MIL-OSI USA: Bean Increases Health Care Choices for Americans

Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

WASHINGTON—Today, U.S. Congressman Aaron Bean (FL-04) introduced the Flexible Savings Arrangements for Healthy Robust America (FSA-HRA) Act, to expand options for Americans seeking to save responsibly for their future health costs.

Specifically, this commonsense bipartisan legislation amends the Internal Revenue Code of 1986 to permit Americans to transfer Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) contributions into Health Savings Accounts (HSAs) in connection with establishing coverage under a High-Deductible Health Plan (HDHP).

Upon introduction, Congressman Bean said: “Many hardworking individuals and families find our nation’s health care system too convoluted and confusing to navigate. As a result, many often forfeit their unused FSA contributions or lose their HRA contributions. We need to give Americans the flexibility to plan, save, and take charge of health care decisions for their families. That’s why I’m proud to introduce this commonsense bill that will make it easier for families to take control of both their physical and financial health.”

Congressman Bean was joined by Congressmen Dan Crenshaw (TX-02) and Jimmy Panetta (CA-19) in introducing this bill.

“This bill is simple. If you contribute your dollars to a tax advantaged account, you should be able to use those dollars to fund a health savings account,” said Congressman Crenshaw. “Arbitrary government rules shouldn’t stop Americans from using their own savings for health care.”

“All too often, too many working families lose their unused FSA and HRA funds because of outdated “use-it-or-lose-it” rules,” said Congressman Panetta. “The FSA-HRA Act lets them roll those unused dollars into their Health Savings Accounts so they can save for future medical expenses tax-free. This bipartisan fix gives working families more flexibility and ensures they’re not penalized for being prepared.”

BACKGROUND

Currently, the law requires FSA and HRA contributions to be spent by the end of the year or otherwise forfeited and returned to the employer.

The FSA-HRA Act will allow American workers, or those switching jobs, to preserve their unused FSA and HRA funds by removing this out-of-date use-it-or-lose-it policy and giving them the flexibility to save for future medical expenses tax-free.

###

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: Former Owner of Collapsed Nursing Home Empire Sentenced to 36 Months’ Imprisonment for $38 Million Tax Fraud Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

NEWARK, N.J. – A New York man was sentenced to 36 months in prison for his role in a $38 million employment tax fraud scheme involving nursing homes he owned across the country, U.S. Attorney Alina Habba announced.

Joseph Schwartz, 65, of Suffern, New York, previously pled guilty to two counts of an indictment charging him with willfully failing to pay over employment taxes withheld from employees of his company, and willfully failing to file an annual financial report (Form 5500) with the Department of Labor for the employee 401K Benefit Plan Schwartz sponsored, before U.S. District Judge Susan D. Wigenton in Newark federal court.

According to documents filed in this case and statements made in court:

Schwartz, an insurance broker and operator of Skyline Management Group LLC (“Skyline”), with headquarters in New Jersey, willfully failed to pay employment taxes relating to numerous health care and rehabilitation facilities that Skyline operated in 11 states.

According to the indictment, Schwartz was required to collect, truthfully account for, and pay over to the Internal Revenue Service (“IRS”) trust fund taxes withheld from the pay of employees of Skyline and related companies. From October 2017 through May 2018, Schwartz caused taxes to be withheld from employees’ pay but failed to then pay over more than $38 million in employment taxes to the IRS. As an administrator of the Skyline 401K plan, Schwartz further had an obligation to file an annual Form 5500 financial report with the Secretary of Labor for calendar year 2018, but knowingly and willfully failed to file the report.

U.S. Attorney Habba credited special agents of the IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan in Newark; Investigators with the Department of Labor-Employee Benefits Security Administration, under the direction of Regional Director Mark Seidel in the New York Regional Office; special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly; and the Department of Health and Human Services, Office of Inspector General, under the direction of Special Agent in Charge Naomi Gruchacz in the New York Regional Office, with the investigation that led to the sentencing in this case.

The government is represented by Assistant U.S. Attorneys Daniel H. Rosenblum and Kendall R. Randolph of the Criminal Division in Newark and Trial Attorney Shawn Noud of the Justice Department’s Tax Division.

###

Defense counsel: Kevin H. Marino, Esq.

MIL Security OSI –

April 23, 2025

MIL-OSI: AppTech Unveils Revolutionary CoreBanking Solution, Projecting Explosive Growth with Innovative Client Offerings

Source: GlobeNewswire (MIL-OSI)

CARLSBAD, Calif., April 22, 2025 (GLOBE NEWSWIRE) — AppTech Payments Corp. (NASDAQ: APCX) has launched its groundbreaking CoreBanking solution, seamlessly integrated with the FINZEO Platform, alongside its first banking client. This milestone signals AppTech’s entry into digital banking and retail financial services, with the company bringing both cutting-edge products and customers directly to financial institutions.

Transforming Banking Efficiency and Revenue Potential
The CoreBanking solution will help banks achieve operational efficiency, enter new markets, eliminate reliance on antiquated technologies, and remove the entry barriers of entry. CoreBanking delivers Digital Onboarding, FedWire, FedACH, Compliance, Virtual Bank Accounts, Risk Management, Ledger, FedNow, and Physical and Virtual Cards.

Coupled with the tightly integrated FINZEO client offering, banks can realize the benefits of these innovative solutions faster by leveraging AppTech’s existing client base for transaction fees and deposits ready for bank launch. AppTech expects sustained revenue growth through 2025 and beyond through sources not previously available.

“Our CoreBanking solution is more than a product—it changes how banks can operate and grow,” said Thomas DeRosa, CEO of AppTech. “By integrating our technology with unmatched client acquisition capabilities, we eliminate inefficiencies and drive revenue at scale.”

Projected Growth and Scalability
AppTech’s CoreBanking launch is expected to generate $40,000 in revenue in its first week, with monthly revenue projected to scale beyond $500,000 by the end of 2025. With our current pipeline of banks integrating the FINZEO platform, the CoreBanking solution is primed for rapid adoption, including expansion to community banking clients in the FINZEO pipeline. As additional partnerships and product launches roll out in April, AppTech is poised for transformational growth, increasing to millions of transactions. AppTech has restructured its management team and upgraded its technology to drive revenue through the final three quarters of 2025. With a visionary strategy, enhanced staffing, and a growing base of larger clients, the company intends to redefine digital banking and payment solutions.

About AppTech Payments Corp.

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure. For more information, please visit apptechcorp.com.

Forward-Looking Statements

This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

AppTech Payments Corp.

760-707-5959

info@apptechcorp.com

The MIL Network –

April 23, 2025

MIL-OSI: QNB Corp. Reports Earnings For First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

QUAKERTOWN, Pa., April 22, 2025 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTCQX: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the first quarter of 2025 of $2,578,000, or $0.69 per share on a diluted basis. This compares to net income of $2,594,000, or $0.71 per share on a diluted basis, for the same period in 2024.

For the first quarter of 2025, the annualized rate of return on average assets and average shareholders’ equity was 0.54% and 6.24%, respectively, compared with 0.59% and 6.53%, respectively, for the first quarter 2024.

The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended March 31, 2025, in comparison with the same period in 2024, due primarily to improvement in the interest margin causing a $2,229,000 increase in net interest income and an increase in non-interest income of $99,000; this was partly offset by an increase in the provision for credit losses on loans and unfunded commitments of $644,000 and an increase in non-interest expense of $483,000. The change in contribution from QNB Corp. for the quarter ended March 31, 2025, compared with the same period in 2024, is primarily due to a decrease in net interest income of $937,000, related to the subordinated debt issuance in 2024.

The following table presents disaggregated net income (loss):

	Three months ended,
	3/31/2025			3/31/2024		Variance
QNB Bank	$	3,292,000		$	2,331,000	$	961,000
QNB Corp		(714,000	)		263,000		(977,000	)
Consolidated net income	$	2,578,000		$	2,594,000	$	(16,000	)

Total assets as of March 31, 2025 were $1,896,189,000 compared with $1,870,894,000 at December 31, 2024. Total cash and cash equivalents increased $30,844,000, or 60.8%, to $81,557,000, primarily due to increases in customer deposits. Loans receivable decreased $3,886,000, or 0.3%, to $1,212,162,000. Total deposits increased $36,014,000, or 2.2%, to $1,664,555,000. Short-term borrowing declined $10,545,000, or 19.6%.

“The Bank continued to navigate evolving fiscal policy decisions, unprecedented economic uncertainty, and market impacts, which resulted in relatively flat deposit and loan growth for the quarter,” said David W. Freeman, President and Chief Executive Officer. Freeman continued, “We are pleased with the growth in net interest income at an all-time high in the first quarter, driven by an increase in average interest rates received on our loan portfolio, combined with a decrease in average interest rates paid on deposit balances. Furthermore, we believed it prudent to modestly increase our loan loss reserves in the first quarter and will continue to closely watch asset quality as the economic environment develops while looking for responsible growth opportunities for the success of our company.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2025 totaled $22,198,000, an increase of $2,629,000, from the same period in 2024. Net interest margin was 2.51% for the first quarter of 2025 and 2.39% for the same period in 2024.

The yield on earning assets was 4.81% for the first quarter of 2025, compared with 4.57% in the first quarter of 2024; an increase of 24 basis points. The cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared with 2.66% for the same period in 2024, an increase of 10 basis points.

Proceeds from the growth in average deposits and the issuance of both long-term and subordinated debt over the past year were invested in loans, higher-yielding securities and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45.5% of average earning assets in the three months of 2025 compared with 44.7% for the same period in 2024, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 37 basis-point increase in the yield on loans. The increase in the available-for-sale investments portfolio was primarily in corporate debt securities. The 23-basis point increase in rate on investments was primarily due to the 129-basis point increase in the yield on corporate debt securities. The average rate paid on interest-bearing deposits decreased 12 basis points; this was more than offset by the issuance of subordinated debt which was the primary contributor to the increase in the cost of funds of ten basis points.

Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

QNB recorded $551,000 in the provision for credit losses on loans in the first quarter of 2025 compared to a $93,000 reversal in the provision in the first quarter of 2024. QNB’s allowance for credit losses on loans of $9,298,000 represents 0.77% of loans receivable at March 31, 2025, compared to $8,744,000, or 0.72% of loans receivable at December 31, 2024. The five basis point increase in the allowance for credit losses on loans was primarily due to an increase in reserves for collateral dependent loans and deterioration in the economic outlook. Net loan recoveries were $3,000 for the quarter ended March 31, 2025, compared with charge-offs of $21,000 for the same period in 2024. Annualized net loan recoveries for the quarter ended March 31, 2025 were 0.00% and annualized net loan charge-offs were 0.01% for the quarter ended March 31, 2024, of average loans receivable, respectively.

Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $8,407,000, or 0.69% of loans receivable at March 31, 2025, compared with $1,975,000, or 0.16% of loans receivable at December 31, 2024. The increase was primarily due to one commercial customer relationship. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. Commercial loans classified as substandard or doubtful loans totaled $34,448,000 at March 31, 2025, compared with $34,301,000 at December 31, 2024; these were comprised primarily of commercial real estate loans.

Non-Interest Income

Total non-interest income was $1,584,000 for the first quarter of 2025 compared with $1,836,000 for the same period in 2024. There were no realized and unrealized gain/loss on securities for the quarter ended March 31, 2025 compared to a net gain of $347,000 in the same period in 2024. Excluding the net realized and unrealized gains on securities, non-interest income increased $95,000, or 6.4%.

Fees for service to customers increased $27,000 for the quarter ended March 31, 2025, as overdraft fees increased $12,000 and other deposit-related fees increased $15,000. ATM and debit card increased $20,000 due to volume. Retail brokerage and advisory income increased $48,000 to $141,000 for the same period. Other non-interest income decreased $3,000 for the same period due to a decline in merchant fee income of $24,000, partly offset by an increase in letter of credit fees of $11,000 and title company income of $8,000.

Non-Interest Expense

Total non-interest expense was $9,369,000 for the first quarter of 2025 compared with $8,833,000 for the same period in 2024. Salaries and benefits expense increased $58,000, or 1.2%, to $5,032,000 when comparing the two quarters. Salary expense and related payroll taxes increased $199,000, or 4.8%, to $4,344,000 during the first quarter of 2025 compared to the same period in 2024, primarily due to pay increases. Benefits expense decreased $141,000, or 17.0%, when comparing the two periods primarily due to a reduction in medical costs.

Net occupancy and furniture and equipment expense increased $221,000, or 14.6%, to $1,736,000 for the first quarter of 2025 primarily due to software maintenance costs and depreciation. Other non-interest expense increased $257,000, or 11.0%, when comparing first quarter of 2025 with the same period in 2024 due to an increase in bank shares tax of $167,000, due to timing of tax credits and increased capital, an increase in write-offs relating to fraud on customer accounts of $77,000, and an increase in director fees of $79,000, as fees were bought in line with peer groups. These increases were partly offset by decreases in marketing expense of $77,000, due to timing of events and promotions.

Income Taxes

Provision for income taxes decreased $39,000 to $624,000 in the first quarter of 2025 due to decreased pre-tax income, compared with the same period in 2024. The effective tax rate for the quarter ended March 31, 2025 was 19.5% compared with 20.4% for the same period in 2024.

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

Forward Looking Statement

This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Contacts:	David W. Freeman	Jeffrey Lehocky
	President & Chief Executive Officer	Chief Financial Officer
	215-538-5600 x-5619	215-538-5600 x-5716
	dfreeman@QNBbank.com	jlehocky@QNBbank.com

QNB Corp.
Consolidated Selected Financial Data (unaudited)
(Dollars in thousands)
Balance Sheet (Period End)	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Assets	$	1,896,189		$	1,870,894		$	1,841,563		$	1,761,487		$	1,716,081
Cash and cash equivalents		81,557			50,713			104,232			76,909			50,963
Investment securities
Debt securities, AFS		547,138			546,559			510,036			460,418			481,596
Equity securities		—			—			2,760			7,233			6,217
Loans held-for-sale		248			664			294			786			—
Loans receivable		1,212,162			1,216,048			1,171,361			1,162,310			1,122,616
Allowance for credit losses on loans		(9,298	)		(8,744	)		(8,987	)		(8,858	)		(8,738	)
Net loans		1,202,864			1,207,304			1,162,374			1,153,452			1,113,878
Deposits		1,664,555			1,628,541			1,626,284			1,572,839			1,536,188
Demand, non-interest bearing		203,666			183,499			190,240			190,333			188,260
Interest-bearing demand, money market and savings		1,083,011			1,063,584			1,055,409			1,003,813			990,451
Time		377,878			381,458			380,635			378,693			357,477
Short-term borrowings		43,299			53,844			22,918			49,066			55,088
Long-term debt		30,000			30,000			30,000			30,000			20,000
Subordinated debt		39,118			39,068			39,030			—			—
Shareholders’ equity		108,223			103,349			105,340			96,885			93,686

Asset Quality Data (Period End)
Non-accrual loans	$	8,651		$	1,975		$	1,696		$	2,078		$	2,001
Loans past due 90 days or more and still accruing		—			—			—			—			—
Non-performing loans		8,651			1,975			1,696			2,078			2,001
Other real estate owned and repossessed assets		—			—			—			—			—
Non-performing assets	$	8,651		$	1,975		$	1,696		$	2,078		$	2,001

Allowance for credit losses on loans	$	9,298		$	8,744		$	8,987		$	8,858		$	8,738

Non-performing loans / Loans excluding held-for-sale		0.71	%		0.16	%		0.14	%		0.18	%		0.18	%
Non-performing assets / Assets		0.46	%		0.11	%		0.09	%		0.12	%		0.12	%
Allowance for credit losses on loans / Loans excluding held-for-sale		0.77	%		0.72	%		0.77	%		0.76	%		0.78	%

QNB Corp.
Consolidated Selected Financial Data (unaudited)
(Dollars in thousands, except per share data)	Three months ended,
For the period:	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Interest income	$	22,198		$	22,209		$	21,945		$	20,345		$	19,569
Interest expense		10,661			11,234			10,818			9,753			9,401
Net interest income		11,537			10,975			11,127			10,592			10,168
(Reversal in provision) provision for credit losses		550			(255	)		159			114			(86	)
Net interest income after provision for credit losses		10,987			11,230			10,968			10,478			10,254
Non-interest income:
Fees for services to customers		447			454			469			427			420
ATM and debit card		656			708			691			705			636
Retail brokerage and advisory income		141			118			139			126			93
Net realized gain (loss) on investment securities		–			1,414			224			(1,096	)		377
Unrealized (loss) gain on equity securities		–			(1,344	)		143			1,016			(30	)
Net (loss) gain on sale of loans		18			(3	)		19			(2	)		15
Other		322			298			282			289			325
Total non-interest income		1,584			1,645			1,967			1,465			1,836
Non-interest expense:
Salaries and employee benefits		5,032			5,079			4,650			5,038			4,974
Net occupancy and furniture and equipment		1,736			1,653			1,531			1,481			1,515
Other		2,601			2,349			2,455			2,415			2,344
Total non-interest expense		9,369			9,081			8,636			8,934			8,833
Income before income taxes		3,202			3,794			4,299			3,009			3,257
Provision for income taxes		624			743			961			544			663
Net income	$	2,578		$	3,051		$	3,338		$	2,465		$	2,594

