISeSat.Space satellites are compact picosatellites that leverage SEALSQ Corp. (“SEALSQ”) (NASDAQ: LAES) semiconductors and WISeKey’s advanced cryptographic keys, including quantum-resistant algorithms. These satellites are optimized for secure, low-power, and long-range data collection in off-grid and remote locations. Their applications span environmental monitoring, disaster management, industrial automation, and smart agriculture. The technology ensures encrypted end-to-end data transmission, enabling safe and reliable operations in critical sectors.

The launch will also include a Proof of Concept (PoC) demonstrating SEALCOIN’s potential to facilitate secure, decentralized satellite-initiated transactions with IoT devices without human intervention. Built on Hedera’s Decentralized Ledger Technology (DLT), SEALCOIN offers transparent, tamper-proof, and autonomous transaction capability,paving the way for a scalable transactional IoT infrastructure. This breakthrough sets the stage for next-generation M2M applications in smart cities, logistics, environmental sensing, and beyond.

WISeSat a secure nanosatellite platform developed by WISeKey, through its space division, WISeSat.Space, is designed to provide resilient, encrypted, and globally accessible connectivity for IoT ecosystems. Its primary function is to enable secure, satellite-based communication for IoT devices deployed in remote, hard-to-reach, or infrastructure-poor areas where traditional terrestrial networks (such as fiber, 4G/5G, or Wi-Fi) are unavailable, unreliable, or too costly to implement.

A key use case is in precision agriculture, where WISeSat can connect sensors measuring soil moisture, temperature, crop health, and irrigation needs, helping farmers optimize yields, reduce water waste, and increase sustainability,even in rural or developing regions. This satellite connectivity ensures constant data flow regardless of geography or local telecom limitations.

Another important application is in environmental monitoring and climate science. Sensors deployed in remote forests, oceans, glaciers, or protected natural areas can transmit real-time data on air quality, deforestation, wildlife movement, or water levels. This helps governments, researchers, and NGOs make faster decisions on conservation, disaster prevention, or policy implementation.

In industries such as oil and gas, mining, and maritime logistics, WISESat provides critical connectivity to monitor and control assets located in offshore rigs, remote mines, or cargo ships. This includes real-time tracking of machinery health, fuel consumption, emissions, and security status. Similarly, in global supply chains, the platform enables secure monitoring of the condition and location of containers and high-value goods as they traverse continents, oceans, and customs zones, greatly reducing theft, spoilage, and logistical inefficiencies.

Healthcare is another frontier where WISESat is impactful. In remote or underserved areas, health monitoring devices and mobile clinics can use the satellite network to transmit patient data securely to centralized hospitals or doctors, enabling telemedicine and diagnostics even during emergencies or pandemics. It is especially critical for applications like vaccine refrigeration monitoring, ensuring proper storage temperatures in regions lacking stable electricity or cellular coverage.

WISeSat also enhances disaster response capabilities. During earthquakes, hurricanes, blackouts or wildfires, terrestrial infrastructure is often destroyed or disrupted. WISeSat ensures that emergency response units and sensor networks continue to transmit data on ground conditions, population movement, and structural damage, enabling faster, data-driven response coordination.

From a cybersecurity standpoint, WISESat integrates WISeKey’s advanced cryptographic technologies, including post-quantum encryption developed through its SEALSQ subsidiary. This makes it suitable for high-security applications such as defense, critical infrastructure monitoring, smart cities, and government communication, where data integrity and identity verification are essential. It also supports remote identity management, enabling secure authentication of both devices and users over satellite links.

WISeSat serves as a critical enabler of secure digital transformation in sectors where uninterrupted, trustworthy, and decentralized connectivity is mission-critical. It bridges the digital divide and protects data integrity from the sky, ushering in a new era of trusted space-based communications.

In parallel, the satellite’s upgraded semiconductor components, developed by SEALSQ, will enhance processing and communications capabilities, enabling faster and more responsive data transmission. These improvements are essential for real-time monitoring and automation in industries affected by climate change and other dynamic conditions.

With this launch, WISeKey reaffirms its commitment to advancing secure, decentralized digital infrastructure from space while supporting Europe’s leadership in satellite innovation. The June mission represents a major leap forward in enabling trusted connectivity, secure IoT transactions, and autonomous systems that extend far beyond Earth’s surface.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

MIL-OSI: Orezone Provides Update on RCF Block Trade to Australian Funds

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to report that the recent block trade of 40 million common shares at a price of C$1.15 per share by Resource Capital Fund VII L.P. (“RCF”) was placed into institutional funds based in Australia.

This sale of shares aligns with the Company’s intention to complete a secondary listing on the Australian Securities Exchange (“ASX”) to expand the Company’s market profile and trading liquidity through access to an incremental pool of retail and institutional investors including specialist mining focused funds.

Currently, 14% of the Company’s share registry is held by Australian based institutional funds, which is expected to increase after the proposed secondary listing on the ASX is completed by the end of June 2025.

RCF became a strategic shareholder of Orezone in April 2018 during the early-stage development of the Bomboré Gold Mine and also participated in the subsequent debt financing of the Phase I oxide construction. RCF remains a strong supporter and significant shareholder of Orezone for the Phase II hard rock expansion currently underway at the Bomboré Gold Mine.

Immediately following the disclosed sale, RCF holds 32.4 million Orezone common shares and a US$25 million convertible debenture maturing on October 15, 2026.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

Contact Information

Patrick Downey
President and Chief Executive Officer

Kevin MacKenzie
Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

Qualified Persons

The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 – Standards of Disclosure for Mineral Projects.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Company’s intention to list on the ASX by the end of June 2025.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

MIL-OSI USA: California sues Trump administration for dismantling AmeriCorps

Source: US State of California 2

Apr 29, 2025

What you need to know: California is filing a lawsuit today against the Trump administration for dismantling AmeriCorps, which puts service and volunteer programs across the country and in California at risk.

SACRAMENTO — Today, Governor Gavin Newsom and Attorney General Rob Bonta announced that California, along with other states, is suing the Trump administration over recent DOGE efforts to dismantle AmeriCorps – the federal agency vital to supporting volunteer and service efforts in California and across the country.

As the federal government cuts AmeriCorps programs, the state is recruiting for the California Service Corps program — already the largest service corps in the nation, surpassing the size of the Peace Corps.

Service sits at the very core of who we are as Americans. California is suing the Trump administration to defend thousands of hardworking service members and the communities they serve.

These actions by President Trump and Elon Musk not only threaten our funding – they vandalize our values. We’re going to fight to stop them.

Governor Gavin Newsom

In the complaint today, the Attorney General Bonta and a multistate coalition argue that by abruptly canceling critical grants and gutting AmeriCorps’ workforce, the Trump Administration is effectively shuttering the national volunteer agency and ending states’ abilities to support AmeriCorps programs within their borders.

“AmeriCorps volunteers bring out the best in America and in our communities. By abruptly canceling critical grants and gutting AmeriCorps’ workforce and volunteers, DOGE is dismantling AmeriCorps without any concern for the thousands of people who are ready and eager to serve their country — or for those whose communities are stronger because of this public service,” said Attorney General Bonta. “In California, AmeriCorps volunteers build affordable housing, clean up our environment, and address food insecurity in communities across our state. California has repeatedly taken action to hold the Trump Administration and DOGE accountable to the law — and we stand prepared to do it again to protect AmeriCorps and the vital services it provides.”

In 2024, at least 6,150 California members served at more than 1,200 locations, including schools, food banks, homeless shelters, health clinics, youth centers, veterans’ facilities, and other nonprofit and faith-based organizations. When the devastating fires struck Los Angeles earlier this year, AmeriCorps members were on the ground, distributing supplies and supporting families. The agency’s shutdown ends these efforts.

“DOGE isn’t just cutting jobs — they’re attacking the very people who keep California strong,” said GO-Serve Director Josh Fryday. “They’re coming after the service members who responded to the LA fires, the tutors helping our kids and the young leaders caring for our seniors. It’s outrageous, it’s illegal and we won’t back down. In California, we’re not just defending service — we’re strengthening it. California is doubling down, and we trust the courts will strike this down and uphold the values we fight for every day.”

California Service Corps is the largest service force in the nation, consisting of four paid service programs:

Combined, it is a force larger than the Peace Corps and is mobilized at a time when California is addressing post-pandemic academic recovery, rebuilding from the LA fires and planning for the future of the state’s workforce.

In the 2023-24 service year, AmeriCorps members in California:

Provided 4,397,674 hours of service
Tutored/mentored 73,833 students
Supported 17,000 foster youth with education and employment
Planted 39,288 trees

Members helped 26,000 households impacted by the LA fires and packed 21,000 food boxes.

Press Releases, Recent News

Recent news

Apr 28, 2025

News SACRAMENTO — Governor Gavin Newsom today issued the following statement congratulating newly elected Canadian Prime Minister Mark Carney:“Jennifer and I warmly congratulate Prime Minister Mark Carney on his party’s election victory in Canada. California looks…

Apr 28, 2025

News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 28, 2025 as “Workers’ Memorial Day.”The text of the proclamation and a copy can be found below: PROCLAMATIONOn Workers’ Memorial Day, we acknowledge, remember, and honor…

Apr 25, 2025

News What you need to know: DOGE is ramping up its work to dismantle AmeriCorps. California will sue to stop it. SACRAMENTO – Governor Gavin Newsom today issued the following statement after California received notice from the federal government of termination of its…

MIL-OSI: Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, CA, May 01, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the fiscal quarter ended March 31, 2025.

Financial Highlights for the Quarter Ended March 31, 2025

Total investment income was $77.6 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $86.6 million ($1.05 per share) for the first fiscal quarter of 2025. Adjusted total investment income was $77.2 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $87.1 million ($1.06 per share) for the first fiscal quarter of 2025. The decrease was driven by lower interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

GAAP net investment income was $39.1 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.3 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and income-based (“Part I”) incentive fees (net of fees waived).

Adjusted net investment income was $38.7 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.7 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower adjusted total investment income, partially offset by lower interest expense and lower Part I incentive fees (net of fees waived).

Net asset value (“NAV”) per share was $16.75 as of March 31, 2025, down as compared with $17.63 as of December 31, 2024. The decline from December 31, 2024 primarily reflected losses on certain debt and equity investments.

Originated $407.0 million of new investment commitments and received $279.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2025. The weighted average yield on new debt investments was 9.5%.

Total debt outstanding was $1,470.0 million as of March 31, 2025. The total debt to equity ratio was 1.00x, and the net debt to equity ratio was 0.93x, after adjusting for cash and cash equivalents.

Oaktree Capital I, L.P. purchased $100.0 million of shares of OCSL common stock on February 3, 2025 at the Company’s net asset value as of January 31, 2025, which was $17.63 per share and represented a 10% premium to the closing stock price.

The Company issued $300 million of unsecured notes during the quarter ended March 31, 2025 that mature on February 27, 2030 and bear interest at a rate of 6.340%. In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate of 6.340% and pays a floating interest rate of the three-month SOFR plus 2.192% on a notional amount of $300.0 million. Additionally, the Company repaid $300 million of unsecured notes that matured on February 25, 2025.

Liquidity as of March 31, 2025 was composed of $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity under the Company’s credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.

A quarterly and supplemental cash distribution was declared of $0.40 per share and $0.02 per share, respectively, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

“Certain challenged portfolio company investments weighed on our results in the second quarter. We are focused on resolving these issues while also positioning our portfolio to deliver more consistent performance going forward,” stated Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer.

“We are focused on further diversifying our portfolio by selectively investing in companies we believe are well positioned to deliver attractive returns given overall market uncertainty caused by tariffs, inflation and high interest rates. Historically, in periods of market volatility, our firm-wide DNA has enabled us to capitalize on opportunities while others are sidelined, and we have ample dry powder for new investments.”

Distribution Declaration

The Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025. The Board of Directors also declared a supplemental distribution of $0.02 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.

Results of Operations

	For the three months ended
($ in thousands, except per share data)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
GAAP operating results:
Interest income	$	70,523		$	78,422		$	85,256
PIK interest income		4,531			5,728			4,816
Fee income		1,742			1,679			2,546
Dividend income		772			818			1,411
Total investment income		77,568			86,647			94,029
Net expenses		38,235			42,082			52,662
Net investment income before taxes		39,333			44,565			41,367
(Provision) benefit for taxes on net investment income		(278	)		(263	)		—
Net investment income		39,055			44,302			41,367
Net realized and unrealized gains (losses), net of taxes		(75,304	)		(37,063	)		(32,030	)
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	7,239		$	9,337
Total investment income per common share	$	0.90		$	1.05		$	1.18
Net investment income per common share	$	0.45		$	0.54		$	0.52
Net realized and unrealized gains (losses), net of taxes per common share	$	(0.88	)	$	(0.45	)	$	(0.40	)
Earnings (loss) per common share — basic and diluted	$	(0.42	)	$	0.09		$	0.12
Non-GAAP Financial Measures¹:
Adjusted total investment income	$	77,195		$	87,070		$	97,340
Adjusted net investment income	$	38,682		$	44,725		$	44,678
Adjusted net realized and unrealized gains (losses), net of taxes	$	(75,248	)	$	(37,124	)	$	(35,344	)
Adjusted earnings (loss)	$	(36,566	)	$	7,601		$	9,334
Adjusted total investment income per share	$	0.90		$	1.06		$	1.22
Adjusted net investment income per share	$	0.45		$	0.54		$	0.56
Adjusted net realized and unrealized gains (losses), net of taxes per share	$	(0.88	)	$	(0.45	)	$	(0.44	)
Adjusted earnings (loss) per share	$	(0.43	)	$	0.09		$	0.12

¹ See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the merger of Oaktree Strategic Income Corporation (“OCSI”) with and into the Company in March 2021 (the “OCSI Merger”) and the merger of Oaktree Strategic Income II, Inc. (“OSI2”) with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

	As of
($ in thousands, except per share data and ratios)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
Select balance sheet and other data:
Cash and cash equivalents	$	97,838		$	112,913		$	125,031
Investment portfolio at fair value		2,892,771			2,835,294			3,047,445
Total debt outstanding (net of unamortized financing costs)		1,448,486			1,577,795			1,635,642
Net assets		1,475,113			1,449,815			1,524,099
Total debt to equity ratio		1.00	x		1.11	x		1.10	x
Net debt to equity ratio		0.93	x		1.03	x		1.02	x

Adjusted total investment income for the quarter ended March 31, 2025 was $77.2 million and included $70.2 million of interest income from portfolio investments, $4.5 million of payment-in-kind (“PIK”) interest income, $1.7 million of fee income and $0.8 million of dividend income. The $9.9 million quarterly decline in adjusted total investment income was primarily due to a $9.9 million decrease in interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

Net expenses for the quarter ended March 31, 2025 totaled $38.2 million, down $3.8 million from the quarter ended December 31, 2024. The decrease for the quarter was primarily driven by $2.4 million of lower interest expense due to lower outstanding borrowings and lower reference rates on the Company’s floating rate debt and $1.5 million of lower Part I incentive fees (net of fees waived).

Adjusted net investment income was $38.7 million ($0.45 per share) for the quarter ended March 31, 2025, which was down from $44.7 million ($0.54 per share) for the quarter ended December 31, 2024. The decline of $6.0 million primarily reflected $9.9 million of lower adjusted total investment income, offset by $3.9 million of lower net expenses.

Adjusted net realized and unrealized losses, net of taxes, were $75.2 million for the quarter ended March 31, 2025.

Portfolio and Investment Activity

	As of
($ in thousands)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
Investments at fair value	$	2,892,771		$	2,835,294		$	3,047,445
Number of portfolio companies		152			136			151
Average portfolio company debt size	$	19,700		$	22,000		$	20,100

Asset class:
First lien debt		80.9	%		81.8	%		80.8	%
Second lien debt		3.4	%		3.0	%		5.4	%
Unsecured debt		5.0	%		3.9	%		2.6	%
Equity		4.6	%		4.8	%		4.8	%
JV interests		6.1	%		6.5	%		6.4	%

Non-accrual debt investments:
Non-accrual investments at fair value	$	125,643		$	105,326		$	69,128
Non-accrual investments at cost		217,401			138,703			127,720
Non-accrual investments as a percentage of debt investments at fair value		4.6	%		3.9	%		2.4	%
Non-accrual investments as a percentage of debt investments at cost		7.6	%		5.1	%		4.3	%
Number of investments on non-accrual		10			9			5

Interest rate type:
Percentage floating-rate		89.8	%		87.6	%		85.4	%
Percentage fixed-rate		10.2	%		12.4	%		14.6	%

Yields:
Weighted average yield on debt investments¹		10.2	%		10.7	%		12.2	%
Cash component of weighted average yield on debt investments		9.3	%		9.5	%		11.0	%
Weighted average yield on total portfolio investments²		9.8	%		10.2	%		11.7	%

Investment activity:
New investment commitments	$	407,000		$	198,100		$	395,600
New funded investment activity³	$	405,800		$	201,300		$	377,400
Proceeds from prepayments, exits, other paydowns and sales	$	279,400		$	352,400		$	322,600
Net new investments⁴	$	126,400		$	(151,100	)	$	54,800
Number of new investment commitments in new portfolio companies		24			5			20
Number of new investment commitments in existing portfolio companies		8			8			15
Number of portfolio company exits		8			13			15

¹ Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
² Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
³ New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
⁴ Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other paydowns and sales.

As of March 31, 2025, the fair value of the investment portfolio was $2.9 billion and was composed of investments in 152 companies. These included debt investments in 131 companies, equity investments in 40 companies, and the Company’s joint venture investments in SLF JV I and OCSI Glick JV LLC (“Glick JV”). 21 of the equity investments were in companies in which the Company also had a debt investment.

As of March 31, 2025, 94.9% of the Company’s portfolio at fair value consisted of debt investments, including 80.9% of first lien loans, 3.4% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 81.8% of first lien loans, 3.0% of second lien loans and 9.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2024.

As of March 31, 2025, there were ten investments on non-accrual status, which represented 7.6% and 4.6% of the debt portfolio at cost and fair value, respectively. As of December 31, 2024, there were nine investments on non-accrual status, which represented 5.1% and 3.9% of the debt portfolio at cost and fair value, respectively.

SLF JV I

The Company’s investments in SLF JV I totaled $128.6 million at fair value as of March 31, 2025, down 5.0% from $135.4 million as of December 31, 2024. The decrease was primarily driven by SLF JV I’s use of leverage and unrealized depreciation in the underlying investment portfolio.

As of March 31, 2025, SLF JV I had $374.7 million in assets, including senior secured loans to 52 portfolio companies. This compared to $344.9 million in assets, including senior secured loans to 42 portfolio companies, as of December 31, 2024. SLF JV I generated cash interest income of $3.2 million for the Company during the quarter ended March 31, 2025, down from $3.4 million in the prior quarter. In addition, SLF JV I generated dividend income of $0.7 million for the Company during the quarter ended March 31, 2025, flat from the prior quarter. As of March 31, 2025, SLF JV I had $73.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

Glick JV

The Company’s investments in Glick JV totaled $47.3 million at fair value as of March 31, 2025, down 4.6% from $49.6 million as of December 31, 2024. The decrease was primarily driven by Glick JV’s use of leverage and unrealized depreciation in the underlying investment portfolio.

As of March 31, 2025, Glick JV had $125.1 million in assets, including senior secured loans to 41 portfolio companies. This compared to $127.9 million in assets, including senior secured loans to 39 portfolio companies, as of December 31, 2024. Glick JV generated cash interest income of $1.3 million for the Company during the quarter ended March 31, 2025, down from $1.4 million in the prior quarter. As of March 31, 2025, Glick JV had $31.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

Liquidity and Capital Resources

As of March 31, 2025, the Company had total principal value of debt outstanding of $1,470.0 million, including $520.0 million of outstanding borrowings under its revolving credit facilities, $350.0 million of the 2.700% Notes due 2027, $300.0 million of the 7.100% Notes due 2029 and $300.0 million of the 6.340% Notes due 2030. The funding mix was composed of 35% secured and 65% unsecured borrowings as of March 31, 2025. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2025.

