NewzIntel.com

Category: Politics

  • MIL-OSI Global: Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence

    Source: The Conversation – USA – By Tim Weninger, Collegiate Proessor of Engineering, University of Notre Dame

    AI tools reveal how images have been manipulated. William Theisen et al.

    Imagine a country with deep political divisions, where different groups don’t trust each other and violence seems likely. Now, imagine a flood of political images, hateful memes and mocking videos from domestic and foreign sources taking over social media. What is likely to happen next?

    The widespread use of social media during times of political trouble and violence has made it harder to prevent conflict and build peace. Social media is changing, with new technologies and strategies available to influence what people think during political crises. These include new ways to promote beliefs and goals, gain support, dehumanize opponents, justify violence and create doubt or dismiss inconvenient facts.

    At the same time, the technologies themselves are becoming more sophisticated. More and more, social media campaigns use images such as memes, videos and photos – whether edited or not – that have a bigger impact on people than just text.

    It’s harder for AI systems to understand images compared with text. For example, it’s easier to track posts that say “Ukrainians are Nazis” than it is to find and understand fake images showing Ukrainian soldiers with Nazi symbols. But these kinds of images are becoming more common. Just as a picture is worth a thousand words, a meme is worth a thousand tweets.

    Our team of computer and social scientists has tackled the challenge of interpreting image content by combining artificial intelligence methods with human subject matter experts to study how visual social media posts change in high-risk situations. Our research shows that these changes in social media posts, especially those with images, serve as strong indicators of coming mass violence.

    Surge of memes

    Our recent analysis found that in the two weeks leading up to Russia’s 2022 invasion of Ukraine there was a nearly 9,000% increase in the number of posts and a more than 5,000% increase in manipulated images from Russian milbloggers. Milbloggers are bloggers who focus on current military conflicts.

    These huge increases show how intense Russia’s online propaganda campaign was and how it used social media to influence people’s opinions and justify the invasion.

    This also shows the need to better monitor and analyze visual content on social media. To conduct our analysis, we collected the entire history of posts and images from the accounts of 989 Russian milbloggers on the messaging app Telegram. This includes nearly 6 million posts and over 3 million images. Each post and image was time-stamped and categorized to facilitate detailed analysis.

    Media forensics

    We had previously developed a suite of AI tools capable of detecting image alterations and manipulations. For instance, one detected image shows a pro-Russian meme mocking anti-Putin journalist and former Russian soldier Arkady Babchenko, whose death was faked by Ukrainian security services to expose an assassination plot against him.

    The meme features the language “gamers don’t die, they respawn,” alluding to video game characters who return to life after dying. This makes light of Babchenko’s predicament and illustrates the use of manipulated images to convey political messages and influence public opinion.

    This is just one example out of millions of images that were strategically manipulated to promote various narratives. Our statistical analysis revealed a massive increase in both the number of images and the extent of their manipulations prior to the invasion.

    Political context is critical

    Although these AI systems are very good at finding fakes, they are incapable of understanding the images’ political contexts. It is therefore critical that AI scientists work closely with social scientists in order to properly interpret these findings.

    Our AI systems also categorized images by similarity, which then allowed subject experts to further analyze image clusters based on their narrative content and culturally and politically specific meanings. This is impossible to do at a large scale without AI support.

    For example, a fake image of French president Emmanuel Macron with Ukrainian governor Vitalii Kim may be meaningless to an AI scientist. But to political scientists the image appears to laud Ukrainians’ outsize courage in contrast to foreign leaders who have appeared to be afraid of Russian nuclear threats. The goal was to reinforce Ukrainian doubts about their European allies.

    This manipulated image combines French president Emmanuel Macron with Ukranian governor Vitalii Kim. It requires the expertise of political scientists to interpret the creator’s pro-Russian meaning.
    William Theisen et al.

    Meme warfare

    The shift to visual media in recent years brings a new type of data that researchers haven’t yet studied much in detail.

    Looking at images can help researchers understand how adversaries frame each other and how this can lead to political conflict. By studying visual content, researchers can see how stories and ideas are spread, which helps us understand the psychological and social factors involved.

    This is especially important for finding more advanced and subtle ways people are influenced. Projects like this also can contribute to improving early warning efforts and reduce the risks of violence and instability.

    Tim Weninger receives funding from the US Department of Defense and the US Agency for International Development.

    Ernesto Verdeja 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. Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence – https://theconversation.com/memes-and-conflict-study-shows-surge-of-imagery-and-fakes-can-precede-international-and-political-violence-233055

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: 24 April 2025 News release WHO calls for revitalized efforts to end malaria

    Source: World Health Organisation

    On World Malaria Day, the World Health Organization (WHO) is calling for revitalized efforts at all levels, from global policy to community action, to accelerate progress towards malaria elimination.

    In the late 1990s, world leaders laid the foundation for remarkable progress in global malaria control, including preventing more than 2 billion cases of malaria and nearly 13 million deaths since 2000.

    To date, WHO has certified 45 countries and 1 territory as malaria-free, and many countries with a low burden of malaria continue to move steadily towards the goal of elimination. Of the remaining 83 malaria-endemic countries, 25 reported fewer than 10 cases of the disease in 2023.

    However, as history has shown, these gains are fragile.

    “The history of malaria teaches us a harsh lesson: when we divert our attention, the disease resurges, taking its greatest toll on the most vulnerable,” said WHO Director-General Dr Tedros Adhanom Ghebreyesus. “But the same history also shows us what’s possible: with strong political commitment, sustained investment, multisectoral action and community engagement, malaria can be defeated.”

    Investments in new interventions drive progress

    Years of investment in the development and deployment of new malaria vaccines and next-generation tools to prevent and control malaria are paying off.

    On World Malaria Day, Mali will join 19 other African countries in introducing malaria vaccines—a vital step towards protecting young children from one of the continent’s most deadly diseases. The large-scale rollout of malaria vaccines in Africa is expected to save tens of thousands of young lives every year.

    Meanwhile, the expanded use of a new generation of insecticide-treated nets is poised to lower the disease burden. According to the latest World malaria report, these new nets—which have greater impact against malaria than the standard pyrethroid-only nets—accounted for nearly 80% of all nets delivered in sub-Saharan Africa in 2023, up from 59% the previous year.

    Progress against malaria under threat

    Despite significant gains, malaria remains a major public health challenge, with nearly 600 000 lives lost to the disease in 2023 alone. The African Region is hardest hit, shouldering an estimated 95% of the malaria burden each year.

    In many areas, progress has been hampered by fragile health systems and rising threats such as drug and insecticide resistance. Many at-risk groups continue to miss out on the services they need to prevent, detect and treat malaria. Climate change, conflict, poverty and population displacement are compounding these challenges.

    WHO recently warned that the 2025 funding cuts could further derail progress in many endemic countries, putting millions of additional lives at risk. Of the 64 WHO Country Offices in malaria-endemic countries that took part in a recent WHO stock take assessment, more than half reported moderate or severe disruptions to malaria services.

    Renewed call to protect hard-won gains

    World Malaria Day 2025 – under the theme, “Malaria ends with us: reinvest, reimagine, reignite” – is calling for stepped up political and financial commitment to protect the hard-won gains against malaria.

    To reinvest, WHO joins partners and civil society in calling on malaria-endemic countries to boost domestic spending, particularly in primary health care, so that all at-risk populations can access the services they need to prevent, detect and treat malaria. The successful replenishments of the Global Fund and Gavi, the Vaccine Alliance, are also critical to financing malaria programmes and interventions, and accelerating progress towards the targets set in the WHO Global technical strategy for malaria 2016-2030.

    Addressing current challenges in global malaria control will also require a reimagined response through innovative tools, strategies and partnerships. New and more effective antimalarial drugs are needed, as all well as advancements in service delivery, diagnostics, insecticides, vaccines and vector control methods.

    More countries are making malaria control and elimination a national priority, including through the Yaoundé Declaration, signed in March 2024 by African Ministers of Health from 11 high burden countries.

    “Ministers committed to strengthening their health systems, stepping up domestic resources, enhancing multisectoral action and ensuring a robust accountability mechanism,” notes Dr Daniel Ngamije, Director of the WHO Global Malaria Programme. “This is the kind of leadership the world must rally behind.”

    Reigniting commitment at all levels – from communities and frontline health workers to governments, researchers, the private sector innovators and donors – will be critical to curbing and, ultimately, ending malaria.

    Notes to the editor:

    For more information on the WHO World Malaria Day campaign, visit: https://www.who.int/campaigns/world-malaria-day/2025

    MIL OSI United Nations News –

  • MIL-OSI: Global Drone Usage and Adoption Continues to Skyrocket While Largely Benefiting the Agriculture Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones are being utilized in many markets and one of the ones that is expected to continue to rise is the agriculture drones market. The need to boost agricultural productivity and the labor shortage drive the agriculture drones market growth. Traditional farming faces labor shortages, increasing the demand for advanced agriculture technologies that enhance productivity and minimize manual labor. For instance, the USDA’s 2022 Census of Agriculture revealed a loss of 141,733 farms in the US from 2017 to 2022, highlighting the urgent need for solutions to improve efficiency and promote sustainable farming practices. According to a report from MarketsAndMarkets the global agriculture drones market which grew to from USD 2.01 billion in 2024 is expected to reach a CAGR of 32.0% during the forecast period (2029). The report said: “Partnerships and the introduction of new products will present profitable prospects for industry participants in the coming five years. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players drive the usage of digital agriculture tools like drones. The US FAA’s exemptions for the use of agriculture drones are anticipated to hold several opportunities for the market. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players to drive the usage of digital agriculture tools like drones are acting as drivers for the agriculture drone market. Public-private partnerships create innovation in developing tailored solutions to known problems, especially in agriculture, which receives research and development funding from government initiatives. Extension education and training are also brought about, which educates the farmer concerning the capabilities of the drones thus making the farmer able to utilize the tools appropriately.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Corteva, Inc. (NYSE: CTVA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI), AgEagle Aerial Systems Inc. (NYSE: UAVS).

    MarketsAndMarkets concluded: “Furthermore, governments’ propensity for sustainability in environmental matters helps the cause of drones meant to stretch resources applied in terms of water and fertilizers… Simplified regulatory frameworks facilitate easier adoption, enabling farmers to implement drone technology into their operations without extensive bureaucratic hurdles. Monetary benefits, such as subsidies and tax exemptions, greatly help reduce the input costs of drones, hence enabling more farmers to adopt the technology.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Puna Bio recently announced that it had closed a new round of founding led by Corteva, Inc., Corteva, Inc. (NYSE: CTVA) through its Corteva Catalyst platform. The investment from one of the world´s leading agricultural technology companies, and other investors, will support the further development of Puna Bio’s product portfolio based on extremophile organisms.

    Unlike traditional pesticides and fertilizers, Puna Bio’s innovative products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. Their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.

    “Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive,” explains Franco Martínez Levis, Puna Bio’s CEO and co-founder. “With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about April 11, 2025, subject to the satisfaction of customary closing conditions.

    The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets is acting as the exclusive placement agent for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its SpotlightAITM OnSite (OnSite) real-time, edge-based, small object threat detection technology, has successfully completed operations in active minefields in Ukraine. This successful deployment highlights the Company’s patented capability to rapidly identify and instantly map live explosive threats including small anti-personnel cluster munitions and landmines scattered over large areas. Building on over two years of real-world battlefield testing, this milestone in the Company’s development roadmap demonstrates the ability to deliver edge-based small object threat detection reducing a soldier’s cognitive load and representing the next generation of force protection. To view a video of SpotlightAITM Onsite please click here.

    “Evolving threats like remote mining where everyday drones are strategically delivering small mines is a new critical threat profile that our edge-based system is uniquely designed to address. Our recent operational success confirmed that our AI models can reduce the cognitive load on soldiers who are already heavily tasked and may not have the time to recognize explosive threats in their path. This a significant step forward on the Edge where drone-based small object threat detection for force protection is responding to the rapidly changing modern battlefield. Building upon our unmatched real-world experience in detecting, identifying and locating small explosive threats in Ukraine, we believe OnSite can deliver a new level of enhanced situational awareness that will allow military, government and humanitarian personnel to safely conduct their critical missions with greatly enhanced safety,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “The increasing number of countries exiting the Ottawa Convention on anti-personnel landmines will likely lead to an increased proliferation of deadly anti-personnel mines and that is why we are committed to the further development and deployment of our patented technology so that we can help protect our soldiers and our allies.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the launch of its eBee VISION next generation application software featuring a variety of critical updates. Of particular note, is the capability for manual position updates with map referencing to provide precise navigation even in GNSS-denied areas where satellite signals are unavailable or unreliable due to various factors.

    AgEagle CEO Bill Irby commented, “Of the many new features provided in our latest software update, overcoming GNSS-denied shortfalls marks a significant leap forward in drone operations especially for defense personnel, public safety agencies and industrial teams working in high-stakes, GNSS-denied environments. Whether operating in dense urban centers, near critical installations, or in contested zones with active signal interference, our global eBee VISION customers can now maintain full navigational command of their drone using only the camera and map-based interface. This feature directly addresses a core challenge faced by tactical and industrial drone operators in today’s complex mission environments. Our technical team will continue to work relentlessly on refinements and ongoing advancements to ensure AgEagle remains at the forefront of UAV innovation.”

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

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    The MIL Network –

  • MIL-OSI USA: Hoeven: North Dakota Awarded Nearly $28 Million Over Damages Resulting from DAPL Protests

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    04.23.25
    Lawsuit Ruling Comes in Addition to $10 Million Senator Secured to Reimburse the State
    BISMARCK, N.D. – Senator John Hoeven today issued the following statement after U.S. District Judge Daniel Traynor ruled in favor of the State of North Dakota in its lawsuit against the federal government for damages from the Dakota Access Pipeline (DAPL) protests. The state was awarded nearly $28 million to help cover emergency response costs resulting from the federal government’s negligence during the protests. This comes in addition to the $10 million that Hoeven secured in 2017 as a member of the Senate Appropriations Committee to help reimburse the state.
    “The federal government, through its negligence, allowed lawlessness to take hold on Army Corps land, resulting in months of disruption to local residents’ lives, threats to their safety and significant costs to the state,” said Hoeven. “We commend Attorney General Drew Wrigley and his team for securing today’s verdict, which recognizes the harm resulting from the Obama administration’s refusal to enforce the law and police illegal activity during the DAPL protests. This nearly $28 million award is about accountability for federal officials and, when combined with the $10 million we previously secured, making the State of North Dakota whole again.”

    MIL OSI USA News –

  • MIL-OSI Global: Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times

    Source: The Conversation – UK – By Sara Silvestri, Senior Lecturer & UG Programme Director, Department of International Politics, City St George’s, University of London

    I met Pope Francis in 2016. It was part of a symposium of the former Pontifical Council for Migrants and Itinerant People (now recast by Francis as the Dicastery for Promoting Integral Human Development). I presented some of my work on migration – as attention to migrants and refugees was a central theme of his pontificate, more prominently than for his predecessor, whom I had also met a few years earlier.

    After the conference proceedings, we had an official audience, next to the Sistine Chapel: Francis made a speech and we greeted him one by one. I had my 21 month-old daughter with me that day, thinking of the rare opportunity we would both enjoy.

    But I’d underestimated the length of the formalities involved. My daughter screamed “Open the doors, let me out!” through the whole of the pope’s speech. I was distraught, but Francis responded very gently to the disruption. He stopped in the middle of the speech and commented how sweet and lovely it was to hear the voice of a child. I could feel it was not just a platitude – he meant it.