Share and Per Share Data:
Net income – basic	$	0.70		$	0.83		$	0.91		$	0.67		$	0.71
Net income – diluted	$	0.69		$	0.83		$	0.91		$	0.67		$	0.71
Book value	$	29.17		$	27.96		$	28.57		$	26.34		$	25.57
Cash dividends	$	0.38		$	0.37		$	0.37		$	0.37		$	0.37
Average common shares outstanding -basic		3,699,854			3,688,078			3,679,799			3,665,695			3,655,176
Average common shares outstanding -diluted		3,713,141			3,695,518			3,682,773			3,665,695			3,655,176
Selected Ratios:
Return on average assets		0.54	%		0.64	%		0.72	%		0.55	%		0.59	%
Return on average shareholders’ equity		6.24	%		7.36	%		8.13	%		6.14	%		6.53	%
Net interest margin (tax equivalent)		2.51	%		2.38	%		2.48	%		2.46	%		2.39	%
Efficiency ratio (tax equivalent)		70.65	%		71.16	%		65.27	%		73.26	%		72.73	%
Average shareholders’ equity to total average assets		8.67	%		8.63	%		8.80	%		8.97	%		8.98	%
Net loan charge-offs (recoveries)	$	(3	)	$	1		$	25		$	12		$	21
Net loan charge-offs (recoveries) – annualized / Average loans excluding held-for-sale		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%
Balance Sheet (Average)
Assets	$	1,932,938		$	1,908,914		$	1,856,034		$	1,798,040		$	1,778,585
Investment securities (AFS & Equities)		626,557			614,329			552,323			569,135			578,615
Loans receivable		1,210,303			1,193,949			1,158,731			1,139,874			1,108,836
Deposits		1,633,196			1,635,629			1,600,925			1,542,661			1,497,692
Shareholders’ equity		167,491			164,823			163,274			161,340			159,739

QNB Corp. (Consolidated)
Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)

	Three Months Ended
	March 31, 2025								March 31, 2024
	Average			Average					Average			Average
	Balance			Rate			Interest		Balance			Rate			Interest
Assets
Investment securities:
U.S. Treasury	$	20,155			4.38	%	$	217	$	6,782			5.33	%	$	90
U.S. Government agencies		75,960			1.18			224		84,951			1.17			248
State and municipal		105,256			2.86			754		108,173			3.42			924
Mortgage-backed and CMOs		363,641			2.43			2,208		365,983			2.59			2,373
Corporate debt securities and mutual funds		61,545			6.88			1,058		6,707			5.59			94
Equities		–			–			–		6,019			3.71			56
Total investment securities		626,557			2.85			4,461		578,615			2.62			3,785
Loans:
Commercial real estate		857,600			5.71			12,069		775,135			5.34			10,300
Residential real estate		114,271			4.33			1,238		108,922			3.92			1,066
Home equity loans		67,973			6.41			1,074		62,269			6.81			1,055
Commercial and industrial		148,680			7.41			2,717		140,293			7.50			2,615
Consumer loans		3,446			7.68			65		3,644			8.10			73
Tax-exempt loans		18,795			4.15			192		18,641			3.82			177
Total loans, net of unearned income*		1,210,765			5.81			17,355		1,108,904			5.54			15,286
Other earning assets		47,641			4.44			522		46,645			5.51			639
Total earning assets		1,884,963			4.81			22,338		1,734,164			4.57			19,710
Cash and due from banks		13,226								12,769
Allowance for credit losses on loans		(8,739	)							(8,946	)
Other assets		43,488								40,598
Total assets	$	1,932,938							$	1,778,585

Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-bearing demand	$	380,293			1.01	%		944	$	321,904			0.80	%		643
Municipals		149,579			3.95			1,456		131,887			4.81			1,577
Money market		256,265			2.88			1,818		227,872			3.56			2,015
Savings		279,657			1.30			893		298,353			1.28			949
Time < $100		178,500			3.79			1,670		157,712			3.76			1,473
Time $100 through $250		154,125			4.25			1,613		127,613			4.34			1,377
Time > $250		48,785			4.31			518		49,756			4.22			522
Total interest-bearing deposits		1,447,204			2.50			8,912		1,315,097			2.62			8,556
Short-term borrowings		47,529			3.89			456		87,441			2.88			625
Long-term debt		30,111			4.73			356		20,000			4.36			220
Subordinated debt		39,092			9.59			937		—			—			—
Total borrowings		116,732			6.08			1,749		107,441			3.16			845
Total interest-bearing liabilities		1,563,936			2.76			10,661		1,422,538			2.66			9,401
Non-interest-bearing deposits		185,992								182,595
Other liabilities		15,519								13,713
Shareholders’ equity		167,491								159,739
Total liabilities and
shareholders’ equity	$	1,932,938							$	1,778,585
Net interest rate spread					2.05	%							1.91	%
Margin/net interest income					2.51	%	$	11,677					2.39	%	$	10,309
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%
Non-accrual loans and investment securities are included in earning assets.
* Includes loans held-for-sale

The MIL Network –

April 23, 2025

MIL-OSI: Greene County Bancorp, Inc. Reports Net Income of $8.1 Million for the Quarter Ended March 31, 2025 and Reaches New Milestone of $3.0 Billion in Assets

Source: GlobeNewswire (MIL-OSI)

CATSKILL, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and nine months ended March 31, 2025, which is the third quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three and nine months ended March 31, 2025 was $8.1 million, or $0.47 per basic and diluted share, and $21.8 million, or $1.28 per basic and diluted share, respectively, as compared to $5.9 million, or $0.34 per basic and diluted share, and $18.0 million, or $1.06 per basic and diluted share, for the three and nine months ended March 31, 2024, respectively. Net income increased $3.8 million, or 20.9%, when comparing the nine months ended March 31, 2025 and 2024.

Highlights:

Net Income: $21.8 million for the nine months ended March 31, 2025
Total Assets: $3.0 billion at March 31, 2025, a new record high
Net Loans: $1.6 billion at March 31, 2025, a new record high
Total Deposits $2.7 billion at March 31, 2025, a new record high
Return on Average Assets: 1.04% for the nine months ended March 31, 2025
Return on Average Equity: 13.40% for the nine months ended March 31, 2025

Donald Gibson, President & CEO stated: “I am pleased to report we reached a new milestone exceeding $3.0 billion in consolidated assets for the quarter ended March 31, 2025. This milestone in asset growth is a true testament to our Bank’s unique long-term culture to grow organically. The primary driver of our growth has been our team’s ability to provide innovative solutions and world-class customer service. When reviewing our company’s 136 year history, it took us approximately 128 years to reach $1.0 billion in assets, and only seven more years to reach $3.0 billion in assets. I am also proud to report solid quarterly income for the quarter ended March 31, 2025 of $8.1 million, an increase of 37.4% when compared to the quarterly net income of $5.9 million for the quarter ended March 31, 2024.”

Total consolidated assets for the Company were $3.0 billion at March 31, 2025, primarily consisting of $1.6 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.7 billion at March 31, 2025, consisting of retail, business, municipal and private banking relationships.

Pre-provision net income was $24.0 million for the nine months ended March 31, 2025 as compared to $19.0 million for the nine months ended March 31, 2024, an increase of $5.0 million, or 26.6%. Pre-provision net income measures the Company’s net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three and nine months ended March 31, 2025 as compared to the three and nine months ended March 31, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

Selected highlights for the three and nine months ended March 31, 2025 are as follows:

Net Interest Income and Margin

Net interest income increased $3.9 million to $16.2 million for the three months ended March 31, 2025 from $12.3 million for the three months ended March 31, 2024. Net interest income increased $5.3 million to $43.4 million for the nine months ended March 31, 2025 from $38.1 million for the nine months ended March 31, 2024. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased $205.8 million and $154.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, increases in interest rates on interest-earning assets, which increased 23 basis points and 30 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and a decrease of 23 basis points in rates paid on interest-bearing liabilities when comparing the three months ended March 31, 2025 and 2024, respectively. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $204.2 million and $156.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and an increase of 15 basis points in rates paid on interest-bearing liabilities when comparing the nine months ended March 31, 2025 and 2024, respectively.
Average loan balances increased $113.1 million and $80.3 million and the yield on loans increased 19 basis points and 26 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. The average balance of securities increased $104.5 million and $76.4 million and the yield on such securities increased 11 basis points and 40 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased $11.9 million and $2.1 million and the yield on interest-bearing bank balances and federal funds increased 22 basis points and 6 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively.

The cost of NOW deposits decreased 29 basis points, the cost of certificates of deposit decreased 56 basis points, and the cost of savings and money market deposits decreased 5 basis points when comparing the three months ended March 31, 2025 and 2024, respectively. The cost of NOW deposits increased 9 basis points, the cost of certificates of deposit increased 4 basis points, and the cost of savings and money market deposits increased 8 basis points when comparing the nine months ended March 31, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $179.5 million and $120.8 million and an increase in average certificates of deposits of $58.9 million and $58.7 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of $14.9 million and $25.4 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Yields on interest-earning assets increased when comparing the three and nine months ended March 31, 2025 and 2024 as the Company continued to reprice assets into the higher interest rate environment. During the nine months ended March 31, 2025, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships.

Net interest rate spread increased 46 basis points to 2.12% for the three months ended March 31, 2025 compared to 1.66% for the three months ended March 31, 2024. Net interest rate spread increased 15 basis points to 1.90% for the nine months ended March 31, 2025, compared to 1.75% for the nine months ended March 31, 2024.
Net interest margin increased 42 basis points to 2.32% for the three months ended March 31, 2025, compared to 1.90% for the three months ended March 31, 2024. Net interest margin increased 15 basis points to 2.14% for the nine months ended March 31, 2025, compared to 1.99% for the nine months ended March 31, 2024. The increase in net interest rate spread and margin during the three and nine months ended March 31, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods. This was partially offset by the increase in rates paid on deposits as compared to the nine months ended March 31, 2025.

Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.60% and 2.20% for the three months ended March 31, 2025 and 2024, respectively, and was 2.41% and 2.25% for the nine months ended March 31, 2025 and 2024, respectively.

Credit Quality and Provision for Credit Losses on Loans

Provision for credit losses on loans amounted to $1.1 million and $277,000 for the three months ended March 31, 2025 and 2024, respectively, and $2.3 million and $922,000 for the nine months ended March 31, 2025 and 2024, respectively. The loan provision for the nine months ended March 31, 2025 was primarily attributable to growth in gross loans and a modest deterioration in the economic forecasts used in the Current Expected Credit Loss (“CECL”) model as of March 31, 2025. The allowance for credit losses on loans to total loans receivable was 1.31% at March 31, 2025 compared to 1.28% at June 30, 2024.
Loans classified as substandard and special mention totaled $44.8 million at March 31, 2025 and $48.6 million at June 30, 2024, a decrease of $3.8 million. Of the loans classified as substandard or special mention, $41.6 million were performing at March 31, 2025. There were no loans classified as doubtful or loss at March 31, 2025 or June 30, 2024.
Net charge-offs on loans amounted to $96,000 and $204,000 for the three months ended March 31, 2025 and 2024, respectively, a decrease of $108,000. Net charge-offs totaled $305,000 and $420,000 for the nine months ended March 31, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three and nine months ended March 31, 2025.
Nonperforming loans amounted to $2.9 million at March 31, 2025 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $2.3 million in loan repayments, $128,000 in charge-offs or transfers to foreclosure, $67,000 in loans returning to performing status, and $1.7 million of loans placed into nonperforming status. At March 31, 2025, nonperforming assets were 0.10% of total assets compared to 0.13% at June 30, 2024. At March 31, 2025, nonperforming loans were 0.18% of net loans compared to 0.25% at June 30, 2024.

Noninterest Income and Noninterest Expense

Noninterest income increased $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025 compared to $3.4 million for the three months ended March 31, 2024. The increase during the three months ended March 31, 2025 was primarily due to a $610,000 Employee Retention Tax Credit (“ERTC”) and an increase in fee income earned on customer interest rate swap contracts of $190,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale. Noninterest income increased $1.3 million, or 12.6%, to $11.5 million for the nine months ended March 31, 2025 compared to $10.2 million for the nine months ended March 31, 2024. The increase during the nine months ended March 31, 2025 was primarily due to a $610,000 Employee Retention Tax Credit (“ERTC”), an increase in fee income earned on customer interest rate swap contracts of $400,000, service charge account fees of $222,000, loan fees of $174,000 and income from bank owned life insurance (“BOLI”) of $359,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale.

Noninterest expense increased $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025 compared to $9.2 million for the three months ended March 31, 2024. Noninterest expense increased $1.6 million, or 5.7%, to $29.0 million for the nine months ended March 31, 2025 as compared to $27.4 million for the nine months ended March 31, 2024. The increase during the nine months ended March 31, 2025 was primarily due to an increase of $479,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of $341,000 in service and data processing fees and an increase of $749,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $116,000 in legal and professional fees during the nine months ended March 31, 2025.

Income Taxes

Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 9.9% and 8.0% for the three and nine months ended March 31, 2025, and 5.2% and 9.8% for the three and nine months ended March 31, 2024, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The increase during the three months ended March 31, 2025 is due to higher pre-tax income. The decrease in the effective tax rate during the nine months ended March 31, 2025 primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income, and solar investment tax credits earned.

Balance Sheet Summary

Total assets of the Company were $3.0 billion at March 31, 2025 and $2.8 billion at June 30, 2024, an increase of $182.2 million, or 6.5%.
Total cash and cash equivalents for the Company were $155.5 million at March 31, 2025 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of March 31, 2025.
Securities available-for-sale and held-to-maturity increased $96.4 million, or 9.3%, to $1.1 billion at March 31, 2025 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $330.9 million during the nine months ended March 31, 2025, and consisted primarily of $207.7 million of state and political subdivision securities, $86.4 million of mortgage-backed securities, $24.7 million of U.S. Treasury securities, and $11.4 million of collateralized mortgage obligations. Principal pay-downs and maturities during the nine months ended March 31, 2025 amounted to $234.3 million, primarily consisting of $160.5 million of state and political subdivision securities, $53.0 million of U.S. Treasury securities, $17.5 million of mortgage-backed securities, $2.0 million of collateralized mortgage obligations and $1.3 million of corporate debt securities.
Net loans receivable increased $118.0 million, or 8.0%, to $1.6 billion at March 31, 2025 as compared to $1.5 billion at June 30, 2024. Loan growth experienced during the nine months ended March 31, 2025 consisted primarily of $111.9 million in commercial real estate loans, $3.2 million in home equity loans, $3.0 million in commercial loans, and $2.0 million in residential real estate loans.
Deposits totaled $2.7 billion at March 31, 2025 and $2.4 billion at June 30, 2024, an increase of $265.5 million, or 11.1%. The Company had $11.6 million and zero brokered deposits at March 31, 2025 and June 30, 2024, respectively. NOW deposits increased $232.6 million, or 13.2%, and certificates of deposits increased $53.6 million, or 38.7%, when comparing March 31, 2025 and June 30, 2024. Noninterest bearing deposits decreased $9.2 million, or 7.4%, savings deposits decreased $7.8 million, or 3.1%, and money market deposits decreased $3.7 million, or 3.3%, when comparing March 31, 2025 and June 30, 2024.
Borrowings amounted to $94.0 million at March 31, 2025 compared to $199.1 million at June 30, 2024, a decrease of $105.1 million. At March 31, 2025, borrowings included $42.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.8 million of Fixed-to-Floating Rate Subordinated Notes, and $2.2 million of long-term borrowings with the FHLB.
Shareholders’ equity increased to $229.0 million at March 31, 2025 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $21.8 million and a decrease in accumulated other comprehensive loss of $5.0 million, partially offset by dividends declared and paid of $3.8 million.

Corporate Overview

Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

Forward-Looking Statements

This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations.

(END)

Greene County Bancorp, Inc.
Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)


	At or for the Three Months							At or for the Nine Months
	Ended March 31,							Ended March 31,
Dollars in thousands, except share and per share data			2025			2024			2025			2024
Interest income		$	29,779		$	26,071		$	86,966		$	76,336
Interest expense			13,568			13,776			43,551			38,214
Net interest income			16,211			12,295			43,415			38,122
Provision for credit losses			1,084			290			2,196			917
Noninterest income			3,856			3,412			11,468			10,189
Noninterest expense			10,042			9,234			28,978			27,405
Income before taxes			8,941			6,183			23,709			19,989
Tax provision			887			322			1,904			1,952
Net income		$	8,054		$	5,861		$	21,805		$	18,037

Basic and diluted EPS		$	0.47		$	0.34		$	1.28		$	1.06
Weighted average shares outstanding			17,026,828			17,026,828			17,026,828			17,026,828
Dividends declared per share ⁽⁴⁾		$	0.09		$	0.08		$	0.27		$	0.24

Selected Financial Ratios
Return on average assets⁽¹⁾			1.12	%		0.88	%		1.04	%		0.91	%
Return on average equity⁽¹⁾			14.41	%		11.92	%		13.40	%		12.69	%
Net interest rate spread⁽¹⁾			2.12	%		1.66	%		1.90	%		1.75	%
Net interest margin⁽¹⁾			2.32	%		1.90	%		2.14	%		1.99	%
Fully taxable-equivalent net interest margin⁽²⁾			2.60	%		2.20	%		2.41	%		2.25	%
Efficiency ratio⁽³⁾			50.04	%		58.79	%		52.80	%		56.73	%
Non-performing assets to total assets									0.10	%		0.21	%
Non-performing loans to net loans									0.18	%		0.39	%
Allowance for credit losses on loans to non-performing loans									724.65	%		361.45	%
Allowance for credit losses on loans to total loans									1.31	%		1.38	%
Shareholders’ equity to total assets									7.61	%		6.94	%
Dividend payout ratio⁽⁴⁾									21.09	%		22.64	%
Actual dividends paid to net income⁽⁵⁾									17.30	%		14.50	%
Book value per share								$	13.45		$	11.70

⁽¹⁾ Ratios are annualized when necessary.
⁽²⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
⁽³⁾ The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
⁽⁴⁾ The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
⁽⁵⁾ Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and March 31, 2025. Dividends declared during the three months ended September 30, 2023, September 30, 2024, and December 31, 2024 were paid to the MHC.

Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)

	At March 31, 2025			At June 30, 2024
Dollars In thousands, except share data
Assets
Cash and due from banks	$	12,717		$	13,897
Interest-bearing deposits		142,766			176,498
Total cash and cash equivalents		155,483			190,395

Long term certificate of deposit		1,640			2,831
Securities available-for-sale, at fair value		355,432			350,001
Securities held-to-maturity, at amortized cost, net of
allowance for credit losses of $422 and $483 at March 31, 2025 and June 30, 2024		781,338			690,354
Equity securities, at fair value		400			328
Federal Home Loan Bank stock, at cost		3,834			7,296

Loans receivable		1,619,378			1,499,473
Less: Allowance for credit losses on loans		(21,196	)		(19,244	)
Net loans receivable		1,598,182			1,480,229

Premises and equipment, net		15,202			15,606
Bank owned life insurance		59,160			57,249
Accrued interest receivable		18,433			14,269
Prepaid expenses and other assets		18,852			17,230
Total assets	$	3,007,956		$	2,825,788

Liabilities and shareholders’ equity
Noninterest bearing deposits	$	116,195		$	125,442
Interest bearing deposits		2,538,522			2,263,780
Total deposits		2,654,717			2,389,222

Borrowings, short-term		42,000			115,300
Borrowings, long-term		2,195			34,156
Subordinated notes payable, net		49,820			49,681
Accrued expenses and other liabilities		30,181			31,429
Total liabilities		2,778,913			2,619,788
Total shareholders’ equity		229,043			206,000
Total liabilities and shareholders’ equity	$	3,007,956		$	2,825,788
Common shares outstanding		17,026,828			17,026,828
Treasury shares		195,852			195,852

The above information is preliminary and based on the Company’s data available at the time of presentation.

Non-GAAP to GAAP Reconciliations

The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

	For the three months ended March 31,						For the nine months ended March 31,
(Dollars in thousands)		2025			2024				2025			2024
Net interest income (GAAP)	$	16,211		$	12,295			$	43,415		$	38,122
Tax-equivalent adjustment⁽¹⁾		1,945			1,897				5,524			5,051
Net interest income-fully taxable-equivalent basis (non-GAAP)	$	18,156		$	14,192			$	48,939		$	43,173

Average interest-earning assets (GAAP)	$	2,789,102		$	2,583,271			$	2,711,083		$	2,556,441
Net interest margin-fully taxable-equivalent basis (non-GAAP)		2.60	%		2.20	%			2.41	%		2.25	%

_{⁽¹⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and nine months ended March 31, 2025 and 2024, 4.44% for New York State income taxes for the three and nine months ended March 31, 2025 and 2024.}

The following table summarizes the adjustments made to arrive at pre-provision net income.

	For the three months ended March 31,
(Dollars in thousands)		2025		2024
Net income (GAAP)	$	8,054	$	5,861
Provision for credit losses		1,084		290
Pre-provision net income (non-GAAP)	$	9,138	$	6,151

	For the nine months ended March 31,
(Dollars in thousands)		2025		2024
Net income (GAAP)	$	21,805	$	18,037
Provision for credit losses		2,196		917
Pre-provision net income (non-GAAP)	$	24,001	$	18,954

The above information is preliminary and based on the Company’s data available at the time of presentation.

For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@tbogc.com

Nick Barzee
SVP & CFO
(518) 943-2600
nickb@tbogc.com

The MIL Network –

April 23, 2025

MIL-OSI: First Financial Corporation Reports First Quarter Results

Source: GlobeNewswire (MIL-OSI)

TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025.

Net income was $18.4 million compared to $10.9 million reported for the same period of 2024;
Diluted net income per common share of $1.55 compared to $0.93 for the same period of 2024;
Return on average assets was 1.34% compared to 0.91% for the three months ended March 31, 2024;
Credit loss provision was $2.0 million compared to provision of $1.8 million for the first quarter 2024; and
Pre-tax, pre-provision net income was $25.7 million compared to $14.9 million for the same period in 2024.¹

________________________¹Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

Average Total Loans

Average total loans for the first quarter of 2025 were $3.84 billion versus $3.18 billion for the comparable period in 2024, an increase of $662 million or 20.80%. On a linked quarter basis, average loans increased $51 million or 1.35% from $3.79 billion as of December 31, 2024. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

Total Loans Outstanding

Total loans outstanding as of March 31, 2025, were $3.85 billion compared to $3.19 billion as of March 31, 2024, an increase of $662 million or 20.74%. On a linked quarter basis, total loans increased $16.9 million or 0.44% from $3.84 billion as of December 31, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

Norman D. Lowery, President and Chief Executive Officer, commented “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our strong balance sheet, stable credit quality, and strong capital levels for continued growth.”

Average Total Deposits

Average total deposits for the quarter ended March 31, 2025, were $4.65 billion versus $4.05 billion as of March 31, 2024, an increase of $605 million, or 14.95%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

Total Deposits

Total deposits were $4.64 billion as of March 31, 2025, compared to $4.11 billion as of March 31, 2024. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $856 million, and time deposits were $726 million as of March 31, 2025, compared to $738 million and $581 million, respectively for the same period of 2024.

Shareholders’ Equity

Shareholders’ equity at March 31, 2025, was $571.9 million compared to $520.8 million on March 31, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in January and declared a $0.51 quarterly dividend, which was paid on April 15, 2025.

Book Value Per Share

Book Value per share was $48.26 as of March 31, 2025, compared to $44.08 as of March 31, 2024, an increase of $4.18 per share, or 9.49%. Tangible Book Value per share was $38.13 as of March 31, 2025, compared to $36.26 as of March 31, 2024, an increase of $1.87 per share or 5.16%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 8.32% at March 31, 2025, compared to 9.00% at March 31, 2024.

Net Interest Income

Net interest income for the first quarter of 2025 was a record $52.0 million, compared to $38.9 million reported for the same period of 2024, an increase of $13.1 million, or 33.5%. Interest income increased $13.6 million and interest expense increased $574 thousand year over year.

Net Interest Margin

The net interest margin for the quarter ended March 31, 2025, was 4.11% compared to the 3.53% reported at March 31, 2024.

Nonperforming Loans

Nonperforming loans as of March 31, 2025, were $10.2 million versus $24.3 million as of March 31, 2024. The ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025, versus 0.76% as of March 31, 2024. On a linked quarter basis, nonperforming loans were $13.3 million, and the ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024.

Credit Loss Provision

The provision for credit losses for the three months ended March 31, 2025, was $2.0 million, compared to $1.8 million for the same period 2024.

Net Charge-Offs

In the first quarter of 2025 net charge-offs were $1.8 million compared to $1.5 million in the same period of 2024.

Allowance for Credit Losses

The Corporation’s allowance for credit losses as of March 31, 2025, was $46.8 million compared to $40.0 million as of March 31, 2024. The allowance for credit losses as a percent of total loans was 1.22% as of March 31, 2025, compared to 1.25% as of March 31, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans was unchanged from December 31, 2024.

Non-Interest Income

Non-interest income for the three months ended March 31, 2025 and 2024 was $10.5 million and $9.4 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended March 31, 2025, was $36.8 million compared to $33.4 million in 2023.

Efficiency Ratio

The Corporation’s efficiency ratio was 57.54% for the quarter ending March 31, 2025, versus 67.21% for the same period in 2024.

Income Taxes

Income tax expense for the three months ended March 31, 2025, was $5.4 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 22.59% compared to 16.79% for 2024.

About First Financial Corporation

First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

Investor Contact:
Rodger A. McHargue
Chief Financial Officer
P: 812-238-6334
E: rmchargue@first-online.com


	Three Months Ended
	March 31,		December 31,		March 31,
	2025		2024		2024
END OF PERIOD BALANCES
Assets	$	5,549,094	$	5,560,348	$	4,852,615
Deposits	$	4,640,003	$	4,718,914	$	4,105,103
Loans, including net deferred loan costs	$	3,854,020	$	3,837,141	$	3,191,983
Allowance for Credit Losses	$	46,835	$	46,732	$	40,045
Total Equity	$	571,945	$	549,041	$	520,766
Tangible Common Equity ^(a)	$	451,874	$	427,470	$	428,430

AVERAGE BALANCES
Total Assets	$	5,508,767	$	5,516,036	$	4,804,364
Earning Assets	$	5,194,478	$	5,196,352	$	4,566,461
Investments	$	1,266,300	$	1,311,415	$	1,308,322
Loans	$	3,841,752	$	3,790,515	$	3,180,147
Total Deposits	$	4,650,883	$	4,757,438	$	4,045,838
Interest-Bearing Deposits	$	3,837,679	$	3,925,740	$	3,326,090
Interest-Bearing Liabilities	$	261,174	$	134,553	$	221,425
Total Equity	$	564,742	$	556,330	$	522,720

INCOME STATEMENT DATA
Net Interest Income	$	51,975	$	49,602	$	38,920
Net Interest Income Fully Tax Equivalent ^(b)	$	53,373	$	50,985	$	40,297
Provision for Credit Losses	$	1,950	$	2,000	$	1,800
Non-interest Income	$	10,511	$	12,213	$	9,431
Non-interest Expense	$	36,759	$	39,801	$	33,422
Net Income	$	18,406	$	16,241	$	10,924

PER SHARE DATA
Basic and Diluted Net Income Per Common Share	$	1.55	$	1.37	$	0.93
Cash Dividends Declared Per Common Share	$	0.51	$	0.51	$	0.45
Book Value Per Common Share	$	48.26	$	46.36	$	44.08
Tangible Book Value Per Common Share ^(c)	$	38.13	$	36.77	$	36.26
Basic Weighted Average Common Shares Outstanding		11,842		11,824		11,803

________________________
(a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
(b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
(c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.


Key Ratios	Three Months Ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Return on average assets	1.34	%	1.18	%	0.91	%
Return on average common shareholder’s equity	13.04	%	11.68	%	8.36	%
Efficiency ratio	57.54	%	62.98	%	67.21	%
Average equity to average assets	10.25	%	10.09	%	10.88	%
Net interest margin ^(a)	4.11	%	3.94	%	3.53	%
Net charge-offs to average loans and leases	0.19	%	0.15	%	0.19	%
Credit loss reserve to loans and leases	1.22	%	1.22	%	1.25	%
Credit loss reserve to nonperforming loans	460.57	%	351.37	%	165.12	%
Nonperforming loans to loans and leases	0.26	%	0.35	%	0.76	%
Tier 1 leverage	10.63	%	10.38	%	12.02	%
Risk-based capital – Tier 1	12.70	%	12.43	%	14.69	%

________________________
(a) Net interest margin is calculated on a tax equivalent basis.


Asset Quality	Three Months Ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Accruing loans and leases past due 30-89 days	$	17,007	$	22,486	$	17,937
Accruing loans and leases past due 90 days or more	$	1,109	$	1,821	$	1,395
Nonaccrual loans and leases	$	9,060	$	11,479	$	22,857
Other real estate owned	$	560	$	523	$	167
Nonperforming loans and other real estate owned	$	10,729	$	13,823	$	24,419
Total nonperforming assets	$	13,631	$	16,719	$	27,307
Gross charge-offs	$	3,241	$	3,070	$	3,192
Recoveries	$	1,394	$	1,633	$	1,670
Net charge-offs/(recoveries)	$	1,847	$	1,437	$	1,522


Non-GAAP Reconciliations	Three Months Ended March 31,
	2025		2024
($in thousands, except EPS)
Income before Income Taxes	$	23,777	$	13,129
Provision for credit losses		1,950		1,800
Provision for unfunded commitments		—		—
Pre-tax, Pre-provision Income	$	25,727	$	14,929


CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)

	March 31,			December 31,
	2025			2024
	(unaudited)
ASSETS
Cash and due from banks	$	86,211		$	93,526
Federal funds sold		427			820
Securities available-for-sale		1,182,495			1,195,990
Loans:
Commercial		2,208,426			2,196,351
Residential		966,521			967,386
Consumer		673,751			668,058
		3,848,698			3,831,795
(Less) plus:
Net deferred loan costs		5,322			5,346
Allowance for credit losses		(46,835	)		(46,732	)
		3,807,185			3,790,409
Restricted stock		17,528			17,555
Accrued interest receivable		25,556			26,934
Premises and equipment, net		80,317			81,508
Bank-owned life insurance		129,410			128,766
Goodwill		100,026			100,026
Other intangible assets		20,045			21,545
Other real estate owned		560			523
Other assets		99,334			102,746
TOTAL ASSETS	$	5,549,094		$	5,560,348

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	856,063		$	859,014
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits		145,609			144,982
Other interest-bearing deposits		3,638,331			3,714,918
		4,640,003			4,718,914
Short-term borrowings		137,609			187,057
FHLB advances		124,898			28,120
Other liabilities		74,639			77,216
TOTAL LIABILITIES		4,977,149			5,011,307

Shareholders’ equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,190,157 in 2025 and 16,165,023 in 2024
Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024		2,019			2,018
Additional paid-in capital		146,159			145,927
Retained earnings		699,729			687,366
Accumulated other comprehensive income/(loss)		(121,182	)		(132,285	)
Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024		(154,780	)		(153,985	)
TOTAL SHAREHOLDERS’ EQUITY		571,945			549,041
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,549,094		$	5,560,348


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data)

	Three Months Ended
	March 31,
	2025		2024

INTEREST INCOME:
Loans, including related fees	$	63,612	$	50,052
Securities:
Taxable		6,002		5,931
Tax-exempt		2,604		2,603
Other		814		817
TOTAL INTEREST INCOME		73,032		59,403
INTEREST EXPENSE:
Deposits		18,199		17,731
Short-term borrowings		1,693		976
Other borrowings		1,165		1,776
TOTAL INTEREST EXPENSE		21,057		20,483
NET INTEREST INCOME		51,975		38,920
Provision for credit losses		1,950		1,800
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		50,025		37,120
NON-INTEREST INCOME:
Trust and financial services		1,393		1,333
Service charges and fees on deposit accounts		7,585		6,708
Other service charges and fees		316		223
Interchange income		214		179
Loan servicing fees		165		269
Gain on sales of mortgage loans		225		176
Other		613		543
TOTAL NON-INTEREST INCOME		10,511		9,431
NON-INTEREST EXPENSE:
Salaries and employee benefits		19,248		17,330
Occupancy expense		2,676		2,359
Equipment expense		4,505		4,144
FDIC Expense		750		662
Other		9,580		8,927
TOTAL NON-INTEREST EXPENSE		36,759		33,422
INCOME BEFORE INCOME TAXES		23,777		13,129
Provision for income taxes		5,371		2,205
NET INCOME		18,406		10,924
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes		11,100		(11,096	)
Change in funded status of post retirement benefits, net of taxes		3		73
COMPREHENSIVE INCOME (LOSS)	$	29,509	$	(99	)
PER SHARE DATA
Basic and Diluted Earnings per Share	$	1.55	$	0.93
Weighted average number of shares outstanding (in thousands)		11,842		11,803

The MIL Network –

April 23, 2025

MIL-OSI: Molly Gallaher Boddy of Rightworks honored among CPA Practice Advisor’s “20 Under 40” Accounting Influencers

Source: GlobeNewswire (MIL-OSI)

NASHUA, N.H., April 22, 2025 (GLOBE NEWSWIRE) — Rightworks, the only intelligent cloud service provider of solutions purpose-built for accounting firms and professionals, is proud to announce Molly Gallaher Boddy, Director of Product Marketing, has been named among CPA Practice Advisor’s 2024 “20 Under 40” Accounting Influencers. This prestigious recognition highlights exceptional young professionals who are helping advance the accounting profession.

Now in its eighth year, the “20 Under 40” awards program honors professionals pioneering advancements in technology and enhancing firm processes that enable practitioners to be more productive, efficient and profitable, as they build practices that will endure and thrive.

“We are fortunate to be surrounded by so many young professionals who are sharing their ideas, skills, and enthusiasm with the goal of making the accounting profession a better place,” said CPA Practice Advisor Editor-in-Chief Gail Perry. “Change is occurring rapidly in our profession and this year’s award winners are embracing and driving the changes.”

Gallaher Boddy, who joined Rightworks in 2022, works with accounting firms to uncover pain points and identify solutions based on their unique needs. She has led initiatives for Written Information Security Plans (WISP) and security awareness, helping firms meet mandatory IRS and FTC standards. In the last year, Gallaher Boddy focused on leveraging her extensive experience in cloud consulting to assist firms in achieving optimal cloud adoption, focusing on critical touchpoints such as security, change management and cultural transition.

“I’m honored to be recognized as one of CPA Practice Advisor’s ‘20 Under 40’ Accounting Influencers alongside many inspiring and dedicated colleagues,” said Gallaher Boddy. “I look forward to helping firms embrace the rapid changes in the accounting profession so they can elevate their practices and face the challenges of tomorrow.”

For more information and to read the full list of honorees, click here.

Connect with Rightworks
Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

About Rightworks
Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c4b1adb-0e59-422f-8b45-75971e107097

The MIL Network –

April 23, 2025

MIL-OSI: Correction: Dividend Payment Procedure

Source: GlobeNewswire (MIL-OSI)

Corrected: Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to the Corporate Profit Tax rate.

The Ordinary general meeting of shareholders held on 31 March 2025 approved allocation of the profit of Šiaulių Bankas AB which included a pay-out of dividends – 0.061 euro shall be paid for each ordinary registered share with a nominal value of 0.29 euro. Dividends shall be paid out to persons who were the shareholders of Šiaulių Bankas AB at the end of the record day – 14 April 2025.

The Bank shall pay out dividends on 25 April 2025 in compliance with the following procedure:

– those shareholders whose shares are being accounted in the securities accounts with banks and financial brokerage companies rendering investment services will receive an amount of dividends after deduction of Personal Income Tax or Corporate Profit Tax in compliance with the laws of the Republic of Lithuania which shall be transferred to the accounts with the respective banks or financial brokerage companies;

– for shareholders whose shares are accounted for in Šiaulių Bankas AB in the issuer’s accounting, the amount of dividends, after deducting personal income tax or income tax in accordance with the laws of the Republic of Lithuania, will be transferred to the account specified by the shareholder. If the shareholder has not specified an account for the transfer of dividends, he/she must submit an application for the transfer of dividends. Applications are accepted from 18 April 2025 in all customer service points of Šiaulių Bankas AB. Before going to the customer service department, it is necessary to register for a visit on-line at https://sb.lt/en or by phone +370 610 44447. Applications for dividend transfer can also be submitted via the Internet Bank.