As of March 31, 2025, the Company had $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of March 31, 2025, unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.

As of March 31, 2025, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements was 6.7%, up from 6.2% as of December 31, 2024, primarily driven by the impact of the repayment of the 3.500% Notes due 2025 and the issuance of the 6.340% Notes due 2030.

The Company’s total debt to equity ratio was 1.00x and 1.11x as of each of March 31, 2025 and December 31, 2024, respectively. The Company’s net debt to equity ratio was 0.93x and 1.03x as of each of March 31, 2025 and December 31, 2024, respectively.

Recent Developments

Syndicated Facility

On April 8, 2025, the Company entered into an amendment to its amended and restated senior secured credit facility (the “Syndicated Facility”), among other things, (1) generally reduce interest rate margins from 2.00% plus a SOFR adjustment (ranging between 0.11448% and 0.26161%) to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and from 1.00% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) remove the Consolidated Interest Coverage Ratio covenant, (3) decrease the facility size from $1.218 billion to $1.160 billion, (4) increase the “accordion” feature to allow expansion of the facility to $1.50 billion, and (5) extend the reinvestment period and final maturity date to April 8, 2029, and April 8, 2030, respectively.

Non-GAAP Financial Measures

On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

“Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share” – represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.

“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger and (ii) capital gains incentive fees (“Part II incentive fees”).

“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.

“Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” – represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees¹, if any.

The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the “Adviser”) under its investment advisory agreement (as amended and restated from time to time, the “A&R Advisory Agreement”), and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)					December 31, 2024 (unaudited)				March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share		Amount		Per Share		Amount		Per Share
GAAP total investment income	$	77,568		$	0.90	$	86,647	$	1.05	$	94,029	$	1.18
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—		423		0.01		3,311		0.04
Adjusted total investment income	$	77,195		$	0.90	$	87,070	$	1.06	$	97,340	$	1.22

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)					December 31, 2024 (unaudited)				March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share		Amount		Per Share		Amount		Per Share
GAAP net investment income	$	39,055		$	0.45	$	44,302	$	0.54	$	41,367	$	0.52
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—		423		0.01		3,311		0.04
Part II incentive fee		—			—		—		—		—		—
Adjusted net investment income	$	38,682		$	0.45	$	44,725	$	0.54	$	44,678	$	0.56

The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)						December 31, 2024 (unaudited)						March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share			Amount			Per Share			Amount			Per Share
GAAP net realized and unrealized gains (losses), net of taxes	$	(75,304	)	$	(0.88	)	$	(37,063	)	$	(0.45	)	$	(32,030	)	$	(0.40	)
Net realized and unrealized gains (losses) related to merger accounting adjustments		56			—			(61	)		—			(3,314	)		(0.04	)
Adjusted net realized and unrealized gains (losses), net of taxes	$	(75,248	)	$	(0.88	)	$	(37,124	)	$	(0.45	)	$	(35,344	)	$	(0.44	)

The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)						December 31, 2024 (unaudited)					March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share			Amount			Per Share		Amount			Per Share
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	(0.42	)	$	7,239		$	0.09	$	9,337		$	0.12
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—			423			0.01		3,311			0.04
Net realized and unrealized gains (losses) related to merger accounting adjustments		56			—			(61	)		—		(3,314	)		(0.04	)
Adjusted earnings (loss)	$	(36,566	)	$	(0.43	)	$	7,601		$	0.09	$	9,334		$	0.12

Conference Call Information

Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2025 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on May 1, 2025. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of Oaktree Specialty Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor presentation that will be available on the Investors section of its website.

For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 3296634, beginning approximately one hour after the broadcast.

About Oaktree Specialty Lending Corporation

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) changes or potential disruptions in the Company’s operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in the Company’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in the Company’s publicly disseminated documents and filings. The Company has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that the Company in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contacts

Investor Relations:
Oaktree Specialty Lending Corporation
Clark Koury
(213) 830-6222
ocsl-ir@oaktreecapital.com

Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
mediainquiries@oaktreecapital.com

Oaktree Specialty Lending Corporation Consolidated Statements of Assets and Liabilities (in thousands, except per share amounts)

	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			September 30, 2024
ASSETS
Investments at fair value:
Control investments (cost March 31, 2025: $375,317; cost December 31, 2024: $374,509; cost September 30, 2024: $372,901)	$	230,904		$	267,782		$	289,404
Affiliate investments (cost March 31, 2025: $35,295; cost December 31, 2024: $37,358; cost September 30, 2024: $38,175)		32,475			35,180			35,677
Non-control/Non-affiliate investments (cost March 31, 2025: $2,703,644; cost December 31, 2024: $2,576,053; cost September 30, 2024: $2,733,843)		2,629,392			2,532,332			2,696,198
Total investments at fair value (cost March 31, 2025: $3,114,256; cost December 31, 2024: $2,987,920; September 30, 2024: $3,144,919)		2,892,771			2,835,294			3,021,279
Cash and cash equivalents		97,838			112,913			63,966
Restricted cash		10,370			13,159			14,577
Interest, dividends and fees receivable		22,768			25,290			38,804
Due from portfolio companies		317			408			12,530
Receivables from unsettled transactions		18,526			55,661			17,548
Due from broker		25,190			21,880			17,060
Deferred financing costs		10,196			10,936			11,677
Deferred offering costs		161			162			125
Derivative assets at fair value		—			6,652			—
Other assets		1,030			1,437			775
Total assets	$	3,079,167		$	3,083,792		$	3,198,341

LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,451		$	3,371		$	3,492
Base management fee and incentive fee payable		7,332			8,930			15,517
Due to affiliate		1,277			1,508			4,088
Interest payable		14,087			17,600			16,231
Payables from unsettled transactions		110,202			—			15,666
Derivative liabilities at fair value		19,219			24,759			16,843
Deferred tax liability		—			14			—
Credit facilities payable		520,000			660,000			710,000
Unsecured notes payable (net of $7,573, $4,401 and $4,935 of unamortized financing costs as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)		928,486			917,795			928,693
Total liabilities		1,604,054			1,633,977			1,710,530
Commitments and contingencies
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086, 82,245 and 82,245 shares issued and outstanding as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively		881			822			822
Additional paid-in-capital		2,367,337			2,264,449			2,264,449
Accumulated overdistributed earnings		(893,105	)		(815,456	)		(777,460	)
Total net assets (equivalent to $16.75, $17.63 and $18.09 per common share as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)		1,475,113			1,449,815			1,487,811
Total liabilities and net assets	$	3,079,167		$	3,083,792		$	3,198,341

Oaktree Specialty Lending Corporation Consolidated Statements of Operations (in thousands, except per share amounts)

	Three months ended March 31, 2025 (unaudited)			Three months ended December 31, 2024 (unaudited)			Three months ended March 31, 2024 (unaudited)			Six months ended March 31, 2025 (unaudited)			Six months ended March 31, 2024 (unaudited)
Interest income:
Control investments	$	4,884		$	5,226		$	5,949		$	10,110		$	11,954
Affiliate investments		159			166			10			325			334
Non-control/Non-affiliate investments		63,915			71,809			77,803			135,724			160,524
Interest on cash and cash equivalents		1,565			1,221			1,494			2,786			3,858
Total interest income		70,523			78,422			85,256			148,945			176,670
PIK interest income:
Control investments		—			830			598			830			1,142
Affiliate investments		27			28			—			55			—
Non-control/Non-affiliate investments		4,504			4,870			4,218			9,374			7,523
Total PIK interest income		4,531			5,728			4,816			10,259			8,665
Fee income:
Control investments		—			—			13			—			26
Affiliate investments		—			—			—			—			5
Non-control/Non-affiliate investments		1,742			1,679			2,533			3,421			3,822
Total fee income		1,742			1,679			2,546			3,421			3,853
Dividend income:
Control investments		700			700			1,400			1,400			2,800
Non-control/Non-affiliate investments		72			118			11			190			26
Total dividend income		772			818			1,411			1,590			2,826
Total investment income		77,568			86,647			94,029			164,215			192,014
Expenses:
Base management fee		7,515			8,144			11,604			15,659			23,081
Part I incentive fee		6,733			7,913			8,452			14,646			17,480
Professional fees		1,227			1,067			1,213			2,294			2,717
Directors fees		160			160			160			320			320
Interest expense		28,191			30,562			31,881			58,753			64,051
Administrator expense		388			437			326			825			692
General and administrative expenses		937			926			526			1,863			1,117
Total expenses		45,151			49,209			54,162			94,360			109,458
Management fees waived		(183	)		(750	)		(1,500	)		(933	)		(3,000	)
Part I incentive fees waived		(6,733	)		(6,377	)		—			(13,110	)		—
Net expenses		38,235			42,082			52,662			80,317			106,458
Net investment income before taxes		39,333			44,565			41,367			83,898			85,556
(Provision) benefit for taxes on net investment income		(278	)		(263	)		—			(541	)		—
Net investment income		39,055			44,302			41,367			83,357			85,556
Unrealized appreciation (depreciation):
Control investments		(37,686	)		(23,230	)		(6,193	)		(60,916	)		(4,854	)
Affiliate investments		(642	)		320			93			(322	)		(832	)
Non-control/Non-affiliate investments		(28,975	)		(7,198	)		(21,396	)		(36,173	)		(39,011	)
Foreign currency forward contracts		(14,720	)		10,494			2,244			(4,226	)		(5,580	)
Net unrealized appreciation (depreciation)		(82,023	)		(19,614	)		(25,252	)		(101,637	)		(50,277	)
Realized gains (losses):
Control investments		13			—			—			13			786
Affiliate investments		333			(288	)		—			45			—
Non-control/Non-affiliate investments		(1,547	)		(17,056	)		(5,433	)		(18,603	)		(18,773	)
Foreign currency forward contracts		7,906			34			(1,170	)		7,940			2,931
Net realized gains (losses)		6,705			(17,310	)		(6,603	)		(10,605	)		(15,056	)
(Provision) benefit for taxes on realized and unrealized gains (losses)		14			(139	)		(175	)		(125	)		(351	)
Net realized and unrealized gains (losses), net of taxes		(75,304	)		(37,063	)		(32,030	)		(112,367	)		(65,684	)
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	7,239		$	9,337		$	(29,010	)	$	19,872
Net investment income per common share — basic and diluted	$	0.45		$	0.54		$	0.52		$	0.99		$	1.09
Earnings (loss) per common share — basic and diluted	$	(0.42	)	$	0.09		$	0.12		$	(0.35	)	$	0.25
Weighted average common shares outstanding — basic and diluted		85,916			82,245			79,763			84,061			78,797

^¹ Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended December 31, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II incentive fees accrued under GAAP. For the three months ended December 31, 2024, no amounts were payable under the A&R Advisory Agreement.

MIL-OSI Europe: Written question – Backsliding on sustainable urban mobility in right-wing and far-right cities – E-001627/2025

Source: European Parliament

Question for written answer E-001627/2025
to the Commission
Rule 144
Rosa Serrano Sierra (S&D)

In recent years, especially after the pandemic, many Spanish cities boosted sustainable mobility measures which received part-funding from EU funds. However, this trend has stopped – and even been reversed – in several places currently administered by Spain’s Popular Party, in many cases in coalition with Vox, which have begun to remove cycle lanes, reopen pedestrian streets to vehicles and prioritise motorised traffic.

These decisions constitute backsliding on sustainable mobility and place an additional obstacle in the way of the future Sustainable Urban Mobility Plans (SUMPs) to be adopted in urban centres such as these by 2027 in conformity with Regulation 2024/1679.

Given this situation, can Commission answer the following questions:

1.Is sustainable urban mobility still a priority for the Commission?
2.Does the Commission not consider that promoting active mobility through concrete measures to improve walking and cycling can have positive repercussions on the accessibility of functional urban areas in the EU?
3.Does the Commission not believe that local-level decisions to dismantle cycling infrastructure, remove pedestrian areas and give preference to vehicle use clash with the SUMP objectives of switching towards more sustainable forms of mobility and reducing air and noise pollution?

Submitted: 23.4.2025

Last updated: 29 April 2025

MIL OSI Europe News –

MIL-OSI Europe: Commission offers 17 countries the possibility to purchase over 27 million influenza vaccine doses

Source: EuroStat – European Statistics

European Commission Press release Brussels, 29 Apr 2025 The European Union is strengthening its preparedness for a potential flu pandemic. A new joint procurement contract, signed by the European Commission, through the Health Emergency Preparedness and Response Authority, offers 17 countries the possibility to purchase up to 27,403,200 pandemic influenza vaccine doses.

MIL OSI Europe News –

MIL-OSI Europe: Written question – Safeguarding long-term cohesion policy investments – E-001657/2025

Source: European Parliament

Question for written answer E-001657/2025
to the Commission
Rule 144
Sérgio Gonçalves (S&D)

The reprogramming of cohesion policy funds to support new areas, including affordable housing and defence industry investments, constitutes a major strategic shift. While it is important to respond to emerging challenges, there is a risk of undermining structural investment goals. The proposed 100 % co-financing rate may reduce financial engagement, while the decision to extend implementation deadlines solely for reprogrammed funds appears unjustified, considering recent exceptional disruptions. Many projects were already reshuffled between instruments as a result of the COVID-19 pandemic and the overlap with the Recovery and Resilience Facility.

Given this:

1.Does the Commission not fear that full co-financing and the extension of deadlines for new priority projects will lead the Member States to deprioritise long-term cohesion investments?
2.What indicators will be used to assess performance in new areas, particularly housing and defence, and what role will national and regional authorities play in monitoring defence-related investments?
3.Does the Commission envisage any of these new areas becoming a permanent part of cohesion policy?

Submitted: 24.4.2025

Last updated: 30 April 2025

MIL OSI Europe News –

Doubletree Studio/Shutterstock

MIL-Evening Report: Tourism to the US is tanking. Flight Centre is facing a $100m hit as a result

Source: The Conversation (Au and NZ) – By Anita Manfreda, Senior Lecturer in Tourism, Torrens University Australia

Flight Centre, one of the world’s largest travel agencies, has warned it could lose more than A$100 million in earnings this year, citing weakening demand for travel to the United States.

In a statement to the Australian Securities Exchange (ASX) this week, the company pointed to “volatile trading conditions” linked to changes in US entry policies.

This is the first major indication from an Australian company that travel to the US is becoming a serious concern. It follows growing consumer fears linked to US immigration checks, reports of tourists being detained, and rising costs.

Australian visitor numbers to the US fell by 7% in March compared with the same time last year – the sharpest fall since the COVID pandemic.

Australians are not the only ones staying away. New US data for March show sharp drops in visitors from key markets: Germany (down 28%), Spain (25%), the United Kingdom (18%) and South Korea (15%), to name a few. In total, inbound tourism fell 11.6%.

Even Canadian travellers, traditionally the US’s most reliable market, dropped by more than 900,000 or 17% in March, as growing numbers of Canadians opt to boycott US holidays.

What was once a reliable flow of high-spending international travellers is becoming a much quieter stream.

America’s welcome mat is wearing thin

The US, long marketed as the land of opportunity and adventure, is increasingly perceived as unwelcoming. Tighter border scrutiny, aggressive immigration enforcement, and a sharp shift in political tone have made travellers wary.

The international arrivals terminal at Atlanta airport: Tourists are rethinking their US travel plans.
Shutterstock

While the Flight Centre statement used careful language, its chief executive Graham Turner was clear, saying:

People from Europe, the United Kingdom and Australia really don’t want to go to the States, given what’s happening there. We’re hearing more and more people don’t want to go through passport control.

Reports of tourists being detained, shackled and deported at US airports over minor alleged visa issues or misunderstandings have circulated widely. In some cases, visitors have had their phones and electronic devices searched without clear cause. For many travellers, that is a risk not worth taking.

Governments have started to respond. Several countries, including New Zealand, Germany, France, Denmark and Finland, have updated their official travel advice for the US, urging citizens to exercise caution when visiting. The message filtering through international media is clear: the US is not as easy, safe or welcoming as it once seemed.

But while diplomatic warnings grow louder, the economic costs of America’s hardening stance are only beginning to register.

Tourism: America’s forgotten export

While President Donald Trump has slapped tariffs on goods imports from most countries, he has ignored the contribution of services trade to the economy. The US actually runs a surplus in services such as education and tourism. Trump has dismissed the decline in visitors as “not a big deal”.

The trade wars have focused on goods – cars, steel, farm products – but the service sector, which makes up a larger share of the economy, bears the hidden costs.

Tourism is the US’ biggest service export, contributing more than US$2.3 trillion to the economy and one in ten jobs. That’s a bigger contribution than manufacturing jobs, which account for about 8% of total US employment.

As a driver of economic prosperity, tourism isn’t simply about leisure; it sustains local businesses, rural economies and millions of livelihoods.

A double blow to the tourism experience

While the decline in arrivals has been widely reported, the experience for those who still choose to visit is also likely to change.

Tourism relies on global supply chains, from food to hotel amenities to rental car fleets. Trade war tariffs have raised input costs across the board. Hotels, restaurants, airlines and attractions are passing those higher costs onto customers.

Miami Beach, Florida: Tourism accounts for one in ten American jobs.
MDV Edwards/Shutterstock

Labour shortages are intensifying the problem. Nearly 20% of the US hospitality workforce was born overseas. Cuts to seasonal work visas and heightened deportation fears have left many businesses struggling to find staff, compounding existing labour shortages.

The burden is heaviest on small- and medium-sized enterprises, which form the bedrock of the US economy and play a central role in accommodation, dining and local tourism experiences.

A quiet but costly erosion

Tourism is not just a big part of the economy; it’s also a soft power, shaping how the world perceives a nation through its culture, values and hospitality.

Every visitor who feels unwelcome, scrutinised or disappointed is not just a lost sale, but a lost connection.

Research group Tourism Economics forecasts the US could lose up to US$10 billion in international travel spending in 2025 if current trends continue.

And while manufacturing job announcements grab headlines, the slow erosion of America’s tourism brand may leave a longer, deeper scar on its culture, its communities and its place in the world.

The Flight Centre downgrade is not an isolated warning. It is a symptom of a broader shift, one that risks turning visitors away for good.

And for thousands of US businesses, workers and communities – and now Australian ones too – the losses may not be so easily shrugged off.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Tourism to the US is tanking. Flight Centre is facing a $100m hit as a result – https://theconversation.com/tourism-to-the-us-is-tanking-flight-centre-is-facing-a-100m-hit-as-a-result-255498

MIL OSI Analysis – EveningReport.nz –

MIL-OSI USA: May is Mental Health Awareness Month: Coping Before, During, and After Disasters

Source: US State of Oregon

strong>SALEM, OR—Disasters don’t just impact physical safety; they take a significant toll on mental health. As communities across Oregon observe Mental Health Awareness Month this May, the Oregon Department of Emergency Management is encouraging individuals, responders, and communities to prioritize emotional well-being before, during, and after emergencies.

The Hidden Toll of Disasters

Hurricanes, wildfires, pandemics, and other crises disrupt lives in unexpected ways. Survivors may experience anxiety, depression, grief, and even post-traumatic stress disorder (PTSD). Vulnerable populations, including children and older adults, often struggle the most. Meanwhile, first responders face cumulative stress, increasing the risk of burnout and secondary trauma.

Overcoming Barriers to Mental Health Support

Seeking help in times of crisis is not always easy. Common obstacles include:

Limited awareness of available mental health resources
Stigma surrounding mental health conversations
Overburdened healthcare systems struggling to meet increased demand
Access issues in rural or underserved areas

For those displaced by disasters, housing instability and financial stress can compound emotional distress. Recognizing and addressing these challenges is key to improving mental health outcomes.