    In the disarray that is current global politics, with the world wracked by conflict and injustice, the papacy of Francis I has been a beacon of hope.

    In a world that appears to be rearranging itself around the principle that might is right, where the whims and the prejudices of strongmen leaders are blindly followed by millions, he represented the most important ethical helm there is. He did this not by taking on ideological positions but by sticking in a steadfast manner to his message that mercy trumps bullies and that compassion will always prevail over hatred.

    The image of Francis delivering a sermon from a pulpit designed to look like a ship’s helm when he visited the island of Lampedusa in 2013 strikes me as very symbolic of his papacy. In his first official trip as pope, Francis drew attention to the marginalised, migrants and refugees inspired by the parable of the good Samaritan. But he did so not in a way that patronised migrants as victims or reduced the church to a humanitarian agency.

    He launched into a loud condemnation of the economic and political structures that forced those people on to boats. He railed against the people and conditions that effectively enabled those deaths in the huge cemetery that the Mediterranean has become. Expressing his “closeness” to migrants and determined to “challenge our consciences” and the “globalisation of indifference”, he warned we are all complicit in Cain’s killing of his brother.

    Critics may carp that he hasn’t really effected any significant change within or outside the church. That while moves were made towards reforms of church attitudes towards women priests and LGBTQ+ issues, real progress has still to be achieved.

    That despite his appeals, death keeps swallowing human lives in the Mediterranean and in conflict zones. Despite his championing of environmental causes, forests are still burning.

    But it was not his job to run global politics. While he was, technically, a head of state of Vatican City, he did not see himself as a politician. The instructions for his funeral reiterate this: simple, “as a disciple of Christ” and not like “the powerful of the world”.

    He saw his role as a spiritual shepherd trying to serve and protect his flock. His vision of Christianity was about mercy and freedom of conscience, with the church’s place close to the “existential peripheries” of the world, not to the centres of power.

    His final message, delivered on Easter Day 2025, is particularly telling. It states: “Evil has not disappeared from history; it will remain until the end, but it no longer has the upper hand; it no longer has power over those who accept the grace of this day.”

    This in my view sums up the enormous power that Francis unstintingly asserted among Catholics: the power of unconditional love and mercy – not in an idealised form, but well aware of the presence of evil in the world and respectful of individual freedom.

    Reaching across faiths

    Because of his courage and the political-but-non-political position that enabled him to speak of ethical issues at the heart of political decisions, Francis became widely respected by religious and political leaders. He was loved by ordinary people from all walks of life and, importantly, belief systems, although some were puzzled by his informal style.

    In 2019 he made a joint declaration with the imam of Al-Azhar in Cairo, Ahmed Al-Tayeb, entitled Human Fraternity for World Peace and Living Together. This, and his 2020 encyclical Fratelli Tutti, which is subtitled “on fraternity and social friendship”, gave impetus to inter-faith dialogue. As he put it: “God has created all human beings equal in rights, duties and dignity, and has called them to live together as brothers and sisters.”

    The last push Francis gave to the Church between 2021 and 2024 was the Synod on Synodality. This was a major enterprise which aimed to revive the sense of global community of believers and witnesses. It stressed the importance of praying together and exercising discernment in important decisions by acknowledging diversity, listening to each other and to the Holy Spirit.

    Interpersonal communication and embracing mercy in order to achieve the common good were two key themes of Francis’ pontificate. He was concerned with the dangers of our individualistic “throwaway culture” and aware of the contradictions of a globalised world where loneliness prevails.

    Francis did not solve the problem of carbon emissions, he did not stop wars in Ukraine, Palestine or Yemen. He did not make women priests or deacons, and did not fully embrace the LGBTQ+ community, despite some initial inching towards this.

    But he made a space to reflect about all those issues, removing the church from a pedestal, centring it on the joyful message of the Gospel and “bringing it out” to all the people – Catholics and non Catholics alike.

    That, in itself, is an immense achievement in the long history and slow transformation of the church.

    Dr Sara Silvestri is Senior Lecturer in International Politics at City, St George’s University of London where she teaches religion and politics and runs the Europe research cluster. She is also a Bye Fellow of St Edmund’s College, Cambridge University, is affiliated with the Interfaith Research Programme in the Divinity Faculty, University of Cambridge, and is a Trustee of the Council on Christian Approaches to Defence and Disarmament. Sara Silvestri has received funding from ESRC, British Academy, Luce Foundation, the King Baudouin Foundation, the Plater Trust, Caritas Internationalis, the European Commission.

    – ref. Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times – https://theconversation.com/pope-francis-ethical-helmsman-whose-feel-for-international-relations-steered-church-in-turbulent-times-255153

    MIL OSI – Global Reports –

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

    Translation. Region: Russian Federal

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

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

    assistant; senior lecturer; associate professor; professor.

    By department:

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

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

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

    The qualification requirements are defined:

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

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

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

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

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

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

    The competition will be held in person.

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

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

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    First Quarter 2025 Compared to Fourth Quarter 2024 Overview

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

    First Quarter 2025 Compared to First Quarter 2024 Overview

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

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

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

    About West Bancorporation, Inc. (Nasdaq: WTBA)

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

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

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

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

    NON-GAAP FINANCIAL MEASURES

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

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

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

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

    The MIL Network –

  • MIL-OSI: Hanmi Financial Declares Cash Dividend of $0.27 per share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 24, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced that its Board of Directors declared a cash dividend on its common stock for the 2025 second quarter of $0.27 per share. The dividend will be paid on May 21, 2025, to stockholders of record as of the close of business on May 5, 2025.

    About Hanmi Financial Corporation

    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    Forward-Looking Statements

    This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about our anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital and strategic plans, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that our forward-looking statements to be reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:

    • a failure to maintain adequate levels of capital and liquidity to support our operations;
    • general economic and business conditions internationally, nationally and in those areas in which we operate, including any potential recessionary conditions;
    • volatility and deterioration in the credit and equity markets;
    • changes in consumer spending, borrowing and savings habits;
    • availability of capital from private and government sources;
    • demographic changes;
    • competition for loans and deposits and failure to attract or retain loans and deposits;
    • inflation and fluctuations in interest rates that reduce our margins and yields, the fair value of financial instruments, the level of loan originations or prepayments on loans we have made and make, the level of loan sales and the cost we pay to retain and attract deposits and secure other types of funding;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • the current or anticipated impact of military conflict, terrorism or other geopolitical events;
    • the effect of potential future supervisory action against us or Hanmi Bank and our ability to address any issues raised in our regulatory exams;
    • risks of natural disasters;
    • legal proceedings and litigation brought against us;
    • a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;
    • the failure to maintain current technologies;
    • risks associated with Small Business Administration loans;
    • failure to attract or retain key employees;
    • our ability to access cost-effective funding;
    • the imposition of tariffs or other domestic or international governmental policies;
    • changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
    • fluctuations in real estate values;
    • changes in accounting policies and practices;
    • changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
    • the ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests;
    • strategic transactions we may enter into;
    • the adequacy of and changes in the methodology for computing our allowance for credit losses;
    • our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses;
    • changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements;
    • our ability to control expenses; and
    • cyber security and fraud risks against our information technology and those of our third-party providers and vendors.

    In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

    Investor Contacts:
    Romolo (Ron) Santarosa
    Senior Executive Vice President & Chief Financial Officer
    213-427-5636

    Lisa Fortuna
    Investor Relations
    Financial Profiles, Inc.
    lfortuna@finprofiles.com
    310-622-8251

    Source: Hanmi Bank

    The MIL Network –

  • MIL-OSI: Global Agriculture Drones Market Projected to Reach $8.03 Billion By 2029 with Significant Growth Still Expected

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Many experts see the global agriculture drones market to continue its substantial growth through this decade and maybe beyond. One such industry watcher, MarketsANDMarkets reported that: “The global agriculture drones market was projected to grow to $2.01 Billion in 2024 and reach $8.03 Billion by 2029. High adoption of aerial data collection tools in agriculture holds immense opportunity for the agriculture drones market. As farmers want to boost yields and their uses in resource optimization, precision agricultural tools are in increased demand; drones offer sensors and timely data for crop health and soil conditions. Efficiencies and accuracies increase the appealability of aerial data collection, and more farmers are adopting drone technology. Drones combined with emerging technologies in the form of machine learning and AI make them robust for position and to improve broadband agricultural data systems. Moreover, many industries use drones, and the adoption rate of tools required to collect aerial data is high in the construction, agriculture, and mining industries. Moreover, as farmers emphasize yield optimization and resource utilization more, the use of precision agriculture tools and drones increases. Drones have advanced sensors and real-time data for monitoring crop health and soil conditions. Their efficiency and accuracy appeal to more farmers who have become open to drone technology.”   Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Draganfly Inc. (NASDAQ: DPRO), Unusual Machines, Inc. (NYSE American: UMAC), Sidus Space (NASDAQ: SIDU), AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI).

    MarketsANDMarkets continued: “The cereals & grains segment is growing substantially in the agriculture drones market. Cereals like wheat, corn, and rice are staple crops that require precise management to optimize yields, which makes drones more important. Drones can perform aerial surveys, crop health monitoring, and soil condition assessment, thus supporting farmers in informed decisions that may yield maximum productivity and resource utilization. Moreover, precision agriculture development is quite useful for producing cereals and grains. Agriculture drones conduct aerial surveys; thorough data acquisition and actionable insight generation will assist farmers in undertaking focused interventions such as precise irrigation and fertilization. This is resource efficient, cost-reducing, and productivity-enhancing in absolute terms. Moreover, with environmental objectives driving this agenda, increasing the importance of sustainability works well for the cereals & grains segment, with drones monitoring inputs more efficiently for management. The rising trend of digital agriculture, whereby decisions are made based on data, also builds a case for drones in the segment. Thus, considering the above parameters, based on farm produce, the cereals & grains segment is estimated to grow at the highest CAGR during the studied period.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Draganfly Inc. (NASDAQ: DPRO), an industry-leading developer of drone solutions and systems, recently announced the formation of its Public Safety Advisory Board. This new initiative reinforces Draganfly’s commitment to delivering cutting-edge, mission-critical technologies that support enforcement and public safety agencies worldwide. Renowned global public safety expert and Homeland Security advisor Paul Goldenberg will serve as the inaugural Chair of the Board.

    With more than 30 years of experience in law enforcement, global security, and national intelligence, Goldenberg brings unparalleled expertise to the role. Recently named America’s Most Influential Person in Homeland Security, he has advised U.S. Presidents, members of Congress, and international security bodies on counterterrorism, cybercrime, and public safety. As a former senior member of the U.S. Department of Homeland Security Advisory Council (HSAC), Goldenberg led pivotal initiatives, including the DHS Cybersecurity Task Force and the Countering Foreign Influence Task Force. He currently serves as Chief Advisor for Policy and International Policing at the Rutgers University Miller Center on Policing, a Distinguished Visiting Fellow for Transnational Security at the University of Ottawa, and a member of the National Sheriffs’ Association Southern Border Security Committee.

    Unusual Machines, Inc. (NYSE American: UMAC), a drone and drone components manufacturer, recently announced it filed its Form 10-K with the U.S. Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2024 and provided the following letter to its shareholders from CEO Allan Evans.

    Dear Shareholders, This shareholder letter follows the completion of our fiscal year 2024. This is our first year being public. It has been an excellent fourth quarter and an incredible year. We continue to see great interest in the company and receive questions from shareholders. We would like to take this opportunity to provide context and deeper insights into our operations and what these represent for Unusual Machines’ future.

    Unusual Machines revenue for the fourth quarter revenue was over $2.0 million which represents a sequentially quarter over quarter increase of approximately 31%. This is our best revenue quarter of all time (again) and was done while improving gross margins slightly to 28%. With the launch of our Blue Framework products, approximately 15% of our Q4 revenue was from enterprise sales. Our total revenue of $5.65M for FY2024 exceeded our target of $5M for 2024 by 13%. This growth was achieved without customer concentration as no single customer represented more than 5% of our total revenue for 2024.

    Sidus Space (NASDAQ: SIDU) recently announced the unveiling of near real-time vessel detection and classification capability to be enabled by its hybrid 3D printed LizzieSat® satellite platform. Processing data directly onboard LizzieSat® through Sidus Orlaith™ AI Ecosystem, which includes FeatherEdge™ edge computing hardware, and the OrbitfyEdge software from Little Place Labs, represents a significant advancement in space-based maritime intelligence.

    In January 2025, Sidus and Little Place Labs (LPL) formed a strategic partnership and signed a Memorandum of Understanding (MOU) to develop integrated satellite solutions based on edge computing and AI applications. This collaboration aims to meet the growing needs of a global customer base and is expected to provide accurate vessel detection and classification within one hour of satellite observation.

    AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) recently announced significant progress in its Radical Clean Solutions (RCS) division, acquired in August 2024.   The RCS division has been awarded a U.S. patent (Patent No. 17/713,959), dated today, for its design of agricultural integrated systems for Radicals Hydroxyl generation units. This innovative technology provides growers of fruits, vegetables, and other plants with a chemical-free solution for reducing mold, viruses, and volatile organic compounds (VOCs). It can be integrated into existing heating and ventilation systems or used as a standalone unit. Additionally, the system helps lower levels of gases such as ethylene, thereby slowing the ripening process and extending the shelf life of produce.

    Roger M. Slotkin, founder of RCS and on behalf of our RCS division, stated:   “We have applied for multiple patents related to the application of our technologies across various sectors, including agriculture. Our solutions provide businesses with a chemical-free, safe, and effective method for mitigating viruses, mold, and other pathogens—without harm to people, pets, or plants. Over the coming months, we anticipate the approval of several additional patents.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Balance Sheet

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

    Earnings

    Net Interest Income and Net Interest Margin

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

    Non-Interest Income

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

    Non-Interest Expense

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

    Income Taxes

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

    Asset Quality

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

    Capital

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

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

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

    Category: Earnings

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

    _________________________

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

    _________________________

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

    _________________________

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

    _________________________

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

    _________________________

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    March 31, 2025, Highlights:

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

    Balance Sheet and Asset Quality Review

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

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

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

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

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

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

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

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

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

    Operations Review

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

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

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

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

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

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

    About PSB Holdings, Inc.

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

    Forward-Looking Statements

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    WEBSITE: WWW.HTB.COM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Consolidated Balance Sheets (Unaudited)

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

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

    Consolidated Statements of Income (Unaudited)

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

    Per Share Data

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

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

    Selected Financial Ratios and Other Data

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

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

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

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

    Loans

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

    Deposits

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Smackover Lithium’s South West Arkansas Project Receives Unanimous Vote of Approval to Establish the Phase I Brine Production Unit from the Arkansas Oil and Gas Commission

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., April 24, 2025 (GLOBE NEWSWIRE) — Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:A:SLI) and Equinor, is pleased to announce that the brine production unit, now formally named the Reynolds Unit, for Phase I of its South West Arkansas (“SWA”) Project has been unanimously approved by the Arkansas Oil and Gas Commission (“AOGC”) with no objections or opposition in a hearing that was open to all stakeholders from the community.

    “We thank the AOGC for their due diligence in reviewing our application and for their swift approval,” said Standard Lithium’s President and COO, Dr. Andy Robinson, who provided testimony at the hearing. “The establishment of the Reynolds brine unit is another key milestone our team has now successfully completed as we march towards a final investment decision for the SWA Project, and also a necessary statutory requirement as we look to set a royalty for the unit in late May.”