Taxation of dividends:

– Dividends of natural persons residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Personal Income Tax rate;

– Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to 16 per cent of the Corporate Profit Tax rate, unless otherwise provided for in the laws.

Additional information:

Director of Securities Operations Department Jolanta Dobiliauskienė

jolanta.dobiliauskiene@sb.lt , +370 610 28767

The MIL Network –

April 23, 2025

MIL-OSI: Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

Mifflintown, PA, April 22, 2025 (GLOBE NEWSWIRE) — Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), announced net income for the three months ended March 31, 2025 of $2.0 million, an increase of 48.2%, compared to net income of $1.4 million for the three months ended March 31, 2024. Earnings per share, basic and diluted, for the three months ended March 31, 2025 was $0.40 compared to $0.27 reported for the three months ended March 31, 2024.

President’s Message

President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to announce first quarter net income of $2.0 million which represents a nearly 50% increase over the same quarter last year. This improvement is due in part to disciplined loan and deposit pricing which resulted in the reversal of a two-year trend of net interest margin compression. Additionally, our continued efforts to increase fee income and improve efficiency resulted in a 3.9% increase in noninterest income and a 9.2% decrease in noninterest expense. Our credit quality remains strong with nonperforming loans totaling 0.1% of the total loan portfolio and delinquent and nonperforming loans comprising 0.4%. Our focus for the remainder of 2025 is to accelerate loan growth, especially in the State College and Harrisburg regions, while maintaining our excellent credit quality. We also intended to actively communicate with and provide customized service to our customers due to the current economic uncertainty, continue the improvements in fee generation and the containment of operating expenses, while exploring opportunities for expansion.”

Financial Results for the Quarter

Annualized return on average assets for the three months ended March 31, 2025 was 0.94%, compared to 0.63% for the three months ended March 31, 2024. Annualized return on average equity for the three months ended March 31, 2025 was 16.55%, compared to 13.38% for the three months ended March 31, 2024.

Net interest income increased by 5.1%, to $5.8 million for the three months ended March 31, 2025 compared to $5.5 million for the three months ended March 31, 2024. Average interest earning assets decreased 1.7%, to $842.6 million, for the three months ended March 31, 2025 compared to the same period in 2024, due to a decrease of $18.2 million, or 5.7%, in average investment securities as principal paydowns on the mortgage-backed securities portfolio were used for funding needs rather than being reinvested into the securities portfolio. Average interest bearing liabilities decreased by $16.1 million, or 2.6%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily due to a decline of $23.9 million, or 29.9%, in average borrowings and other interest bearing liabilities, which was partially offset by an increase in average time deposits of $17.3 million, or 8.7%, for the three months end March 31, 2025 compared to the three months ended March 31, 2024.

The yield on earning assets increased 19 basis points, to 4.42%, for the three months ended March 31, 2025 compared to same period last year driven by an increase in loan yields of 24 basis points, while the cost to fund interest earning assets with interest bearing liabilities increased two basis points, to 2.26%, aided by the 100 basis point decline in the federal funds rate between the three months ended March 31, 2025 and 2024. The net interest margin, on a fully tax equivalent basis, increased from 2.63% for the three months ended March 31, 2024 to 2.83% for the three months ended March 31, 2025.

Juniata recorded a credit loss expense of $104,000 for the three months ended March 31, 2025 compared to a credit loss expense of $120,000 for the three months ended March 31, 2024.

Non-interest income was $1.3 million for both the three months ended March 31, 2025 and March 31, 2024. Most significantly impacting non-interest income in the comparative three month periods were increases of $89,000 in customer service fees due to an increase in the collection of overdraft and checking account fees, as well as $24,000 in trust fees. Partially offsetting these increases between the comparative three month periods was a decline of $56,000 in fees derived from loan activity due to decreases in title insurance commissions, a derivative credit adjustment and loan referral fees in the 2025 period.

Non-interest expense was $4.7 million for the three months ended March 31, 2025 compared to $5.2 million for the three months ended March 31, 2024, a decrease of 9.2%. Most significantly impacting non-interest expense in the comparative three month periods were decreases in employee compensation and benefits expenses of $233,000 and $99,000, respectively. The primary drivers for these declines were decreases in employee compensation expenses compared to the 2024 period, with the 2024 expenses being elevated due to overtime pay from the core conversion and optimizing staffing levels, and employee benefits expense due to a decrease in medical claims expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Also contributing to the decrease in non-interest expense between the comparative three month periods were decreases of $48,000 in professional fees and $34,000 in the provision for unfunded commitments recorded in other non-interest expense. Partially offsetting these decreases for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was an increase of $74,000 in equipment expense primarily due to an increase in depreciation and ATM expenses attributable to the core conversion in March 2024.

An income tax provision of $371,000 was recorded for the three months ended March 31, 2025 compared to $201,000 recorded for the three months ended March 31, 2024. The increase between the comparative three month periods was primarily due to more taxable income recorded in the 2025 period. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit was $82,000 for both the three months ended March 31, 2025 and March 31, 2024.

Financial Condition

Total assets as of March 31, 2025 were $854.0 million, an increase of $5.1 million compared to total assets of $848.9 million as of December 31, 2024. Cash and cash equivalents increased $2.5 million, or 22.8%, while total loans increased by $5.1 million, or 1.0%, as of March 31, 2025 compared to December 31, 2024. Total deposits increased by $728,000, or 0.1%, as of March 31, 2025 compared to December 31, 2024, while short-term borrowings and repurchase agreements increased by $1.8 million, or 4.4%, primarily due to increased balances in repurchase agreement accounts. At March 31, 2025, total capital increased $2.7 million, or 5.8%, compared to year-end 2024 due to an increase in retained earnings and a decline in other comprehensive losses.

Juniata maintains a strong liquidity position and, as of March 31, 2025, had additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $213.3 million and with the Federal Reserve’s Discount Window of $51.2 million. In addition, Juniata has internal authorization for brokered deposits of up to $175.0 million. Juniata had no brokered deposits outstanding as of March 31, 2025.

Subsequent Event

On April 15, 2025, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on May 16, 2025, payable on May 30, 2025.

Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.

The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fourteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the OTCQX Best Market under the symbol JUVF.

Forward-Looking Information
*This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission.

Financial Statements

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Financial Condition


(Dollars in thousands, except share data)	(Unaudited)
	March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	5,145		$	5,064
Interest bearing deposits with banks		8,364			5,934
Cash and cash equivalents		13,509			10,998

Equity securities		1,114			1,189
Debt securities available for sale		64,772			64,623
Debt securities held to maturity (fair value $184,898 and $182,773, respectively)		189,634			191,627
Restricted investment in bank stock		2,674			2,530
Total loans		538,971			533,869
Less: Allowance for credit losses		(6,278	)		(6,183	)
Total loans, net of allowance for credit losses		532,693			527,686
Premises and equipment, net		9,323			9,382
Bank owned life insurance and annuities		15,273			15,214
Investment in low income housing partnerships		751			832
Core deposit and other intangible assets		240			258
Goodwill		9,812			9,812
Mortgage servicing rights		68			69
Deferred tax asset, net		9,320			9,842
Accrued interest receivable and other assets		4,824			4,812
Total assets	$	854,007		$	848,874
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	198,753		$	196,801
Interest bearing		549,932			551,156
Total deposits		748,685			747,957

Short-term borrowings and repurchase agreements		44,082			42,242
Long-term debt		5,000			5,000
Other interest bearing liabilities		769			830
Accrued interest payable and other liabilities		5,275			5,388
Total liabilities		803,811			801,417
Commitments and contingent liabilities
Stockholders’ Equity:
Preferred stock, no par value: Authorized – 500,000 shares, none issued		—			—
Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at March 31, 2025 and December 31, 2024; Outstanding – 5,016,727 shares at March 31, 2025 and 5,003,384 shares at December 31, 2024		5,151			5,151
Surplus		24,712			24,896
Retained earnings		54,034			53,126
Accumulated other comprehensive loss		(31,522	)		(33,320	)
Cost of common stock in Treasury: 134,552 shares at March 31, 2025; 147,895 shares at December 31, 2024		(2,179	)		(2,396	)
Total stockholders’ equity		50,196			47,457
Total liabilities and stockholders’ equity	$	854,007		$	848,874

Juniata Valley Financial Corp. and Subsidiary
Consolidated Statements of Income (Unaudited)


	Three Months Ended
(Dollars in thousands, except share and per share data)	March 31,
	2025			2024
Interest income:
Loans, including fees	$	7,781		$	7,467
Taxable securities		1,365			1,465
Tax-exempt securities		30			30
Other interest income		17			43
Total interest income		9,193			9,005
Interest expense:
Deposits		2,803			2,642
Short-term borrowings and repurchase agreements		531			698
Long-term debt		30			117
Other interest bearing liabilities		7			9
Total interest expense		3,371			3,466
Net interest income		5,822			5,539
Provision for credit losses		104			120
Net interest income after provision for credit losses		5,718			5,419
Non-interest income:
Customer service fees		460			371
Debit card fee income		422			404
Earnings on bank-owned life insurance and annuities		57			56
Trust fees		131			107
Commissions from sales of non-deposit products		101			102
Fees derived from loan activity		115			171
Change in value of equity securities		(28	)		(13	)
Gain from life insurance proceeds		—			—
Other non-interest income		88			98
Total non-interest income		1,346			1,296
Non-interest expense:
Employee compensation expense		1,975			2,208
Employee benefits		546			645
Occupancy		366			332
Equipment		217			143
Data processing expense		629			663
Professional fees		206			254
Taxes, other than income		31			56
FDIC Insurance premiums		135			155
Gain on other real estate owned		—			—
Amortization of intangible assets		18			22
Amortization of investment in low-income housing partnerships		81			81
Merger and acquisition expense		—			—
Other non-interest expense		481			600
Total non-interest expense		4,685			5,159
Income before income taxes		2,379			1,556
Income tax provision		371			201
Net income	$	2,008		$	1,355
Earnings per share
Basic	$	0.40		$	0.27
Diluted	$	0.40		$	0.27

The MIL Network –

April 23, 2025

MIL-OSI China: China prolongs policies to keep job market stable, enhance skills

Source: China State Council Information Office 2

China will extend key unemployment insurance policies through 2025 to help companies retain jobs and support workers in enhancing their skills, authorities announced Tuesday.
The announcement was made through a circular, jointly issued by the Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Taxation Administration, outlining measures to help enterprises maintain stable employment.
Until the end of 2025, companies that do not lay off employees or minimize layoffs will continue to receive refunds of a certain percentage of unemployment insurance premiums paid in the previous year, according to the policy.
To help workers improve their skills, the extended policy relaxes eligibility requirements and expands coverage for skills-upgrading subsidies.
These measures also ensure continued provision of basic living allowances — including unemployment benefits, basic medical insurance coverage, and support for older unemployed individuals.
China has set a target of maintaining the surveyed urban unemployment rate at around 5.5 percent in 2025, while aiming to create over 12 million new urban jobs this year. The average surveyed urban unemployment rate stood at 5.3 percent in the first quarter of 2025.

MIL OSI China News –

April 23, 2025

MIL-OSI: Auburn National Bancorporation, Inc. Reports First Quarter Net Earnings

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights:

Net income of $1.5 million, or $0.44 per share, compared to $1.4 million, or $0.39 per share in 1Q 2024
Net interest income (tax-equivalent) was $7.1 million, an increase of 6% compared to 1Q 2024
Net interest margin (tax-equivalent) of 3.20%, compared to 3.04% in 1Q 2024
Strong balance sheet –
- Credit quality – Nonperforming assets to total assets were 0.05%
- Liquidity – Cash and cash equivalents to total assets increased to 11.90%, compared to 7.41% at March 31, 2024
- Capital – Tangible Common Equity (“TCE”) to total assets improved to 8.34%, compared to 7.61% at March 31, 2024

AUBURN, Ala., April 22, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation, Inc. (Nasdaq: AUBN) reported net earnings of $1.5 million, or $0.44 per share, for the first quarter of 2025, compared to $1.6 million, or $0.45 per share, for the fourth quarter of 2024, and $1.4 million, or $0.39 per share, for the first quarter of 2024.

“Our first quarter results reflect strong credit quality and continued improvement in our net interest margin,” said David A. Hedges, President and CEO. “While loan demand has slowed, we remain optimistic that our net interest margin will continue to improve as loans and securities re-price. Once again, our capital and liquidity remain strong and we are well positioned to meet the needs of our customers,” continued Mr. Hedges.

Net interest income (tax-equivalent) was $7.1 million in the first quarter of 2025, compared to $7.0 million in the fourth quarter of 2024, and $6.7 million in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our net interest margin, partially offset by a decrease in average interest earning assets of 1%. The increase compared to the first quarter of 2024 was primarily due to improvements in our net interest margin and an increase in average interest earning assets of 1%.

Net interest margin (tax-equivalent) was 3.20% in the first quarter of 2025, compared to 3.09% in the fourth quarter of 2024, and 3.04% in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our yield on interest-earning assets and a decrease in our cost of interest-bearing deposits. The increase compared to the first quarter of 2024 was primarily due to a more favorable asset mix, and improvements in our yield on interest-earning assets, which outpaced increases in the cost of our interest-bearing deposits.

Nonperforming assets were $0.5 million, or 0.05% of total assets, at March 31, 2025 and December 31, 2024, respectively, compared to $0.9 million, or 0.09% of total assets, at March 31, 2024.

The Company recorded a negative provision for credit losses of $(10) thousand in the first quarter of 2025, compared to a negative provision of $(48) thousand in the fourth quarter of 2024 and a charge to provision for credit losses of $334 thousand in the first quarter of 2024.

At March 31, 2025, the Company’s allowance for credit losses was $6.8 million, or 1.20% of total loans, compared to $6.9 million, or 1.22% of total loans, at December 31, 2024, and $7.2 million, or 1.27% of total loans, at March 31, 2024.

Noninterest income was $0.8 million for the first quarter of 2025, compared to $0.8 million for the fourth quarter of 2024, and $0.9 million in the first quarter of 2024. The decrease compared to both the fourth quarter and first quarter of 2024 was primarily due to decreases in mortgage lending income and other noninterest income.

Noninterest expense was $5.9 million for the first quarter of 2025, compared to $5.5 million for the fourth quarter of 2024, and $5.7 million in the first quarter of 2024. The increase from the fourth quarter of 2024 was primarily related to routine increases in salaries and benefits expense and an increase in net occupancy expense attributable to repairs and maintenance costs and seasonal fluctuations in utilities costs and parking revenue. The increase compared to the first quarter of 2024 was primarily related to routine increases in salaries and benefits expense.

The provision for income tax expense was $0.4 million for the first quarter of 2025, compared to income tax expense of $0.8 million for the fourth quarter of 2024, and income tax expense of $0.2 million for the first quarter of 2024.

The effective tax rate for the first quarter of 2025 was 20.40%, compared to 34.73% for the fourth quarter of 2024 and 10.68% for the first quarter of 2024. Except for the fourth quarter of 2024, the Company’s effective income tax rate is principally affected by tax-exempt earnings from the Company’s investments in municipal securities and loans, bank-owned life insurance, and New Markets Tax Credits. The provision for income tax expense and the effective tax rate for the fourth quarter of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth quarter of 2024, would have been 21.55%.

Total assets were $996.8 million at March 31, 2025, compared to $977.3 million at December 31, 2024 and $979.0 million at March 31, 2024. Loans, net of unearned income were $560.7 million at March 31, 2025, compared to $564.0 million at December 31, 2024 and $567.5 million at March 31, 2024. The decrease is primarily due to payoffs in the commercial and industrial and commercial real estate loan portfolio segments exceeding growth in construction and land development loans. Total deposits were $910.5 million at March 31, 2025, compared to $895.8 million at December 31, 2024, and $899.7 million at March 31, 2024. The increase compared to both December 31, 2024 and March 31, 2024, was primarily related to growth in both noninterest and interest-bearing demand deposit account balances.

At March 31, 2025, the Company’s consolidated stockholders’ equity (book value) was $83.1 million or $23.79 per share, compared to $78.3 million, or $22.41 per share, at December 31, 2024, and $74.5 million, or $21.32 per share, at March 31, 2024. The increase from December 31, 2024 was primarily driven by other comprehensive income of $4.2 million due to a decrease in unrealized losses on securities available-for-sale, net of tax, plus net earnings of $1.5 million. These increases in stockholders’ equity were partially offset by cash dividends paid of $0.9 million. Unrealized losses on our securities portfolio vary with market interest rates and do not affect the Bank’s capital for regulatory capital purposes.

The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.34% at March 31, 2025, compared to 8.01% at December 31, 2024, and 7.61% at March 31, 2024. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

The Company paid cash dividends of $0.27 per share in the first quarter of 2025. At March 31, 2025, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

About Auburn National Bancorporation, Inc.

Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $996.8 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank currently operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements with respect to our objectives, expectations, anticipations, estimates and intentions and all statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “designed”, “plan,” “point to,” “project,” “could,” “intend,” “target,” “seek” and other similar words and expressions of the future. Forward looking statements, include, without limitation, statements about future financial and operating results, costs and revenues, government policies and changes in policies, including Federal Reserve monetary and regulatory actions. Forward looking statements also include statements about economic conditions generally in our markets and which may affect us, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation and employment, including Federal Reserve monetary policies.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements and/or financial condition of the Company or the Bank to be materially different from future results, performance, achievements or financial condition expressed or implied by such forward-looking statements. Forward looking statements may not be realized due numerous factors, including, without limitation, changes in employment levels, actual and expected changes in interest rates and interest rate expectations (generally and those applicable to our assets and liabilities) and the shape of the yield curve, and related changes in our asset values, especially investment securities, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including possible adjustments to the fair values of securities available for sale, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends. You should not expect us to update any forward-looking statements.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those described in the “Cautionary Note Regarding Forward-Looking Statements” and the risks and uncertainties described under “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 and otherwise in our other SEC reports and filings.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

Financial Highlights (unaudited)									Quarter ended
				March 31,			December 31,		March 31,
(Dollars in thousands, except per share amounts)				2025			2024		2024
Results of Operations
Net interest income (a)			$	7,062			6,988		6,677
Less: tax-equivalent adjustment				17			19		20
	Net interest income (GAAP)			7,045			6,969		6,657
Noninterest income				747			845		887
	Total revenue			7,792			7,814		7,544
Provision for credit losses				(10	)		(48	)	334
Noninterest expense				5,880			5,472		5,675
Income tax expense				392			830		164
Net earnings			$	1,530			1,560		1,371

Per share data:
Basic and diluted net earnings			$	0.44			0.45		0.39
Cash dividends declared			$	0.27			0.27		0.27
Weighted average shares outstanding:
	Basic and diluted			3,493,699			3,493,699		3,493,663
Shares outstanding, at period end				3,493,699			3,493,699		3,493,699
Stockholders’ equity (book value)			$	23.79			22.41		21.32
Common stock price:
	High		$	23.37			24.57		21.55
	Low			20.36			20.06		18.82
	Period-end			21.59			23.49		19.27
		To earnings ratio (c)		11.42		x	12.77		83.78
		To book value		91		%	105		90
Performance ratios:
Return on average equity (annualized)				7.83		%	7.49		7.13
Return on average assets (annualized)				0.62		%	0.63		0.56
Dividend payout ratio				61.36		%	60.00		69.23
Other financial data:
Net interest margin (a)				3.20		%	3.09		3.04
Effective income tax rate				20.40		%	34.73		10.68
Efficiency ratio (b)				75.30		%	69.86		75.03
Asset Quality:
Nonperforming assets:
	Nonperforming (nonaccrual) loans		$	520			503		878
		Total nonperforming assets	$	520			503		878

Net charge-offs (recoveries)			$	64			(16	)	(67	)

Allowance for credit losses as a % of:
	Loans			1.20		%	1.22		1.27
	Nonperforming loans			1,298		%	1,366		822
Nonperforming assets as a % of:
	Loans and other real estate owned			0.09		%	0.09		0.15
	Total assets			0.05		%	0.05		0.09
Nonperforming loans as a % of total loans				0.09		%	0.09		0.15
Annualized net charge-offs (recoveries) as a % of average loans				0.05		%	(0.01	)	(0.05	)
Selected average balances:
Securities			$	240,588			255,168		267,606
Loans, net of unearned income				566,082			567,634		560,757
Total assets				987,272			991,275		976,930
Total deposits				906,805			904,605		897,051
Total stockholders’ equity				78,158			83,325		76,948
Selected period end balances:
Securities			$	242,468			243,012		260,770
Loans, net of unearned income				560,650			564,017		567,520
Allowance for credit losses				6,750			6,871		7,215
Total assets				996,786			977,324		979,039
Total deposits				910,503			895,824		899,673
Total stockholders’ equity				83,115			78,292		74,489

(a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation
	of GAAP to non-GAAP Measures (unaudited).”
(b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and
	tax-equivalent net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.
(c) Calculated by dividing period end share price by earnings per share for the previous four quarters.

Reconciliation of GAAP to non-GAAP Measures (unaudited):
				Quarter ended
		March 31,	December 31,	March 31,
(Dollars in thousands, except per share amounts)		2025	2024	2024
Net interest income, as reported (GAAP)	$	7,045	6,969	6,657
Tax-equivalent adjustment		17	19	20
Net interest income (tax-equivalent)	$	7,062	6,988	6,677

The MIL Network –

April 23, 2025

MIL-OSI: BigCommerce and Noibu Share Joint Vision of Curated Composability to Deliver Seamless Site Performance and Accelerated Innovation for Online Merchants

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, April 22, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced discussions regarding a potential expansion of its commercial partnership with Noibu, a leading ecommerce intelligence platform that helps brands detect, prioritize, and resolve revenue-impacting issues while delivering seamless customer experiences. The partnership, if finalized, would reflect the joint value of “curated composability,” enabling brands, retailers, manufacturers and distributors of all sizes to leverage best-in-class solutions without the procurement delays or complex integrations.

“BigCommerce sees the ecommerce landscape becoming more complex with the growing number of channels being introduced,” said Travis Hess, CEO at BigCommerce. “Engaging and selling through multiple channels has created an orchestration challenge for brands and organizations. Our composable approach addresses that challenge by allowing them to leverage best-in-class partners and capabilities. By partnering with Noibu, we would deliver a frictionless way to unlock deeper customer experience insights, site intelligence, reduce development cycles and drive revenue — all without the delay of traditional contracting.”

Through this proposed integration, brands and retailers would be able to seamlessly activate Noibu’s enterprise-grade ecommerce intelligence capabilities without the need for separate contracts. This would streamline procurement, simplify operations, and empower teams to uncover a wide range of technical and customer experiences issues — from hidden bugs to performance bottlenecks — that can hinder revenue growth. With comprehensive error detection, root-cause analysis, and prioritized recommendations, merchants could innovate faster, enhance digital experiences, and capture more conversions.

Unlocking Conversion Opportunities at Speed

Today, BigCommerce and Noibu enable brands to innovate confidently by identifying and resolving potential shopper experience issues before they affect revenue.

Later this year, BigCommerce plans to make it easier for its enterprise customers to purchase Noibu without additional procurement friction or integration complexity.

Key partnership benefits would include:

Faster Time to Value: Noibu could be activated instantly through the BigCommerce agreement — eliminating delays and enabling immediate performance insights.
Proactive Revenue Protection: Instead of waiting for problems to surface, merchants could continuously monitor their storefront for high-impact disruptions and prioritize fixes based on business value.
Collaborative Merchant Success: BigCommerce and Noibu teams would work in sync, offering a fully supported solution that strengthens the merchant experience from storefront to support.

“Our collaboration with BigCommerce and Noibu has led to significant improvement in our ecommerce operations,” said Mike Hoefer, director of web product and strategy at King Arthur Baking. “The combination of Noibu’s advanced error monitoring and resolution capabilities and BigCommerce’s robust ecommerce platform has helped us enhance our site performance, increase customer satisfaction and avoid potential revenue losses.”

A Partnership Built for Growth

The proposed structure of this partnership would ensure that BigCommerce and Noibu could support merchants at every stage of growth — whether optimizing conversion rates, scaling traffic during peak seasons or maintaining performance across complex ecommerce architectures.

“At Noibu, we share BigCommerce’s vision of empowering merchants to deliver fast, reliable, and insight-driven ecommerce experiences,” said Kailin Noivo, president and co-founder of Noibu. “By joining forces, we would eliminate the guesswork from issue resolution and help brands recover every dollar of potential revenue—all through one streamlined, unified solution.”

To learn more about the existing Noibu-BigCommerce integration, and how to activate it, visit https://www.bigcommerce.com/apps/noibu/

Read King Arthur Baking’s case study to learn more about how the brand is leveraging BigCommerce and Noibu: https://www.noibu.com/customers/case-studies/king-arthur-baking-company-noibu-case-study

About BigCommerce
BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

About Noibu
Noibu is the leading ecommerce intelligence platform trusted by global brands to detect, prioritize, and resolve technical issues that disrupt the customer journey and impact revenue. By surfacing hidden errors, performance blockers, and root causes, Noibu empowers teams to deliver seamless shopping experiences, reduce lost revenue, and innovate with confidence. Learn more at www.noibu.com.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

Media Contact:
Brad Hem
pr@bigcommerce.com

The MIL Network –

April 23, 2025

MIL-OSI: Auto Shanghai 2025: Cerence AI Partners with Industry Leaders to Showcase xUI, its Hybrid, Agentic AI Assistant Platform

Source: GlobeNewswire (MIL-OSI)

SHANGHAI and BURLINGTON, Mass., April 22, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, will demo Cerence xUI™, its agentic AI assistant platform that works across the edge and the cloud, for the first time at Auto Shanghai 2025. The platform will be showcased in both English and Mandarin in partnership with Great Wall Motor (GWM) and TCL, a leading consumer electronics company.

Cerence AI will demonstrate xUI in a GWM car, unveiling the future of LLM-powered in-car experiences in a real vehicle setting. In addition, in partnership with TCL, Cerence AI will showcase an in-car interaction experience integrating Cerence xUI with TCL’s Intelligent Automotive solutions in a state-of-the-art driving simulator. The demos will include:

Multi-Modal SLM – New multi-modal capabilities with CaLLM Edge™ that make in-car interactions smarter, more perceptive, and more human than ever, going far beyond pure infotainment.
Integrated Model Architecture – Cerence xUI leverages the CaLLM™ family of language models, third-party LLMs, real-time data sources, and contextual data from the car to create an engaging, conversational interface. In Cerence AI and TCL’s joint demo, users will also have simple access to DeepSeek.
Dual- and Multi-Seat Interaction and Multi-Screen Synchronization – Voice-controlled screen casting and operations will allow for synchronized interactions between front and rear seats, fostering collaboration among the driver, passengers, and Cerence xUI for intelligent dialogue.
Smart Home Integration – Seamless connectivity between Cerence xUI and TCL’s extensive ecosystem of smart home systems, allowing for intelligent home control directly from the car.

“Auto Shanghai 2025 marks an important milestone in the Cerence xUI journey, with the first public demo of our next-gen, agentic AI platform,” said Christian Mentz, Chief Revenue Officer, Cerence AI. “We are thrilled to team up with industry leaders GWM and TCL as our innovation partners telling this exciting story to the world. With GWM, we continue our long-term partnership to bring AI innovation to their cars as they expand globally, and it’s an honor to have a GWM vehicle in our booth as the first illustration of Cerence xUI in a real car. And, we are excited to collaborate with TCL to showcase advanced in-car interaction, as well as together explore opportunities beyond automotive.”

“In the era of intelligent mobility, voice has become the most natural bridge between humans and vehicles. As a global leader in AI-powered voice technology, Cerence continues to push the boundaries of smart interaction,” said Nicole Wu, Vice President & Chief Technology Officer, GWM. “At GWM, we are proud to partner with Cerence to co-create intelligent cockpit experiences that are not only advanced, but intuitive and human centric. Looking ahead, we believe our continued collaboration will drive innovation and shape a smarter, more connected future of mobility.”

Ryan Hao, General Manager, TCL Automotive BU, said, “As TCL continues to expand its presence in the automotive sector, this collaboration underscores our shared commitment to innovative breakthroughs. By combining TCL’s cutting-edge intelligent cockpit technologies with Cerence AI’s extensive automotive experience and leading advancements in AI, we aspire to revolutionize the future of mobility through transformative opportunities.”

Cerence AI’s booth at Auto Shanghai is located at NECC Shanghai, Hall 8.2, booth number 8BD002. To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

About Cerence Inc.
Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

Contact Information

Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

The MIL Network –

April 23, 2025

MIL-OSI: Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

Source: GlobeNewswire (MIL-OSI)

Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

Siili Solutions Plc Stock exchange release 22 April 2025 at 14:10 EEST

This is a correction to the stock exchange release published by Siili Solutions Plc on 22 April 2025 at 9:30 am by which the company published its business review for the period 1 January – 31 March 2025. In the key figures table there was “Total full-time employees and subcontractors (FTE) at the end of the period” instead of two separate key figures “Number of full-time employees (FTE) at the end of the period” and “Number of full-time subcontractors (FTE) at the end of the period”.

The corrected release is stated below as a whole and the revised report is attached to this release.

Q1 2025 for Siili: Siili continued AI strategy implementation and actions for profitability improvements, revenue at the previous year’s level

January-March 2025

We completed the acquisition of a majority stake in Intergrations Group Oy
We launched an Advisory service to accelerate our clients’ digital business and use of artificial intelligence
We adjusted our competence profile to match our strategy and the current market situation
The revenue for the first quarter was EUR 29.9 (29.8) million, representing increase of 0.3% year on year. Organically, revenue decreased by 1.6% from the comparison period.
Adjusted EBITA for the first quarter was EUR 1.3 (1.6) million, which corresponds to 4.2% (5.3%) of revenue

EUR million	Q1/2025	Q1/2024
Revenue	29.9	29.8
Revenue growth, %	0.3%	-11.3%
Organic revenue growth, %	-1.6%	-11.3%
Share of international revenue, %	27.1%	27.7%
Adjusted EBITA	1.3	1.6
Adjusted EBITA, % of revenue	4.2%	5.3%
EBITA	1.2	1.4
EBIT	0.9	1.1
Earnings per share, EUR	0.05	0.07
Number of employees at the end of the period	957	973
Average number of employees during the period	950	990
Number of full-time employees (FTE) at the end of the period	931	950
Number of full-time subcontractors (FTE) at the end of the period	144	137

Outlook of 2025

Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

CEO Tomi Pienimäki:

The first quarter of this year was challenging for Siili as the sluggish market conditions prevailed, and we took concrete steps to improve the profitability of our operations. However, many positive developments also occurred during the initial months of the year while we focused with determination on the implementation of our strategy.

The Group’s revenue in January-March amounted to just under EUR 30 million, broadly at the previous year’s level. Adjusted EBITA for the first quarter amounted to EUR 1.3 million, 4.2% of revenue. Profitability came in slightly weaker than last year, in line with our expectations. However, when comparing to the previous year’s result, it is worth noting that the adjusted EBITA for the comparison period was improved by the temporary layoffs implemented during Q1 2024.

During the initial months of the year, we have seen encouraging developments in the market, with our customers moving from testing artificial intelligence to firm transition programmes. In March, we launched a new Advisory service to accelerate our customers’ digital business and adoption of AI.

An example of how we support our customers on their AI journey is an AI-assisted training programme we delivered for Alma Media at the beginning of the year. It is a tailored solution that helps Alma Media to integrate AI seamlessly into its operations and culture.

Siili also worked with Varma to modernise a key system. The objective of the modernisation was to simplify the maintenance of the system and improve its scalability and development potential, ensuring it continues to meet Varma’s business needs reliably into the future. The work was carried out in stages and in close cooperation with the client, ensuring the continuous operability of the system.

During the opening months of the year, we have also built new cooperation networks that allow extensive utilisation of Siii’s expertise. In March, Siili was accepted as a member in the Digital Defence Ecosystem, which brings together Finland’s leading technology companies to support national defence capabilities and the security of supply. Siili also became an NVIDIA partner earlier this year as part of the NVIDIA Partner Network (NPN), which significantly supports us in bringing scalable, production-ready AI solutions to our customers.

In February–March, we adjusted our competence profile to align with the strategy we released last year, and current market conditions. Following change negotiations started in February, we will reduce 25 roles from Siili Finland’s functions and 8 from Siili Auto Finland. Actions affecting personnel are always difficult for the organisation, but we believe these adjustments will strengthen Siili’s competitiveness and profitability. With these measures, we estimate that we will achieve a total of 2.2 million euros in annual cost savings.

To strengthen Siili’s competence profile, we concluded the acquisition of a majority stake in Integrations Group Oy at the beginning of the year. Integrations Group is now part of Siili, and the collaboration has started strongly. We continue to strengthen our competence profile in line with the strategy also through recruitment and human resources development.

I want to thank all our customers and partners for the past few months, but above all, I extend my thanks to the Siili team for their commitment and outstanding work during the quarter.