Building Resilience Through Preparedness

While disasters cannot always be prevented, individuals can take proactive steps to mitigate their mental health impact:

Emergency Preparedness: Creating a disaster plan and keeping emergency supplies ready can alleviate anxiety. Learn more about how to be prepared on the Be2Weeks Ready webpage.
Strengthening social bonds: Community support systems play a crucial role in recovery. Joining a Community Response Team (CERT), becoming a Be2Weeks Ready coordinator, joining a Search and Rescue Team can help you feel less lonely.
Equipping responders: Training first responders in mental health care enhances their ability to support themselves and others.

Accessing Mental Health Resources

The Disaster Distress Helpline (1-800-985-5990), 988 Lifeline, local emergency management agencies, and organizations like the Red Cross provide crisis counseling and mental health assistance during and after emergencies. Telehealth services are increasingly bridging gaps for those in remote areas. For instance, the AgriStress Hotline serves those in the farming, ranching, fisheries and forestry communities. Call 833-897-2474 or visit their website.

In addition, Oregon’s 211 Info webpage and hotline includes information on both physical safety and mental health resources to ensure residents can access the support they need. You can find more resources and support lines on the Oregon Health Authority’s Crisis Lines webpage.

Breaking the Stigma

Mental health conversations need to be normalized, especially during disasters. Seeking help is a sign of strength, not weakness. Community storytelling and shared experiences of resilience can empower others to seek assistance and prioritize their emotional well-being. By embracing and sharing your experiences, you empower others to do the same.

As part of National Mental Health Awareness Month, the National Alliance on Mental Illness (NAMI) is encouraging people to share their stories. You can use their list of questions to begin the discussion, and (if you want) you can share your mental health story with NAMI by sending in a video, a message, a quote, or using #MyMentalHealth on social media or submitting your story on the NAMI website.

NAMI Sample questions to start sharing your story:

What do you wish people knew about mental health?
What misconceptions about mental health do you encounter in your work?
What have you learned on your mental health journey?
How does your mental health impact how you show up within your community?
What do you share with your friends or family in moments when they need support?
How do you help reduce stigma surrounding mental health?
In one word, how would you describe your mental health journey?
What inspires you to support mental health in your life, work, or community?
What motivates you to be an ally in the mental health movement?

Hope in Recovery

While disasters present significant challenges, recovery is possible. Investing in mental health resources, reducing stigma, and fostering connected communities can lead to stronger, healthier futures.

For anyone struggling after a disaster, help is available. Whether through a friend, hotline, or professional counselor, reaching out is the first step toward healing.

Additional Resources

MIL-OSI USA: Senator Hassan Recognizes Meenakshi Dwaraka and Salome Castillo Valencia of Nashua as April’s Granite Staters of the Month

US Senate News:

Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – U.S. Senator Maggie Hassan recognized Meenakshi Dwaraka and Salome Castillo Valencia of Nashua as April’s Granite Staters of the Month. Meenakshi and Salome started a free coding class for local students.
Meenakshi and Salome, who are now both in high school, met in sixth grade and have both been interested in coding since they were young. Meenakshi was encouraged by her dad, who is a computer scientist, to develop digital skills, and found that she enjoyed competing in coding competitions. Salome learned how to build websites during the Covid-19 pandemic, and she even sells some of the websites that she creates. The girls noticed that there were not many opportunities to learn computer skills until high school, so they started a fee coding class for students in third grade through fifth grade.
Meenakshi and Salome teach the class at their local community center, and over the weeks attendance has grown. Students in the class learn block coding, basic robotics, and computer safety, giving students the opportunity to learn skills that will eventually help them compete in the 21st century economy. Meenakshi and Salome’s dedication to increasing access to computer skills is an excellent example of the Granite State spirit of sharing knowledge in order to empower others. Their commitment to helping students from all backgrounds prepare for the future – and have fun – is why Senator Hassan named them April’s Granite Staters of the Month.
Senator Hassan launched the “Granite Stater of the Month” initiative in 2017 to recognize outstanding New Hampshire citizens who go above and beyond to help their neighbors and make their communities stronger. To nominate a New Hampshire citizen to be a “Granite Stater of the Month,” constituents can complete the nomination form here.
To read Senator Hassan’s statement for the Congressional Record, see below.
I am honored to recognize Meenakshi Dwaraka and Salome Castillo Valencia of Nashua as April’s Granite Staters of the Month for their work to establish a free coding class for local elementary school students.
Both Meenakshi, 16, and Salome, 17, were interested in coding from a young age. Meenakshi’s dad, a computer scientist, first inspired her to develop digital skills, and she quickly realized that she enjoyed competing in coding competitions. Salome learned how to build websites and code during the Covid-19 pandemic, and has continued to improve her skills and even sell websites that she has created. The girls, who met in sixth grade, noticed that there were not many opportunities to learn computer skills until students entered high school, despite the increasing importance of the field. They decided to help fill this gap by starting a free coding class for students in third grade through fifth grade so that kids from all backgrounds could learn the basics of coding from a young age.
The class, which Meenakshi and Salome teach at their local community center in Nashua, has grown over the weeks. When they first started offering the class, they didn’t have very many students, but over time, they have seen an increase in attendance and interest. Students from different high schools in the area have also reached out to ask for help in starting their own classes and expanding the program. Students in the class learn block coding, basic robotics, and computer safety, giving students the opportunity to learn skills that will eventually help them compete in the 21st century economy.
Meenakshi and Salome’s dedication to increasing access to computer skills is an excellent example of the Granite State spirit of sharing knowledge in order to empower others. Their commitment to helping students from all backgrounds prepare for the future – and have fun– is why I am glad to name them April’s Granite Staters of the Month.

MIL-OSI New Zealand: Petdirect Expands From Digital To Physical Retail

Source: Press Release Service – Press Release/Statement:

Headline: Petdirect Expands From Digital To Physical Retail

In a bold move against prevailing economic trends, New Zealand’s leading online pet retailer, Petdirect, announces plans for major retail expansion with new stores opening in Mt Roskill, Auckland and Tower Junction, Christchurch in the coming months. Following the tremendous success of its first brick-and-mortar location in Takapuna, which opened in October 2024, this strategic expansion solidifies the company’s position as a dominant force in New Zealand’s pet retail sector. The 100% Kiwi-owned and operated company, which just celebrated its 5th birthday, has rapidly evolved from an online startup during the pandemic to capturing a majority share of the online pet supply market.

The post Petdirect Expands From Digital To Physical Retail first appeared on PR.co.nz.

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MIL OSI New Zealand News –

MIL-OSI Economics: Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

Source: GlobalData

Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

Posted in Banking

Saudi Arabia’s card payments market is projected to reach SAR615.5 billion ($164.1 billion) in 2025, driven by a growing shift toward digital transactions and declining cash usage. Strong government support, improved payment infrastructure, and increasing consumer preference for contactless and electronic payments are accelerating this transition, reinforcing the Kingdom’s broader goals of financial inclusion and reduced reliance on cash, according to GlobalData, a leading data and analytics company.

GlobalData’s report, “Saudi Arabia Cards and Payments: Opportunities and Risks to 2028,” reveals that the card payment value in the Saudi Arabia registered a growth of 10.1% in 2024 to reach SAR571.2 billion ($152.3 billion), driven by the rise in consumer spending.

However, the current global uncertainty because of latest US tariffs can pose a challenge for the Saudi Arabia’s overall economic growth, resulting in slowdown in the overall card payments value, which is expected to grow by 7.8% in 2025.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “While cash has traditionally been the preferred method of payment in Saudi Arabia, it’s usage is on decline in line with the rising consumer preference for electronic payments. The country has a robust digital payment infrastructure, supported by a developing card market and well-established card acceptance infrastructure. The government is taking steps to enhance the infrastructure by encouraging merchants to adopt at least one electronic payment option apart from cash.”

Cash remains an integral part of the Saudi consumer payments landscape, particularly for lower-value transactions. However, there has been a consistent increase in electronic payment methods. The government aims to reduce the country’s dependence on cash, drive financial inclusion, promote electronic payments, and encourage payment innovation. The Kingdom’s Vision 2030 plan aims to reduce cash transactions and increase the share of electronic payments.

As of April 2025, seven banks in Saudi—Al Rajhi Bank, Riyad Bank, Arab National Bank, Banque Saudi Fransi, the Saudi Investment Bank (SAIB), Bank AlJazira, and Bank AlBilad—had obtained SAMA’s license to provide agent banking services.

The COVID-19 pandemic changed the way Saudi consumers make payments, with an increasing number of consumers preferring contactless payments supported by an improved payment infrastructure.

According to the country’s central bank, number of contactless card payments using mada cards increased from 3.1 billion in 2021 to 4.6 billion in 2024. In terms of value, SAR311.3 billion ($83.01 billion) worth of contactless card transactions were made in 2024 – up from SAR301.6 billion ($80.43 billion) in 2021.

Debit cards dominate the overall card payment space, accounting for 79.9% of the overall card payment value in 2024. The government’s financial inclusion initiatives, consumers’ preference for debt-free payments, and prudent consumer spending have resulted in their dominance. Credit and charge cards, on the other hand, are not very popular primarily due to a religious aversion towards debt.

Sharma concludes: “The Saudi Arabia payment card market is expected to continue grow supported by government initiatives, rising consumer preference for digital payments, and improving banking and payment infrastructure. The card payments value is expected to register a compound annual growth rate (CAGR) of 6.5% between 2025 to 2029 to reach SAR790.5 billion ($210.8 billion) in 2029.”

MIL OSI Economics –

MIL-OSI USA: At Hearing, Senator Murray Slams Trump Administration for Threatening Biomedical Research and Jeopardizing Americans’ Health

US Senate News:

Source: United States Senator for Washington State Patty Murray

***WATCH AND READ: Senator Murray’s opening remarks***

***WATCH: Senator Murray’s questioning***

***WATCH AND READ: Emily Stenson’s testimony***

Washington, D.C. – Today—at a Senate Appropriations Committee hearing on biomedical research—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, underscored why the investments we make in biomedical research are so vital, what’s at stake for patients and families as Trump takes a wrecking ball to this research, and why Congress must forcefully push back.

In just 100 days, President Trump and his administration have taken unprecedented actions across the Department of Health and Human Services (HHS) that are having devastating impacts on biomedical research, innovation, and ultimately, the lives of millions of patients and families. The Trump administration’s actions are delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and trials, and threatening to undo decades of hard-won progress.

At the hearing, Senator Murray shared the story of Emily Stenson, a mom and patient advocate from Washington state whose daughter Charlie was diagnosed with stage 4 cancer at just three years old but who, thanks to a National Cancer Institute clinical trial at Seattle Children’s Hospital, has been cancer free since December 2024. You can WATCH and READ Emily’s testimony here.

Senator Murray emphasized that these lifesaving cancer trials are now on the chopping block as the Trump administration terminates $137 million in cancer research grants and plans to cut the NIH budget in half, and asked Emily, “If half of the cancer clinical trials were suddenly cancelled—what would that mean for patients like Charlie and the people you know on the cancer ward at Seattle Children’s?”

Emily replied, “It would be devastating. There’s no other option often than a clinical trial. And how can you look at these families and say, we’re taking away the only option to save your child. There’s no funding. It feels like the government doesn’t care about families like ours if they take that away. It will be futures left in the balance.”

Senator Murray also asked Dr. Sudip Parikh, CEO of the American Association for the Advancement of Science (AAAS), and Dr. Barry Sleckman, Director of the University of Alabama Comprehensive Cancer Center, about the impact Trump’s attacks on the National Institutes of Health (NIH) and Food and Drug Administration (FDA) will have on the future of biomedical research and Americans’ health.

Senator Murray noted that over the last three months, NIH has awarded billions less in funding than over the same period in previous years, which is unprecedented for an agency that typically awards 60,000 grants a year. All the while, Trump has fired or pushed out nearly 5,000 NIH employees, including grant administrators whose job it is to award this funding. Senator Murray asked Dr. Parikh, “At this rate, do you think NIH will be able to spend the $47 billion Congress passed and President Trump signed into law?”

Dr. Parikh responded, “Thank you for that. If the will is there they can because I know the program folks that are still there, and they will work harder than anybody to work with the scientists in the field, to do the peer review, to get those dollars out. Because those dollars are not just about getting money out the door, it’s about funding the ideas that have been proposed, and there are plenty of proposals, there are plenty of good ideas. We don’t fund enough; the pay lines are already at 20 and 10 percent. We need to make sure that we do get those out, because otherwise it will be impoundment by default.”

“Well, we know that they have canceled peer review panels and they’re firing staff. So, can they get that funding out the door effectively?” Senator Murray followed up.

“Only if it becomes a priority. Only if it becomes a priority. We have to make sure that it can go out. I am confident that it can, if they make it a priority. I have not seen that yet,” Dr. Parikh replied.

Senator Murray pressed, “Who’s the ‘they’?”

“The ‘they’ is the NIH. The NIH administrators, leaders, and the Department of Health and Human Services. We have to be able to say that we are going to start awarding these grants at the rate that it requires to get the fully appropriated amount that you all approved at the end of last fiscal year,” Dr. Parikh responded.

“To your knowledge, has that been done?” inquired Senator Murray.

Dr. Parikh stated, “Not yet, the rate isn’t quite there yet.”

Senator Murray also discussed the Trump administration’s announcement that they would stop funding the Women’s Health Initiative (WHI), which they later claimed they would reverse. WHI studies cancer, heart disease, and osteoporosis in postmenopausal women—and thanks to this research, 126,000 cases of breast cancer and 76,000 cases of heart disease were prevented over a decade. The Fred Hutch Cancer Center in Seattle is the clinical coordinating center for WHI and one of four regional centers. Senator Murray noted that: “The annual funding for these centers costs about $10 million, that’s less than half by the way of what taxpayers spend on President Trump’s golf trips just in case you were keeping track over the last 3 months—$10 million!”

“How important, I wanted to ask you, is sex in the diagnosis and treatment of cancer, and do you think now is the time to be cutting breast cancer research?” Senator Murray continued by asking Dr. Sleckman.

Dr. Sleckman replied, “Thank you for that question, Senator. You know, let me make a comment first about the Women’s Health Study. These types of studies are essential for cancer and understanding the basis of cancer. This is a very long-term study, not a five-year grant. Something where they’ve been following women for decades and using that information to understand about cancer risk and then make informed decisions about cancer prevention. These types of studies could only be funded in a large, organized way through the federal government, the NIH and the NCI. Getting back to your question, is that it’s extremely important to study the biological difference between men and women when it comes to cancer risk, cancer progression, and cancer treatment—extremely important. There are large groups at pretty much all NCI cancer centers that either take that into account when they’re designing a trial or are studying it specifically—absolutely important. Thank you for that question.”

____________________________

As the largest public funder of biomedical research in the world, NIH has long been considered one of America’s crown jewels with a long history of strong bipartisan support from Congress. Less than 1 percent of the federal budget goes to medical research, yet NIH research drives our economy at the national and local levels by supporting thousands of jobs in every state. More than 83 percent of NIH’s budget goes to more than 300,000 research personnel at over 3,000 universities, medical schools, and other research institutions. NIH directly and indirectly supports more than 550,000 jobs across the country. It pays off: local communities see $2.56 of economic activity for every dollar invested in this research. NIH-funded research contributed to 354 out of 356 drugs approved by the Food and Drug Administration (FDA) between 2010 to 2019. The FDA plays an intricate role in advancing the biomedical research ecosystem in the United States, by regulating, promoting, and supporting the approval of new drugs, biologics, and medical devices coming on the market.

Despite this, President Trump has systematically undermined NIH and the research it funds, as well as the FDA. He has terminated nearly 800 NIH grants across the country, cutting off more than $1.1 billion in essential research and trials. So far this year, he has slow walked roughly $2 billion in vital NIH funding that should be going out the door to fund the research that might discover the next treatment or cure that will change—or save—a patient’s life. Funding for Alzheimer’s disease, diabetes, and cancer research are just a few examples of large multi-million-dollar research grants that we know are being held hostage. He has illegally sought to cut billions in funding for universities to conduct this vital research by illegally capping the indirect cost rate in direct violation of bipartisan appropriations law. President Trump has pushed out nearly 5,000 NIH employees and 4,000 FDA employees—decimating the very work responsible for discovering lifechanging treatments and cures and ensuring they can safely get to market. He also reportedly plans to propose to nearly halve NIH’s budget.

As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments.

MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

Source: GlobeNewswire (MIL-OSI)

Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio⁽¹⁾ was 64.1%.

First Quarter 2025 Performance Highlights

Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
Other borrowed funds decreased $11.8 million compared to the prior quarter.
Non-interest expenses declined $1.1 million compared to the prior quarter.
Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
Ratio of equity to assets increased to 9.04% this quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

Net Interest Income

Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

Non-Interest Income

Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

(1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

Non-Interest Expense

During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

Income Tax Expense (Benefit)

Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

Balance Sheet Highlights

As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:

Mark A. Herpich

Chief Financial Officer

(785) 565-2000

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

(Dollars in thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and cash equivalents	$	21,881		$	20,275		$	21,211		$	23,889		$	16,468
Interest-bearing deposits at other banks		3,973			4,110			4,363			4,881			4,920
Investment securities available-for-sale, at fair value:
U.S. treasury securities		58,424			64,458			83,753			89,325			93,683
Municipal obligations, tax exempt		101,812			107,128			112,126			114,047			118,445
Municipal obligations, taxable		70,614			71,715			75,129			74,588			75,371
Agency mortgage-backed securities		125,142			129,211			140,004			142,499			149,777
Total investment securities available-for-sale		355,992			372,512			411,012			420,459			437,276
Investment securities held-to-maturity		3,701			3,672			3,643			3,613			3,584
Bank stocks, at cost		6,225			6,618			7,894			9,647			7,850
Loans:
One-to-four family residential real estate		355,632			352,209			344,380			332,090			312,833
Construction and land		28,645			25,328			23,454			30,480			24,823
Commercial real estate		359,579			345,159			324,016			318,850			323,397
Commercial		190,881			192,325			181,652			178,876			181,945
Agriculture		101,808			100,562			91,986			84,523			86,808
Municipal		7,082			7,091			7,098			6,556			5,690
Consumer		31,297			29,679			29,263			29,200			28,544
Total gross loans		1,074,924			1,052,353			1,001,849			980,575			964,040
Net deferred loan (fees) costs and loans in process		(426	)		(307	)		(63	)		(583	)		(578	)
Allowance for credit losses		(12,802	)		(12,825	)		(11,544	)		(10,903	)		(10,851	)
Loans, net		1,061,696			1,039,221			990,242			969,089			952,611
Loans held for sale, at fair value		2,997			3,420			3,250			2,513			2,697
Bank owned life insurance		39,329			39,056			39,176			38,826			38,578
Premises and equipment, net		19,886			20,220			20,976			20,986			20,696
Goodwill		32,377			32,377			32,377			32,377			32,377
Other intangible assets, net		2,426			2,578			2,729			2,900			3,071
Mortgage servicing rights		3,045			3,061			3,041			2,997			2,977
Real estate owned, net		167			167			428			428			428
Other assets		24,894			26,855			23,309			28,149			29,684
Total assets	$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754		$	1,553,217

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand		368,480			351,595			360,188			360,631			364,386
Money market and checking		613,459			636,963			565,629			546,385			583,315
Savings		149,223			145,514			145,825			150,996			154,000
Certificates of deposit		204,660			194,694			203,860			192,470			191,823
Total deposits		1,335,822			1,328,766			1,275,502			1,250,482			1,293,524
FHLB and other borrowings		48,767			53,046			92,050			131,330			74,716
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		6,256			13,808			9,528			8,745			15,895
Accrued interest and other liabilities		23,442			20,656			25,229			20,292			20,760
Total liabilities		1,435,938			1,437,927			1,423,960			1,432,500			1,426,546
Stockholders’ equity:
Common stock		58			58			55			55			55
Additional paid-in capital		95,148			95,051			89,532			89,469			89,364
Retained earnings		60,422			56,934			60,549			57,774			55,912
Treasury stock, at cost		–			–			(396	)		(330	)		(249	)
Accumulated other comprehensive loss		(12,977	)		(15,828	)		(10,049	)		(18,714	)		(18,411	)
Total stockholders’ equity		142,651			136,215			139,691			128,254			126,671
Total liabilities and stockholders’ equity	$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754		$	1,553,217