    “Gaining regulatory approval for our first brine unit is an important step in our project timeline. We look forward to working with the AOGC and community stakeholders to establish a competitive royalty rate for this unit and continue momentum with the SWA Project,” said Allison Kennedy Thurmond, VP of US Lithium at Equinor.

    The Reynolds unit is 20,854 acres in size and is planned to produce 22,500 tonnes per year of battery-quality lithium carbonate once in full commercial production, expected in 2028. For more information about the SWA Project and Smackover Lithium, please visit www.smackoverlithium.com

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI Economics: Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council

    Source: ASEAN

    KUCHING, Sarawak, Malaysia, 24 April 2025 – The 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council successfully concluded today. “As the ASCC Blueprint 2025 draws near to its conclusion, the ASCC has taken proactive steps in future-proofing its post-2025 future with the ASCC Strategic Plan, which presents a holistic strategy and measures anchored on sectoral priorities and people’s aspirations.” Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered this optimistic message at the opening of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council on 24 April, in Kuching, Sarawak, Malaysia.
     
    The ASCC Council Meeting brought together Ministers and representatives of ASEAN Member States to discuss the path forward for the ASEAN Socio-Cultural Community, ensuring that it is aligned with the ASEAN Community Vision 2045. The Meeting was presided over by Dato Sri Tiong King Sing, Malaysia’s Minister of Tourism, Arts and Culture and the current chair of the ASCC Council. Representatives from Timor-Leste also joined the meeting as Observers.
     
    In his opening message, Dr. Kao Kim Hourn spoke about the ASCC Strategic Plan’s emphasis on deepening engagement with partners and strengthening collaboration with other pillars to address urgent crosscutting challenges, especially in the areas of climate resilience, disaster risk reduction and management, and narrowing the development gaps.
     
    Minister Tiong King Sing lauded the Ad Hoc Working Group and all the sectoral bodies who worked on the ASCC Strategic Plan and highlighted the need to support and sustain its implementation to achieve the ASEAN Community Vision 2045 of a resilient, innovative, dynamic, and people-centred ASEAN.  He also reiterated Malaysia’s commitment in advancing inclusivity, creating fair opportunities for all levels of society, and ensuring that no one is left behind.
     
    At the meeting, the ASCC Council likewise affirmed its support for key priorities under the ASCC Chairmanship of Malaysia that include the following:
     
    (i) Cultural Heritage for Value Creation
    (ii) Artificial Intelligence, Digitalisation and Green Jobs towards Future Proofing Skills and Talents for ASEAN
    (iii) Healthy ASEAN Initiatives Towards a Prosperous ASEAN
    (iv) Youth and Sports Potential for All to Foster Growth, Unity and Excellence
    (v) Climate Action for Stewardship, Partnership and Ownership.
     
    The ASCC Council also endorsed three outcome documents for adoption and notation at the upcoming 46th ASEAN Summit on 26 May 2025, in Kuala Lumpur, namely the ASEAN Declaration of Commitment on ASEAN Drug Security and Self-Reliance (ADSSR), Checklist for ASEAN Member State governments, labour recruiters and employers of migrant workers on fair recruitment and decent employment practices, and 33rd ASCC Council Report to the 46th ASEAN Summit, while the ASEAN Creative Economy Sustainability Framework will be endorsed via ad referendum.
     
    The meeting concluded with the Ministers and representatives expressing their unanimous support for the ASCC Strategic Plan, and demonstrating a renewed vigour to help realise the ASEAN Community Vision 2045.

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: YJB response to government’s PAVA announcement

    Source: United Kingdom – Executive Government & Departments

    News story

    YJB response to government’s PAVA announcement

    The YJB’s response to the Ministry of Justice’s announcement that PAVA (synthetic pepper spray) will be issued at Young Offender Institutions that hold children.

    The Youth Justice Board

    Keith Fraser, Chair of the Youth Justice Board, says:

    The Youth Justice Board (YJB) does not support the use of PAVA in youth custody due to the overall detrimental effect on children and the distinct lack of evidence that its use improves safety. Our advice to the government, based on robust evidence, is that PAVA spray is not effective in reducing violence or in preventing children offending or reoffending. In fact, its use could be harmful.

    The YJB has not seen any evidence that would justify this decision, and this move is a further indication that the current model for youth custody is not working.

    We will be writing to the Minister to express our extreme disappointment at this decision, reaffirm our advice and to voice our specific concerns. In particular, we are concerned that there is a significant risk that children from ethnic minority communities, particularly Black boys, children with speech, language, communication needs, and those who are neurodivergent will be unfairly targeted. We are concerned that the introduction will erode trust and relationships, undermining safety and rehabilitation efforts.

    We urge the government to instead invest in sustained reform, to include increased staff levels, improved staff training and retention, effective behaviour management strategies and evidence-based programmes to improve safety. In the longer-term, there should be a move towards smaller, locally-based units staffed by professionals who are specially trained to work with children with complex needs. These units should prioritise education and training to support children to be positive members of society and will contribute to making communities safer.

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Reminder of no local elections in Leeds on Thursday 1 May

    Source: City of Leeds

    This is a fallow year for Leeds so no local elections taking place

    Leeds City Council has issued a reminder to voters that there are no local elections taking place in the city on Thursday 1 May. As part of the elections cycle, once every four years there are no local elections held. This is called a fallow year, and occurs this year in the Leeds schedule.

    Details of the local elections cycle and how it works:

    • Every Leeds City Council ward is represented by three councillors who are each elected to serve a four-year term.
    • Their terms are staggered so that only one councillor is elected per ward in each local election.
    • This system is called voting by thirds, because a third of councillors are elected each year, over a four-year cycle.
    • Leeds had local elections in 2022, 2023 and 2024, so 2025 is the scheduled fallow year.

    The next local elections to be held in Leeds are scheduled to take place next year on Thursday 7 May 2026, when the elections cycle resumes with a one-third election and 33 seats on Leeds City Council available.

    ENDS

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

    MIL OSI United Kingdom –

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

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

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

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

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

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

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

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

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

    ###

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

    MIL Security OSI –

  • MIL-OSI Security: Memphis Man Sentenced to 11 Years in Prison for Possession of a Machinegun and Possession of 121 Grams of Fentanyl with the Intent to Distribute

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

    Memphis, TN – Christopher Young, aka Christopher Minnis, 35, has been sentenced to 132 months in federal prison followed by four years of supervised release for possession of a machinegun, possession of 121 grams of Fentanyl with the intent to distribute, and being a convicted felon in possession of a firearm.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the information presented in court, on December 9, 2021, officers with the Memphis Police Department observed the defendant near Cottonwood Road and Cherry Road driving erratically in a Black Chevrolet Corvette with fraudulent tags that had expired on October 14, 2021. When Young parked the car, the officers attempted to conduct a traffic stop, but Young fled on foot. Police gave chase, and Young was apprehended in his neighbor’s back yard. At the time of his arrest, Young had 121.81 grams of Fentanyl and a Glock 9mm caliber pistol with an extended magazine in his possession. The Glock also had an attached Machinegun Conversion Device (commonly referred to as a “switch”), which made the gun fully automatic. The gun was loaded with 1 round in the chamber and 23 rounds in the extended magazine.

    On January 6, 2025, Young pled guilty before United States District Court Judge Thomas L. Parker.  Young was sentenced on April 10, 2025 to 132 months in federal prison, to be followed by four years of supervised release.

    There is no parole in the federal system.

    Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the government.  The Memphis Police Department and the Bureau of Alcohol, Tobacco, Firearms, and Explosives investigated this case.

    ###

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

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    First Quarter 2025 Highlights

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

    First Quarter Operating Results

    Net Income

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

    Net Interest Income and Net Interest Margin

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

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

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

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

    Reversal of Credit Losses

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

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

    Noninterest Income

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

    Noninterest Expense

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

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

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

    Income Tax

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

    Balance Sheet

    Assets

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

    Loans

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

    Deposits

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

    Federal Home Loan Bank (“FHLB”) and Liquidity

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

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

    Asset Quality

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

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

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

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

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

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

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

    Capital

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

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

    ABOUT CALIFORNIA BANCORP

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

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

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


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

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


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

    California BanCorp and Subsidiary
    Balance Sheets (Unaudited)

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

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

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


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

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

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


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

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

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

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


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

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


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

    The MIL Network –

  • MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

    Dear Fellow Shareholders,

    Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

    Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

    Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

    Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

    We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

    I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

    Sincerely,
    Gary Seaton
    Chairman and Chief Executive Officer

    About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Amarjeet Singh, CFO
    Email: amarjeet.s@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network –

  • MIL-OSI: Independent Bank Corporation Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    Highlights for the first quarter of 2025 include:

    • Increase in net interest income of $0.8 million (or 1.9% ) over the fourth quarter of 2024;
    • Increase in tangible book value per share of $2.43 (13.2%) from March 31, 2024;
    • Net growth in core deposits of $9.1 million (or 0.8% annualized) from December 31, 2024;
    • Net growth in loans of $33.9 million (or 3.4% annualized) from December 31, 2024; and
    • The payment of a 26 cent per share dividend on common stock on February 14, 2025.

    GRAND RAPIDS, Mich., April 24, 2025 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2025 net income of $15.6 million, or $0.74 per diluted share, versus net income of $16.0 million, or $0.76 per diluted share, in the prior-year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased to see us continue our positive trends with our first quarter 2025 results. Overall loans increased 3.4% (annualized), while core deposits are up 0.8% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis and produce four basis points in margin expansion. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. These fundamentals continue to drive positive growth in tangible book value per share (13.2%) compared to the prior year quarter. Our credit metrics continue to be very good, with a low level of watch credits, 14 basis points of non-performing assets to total assets, and 0.01% net charge-offs for the quarter to average loans annualized. The allowance for credit losses, factoring in the recent market uncertainty, was 1.47% of total loans. We are staying in close contact with our client base during this volatile period and keeping abreast of what they are experiencing and how they are adjusting if needed. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the ongoing strategic initiative to add talented bankers to our team, we continue to be focused on what we can control and optimistic on the long-term future of the IBC franchise.”

    Significant items impacting comparable first quarter 2025 and 2024 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(1.5) million ($(0.06) per diluted share, after taxes) for the three-month period ended March 31, 2025, as compared to $1.3 million ($0.05 per diluted share, after taxes) for the three-months ended March 31, 2024.

    Operating Results

    The Company’s net interest income totaled $43.7 million during the first quarter of 2025, an increase of $3.5 million, or 8.7% from the year-ago period, and an increase of $0.8 million, or 1.9%, from the fourth quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.49% during the first quarter of 2025, compared to 3.30% in the year-ago period, and 3.45% in the fourth quarter of 2024. The year-over-year and linked quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. Average interest-earning assets were $5.08 billion in the first quarter of 2025, compared to $4.91 billion in the year ago quarter and $5.01 billion in the fourth quarter of 2024.

    Non-interest income totaled $10.4 million for the first quarter of 2025, compared to $12.6 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.

    Net gains on mortgage loans in the first quarters of 2025 and 2024 were approximately $2.3 million and $1.4 million, respectively. The comparative quarterly increase in net gains on mortgage loans was primarily due to an increase in both gain on sale margin on mortgage loans sold and an increase in the volume of mortgage loans sold.

    Mortgage loan servicing, net, generated income (expense) of $(0.6) million and $2.7 million in the first quarters of 2025 and 2024, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. Capitalized mortgage loan servicing rights totaled $32.2 million and $46.8 million at March 31, 2025 and December 31, 2024, respectively. The decline during the first quarter was primarily attributed to aforementioned mortgage servicing right sale. This transaction was executed in part to reduce the amount of exposure the bank had to rate variances that may impact the mortgage servicing right asset valuation in future periods. While the magnitude of fair value adjustments would also be expected to decrease, those adjustments are dependent upon factors that are harder to predict.

    Mortgage loan servicing, net activity is summarized in the following table:

      Three months ended
      3/31/2025   3/31/2024
      (In thousands)
    Mortgage loan servicing, net:      
    Revenue, net $ 1,882     $ 2,219  
    Fair value change due to price   (1,533 )     1,265  
    Fair value change due to pay-downs   (891 )     (759 )
    Loss on sale of originated servicing rights   (94 )     —  
    Total $ (636 )   $ 2,725  
     

    Non-interest expenses totaled $34.3 million in the first quarter of 2025, compared to $32.2 million in the year-ago period.

    The Company recorded income tax expense of $3.5 million in the first quarter of 2025. This compares to an income tax expense of $3.8 million in the first quarter of 2024. The change in income tax expense principally reflects changes in pre-tax earnings in 2025 relative to 2024.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows (1):

      3/31/2025   12/31/2024   3/31/2024
    Loan Type (Dollars in thousands)
    Commercial $ 127     $ 54     $ 25  
    Mortgage   8,080       7,005       4,620  
    Installment   819       733       710  
    Sub total   9,026       7,792       5,355  
    Less – government guaranteed loans   1,940       1,790       1,665  
    Total non-performing loans $ 7,086     $ 6,002     $ 3,690  
    Ratio of non-performing loans to total portfolio loans   0.17 %     0.15 %     0.10 %
    Ratio of non-performing assets to total assets   0.14 %     0.13 %     0.09 %
    Ratio of allowance for credit losses to total non-performing loans   847.23 %     989.32 %     1526.10 %

    (1) Non performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest.

    The provision for credit losses was an expense of $0.72 million and $0.74 million in the first quarters of 2025 and 2024, respectively. We recorded loan net charge offs of $0.07 million and $0.22 million in the first quarters of 2025 and 2024, respectively. At March 31, 2025, the allowance for credit losses for loans totaled $60.0 million, or 1.47% of total portfolio loans compared to $59.4 million, or 1.47% of total portfolio loans at December 31, 2024.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.33 billion at March 31, 2025, a decrease of $9.7 million from December 31, 2024. Loans, excluding loans held for sale, were $4.07 billion at March 31, 2025, compared to $4.04 billion at December 31, 2024.  Deposits totaled $4.63 billion at March 31, 2025, a decrease of $20.2 million from December 31, 2024. This decrease is primarily due to decreases in non-interest bearing deposits and brokered time deposits that were partially offset by increases in savings and interest-bearing checking, reciprocal and time deposits.

    Cash and cash equivalents totaled $128.1 million at March 31, 2025, versus $119.9 million at December 31, 2024. Securities available for sale (“AFS”) totaled $529.7 million at March 31, 2025, versus $559.2 million at December 31, 2024.

    Total shareholders’ equity was $467.3 million at March 31, 2025, or 8.77% of total assets compared to $454.7 million or 8.52% at December 31, 2024. Tangible common equity totaled $437.6 million at March 31, 2025, or $20.87 per share compared to $424.9 million or $20.33 per share at December 31, 2024. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decrease in accumulated other comprehensive loss.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios 3/31/2025   12/31/2024   Well
    Capitalized
    Minimum
               
    Tier 1 capital to average total assets 9.56 %   9.58 %   5.00 %
    Tier 1 common equity to risk-weighted assets 11.93 %   11.74 %   6.50 %
    Tier 1 capital to risk-weighted assets 11.93 %   11.74 %   8.00 %
    Total capital to risk-weighted assets 13.19 %   12.99 %   10.00 %
     

    At March 31, 2025, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.10 billion and $486.1 million, respectively. We also had approximately $501.0 million in fair value of unpledged securities AFS and HTM at March 31, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $469.7 million.