—

This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

Further information:
CEO Tomi Pienimäki
Tel: +358 40 834 1399, email: tomi.pienimaki(at)siili.com
CFO Aleksi Kankainen
Tel: +358 40 534 2709, email: aleksi.kankainen(at)siili.com

Distribution:
Nasdaq Helsinki Ltd
Main media
www.siili.com/en

Siili Solutions in brief:
Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

Attachment

Siili Solutions_Q1_2025_corrected_EN

The MIL Network –

April 22, 2025

MIL-OSI: Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

Source: GlobeNewswire (MIL-OSI)

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

Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

Year-to-date Recruiting Update

Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

Highlights for the First Quarter of 2025 included:

Total deposits increased $717.0 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
The cost of total deposits declined by 19 basis points versus the prior quarter;
The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

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


(Dollars in thousands)	Q1 2025				Q4 2024				Q1 2024
Net interest income	$	94,213			$	91,098			$	71,530
Purchase accounting amortization (accretion) on loans (“PAA”)		(124	)			(1,268	)			(82	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	94,089			$	89,830			$	71,448

Average interest-earning assets	$	12,963,320			$	12,974,958			$	13,015,755

NIM⁽¹⁾		2.95		%		2.79		%		2.21		%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.94		%		2.75		%		2.21		%

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

Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

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

Loan Portfolio

The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

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


	March 31, 2025				December 31, 2024				March 31, 2024
(Dollars in thousands)	Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,788,848	6.55	%	$	2,726,602	6.56	%	$	2,327,403	6.90	%
One-to-four family residential, including condominium and cooperative apartment		961,562	4.77			952,195	4.72			873,671	4.48
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,780,078	4.46			3,820,492	4.49			3,996,654	4.57
Non-owner-occupied commercial real estate		3,191,536	5.07			3,231,398	5.13			3,386,333	5.24
Acquisition, development, and construction		140,309	7.96			136,172	7.95			175,352	8.40
Other loans		6,402	10.39			5,084	10.51			5,170	7.10
Loans held for investment	$	10,868,735	5.25	%	$	10,871,943	5.26	%	$	10,764,583	5.34	%

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

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


(Dollars in millions)	Q1 2025		Q4 2024		Q1 2024
Loan originations	$	71.5	$	187.5	$	98.3

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

Non-Interest Income

Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

Non-Interest Expense

Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Income Tax Expense

Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

Credit Quality

Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

Capital Management

Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Earnings Call Information

The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

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

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

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

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

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

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

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


	March 31,			December 31,			March 31,
	2025			2024			2024
Assets:
Cash and due from banks	$	1,030,702		$	1,283,571		$	370,852
Securities available-for-sale, at fair value		710,579			690,693			859,216
Securities held-to-maturity		631,334			637,339			589,331
Loans held for sale		2,527			22,625			8,973
Loans held for investment, net:
Business loans⁽¹⁾		2,788,848			2,726,602			2,327,403
One-to-four family and cooperative/condominium apartment		961,562			952,195			873,671
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,780,078			3,820,492			3,996,654
Non-owner-occupied commercial real estate		3,191,536			3,231,398			3,386,333
Acquisition, development and construction		140,309			136,172			175,352
Other loans		6,402			5,084			5,170
Allowance for credit losses		(90,455	)		(88,751	)		(76,068	)
Total loans held for investment, net		10,778,280			10,783,192			10,688,515
Premises and fixed assets, net		33,650			34,858			44,501
Restricted stock		66,987			69,106			74,346
BOLI		389,167			290,665			352,277
Goodwill		155,797			155,797			155,797
Other intangible assets		3,644			3,896			4,753
Operating lease assets		45,657			46,193			51,988
Derivative assets		98,740			116,496			135,162
Accrued interest receivable		56,044			55,970			55,369
Other assets		94,574			162,857			110,012
Total assets	$	14,097,682		$	14,353,258		$	13,501,092
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,245,409		$	3,355,829		$	2,819,481
Interest-bearing checking		950,090			1,079,823			635,640
Savings (excluding mortgage escrow deposits)		1,939,852			1,927,903			2,347,114
Money market		4,271,363			4,198,784			3,440,083
Certificates of deposit		1,121,068			1,069,081			1,555,157
Deposits (excluding mortgage escrow deposits)		11,527,782			11,631,420			10,797,475
Non-interest-bearing mortgage escrow deposits		88,138			54,715			101,229
Interest-bearing mortgage escrow deposits		4			6			173
Total mortgage escrow deposits		88,142			54,721			101,402
FHLBNY advances		508,000			608,000			773,000
Other short-term borrowings		—			50,000			—
Subordinated debt, net		272,370			272,325			200,174
Derivative cash collateral		85,230			112,420			132,900
Operating lease liabilities		48,432			48,993			54,727
Derivative liabilities		92,516			108,347			122,112
Other liabilities		63,197			70,515			79,931
Total liabilities		12,685,669			12,956,741			12,261,721
Stockholders’ equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			416
Additional paid-in capital		623,305			624,822			492,834
Retained earnings		803,202			794,526			819,130
Accumulated other comprehensive loss (“AOCI”), net of deferred taxes		(39,045	)		(45,018	)		(85,466	)
Unearned equity awards		(12,909	)		(7,640	)		(10,191	)
Treasury stock, at cost		(79,570	)		(87,203	)		(93,921	)
Total stockholders’ equity		1,412,013			1,396,517			1,239,371
Total liabilities and stockholders’ equity	$	14,097,682		$	14,353,258		$	13,501,092

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
⁽²⁾ Includes loans underlying multifamily cooperatives.
⁽³⁾ While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

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

	Three Months Ended
	March 31,		December 31,			March 31,
	2025		2024			2024
Interest income:
Loans	$	142,705	$	148,000		$	143,565
Securities		11,323		10,010			7,880
Other short-term investments		7,837		7,473			9,564
Total interest income		161,865		165,483			161,009
Interest expense:
Deposits and escrow		58,074		64,773			73,069
Borrowed funds		8,381		8,542			14,697
Derivative cash collateral		1,197		1,070			1,713
Total interest expense		67,652		74,385			89,479
Net interest income		94,213		91,098			71,530
Provision for credit losses		9,626		13,715			5,210
Net interest income after provision		84,587		77,383			66,320
Non-interest income:
Service charges and other fees		4,643		3,942			4,544
Title fees		98		226			133
Loan level derivative income		61		491			406
BOLI income		3,993		2,825			2,461
Gain on sale of Small Business Administration (“SBA”) loans		82		22			253
Gain on sale of residential loans		32		83			77
Fair value change in equity securities and loans held for sale		18		15			(842	)
Net loss on sale of securities		—		(42,810	)		—
Gain on sale of other assets		—		554			2,968
Other		706		791			467
Total non-interest income (loss)		9,633		(33,861	)		10,467
Non-interest expense:
Salaries and employee benefits		35,651		35,761			32,037
Severance		76		1,254			42
Occupancy and equipment		8,002		7,569			7,368
Data processing costs		4,794		4,483			4,313
Marketing		1,666		1,897			1,497
Professional services		2,116		2,345			1,467
Federal deposit insurance premiums⁽¹⁾		2,047		2,116			2,239
Loss on extinguishment of debt		—		—			453
Loss due to pension settlement		7,231		1,215			—
Amortization of other intangible assets		252		285			307
Other		3,676		3,688			2,788
Total non-interest expense		65,511		60,613			52,511
Income (loss) before taxes		28,709		(17,091	)		24,276
Income tax expense⁽²⁾		7,251		3,322			6,585
Net income (loss)		21,458		(20,413	)		17,691
Preferred stock dividends		1,822		1,821			1,821
Net income (loss) available to common stockholders	$	19,636	$	(22,234	)	$	15,870
Earnings (loss) per common share (“EPS”):
Basic	$	0.45	$	(0.54	)	$	0.41
Diluted	$	0.45	$	(0.54	)	$	0.41

Average common shares outstanding for diluted EPS		42,948,690		40,767,161			38,255,559

⁽¹⁾ Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
⁽²⁾ Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

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

	At or For the Three Months Ended
	March 31,			December 31,				March 31,
	2025			2024				2024
Per Share Data:
Reported EPS (Diluted)	$	0.45		$	(0.54	)		$	0.41
Cash dividends paid per common share		0.25			0.25				0.25
Book value per common share		29.58			29.34				28.84
Tangible common book value per share⁽¹⁾		25.94			25.68				24.72
Common shares outstanding		43,799			43,622				38,932
Dividend payout ratio		55.56	%		(46.30	)	%		60.98	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.62	%		(0.59	)	%		0.51	%
Return on average equity		6.04			(6.02	)			5.68
Return on average tangible common equity⁽¹⁾		6.92			(8.16	)			6.64
Net interest margin		2.95			2.79				2.21
Non-interest expense to average assets		1.90			1.76				1.52
Efficiency ratio		63.1			105.9				64.0
Effective tax rate		25.26			(19.44	)			27.13

Balance Sheet Data:
Average assets	$	13,777,665		$	13,759,002			$	13,794,924
Average interest-earning assets		12,963,320			12,974,958				13,015,755
Average tangible common equity⁽¹⁾		1,145,915			1,080,177				968,719
Loan-to-deposit ratio at end of period⁽²⁾		93.6			93.0				98.8

Capital Ratios and Reserves – Consolidated:⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.15	%		7.89		%		7.21	%
Tangible equity to tangible assets⁽¹⁾		8.99			8.71				8.09
Tier 1 common equity ratio		11.12			11.06				10.00
Tier 1 risk-based capital ratio		12.23			12.17				11.11
Total risk-based capital ratio		15.71			15.65				13.78
Tier 1 leverage ratio		9.46			9.38				8.48
Consolidated CRE concentration ratio⁽⁴⁾		442			447				534
Allowance for credit losses/ Total loans		0.83			0.82				0.71
Allowance for credit losses/ Non-performing loans		155.85			179.37				218.42

⁽¹⁾ See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
⁽²⁾ Total deposits include mortgage escrow deposits, which fluctuate seasonally.
⁽³⁾ March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.
⁽⁴⁾ The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

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

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,748,142	$	45,047	6.65	%	$	2,681,953	$	46,791	6.94	%	$	2,308,319	$	39,224	6.83	%
One-to-four family residential, including condo and coop		962,046		11,069	4.67			943,319		11,061	4.66			886,588		9,770	4.43
Multifamily residential and residential mixed-use		3,796,754		42,329	4.52			3,848,579		44,152	4.56			4,000,510		46,019	4.63
Non-owner-occupied commercial real estate		3,214,758		41,326	5.21			3,265,906		42,865	5.22			3,371,438		44,776	5.34
Acquisition, development, and construction		138,428		2,906	8.51			139,440		3,101	8.85			169,775		3,692	8.75
Other loans		5,740		28	1.98			4,781		30	2.50			5,420		84	6.23
Securities		1,372,563		11,323	3.35			1,455,449		10,010	2.74			1,578,330		7,880	2.01
Other short-term investments		724,889		7,837	4.38			635,531		7,473	4.68			695,375		9,564	5.53
Total interest-earning assets		12,963,320		161,865	5.06	%		12,974,958		165,483	5.07	%		13,015,755		161,009	4.98	%
Non-interest-earning assets		814,345						784,044						779,169
Total assets	$	13,777,665					$	13,759,002					$	13,794,924

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	912,852	$	4,164	1.85	%	$	912,645	$	5,115	2.23	%	$	582,047	$	1,223	0.85	%
Money market		4,076,612		31,294	3.11			3,968,793		33,695	3.38			3,359,884		30,638	3.67
Savings⁽²⁾		1,970,338		14,185	2.92			1,905,866		14,828	3.10			2,368,946		22,810	3.87
Certificates of deposit		973,108		8,431	3.51			1,126,859		11,135	3.93			1,655,882		18,398	4.47
Total interest-bearing deposits		7,932,910		58,074	2.97			7,914,163		64,773	3.26			7,966,759		73,069	3.69
FHLBNY advances		509,111		4,066	3.24			509,630		4,241	3.31			1,094,209		12,143	4.46
Subordinated debt, net		272,341		4,302	6.41			272,311		4,301	6.28			200,188		2,553	5.13
Other short-term borrowings		633		13	8.33			543		—	—			77		1	5.22
Total borrowings		782,085		8,381	4.35			782,484		8,542	4.34			1,294,474		14,697	4.57
Derivative cash collateral		104,126		1,197	4.66			99,560		1,070	4.28			130,166		1,713	5.29
Total interest-bearing liabilities		8,819,121		67,652	3.11	%		8,796,207		74,385	3.36	%		9,391,399		89,479	3.83	%
Non-interest-bearing checking⁽²⁾		3,322,583						3,396,457						2,909,776
Other non-interest-bearing liabilities		213,876						209,712						247,717
Total liabilities		12,355,580						12,402,376						12,548,892
Stockholders’ equity		1,422,085						1,356,626						1,246,032
Total liabilities and stockholders’ equity	$	13,777,665					$	13,759,002					$	13,794,924
Net interest income			$	94,213					$	91,098					$	71,530
Net interest rate spread					1.95	%					1.71	%					1.15	%
Net interest margin					2.95	%					2.79	%					2.21	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,255,493	$	58,074	2.09	%	$	11,310,620	$	64,773	2.28	%	$	10,876,535	$	73,069	2.70	%

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

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

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
Asset Quality Detail	2025			2024			2024
Non-performing loans (“NPLs”)
Business loans⁽¹⁾	$	21,944		$	22,624		$	18,213
One-to-four family residential, including condominium and cooperative apartment		3,763			3,213			3,689
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		31,677			22,960			15
Acquisition, development, and construction		657			657			12,910
Other loans		—			25			—
Total Non-accrual loans	$	58,041		$	49,479		$	34,827
Total Non-performing assets (“NPAs”)	$	58,041		$	49,479		$	34,827

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

NPAs and 90+ Delinquent	$	58,041		$	49,479		$	34,827

NPAs and 90+ Delinquent / Total assets		0.41	%		0.34	%		0.26	%
Net charge-offs (“NCOs”)	$	7,058		$	10,611		$	739
NCOs / Average loans⁽²⁾		0.26	%		0.39	%		0.03	%

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

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

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

The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders
Reported net income (loss) available to common stockholders	$	19,636			$	(22,234	)		$	15,870
Adjustments to net income^(1):
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Severance		76				1,254				42
FDIC special assessment		—				126				—
Loss on extinguishment of debt		—				—				453
Loss due to pension settlement		7,231				1,215				—
Income tax effect of adjustments noted above⁽¹⁾		(2,237	)			(14,258	)			518
BOLI tax adjustment^(2):		—				9,073				—
Adjusted net income available to common stockholders (non-GAAP)	$	24,688			$	17,417			$	14,757

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)
Adjusted EPS (Diluted)	$	0.57			$	0.42			$	0.38
Adjusted return on average assets		0.77		%		0.56		%		0.48		%
Adjusted return on average equity		7.46				5.67				5.32
Adjusted return on average tangible common equity		8.68				6.52				6.18
Adjusted non-interest expense to average assets		1.68				1.68				1.50
Adjusted efficiency ratio		55.8				58.0				64.7

⁽¹⁾ Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
⁽²⁾ Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

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


	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Operating expense as a % of average assets – as reported	1.90		%	1.76		%	1.52		%
Severance	—			(0.04	)		—
FDIC special assessment	—			—			—
Loss on extinguishment of debt	—			—			(0.01	)
Loss due to pension settlement	(0.21	)		(0.04	)		—
Amortization of other intangible assets	(0.01	)		—			(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)	1.68		%	1.68		%	1.50		%

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


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Efficiency ratio – as reported (non-GAAP) ⁽¹⁾		63.1		%		105.9		%		64.0		%
Non-interest expense – as reported	$	65,511			$	60,613			$	52,511
Severance		(76	)			(1,254	)			(42	)
FDIC special assessment		—				(126	)			—
Loss on extinguishment of debt		—				—				(453	)
Loss due to pension settlement		(7,231	)			(1,215	)			—
Amortization of other intangible assets		(252	)			(285	)			(307	)
Adjusted non-interest expense (non-GAAP)	$	57,952			$	57,733			$	51,709
Net interest income – as reported	$	94,213			$	91,098			$	71,530
Non-interest income (loss) – as reported	$	9,633			$	(33,861	)		$	10,467
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Adjusted non-interest income (non-GAAP)	$	9,615			$	8,380			$	8,341
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	103,828			$	99,478			$	79,871
Adjusted efficiency ratio (non-GAAP) ⁽²⁾		55.8		%		58.0		%		64.7		%

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

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


	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Tangible Assets:
Total assets	$	14,097,682			$	14,353,258			$	13,501,092
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible assets (non-GAAP)	$	13,938,241			$	14,193,565			$	13,340,542

Reconciliation of Tangible Common Equity – Consolidated:
Total stockholders’ equity	$	1,412,013			$	1,396,517			$	1,239,371
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible equity (non-GAAP)		1,252,572				1,236,824				1,078,821
Preferred stock, net		(116,569	)			(116,569	)			(116,569	)
Tangible common equity (non-GAAP)	$	1,136,003			$	1,120,255			$	962,252

Common shares outstanding		43,799				43,622				38,932

Tangible common equity to tangible assets (non-GAAP)		8.15		%		7.89		%		7.21		%
Tangible equity to tangible assets (non-GAAP)		8.99				8.71				8.09

Book value per common share	$	29.58			$	29.34			$	28.84
Tangible common book value per share (non-GAAP)		25.94				25.68				24.72

The MIL Network –

April 22, 2025

MIL-OSI: United Community Banks, Inc. Reports First Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

First Quarter 2025 Financial Highlights:

EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis
Total revenue improved $8.9 million, or 3.7%, year-over-year
Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds
Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter
Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits
Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains
Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago
Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis
Efficiency ratio of 56.7%, or 56.2% on an operating basis
Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million
Return on assets of 1.02%, or 1.04% on an operating basis
Pre-tax, pre-provision return on assets of 1.55% on an operating basis
Return on common equity of 7.9%
Return on tangible common equity of 11.2% on an operating basis
Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans
Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans
Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets
Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%
Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call
United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(in thousands, except per share data)