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)	Three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest income:
Loans	$	16,395		$	15,955		$	14,490
Investment securities:
Taxable		2,180			2,210			2,428
Tax-exempt		719			738			764
Interest-bearing deposits at banks		48			49			63
Total interest income		19,342			18,952			17,745
Interest expense:
Deposits		5,236			5,350			5,457
FHLB and other borrowings		565			737			1,022
Subordinated debentures		357			389			412
Repurchase agreements		65			77			107
Total interest expense		6,223			6,553			6,998
Net interest income		13,119			12,399			10,747
Provision for credit losses		–			1,500			300
Net interest income after provision for credit losses		13,119			10,899			10,447
Non-interest income:
Fees and service charges		2,388			2,710			2,461
Gains on sales of loans, net		562			522			512
Bank owned life insurance		272			976			245
Losses on sales of investment securities, net		(2	)		(1,031	)		–
Other		138			194			182
Total non-interest income		3,358			3,371			3,400
Non-interest expense:
Compensation and benefits		6,154			6,264			5,532
Occupancy and equipment		1,252			1,550			1,390
Data processing		396			452			481
Amortization of mortgage servicing rights and other intangibles		239			240			412
Professional fees		745			1,043			647
Valuation allowance on real estate held for sale		–			–			129
Other		1,975			2,325			1,960
Total non-interest expense		10,761			11,874			10,551
Earnings before income taxes		5,716			2,396			3,296
Income tax expense (benefit)		1,015			(886	)		518
Net earnings	$	4,701		$	3,282		$	2,778

Net earnings per share (1)
Basic	$	0.81		$	0.57		$	0.48
Diluted		0.81			0.57			0.48
Dividends per share (1)		0.21			0.20			0.20
Shares outstanding at end of period (1)		5,778,610			5,775,198			5,747,560
Weighted average common shares outstanding – basic (1)		5,777,593			5,775,227			5,743,452
Weighted average common shares outstanding – diluted (1)		5,814,650			5,789,764			5,748,595

Tax equivalent net interest income	$	13,291		$	12,574		$	10,925

(1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024
Performance ratios:
Return on average assets (1)		1.21	%		0.83	%		0.72	%
Return on average equity (1)		13.71	%		9.54	%		8.88	%
Net interest margin (1)(2)		3.76	%		3.51	%		3.12	%
Effective tax rate		17.8	%		-37.0	%		15.7	%
Efficiency ratio (3)		64.1	%		70.8	%		72.1	%
Non-interest income to total income (3)		20.4	%		25.0	%		24.1	%

Average balances:
Investment securities	$	377,845		$	409,648		$	456,933
Loans		1,048,585			1,010,153			945,737
Assets		1,574,295			1,568,821			1,555,662
Interest-bearing deposits		979,787			944,969			935,417
FHLB and other borrowings		48,428			57,507			72,618
Subordinated debentures		21,651			21,651			21,651
Repurchase agreements		8,634			12,212			14,371
Stockholders’ equity	$	139,068		$	136,933		$	125,846

Average tax equivalent yield/cost (1):
Investment securities		3.29	%		3.03	%		2.96	%
Loans		6.34	%		6.28	%		6.16	%
Total interest-bearing assets		5.53	%		5.34	%		5.11	%
Interest-bearing deposits		2.17	%		2.25	%		2.35	%
FHLB and other borrowings		4.73	%		5.10	%		5.66	%
Subordinated debentures		6.69	%		7.15	%		7.65	%
Repurchase agreements		3.05	%		2.51	%		2.99	%
Total interest-bearing liabilities		2.38	%		2.52	%		2.70	%

Capital ratios:
Equity to total assets		9.04	%		8.65	%		8.16	%
Tangible equity to tangible assets (3)		6.99	%		6.58	%		6.01	%
Book value per share	$	24.69		$	23.59		$	22.04
Tangible book value per share (3)	$	18.66		$	17.53		$	15.87

Rollforward of allowance for credit losses (loans):
Beginning balance	$	12,825		$	11,544		$	10,608
Charge-offs		(108	)		(246	)		(141	)
Recoveries		85			27			134
Provision for credit losses for loans		—			1,500			250
Ending balance	$	12,802		$	12,825		$	10,851

Allowance for unfunded loan commitments	$	150		$	150		$	300

Non-performing assets:
Non-accrual loans	$	13,280		$	13,115		$	3,621
Accruing loans over 90 days past due		—			—			—
Real estate owned		167			167			428
Total non-performing assets	$	13,447		$	13,282		$	4,049

Loans 30-89 days delinquent	$	9,977		$	6,201		$	4,064

Other ratios:
Loans to deposits		79.48	%		78.21	%		73.64	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.93	%		0.59	%		0.42	%
Total non-performing loans to gross loans outstanding		1.24	%		1.25	%		0.38	%
Total non-performing assets to total assets		0.85	%		0.84	%		0.26	%
Allowance for credit losses to gross loans outstanding		1.19	%		1.22	%		1.13	%
Allowance for credit losses to total non-performing loans		96.40	%		97.79	%		299.67	%
Net loan charge-offs to average loans (1)		0.01	%		0.09	%		0.00	%

(1) Information is annualized.
(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024

Non-GAAP financial ratio reconciliation:
Total non-interest expense	$	10,761		$	11,874		$	10,551
Less: foreclosure and real estate owned expense		(50	)		(13	)		(50	)
Less: amortization of other intangibles		(152	)		(151	)		(170	)
Less: valuation allowance on real estate held for sale		—			—			(129	)
Adjusted non-interest expense (A)		10,559			11,710			10,202

Net interest income (B)		13,119			12,399			10,747

Non-interest income		3,358			3,371			3,400
Less: losses on sales of investment securities, net		2			1,031			—
Less: gains on sales of premises and equipment and foreclosed assets		—			(273	)		9
Adjusted non-interest income (C)	$	3,360		$	4,129		$	3,409

Efficiency ratio (A/(B+C))		64.1	%		70.8	%		72.1	%
Non-interest income to total income (C/(B+C))		20.4	%		25.0	%		24.1	%

Total stockholders’ equity	$	142,651		$	136,215		$	126,671
Less: goodwill and other intangible assets		(34,803	)		(34,955	)		(35,448	)
Tangible equity (D)	$	107,848		$	101,260		$	91,223

Total assets	$	1,578,589		$	1,574,142		$	1,553,217
Less: goodwill and other intangible assets		(34,803	)		(34,955	)		(35,448	)
Tangible assets (E)	$	1,543,786		$	1,539,187		$	1,517,769

Tangible equity to tangible assets (D/E)		6.99	%		6.58	%		6.01	%

Shares outstanding at end of period (F)		5,778,610			5,775,198			5,747,560

Tangible book value per share (D/F)	$	18.66		$	17.53		$	15.87

MIL-OSI: First Mid Bancshares, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025.

Highlights

Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13
Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarter
Net interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest income
Tangible book value per share (non-GAAP*) increased 4.4% during the quarter
Board of Directors declares regular quarterly dividend of $0.24 per share

“We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.”

“Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded.

Net Interest Income
Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter.

In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year.

Net Interest Margin
Net interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024.

In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income.

Loan Portfolio
Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period. The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025.

In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans.

Asset Quality
The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million.

Deposits
Total deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs.

Noninterest Income
Noninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024. The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period. Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending.

In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025.

Noninterest Expenses
Noninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses.

In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider.

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% for the same period last year.

Capital Levels and Dividend
The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

Total capital to risk-weighted assets	15.59%
Tier 1 capital to risk-weighted assets	13.13%
Common equity tier 1 capital to risk-weighted assets	12.73%
Leverage ratio	10.73%

Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.

The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025.

About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

*Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

Forward Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
afrank@firstmid.com

Matt Smith
Chief Financial Officer
217-258-1528
msmith@firstmid.com

– Tables Follow –


FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)

	As of
	March 31,			December 31,			March 31,
	2025			2024			2024

Assets
Cash and cash equivalents	$	201,470		$	121,216		$	355,701
Investment securities		1,049,003			1,073,510			1,149,752
Loans (including loans held for sale)		5,698,858			5,672,462			5,499,295
Less allowance for credit losses		(70,051	)		(70,182	)		(67,936	)
Net loans		5,628,807			5,602,280			5,431,359
Premises and equipment, net		97,446			100,234			101,666
Goodwill and intangibles, net		258,671			261,906			260,699
Bank Owned Life Insurance		171,127			170,854			167,247
Other assets		166,164			189,734			211,822
Total assets	$	7,572,688		$	7,519,734		$	7,678,246

Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	1,394,590		$	1,329,155		$	1,448,299
Interest bearing		4,735,790			4,727,941			4,794,637
Total deposits		6,130,380			6,057,096			6,242,936
Repurchase agreements with customers		219,772			204,122			210,719
Other borrowings		195,000			242,520			238,761
Junior subordinated debentures		24,335			24,280			24,113
Subordinated debt		79,535			87,472			106,862
Other liabilities		52,717			57,853			56,903
Total liabilities		6,701,739			6,673,343			6,880,294

Total stockholders’ equity		870,949			846,391			797,952
Total liabilities and stockholders’ equity	$	7,572,688		$	7,519,734		$	7,678,246

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	Three Months Ended
	March 31,
	2025			2024
Interest income:
Interest and fees on loans	$	79,918		$	77,823
Interest on investment securities		6,777			7,405
Interest on federal funds sold & other deposits		864			2,444
Total interest income		87,559			87,672
Interest expense:
Interest on deposits		23,722			26,096
Interest on securities sold under agreements to repurchase		1,180			2,056
Interest on other borrowings		1,831			2,314
Interest on jr. subordinated debentures		468			542
Interest on subordinated debt		949			1,194
Total interest expense		28,150			32,202
Net interest income		59,409			55,470
Provision for credit losses		1,652			(357	)
Net interest income after provision for credit losses		57,757			55,827
Non-interest income:
Wealth management revenues		5,800			5,322
Insurance commissions		9,925			9,213
Service charges		2,901			2,956
Net securities gains/(losses)		(181	)		0
Mortgage banking revenues		711			706
ATM/debit card revenue		3,646			4,055
Other		2,062			2,226
Total non-interest income		24,864			24,478
Non-interest expense:
Salaries and employee benefits		31,748			30,448
Net occupancy and equipment expense		8,479			7,560
Net other real estate owned (income) expense		101			(21	)
FDIC insurance		849			869
Amortization of intangible assets		3,231			3,497
Stationary and supplies		431			391
Legal and professional expense		3,076			2,449
ATM/debit card expense		1,831			1,191
Marketing and donations		852			862
Other		3,874			6,116
Total non-interest expense		54,472			53,362
Income before income taxes		28,149			26,943
Income taxes		5,978			6,440
Net income	$	22,171		$	20,503

Per Share Information
Basic earnings per common share	$	0.93		$	0.86
Diluted earnings per common share		0.93			0.86

Weighted average shares outstanding		23,858,817			23,872,731
Diluted weighted average shares outstanding		23,959,228			23,960,335

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	For the Quarter Ended
	March 31,			December 31,		September 30,			June 30,			March 31,
	2025				2024	2024			2024			2024
Interest income:
Interest and fees on loans	$	79,918		$	81,288	$	81,775		$	79,560		$	77,823
Interest on investment securities		6,777			6,990		7,036			7,405			7,405
Interest on federal funds sold & other deposits		864			1,564		2,371			1,718			2,444
Total interest income		87,559			89,842		91,182			88,683			87,672
Interest expense:
Interest on deposits		23,722			26,144		28,341			26,338			26,096
Interest on securities sold under agreements to repurchase		1,180			1,333		1,444			1,615			2,056
Interest on other borrowings		1,831			1,917		2,195			2,248			2,314
Interest on jr. subordinated debentures		468			510		567			537			542
Interest on subordinated debt		949			988		1,092			1,180			1,194
Total interest expense		28,150			30,892		33,639			31,918			32,202
Net interest income		59,409			58,950		57,543			56,765			55,470
Provision for credit losses		1,652			3,643		1,266			1,083			(357	)
Net interest income after provision for credit losses		57,757			55,307		56,277			55,682			55,827
Non-interest income:
Wealth management revenues		5,800			6,275		5,816			5,405			5,322
Insurance commissions		9,925			6,805		6,003			6,531			9,213
Service charges		2,901			3,058		3,121			3,227			2,956
Net securities gains/(losses)		(181	)		0		(277	)		(156	)		0
Mortgage banking revenues		711			1,104		1,109			1,038			706
ATM/debit card revenue		3,646			4,204		4,267			4,281			4,055
Other		2,062			4,917		2,984			2,096			2,226
Total non-interest income		24,864			26,363		23,023			22,422			24,478
Non-interest expense:
Salaries and employee benefits		31,748			31,957		31,565			30,164			30,448
Net occupancy and equipment expense		8,479			7,285		8,055			7,507			7,560
Net other real estate owned (income) expense		101			240		107			85			(21	)
FDIC insurance		849			863		829			902			869
Amortization of intangible assets		3,231			3,314		3,405			3,340			3,497
Stationary and supplies		431			642		482			370			391
Legal and professional expense		3,076			5,386		2,573			2,536			2,449
ATM/debit card expense		1,831			2,043		1,869			1,281			1,191
Marketing and donations		852			906		836			814			862
Other		3,874			3,661		4,212			4,392			6,116
Total non-interest expense		54,472			56,297		53,933			51,391			53,362
Income before income taxes		28,149			25,373		25,367			26,713			26,943
Income taxes		5,978			6,205		5,885			6,968			6,440
Net income	$	22,171		$	19,168	$	19,482		$	19,745		$	20,503

Per Share Information
Basic earnings per common share	$	0.93		$	0.80	$	0.81		$	0.83		$	0.86
Diluted earnings per common share		0.93			0.80		0.81			0.82			0.86

Weighted average shares outstanding		23,858,817			23,818,806		23,905,099			23,896,210			23,872,731
Diluted weighted average shares outstanding		23,959,228			23,908,340		24,006,647			23,998,152			23,960,335

FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Loan Portfolio
Construction and land development	$	269,148		$	236,093		$	190,857		$	195,389		$	186,851
Farm real estate loans		373,413			390,760			384,620			387,015			388,941
1-4 Family residential properties		488,139			496,597			505,342			507,517			518,641
Multifamily residential properties		356,858			332,644			338,167			334,446			312,758
Commercial real estate		2,397,985			2,417,585			2,440,120			2,406,955			2,396,092
Loans secured by real estate		3,885,543			3,873,679			3,859,106			3,831,322			3,803,283
Agricultural operating loans		296,811			239,671			233,414			213,997			213,217
Commercial and industrial loans		1,303,712			1,335,920			1,283,631			1,268,646			1,227,906
Consumer loans		47,220			53,960			63,222			70,841			79,569
All other loans		165,572			169,232			175,218			175,811			175,320
Total loans		5,698,858			5,672,462			5,614,591			5,560,617			5,499,295

Deposit Portfolio
Non-interest bearing demand deposits	$	1,394,590		$	1,329,155		$	1,387,290		$	1,393,336		$	1,448,299
Interest bearing demand deposits		1,814,427			1,907,733			1,834,123			1,909,993			1,974,857
Savings deposits		643,289			636,427			648,582			673,381			704,777
Money Market		1,215,420			1,196,537			1,183,594			1,127,699			1,107,177
Time deposits		1,062,654			987,244			1,035,245			1,011,370			1,007,826
Total deposits		6,130,380			6,057,096			6,088,834			6,115,779			6,242,936

Asset Quality
Non-performing loans	$	26,598		$	29,835		$	18,242		$	19,079		$	20,064
Non-performing assets		28,703			32,030			20,076			20,557			21,471
Net charge-offs (recoveries)		1,783			2,235			804			708			381
Allowance for credit losses to non-performing loans		263.36	%		235.23	%		377.01	%		358.05	%		338.60	%
Allowance for credit losses to total loans outstanding		1.23	%		1.24	%		1.22	%		1.23	%		1.24	%
Nonperforming loans to total loans		0.47	%		0.53	%		0.32	%		0.34	%		0.36	%
Nonperforming assets to total assets		0.38	%		0.43	%		0.27	%		0.27	%		0.28	%
Special Mention loans		74,019			57,848			38,151			30,767			65,693
Substandard and Doubtful loans		33,884			35,516			29,037			27,594			29,296

Common Share Data
Common shares outstanding		23,981,916			23,895,807			23,904,051			23,895,868			23,888,929
Book value per common share	$	36.32		$	35.42		$	35.91		$	34.05		$	33.40
Tangible book value per common share ⁽¹⁾		25.53			24.46			24.82			23.28			22.49
Tangible book value per common share excluding other comprehensive income at period end ⁽¹⁾		31.21			30.42			29.70			29.43			28.67
Market price of stock		34.90			36.82			38.91			32.88			32.68

Key Performance Ratios and Metrics
End of period earning assets	$	6,844,096		$	6,775,075		$	6,786,458		$	6,812,574		$	6,923,742
Average earning assets		6,769,858			6,884,303			6,857,070			6,815,932			6,884,855
Average rate on average earning assets (tax equivalent)		5.29	%		5.24	%		5.35	%		5.27	%		5.16	%
Average rate on cost of funds		1.74	%		1.83	%		2.00	%		1.91	%		1.91	%
Net interest margin (tax equivalent) ⁽¹⁾⁽²⁾		3.60	%		3.41	%		3.35	%		3.36	%		3.25	%
Return on average assets		1.19	%		1.01	%		1.03	%		1.05	%		1.07	%
Adjusted return on average assets ⁽¹⁾		1.23	%		1.10	%		1.05	%		1.07	%		1.17	%
Return on average common equity		10.35	%		9.04	%		9.40	%		9.92	%		10.37	%
Adjusted return on average common equity ⁽¹⁾		10.78	%		9.80	%		9.58	%		10.11	%		11.28	%
Efficiency ratio (tax equivalent) ⁽¹⁾		58.88	%		58.76	%		61.33	%		59.61	%		59.09	%
Full-time equivalent employees		1,194			1,198			1,207			1,185			1,188


¹ Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
² During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.

FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)

	For the Quarter Ended March 31, 2025
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	70,701		$	827		4.74	%
Federal funds sold		75			1		5.41	%
Certificates of deposits investments		3,162			36		4.62	%
Investment Securities		1,090,099			7,254		2.66	%
Loans (net of unearned income)		5,605,821			80,194		5.80	%

Total interest earning assets		6,769,858			88,312		5.29	%

NONEARNING ASSETS
Other nonearning assets		777,177
Allowance for loan losses		(70,620	)

Total assets	$	7,476,415

INTEREST BEARING LIABILITIES
Demand deposits	$	3,039,621		$	14,900		1.99	%
Savings deposits		640,687			164		0.10	%
Time deposits		1,022,200			8,658		3.44	%
Total interest bearing deposits		4,702,508			23,722		2.05	%
Repurchase agreements		201,679			1,180		2.37	%
FHLB advances		194,324			1,807		3.77	%
Federal funds purchased		–			–		0.00	%
Subordinated debt		82,608			949		4.66	%
Jr. subordinated debentures		24,306			468		7.81	%
Other debt		1,467			24		6.63	%
Total borrowings		504,384			4,428		3.56	%
Total interest bearing liabilities		5,206,892			28,150		2.19	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,370,107		Average cost of funds			1.74	%
Other liabilities		42,946
Stockholders’ equity		856,470

Total liabilities & stockholders’ equity	$	7,476,415

Net Interest Earnings / Spread				$	60,162		3.10	%

Tax effected yield on interest earning assets							3.60	%

Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Net interest income as reported	$	59,409		$	58,950		$	57,543		$	56,765		$	55,470
Net interest income, (tax equivalent)		60,162			59,717			58,627			57,361			56,086
Average earning assets		6,769,858			6,884,303			6,857,070			6,815,932			6,884,855
Net interest margin (tax equivalent)		3.60	%		3.41	%		3.35	%		3.36	%		3.25	%


Common stockholder’s equity	$	870,949		$	846,391		$	858,497		$	813,645		$	797,952
Goodwill and intangibles, net		258,671			261,906			265,139			257,377			260,699
Common shares outstanding		23,982			23,896			23,904			23,896			23,889
Tangible Book Value per common share	$	25.53		$	24.46		$	24.82		$	23.28		$	22.49
Accumulated other comprehensive loss (AOCI)		(136,097	)		(142,383	)		(116,692	)		(146,998	)		(147,667	)
Adjusted tangible book value per common share	$	31.21		$	30.42		$	29.70		$	29.43		$	28.67

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Adjusted earnings Reconciliation
Net Income – GAAP	$	22,171		$	19,168		$	19,482		$	19,745		$	20,503
Adjustments (post-tax): ⁽¹⁾
Nonrecurring technology project expenses		728			1,710			–			–			–
Net (gain)/loss on securities sales		143			–			219			123			–
Integration and acquisition expenses		41			–			137			250			1,804
Total non-recurring adjustments (non-GAAP)	$	912		$	1,710		$	356		$	373		$	1,804

Adjusted earnings – non-GAAP	$	23,083		$	20,878		$	19,838		$	20,118		$	22,307
Adjusted diluted earnings per share (non-GAAP)	$	0.96		$	0.87		$	0.83		$	0.84		$	0.93
Adjusted return on average assets – non-GAAP		1.23	%		1.10	%		1.05	%		1.07	%		1.17	%
Adjusted return on average common equity – non-GAAP		10.78	%		9.80	%		9.58	%		10.11	%		11.28	%


Efficiency Ratio Reconciliation
Noninterest expense – GAAP	$	54,472		$	56,297		$	53,933		$	51,391		$	53,362
Other real estate owned property income (expense)		(101	)		(240	)		(107	)		(85	)		21
Amortization of intangibles		(3,231	)		(3,314	)		(3,405	)		(3,340	)		(3,497	)
Nonrecurring technology project expense		(921	)		(2,164	)		–			–			–
Integration and acquisition expenses		(52	)		–			(174	)		(316	)		(2,283	)
Adjusted noninterest expense (non-GAAP)	$	50,167		$	50,579		$	50,247		$	47,650		$	47,603

Net interest income -GAAP	$	59,409		$	58,950		$	57,543		$	56,765		$	55,470
Effect of tax-exempt income ⁽¹⁾		753			767			1,084			596			616
Adjusted net interest income (non-GAAP)	$	60,162		$	59,717		$	58,627		$	57,361		$	56,086

Noninterest income – GAAP	$	24,864		$	26,363		$	23,023		$	22,422		$	24,478
Net (gain)/loss on securities sales		181			0			277			156			0
Adjusted noninterest income (non-GAAP)	$	25,045		$	26,363		$	23,300		$	22,578		$	24,478

Adjusted total revenue (non-GAAP)	$	85,207		$	86,080		$	81,927		$	79,939		$	80,564

Efficiency ratio (non-GAAP)		58.88	%		58.76	%		61.33	%		59.61	%		59.09	%

(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

MIL-OSI Economics: Microsoft Cloud and AI strength drives third quarter results

Source: Microsoft

Headline: Microsoft Cloud and AI strength drives third quarter results

Microsoft Cloud and AI Strength Drives Third Quarter Results

REDMOND, Wash. — April 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2025, as compared to the corresponding period of last fiscal year:

· Revenue was $70.1 billion and increased 13% (up 15% in constant currency)

· Operating income was $32.0 billion and increased 16% (up 19% in constant currency)

· Net income was $25.8 billion and increased 18% (up 19% in constant currency)

· Diluted earnings per share was $3.46 and increased 18% (up 19% in constant currency)

“Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth,” said Satya Nadella, chairman and chief executive officer of Microsoft. “From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

“We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20% (up 22% in constant currency) year-over-year driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $29.9 billion and increased 10% (up 13% in constant currency), with the following business highlights:

· Microsoft 365 Commercial products and cloud services revenue increased 11% (up 14% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 12% (up 15% in constant currency)

· Microsoft 365 Consumer products and cloud services revenue increased 10% (up 12% in constant currency) driven by Microsoft 365 Consumer cloud revenue growth of 10% (up 12% in constant currency)

· LinkedIn revenue increased 7% (up 8% in constant currency)

· Dynamics products and cloud services revenue increased 11% (up 13% in constant currency) driven by Dynamics 365 revenue growth of 16% (up 18% in constant currency)

Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights:

· Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency)

Revenue in More Personal Computing was $13.4 billion and increased 6% (up 7% in constant currency), with the following business highlights:

· Windows OEM and Devices revenue increased 3%

· Xbox content and services revenue increased 8% (up 9% in constant currency)

· Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 23% in constant currency)

Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the third quarter of fiscal year 2025.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 30, 2026.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

	Three Months Ended March 31,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$61,858	$27,581	$21,939	$2.94
2025 As Reported (GAAP)	$70,066	$32,000	$25,824	$3.46
Percentage Change Y/Y (GAAP)	13%	16%	18%	18%
Constant Currency Impact	$(1,059)	$(703)	$(392)	$(0.05)
Percentage Change Y/Y Constant Currency	15%	19%	19%	19%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended March 31,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2024 As Reported (GAAP)	$27,113	$22,141	$12,604
2025 As Reported (GAAP)	$29,944	$26,751	$13,371
Percentage Change Y/Y (GAAP)	10%	21%	6%
Constant Currency Impact	$(626)	$(308)	$(125)
Percentage Change Y/Y Constant Currency	13%	22%	7%

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended March 31, 2025
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	20%	2%	22%
Microsoft 365 Commercial products and cloud services	11%	3%	14%
Microsoft 365 Commercial cloud	12%	3%	15%
Microsoft 365 Consumer products and cloud services	10%	2%	12%
Microsoft 365 Consumer cloud	10%	2%	12%
LinkedIn	7%	1%	8%
Dynamics products and cloud services	11%	2%	13%
Dynamics 365	16%	2%	18%
Server products and cloud services	22%	2%	24%
Azure and other cloud services	33%	2%	35%
Windows OEM and Devices	3%	0%	3%
Xbox content and services	8%	1%	9%
Search and news advertising excluding traffic acquisition costs	21%	2%	23%

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

· intense competition in all of our markets that may adversely affect our results of operations;

· focus on cloud-based and AI services presenting execution and competitive risks;

· significant investments in products and services that may not achieve expected returns;

· acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

· impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

· cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

· disclosure and misuse of personal data that could cause liability and harm to our reputation;

· the possibility that we may not be able to protect information stored in our products and services from use by others;

· abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

· products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

· issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

· excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

· supply or quality problems;

· government enforcement under competition laws and new market regulation may limit how we design and market our products;

· potential consequences of trade and anti-corruption laws;

· potential consequences of existing and increasing legal and regulatory requirements;

· laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

· claims against us that may result in adverse outcomes in legal disputes;

· uncertainties relating to our business with government customers;

· additional tax liabilities;

· sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

· an inability to protect and utilize our intellectual property may harm our business and operating results;

· claims that Microsoft has infringed the intellectual property rights of others;

· damage to our reputation or our brands that may harm our business and results of operations;

· adverse economic or market conditions that may harm our business;

· catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

· exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

· the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of March 31, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

**MICROSOFT CORPORATION**

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Revenue:
Product	$15,319	$17,080	$46,810	$51,556
Service and other	54,747	44,778	158,473	128,839
Total revenue	70,066	61,858	205,283	180,395
Cost of revenue:
Product	3,037	4,339	10,187	13,834
Service and other	18,882	14,166	53,630	40,596
Total cost of revenue	21,919	18,505	63,817	54,430
Gross margin	48,147	43,353	141,466	125,965
Research and development	8,198	7,653	23,659	21,454
Sales and marketing	6,212	6,207	18,369	17,640
General and administrative	1,737	1,912	5,233	5,363
Operating income	32,000	27,581	94,205	81,508
Other expense, net	(623)	(854)	(3,194)	(971)
Income before income taxes	31,377	26,727	91,011	80,537
Provision for income taxes	5,553	4,788	16,412	14,437
Net income	$25,824	$21,939	$74,599	$66,100
Earnings per share:
Basic	$3.47	$2.95	$10.03	$8.90
Diluted	$3.46	$2.94	$9.99	$8.85
Weighted average shares outstanding:
Basic	7,434	7,431	7,434	7,431
Diluted	7,461	7,472	7,466	7,467

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Net income	$25,824	$21,939	$74,599	$66,100
Other comprehensive income (loss), net of tax:
Net change related to derivatives	(20)	10	4	28
Net change related to investments	450	(202)	1,130	869
Translation adjustments and other	353	(294)	(377)	11
Other comprehensive income (loss)	783	(486)	757	908
Comprehensive income	$26,607	$21,453	$75,356	$67,008

BALANCE SHEETS

(In millions) (Unaudited)
	March 31, 2025	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$28,828	$18,315
Short-term investments	50,790	57,228
Total cash, cash equivalents, and short-term investments	79,618	75,543
Accounts receivable, net of allowance for doubtful accounts of $695 and $830	51,700	56,924
Inventories	848	1,246
Other current assets	24,478	26,021
Total current assets	156,644	159,734
Property and equipment, net of accumulated depreciation of $87,074 and $76,421	183,939	135,591
Operating lease right-of-use assets	24,475	18,961
Equity and other investments	16,035	14,600
Goodwill	119,329	119,220
Intangible assets, net	23,968	27,597
Other long-term assets	38,234	36,460
Total assets	$562,624	$512,163
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$26,250	$21,996
Short-term debt	0	6,693
Current portion of long-term debt	2,999	2,249
Accrued compensation	10,579	12,564
Short-term income taxes	6,805	5,017
Short-term unearned revenue	44,636	57,582
Other current liabilities	22,937	19,185
Total current liabilities	114,206	125,286
Long-term debt	39,882	42,688
Long-term income taxes	25,061	27,931
Long-term unearned revenue	2,840	2,602
Deferred income taxes	2,522	2,618
Operating lease liabilities	17,686	15,497
Other long-term liabilities	38,536	27,064
Total liabilities	240,733	243,686
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434	106,965	100,923
Retained earnings	219,759	173,144
Accumulated other comprehensive loss	(4,833)	(5,590)
Total stockholders’ equity	321,891	268,477
Total liabilities and stockholders’ equity	$562,624	$512,163

CASH FLOWS STATEMENTS

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Operations
Net income	$25,824	$21,939	$74,599	$66,100
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	8,740	6,027	22,950	15,907
Stock-based compensation expense	2,980	2,703	8,901	8,038
Net recognized losses (gains) on investments and derivatives	(298)	49	553	261
Deferred income taxes	(2,244)	(1,323)	(4,835)	(3,593)
Changes in operating assets and liabilities:
Accounts receivable	(2,461)	(2,028)	5,598	6,055
Inventories	52	260	390	1,229
Other current assets	1,076	951	642	880
Other long-term assets	(518)	(2,137)	(3,368)	(5,577)
Accounts payable	1,179	648	1,221	(659)
Unearned revenue	(1,032)	(645)	(12,923)	(10,309)
Income taxes	1,298	2,622	(1,081)	2,493
Other current liabilities	2,839	2,803	576	215
Other long-term liabilities	(391)	48	292	313
Net cash from operations	37,044	31,917	93,515	81,353
Financing
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	0	(3,810)	(5,746)	6,392
Proceeds from issuance of debt	0	6,352	0	24,198
Repayments of debt	(2,250)	(11,589)	(3,216)	(16,005)
Common stock issued	546	522	1,508	1,468
Common stock repurchased	(4,781)	(4,213)	(13,874)	(13,044)
Common stock cash dividends paid	(6,169)	(5,572)	(17,913)	(16,197)
Other, net	(382)	(498)	(1,614)	(1,006)
Net cash used in financing	(13,036)	(18,808)	(40,855)	(14,194)
Investing
Additions to property and equipment	(16,745)	(10,952)	(47,472)	(30,604)
Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets	(981)	(1,575)	(4,235)	(67,790)
Purchases of investments	(4,474)	(2,183)	(8,144)	(14,901)
Maturities of investments	6,721	3,350	11,461	23,218
Sales of investments	2,161	1,941	6,688	8,871
Other, net	604	(1,281)	(325)	(916)
Net cash used in investing	(12,714)	(10,700)	(42,027)	(82,122)
Effect of foreign exchange rates on cash and cash equivalents	52	(80)	(120)	(107)
Net change in cash and cash equivalents	11,346	2,329	10,513	(15,070)
Cash and cash equivalents, beginning of period	17,482	17,305	18,315	34,704
Cash and cash equivalents, end of period	$28,828	$19,634	$28,828	$19,634

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Revenue
Productivity and Business Processes	$29,944	$27,113	$87,698	$78,193
Intelligent Cloud	26,751	22,141	76,387	63,679
More Personal Computing	13,371	12,604	41,198	38,523
Total	$70,066	$61,858	$205,283	$180,395
Operating Income
Productivity and Business Processes	$17,379	$15,143	$50,780	$43,955
Intelligent Cloud	11,095	9,515	32,449	27,978
More Personal Computing	3,526	2,923	10,976	9,575
Total	$32,000	$27,581	$94,205	$81,508

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

MIL OSI Economics –

MIL-OSI: FinWise Bancorp Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Loan Originations of $1.3 Billion –

– Net Income of $3.2 Million –

– Diluted Earnings Per Share of $0.23 –

MURRAY, Utah, April 30, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Loan originations totaled $1.3 billion, compared to $1.3 billion for the quarter ended December 31, 2024, and $1.1 billion for the first quarter of the prior year
Net interest income was $14.3 million, compared to $15.5 million for the quarter ended December 31, 2024, and $14.0 million for the first quarter of the prior year
Net income was $3.2 million, compared to $2.8 million for the quarter ended December 31, 2024, and $3.3 million for the first quarter of the prior year
Diluted earnings per share (“EPS”) were $0.23 for the quarter, compared to $0.20 for the quarter ended December 31, 2024, and $0.25 for the first quarter of the prior year
Efficiency ratio¹ was 64.8%, compared to 64.2% for the quarter ended December 31, 2024, and 61.0% for the first quarter of the prior year
Nonperforming loan balances were $29.9 million as of March 31, 2025, compared to $36.5 million as of December 31, 2024, and $26.0 million as of March 31, 2024. Nonperforming loan balances guaranteed by the Small Business Administration (“SBA”) were $15.1 million, $19.2 million, and $14.8 million as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively

“Our business model remained resilient in the first quarter, even amidst a more uncertain macro environment,” said Kent Landvatter, Chairman and CEO of FinWise. “We posted solid loan originations and encouraging credit quality metrics, as both non-performing loan balances and net charge-offs declined sequentially. Furthermore, we continued to migrate our loan portfolio to a lower risk profile while still growing profitably and increasing tangible book value. Subsequent to the end of the first quarter, we also announced a new strategic program agreement where FinWise will provide both lending and our Credit Enhanced Balance Sheet product. While we will continue to closely monitor the economic environment, we remain excited about the outlook for our business and will maintain our focus on executing our business strategy to continue to position the Company for long-term growth and shareholder value creation.”

________________
_{¹ See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this non-GAAP measure.}

Selected Financial and Other Data

	As of and for the Three Months Ended
($ in thousands, except per share amounts)	3/31/2025			12/31/2024			3/31/2024
Amount of loans originated	$	1,264,604		$	1,305,028		$	1,091,479
Net income	$	3,189		$	2,793		$	3,315
Diluted EPS	$	0.23		$	0.20		$	0.25
Return on average assets		1.7	%		1.6	%		2.2	%
Return on average equity		7.4	%		6.5	%		8.4	%
Yield on loans		12.31	%		14.01	%		14.80	%
Cost of interest-bearing deposits		4.01	%		4.30	%		4.71	%
Net interest margin		8.27	%		10.00	%		10.12	%
Efficiency ratio⁽¹⁾		64.8	%		64.2	%		61.0	%
Tangible book value per share⁽²⁾	$	13.42		$	13.15		$	12.70
Tangible shareholders’ equity to tangible assets⁽²⁾		22.0	%		23.3	%		26.6	%
Leverage ratio (Bank under CBLR)		18.8	%		20.6	%		20.6	%
Full-time equivalent employees		196			196			175

^{(1) This measure is not a measure recognized under United States generally accepted accounting principles, or GAAP, and is therefore considered to be a non-GAAP financial measure. See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. The efficiency ratio is defined as total non-interest expense divided by the sum of net interest income and non-interest income. The Company believes this measure is important as an indicator of productivity because it shows the amount of revenue generated for each dollar spent.}
^{(2) Tangible shareholders’ equity to tangible assets is considered a non-GAAP financial measure. Tangible shareholders’ equity is defined as total shareholders’ equity less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholder’s equity to total assets. The Company had no goodwill or other intangible assets at the end of any period indicated. The Company has not considered loan servicing rights or loan trailing fee assets as intangible assets for purposes of this calculation. As a result, tangible shareholders’ equity is the same as total shareholders’ equity at the end of each of the periods indicated.}

Net Interest Income
Net interest income was $14.3 million for the first quarter of 2025, compared to $15.5 million for the prior quarter and $14.0 million for the prior year period. The decrease from the prior quarter was primarily due to a decrease in yields and a seasonal decline in origination volume on the three highest yielding programs in the held-for-sale portfolio of $0.5 million, a decrease in yield offset in part by an increase in volume on the remaining held-for-sale portfolio of $0.3 million, and a decrease in yields offset in part by the increase in volume of the held-for-investment portfolio as variable rate loans were repriced to reflect the decrease in the prime rate of $0.5 million. The increase from the prior year period was primarily due to an increase in average interest-earning assets of $143.7 million, partially offset by lower yields on interest-earning assets and an increase in the average interest-bearing liabilities of $119.6 million.

Loan originations totaled $1.3 billion for the first quarter of 2025, compared to $1.3 billion for the prior quarter and $1.1 billion for the prior year period.

Net interest margin for the first quarter of 2025 was 8.27%, compared to 10.00% for the prior quarter and 10.12% for the prior year period. The decrease in net interest margin from the prior quarter and prior year period is attributable to the seasonal decline in originations of the three highest yielding held-for-sale programs, the repricing of our variable rate loan portfolio as interest rates have declined, and the Company’s strategy to reduce the average credit risk in the loan portfolio by increasing its investment in higher quality but lower yielding loans offset by a reduction in the costs of funds.

Provision for Credit Losses
The Company’s provision for credit losses was $3.3 million for the first quarter of 2025, compared to $3.9 million for the prior quarter and $3.2 million for the prior year period. The decrease in the provision for credit losses from the prior quarter was mainly due to lower net charge-offs of $1.0 million predominately in the non-SP loan portfolio offset in part by increased reserves for the held-for-investment loan portfolio growth, net of changes in modeling assumptions of $0.5 million. The increase in the provision for credit losses from the prior year period was primarily due to growth in the loans held-for-investment portfolio.

Non-interest Income

	Three Months Ended
($ in thousands)	3/31/2025		12/31/2024			3/31/2024
Non-interest income
Strategic Program fees	$	4,962	$	4,899		$	3,965
Gain on sale of loans		846		872			415
SBA loan servicing fees, net		178		181			664
Change in fair value on investment in BFG		400		(200	)		(124	)
Credit enhancement income		85		25			—
Other miscellaneous income		1,339		(174	)		742
Total non-interest income	$	7,810	$	5,603		$	5,662

The increase in non-interest income from the prior quarter was due to an increase in other miscellaneous income resulting from a charge in the prior quarter of $0.9 million to remove unamortized premiums upon calling $160.0 million of callable certificates of deposits, growth in the Company’s operating lease portfolio, and an increased distribution received from BFG during the quarter. The Company also benefited from a favorable change in the fair value of our investment in BFG.