    Share Repurchase Plan

    On December 17, 2024, the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2025. During the three month period ended March 31, 2025, there were 1,093 shares of common stock repurchased, for an aggregate purchase price of $0.03 million. Subsequent to quarter end, from April 3, 2025 through April 22, 2025, there were 249,482 additional shares of common stock repurchased, for an aggregate purchase price of $7.2 million.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 24, 2025.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 706949). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/106805636.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 746507). The replay will be available through May 1, 2025.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
     
        March 31,
    2025    		   December 31,
    2024
        (Unaudited)
        (In thousands, except share
    amounts)
    Assets        
    Cash and due from banks   $ 60,566     $ 56,984  
    Interest bearing deposits     67,579       62,898  
    Cash and Cash Equivalents     128,145       119,882  
    Securities available for sale     529,676       559,182  
    Securities held to maturity (fair value of $302,579 at March 31, 2025 and $301,860 at December 31, 2024)     336,928       339,436  
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost     15,587       16,099  
    Loans held for sale, carried at fair value     9,514       7,643  
    Loans        
    Commercial     1,992,187       1,937,364  
    Mortgage     1,512,807       1,516,726  
    Installment     567,697       584,735  
    Total Loans     4,072,691       4,038,825  
    Allowance for credit losses     (60,035 )     (59,379 )
    Net Loans     4,012,656       3,979,446  
    Other real estate and repossessed assets, net     413       938  
    Property and equipment, net     37,369       37,492  
    Bank-owned life insurance     53,721       53,855  
    Capitalized mortgage loan servicing rights, carried at fair value     32,171       46,796  
    Other intangibles     1,366       1,488  
    Goodwill     28,300       28,300  
    Accrued income and other assets     142,582       147,547  
    Total Assets   $ 5,328,428     $ 5,338,104  
    Liabilities and Shareholders’ Equity        
    Deposits        
    Non-interest bearing   $ 989,928     $ 1,013,647  
    Savings and interest-bearing checking     2,017,800       1,995,314  
    Reciprocal     910,526       907,031  
    Time     635,172       628,285  
    Brokered time     80,505       109,811  
    Total Deposits     4,633,931       4,654,088  
    Other borrowings     45,014       45,009  
    Subordinated debt     39,605       39,586  
    Subordinated debentures     39,813       39,796  
    Accrued expenses and other liabilities     102,788       104,939  
    Total Liabilities     4,861,151       4,883,418  
             
    Shareholders’ Equity        
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding     —       —  
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,970,115 shares at March 31, 2025 and 20,895,714 shares at December 31, 2024     318,365       318,777  
    Retained earnings     215,995       205,853  
    Accumulated other comprehensive loss     (67,083 )     (69,944 )
    Total Shareholders’ Equity     467,277       454,686  
    Total Liabilities and Shareholders’ Equity   $ 5,328,428     $ 5,338,104  
     
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations
     
        Three Months Ended
          March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		  
        (Unaudited)
    Interest Income   (In thousands, except per share amounts)
    Interest and fees on loans   $ 57,768     $ 58,346     $ 55,043  
    Interest on securities            
    Taxable     4,036       4,417       5,251  
    Tax-exempt     2,770       2,905       3,391  
    Other investments     1,570       1,310       1,441  
    Total Interest Income     66,144       66,978       65,126  
    Interest Expense            
    Deposits     20,955       22,546       22,810  
    Other borrowings and subordinated debt and debentures     1,504       1,581       2,119  
    Total Interest Expense     22,459       24,127       24,929  
    Net Interest Income     43,685       42,851       40,197  
    Provision for credit losses     721       2,217       744  
    Net Interest Income After Provision for Credit Losses     42,964       40,634       39,453  
    Non-interest Income            
    Interchange income     3,127       3,294       3,151  
    Service charges on deposit accounts     2,814       2,976       2,872  
    Net gains (losses) on assets            
    Mortgage loans     2,303       1,705       1,364  
    Securities available for sale     (330 )     (14 )     (269 )
    Mortgage loan servicing, net     (636 )     7,761       2,725  
    Other     3,146       3,399       2,718  
    Total Non-interest Income     10,424       19,121       12,561  
    Non-interest Expense            
    Compensation and employee benefits     20,383       22,886       20,770  
    Data processing     3,729       3,688       3,255  
    Occupancy, net     2,223       1,953       2,074  
    Interchange expense     1,119       1,131       1,097  
    Furniture, fixtures and equipment     885       928       954  
    Advertising     861       1,198       491  
    Loan and collection     786       606       512  
    FDIC deposit insurance     711       729       782  
    Communications     591       462       615  
    Legal and professional     479       849       486  
    Costs (recoveries) related to unfunded lending commitments     196       303       (652 )
    Other     2,299       2,254       1,809  
    Total Non-interest Expense     34,262       36,987       32,193  
    Income Before Income Tax     19,126       22,768       19,821  
    Income tax expense     3,536       4,307       3,830  
    Net Income   $ 15,590     $ 18,461     $ 15,991  
    Net Income Per Common Share            
    Basic   $ 0.74     $ 0.88     $ 0.77  
    Diluted   $ 0.74     $ 0.87     $ 0.76  
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data
     
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (unaudited)
      (Dollars in thousands except per share data)
    Three Months Ended                  
    Net interest income $ 43,685     $ 42,851     $ 41,854     $ 41,346     $ 40,197  
    Provision for credit losses   721       2,217       1,488       19       744  
    Non-interest income   10,424       19,121       9,508       15,172       12,561  
    Non-interest expense   34,262       36,987       32,583       33,333       32,193  
    Income before income tax   19,126       22,768       17,291       23,166       19,821  
    Income tax expense   3,536       4,307       3,481       4,638       3,830  
    Net income $ 15,590     $ 18,461     $ 13,810     $ 18,528     $ 15,991  
                       
    Basic earnings per share $ 0.74     $ 0.88     $ 0.66     $ 0.89     $ 0.77  
    Diluted earnings per share   0.74       0.87       0.65       0.88       0.76  
    Cash dividend per share   0.26       0.24       0.24       0.24       0.24  
                       
    Average shares outstanding   20,943,094       20,893,820       20,896,019       20,901,741       20,877,067  
    Average diluted shares outstanding   21,150,550       21,122,096       21,115,273       21,105,387       21,079,607  
                       
    Performance Ratios                  
    Return on average assets   1.18 %     1.39 %     1.04 %     1.44 %     1.24 %
    Return on average equity   13.71       16.31       12.54       17.98       15.95  
    Efficiency ratio (1)   62.20       59.09       62.82       61.49       60.26  
                       
    As a Percent of Average Interest-Earning Assets (1)                
    Interest income   5.28 %     5.37 %     5.48 %     5.45 %     5.34 %
    Interest expense   1.79       1.92       2.11       2.05       2.04  
    Net interest income   3.49       3.45       3.37       3.40       3.30  
                       
    Average Balances                  
    Loans $ 4,060,941     $ 3,994,661     $ 3,909,954     $ 3,849,199     $ 3,810,526  
    Securities   883,676       912,073       933,750       944,435       999,140  
    Total earning assets   5,078,596       5,007,566       4,985,842       4,893,367       4,910,669  
    Total assets   5,378,022       5,300,368       5,275,623       5,181,317       5,201,452  
    Deposits   4,715,331       4,655,091       4,616,119       4,531,917       4,561,645  
    Interest bearing liabilities   3,799,852       3,717,483       3,689,684       3,611,972       3,627,446  
    Shareholders’ equity   461,291       450,214       438,077       414,549       403,225  

    (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)
     
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (unaudited)
      (Dollars in thousands except per share data)
    End of Period                  
    Capital                  
    Tangible common equity ratio   8.26 %     8.00 %     8.08 %     7.63 %     7.41 %
    Tangible common equity ratio excluding accumulated other comprehensive loss   9.31       9.10       8.99       8.76       8.57  
    Average equity to average assets   8.58       8.49       8.30       8.00       7.75  
    Total capital to risk-weighted assets (2)   14.51       14.22       14.25       14.21       13.85  
    Tier 1 capital to risk-weighted assets (2)   12.34       12.06       12.06       12.01       11.65  
    Common equity tier 1 capital to risk-weighted assets (2)   11.46       11.17       11.16       11.09       10.73  
    Tier 1 capital to average assets (2)   9.88       9.85       9.63       9.59       9.29  
    Common shareholders’ equity per share of common stock $ 22.28     $ 21.76     $ 21.65     $ 20.60     $ 19.88  
    Tangible common equity per share of common stock   20.87       20.33       20.22       19.16       18.44  
    Total shares outstanding   20,970,115       20,895,714       20,893,800       20,899,358       20,903,677  
                       
    Selected Balances                  
    Loans $ 4,072,691     $ 4,038,825     $ 3,942,287     $ 3,851,889     $ 3,839,965  
    Securities   866,604       898,618       932,312       936,194       963,577  
    Total earning assets   5,031,975       5,024,083       4,964,784       4,979,555       4,949,496  
    Total assets   5,328,428       5,338,104       5,259,268       5,277,500       5,231,255  
    Deposits   4,633,931       4,654,088       4,626,875       4,614,328       4,582,414  
    Interest bearing liabilities   3,768,435       3,764,832       3,682,482       3,694,025       3,677,060  
    Shareholders’ equity   467,277       454,686       452,369       430,459       415,570  

    (2) March 31, 2025 are Preliminary.

    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended March 31,
        2025       2024  
      (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent (“FTE”)      
           
    Net interest income $ 43,685     $ 40,197  
    Add:  taxable equivalent adjustment   452       180  
    Net interest income – taxable equivalent $ 44,137     $ 40,377  
    Net interest margin (GAAP) (1)   3.46 %     3.28 %
    Net interest margin (FTE) (1)   3.49 %     3.30 %

    (1) Annualized.

    Tangible Common Equity Ratio

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (Dollars in thousands)
    Common shareholders’ equity $ 467,277     $ 454,686     $ 452,369     $ 430,459     $ 415,570  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,366       1,488       1,617       1,746       1,875  
    Tangible common equity   437,611       424,898       422,452       400,413       385,395  
    Addition:                  
    Accumulated other comprehensive loss for regulatory purposes   61,285       64,146       52,454       65,030       65,831  
    Tangible common equity excluding accumulated other comprehensive loss adjustments $ 498,896     $ 489,044     $ 474,906     $ 465,443     $ 451,226  
                       
    Total assets $ 5,328,428     $ 5,338,104     $ 5,259,268     $ 5,277,500     $ 5,231,255  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,366       1,488       1,617       1,746       1,875  
    Tangible assets   5,298,762       5,308,316       5,229,351       5,247,454       5,201,080  
    Addition:                  
    Net unrealized losses on available for sale securities and derivatives, net of tax   61,285       64,146       52,454       65,030       65,831  
    Tangible assets excluding accumulated other comprehensive loss adjustments $ 5,360,047     $ 5,372,462     $ 5,281,805     $ 5,312,484     $ 5,266,911  
                       
    Common equity ratio   8.77 %     8.52 %     8.60 %     8.16 %     7.94 %
    Tangible common equity ratio   8.26 %     8.00 %     8.08 %     7.63 %     7.41 %
    Tangible common equity ratio excluding accumulated other comprehensive loss   9.31 %     9.10 %     8.99 %     8.76 %     8.57 %
                       
    Tangible Common Equity per Share of Common Stock:
                       
    Common shareholders’ equity $ 467,277     $ 454,686     $ 452,369     $ 430,459     $ 415,570  
    Tangible common equity $ 437,611     $ 424,898     $ 422,452     $ 400,413     $ 385,395  
    Shares of common stock outstanding (in thousands)   20,970       20,896       20,894       20,899       20,904  
                       
    Common shareholders’ equity per share of common stock $ 22.28     $ 21.76     $ 21.65     $ 20.60     $ 19.88  
    Tangible common equity per share of common stock $ 20.87     $ 20.33     $ 20.22     $ 19.16     $ 18.44  
     

    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

    Contact: William B. Kessel, President and CEO, 616.447.3933
    Gavin A. Mohr, Chief Financial Officer, 616.447.3929

    The MIL Network –

  • MIL-OSI: Diginex and Baker Tilly Singapore Announce Strategic Alliance to Deliver diginexESG Platform to Baker Tilly ’s Clients

    Source: GlobeNewswire (MIL-OSI)

    LONDON, April 24, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company specializing in environmental, social, and governance (ESG) solutions, and Baker Tilly Singapore (“Baker Tilly”), a globally recognized advisory, tax, and assurance firm, today announced a strategic alliance to integrate Diginex’s innovative diginexESG platform into Baker Tilly’s client offerings. This collaboration will empower Baker Tilly’s diverse client base to streamline ESG reporting, enhance compliance, and drive sustainable growth in response to increasing global demand for transparency and accountability.

    The diginexESG platform, an award-winning cloud-based solution compatible with major frameworks such as GRI, SASB, and ISSB, provides end-to-end tools for topic discovery, data collection, and collaborative report publishing. Through this alliance, Baker Tilly’s clients across industries will gain access to diginexESG’s intuitive technology, supported by Baker Tilly’s deep expertise in ESG advisory, risk management, and business strategy. The strategic relationship aims to simplify the complexities of sustainability reporting while enabling clients to meet evolving regulatory requirements and investor expectations.

    “We are excited to work with Baker Tilly, a trusted leader in professional services, to bring diginexESG to their clients,” said Mark Blick, CEO of Diginex. “This alliance aligns with our mission to democratize access to advanced ESG tools, helping organizations of all sizes achieve their sustainability goals while driving measurable impact.”

    Joshua Ong, Managing Partner at Baker Tilly Singapore, said, “We are committed to delivering innovative solutions that add value to our clients’ businesses, while solving challenges that they may face with fragmented systems and resources. This alliance with Diginex provides a new platform that enhances our clients’ daily operations and helps them to make informed decisions in building resilient, future-ready businesses.”

    “There is growing pressure in the Asia-Pacific region for companies to produce high-quality ESG data that meets global standards,” added Tina Thomas, Head of ESG & Sustainability at Baker Tilly Singapore.

    The alliance comes at a critical time as businesses face heightened scrutiny from regulators, investors, and stakeholders to demonstrate robust ESG performance. Baker Tilly’s global network, combined with Diginex’s cutting-edge technology, positions both firms to set a new standard for ESG reporting and compliance.

    About Diginex Limited

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website: https://www.diginex.com/.

    About Baker Tilly Singapore
    Baker Tilly Singapore is a full-service accounting and business advisory firm that offers industry-specialised services in assurance, tax and advisory. With a focus on serving entrepreneurs, family-owned businesses, not-for-profits, and listed companies, we help our clients plan for the future. Baker Tilly Singapore is an independent member of Baker Tilly International, one of the world’s 10 largest accounting and business advisory networks.

    Baker Tilly Singapore offers a full suite of ESG services, including ESG assessment, strategy development, reporting and disclosure, stakeholder engagement, risk management, sustainability certification, ESG integration in investments, as well as training and education.

    For more information on Baker Tilly Singapore’s services, visit www.bakertilly.sg.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    Media Contacts:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de

    IR Contact – US
    Kincade Ayers
    Lambert by LLYC
    Phone: +1 (616) 258-5794
    Email: kincade.ayers@llyc.global

    IR Contact – Asia
    Shelly Cheng
    Strategic Public Relations Group Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk

    Baker Tilly Singapore Contact
    Darrick Chew
    Marketing Manager
    darrick.chew@bakertilly.sg

    The MIL Network –

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

    Source: Phillips

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

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

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

    Source: United Kingdom – Government Statements

    Correspondence

    Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

    The Secretary of State, Hilary Benn, has written to the Speaker of the NI Assembly today, 24 April

    Documents

    Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

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    Details

    The NI Secretary, Hilary Benn, has written to the Speaker of the NI Assembly to set out the decisions and declarations the UK Government will be making at the Withdrawal Agreement Joint Committee on the 29th of April which concern the Windsor Framework.