		2025			2024											First Quarter 2025–2024 Change
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			First Quarter 2025–2024 Change
INCOME SUMMARY
Interest revenue	$	335,357		$	344,962		$	349,086		$	346,965		$	336,728
Interest expense		123,336			134,629			139,900			138,265			137,579
Net interest revenue		212,021			210,333			209,186			208,700			199,149		6	%
Noninterest income		35,656			40,522			8,091			36,556			39,587		(10	)
Total revenue		247,677			250,855			217,277			245,256			238,736		4
Provision for credit losses		15,419			11,389			14,428			12,235			12,899
Noninterest expenses		141,099			143,056			143,065			147,044			145,002		(3	)
Income before income tax expense		91,159			96,410			59,784			85,977			80,835		13
Income tax expense		19,746			20,606			12,437			19,362			18,204		8
Net income		71,413			75,804			47,347			66,615			62,631		14
Non-operating items		1,297			2,203			29,385			6,493			2,187
Income tax benefit of non-operating items		(281	)		(471	)		(6,276	)		(1,462	)		(493	)
Net income – operating ⁽¹⁾	$	72,429		$	77,536		$	70,456		$	71,646		$	64,325		13
Pre-tax pre-provision income ⁽⁵⁾	$	106,578		$	107,799		$	74,212		$	98,212		$	93,734		14
PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	0.58		$	0.61		$	0.38		$	0.54		$	0.51		14
Diluted net income – operating ⁽¹⁾		0.59			0.63			0.57			0.58			0.52		13
Cash dividends declared		0.24			0.24			0.24			0.23			0.23		4
Book value		28.42			27.87			27.68			27.18			26.83		6
Tangible book value ⁽³⁾		20.58			20.00			19.66			19.13			18.71		10
Key performance ratios:
Return on common equity – GAAP ⁽²⁾⁽⁴⁾		7.89	%		8.40	%		5.20	%		7.53	%		7.14	%
Return on common equity – operating ^(1)(2)(4)		8.01			8.60			7.82			8.12			7.34
Return on tangible common equity – operating ^(1)(2)(3)(4)		11.21			12.12			11.17			11.68			10.68
Return on assets – GAAP ⁽⁴⁾		1.02			1.06			0.67			0.97			0.90
Return on assets – operating ⁽¹⁾⁽⁴⁾		1.04			1.08			1.01			1.04			0.93
Return on assets – pre-tax pre-provision, excluding non-operating items ^(1)(4)(5)		1.55			1.55			1.50			1.54			1.40
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.36			3.26			3.33			3.37			3.20
Efficiency ratio – GAAP		56.74			56.05			65.51			59.70			60.47
Efficiency ratio – operating ⁽¹⁾		56.22			55.18			57.37			57.06			59.15
Equity to total assets		12.56			12.38			12.45			12.35			12.06
Tangible common equity to tangible assets ⁽³⁾		9.18			8.97			8.93			8.78			8.49
ASSET QUALITY
Nonperforming assets (“NPAs”)	$	93,290		$	115,635		$	114,960		$	116,722		$	107,230		(13	)
Allowance for credit losses – loans		211,974			206,998			205,290			213,022			210,934		—
Allowance for credit losses – total		223,201			217,389			215,517			224,740			224,119		—
Net charge-offs		9,607			9,517			23,651			11,614			12,908
Allowance for credit losses – loans to loans		1.15	%		1.14	%		1.14	%		1.17	%		1.15	%
Allowance for credit losses – total to loans		1.21			1.20			1.20			1.23			1.22
Net charge-offs to average loans ⁽⁴⁾		0.21			0.21			0.52			0.26			0.28
NPAs to total assets		0.33			0.42			0.42			0.43			0.39
AT PERIOD END ($ in millions)
Loans	$	18,425		$	18,176		$	17,964		$	18,211		$	18,375		—
Investment securities		6,661			6,804			6,425			6,038			5,859		14
Total assets		27,874			27,720			27,373			27,057			27,365		2
Deposits		23,762			23,461			23,253			22,982			23,332		2
Shareholders’ equity		3,501			3,432			3,407			3,343			3,300		6
Common shares outstanding (thousands)		119,514			119,364			119,283			119,175			119,137		—

^{(1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.}

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)

		2025			2024
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter

Noninterest income reconciliation
Noninterest income (GAAP)	$	35,656		$	40,522		$	8,091		$	36,556		$	39,587
Loss on sale of manufactured housing loans		—			—			27,209			—			—
Gain on lease termination		—			—			—			—			(2,400	)
Noninterest income – operating	$	35,656		$	40,522		$	35,300		$	36,556		$	37,187

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	141,099		$	143,056		$	143,065		$	147,044		$	145,002
Loss on FinTrust (goodwill impairment)		—			—			—			(5,100	)		—
FDIC special assessment		—			—			—			764			(2,500	)
Merger-related and other charges		(1,297	)		(2,203	)		(2,176	)		(2,157	)		(2,087	)
Noninterest expenses – operating	$	139,802		$	140,853		$	140,889		$	140,551		$	140,415

Net income to operating income reconciliation
Net income (GAAP)	$	71,413		$	75,804		$	47,347		$	66,615		$	62,631
Loss on sale of manufactured housing loans		—			—			27,209			—			—
Gain on lease termination		—			—			—			—			(2,400	)
Loss on FinTrust (goodwill impairment)		—			—			—			5,100			—
FDIC special assessment		—			—			—			(764	)		2,500
Merger-related and other charges		1,297			2,203			2,176			2,157			2,087
Income tax benefit of non-operating items		(281	)		(471	)		(6,276	)		(1,462	)		(493	)
Net income – operating	$	72,429		$	77,536		$	70,456		$	71,646		$	64,325

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	71,413		$	75,804		$	47,347		$	66,615		$	62,631
Income tax expense		19,746			20,606			12,437			19,362			18,204
Provision for credit losses		15,419			11,389			14,428			12,235			12,899
Pre-tax pre-provision income	$	106,578		$	107,799		$	74,212		$	98,212		$	93,734

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.58		$	0.61		$	0.38		$	0.54		$	0.51
Loss on sale of manufactured housing loans		—			—			0.18			—			—
Gain on lease termination		—			—			—			—			(0.02	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.03			—
FDIC special assessment		—			—			—			—			0.02
Merger-related and other charges		0.01			0.02			0.01			0.01			0.01
Diluted income per common share – operating	$	0.59		$	0.63		$	0.57		$	0.58		$	0.52

Book value per common share reconciliation
Book value per common share (GAAP)	$	28.42		$	27.87		$	27.68		$	27.18		$	26.83
Effect of goodwill and other intangibles		(7.84	)		(7.87	)		(8.02	)		(8.05	)		(8.12	)
Tangible book value per common share	$	20.58		$	20.00		$	19.66		$	19.13		$	18.71

Return on tangible common equity reconciliation
Return on common equity (GAAP)		7.89	%		8.40	%		5.20	%		7.53	%		7.14	%
Loss on sale of manufactured housing loans		—			—			2.43			—			—
Gain on lease termination		—			—			—			—			(0.22	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.46			—
FDIC special assessment		—			—			—			(0.07	)		0.23
Merger-related and other charges		0.12			0.20			0.19			0.20			0.19
Return on common equity – operating		8.01			8.60			7.82			8.12			7.34
Effect of goodwill and other intangibles		3.20			3.52			3.35			3.56			3.34
Return on tangible common equity – operating		11.21	%		12.12	%		11.17	%		11.68	%		10.68	%

Return on assets reconciliation
Return on assets (GAAP)		1.02	%		1.06	%		0.67	%		0.97	%		0.90	%
Loss on sale of manufactured housing loans		—			—			0.31			—			—
Gain on lease termination		—			—			—			—			(0.03	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.06			—
FDIC special assessment		—			—			—			(0.01	)		0.03
Merger-related and other charges		0.02			0.02			0.03			0.02			0.03
Return on assets – operating		1.04	%		1.08	%		1.01	%		1.04	%		0.93	%

Return on assets to return on assets – pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.02	%		1.06	%		0.67	%		0.97	%		0.90	%
Income tax expense		0.29			0.30			0.19			0.29			0.27
Provision for credit losses		0.23			0.16			0.21			0.18			0.19
Loss on sale of manufactured housing loans		—			—			0.40			—			—
Gain on lease termination		—			—			—			—			(0.04	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.08			—
FDIC special assessment		—			—			—			(0.01	)		0.04
Merger-related and other charges		0.01			0.03			0.03			0.03			0.04
Return on assets – pre-tax pre-provision – operating		1.55	%		1.55	%		1.50	%		1.54	%		1.40	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		56.74	%		56.05	%		65.51	%		59.70	%		60.47	%
Loss on sale of manufactured housing loans		—			—			(7.15	)		—			—
Gain on lease termination		—			—			—			—			0.60
Loss on FinTrust (goodwill impairment)		—			—			—			(2.07	)		—
FDIC special assessment		—			—			—			0.31			(1.05	)
Merger-related and other charges		(0.52	)		(0.87	)		(0.99	)		(0.88	)		(0.87	)
Efficiency ratio – operating		56.22	%		55.18	%		57.37	%		57.06	%		59.15	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		12.56	%		12.38	%		12.45	%		12.35	%		12.06	%
Effect of goodwill and other intangibles		(3.06	)		(3.09	)		(3.20	)		(3.24	)		(3.25	)
Effect of preferred equity		(0.32	)		(0.32	)		(0.32	)		(0.33	)		(0.32	)
Tangible common equity to tangible assets		9.18	%		8.97	%		8.93	%		8.78	%		8.49	%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End

		2025	2024									Linked Quarter Change			Year over Year Change
(in millions)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter			First Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,419	$	3,398	$	3,323	$	3,297		$	3,310	$	21		$	109
Income producing commercial RE		4,416		4,361		4,259		4,058			4,206		55			210
Commercial & industrial		2,506		2,428		2,313		2,299			2,405		78			101
Commercial construction		1,681		1,656		1,785		2,014			1,936		25			(255	)
Equipment financing		1,723		1,663		1,603		1,581			1,544		60			179
Total commercial		13,745		13,506		13,283		13,249			13,401		239			344
Residential mortgage		3,218		3,232		3,263		3,266			3,240		(14	)		(22	)
Home equity		1,099		1,065		1,015		985			969		34			130
Residential construction		171		178		189		211			257		(7	)		(86	)
Manufactured housing ⁽¹⁾		—		2		2		321			328		(2	)		(328	)
Consumer		183		186		188		183			180		(3	)		3
Other		9		7		24		(4	)		—		2			9
Total loans	$	18,425	$	18,176	$	17,964	$	18,211		$	18,375	$	249		$	50

LOANS BY MARKET
Georgia	$	4,484	$	4,447	$	4,470	$	4,411		$	4,356	$	37		$	128
South Carolina		2,821		2,815		2,782		2,779			2,804		6			17
North Carolina		2,666		2,644		2,586		2,591			2,566		22			100
Tennessee		1,880		1,799		1,848		2,144			2,209		81			(329	)
Florida		2,572		2,527		2,423		2,407			2,443		45			129
Alabama		1,009		996		996		1,021			1,068		13			(59	)
Commercial Banking Solutions		2,993		2,948		2,859		2,858			2,929		45			64
Total loans	$	18,425	$	18,176	$	17,964	$	18,211		$	18,375	$	249		$	50

^{(1) At March 31, 2025, manufactured housing loans are included with consumer loans.}

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)

		2025	2024
	First Quarter		Fourth Quarter		Third Quarter
NONACCRUAL LOANS
Owner occupied RE	$	8,949	$	11,674	$	7,783
Income producing RE		16,536		25,357		31,222
Commercial & industrial		22,396		29,339		28,856
Commercial construction		5,558		7,400		7,356
Equipment financing		8,818		8,925		9,123
Total commercial		62,257		82,695		84,340
Residential mortgage		22,756		24,615		21,851
Home equity		4,091		4,630		4,111
Residential construction		811		57		118
Manufactured housing ⁽²⁾		—		1,444		1,808
Consumer		1,423		138		152
Total nonaccrual loans		91,338		113,579		112,380
OREO and repossessed assets		1,952		2,056		2,580
Total NPAs	$	93,290	$	115,635	$	114,960

		2025				2024
	First Quarter					Fourth Quarter					Third Quarter
(in thousands)	Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	126		0.02	%	$	(184	)	(0.02	)%	$	(184	)	(0.02	)%
Income producing RE		718		0.07			(1,001	)	(0.09	)		1,409		0.13
Commercial & industrial		2,447		0.40			4,075		0.69			4,577		0.79
Commercial construction		(138	)	(0.03	)		2		—			36		0.01
Equipment financing		5,042		1.21			5,812		1.43			5,268		1.32
Total commercial		8,195		0.24			8,704		0.26			11,106		0.33
Residential mortgage		(1	)	—			145		0.02			32		—
Home equity		(62	)	(0.02	)		(33	)	(0.01	)		36		0.01
Residential construction		219		0.51			7		0.02			111		0.22
Manufactured housing ⁽²⁾		—		—			114		23.41			11,556		28.51
Consumer		1,256		2.76			580		1.24			810		1.74
Total	$	9,607		0.21		$	9,517		0.21		$	23,651		0.52

^{(1) Annualized.}
^{(2) At March 31, 2025, manufactured housing loans are included with consumer loans.}

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	198,287		$	296,161
Interest-bearing deposits in banks		438,425			223,712
Cash and cash equivalents		636,712			519,873
Debt securities available-for-sale		4,322,644			4,436,291
Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)		2,338,571			2,368,107
Loans held for sale		37,344			57,534
Loans and leases held for investment		18,425,365			18,175,980
Less allowance for credit losses – loans and leases		(211,974	)		(206,998	)
Loans and leases, net		18,213,391			17,968,982
Premises and equipment, net		391,020			394,264
Bank owned life insurance		346,410			346,234
Goodwill and other intangible assets, net		953,357			956,643
Other assets		634,269			672,330
Total assets	$	27,873,718		$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,257,032		$	6,211,182
NOW and interest-bearing demand		6,155,141			6,141,342
Money market		6,637,506			6,398,144
Savings		1,105,374			1,100,591
Time		3,446,567			3,441,424
Brokered		160,785			168,292
Total deposits		23,762,405			23,460,975
Short-term borrowings		—			195,000
Long-term debt		254,287			254,152
Accrued expenses and other liabilities		356,130			378,004
Total liabilities		24,372,822			24,288,131
Shareholders’ equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference		88,266			88,266
Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively		119,514			119,364
Common stock issuable; 584,083 and 600,168 shares, respectively		12,983			12,999
Capital surplus		2,711,721			2,710,279
Retained earnings		754,971			714,138
Accumulated other comprehensive loss		(186,559	)		(212,919	)
Total shareholders’ equity		3,500,896			3,432,127
Total liabilities and shareholders’ equity	$	27,873,718		$	27,720,258

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)

	Three Months Ended March 31,
(in thousands, except per share data)		2025		2024
Interest revenue:
Loans, including fees	$	274,056	$	283,983
Investment securities, including tax exempt of $1,678 and $1,721, respectively		58,850		46,436
Deposits in banks and short-term investments		2,451		6,309
Total interest revenue		335,357		336,728

Interest expense:
Deposits:
NOW and interest-bearing demand		37,390		46,211
Money market		49,541		50,478
Savings		624		706
Time		31,379		36,389
Deposits		118,934		133,784
Short-term borrowings		1,107		—
Federal Home Loan Bank advances		433		—
Long-term debt		2,862		3,795
Total interest expense		123,336		137,579
Net interest revenue		212,021		199,149

Noninterest income:
Service charges and fees		9,535		9,264
Mortgage loan gains and other related fees		6,122		7,511
Wealth management fees		4,465		6,313
Net gains from sales of other loans		1,396		1,537
Lending and loan servicing fees		4,165		4,210
Securities gains, net		6		—
Other		9,967		10,752
Total noninterest income		35,656		39,587

Provision for credit losses		15,419		12,899

Noninterest expenses:
Salaries and employee benefits		84,267		84,985
Communications and equipment		13,699		11,920
Occupancy		10,929		11,099
Advertising and public relations		1,881		1,901
Postage, printing and supplies		2,561		2,648
Professional fees		5,931		5,988
Lending and loan servicing expense		1,987		1,827
Outside services – electronic banking		2,763		2,918
FDIC assessments and other regulatory charges		4,642		7,566
Amortization of intangibles		3,286		3,887
Merger-related and other charges		1,297		2,087
Other		7,856		8,176
Total noninterest expenses		141,099		145,002
Income before income taxes		91,159		80,835
Income tax expense		19,746		18,204
Net income		71,413		62,631
Preferred stock dividends		1,573		1,573
Earnings allocated to participating securities		411		345
Net income available to common shareholders	$	69,429	$	60,713

Net income per common share:
Basic	$	0.58	$	0.51
Diluted		0.58		0.51
Weighted average common shares outstanding:
Basic		120,043		119,662
Diluted		120,201		119,743

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended March 31,

		2025							2024
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	18,213,501		$	273,930	6.10	%	$	18,299,739		$	283,960	6.24	%
Taxable securities ⁽³⁾		6,737,658			57,172	3.39			5,828,391			44,715	3.07
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		356,712			2,245	2.52			366,350			2,311	2.52
Federal funds sold and other interest-earning assets		400,592			3,001	3.04			674,594			6,805	4.06
Total interest-earning assets (FTE)		25,708,463			336,348	5.29			25,169,074			337,791	5.39

Noninterest-earning assets:
Allowance for credit losses		(210,169	)						(212,996	)
Cash and due from banks		219,540							221,203
Premises and equipment		396,443							386,021
Other assets ⁽³⁾		1,610,104							1,618,315
Total assets	$	27,724,381						$	27,181,617

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,134,004			37,390	2.47		$	6,078,090			46,211	3.06
Money market		6,583,963			49,541	3.05			5,864,217			50,478	3.46
Savings		1,096,308			624	0.23			1,192,828			706	0.24
Time		3,446,048			30,831	3.63			3,596,486			35,944	4.02
Brokered time deposits		50,447			548	4.41			50,343			445	3.56
Total interest-bearing deposits		17,310,770			118,934	2.79			16,781,964			133,784	3.21
Federal funds purchased and other borrowings		80,760			1,107	5.56			13			—	—
Federal Home Loan Bank advances		38,900			433	4.51			4			—	—
Long-term debt		254,220			2,862	4.57			324,838			3,795	4.70
Total borrowed funds		373,880			4,402	4.77			324,855			3,795	4.70
Total interest-bearing liabilities		17,684,650			123,336	2.83			17,106,819			137,579	3.23

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,194,217							6,398,079
Other liabilities		369,939							390,451
Total liabilities		24,248,806							23,895,349
Shareholders’ equity		3,475,575							3,286,268
Total liabilities and shareholders’ equity	$	27,724,381						$	27,181,617

Net interest revenue (FTE)				$	213,012						$	200,212
Net interest-rate spread (FTE)						2.46	%						2.16	%
Net interest margin (FTE) ⁽⁴⁾						3.36	%						3.20	%

^{(1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.}
^{(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.}
^{(3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.}
^{(4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.}

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

Caution About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

United qualifies all forward-looking statements by these cautionary statements.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

The MIL Network –

April 22, 2025

MIL-OSI United Kingdom: One year until Making Tax Digital for Income Tax launches

Source: United Kingdom – Executive Government & Departments

Press release

One year until Making Tax Digital for Income Tax launches

Making Tax Digital for Income Tax starts in April 2026 for sole traders and landlords with qualifying income over £50,000.