The increase in non-interest income from the prior year period was primarily due to an increase in Strategic Program fees primarily due to higher originations, a favorable change in the fair value of our investment in BFG, and an increase in other miscellaneous income. The increase in other miscellaneous income from the prior year period was the result of increased revenue from growth in the Company’s operating lease portfolio and increased distributions received from BFG.

Non-interest Expense

	Three Months Ended
($ in thousands)	3/31/2025		12/31/2024		3/31/2024
Non-interest expense
Salaries and employee benefits	$	9,826	$	9,375	$	7,562
Professional services		907		556		1,567
Occupancy and equipment expenses		543		533		544
Credit enhancement expense		11		5		—
Other operating expenses		3,031		3,094		2,332
Total non-interest expense	$	14,318	$	13,563	$	12,005

The increase in non-interest expense from the prior quarter resulted from increases in salaries and employee benefits and professional services. The salaries and employee benefits increase pertained mainly to an increase in federal employer payroll taxes of $0.4 million while the increase in professional services resulted from the reversal of over-accruals during the fourth quarter of 2024. The increase in non-interest expense from the prior year period was primarily due to an increase in salaries and employee benefits due mainly to increasing headcount and stock based compensation expense and other operating expenses driven by increased spending to support the growth in the Company’s business infrastructure.

Reflecting the decreased net interest income and increase in operating expenses, the Company’s efficiency ratio was 64.8% for the first quarter of 2025, compared to 64.2% for the prior quarter and 61.0% for the prior year period. The Company anticipates the efficiency ratio will level off then begin to decline as revenues are realized in future periods from the credit enhanced loan, BIN sponsorship and payments initiatives developed during 2023 and 2024.

Tax Rate
The Company’s effective tax rate was 28.1% for the first quarter of 2025, compared to 24.3% for the prior quarter and 26.5% for the prior year period. The increases from the prior quarter and prior year period were due primarily to estimated permanent differences related to officer compensation.

Net Income
Net income was $3.2 million for the first quarter of 2025, compared to $2.8 million for the prior quarter and $3.3 million for the prior year period. The changes in net income for the three months ended March 31, 2025 compared to the prior quarter and prior year period are the result of the factors discussed above.

Balance Sheet
The Company’s total assets were $804.1 million as of March 31, 2025, an increase from $746.0 million as of December 31, 2024 and $610.8 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to continued growth in the Company’s loans held-for-investment, net, and loans held-for-sale portfolios of $24.6 million and $27.2 million, respectively, as well as an increase of $12.6 million in interest-bearing cash deposits. The increase in total assets compared to March 31, 2024 was primarily due to increases in the Company’s loans held-for-investment, net, and loans held-for-sale portfolios of $95.3 million and $63.8 million, respectively, as well as an increase in investment securities available-for-sale of $30.1 million. The increased loan balances are consistent with our strategy to grow the loan portfolio with higher quality lower risk assets.

The following table shows the gross loans held-for-investment (“HFI”) balances as of the dates indicated:

	3/31/2025				12/31/2024				3/31/2024
($ in thousands)	Amount		% of total loans		Amount		% of total loans		Amount		% of total loans
SBA	$	246,004	50.0	%	$	255,056	54.8	%	$	247,810	63.4	%
Commercial leases		76,823	15.6	%		70,153	15.1	%		46,690	11.9	%
Commercial, non-real estate		3,550	0.7	%		3,691	0.8	%		2,077	0.5	%
Residential real estate		55,814	11.3	%		51,574	11.1	%		39,006	10.0	%
Strategic Program loans		19,916	4.1	%		20,122	4.3	%		17,216	4.4	%
Commercial real estate:
Owner occupied		65,920	13.4	%		41,046	8.8	%		21,300	5.4	%
Non-owner occupied		1,390	0.3	%		1,379	0.3	%		2,155	0.6	%
Consumer		22,806	4.6	%		22,212	4.8	%		14,689	3.8	%
Total period end loans	$	492,223	100.0	%	$	465,233	100.0	%	$	390,943	100.0	%

^{Note: SBA loans as of March 31, 2025, December 31, 2024 and March 31, 2024 include $150.0 million, $158.7 million and $141.7 million, respectively, of SBA 7(a) loan balances that are guaranteed by the SBA. The HFI balance on Strategic Program loans with annual interest rates below 36% as of March 31, 2025, December 31, 2024 and March 31, 2024 was $3.8 million, $3.1 million and $2.7 million, respectively.}

Total gross loans HFI as of March 31, 2025 increased $27.0 million and $101.3 million compared to December 31, 2024 and March 31, 2024, respectively. The Company experienced growth primarily in its commercial real estate – owner occupied, commercial leases, and residential real estate loan portfolios, consistent with its strategy to increase its loan portfolio with higher quality, lower rate loans.

The following table shows the Company’s deposit composition as of the dates indicated:

	As of
	3/31/2025				12/31/2024				3/31/2024
($ in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Noninterest-bearing demand deposits	$	123,322	20.4	%	$	126,782	23.3	%	$	107,076	25.3	%
Interest-bearing deposits:
Demand		83,410	13.8	%		71,403	13.1	%		48,279	11.4	%
Savings		8,888	1.5	%		9,287	1.7	%		11,206	2.6	%
Money market		17,939	2.9	%		16,709	3.0	%		9,935	2.3	%
Time certificates of deposit		372,200	61.4	%		320,771	58.9	%		247,600	58.4	%
Total period end deposits	$	605,759	100.0	%	$	544,952	100.0	%	$	424,096	100.0	%

The increase in total deposits at March 31, 2025 from December 31, 2024 and March 31, 2024 was driven primarily by increases in brokered time certificates of deposits, which were added to fund loan growth and increase balance sheet liquidity. The increase in total deposits from March 31, 2024 was also driven primarily by an increase in noninterest-bearing demand deposits and interest-bearing demand deposits, primarily due to growth from new and existing customer relationships.

Total shareholders’ equity as of March 31, 2025 increased $3.6 million to $177.4 million from $173.7 million at December 31, 2024. Compared to March 31, 2024, total shareholders’ equity increased by $14.9 million from $162.5 million. The increase from December 31, 2024 was primarily due to the Company’s net income and stock-based compensation. The increase from March 31, 2024 was primarily due to the Company’s net income as well as the additional capital issued in exchange for the Company’s increased ownership in BFG and stock-based compensation partially offset by the repurchase of common stock under the Company’s share repurchase program.

Bank Regulatory Capital Ratios
The following table presents the leverage ratios for the Bank as of the dates indicated as determined under the Community Bank Leverage Ratio Framework of the Federal Deposit Insurance Corporation:

	As of
Capital Ratios	3/31/2025	12/31/2024	3/31/2024	Well-Capitalized Requirement
Leverage ratio	18.8%	20.6%	20.6%	9.0%

The decrease in the leverage ratio from the prior quarter and the prior year period primarily results from the growth in the loan portfolio exceeding the relative growth in capital from earnings. The Bank’s capital levels remain significantly above the regulatory well-capitalized guidelines as of March 31, 2025.

Share Repurchase Program
Since the share repurchase program’s inception in March 2024, the Company has repurchased and subsequently retired a total of 44,608 shares for $0.5 million. There were no shares repurchased during the first quarter of 2025.

Asset Quality
The recorded balances of nonperforming loans were $29.9 million, or 6.1% of total loans held-for-investment, as of March 31, 2025, compared to $36.5 million, or 7.8% of total loans held-for-investment, as of December 31, 2024 and $26.0 million, or 6.6% of total loans held-for-investment, as of March 31, 2024. The balances of nonperforming loans guaranteed by the SBA were $15.1 million, $19.2 million, and $14.8 million as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The decrease in nonperforming loans from the prior quarter was primarily attributable to an increase in principal repayments and payoffs. The increase in nonperforming loans from the prior year period was primarily attributable to loans in the SBA 7(a) loan portfolio being classified as non-accrual mainly due to the negative impact of elevated interest rates on the Company’s small business borrowers. The Company’s allowance for credit losses to total loans held-for-investment was 2.9% as of March 31, 2025 compared to 2.8% as of December 31, 2024 and 3.2% as of March 31, 2024. The slight increase in the ratio from the prior quarter was primarily due to growth in the allowance for credit losses attributable to the retained Strategic Program loans while the actual retained Strategic Program loan balances decreased from the prior quarter. The decrease in the ratio from the prior year period was primarily due to the respective balances of the guaranteed portion of the SBA 7(a) program loans, growth in the balances of lower risk owner-occupied CRE, leasing and other held-for-investment loan portfolios, and the shift in our Strategic Program held-for-investment loan balances to programs with lower historical losses.

The Company’s net charge-offs were $2.2 million, $3.2 million and $3.4 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The decrease from the prior quarter is primarily due to prior quarter charge-offs of the unguaranteed portion of SBA loans as well as decreased net charge-offs in the Strategic Program loans portfolio. The decrease from the prior year period is primarily due to a decrease in charge-offs in the Strategic Program loans portfolio as well as increased recoveries during the first quarter of 2025.

The following table presents a summary of changes in the allowance for credit losses and credit quality data for the periods indicated:

	Three Months Ended
($ in thousands)	3/31/2025			12/31/2024			3/31/2024
Allowance for credit losses:
Beginning balance	$	13,176		$	12,661		$	12,888
Provision for credit losses⁽¹⁾		3,307			3,766			3,145
Charge offs
Construction and land development		—			—			—
Residential real estate		(7	)		(206	)		(64	)
Residential real estate multifamily		—			—			—
Commercial real estate:
Owner occupied		(68	)		(411	)		(525	)
Non-owner occupied		—			—			—
Commercial and industrial		(83	)		(555	)		(54	)
Consumer		(11	)		(60	)		(41	)
Lease financing receivables		(36	)		—			(111	)
Strategic Program loans		(2,384	)		(2,528	)		(2,946	)
Recoveries
Construction and land development		—			—			—
Residential real estate		3			6			53
Residential real estate multifamily		—			—			—
Commercial real estate:
Owner occupied		16			112			3
Non-owner occupied		—			—			—
Commercial and industrial		14			—			—
Consumer		3			1			—
Lease financing receivables		(33	)		77			—
Strategic Program loans		338			313			284
Ending Balance	$	14,235		$	13,176		$	12,632

*Credit Quality Data*	As of and For the Three Months Ended
($ in thousands)	3/31/2025			12/31/2024			3/31/2024
Nonperforming loans:
Guaranteed	$	15,147		$	19,203		$	14,765
Unguaranteed		14,737			17,281			11,231
Total nonperforming loans	$	29,884		$	36,484		$	25,996
Allowance for credit losses	$	14,235		$	13,176		$	12,632
Net charge offs	$	2,248		$	3,249		$	3,401
Total loans held-for-investment	$	492,223		$	465,233		$	390,943
Total loans held-for-investment less guaranteed balances	$	342,259		$	306,483		$	249,229
Average loans held-for-investment	$	485,780		$	454,474		$	387,300
Nonperforming loans to total loans held-for-investment		6.1	%		7.8	%		6.6	%
Net charge offs to average loans held-for-investment (annualized)		1.9	%		2.8	%		3.5	%
Allowance for credit losses to loans held-for-investment		2.9	%		2.8	%		3.2	%
Allowance for credit losses to loans held-for-investment less guaranteed balances		4.2	%		4.3	%		5.1	%

^{(1) Excludes the provision for unfunded commitments.}

Webcast and Conference Call Information
FinWise will host a conference call today at 5:30 PM ET to discuss its financial results for the first quarter. A simultaneous audio webcast of the conference call will be available at https://investors.finwisebancorp.com/.

The dial-in number for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). The conference ID is 13752183. Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at investors.finwisebancorp.com for six months following the call.

Website Information
The Company intends to use its website, www.finwisebancorp.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in the Company’s website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of the Company’s website, in addition to following its press releases, filings with the Securities and Exchange Commission (“SEC”), public conference calls, and webcasts. To subscribe to the Company’s e-mail alert service, please click the “Email Alerts” link in the Investor Relations section of its website and submit your email address. The information contained in, or that may be accessed through, the Company’s website is not incorporated by reference into or a part of this document or any other report or document it files with or furnishes to the SEC, and any references to the Company’s website are intended to be inactive textual references only.

About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah which wholly owns FinWise Bank, a Utah chartered state bank, and FinWise Investment LLC (together “FinWise”). FinWise provides Banking and Payment Solutions to fintech brands. The Company is expanding and diversifying its business model by incorporating Payments (MoneyRailsTM) and BIN Sponsorship offerings. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance. For more information about FinWise visit https://investors.finwisebancorp.com.

Contacts
investors@finwisebank.com
media@finwisebank.com

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to, among other things, future events and its financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “budget,” “goal,” “target,” “would,” “aim” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company’s industry and management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates and projections will be achieved. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: (a) the success of the financial technology and banking-as-a-service (“BaaS”) industries, as well as the continued evolution of the regulation of these industries; (b) the ability of the Company’s Fintech Banking and Payment Solutions service providers to comply with regulatory regimes, and the Company’s ability to adequately oversee and monitor its Fintech Banking and Payment Solutions service providers; (c) the Company’s ability to maintain and grow its relationships with its service providers; (d) changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, tariffs, monetary and fiscal matters, including the application of interest rate caps or maximums; (e) the Company’s ability to keep pace with rapid technological changes in the industry or implement new technology effectively; (f) system failure or cybersecurity breaches of the Company’s network security; (g) potential exposure to fraud, negligence, computer theft and cyber-crime and other disruptions in the Company’s computer systems relating to its development and use of new technology platforms; (h) the Company’s reliance on third-party service providers for core systems support, informational website hosting, internet services, online account opening and other processing services; (i) general economic, political and business conditions, either nationally or in the Company’s market areas; (j) increased national or regional competition in the financial services industry; (k) the Company’s ability to measure and manage its credit risk effectively and the potential deterioration of the business and economic conditions in the Company’s primary market areas; (l) the adequacy of the Company’s risk management framework; (m) the adequacy of the Company’s allowance for credit losses (“ACL”); (n) the financial soundness of other financial institutions; (o) changes in Small Business Administration (“SBA”) rules, regulations and loan products, including specifically the Section 7(a) program or changes to the status of the Bank as an SBA Preferred Lender; (p) changes in the existing regulatory framework for brokered deposits and potential reclassification of certain BaaS deposits as brokered deposits in light of proposed rulemaking or application of the current deposit framework by the Federal Deposit Insurance Corporation (“FDIC”) to the Bank’s BaaS deposits; (q) the value of collateral securing the Company’s loans; (r) the Company’s levels of nonperforming assets; (s) losses from loan defaults; (t) the Company’s ability to protect its intellectual property and the risks it faces with respect to claims and litigation initiated against the Company; (u) the Company’s ability to implement its growth strategy; (v) the Company’s ability to continue to launch new products or services successfully; (w) the concentration of the Company’s lending and depositor relationships through Strategic Programs in the financial technology industry generally; (x) interest rate, volatility and liquidity risks; (y) the effectiveness of the Company’s internal control over financial reporting and its ability to remediate any future material weakness in its internal control over financial reporting; (z) dependence on the Company’s management team and changes in management composition; (aa) the sufficiency of the Company’s capital; (bb) compliance with laws and regulations, supervisory actions, the Dodd-Frank Act, capital requirements, the Bank Secrecy Act and other anti-money laundering laws, predatory lending laws, and other statutes and regulations; (cc) the Company’s ability to maintain a strong core deposit base or other low-cost funding sources; (dd) results of examinations of the Company by its regulators; (ee) the Company’s involvement from time to time in legal proceedings; (ff) natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities or other international or domestic calamities, and other matters beyond the Company’s control; (gg) future equity and debt issuances; (hh) that the anticipated benefits of new lines of business that the Company may enter or investments or acquisitions the Company may make are not realized within the expected time frame or at all as a result of such things as the strength or weakness of the economy and competitive factors in the areas where the Company and such other businesses operate; (ii) further negative ratings outlooks or downgrades of the U.S.’s long-term credit rating, (jj) changes in legislative, regulatory or tax priorities, (kk) reductions in staffing at U.S. governmental agencies, (ll) potential government shutdowns or political impasses, including with respect to the U.S. debt ceiling and federal budget; and (mm) other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports on Form 10-Q and Form 8-K.

The timing and amount of purchases under the Company’s share repurchase program will be determined by the Share Repurchase Committee based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice.

Any forward-looking statement speaks only as of the date of this release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence. In addition, the Company cannot assess the impact of each risk and uncertainty on its business or the extent to which any risk or uncertainty, or combination of risks and uncertainties, may cause actual results to differ materially from those contained in any forward-looking statements.


FINWISE BANCORP CONSOLIDATED BALANCE SHEETS ($ in thousands; Unaudited)

	3/31/2025		12/31/2024		3/31/2024
ASSETS
Cash and cash equivalents
Cash and due from banks	$	8,155	$	9,600	$	3,944
Interest-bearing deposits		112,117		99,562		111,846
Total cash and cash equivalents		120,272		109,162		115,790
Investment securities available-for-sale, at fair value		30,138		29,930		—
Investment securities held-to-maturity, at cost		12,008		12,565		14,820
Investment in Federal Home Loan Bank (“FHLB”) stock, at cost		440		349		349
Strategic Program loans held-for-sale, at lower of cost or fair value		118,769		91,588		54,947
Loans held-for-investment, net		472,402		447,812		377,101
Credit enhancement asset		195		111		—
Premises and equipment, net		3,123		3,548		6,665
Accrued interest receivable		2,708		3,566		3,429
Deferred taxes, net		290		—		—
SBA servicing asset, net		3,331		3,273		4,072
Investment in Business Funding Group (“BFG”), at fair value		8,100		7,700		8,200
Operating lease right-of-use (“ROU”) assets		3,555		3,564		4,104
Income tax receivable, net		3,353		8,868		2,400
Other assets		25,445		23,939		18,956
Total assets	$	804,129	$	745,976	$	610,833

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest-bearing	$	123,322	$	126,782	$	107,076
Interest-bearing		482,437		418,170		317,020
Total deposits		605,759		544,952		424,096
Accrued interest payable		2,750		1,494		588
Income taxes payable, net		962		4,423		3,207
Deferred taxes, net		—		899		508
Operating lease liabilities		5,226		5,302		6,046
Other liabilities		12,071		15,186		13,906
Total liabilities		626,768		572,256		448,351

Shareholders’ equity
Common stock		13		13		13
Additional paid-in-capital		57,548		56,926		55,304
Retained earnings		119,781		116,594		107,165
Accumulated other comprehensive income, net of tax		19		187		—
Total shareholders’ equity		177,361		173,720		162,482
Total liabilities and shareholders’ equity	$	804,129	$	745,976	$	610,833


FINWISE BANCORP CONSOLIDATED STATEMENTS OF INCOME ($ in thousands, except per share amounts; Unaudited)

	Three Months Ended
	3/31/2025		12/31/2024			3/31/2024
Interest income
Interest and fees on loans	$	17,155	$	18,388		$	16,035
Interest on securities		390		401			101
Other interest income		991		573			1,509
Total interest income		18,536		19,362			17,645

Interest expense
Interest on deposits		4,256		3,833			3,639
Total interest expense		4,256		3,833			3,639
Net interest income		14,280		15,529			14,006

Provision for credit losses		3,336		3,878			3,154
Net interest income after provision for credit losses		10,944		11,651			10,852

Non-interest income
Strategic Program fees		4,962		4,899			3,965
Gain on sale of loans, net		846		872			415
SBA loan servicing fees, net		178		181			664
Change in fair value on investment in BFG		400		(200	)		(124	)
Credit enhancement income		85		25			—
Other miscellaneous (loss) income		1,339		(174	)		742
Total non-interest income		7,810		5,603			5,662