    Updates to this page

    Published 24 April 2025

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    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience

    As part of the modernization blueprint, Nasdaq is introducing a new brand for its complete suite of next generation marketplace technology solutions, Nasdaq Eqlipse, delivering cloud-ready capabilities and data intelligence across the full trade lifecycle

    Nasdaq’s Nordic markets first to adopt the blueprint alongside expanded modernization partnerships with Johannesburg Stock Exchange and Mexico’s Grupo BMV

    NEW YORK, SEATTLE, STOCKHOLM, JOHANNESBURG, and MEXICO CITY, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.

    Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.

    The new blueprint, proven through Nasdaq’s successful market modernization with AWS, drives industry standards, dynamic and sustainable operations while promoting a more resilient financial ecosystem. In the long term, the blueprint can enhance investor confidence and connect capital, previously confined locally due to technological complexity, to global investment opportunities.

    “Local economies flourish when capital markets are robust, and global investors can confidently channel capital across borders. Conversely, a strong global economy is reliant on local markets that are highly dynamic, where innovators can scale, and capital can seamlessly connect. Powering both creates a virtuous cycle of value creation, driving economic growth and wealth generation,” said Adena Friedman, Chair and Chief Executive Officer, Nasdaq. “The unique combination of Nasdaq’s technology expertise and AWS’s advanced infrastructure enables us to solve the industry’s most complex challenges that have hampered the growth and scalability of markets around the world. By reducing complicatedness, friction, and fragmentation we are fortifying the financial system with greater connectivity and resilience and enabling a new era of economic growth and prosperity.”

    “Building on our 15-year partnership, Nasdaq and AWS are furthering our shared vision to develop technology that simplifies and streamlines capital markets,” said Matt Garman, CEO at AWS. “Together, we are helping market operators provide seamless connectivity for markets and investors anywhere in the world, with a blueprint for modernization and innovation, and the ability to unlock new opportunities for innovation and growth in capital markets.”

    A blueprint for the next generation of markets with resilience and optionality

    The blueprint empowers market operators to execute their modernization strategies by optimizing their resource investments while focusing on operational excellence, enhancing competitive differentiation, satisfying their regulatory obligations, and driving innovation within their markets. The first three key components of the blueprint include:

    • Bringing together AWS, exchange, and trading participant infrastructure in close proximity to power global capital markets: Building on AWS’s high-performing, scalable infrastructure, as well as its deep expertise in operating cloud infrastructure, Nasdaq and AWS are offering a new solution for market operators that addresses resilience, security, proximity and latency demands by positioning AWS services, exchange and trading participant systems in a common location. For the first time, global market participants will have access to industry-leading compute services from AWS in close proximity to the core exchange complex and their own co-located trading systems. In addition, AWS will provide connectivity between this infrastructure and AWS’s Global Regions via the AWS Direct Connect service and the AWS global network, to provide low-latency, high bandwidth connectivity for global applications; all while enabling operators to retain overall control of their data.
    • Nasdaq Eqlipse, a next generation marketplace technology platform: Nasdaq Eqlipse seamlessly integrates client community feedback and Nasdaq’s development investments, including platform capabilities, application architecture, APIs and product integration. The solutions feature cloud-ready applications and globally standardized APIs with proven interoperability across the full trade lifecycle. Nasdaq’s marketplace technology solutions are already used by over 135 market infrastructure providers around the world for multi-asset trading, clearing, central securities depository and surveillance. Nasdaq Eqlipse will also include a new solution – Nasdaq Eqlipse Intelligence – designed to unlock the full potential of market operators’ data with modern, cloud-based data management, analytics and reporting capabilities that are specific to market operators’ workflows. These capabilities address the industry-wide opportunity to deploy AI at greater scale, recognizing its potential to transform how marketplaces operate.
    • A services deployment model: The modernization blueprint brings together the expertise and experience of Nasdaq and AWS through a new services deployment model. This provides market operators with access to both companies’ deep capital markets expertise to help reduce operational heavy lifting. Ultimately the services deployment model powered by AWS is designed to help market operators reduce transformation risks, allowing them to focus technology resources toward a growth-driven capital allocation strategy. Market operators will be able to augment and accelerate their path to modernization, while improving time-to-market for new releases and enhancing overall resilience.

    The blueprint delivers key benefits to market operators so that they can drive innovation; specifically:

    • Accelerate and de-risk modernization strategies for market operators by delivering an agile technology stack and globally standardized services and workflows that empower the market operators to focus on attracting liquidity from global investors.
    • Provide greater flexibility for both innovation and monetization for market operators by leveraging modern technology infrastructure to capitalize on the potential of AI, enhance their data and insight-based services, and develop new products and functionality to the benefit of all market participants.
    • Promote transparency, enhance liquidity and protect market integrity by strengthening trading, clearing, and settlement operations and reducing barriers for local, regional and global investors with secure access.

    The blueprint plans to use AWS’s global network and low-latency traffic routing to support frictionless, high-speed connections for markets and investors around the world. This connectivity will allow market participants to interact seamlessly and transparently across global exchanges with minimal latency, fostering globally inter-connected markets built on a common data lake architecture.

    Johannesburg Stock Exchange, Grupo BMV and Nasdaq’s Nordic markets modernize their ecosystems

    Nasdaq has expanded its modernization partnership with both Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV. Additionally, Nasdaq’s Nordic markets have today announced their intention to modernize their infrastructure in line with the blueprint.

    The JSE is collaborating with Nasdaq around the development of services for colocation, data intelligence and insights, and client interactions. The blueprint service deployment model will support the South African bourse’s technology enablement journey to modernize its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies.

    Leila Fourie, Group CEO of the JSE, said: “This strategic collaboration is an extension of the long-standing relationship the JSE has with Nasdaq. The market infrastructure developed in partnership with Nasdaq and AWS will open the door to greater global market interconnectivity with minimal latency, which will support increased liquidity and capital flows between the US and South African capital markets. We will be setting new standards for the industry through innovation and technology that creates value for market participants.”

    Building on the market modernization efforts with Nasdaq, Grupo BMV is analyzing how it can build on its existing technology partnership across its clearing and central securities depository platforms by leveraging the services deployment model. They are also evaluating the long-term potential for cloud infrastructure in Mexico and its ability to create a robust, high-integrity ecosystem that reduces barriers to market participation, enhances operational efficiency, and accelerates the adoption of emerging technologies across the Mexican financial landscape.

    Jorge Alegría, Chief Executive Officer, Grupo BMV, said: “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look toward the next decade. We are committed to driving innovation, enhancing operational efficiency and proactively addressing the evolving needs of our local and international customers.”

    In line with the blueprint, Nasdaq plans to incorporate the managed infrastructure model within its Nordic markets. Starting with the Nordic derivatives market, Nasdaq will be able to provide additional services to clients, powered by AWS infrastructure which allows Nasdaq’s clients to rapidly scale their GPU usage within Nasdaq’s own data center in Väsby, Sweden and harness cloud services to innovate faster.

    Roland Chai, President of European Market Services, Nasdaq, said: “The success of Nasdaq’s Nordic markets has demonstrated the extraordinary power of modern market infrastructure to attract international sources of capital. Incorporating AWS’s advanced cloud infrastructure is expected to elevate our markets on the global stage and help to power the next generation of growth across Europe.”

    These advancements will be made in close consultation with the respective regulatory authorities and are subject to relevant approvals.

    About Nasdaq

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

    About Amazon Web Services

    Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 114 Availability Zones within 36 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in New Zealand, the Kingdom of Saudi Arabia, Taiwan, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

    About Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

    About the Johannesburg Stock Exchange

    The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

    The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalization, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za

    About Grupo BMV

    The Mexican Stock Exchange (BMV: BOLSAA) is a fully integrated group with more than 130 years of experience, enabling Mexico’s securities and derivatives markets. It consists of a network of leading companies providing services in capital markets, derivatives, debt, post-trade solutions, data and analytics, as well as a range of value-added services. For more details, visit www.bmv.com.mx.

    Media Contacts

    Nasdaq: Emily Pan; Emily.Pan@nasdaq.com; +1 646 637 3964
    AWS: Naomi Little; njlittle@amazon.com; +1 771 233 2089
    JSE: Pheliswa Mayekiso; pheliswam@jse.co.za; +27 84 4860502
    Grupo BMV: Alberto Maya; amaya@grupobmv.com.mx; +52-55-5342-9000

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of products and services delivered in line with the modernization blueprint, application and availability of products and services in regulated environments, and Nasdaq’s partnership with AWS. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    – NDAQF-

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Key Points for First Quarter and Going Forward

    Positive Balance Sheet Trends:

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

    Update on provision for credit losses:

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

    Other significant events:

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

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

    Selected Quarterly Financial Ratios:

        As of or For the Quarter Ended  
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Performance ratios: (1)                                        
    Return on average assets     0.28 %     -0.51 %     -0.36 %     -0.40 %     0.07 %
    Adjusted PPNR return on average assets (2)     0.27       0.26       0.17       0.10       0.22  
    Return on average equity     3.92       -6.92       -4.91       -5.47       0.98  
    Net interest margin (3)     2.76       2.73       2.70       2.76       2.76  
    Efficiency ratio (4)     79.4       92.2       100.3       72.3       88.8  
    Equity to total assets     7.22       6.89       7.13       7.17       7.17  
    Book value per common share   $ 16.63     $ 16.45     $ 17.17     $ 16.81     $ 17.00  
    Tangible performance ratios: (1)                                        
    Tangible common equity to tangible assets (2)     7.15 %     6.83 %     7.06 %     7.10 %     7.10 %
    Return on average tangible common equity (2)     3.96       -6.99       -4.96       -5.53       0.99  
    Tangible book value per common share (2)   $ 16.48     $ 16.29     $ 17.00     $ 16.64     $ 16.83  
    Capital ratios (First Fed): (5)                                        
    Tier 1 leverage     9.5 %     9.4 %     9.4 %     9.4 %     9.7 %
    Common equity Tier 1 capital     12.7       12.4       12.2       12.4       12.6  
    Total risk-based     13.9       13.6       13.4       13.5       13.6  
    (1 ) Performance ratios are annualized, where appropriate.
    (2 ) See reconciliation of Non-GAAP Financial Measures later in this release.
    (3 ) Net interest income divided by average interest-earning assets.
    (4 ) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (5 ) Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.


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

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

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

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

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

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

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

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

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

        For the Quarter Ended  
    ACLL ($ in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Balance at beginning of period   $ 20,449     $ 21,970     $ 19,343     $ 17,958     $ 17,510  
    Charge-offs:                                        
    Construction and land     (374 )     (411 )     —       (3,978 )     —  
    Auto and other consumer     (243 )     (364 )     (492 )     (832 )     (806 )
    Commercial business     (811 )     (4,596 )     (24 )     (2,643 )     (33 )
    Total charge-offs     (1,428 )     (5,371 )     (516 )     (7,453 )     (839 )
    Recoveries:                                        
    One-to-four family     —       —       42       —       2  
    Commercial real estate     6       2       —       —       —  
    Auto and other consumer     43       52       24       198       46  
    Commercial business     2       36       —       —       —  
    Total recoveries     51       90       66       198       48  
    Net loan charge-offs     (1,377 )     (5,281 )     (450 )     (7,255 )     (791 )
    Provision for credit losses     1,553       3,760       3,077       8,640       1,239  
    Balance at end of period   $ 20,625     $ 20,449     $ 21,970     $ 19,343     $ 17,958  
                                             
    Average total loans     1,662,164       1,708,232       1,718,402       1,717,830       1,678,656  
    Annualized net charge-offs to average outstanding loans     0.34 %     1.23 %     0.10 %     1.70 %     0.19 %
    Asset Quality ($ in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Nonaccrual loans:                                        
    One-to-four family   $ 1,404     $ 1,477     $ 1,631     $ 1,750     $ 1,237  
    Multi-family     —       —       —       708       708  
    Commercial real estate     5,574       5,598       5,634       14       22  
    Construction and land     15,280       19,544       19,382       19,292       14,440  
    Home equity     54       55       116       118       121  
    Auto and other consumer     710       700       894       746       1,012  
    Commercial business     3,365       3,141       2,719       1,003       1,941  
    Total nonaccrual loans     26,387       30,515       30,376       23,631       19,481  
    Other real estate owned     —       —       —       —       —  
    Total nonperforming assets   $ 26,387     $ 30,515     $ 30,376     $ 23,631     $ 19,481  
                                             
    Nonaccrual loans as a % of total loans (1)     1.59 %     1.80 %     1.75 %     1.39 %     1.14 %
    Nonperforming assets as a % of total assets (2)     1.21       1.37       1.35       1.07       0.87  
    ACLL as a % of total loans     1.24       1.21       1.27       1.14       1.05  
    ACLL as a % of nonaccrual loans     78.16       67.01       72.33       81.85       92.18  
    Total past due loans to total loans     1.74       1.98       1.92       1.45       1.91  
    (1 ) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
    (2 ) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.


    Financial Condition and Capital

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)
     
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    ASSETS                                        
    Cash and due from banks   $ 18,911     $ 16,811     $ 17,953     $ 19,184     $ 15,562  
    Interest-earning deposits in banks     51,412       55,637       64,769       63,995       61,784  
    Investment securities available for sale, at fair value     315,433       340,344       310,860       306,714       325,955  
    Loans held for sale     2,940       472       378       1,086       988  
    Loans receivable (net of allowance for credit losses
         on loans $20,625, $20,449, $21,970, $19,343,
         and $17,958)    		     1,643,790       1,675,186       1,714,416       1,677,764       1,692,774  
    Federal Home Loan Bank (FHLB) stock, at cost     13,106       14,435       14,435       13,086       15,876  
    Accrued interest receivable     8,319       8,159       8,939       9,466       8,909  
    Premises held for sale, net     —       —       —       —       6,751  
    Premises and equipment, net     9,870       10,129       10,436       10,714       11,028  
    Servicing rights on sold loans, at fair value     3,301       3,281       3,584       3,740       3,820  
    Bank-owned life insurance, net     31,786       41,150       41,429       41,113       34,681  
    Equity and partnership investments     15,026       13,229       14,912       15,085       15,121  
    Goodwill and other intangible assets, net     1,082       1,082       1,083       1,084       1,085  
    Deferred tax asset, net     13,179       13,738       10,802       12,216       12,704  
    Right-of-use (“ROU”) asset, net     16,687       17,001       17,315       17,627       5,841  
    Prepaid expenses and other assets     31,588       21,352       24,175       23,088       27,141  
    Total assets   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
                                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
    Deposits   $ 1,666,068     $ 1,688,026     $ 1,711,641     $ 1,708,288     $ 1,666,624  
    Borrowings     307,091       336,014       334,994       302,575       371,455  
    Accrued interest payable     2,163       3,295       2,153       3,143       2,830  
    Lease liability, net     17,266       17,535       17,799       18,054       6,227  
    Accrued expenses and other liabilities     24,217       31,770       25,625       23,717       29,980  
    Advances from borrowers for taxes and insurance     2,583       1,484       2,485       1,304       2,398  
    Total liabilities     2,019,388       2,078,124       2,094,697       2,057,081       2,079,514  
                                             