Non-interest expense
Salaries and employee benefits		9,826		9,375			7,562
Professional services		907		556			1,567
Occupancy and equipment expenses		543		533			544
Credit enhancement expense		11		5			—
Other operating expenses		3,031		3,094			2,332
Total non-interest expense		14,318		13,563			12,005
Income before income taxes		4,436		3,691			4,509

Provision for income taxes		1,247		897			1,194
Net income	$	3,189	$	2,794		$	3,315

Earnings per share, basic	$	0.24	$	0.21		$	0.26
Earnings per share, diluted	$	0.23	$	0.20		$	0.25

Weighted average shares outstanding, basic		12,716,155		12,659,986			12,502,448
Weighted average shares outstanding, diluted		13,483,647		13,392,411			13,041,605
Shares outstanding at end of period		13,216,903		13,211,640			12,793,555


FINWISE BANCORP AVERAGE BALANCES, YIELDS, AND RATES ($ in thousands; Unaudited)

	Three Months Ended
	3/31/2025						12/31/2024						3/31/2024
	Average Balance		Interest		Average Yield/ Rate		Average Balance		Interest		Average Yield/ Rate		Average Balance		Interest		Average Yield/ Rate
Interest earning assets:
Interest-bearing deposits	$	92,794	$	991	4.33	%	$	52,375	$	573	4.35	%	$	111,911	$	1,509	5.42	%
Investment securities		42,314		390	3.74	%		43,212		401	3.69	%		15,174		101	2.67	%
Strategic Program loans held-for-sale		79,612		4,264	21.72	%		67,676		5,040	29.63	%		42,452		3,475	32.93	%
Loans held-for-investment		485,780		12,891	10.76	%		454,474		13,348	11.68	%		387,300		12,560	13.04	%
Total interest earning assets		700,500		18,536	10.73	%		617,737		19,362	12.47	%		556,837		17,645	12.74	%
Noninterest-earning assets		54,184						55,767						39,123
Total assets	$	754,684					$	673,504					$	595,960
Interest-bearing liabilities:
Demand	$	76,403	$	670	3.56	%	$	57,305	$	617	4.28	%	$	51,603	$	503	3.92	%
Savings		9,247		7	0.30	%		9,192		9	0.40	%		9,301		19	0.83	%
Money market accounts		17,884		163	3.70	%		15,726		147	3.73	%		10,200		66	2.60	%
Certificates of deposit		326,920		3,416	4.24	%		272,799		3,060	4.46	%		239,577		3,051	5.12	%
Total deposits		430,454		4,256	4.01	%		355,022		3,833	4.30	%		310,681		3,639	4.71	%
Other borrowings		48		—	0.35	%		79		—	0.35	%		172		—	0.35	%
Total interest-bearing liabilities		430,502		4,256	4.01	%		355,101		3,833	4.29	%		310,853		3,639	4.71	%
Noninterest-bearing deposits		119,501						119,945						100,507
Noninterest-bearing liabilities		29,644						27,636						25,446
Shareholders’ equity		175,037						170,823						159,154
Total liabilities and shareholders’ equity	$	754,684					$	673,505					$	595,960
Net interest income and interest rate spread			$	14,280	6.72	%			$	15,529	8.18	%			$	14,006	8.03	%
Net interest margin					8.27	%					10.00	%					10.12	%
Ratio of average interest-earning assets to average interest- bearing liabilities					162.72	%					173.96	%					179.13	%


Reconciliation of Non-GAAP to GAAP Financial Measures (Unaudited)

Efficiency ratio	Three Months Ended
($ in thousands)	3/31/2025			12/31/2024			3/31/2024
Non-interest expense	$	14,318		$	13,563		$	12,005

Net interest income		14,280			15,529			14,006
Total non-interest income		7,810			5,603			5,662
Adjusted operating revenue	$	22,090		$	21,132		$	19,668
Efficiency ratio		64.8	%		64.2	%		61.0	%

FinWise has entered into agreements with certain of its Strategic Program service providers pursuant to which they provide credit enhancement on loans which protects the Bank by indemnifying or reimbursing the Bank for incurred credit and fraud losses. We estimate and record a provision for expected losses for these Strategic Program loans in accordance with GAAP, which requires estimation of the provision without consideration of the credit enhancement. When the provision for expected losses over the life of the loans that are subject to such credit enhancement is recorded, a credit enhancement asset reflecting the potential future recovery of those losses is also recorded on the balance sheet in the form of non-interest income (credit enhancement income). Reimbursement or indemnification for incurred losses is provided for in the form of a deposit reserve account that is replenished periodically by the respective Strategic Program service provider. Any remaining income on such loans in excess of the amounts retained by FinWise and placed in the deposit reserve account are paid to the Strategic Program service provider. Income on such loans in excess of amounts retained by FinWise are expensed for services provided by the Strategic Program service provider including its legal commitment to indemnify or reimburse all credit or fraud losses pursuant to credit enhancement agreements. The credit enhancement asset is reduced as credit enhancement payments and recoveries are received from the Strategic Program service provider or taken from its cash reserve account. If the Strategic Program service provider is unable to fulfill its contracted obligations under its credit enhancement agreement, then the Bank could be exposed to the loss of the reimbursement and credit enhancement income as a result of this counterparty risk. See the following reconciliations of non-GAAP measures for the impact of the credit enhancement on our financial condition and results. Note that these amounts are supplemental and are not a substitute for an analysis based on GAAP measures. Similar amounts for periods prior to the quarter ended December 31, 2024 were immaterial and therefore not separately disclosed.

The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on total interest income on loans held-for-investment and average yield on loans held-for-investment:

	As of and for the Three Months Ended							As of and for the Three Months Ended
($ in thousands; unaudited)	3/31/2025							12/31/2024
	Total Average Loans HFI		Total Interest Income on Loans HFI			Average Yield on Loans HFI		Total Average Loans HFI		Total Interest Income on Loans HFI			Average Yield on Loans HFI
Before adjustment for credit enhancement	$	485,780	$	12,891		10.76	%	$	454,474	$	13,348		11.68	%
Less: credit enhancement expense				(11	)						(5	)
Net of adjustment for credit enhancement expenses	$	485,780	$	12,880		10.76	%	$	454,474	$	13,343		11.68	%

Total interest income on loans held-for-investment net of credit enhancement expense and the average yield on loans held-for-investment net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expense on total interest income on loans held-for-investment and the respective average yield on loans held-for-investment, the most directly comparable GAAP measures.

The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on net interest income and net interest margin:

	As of and for the Three Months Ended							As of and for the Three Months Ended
	3/31/2025							12/31/2024
($ in thousands; unaudited)	Total Average Interest-Earning Assets		Net Interest Income			Net Interest Margin		Total Average Interest-Earning Assets		Net Interest Income			Net Interest Margin
Before adjustment for credit enhancement	$	700,500	$	14,280		8.27	%	$	617,737	$	15,529		10.00	%
Less: credit enhancement expense				(11	)						(5	)
Net of adjustment for credit enhancement expenses	$	700,500	$	14,269		8.27	%	$	617,737	$	15,524		10.00	%

Net interest income and net interest margin net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expenses on net interest income and net interest margin, the most directly comparable GAAP measures.

Non-interest expenses less credit enhancement expenses is a non-GAAP measure presented to illustrate the impact of credit enhancement expense on non-interest expense:

($ in thousands; unaudited)	Three Months Ended March 31, 2025			Three Months Ended December 31, 2024
Total non-interest expense	$	14,318		$	13,564
Less: credit enhancement expense		(11	)		(5	)
Total non-interest expense less credit enhancement expenses	$	14,307		$	13,559

Total non-interest expense less credit enhancement expense is a non-GAAP measure that illustrates the impact of credit enhancement expenses on non-interest expense, the most directly comparable GAAP measure.

Total non-interest income less credit enhancement income is a non-GAAP measure to illustrate the impact of credit enhancement income resulting from credit enhanced loans on non-interest income:

($ in thousands; unaudited)	Three Months Ended March 31, 2025			Three Months Ended December 31, 2024
Total non-interest income	$	7,810		$	5,603
Less: credit enhancement income		(85	)		(25	)
Total non-interest income less credit enhancement income	$	7,725		$	5,578

Total non-interest income less indemnification income is a non-GAAP measure that illustrates the impact of credit enhancement income on non-interest income. The most directly comparable GAAP measure is non-interest income.

The following non-GAAP measure is presented to illustrate the effect of the credit enhancement program that creates the credit enhancement on the allowance for credit losses:

($ in thousands; unaudited)	As of March 31, 2025			As of December 31, 2024
Allowance for credit losses	$	(14,235	)	$	(13,176	)
Less: allowance for credit losses related to credit enhanced loans		(195	)		(111	)
Allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans	$	(14,040	)	$	(13,065	)

The allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans is a non-GAAP measure that reflects the effect of the credit enhancement program on the allowance for credit losses. The total outstanding balance of loans held-for-investment with credit enhancement as of March 31, 2025 and December 31, 2024 was approximately $1.3 million and $0.9 million, respectively.

MIL-OSI: FormFactor, Inc. Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

LIVERMORE, Calif., April 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2025 ended March 29, 2025. Quarterly revenues were $171.4 million, a decrease of 9.6% compared to $189.5 million in the fourth quarter of fiscal 2024, and an increase of 1.6% from $168.7 million in the first quarter of fiscal 2024.

Foundry & Logic first-quarter demand increased low single digits sequentially
Experienced reduction in DRAM as export controls limited FormFactor’s ability to ship probe cards for advanced node designs to China
Closed acquisition of minority interest in FICT Limited, a key supplier of advanced probe card components

“As expected, FormFactor reported sequentially lower first-quarter revenue and profitability due to anticipated reductions in demand for both DRAM probe cards and Systems,” said Mike Slessor, CEO of FormFactor, Inc. “Longer-term, we remain confident in the growth prospects for FormFactor and the semiconductor industry overall, driven by the fundamental trends of Advanced Packaging, High-Bandwidth-Memory, and Co-Packaged Optics.”

The company also announced that its Board of Directors has authorized a $75 million stock repurchase plan. This new stock repurchase authorization will expire April 23, 2027, and may be suspended, modified or discontinued at any time. Under the new repurchase authorization, repurchases may be made both in the open market and through privately negotiated transactions.

First Quarter Highlights

On a GAAP basis, net income for the first quarter of fiscal 2025 was $6.4 million, or $0.08 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $9.7 million, or $0.12 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $21.8 million, or $0.28 per fully-diluted share. Gross margin for the first quarter of 2025 was 37.7%, compared with 38.8% in the fourth quarter of 2024, and 37.2% in the first quarter of 2024.

On a non-GAAP basis, net income for the first quarter of fiscal 2025 was $18.0 million, or $0.23 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $21.3 million, or $0.27 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $14.3 million, or $0.18 per fully-diluted share. On a non-GAAP basis, gross margin for the first quarter of 2025 was 39.2%, compared with 40.2% in the fourth quarter of 2024, and 38.7% in the first quarter of 2024.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

GAAP net cash provided by operating activities for the first quarter of fiscal 2025 was $23.5 million, compared to $35.9 million for the fourth quarter of fiscal 2024, and $33.0 million for the first quarter of fiscal 2024. Free cash flow for the first quarter of fiscal 2025 was $6.3 million, compared to free cash flow for the fourth quarter of fiscal 2024 of $28.8 million, and free cash flow for the first quarter of 2024 of $19.7 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.

Outlook

Dr. Slessor added, “Although our sequential growth outlook is tempered by the uncertainty created by the current tariff situation, we expect to deliver double-digit sequential revenue growth, with increases across all our major served markets and segments.”

For the second quarter ending June 28, 2025, FormFactor is providing the following outlook*:

	GAAP	Reconciling Items**		Non-GAAP
Revenue	$190 million +/- $5 million		—	$190 million +/- $5 million
Gross Margin	38.5% +/- 1.5%	$3 million		40% +/- 1.5%
Net income per diluted share	$0.18 +/- $0.04		$0.12	$0.30 +/- $0.04

_{*This outlook assumes consistent foreign currency rates.}
_{**Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.}

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

Use of Non-GAAP Financial Information:

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and three months ended March 29, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

About FormFactor:

FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, market trends, conditions in and the growth of the semiconductor industry and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025		December 28, 2024		March 30, 2024
Revenues	$	171,356	$	189,483	$	168,725
Cost of revenues		106,833		115,903		105,987
Gross profit		64,523		73,580		62,738
Operating expenses:
Research and development		27,800		30,504		28,627
Selling, general and administrative		33,454		35,226		33,079
Total operating expenses		61,254		65,730		61,706
Gain on sale of business		—		—		20,271
Operating income		3,269		7,850		21,303
Interest income, net		3,317		3,472		3,156
Other income, net		890		617		520
Income before income taxes		7,476		11,939		24,979
Provision for income taxes		1,075		2,234		3,198
Net income	$	6,401	$	9,705	$	21,781
Net income per share:
Basic	$	0.08	$	0.13	$	0.28
Diluted	$	0.08	$	0.12	$	0.28
Weighted-average number of shares used in per share calculations:
Basic		77,345		77,267		77,452
Diluted		77,884		77,982		78,490

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
GAAP Gross Profit	$	64,523		$	73,580		$	62,738
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		542			555			586
Stock-based compensation		2,005			1,944			1,928
Restructuring charges		60			32			44
Non-GAAP Gross Profit	$	67,130		$	76,111		$	65,296

GAAP Gross Margin		37.7	%		38.8	%		37.2	%
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		0.3	%		0.4	%		0.4	%
Stock-based compensation		1.2	%		1.0	%		1.1	%
Restructuring charges		—	%		—	%		—	%
Non-GAAP Gross Margin		39.2	%		40.2	%		38.7	%

GAAP operating expenses	$	61,254		$	65,730		$	61,706
Adjustments:
Amortization of intangibles		(191	)		(191	)		(191	)
Stock-based compensation		(7,791	)		(8,269	)		(8,477	)
Restructuring charges		(2,823	)		(371	)		(49	)
Costs related to sale and acquisition of businesses		(217	)		(1,689	)		(646	)
Non-GAAP operating expenses	$	50,232		$	55,210		$	52,343

GAAP operating income	$	3,269		$	7,850		$	21,303
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		733			746			777
Stock-based compensation		9,796			10,213			10,405
Restructuring charges		2,883			403			93
Gain on sale of business, net of cost related to sale and acquisition of businesses		217			1,689			(19,625	)
Non-GAAP operating income	$	16,898		$	20,901		$	12,953

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
GAAP net income	$	6,401		$	9,705		$	21,781
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		733			746			777
Stock-based compensation		9,796			10,213			10,405
Restructuring charges		2,883			415			93
Gain on sale of business, net of cost related to sale and acquisition of businesses		217			1,689			(19,625	)
Income tax effect of non-GAAP adjustments		(2,026	)		(1,445	)		913
Non-GAAP net income	$	18,004		$	21,323		$	14,344

GAAP net income per share:
Basic	$	0.08		$	0.13		$	0.28
Diluted	$	0.08		$	0.12		$	0.28

Non-GAAP net income per share:
Basic	$	0.23		$	0.28		$	0.19
Diluted	$	0.23		$	0.27		$	0.18

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Three Months Ended
	March 29, 2025			March 30, 2024
Cash flows from operating activities:
Net income	$	6,401		$	21,781
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		8,156			7,193
Amortization		674			640
Stock-based compensation expense		9,796			10,405
Provision for excess and obsolete inventories		2,879			3,146
Gain on sale of business		—			(20,271	)
Non-cash restructuring charges		2,102			—
Other activity impacting operating cash flows		(6,469	)		10,118
Net cash provided by operating activities		23,539			33,012
Cash flows from investing activities:
Acquisition of property, plant and equipment		(18,584	)		(13,436	)
Proceeds from sale of business		—			21,275
Purchase of equity investment		(67,156	)		—
Proceeds from (purchases of) marketable securities, net		1,080			(11,659	)
Net cash used in investing activities		(84,660	)		(3,820	)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program		(22,135	)		(17,334	)
Proceeds from issuances of common stock		21,576			4,948
Principal repayments on term loans		(273	)		(266	)
Tax withholdings related to net share settlements of equity awards		(2,132	)		(1,840	)
Net cash used in financing activities		(2,964	)		(14,492	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		180			(1,592	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(63,905	)		13,108
Cash, cash equivalents and restricted cash, beginning of period		197,206			181,273
Cash, cash equivalents and restricted cash, end of period	$	133,301		$	194,381

FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In thousands) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
Net cash provided by operating activities	$	23,539		$	35,913		$	33,012
Adjustments:
Sale of business and acquisition related payments in working capital		1,221			506			47
Cash paid for interest		92			93			100
Capital expenditures		(18,584	)		(7,663	)		(13,436	)
Free cash flow	$	6,268		$	28,849		$	19,723

FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	March 29, 2025			December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	129,889		$	190,728
Marketable securities		169,099			169,295
Accounts receivable, net of allowance for credit losses		98,605			104,294
Inventories, net		109,965			101,676
Restricted cash		967			3,746
Prepaid expenses and other current assets		42,716			35,389
Total current assets		551,241			605,128
Restricted cash		2,445			2,732
Operating lease, right-of-use-assets		20,054			22,579
Property, plant and equipment, net of accumulated depreciation		208,317			210,230
Equity investment		68,667			—
Goodwill		199,700			199,171
Intangibles, net		9,681			10,355
Deferred tax assets		92,759			92,012
Other assets		3,303			4,008
Total assets	$	1,156,167		$	1,146,215

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	64,536		$	62,287
Accrued liabilities		34,909			43,742
Current portion of term loan, net of unamortized issuance costs		1,113			1,106
Deferred revenue		14,996			15,847
Operating lease liabilities		8,461			8,363
Total current liabilities		124,015			131,345
Term loan, less current portion, net of unamortized issuance costs		11,927			12,208
Long-term operating lease liabilities		15,980			17,550
Deferred grant		18,000			18,000
Other liabilities		20,371			19,344
Total liabilities		190,293			198,447

Stockholders’ equity:
Common stock		77			77
Additional paid-in capital		844,488			837,586
Accumulated other comprehensive loss		(6,037	)		(10,840	)
Accumulated income		127,346			120,945
Total stockholders’ equity		965,874			947,768
Total liabilities and stockholders’ equity	$	1,156,167		$	1,146,215

About our Non-GAAP Financial Measures:

We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

Source: FormFactor, Inc.
FORM-F

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., April 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $8.9 million, or $0.09 per basic and diluted share, for the quarter ended March 31, 2025, as compared to a net loss of $1.2 million, or $0.01 per basic and diluted share, for the quarter ended March 31, 2024. Earnings for the quarter ended March 31, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, lower provision for credit losses and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer, commented: “During the first quarter of 2025, the Company was able to increase earnings, expand our net interest margin and reduce overall funding costs mainly due to a balance sheet repositioning strategy implemented in the fourth quarter of 2024. We also experienced solid loan growth and an increase in deposits while reducing our overall operating costs. It continues to be challenging to operate in such a volatile economic environment, but we are focused on managing the balance sheet mix and controlling operating expenses while remaining committed to investments in talent and systems that will support future growth.”

Results of Operations for the Three Months Ended March 31, 2025 and March 31, 2024

Net income of $8.9 million was recorded for the quarter ended March 31, 2025, an increase of $10.1 million, compared to a net loss of $1.2 million for the quarter ended March 31, 2024. The increase in net income was primarily attributable to an $8.1 million increase in net interest income, a $2.3 million decrease in provision for credit losses and a $1.8 million decrease in non-interest expense, partially offset by a $3.2 million increase in income tax expense.

Net interest income was $50.3 million for the quarter ended March 31, 2025, an increase of $8.1 million, or 19.3%, from $42.2 million for the quarter ended March 31, 2024. The increase in net interest income was primarily attributable to a $3.5 million increase in interest income and a $4.6 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended March 31, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest expense on borrowings during the quarter ended March 31, 2025. Prepayment penalties, which are included in interest income on loans, totaled $257,000 for the quarter ended March 31, 2025, compared to $268,000 for the quarter ended March 31, 2024.

The average yield on loans for the quarter ended March 31, 2025 increased 10 basis points to 4.89%, as compared to 4.79% for the quarter ended March 31, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended March 31, 2025 increased 80 basis points to 3.45%, as compared to 2.65% for the quarter ended March 31, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024, being replaced with higher yielding securities purchased in 2024 and the quarter ended March 31, 2025. The average yield on other interest-earning assets for the quarter ended March 31, 2025 decreased 31 basis points to 5.75%, as compared to 6.06% for the quarter ended March 31, 2024, due to a decrease in average interest rates received on cash balances, and a decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $61.8 million for the quarter ended March 31, 2025, a decrease of $4.6 million, or 6.9%, from $66.4 million for the quarter ended March 31, 2024. The decrease in interest expense was primarily attributable to a 1 basis point decrease in the average cost of interest-bearing deposits along with a 54 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits increased $1.7 million, or 3.6%, and interest expense on borrowings decreased $6.3 million, or 35.1%.

The Company’s net interest margin for the quarter ended March 31, 2025 increased 36 basis points to 2.11%, when compared to 1.75% for the quarter ended March 31, 2024. The net interest margin increased for the quarter ended March 31, 2025 due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 19 basis points to 4.69% for the quarter ended March 31, 2025 as compared to 4.50% for the quarter ended March 31, 2024. The average cost of interest-bearing liabilities decreased 17 basis points to 3.21% for the quarter ended March 31, 2025 as compared to 3.38% for the quarter ended March 31, 2024.

The provision for credit losses for the quarter ended March 31, 2025 was $2.9 million, a decrease of $2.3 million, from $5.3 million for the quarter ended March 31, 2024. The decrease in provision for credit losses during the quarter was primarily due to a decrease in net charge-offs, which totaled $857,000 for the quarter ended March 31, 2025 as compared to $5.0 million for the quarter ended March 31, 2024.

Non-interest income was $8.5 million for the quarter ended March 31, 2025, an increase of $1.0 million, or 13.7%, from $7.5 million for the quarter ended March 31, 2024. The increase was primarily attributable to the loss on securities transactions of $1.3 million included in the 2024 period, and an increase of $475,000 in fees related to commercial account treasury services.

Non-interest expense was $43.8 million for the quarter ended March 31, 2025, a decrease of $1.8 million, or 4.0%, from $45.7 million for the quarter ended March 31, 2024. The decrease was primarily attributable to a decrease in professional fees of $2.1 million, as legal, regulatory and compliance-related costs decreased in the 2025 period, and a decrease in federal deposit insurance premiums of $475,000.

Income tax expense was $3.1 million for the quarter ended March 31, 2025, an increase of $3.2 million, as compared to an income tax benefit of $129,000 for the quarter ended March 31, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.9% and 10.0% for the quarters ended March 31, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $132.4 million, or 1.3%, to $10.6 billion at March 31, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $51.4 million, and an increase in loans receivable, net, of $108.3 million, partially offset by a decrease in cash and cash equivalents of $33.1 million.

Cash and cash equivalents decreased $33.1 million, or 11.5%, to $256.1 million at March 31, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $84.7 million, and origination of loans receivable, partially offset by proceeds from principal repayments on securities of $41.2 million, and repayments on loans receivable.

Debt securities available for sale increased $51.4 million, or 5.0%, to $1.1 billion at March 31, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $64.8 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $15.9 million, partially offset by repayments on securities of $29.1 million, and a partial call of a security of $756,000.

Loans receivable, net, increased $108.3 million, or 1.4%, to $8.0 billion at March 31, 2025 from $7.9 billion at December 31, 2024. Multifamily loans and commercial real estate loans increased $107.2 million and $89.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans, commercial business loans, and home equity loans and advances of $34.4 million, $36.5 million, $8.0 million, and $5.6 million, respectively. The allowance for credit losses for loans increased $2.1 million to $62.0 million at March 31, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $112.4 million, or 1.2%, to $9.5 billion at March 31, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $98.8 million, or 1.2%, and an increase in borrowings of $27.0 million, or 2.5%, partially offset by a decrease in other liabilities of $15.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $52.2 million, $92.0 million, and $41.3 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $85.9 million and $788,000, respectively. The $27.0 million increase in borrowings was driven by a net increase in short-term borrowings of $67.0 million, coupled with new long-term borrowings of $20.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings.

Total stockholders’ equity increased $20.0 million, or 1.8%, with a balance of $1.1 billion at both March 31, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $8.9 million, and an increase of $9.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company’s non-performing loans at March 31, 2025 totaled $24.9 million, or 0.31% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $3.2 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $835,000, and an increase in non-performing commercial real estate loans of $452,000, partially offset by a decrease in non-performing commercial business loans of $4.4 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 38 loans at March 31, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to seven loans at March 31, 2025. The decrease in non-performing commercial business loans was primarily attributable to one loan with an outstanding balance of $4.3 million which was paid in full during the 2025 period. Non-performing assets as a percentage of total assets totaled 0.25% at March 31, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended March 31, 2025, net charge-offs totaled approximately $857,000, as compared to $5.0 million in net charge-offs recorded for the quarter ended March 31, 2024.

The Company’s allowance for credit losses on loans was $62.0 million, or 0.78% of total gross loans, at March 31, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

Additional Liquidity, Loan, and Deposit Information

The Company services a diverse retail and commercial deposit base through its 69 branches. With over 207,000 accounts, the average deposit account balance was approximately $40,000 at March 31, 2025.

Deposit balances are summarized as follows:

	At March 31, 2025				At December 31, 2024
	Balance		Weighted Average Rate		Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,490,243	—	%	$	1,438,030	—	%
Interest-bearing demand		1,935,384	2.08			2,021,312	2.19
Money market accounts		1,333,668	2.84			1,241,691	2.82
Savings and club deposits		651,713	0.70			652,501	0.75
Certificates of deposit		2,783,927	4.08			2,742,615	4.24
Total deposits	$	8,194,935	2.40	%	$	8,096,149	2.47	%

The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at March 31, 2025. As of March 31, 2025, the Company had immediate access to approximately $2.8 billion of funding, with additional unpledged loan collateral of approximately $2.2 billion.

At March 31, 2025, the Company’s non-performing commercial real estate loans totaled $3.4 million, or 0.04%, of total loans receivable.

The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

	At March 31, 2025
	(Dollars in thousands)
	Balance		% of Gross Loans		Weighted Average Loan to Value Ratio		Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,567,862	19.6	%	58.0	%	1.58	x

Owner Occupied Commercial Real Estate	$	689,509	8.6	%	53.7	%	2.23	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	518,841	6.5	%	53.4	%	1.50	x
Mixed Use		220,391	2.8		58.0		1.57
Industrial / Warehouse		423,634	5.3		54.8		1.65
Non-Medical Office		189,617	2.4		51.1		1.65
Medical Office		118,547	1.5		60.0		1.46
Single Purpose		95,041	1.2		54.8		3.14
Other		173,849	2.2		51.3		1.75
Total	$	1,739,920	21.9	%	54.4	%	1.67	x

Total Multifamily and Commercial Real Estate Loans	$	3,997,291	50.1	%	55.7	%	1.73	x

As of March 31, 2025, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	March 31,		December 31,
	2025		2024
Assets	(Unaudited)
Cash and due from banks	$	255,978	$	289,113
Short-term investments		111		110
Total cash and cash equivalents		256,089		289,223

Debt securities available for sale, at fair value		1,077,331		1,025,946
Debt securities held to maturity, at amortized cost (fair value of $364,428, and $350,153 at March 31, 2025 and December 31, 2024, respectively)		400,975		392,840
Equity securities, at fair value		6,981		6,673
Federal Home Loan Bank stock		61,628		60,387

Loans receivable		8,027,308		7,916,928
Less: allowance for credit losses		62,034		59,958
Loans receivable, net		7,965,274		7,856,970

Accrued interest receivable		41,902		40,383
Office properties and equipment, net		82,592		81,772
Bank-owned life insurance		276,767		274,908
Goodwill and intangible assets		120,487		121,008
Other real estate owned		1,334		1,334
Other assets		316,490		324,049
Total assets	$	10,607,850	$	10,475,493

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,194,935	$	8,096,149
Borrowings		1,107,588		1,080,600
Advance payments by borrowers for taxes and insurance		47,275		45,453
Accrued expenses and other liabilities		157,709		172,915
Total liabilities		9,507,507		9,395,117

Stockholders’ equity:
Total stockholders’ equity		1,100,343		1,080,376
Total liabilities and stockholders’ equity	$	10,607,850	$	10,475,493


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (Loss) (In thousands, except per share data)

	Three Months Ended March 31,
	2025		2024
Interest income:	(Unaudited)
Loans receivable	$	95,110	$	92,949
Debt securities available for sale and equity securities		9,742		7,785
Debt securities held to maturity		2,811		2,369
Federal funds and interest-earning deposits		2,858		3,563
Federal Home Loan Bank stock dividends		1,642		1,961
Total interest income		112,163		108,627
Interest expense:
Deposits		50,145		48,418
Borrowings		11,693		18,009
Total interest expense		61,838		66,427

Net interest income		50,325		42,200

Provision for credit losses		2,933		5,278

Net interest income after provision for credit losses		47,392		36,922

Non-interest income:
Demand deposit account fees		1,888		1,413
Bank-owned life insurance		1,859		1,780
Title insurance fees		646		503
Loan fees and service charges		1,056		961
Loss on securities transactions		—		(1,256	)
Change in fair value of equity securities		308		351
Gain on sale of loans		515		185
Other non-interest income		2,199		3,515
Total non-interest income		8,471		7,452

Non-interest expense:
Compensation and employee benefits		28,583		27,513
Occupancy		6,185		5,973
Federal deposit insurance premiums		1,880		2,355
Advertising		531		626
Professional fees		2,515		4,634
Data processing and software expenses		4,061		3,967
Merger-related expenses		—		22
Other non-interest expense, net		90		568
Total non-interest expense		43,845		45,658

Income (loss) before income tax expense (benefit)		12,018		(1,284	)

Income tax expense (benefit)		3,118		(129	)

Net income (loss)	$	8,900	$	(1,155	)

Earnings (loss) per share-basic	$	0.09	$	(0.01	)
Earnings (loss) per share-diluted	$	0.09	$	(0.01	)
Weighted average shares outstanding-basic		101,816,716		101,746,740
Weighted average shares outstanding-diluted		101,816,716		101,988,425


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended March 31,
		2025							2024
	Average Balance			Interest and Dividends		Yield / Cost		Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,894,561		$	95,110	4.89	%	$	7,802,865		$	92,949	4.79	%
Securities		1,477,537			12,553	3.45	%		1,543,734			10,154	2.65	%
Other interest-earning assets		317,433			4,500	5.75	%		366,343			5,524	6.06	%
Total interest-earning assets		9,689,531			112,163	4.69	%		9,712,942			108,627	4.50	%
Non-interest-earning assets		873,451							855,618
Total assets	$	10,562,982						$	10,568,560

Interest-bearing liabilities:
Interest-bearing demand	$	2,060,528		$	13,172	2.59	%	$	1,998,749		$	13,384	2.69	%
Money market accounts		1,282,241			7,606	2.41	%		1,234,943			8,769	2.86	%
Savings and club deposits		649,257			1,108	0.69	%		688,535			1,236	0.72	%
Certificates of deposit		2,756,895			28,259	4.16	%		2,516,323			25,029	4.00	%
Total interest-bearing deposits		6,748,921			50,145	3.01	%		6,438,550			48,418	3.02	%
FHLB advances		1,060,911			11,554	4.42	%		1,447,143			17,847	4.96	%
Junior subordinated debentures		7,040			139	8.01	%		7,018			162	9.28	%
Total borrowings		1,067,951			11,693	4.44	%		1,454,161			18,009	4.98	%
Total interest-bearing liabilities		7,816,872		$	61,838	3.21	%		7,892,711		$	66,427	3.38	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,432,837							1,392,274
Other non-interest-bearing liabilities		222,604							240,798
Total liabilities		9,472,313							9,525,783
Total stockholders’ equity		1,090,669							1,042,777
Total liabilities and stockholders’ equity	$	10,562,982						$	10,568,560

Net interest income				$	50,325						$	42,200
Interest rate spread						1.48	%						1.12	%
Net interest-earning assets	$	1,872,659						$	1,820,231
Net interest margin						2.11	%						1.75	%
Ratio of interest-earning assets to interest-bearing liabilities		123.96	%						123.06	%


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Yield on interest-earning assets:
Loans	4.89	%	4.88	%	5.00	%	4.93	%	4.79	%
Securities	3.45		2.99		2.90		2.89		2.65
Other interest-earning assets	5.75		6.00		6.72		6.30		6.06
Total interest-earning assets	4.69	%	4.61	%	4.70	%	4.64	%	4.50	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits	3.01	%	3.13	%	3.21	%	3.14	%	3.02	%
Total borrowings	4.44		4.65		4.87		4.92		4.98
Total interest-bearing liabilities	3.21	%	3.38	%	3.52	%	3.49	%	3.38	%

Interest rate spread	1.48	%	1.23	%	1.18	%	1.15	%	1.12	%
Net interest margin	2.11	%	1.88	%	1.84	%	1.81	%	1.75	%

Ratio of interest-earning assets to interest-bearing liabilities	123.96	%	124.02	%	123.06	%	123.03	%	123.06	%


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets	0.34	%	(0.79	)%	0.23	%	0.17	%	(0.04	)%
Core return on average assets	0.35	%	0.42	%	0.23	%	0.20	%	0.02	%
Return on average equity	3.31	%	(7.86	)%	2.32	%	1.77	%	(0.45	)%
Core return on average equity	3.37	%	4.09	%	2.29	%	2.06	%	0.18	%
Core return on average tangible equity	3.78	%	4.74	%	2.58	%	2.34	%	0.20	%
Interest rate spread	1.48	%	1.23	%	1.18	%	1.15	%	1.12	%
Net interest margin	2.11	%	1.88	%	1.84	%	1.81	%	1.75	%
Non-interest income to average assets	0.33	%	(0.88	)%	0.33	%	0.35	%	0.28	%
Non-interest expense to average assets	1.68	%	1.73	%	1.60	%	1.74	%	1.74	%
Efficiency ratio	74.57	%	205.17	%	78.95	%	86.83	%	91.96	%
Core efficiency ratio	74.20	%	73.68	%	79.14	%	85.34	%	88.39	%
Average interest-earning assets to average interest-bearing liabilities	123.96	%	124.02	%	123.06	%	123.03	%	123.06	%
Net charge-offs to average outstanding loans	0.04	%	0.07	%	0.14	%	0.03	%	0.26	%

⁽¹⁾ Ratios are annualized when appropriate.


ASSET QUALITY DATA:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in thousands)

Non-accrual loans	$	24,856		$	21,701		$	28,014		$	25,281		$	22,935
90+ and still accruing		—			—			—			—			—
Non-performing loans		24,856			21,701			28,014			25,281			22,935
Real estate owned		1,334			1,334			1,974			1,974			—
Total non-performing assets	$	26,190		$	23,035		$	29,988		$	27,255		$	22,935

Non-performing loans to total gross loans		0.31	%		0.28	%		0.36	%		0.33	%		0.30	%
Non-performing assets to total assets		0.25	%		0.22	%		0.28	%		0.25	%		0.22	%
Allowance for credit losses on loans (“ACL”)	$	62,034		$	59,958		$	58,495		$	57,062		$	55,401
ACL to total non-performing loans		249.57	%		276.29	%		208.81	%		225.71	%		241.56	%
ACL to gross loans		0.78	%		0.76	%		0.75	%		0.73	%		0.71	%


LOAN DATA:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,676,566		$	2,710,937		$	2,737,190		$	2,764,177		$	2,778,932
Multifamily		1,567,862			1,460,641			1,399,000			1,409,316			1,429,369
Commercial real estate		2,429,429			2,339,883			2,312,759			2,316,252			2,318,178
Construction		437,081			473,573			510,439			462,880			437,566
Commercial business loans		614,049			622,000			586,447			554,768			538,260
Consumer loans:
Home equity loans and advances		253,439			259,009			261,041			260,427			260,786
Other consumer loans		2,547			3,404			2,877			2,689			2,601
Total gross loans		7,980,973			7,869,447			7,809,753			7,770,509			7,765,692
Purchased credit deteriorated loans		10,395			11,686			11,795			12,150			14,945
Net deferred loan costs, fees and purchased premiums and discounts		35,940			35,795			35,642			36,352			34,992
Allowance for credit losses		(62,034	)		(59,958	)		(58,495	)		(57,062	)		(55,401	)
Loans receivable, net	$	7,965,274		$	7,856,970		$	7,798,695		$	7,761,949		$	7,760,228


CAPITAL RATIOS:
	March 31,		December 31,
	2025 ⁽¹⁾		2024
Company:
Total capital (to risk-weighted assets)	14.12	%	14.20	%
Tier 1 capital (to risk-weighted assets)	13.30	%	13.40	%
Common equity tier 1 capital (to risk-weighted assets)	13.21	%	13.31	%
Tier 1 capital (to adjusted total assets)	10.29	%	10.02	%

Columbia Bank:
Total capital (to risk-weighted assets)	14.37	%	14.41	%
Tier 1 capital (to risk-weighted assets)	13.51	%	13.56	%
Common equity tier 1 capital (to risk-weighted assets)	13.51	%	13.56	%
Tier 1 capital (to adjusted total assets)	9.88	%	9.64	%

⁽¹⁾ Estimated ratios at March 31, 2025


Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	March 31,			December 31,
	2025			2024
	(Dollars in thousands)

Total stockholders’ equity	$	1,100,343		$	1,080,376
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(8,443	)		(8,964	)
Total tangible stockholders’ equity	$	981,185		$	960,697

Shares outstanding		104,930,900			104,759,185

Book value per share	$	10.49		$	10.31
Tangible book value per share	$	9.35		$	9.17


Reconciliation of Core Net Income
	Three Months Ended March 31,
		2025		2024
	(In thousands)

Net income (loss)	$	8,900	$	(1,155	)
Add: loss on securities transactions, net of tax		—		1,130
Add: FDIC special assessment, net of tax		—		393
Add: severance expense, net of tax		163		67
Add: merger-related expenses, net of tax		—		20
Core net income	$	9,063	$	455

Return on Average Assets
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Net income (loss)	$	8,900		$	(1,155	)

Average assets	$	10,562,982		$	10,568,560

Return on average assets		0.34	%	(0.04		)%

Core net income	$	9,063		$	455

Core return on average assets		0.35	%		0.02	%


Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,090,669		$	1,042,777
Add: loss on securities transactions, net of tax		—			1,130
Add: FDIC special assessment, net of tax		—			393
Add: severance expense, net of tax		163			67
Add: merger-related expenses, net of tax		—			20
Core average stockholders’ equity	$	1,090,832		$	1,044,387

Return on average equity		3.31	%	(0.45		)%

Core return on core average equity		3.37	%		0.18	%


Return on Average Tangible Equity
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,090,669		$	1,042,777
Less: average goodwill		(110,715	)		(110,715	)
Less: average core deposit intangible		(8,784	)		(10,956	)
Total average tangible stockholders’ equity	$	971,170		$	921,106

Core return on average tangible equity		3.78	%		0.20	%


Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Net interest income	$	50,325		$	42,200
Non-interest income		8,471			7,452
Total income	$	58,796		$	49,652

Non-interest expense	$	43,845		$	45,658

Efficiency ratio		74.57	%		91.96	%

Non-interest income	$	8,471		$	7,452
Add: loss on securities transactions		—			1,256
Core non-interest income	$	8,471		$	8,708

Non-interest expense	$	43,845		$	45,658
Less: FDIC special assessment, net		—			(565	)
Less: severance expense		(220	)		(74	)
Less: merger-related expenses		—			(22	)
Core non-interest expense	$	43,625		$	44,997

Core efficiency ratio		74.20	%		88.39	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717