    Shareholders’ Equity                                        
    Preferred stock, $0.01 par value, authorized
         5,000,000 shares, no shares issued or outstanding    		     —       —       —       —       —  
    Common stock, $0.01 par value, 75,000,000
         shares authorized; issued and outstanding at
         each period end: 9,440,618; 9,353,348;
         9,365,979; 9,453,247; and 9,442,796    		     94       93       94       94       94  
    Additional paid-in capital     93,450       93,357       93,218       93,985       93,763  
    Retained earnings     98,056       97,198       100,660       103,322       106,202  
    Accumulated other comprehensive loss, net of tax     (28,129 )     (30,172 )     (26,424 )     (31,597 )     (32,465 )
    Unearned employee stock ownership plan (ESOP) shares     (6,429 )     (6,594 )     (6,759 )     (6,923 )     (7,088 )
    Total shareholders’ equity     157,042       153,882       160,789       158,881       160,506  
    Total liabilities and shareholders’ equity   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)
     
        For the Quarter Ended  
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    INTEREST INCOME                                        
    Interest and fees on loans receivable   $ 22,231     $ 23,716     $ 23,536     $ 23,733     $ 22,767  
    Interest on investment securities     3,803       3,658       3,786       3,949       3,632  
    Interest on deposits in banks     482       550       582       571       645  
    FHLB dividends     307       273       302       358       282  
    Total interest income     26,823       28,197       28,206       28,611       27,326  
    INTEREST EXPENSE                                        
    Deposits     9,737       11,175       10,960       10,180       10,112  
    Borrowings     3,239       2,885       3,226       4,196       3,286  
    Total interest expense     12,976       14,060       14,186       14,376       13,398  
       Net interest income     13,847       14,137       14,020       14,235       13,928  
    PROVISION FOR CREDIT LOSSES                                        
    Provision for credit losses on loans     1,553       3,760       3,077       8,640       1,239  
    Provision for (recapture of) credit losses on unfunded commitments     15       (105 )     57       99       (269 )
    Provision for credit losses     1,568       3,655       3,134       8,739       970  
        Net interest income after provision for credit losses     12,279       10,482       10,886       5,496       12,958  
    NONINTEREST INCOME                                        
    Loan and deposit service fees     1,106       1,054       1,059       1,076       1,102  
    Sold loan servicing fees and servicing rights mark-to-market     195       (115 )     10       74       219  
    Net gain on sale of loans     11       52       58       150       52  
    Net gain on sale of investment securities     —       —       —       (2,117 )     —  
    Net gain on sale of premises and equipment     —       —       —       7,919       —  
    Increase in cash surrender value of bank-owned life insurance     372       328       315       293       243  
    Income from death benefit on bank-owned life insurance, net     1,059       1,536       —       —       —  
    Other income (loss)     1,349       (1,555 )     337       (48 )     572  
    Total noninterest income     4,092       1,300       1,779       7,347       2,188  
    NONINTEREST EXPENSE                                        
    Compensation and benefits     7,715       7,367       8,582       8,588       8,128  
    Data processing     2,011       2,065       2,085       2,008       1,944  
    Occupancy and equipment     1,592       1,559       1,553       1,799       1,240  
    Supplies, postage, and telephone     298       296       360       317       293  
    Regulatory assessments and state taxes     479       460       548       457       513  
    Advertising     265       362       409       377       309  
    Professional fees     777       813       698       684       910  
    FDIC insurance premium     434       491       533       473       386  
    Other expense     678       820       1,080       906       580  
    Total noninterest expense     14,249       14,233       15,848       15,609       14,303  
       Income (loss) before provision for income taxes     2,122       (2,451 )     (3,183 )     (2,766 )     843  
    Provision for income taxes     608       359       (1,203 )     (547 )     447  
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
                                             
    Basic and diluted earnings (loss) per common share   $ 0.17     $ (0.32 )   $ (0.23 )   $ (0.25 )   $ 0.04  
                                             
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Selected Loan Detail   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Construction and land loans breakout                                        
    1-4 Family construction   $ 42,371     $ 39,319     $ 43,125     $ 56,514     $ 69,075  
    Multifamily construction     9,223       15,407       29,109       43,341       45,776  
    Nonresidential construction     7,229       16,857       17,500       1,015       3,374  
    Land and development     6,054       6,527       5,975       6,403       7,122  
    Total construction and land loans   $ 64,877     $ 78,110     $ 95,709     $ 107,273     $ 125,347  
                                             
    Auto and other consumer loans breakout                                        
    Triad Manufactured Home loans   $ 134,740     $ 128,231     $ 129,600     $ 110,510     $ 119,309  
    Woodside auto loans     118,972       117,968       126,129       131,151       128,072  
    First Help auto loans     13,012       14,283       15,971       17,427       8,326  
    Other auto loans     1,313       1,647       2,064       2,690       3,313  
    Other consumer loans     5,841       6,747       7,434       23,845       9,814  
    Total auto and other consumer loans   $ 273,878     $ 268,876     $ 281,198     $ 285,623     $ 268,834  
                                             
    Commercial business loans breakout                                        
    Northpointe Bank MPP   $ –     $ 36,230     $ 38,155     $ 9,150     $ 15,047  
    Secured lines of credit     39,986       35,701       37,686       28,862       41,014  
    Unsecured lines of credit     2,030       1,717       1,571       1,133       1,001  
    SBA loans     6,889       7,044       7,219       7,146       8,944  
    Other commercial business loans     71,581       70,801       70,696       70,803       70,291  
    Total commercial business loans   $ 120,486     $ 151,493     $ 155,327     $ 117,094     $ 136,297  
    Loans by Collateral and Unfunded Commitments   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    One-to-four family construction   $ 38,221     $ 44,468     $ 51,607     $ 49,440     $ 70,100  
    All other construction and land     30,947       34,290       45,166       58,346       55,286  
    One-to-four family first mortgage     428,081       466,046       469,053       434,840       436,543  
    One-to-four family junior liens     15,155       15,090       14,701       13,706       12,608  
    One-to-four family revolving open-end     51,832       51,481       48,459       44,803       45,536  
    Commercial real estate, owner occupied:                                        
    Health care     29,386       29,129       29,407       29,678       29,946  
    Office     19,363       17,756       17,901       19,215       17,951  
    Warehouse     14,843       14,948       11,645       14,613       14,683  
    Other     74,915       78,170       64,535       56,292       55,063  
    Commercial real estate, non-owner occupied:                                        
    Office     41,885       49,417       49,770       50,158       53,099  
    Retail     50,737       49,591       49,717       50,101       50,478  
    Hospitality     62,226       61,919       62,282       62,628       66,982  
    Other     93,549       81,640       82,573       84,428       93,040  
    Multi-family residential     339,217       333,419       354,118       350,382       339,907  
    Commercial business loans     76,330       77,381       86,904       79,055       90,781  
    Commercial agriculture and fishing loans     22,914       21,833       15,369       14,411       10,200  
    State and political subdivision obligations     369       369       404       405       405  
    Consumer automobile loans     133,209       133,789       144,036       151,121       139,524  
    Consumer loans secured by other assets     137,619       131,429       132,749       129,293       122,895  
    Consumer loans unsecured     3,051       3,658       4,411       5,209       6,415  
    Total loans   $ 1,663,849     $ 1,695,823     $ 1,734,807     $ 1,698,124     $ 1,711,442  
                                             
    Unfunded commitments under lines of credit or existing loans   $ 172,260     $ 163,827     $ 166,446     $ 155,005     $ 148,736  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    NET INTEREST MARGIN ANALYSIS
    (Dollars in thousands) (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
        Average     Interest             Average     Interest          
        Balance     Earned/     Yield/     Balance     Earned/     Yield/  
        Outstanding     Paid     Rate     Outstanding     Paid     Rate  
        (Dollars in thousands)  
    Interest-earning assets:                                                
    Loans receivable, net (1) (2)   $ 1,642,007     $ 22,231       5.49 %   $ 1,661,420     $ 22,767       5.51 %
    Investment securities     333,208       3,803       4.63       307,490       3,632       4.75  
    FHLB dividends     13,609       307       9.15       12,328       282       9.20  
    Interest-earning deposits in banks     42,917       482       4.55       46,583       645       5.57  
    Total interest-earning assets (3)     2,031,741       26,823       5.35       2,027,821       27,326       5.42  
    Noninterest-earning assets     143,033                       138,366                  
    Total average assets   $ 2,174,774                     $ 2,166,187                  
    Interest-bearing liabilities:                                                
    Interest-bearing demand deposits   $ 168,414     $ 260       0.63     $ 165,379     $ 187       0.45  
    Money market accounts     414,425       2,345       2.29       377,505       1,949       2.08  
    Savings accounts     216,499       783       1.47       235,784       953       1.63  
    Certificates of deposit, customer     451,936       4,522       4.06       437,525       4,494       4.13  
    Certificates of deposit, brokered     158,269       1,827       4.68       205,923       2,529       4.94  
    Total interest-bearing deposits (4)     1,409,543       9,737       2.80       1,422,116       10,112       2.86  
    Advances     279,500       2,796       4.06       252,912       2,892       4.60  
    Subordinated debt     38,370       443       4.68       39,446       394       4.02  
    Total interest-bearing liabilities     1,727,413       12,976       3.05       1,714,474       13,398       3.14  
    Noninterest-bearing deposits (4)     243,569                       249,283                  
    Other noninterest-bearing liabilities     47,238                       40,563                  
    Total average liabilities     2,018,220                       2,004,320                  
    Average equity     156,554                       161,867                  
    Total average liabilities and equity   $ 2,174,774                     $ 2,166,187                  
                                                     
    Net interest income           $ 13,847                     $ 13,928          
    Net interest rate spread                     2.30                       2.28  
    Net earning assets   $ 304,328                     $ 313,347                  
    Net interest margin (5)                     2.76                       2.76  
    Average interest-earning assets to average interest-bearing liabilities     117.6 %                     118.3 %                
    (1) The average loans receivable, net balances include nonaccrual loans.
    (2) Interest earned on loans receivable includes net deferred costs of ($338,000) and ($171,000) for the three months ended March 31, 2025 and 2024, respectively.
    (3) Includes interest-earning deposits (cash) at other financial institutions.
    (4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.39% and 2.43% for the three months ended March 31, 2025 and 2024, respectively.
    (5) Net interest income divided by average interest-earning assets.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)


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

    Calculations Based on PPNR and Adjusted PPNR:

        For the Quarter Ended  
    (Dollars in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
    Plus: provision for credit losses     1,568       3,655       3,134       8,739       970  
    Provision for income taxes     608       359       (1,203 )     (547 )     447  
    PPNR (1)     3,690       1,204       (49 )     5,973       1,813  
    Less selected nonrecurring adjustments to PPNR:                                        
    BOLI death benefit     1,059       1,536       —       —       —  
    Gain on extinguishment of subordinated debt included in other income     846       —       —       —       —  
    Gain on conversion of loan receivable into Series A equity investment     315       —       —       —       —  
    Equity investment repricing adjustment     —       (1,762 )     —       —       651  
    One-time compensation payouts related to reduction in force     —       —       (996 )     —       —  
    Net gain on sale of premises and equipment     —       —       —       7,919       —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —       —       —       (359 )     —  
    Net gain on sale of investment securities     —       —       —       (2,117 )     —  
    Adjusted PPNR (1)   $ 1,470     $ 1,430     $ 947     $ 530     $ 1,162  
                                             
    Average total assets   $ 2,174,774     $ 2,205,502     $ 2,209,333     $ 2,219,370     $ 2,166,187  
    Return on average assets (GAAP)     0.28 %     -0.51 %     -0.36 %     -0.40 %     0.07 %
    PPNR return on average assets (Non-GAAP) (1)     0.69 %     0.22 %     -0.01 %     1.08 %     0.34 %
    Adjusted PPNR return on average assets (Non-GAAP) (1)     0.27 %     0.26 %     0.17 %     0.10 %     0.22 %
    (1) PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Calculations Based on Tangible Common Equity:
     
        For the Quarter Ended  
    (Dollars in thousands, except per share data)     March 31,
    2025    		       December 31,
    2024    		       September 30,
    2024    		       June 30,
    2024    		       March 31,
    2024    		  
    Total shareholders’ equity   $ 157,042     $ 153,882     $ 160,789     $ 158,881     $ 160,506  
    Less: Goodwill and other intangible assets     1,082       1,082       1,083       1,084       1,085  
    Disallowed non-mortgage loan servicing rights     415       423       489       517       489  
    Total tangible common equity   $ 155,545     $ 152,377     $ 159,217     $ 157,280     $ 158,932  
                                             
    Total assets   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
    Less: Goodwill and other intangible assets     1,082       1,082       1,083       1,084       1,085  
    Disallowed non-mortgage loan servicing rights     415       423       489       517       489  
    Total tangible assets   $ 2,174,933     $ 2,230,501     $ 2,253,914     $ 2,214,361     $ 2,238,446  
                                             
    Average shareholders’ equity   $ 156,554     $ 161,560     $ 160,479     $ 163,079     $ 161,867  
    Less: Average goodwill and other intangible assets     1,082       1,083       1,084       1,085       1,085  
    Average disallowed non-mortgage loan servicing rights     423       489       517       489       481  
    Total average tangible common equity   $ 155,049     $ 159,988     $ 158,878     $ 161,505     $ 160,301  
                                             
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
    Common shares outstanding     9,440,618       9,353,348       9,365,979       9,453,247       9,442,796  
    GAAP Ratios:                                        
    Equity to total assets     7.22 %     6.89 %     7.13 %     7.17 %     7.17 %
    Return on average equity     3.92 %     -6.92 %     -4.91 %     -5.47 %     0.98 %
    Book value per common share   $ 16.63     $ 16.45     $ 17.17     $ 16.81     $ 17.00  
    Non-GAAP Ratios:                                        
    Tangible common equity to tangible assets (1)     7.15 %     6.83 %     7.06 %     7.10 %     7.10 %
    Return on average tangible common equity (1)     3.96 %     -6.99 %     -4.96 %     -5.53 %     0.99 %
    Tangible book value per common share (1)   $ 16.48     $ 16.29     $ 17.00     $ 16.64     $ 16.83  
    (1 ) We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

    Photos accompanying this announcement are available at:

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    First Quarter 2025 Highlights

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

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

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

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

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

    FINANCIAL REVIEW

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

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

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

    STRATEGIC AND BUSINESS UPDATES

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

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

    ABOUT NASDAQ

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

    NON-GAAP INFORMATION

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

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

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

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

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

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

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

    WEBSITE DISCLOSURE

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

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

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

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
           
      Three Months Ended
      March 31,   March 31,
        2025       2024  
             
    Revenues:      
    Capital Access Platforms $ 515     $ 479  
    Financial Technology   432       392  
    Market Services   1,134       794  
    Other Revenues   9       9  
      Total revenues   2,090       1,674  
    Transaction-based expenses:      
    Transaction rebates   (579 )     (481 )
    Brokerage, clearance and exchange fees   (274 )     (76 )
    Revenues less transaction-based expenses   1,237       1,117  
           
    Operating Expenses:      
    Compensation and benefits   329       340  
    Professional and contract services   36       34  
    Technology and communication infrastructure   77       67  
    Occupancy   28       28  
    General, administrative and other   6       28  
    Marketing and advertising   14       11  
    Depreciation and amortization   156       155  
    Regulatory   15       9  
    Merger and strategic initiatives   24       9  
    Restructuring charges   5       26  
      Total operating expenses   690       707  
    Operating income   547       410  
    Interest income   11       6  
    Interest expense   (96 )     (108 )
    Other income (loss)   (1 )     1  
    Net income from unconsolidated investees   27       3  
    Income before income taxes   488       312  
    Income tax provision   93       79  
    Net income   395       233  
    Net loss attributable to noncontrolling interests   —       1  
    Net income attributable to Nasdaq $ 395     $ 234  
           
    Per share information:      
    Basic earnings per share $ 0.69     $ 0.41  
    Diluted earnings per share $ 0.68     $ 0.40  
    Cash dividends declared per common share $ 0.24     $ 0.22  
           
    Weighted-average common shares outstanding      
    for earnings per share:      
    Basic   575.0       575.4  
    Diluted   580.0       578.9  
             
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                 
            Three Months Ended
            March 31,   March 31,
              2025       2024  
                 
    CAPITAL ACCESS PLATFORMS      
      Data and Listing Services revenues $ 192     $ 186  
      Index revenues   193       168  
      Workflow and Insights revenues   130       125  
        Total Capital Access Platforms revenues   515       479  
                 
    FINANCIAL TECHNOLOGY      
      Financial Crime Management Technology revenues   77       64  
      Regulatory Technology revenues   101       90  
      Capital Markets Technology revenues   254       238  
        Total Financial Technology revenues   432       392  
                 
    MARKET SERVICES      
      Market Services revenues   1,134       794  
      Transaction-based expenses:      
          Transaction rebates   (579 )     (481 )
          Brokerage, clearance and exchange fees   (274 )     (76 )
        Total Market Services revenues, net   281       237  
                 
    OTHER REVENUES   9       9  
                 
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,237     $ 1,117  
                 
                 
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
             
        March 31,   December 31,
          2025       2024  
    Assets (unaudited)    
    Current assets:      
      Cash and cash equivalents $ 690     $ 592  
      Restricted cash and cash equivalents   18       31  
      Default funds and margin deposits   5,686       5,664  
      Financial investments   201       184  
      Receivables, net   986       1,022  
      Other current assets   237       293  
    Total current assets   7,818       7,786  
    Property and equipment, net   621       593  
    Goodwill   14,179       13,957  
    Intangible assets, net   6,830       6,905  
    Operating lease assets   381       375  
    Other non-current assets   818       779  
    Total assets $ 30,647     $ 30,395  
             
    Liabilities      
    Current liabilities:      
      Accounts payable and accrued expenses $ 255     $ 269  
      Section 31 fees payable to SEC   264       319  
      Accrued personnel costs   198       325  
      Deferred revenue   981       711  
      Other current liabilities   187       215  
      Default funds and margin deposits   5,686       5,664  
      Short-term debt   400       399  
    Total current liabilities   7,971       7,902  
    Long-term debt   8,926       9,081  
    Deferred tax liabilities, net   1,586       1,594  
    Operating lease liabilities   393       388  
    Other non-current liabilities   216       230  
    Total liabilities   19,092       19,195  
           
    Commitments and contingencies      
    Equity      
    Nasdaq stockholders’ equity:      
      Common stock   6       6  
      Additional paid-in capital   5,450       5,530  
      Common stock in treasury, at cost   (672 )     (647 )
      Accumulated other comprehensive loss   (1,896 )     (2,099 )
      Retained earnings   8,658       8,401  
    Total Nasdaq stockholders’ equity   11,546       11,191  
      Noncontrolling interests   9       9  
    Total equity   11,555       11,200  
    Total liabilities and equity $ 30,647     $ 30,395  
             
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
             
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP net income attributable to Nasdaq $ 395     $ 234  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Net income from unconsolidated investees (4)   (27 )     (3 )
      Gain from extinguishment of debt (5)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (6)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   108       180  
      Non-GAAP adjustment to the income tax provision (7)   (47 )     (47 )
      Total non-GAAP adjustments, net of tax   61       133  
    Non-GAAP net income attributable to Nasdaq $ 456     $ 367  
             
    U.S. GAAP diluted earnings per share $ 0.68     $ 0.40  
      Total adjustments from non-GAAP net income above   0.11       0.23  
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63  
             
    Weighted-average diluted common shares outstanding for earnings per share:   580.0       578.9  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
             
    (5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating income $ 547     $ 410  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Gain from extinguishment of debt (4)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (5)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   135       183  
    Non-GAAP operating income $ 682     $ 593  
           
    Revenues less transaction-based expenses $ 1,237     $ 1,117  
             
    U.S. GAAP operating margin (6)   44 %     37 %
             
    Non-GAAP operating margin (7)   55 %     53 %
             
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
             
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
             
    (7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating expenses $ 690     $ 707  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   (122 )     (123 )
      Merger and strategic initiatives expense (2)   (24 )     (9 )
      Restructuring charges (3)   (5 )     (26 )
      Gain from extinguishment of debt (4)   19       —  
      Legal and regulatory matters   (2 )     (2 )
      Pension settlement charge (5)   —       (23 )
      Other loss   (1 )     —  
      Total non-GAAP adjustments   (135 )     (183 )
    Non-GAAP operating expenses $ 555     $ 524  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                     
      Three Months Ended                  
      As Reported   Adenza   Adjusted (1)   Total Variance   FX & Other (2)   Adjusted YoY
      March 31, 2025   March 31, 2024   March 31, 2024   March 31, 2024   $   %   $   $ %
    CAPITAL ACCESS PLATFORMS                                
    Data and Listing Services revenues $ 192     $ 186     $ —   $ 186     $ 6     3 %   $ (1 )   $ 7   4 %
    Index revenues   193       168       —     168       25     14 %     (16 )     41   26 %
    Workflow and insights revenues   130       125       —     125       5     4 %     —       5   4 %
    Total Capital Access Platforms revenues   515       479       —     479       36     7 %     (17 )     53   11 %
                                     
    FINANCIAL TECHNOLOGY                                
    Financial Crime Management Technology revenues   77       64       —     64       13     21 %     —       13   21 %
    Regulatory Technology revenues   101       90       3     93       8     8 %     (1 )     9   10 %
    Capital Markets Technology revenues   254       238       —     238       16     7 %     (1 )     17   7 %
    Total Financial Technology revenues   432       392       3     395       37     9 %     (2 )     39   10 %
                                     
    Solutions revenues (3)   947       871       3     874       73     8 %     (19 )     92   11 %
                                     
    Market Services, net revenues   281       237       —     237       44     19 %     (2 )     46   19 %
    Other revenues   9       9       —     9       —     (6 )%     —       —   (4 )%
    Revenues less transaction-based expenses   1,237       1,117       3     1,120       117     10 %     (21 )     138   12 %
                                     
    Non-GAAP operating expenses   555       524       —     524       31     6 %     (6 )     37   7 %
    Non-GAAP operating income $ 682     $ 593     $ 3   $ 596     $ 86     14 %   $ (15 )   $ 101   17 %
    Non-GAAP operating margin   55%      53%          53%                   
                                     
                                     
    (1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                     
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Organic Impact (2)
      March 31, 2025   March 31, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192     $ 186     $ 6     3 %   $ (1 )   (1 )%   $ 7     4 %
    Index revenues   193       168       25     14 %     —     — %     25     14 %
    Workflow and Insights revenues   130       125       5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   515       479       36     7 %     (1 )   — %     37     8 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   77       64       13     21 %     —     — %     13     21 %
    Regulatory Technology revenues   101       90       11     12 %     2     2 %     9     10 %
    Capital Markets Technology revenues   254       238       16     7 %     (1 )   — %     17     7 %
    Total Financial Technology revenues   432       392       40     10 %     1     — %     39     10 %
                                   
    Solutions revenues (3)   947       871       76     9 %     —     — %     76     9 %
                                   
    Market Services, net revenues   281       237       44     19 %     (2 )   (1 )%     46     19 %
                                   
    Other revenues   9       9       —     (6 )%     —     (2 )%     —     (4 )%
                                   
    Revenues less transaction-based expenses $ 1,237     $ 1,117     $ 120     11 %   $ (2 )   — %   $ 122     11 %
                                   
    Non-GAAP Operating Expenses $ 555     $ 524     $ 31     6 %   $ (6 )   (1 )%   $ 37     7 %
                                   
    Non-GAAP Operating Income $ 682     $ 593     $ 89     15 %   $ 4     1 %   $ 85     14 %
                                   
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63     $ 0.16     24 %   $ —     — %   $ 0.16     24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
    (2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
             
        Three Months Ended
        March 31,   March 31,
          2025       2024  
    Capital Access Platforms      
      Annualized recurring revenues (in millions) (1) $ 1,281     $ 1,220  
      Initial public offerings      
      The Nasdaq Stock Market (2)   63       27  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   4       1  
      Total new listings      
      The Nasdaq Stock Market (2)   170       79  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   9       2  
      Number of listed companies      
      The Nasdaq Stock Market (4)   4,139       4,020  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,160       1,203  
      Index      
      Number of licensed exchange traded products (6)   418       362  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 622     $ 519  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 662     $ 492  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 86     $ 46  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 17     $ 124  
             
    Financial Technology      
      Annualized recurring revenues (in millions) (1)      
      Financial Crime Management Technology $ 295     $ 243  
      Regulatory Technology   362       328  
      Capital Markets Technology   893       821  
      Total Financial Technology $ 1,550     $ 1,392  
             
    Market Services      
      Equity Derivative Trading and Clearing      
      U.S. equity options      
      Total industry average daily volume (in millions)   53.6       43.3  
      Nasdaq PHLX matched market share   9.1 %     10.3 %
      The Nasdaq Options Market matched market share   5.1 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.2 %
      Nasdaq ISE Options matched market share   6.8 %     6.3 %
      Nasdaq GEMX Options matched market share   3.6 %     2.5 %
      Nasdaq MRX Options matched market share   2.8 %     2.5 %
      Total matched market share executed on Nasdaq’s exchanges   29.1 %     29.2 %
      Nasdaq Nordic and Nasdaq Baltic options and futures      
      Total average daily volume of options and futures contracts   256,009       241,665  
             
      Cash Equity Trading      
      Total U.S.-listed securities      
      Total industry average daily share volume (in billions)   15.7       11.8  
      Matched share volume (in billions)   137.6       116.7  
      The Nasdaq Stock Market matched market share   14.2 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   14.6 %     16.3 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   48.1 %     41.4 %
      Total market share (8)   62.7 %     57.7 %
      Nasdaq Nordic and Nasdaq Baltic securities      
      Average daily number of equity trades executed on Nasdaq’s exchanges   789,103       666,408  
      Total average daily value of shares traded (in billions) $ 5.4     $ 4.7  
      Total market share executed on Nasdaq’s exchanges   69.9 %     71.7 %
             
      Fixed Income and Commodities Trading and Clearing      
      Fixed Income      
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   83,864       92,070  
             
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Key financial highlights for the first quarter 2025:

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

    Net Interest Income and Margin

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

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

    Loans, Deposits and Other Borrowings

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

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

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

    Credit Quality

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

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

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

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

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

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

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

    Capital Adequacy

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

    Investor Conference Call

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

    About Valley

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

    Forward-Looking Statements

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

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

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

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

    -Tables to Follow-

    VALLEY NATIONAL BANCORP
    CONSOLIDATED FINANCIAL HIGHLIGHTS
     
    SELECTED FINANCIAL DATA
     
      Three Months Ended
      March 31,   December 31,   March 31,
    ($ in thousands, except for share data and stock price) 2025   2024   2024
    FINANCIAL DATA:          
    Net interest income – FTE (1) $ 421,378     $ 424,277     $ 394,847  
    Net interest income $ 420,105     $ 422,977     $ 393,548  
    Non-interest income   58,294       51,202       61,415  
    Total revenue   478,399       474,179       454,963  
    Non-interest expense   276,618       278,582       280,310  
    Pre-provision net revenue   201,781       195,597       174,653  
    Provision for credit losses   62,661       106,536       45,200  
    Income tax expense (benefit)   33,062       (26,650 )     33,173  
    Net income   106,058       115,711       96,280  
    Dividends on preferred stock   6,955       7,025       4,119  
    Net income available to common shareholders $ 99,103     $ 108,686     $ 92,161  
    Weighted average number of common shares outstanding:          
    Basic   559,613,272       536,159,463       508,340,719  
    Diluted   563,305,525       540,087,600       510,633,945  
    Per common share data:          
    Basic earnings $ 0.18     $ 0.20     $ 0.18  
    Diluted earnings   0.18       0.20       0.18  
    Cash dividends declared   0.11       0.11       0.11  
    Closing stock price – high   10.42       10.78       10.80  
    Closing stock price – low   8.56       8.70       7.43  
    FINANCIAL RATIOS:          
    Net interest margin   2.95 %     2.91 %     2.78 %
    Net interest margin – FTE (1)   2.96       2.92       2.79  
    Annualized return on average assets   0.69       0.74       0.63  
    Annualized return on avg. shareholders’ equity   5.69       6.38       5.73  
    NON-GAAP FINANCIAL DATA AND RATIOS: (2)          
    Basic earnings per share, as adjusted $ 0.18     $ 0.13     $ 0.19  
    Diluted earnings per share, as adjusted   0.18       0.13       0.19  
    Annualized return on average assets, as adjusted   0.69 %     0.48 %     0.65 %
    Annualized return on average shareholders’ equity, as adjusted   5.69       4.17       5.91  
    Annualized return on avg. tangible shareholders’ equity   7.76       8.81       8.19  
    Annualized return on average tangible shareholders’ equity, as adjusted   7.76       5.76       8.46  
    Efficiency ratio   55.87       57.21       59.10  
               
    AVERAGE BALANCE SHEET ITEMS:          
    Assets $ 61,502,768     $ 62,865,338     $ 61,256,868  
    Interest earning assets   56,891,691       58,214,783       56,618,797  
    Loans   48,654,921       49,730,130       50,246,591  
    Interest bearing liabilities   41,230,709       42,765,949       41,556,588  
    Deposits   49,139,303       50,726,080       48,575,974  
    Shareholders’ equity   7,458,177       7,255,159       6,725,695  
                           
      As Of
    BALANCE SHEET ITEMS: March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands) 2025   2024   2024   2024   2024
    Assets $ 61,865,655     $ 62,491,691     $ 62,092,332     $ 62,058,974     $ 61,000,188  
    Total loans   48,657,128       48,799,711       49,355,319       50,311,702       49,922,042  
    Deposits   49,965,844       50,075,857       50,395,966       50,112,177       49,077,946  
    Shareholders’ equity   7,499,897       7,435,127       6,972,380       6,737,737       6,727,139  
                       
    LOANS:                  
    (In thousands)                  
    Commercial and industrial $ 10,150,205     $ 9,931,400     $ 9,799,287     $ 9,479,147     $ 9,104,193  
    Commercial real estate:                  
    Non-owner occupied   11,945,222       12,344,355       12,647,649       13,710,015       14,962,851  
    Multifamily   8,420,385       8,299,250       8,612,936       8,976,264       8,818,263  
    Owner occupied   5,722,014       5,886,620       5,654,147       5,536,844       4,367,839  
    Construction   3,026,935       3,114,733       3,487,464       3,545,723       3,556,511  
    Total commercial real estate   29,114,556       29,644,958       30,402,196       31,768,846       31,705,464  
    Residential mortgage   5,636,407       5,632,516       5,684,079       5,627,113       5,618,355  
    Consumer:                  
    Home equity   602,161       604,433       581,181       566,467       564,083  
    Automobile   2,041,227       1,901,065       1,823,738       1,762,852       1,700,508  
    Other consumer   1,112,572       1,085,339       1,064,838       1,107,277       1,229,439  
    Total consumer loans   3,755,960       3,590,837       3,469,757       3,436,596       3,494,030  
    Total loans $ 48,657,128     $ 48,799,711     $ 49,355,319     $ 50,311,702     $ 49,922,042  
                       
    CAPITAL RATIOS:                  
    Book value per common share $ 12.76     $ 12.67     $ 13.00     $ 12.82     $ 12.81  
    Tangible book value per common share (2)   9.21       9.10       9.06       8.87       8.84  
    Tangible common equity to tangible assets (2)   8.61 %     8.40 %     7.68 %     7.52 %     7.62 %
    Tier 1 leverage capital   9.41       9.16       8.40       8.19       8.20  
    Common equity tier 1 capital   10.80       10.82       9.57       9.55       9.34  
    Tier 1 risk-based capital   11.53       11.55       10.29       9.98       9.78  
    Total risk-based capital   13.91       13.87       12.56       12.17       11.88  
                                           
      Three Months Ended
    ALLOWANCE FOR CREDIT LOSSES: March 31,   December 31,   March 31,
    ($ in thousands) 2025   2024   2024
    Allowance for credit losses for loans          
    Beginning balance – Allowance for credit losses for loans $ 573,328     $ 564,671     $ 465,550  
    Loans charged-off:          
    Commercial and industrial   (28,456 )     (31,784 )     (14,293 )
    Commercial real estate   (12,260 )     (69,218 )     (1,204 )
    Construction   (1,163 )     —       (7,594 )
    Residential mortgage   —       (29 )     —  
    Total consumer   (2,140 )     (2,621 )     (1,809 )
    Total loans charged-off   (44,019 )     (103,652 )     (24,900 )
    Charged-off loans recovered:          
    Commercial and industrial   810       1,452       682  
    Commercial real estate   249       3,138       241  
    Residential mortgage   168       81       25  
    Total consumer   843       673       397  
    Total loans recovered   2,070       5,344       1,345  
    Total net charge-offs   (41,949 )     (98,308 )     (23,555 )
    Provision for credit losses for loans   62,675       106,965       45,274  
    Ending balance $ 594,054     $ 573,328     $ 487,269  
    Components of allowance for credit losses for loans:          
    Allowance for loan losses $ 578,200     $ 558,850     $ 469,248  
    Allowance for unfunded credit commitments   15,854       14,478       18,021  
    Allowance for credit losses for loans $ 594,054     $ 573,328     $ 487,269  
    Components of provision for credit losses for loans:          
    Provision for credit losses for loans $ 61,299     $ 108,831     $ 46,723  
    Provision (credit) for unfunded credit commitments   1,376       (1,866 )     (1,449 )
    Total provision for credit losses for loans $ 62,675     $ 106,965     $ 45,274  
    Annualized ratio of total net charge-offs to total average loans   0.34 %     0.79 %     0.19 %
    Allowance for credit losses for loans as a % of total loans   1.22 %     1.17 %     0.98 %
                           
      As Of
    ASSET QUALITY: March 31,   December 31,   September 30,   June 30,   March 31,
    ($ in thousands) 2025   2024   2024   2024   2024
    Accruing past due loans:                  
    30 to 59 days past due:                  
    Commercial and industrial $ 3,609     $ 2,389     $ 4,537     $ 5,086     $ 6,202  
    Commercial real estate   170       20,902       76,370       1,879       5,791  
    Residential mortgage   16,747       21,295       19,549       17,389       20,819  
    Total consumer   12,887       12,552       14,672       21,639       14,032  
    Total 30 to 59 days past due   33,413       57,138       115,128       45,993       46,844  
    60 to 89 days past due:                  
    Commercial and industrial   420       1,007       1,238       1,621       2,665  
    Commercial real estate   —       24,903       43,926       —       3,720  
    Residential mortgage   7,700       5,773       6,892       6,632       5,970  
    Total consumer   2,408       4,484       2,732       3,671       1,834  
    Total 60 to 89 days past due   10,528       36,167       54,788       11,924       14,189  
    90 or more days past due:                  
    Commercial and industrial   —       1,307       1,786       2,739       5,750  
    Commercial real estate   —       —       —       4,242       —  
    Construction   —       —       —       3,990       3,990  
    Residential mortgage   6,892       3,533       1,931       2,609       2,884  
    Total consumer   864       1,049       1,063       898       731  
    Total 90 or more days past due   7,756       5,889       4,780       14,478       13,355  
    Total accruing past due loans $ 51,697     $ 99,194     $ 174,696     $ 72,395     $ 74,388  
    Non-accrual loans:                  
    Commercial and industrial $ 110,146     $ 136,675     $ 120,575     $ 102,942     $ 102,399  
    Commercial real estate   172,011       157,231       113,752       123,011       100,052  
    Construction   24,275       24,591       24,657       45,380       51,842  
    Residential mortgage   35,393       36,786       33,075       28,322       28,561  
    Total consumer   4,626       4,215       4,260       3,624       4,438  
    Total non-accrual loans   346,451       359,498       296,319       303,279       287,292  
    Other real estate owned (OREO)   7,714       12,150       7,172       8,059       88  
    Other repossessed assets   2,054       1,681       1,611       1,607       1,393  
    Total non-performing assets $ 356,219     $ 373,329     $ 305,102     $ 312,945     $ 288,773  
    Total non-accrual loans as a % of loans   0.71 %     0.74 %     0.60 %     0.60 %     0.58 %
    Total accruing past due and non-accrual loans as a % of loans   0.82       0.94 %     0.95 %     0.75 %     0.72 %
    Allowance for losses on loans as a % of non-accrual loans   166.89       155.45 %     185.05 %     171.23 %     163.33 %
                                           

    NOTES TO SELECTED FINANCIAL DATA

    (1)   Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
    (2)   Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.
         
    Non-GAAP Reconciliations to GAAP Financial Measures
     
      Three Months Ended
      March 31,   December 31,   March 31,
    ($ in thousands, except for share data) 2025
    		   2024
    		   2024
    Adjusted net income available to common shareholders (non-GAAP):          
    Net income, as reported (GAAP) $ 106,058     $ 115,711     $ 96,280  
    Add: FDIC special assessment (a)   —       —       7,394  
    Add: Losses on available for sale and held to maturity debt securities, net (b)   11       3       7  
    Add: Restructuring charge(c)   —       1,085       620  
    Add: Net losses on the sale of commercial real estate loans (d)   —       7,866       —  
    Less: Gain on sale of commercial premium finance lending division (e)   —       —       (3,629 )
    Less: Income tax benefit (f)   —       (46,431 )     —  
    Total non-GAAP adjustments to net income   11       (37,477 )     4,392  
    Income tax adjustments related to non-GAAP adjustments (g)   (3 )     (2,520 )     (1,224 )
    Net income, as adjusted (non-GAAP) $ 106,066     $ 75,714     $ 99,448  
    Dividends on preferred stock   6,955       7,025       4,119  
    Net income available to common shareholders, as adjusted (non-GAAP) $ 99,111     $ 68,689     $ 95,329  
               
    (a) Included in the FDIC insurance assessment.
    (b) Included in gains on securities transactions, net.
    (c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
    (d) Represents actual and mark to market losses on commercial real estate loan sales included in gains (losses) on sales of loans, net.
    (e) Included in gains (losses) on sales of assets, net within non-interest income.
    (f)  Represents the income tax benefit from the reduction in uncertain tax liability positions and accrued interest due to statute of limitation expirations included in income tax expense (benefit).
    (g) Calculated using the appropriate blended statutory tax rate for the applicable period.
     
    Adjusted per common share data (non-GAAP):          
    Net income available to common shareholders, as adjusted (non-GAAP) $ 99,111     $ 68,689     $ 95,329  
    Average number of shares outstanding   559,613,272       536,159,463       508,340,719  
    Basic earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.19  
    Average number of diluted shares outstanding   563,305,525       540,087,600       510,633,945  
    Diluted earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.19  
    Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):          
    Net income, as adjusted (non-GAAP) $ 106,066     $ 75,714     $ 99,448  
    Average shareholders’ equity $ 7,458,177     $ 7,255,159     $ 6,725,695  
    Less: Average goodwill and other intangible assets   1,994,061       2,000,574       2,024,999  
    Average tangible shareholders’ equity $ 5,464,116     $ 5,254,585     $ 4,700,696  
    Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)   7.76 %     5.76 %     8.46 %
    Adjusted annualized return on average assets (non-GAAP):          
    Net income, as adjusted (non-GAAP) $ 106,066     $ 75,714     $ 99,448  
    Average assets $ 61,502,768     $ 62,865,338     $ 61,256,868  
    Annualized return on average assets, as adjusted (non-GAAP)   0.69 %     0.48 %     0.65 %
                           
    Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
     
      Three Months Ended
      March 31,   December 31,   March 31,
    ($ in thousands, except for share data) 2025   2024   2024
    Adjusted annualized return on average shareholders’ equity (non-GAAP):          
    Net income, as adjusted (non-GAAP) $ 106,066     $ 75,714     $ 99,448  
    Average shareholders’ equity $ 7,458,177     $ 7,255,159     $ 6,725,695  
    Annualized return on average shareholders’ equity, as adjusted (non-GAAP)   5.69 %     4.17 %     5.91 %
    Annualized return on average tangible shareholders’ equity (non-GAAP):          
    Net income, as reported (GAAP) $ 106,058     $ 115,711     $ 96,280  
    Average shareholders’ equity $ 7,458,177     $ 7,255,159     $ 6,725,695  
    Less: Average goodwill and other intangible assets   1,994,061       2,000,574       2,024,999  
    Average tangible shareholders’ equity $ 5,464,116     $ 5,254,585     $ 4,700,696  
    Annualized return on average tangible shareholders’ equity (non-GAAP)   7.76 %     8.81 %     8.19 %
               
    Efficiency ratio (non-GAAP):          
    Non-interest expense, as reported (GAAP) $ 276,618     $ 278,582     $ 280,310  
    Less: FDIC special assessment (pre-tax)   —       —       7,394  
    Less: Restructuring charge (pre-tax)   —       1,085       620  
    Less: Amortization of tax credit investments (pre-tax)   9,320       1,740       5,562  
    Non-interest expense, as adjusted (non-GAAP) $ 267,298     $ 275,757     $ 266,734  
    Net interest income, as reported (GAAP)   420,105       422,977       393,548  
    Non-interest income, as reported (GAAP)   58,294       51,202       61,415  
    Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)   11       3       7  
    Add: Net losses on the sale of commercial real estate loans (pre-tax)   —       7,866       —  
    Less: Gain on sale of premium finance division (pre-tax)   —       —       (3,629 )
    Non-interest income, as adjusted (non-GAAP) $ 58,305     $ 59,071     $ 57,793  
    Gross operating income, as adjusted (non-GAAP) $ 478,410     $ 482,048     $ 451,341  
    Efficiency ratio (non-GAAP)   55.87 %     57.21 %     59.10 %
      As of
      March 31,   December 31,   September 30,   June 30,   March 31,
    ($ in thousands, except for share data) 2025   2024   2024   2024   2024
    Tangible book value per common share (non-GAAP):                  
    Common shares outstanding   560,028,101       558,786,093       509,252,936       509,205,014       508,893,059  
    Shareholders’ equity (GAAP) $ 7,499,897     $ 7,435,127     $ 6,972,380     $ 6,737,737     $ 6,727,139  
    Less: Preferred stock   354,345       354,345       354,345       209,691       209,691  
    Less: Goodwill and other intangible assets   1,990,276       1,997,597       2,004,414       2,012,580       2,020,405  
    Tangible common shareholders’ equity (non-GAAP) $ 5,155,276     $ 5,083,185     $ 4,613,621     $ 4,515,466     $ 4,497,043  
    Tangible book value per common share (non-GAAP) $ 9.21     $ 9.10     $ 9.06     $ 8.87     $ 8.84  
    Tangible common equity to tangible assets (non-GAAP):                  
    Tangible common shareholders’ equity (non-GAAP) $ 5,155,276     $ 5,083,185     $ 4,613,621     $ 4,515,466     $ 4,497,043  
    Total assets (GAAP)   61,865,655       62,491,691       62,092,332       62,058,974       61,000,188  
    Less: Goodwill and other intangible assets   1,990,276       1,997,597       2,004,414       2,012,580       2,020,405  
    Tangible assets (non-GAAP) $ 59,875,379     $ 60,494,094     $ 60,087,918     $ 60,046,394     $ 58,979,783  
    Tangible common equity to tangible assets (non-GAAP)   8.61 %     8.40 %     7.68 %     7.52 %     7.62 %
                                           

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

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

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

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

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

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average       Avg.   Average       Avg.   Average       Avg.
    ($ in thousands) Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate
    Assets                                  
    Interest earning assets:                              
    Loans (1)(2) $ 48,654,921   $ 703,632     5.78 %   $ 49,730,130   $ 750,690     6.04 %   $ 50,246,591   $ 771,577     6.14 %
    Taxable investments (3)   7,100,958     69,562     3.92       6,504,106     61,843     3.80       5,094,978     42,625     3.35  
    Tax-exempt investments (1)(3)   552,291     5,952     4.31       565,877     6,080     4.30       579,842     6,071     4.19  
    Interest bearing deposits with banks   583,521     6,879     4.72       1,414,670     17,513     4.95       697,386     9,682     5.55  
    Total interest earning assets   56,891,691     786,025     5.53       58,214,783     836,126     5.75       56,618,797     829,955     5.86  
    Other assets   4,611,077             4,650,555             4,638,071        
    Total assets $ 61,502,768           $ 62,865,338           $ 61,256,868        
    Liabilities and shareholders’ equity                                  
    Interest bearing liabilities:                                  
    Savings, NOW and money market deposits $ 26,345,983   $ 200,221     3.04     $ 25,928,201   $ 214,489     3.31 %   $ 24,793,452   $ 232,506     3.75 %
    Time deposits   11,570,758     125,069     4.32       13,530,980     158,716     4.69       12,599,395     151,065     4.80  
    Short-term borrowings   307,637     2,946     3.83       72,504     293     1.62       1,537,879     20,612     5.36  
    Long-term borrowings (4)   3,006,331     36,411     4.84       3,234,264     38,351     4.74       2,625,862     30,925     4.71  
    Total interest bearing liabilities   41,230,709     364,647     3.54       42,765,949     411,849     3.85       41,556,588     435,108     4.19  
    Non-interest bearing deposits   11,222,562             11,266,899             11,183,127        
    Other liabilities   1,591,320             1,577,331             1,791,458        
    Shareholders’ equity   7,458,177             7,255,159             6,725,695        
    Total liabilities and shareholders’ equity $ 61,502,768           $ 62,865,338           $ 61,256,868        
                                       
    Net interest income/interest rate spread (5)     $ 421,378     1.99 %       $ 424,277     1.90 %       $ 394,847     1.67 %
    Tax equivalent adjustment       (1,273 )             (1,300 )             (1,299 )    
    Net interest income, as reported     $ 420,105             $ 422,977             $ 393,548      
    Net interest margin (6)         2.95             2.91             2.78  
    Tax equivalent effect         0.01             0.01             0.01  
    Net interest margin on a fully tax equivalent basis (6)         2.96 %           2.92 %           2.79 %
                                             

    _________

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

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

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

    The MIL Network –

  • MIL-OSI: Nasdaq Announces 13% Increase in Quarterly Dividend to $0.27 Per Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock, a 13% increase from the previous quarter. The dividend is payable on June 27, 2025 to shareholders of record at the close of business on June 13, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    About Nasdaq

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

    Cautionary Note Regarding Forward-Looking Statements

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    Media Relations Contact:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

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