Making Tax Digital for Income Tax goes live on 6 April 2026 – supporting the government’s Plan for Change to deliver economic growth
Eligible taxpayers encouraged to sign up to a testing programme now to get ahead of the changes
Digital record-keeping will deliver time-saving benefits for taxpayers

There is less than a year to go until sole traders and landlords with an income over £50,000 will be required to use Making Tax Digital (MTD) for Income Tax.

The launch on 6 April 2026 marks a significant and ultimately time-saving change in how these individuals will need to keep digital records and report their income to HM Revenue and Customs (HMRC).

By keeping digital records throughout the year, sole traders and landlords can save hours previously spent gathering information at tax return time – allowing them to spend more time focusing on their business activities and in turn, driving economic growth as part of the government’s Plan for Change.

Quarterly updates will spread the workload more evenly throughout the year, bring the tax system closer to real-time reporting and help businesses stay on top of their finances and avoid the last-minute rush.

HMRC is urging eligible customers to sign up to a testing programme on GOV.UK and start preparing now. Agents can also register their clients via GOV.UK.

James Murray MP, Exchequer Secretary to the Treasury, said:

MTD for Income Tax is an essential part of our plan to transform the UK’s tax system into one that supports economic growth.

By modernising how people manage their tax, we’re helping businesses work more efficiently and productively while ensuring everyone pays their fair share.

This is a crucial step in this government’s decade of national renewal and our Plan for Change, as we clear away barriers that hold back growth.

Craig Ogilvie, HMRC’s Director of Making Tax Digital, said:

MTD for Income Tax is the most significant change to the Self Assessment regime since its introduction in 1997. It will make it easier for self-employed people and landlords to stay on top of their tax affairs and help ensure they pay the right amount of tax.

By signing up to our testing programme now, self-employed people and landlords will be able to familiarise themselves with the new process and access dedicated support from our MTD Customer Support Team, before it becomes compulsory next year.

From April 2026, individuals with qualifying income above £50,000 will need to keep digital records, use MTD-compatible software and submit quarterly summaries of their income and expenses to HMRC. These digital requirements will help businesses save time through more efficient record-keeping, reduce errors in tax calculations, and provide a clearer picture of their tax obligations throughout the year.

Qualifying income includes gross income from self-employment and property before any tax allowances or expenses are deducted. Those with qualifying income above £30,000 will also be required to use MTD for Income Tax from April 2027. The threshold will then decrease to £20,000 from April 2028.

The phased introduction of MTD for Income Tax follows the successful implementation of MTD for VAT, which now helps more than two million businesses reduce errors and save time on their tax affairs. Businesses which joined the MTD for VAT testing phase were better prepared for the move to quarterly reporting.

An independent report published in 2021 found that 69% of mandated businesses experienced at least one benefit from MTD for VAT, while 67% reported that it reduced the potential for mistakes in their record keeping.

Further information

MTD was first introduced for VAT-registered businesses in April 2019, with all qualifying businesses required to join from April 2022.

Penalties for late quarterly updates will not apply during the testing phase, providing an ideal opportunity to get used to the new process without risk.

Around 780,000 self-employed individuals and landlords will be required to use MTD for Income Tax from April 2026, with a further 970,000 joining from April 2027.

More information on MTD for Income Tax

More information on finding compatible software

Published 22 April 2025

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI: Old National Bancorp Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., April 22, 2025 (GLOBE NEWSWIRE) —

Old National Bancorp (NASDAQ: ONB) reports 1Q25 net income applicable to common shares of $140.6 million, diluted EPS of $0.44; $145.5 million and $0.45 on an adjusted¹basis, respectively.

CEO COMMENTARY:

“Old National reported better-than-expected first-quarter results driven by our peer-leading deposit franchise, solid loan growth and disciplined expense management,” said Chairman and CEO Jim Ryan. “These results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and, importantly, as we prepare for our partnership with Bremer Bank which we anticipate closing on May 1, 2025.”

FIRST QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $140.6 million; adjusted net income applicable to common shares¹ of $145.5 million
Net Income	Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS¹ of $0.45

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $393.0 million
Net Interest Income/NIM	Net interest margin on a fully taxable equivalent basis¹ (“NIM”) of 3.27%, down 3 basis points (“bps”)

Operating Performance	Pre-provision net revenue¹ (“PPNR”) of $218.3 million; adjusted PPNR¹ of $224.3 million
	Noninterest expense of $268.5 million; adjusted noninterest expense¹ of $262.6 million
	Efficiency ratio¹ of 53.7%; adjusted efficiency ratio¹ of 51.8%

Deposits and Funding	Period-end total deposits of $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized
Deposits and Funding	Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps

Loans and Credit Quality	End-of-period total loans³ of $36.5 billion, up 1.5% annualized
	Provision for credit losses⁴ (“provision”) of $31.4 million
	Net charge-offs of $21.6 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
	30+ day delinquencies of 0.22% and nonaccrual loans of 1.29% of total loans

Return Profile & Capital	Return on average tangible common equity¹ (“ROATCE”) of 15.0%; adjusted ROATCE¹ of 15.5% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.62%, up 24 bps

Notable Items	$5.9 million of pre-tax merger-related charges

¹Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ²Comparisons are on a linked-quarter basis, unless otherwise noted ³Includes loans held-for-sale ⁴Includes the provision for unfunded commitments

RESULTS OF OPERATIONS²
Old National Bancorp (“Old National”) reported first quarter 2025 net income applicable to common shares of $140.6 million, or $0.44 per diluted common share.

Included in first quarter results were pre-tax charges of $5.9 million for merger-related expenses. Excluding these charges and realized debt securities losses from the current quarter, adjusted net income¹ was $145.5 million, or $0.45 per diluted common share.

DEPOSITS AND FUNDING
Growth in core deposits driven by normal seasonal patterns in business checking and public funds, along with growth in community deposits.

Period-end total deposits were $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized.
On average, total deposits for the first quarter were $40.5 billion, down 6.2% annualized.
Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS
Balanced commercial loan production, growth and pipeline.

Period-end total loans³ were $36.5 billion, up 1.5% annualized; up 2.3% annualized excluding $71 million of commercial real estate loan sales.
Total commercial loan production in the first quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion.
Average total loans in the first quarter were $36.3 billion, a decrease of $128.2 million, or down 1.4% annualized.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $31.4 million compared to $27.0 million.
Net charge-offs were $21.6 million, or 24 bps of average loans compared to 21 bps.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps compared to 17 bps.
30+ day delinquencies as a percentage of loans were 0.22% compared to 0.27%.
Nonaccrual loans as a percentage of total loans were 1.29% compared to 1.23%.
Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $119.2 million.
The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $424.0 million, or 1.16% of total loans, compared to $414.2 million, or 1.14% of total loans.

NET INTEREST INCOME AND MARGIN
Lower reflective of lower accretion and number of days.

Net interest income on a fully taxable equivalent basis¹ decreased to $393.0 million compared to $400.0 million, driven by lower accretion, fewer days in the quarter and earning asset mix, partly offset by lower funding costs.
Net interest margin on a fully taxable equivalent basis¹ decreased 3 bps to 3.27%.
Accretion income on loans and borrowings was $12.3 million, or 10 bps of net interest margin¹, compared to $18.5 million, or 15 bps of net interest margin¹.
Cost of total deposits was 1.91%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 25 bps to 2.46%.

NONINTEREST INCOME
Impacted by seasonally lower bank fees and lower company-owned life insurance.

Total noninterest income was $93.8 million compared to $95.8 million.
Noninterest income decreased 2.1% driven by seasonally lower bank fees and lower company-owned life insurance.
- Other income was impacted by $4.8 million of gains on the sale of $71 million of commercial real estate loans in the first quarter of 2025 and $8 million of equity investments recoveries in the fourth quarter of 2024.

NONINTEREST EXPENSE
Disciplined expense management.

Noninterest expense was $268.5 million and included $5.9 million of merger-related charges.
- Excluding merger-related charges, adjusted noninterest expense¹ was $262.6 million, compared to $268.7 million; decrease driven by lower FDIC assessment expense and tax credit amortization.
The efficiency ratio¹ was 53.7%, while the adjusted efficiency ratio¹ was 51.8% compared to 54.4% and 51.8%, respectively.

INCOME TAXES

Income tax expense was $36.9 million, resulting in an effective tax rate of 20.3% compared to 17.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 22.6% compared to 19.8%.
- The effective tax rate for the first quarter of 2025 was impacted by $1.2 million for the vesting of employee stock compensation and the fourth quarter of 2024 was impacted by $5.9 million for the resolution of tax matters.
Income tax expense included $5.3 million of tax credit benefit compared to $5.2 million.

CAPITAL
Capital ratios remain strong.

Preliminary total risk-based capital up 31 bps to 13.68% and preliminary regulatory Tier 1 capital up 25 bps to 12.23%, as strong retained earnings drive capital.
Tangible common equity to tangible assets was 7.76%, up 4.7%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 22, 2025, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 5176690. A replay of the call will also be available from approximately noon Central Time on April 22, 2025 through May 6, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 5176690.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $29 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES
The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, separation expense, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the possibility that the merger (the “Merger”) between Old National and Bremer Financial Corporation (“Bremer”) does not close when expected; the expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; risks relating to the potential dilutive effect of shares of Old National’s common stock to be issued in the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

CONTACTS:
Media: Rick Vach		Investors: Lynell Durchholz
(904) 535-9489		(812) 464-1366
Rick.Vach@oldnational.com		Lynell.Durchholz@oldnational.com


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Income Statement
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
FTE adjustment^1,3		5,360			5,777			6,144			6,340			6,253
Net interest income – tax equivalent basis³		393,003			399,957			397,868			394,761			362,711
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Noninterest income		93,794			95,766			94,138			87,271			77,522
Noninterest expense		268,471			276,824			272,283			282,999			262,317
Net income available to common shareholders	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Per Common Share Data
Weighted average diluted shares		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Cash dividends		0.14			0.14			0.14			0.14			0.14
Dividend payout ratio²		32	%		30	%		32	%		38	%		35	%
Book value	$	19.71		$	19.11		$	19.20		$	18.28		$	18.24
Stock price		21.19			21.71			18.66			17.19			17.41
Tangible book value³		12.54			11.91			11.97			11.05			11.10
Performance Ratios
ROAA		1.08	%		1.14	%		1.08	%		0.92	%		0.98	%
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROATCE³		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
NIM (FTE)³		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%
Efficiency ratio³		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
NCOs to average loans		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
ACL on loans to EOP loans		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL⁴ to EOP loans		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
NPLs to EOP loans		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
Balance Sheet (EOP)
Total loans	$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513		$	33,623,319
Total assets		53,877,944			53,552,272			53,602,293			53,119,645			49,534,918
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Capital Ratios³
Risk-based capital ratios (EOP):
Tier 1 common equity		11.62	%		11.38	%		11.00	%		10.73	%		10.76	%
Tier 1 capital		12.23	%		11.98	%		11.60	%		11.33	%		11.40	%
Total capital		13.68	%		13.37	%		12.94	%		12.71	%		12.74	%
Leverage ratio (average assets)		9.44	%		9.21	%		9.05	%		8.90	%		8.96	%
Equity to assets (averages)		12.01	%		11.78	%		11.60	%		11.31	%		11.32	%
TCE to TA		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Nonfinancial Data
Full-time equivalent employees		4,028			4,066			4,105			4,267			3,955
Banking centers		280			280			280			280			258
¹ Calculated using the federal statutory tax rate in effect of 21% for all periods.
² Cash dividends per common share divided by net income per common share (basic).
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. March 31, 2025 capital ratios are preliminary.
⁴ Includes the allowance for credit losses on loans and unfunded loan commitments.

FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Interest income	$	630,399		$	662,082		$	679,925		$	663,663		$	595,981
Less: interest expense		242,756			267,902			288,201			275,242			239,523
Net interest income		387,643			394,180			391,724			388,421			356,458
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Net interest income after provision for credit losses		356,240			367,163			363,227			352,207			337,567
Wealth and investment services fees		29,648			30,012			29,117			29,358			28,304
Service charges on deposit accounts		21,156			20,577			20,350			19,350			17,898
Debit card and ATM fees		9,991			10,991			11,362			10,993			10,054
Mortgage banking revenue		6,879			7,026			7,669			7,064			4,478
Capital markets income		4,506			5,244			7,426			4,729			2,900
Company-owned life insurance		5,381			6,499			5,315			5,739			3,434
Other income		16,309			15,539			12,975			10,036			10,470
Debt securities gains (losses), net		(76	)		(122	)		(76	)		2			(16	)
Total noninterest income		93,794			95,766			94,138			87,271			77,522
Salaries and employee benefits		148,305			146,605			147,494			159,193			149,803
Occupancy		29,053			29,733			27,130			26,547			27,019
Equipment		8,901			9,325			9,888			8,704			8,671
Marketing		11,940			12,653			11,036			11,284			10,634
Technology		22,020			21,429			23,343			24,002			20,023
Communication		4,134			4,176			4,681			4,480			4,000
Professional fees		7,919			11,055			7,278			10,552			6,406
FDIC assessment		9,700			11,970			11,722			9,676			11,313
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Amortization of tax credit investments		3,424			4,556			3,277			2,747			2,749
Other expense		16,245			18,085			19,023			18,389			16,244
Total noninterest expense		268,471			276,824			272,283			282,999			262,317
Income before income taxes		181,563			186,105			185,082			156,479			152,772
Income tax expense		36,904			32,232			41,280			35,250			32,488
Net income	$	144,659		$	153,873		$	143,802		$	121,229		$	120,284
Preferred dividends		(4,034	)		(4,034	)		(4,034	)		(4,033	)		(4,034	)
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250

EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Weighted Average Common Shares Outstanding
Basic		315,925			315,673			315,622			315,585			290,980
Diluted		321,016			318,803			317,331			316,461			292,207
Common shares outstanding (EOP)		319,236			318,980			318,955			318,969			293,330


End of Period Balance Sheet (unaudited)
($ in thousands)
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	486,061		$	394,450		$	498,120		$	428,665		$	350,990
Money market and other interest-earning investments		753,719			833,518			693,450			804,381			588,509
Investments:
Treasury and government-sponsored agencies		2,364,170			2,289,903			2,335,716			2,207,004			2,243,754
Mortgage-backed securities		6,458,023			6,175,103			6,085,826			5,890,371			5,566,881
States and political subdivisions		1,589,555			1,637,379			1,665,128			1,678,597			1,672,061
Other securities		755,348			781,656			783,079			775,623			760,847
Total investments		11,167,096			10,884,041			10,869,749			10,551,595			10,243,543
Loans held-for-sale, at fair value		40,424			34,483			62,376			66,126			19,418
Loans:
Commercial		10,650,615			10,288,560			10,408,095			10,332,631			9,648,269
Commercial and agriculture real estate		16,135,327			16,307,486			16,356,216			16,016,958			14,653,958
Residential real estate		6,771,694			6,797,586			6,757,896			6,894,957			6,661,379
Consumer		2,856,308			2,892,255			2,878,436			2,905,967			2,659,713
Total loans		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
Allowance for credit losses on loans		(401,932	)		(392,522	)		(380,840	)		(366,335	)		(319,713	)
Premises and equipment, net		584,664			588,970			599,528			601,945			564,007
Goodwill and other intangible assets		2,289,268			2,296,098			2,305,084			2,306,204			2,095,511
Company-owned life insurance		859,211			859,851			863,723			862,032			767,423
Accrued interest receivable and other assets		1,685,489			1,767,496			1,690,460			1,714,519			1,601,911
Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918

Liabilities and Equity
Noninterest-bearing demand deposits	$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042		$	9,257,709
Interest-bearing:
Checking and NOW accounts		7,736,014			7,538,987			7,314,245			7,680,865			7,236,667
Savings accounts		4,715,329			4,753,279			4,781,447			4,983,811			5,020,095
Money market accounts		11,638,653			11,807,228			11,601,461			10,485,491			10,234,113
Other time deposits		6,212,898			5,819,970			6,010,070			5,688,432			4,760,659
Total core deposits		39,489,208			39,318,483			39,136,508			38,174,641			36,509,243
Brokered deposits		1,545,364			1,505,077			1,709,238			1,824,587			1,190,175
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418

Federal funds purchased and interbank borrowings		170			385			135,263			250,154			50,416
Securities sold under agreements to repurchase		290,256			268,975			244,626			240,713			274,493
Federal Home Loan Bank advances		4,514,354			4,452,559			4,471,153			4,744,560			4,193,039
Other borrowings		642,274			689,618			598,054			849,777			813,213
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Accrued expenses and other liabilities		861,664			976,825			940,153			960,141			908,931
Total liabilities		47,343,290			47,211,922			47,234,995			47,044,573			43,939,510
Preferred stock, common stock, surplus, and retained earnings		7,183,163			7,086,393			6,971,054			6,866,480			6,375,036
Accumulated other comprehensive income (loss), net of tax		(648,509	)		(746,043	)		(603,756	)		(791,408	)		(779,628	)
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Total liabilities and shareholders’ equity	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended							Three Months Ended							Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	791,067		$	8,815	4.52	%	$	1,072,509		$	12,843	4.76	%	$	757,244		$	9,985	5.30	%
Investments:
Treasury and government-sponsored agencies		2,318,869			20,019	3.45	%		2,325,120			20,841	3.59	%		2,362,477			23,266	3.94	%
Mortgage-backed securities		6,287,825			54,523	3.47	%		6,149,775			50,416	3.28	%		5,357,085			38,888	2.90	%
States and political subdivisions		1,610,819			13,242	3.29	%		1,654,591			13,698	3.31	%		1,680,175			13,976	3.33	%
Other securities		770,839			10,512	5.45	%		783,708			10,518	5.37	%		770,438			12,173	6.32	%
Total investments		10,988,352			98,296	3.58	%		10,913,194			95,473	3.50	%		10,170,175			88,303	3.47	%
Loans:²
Commercial		10,397,991			165,595	6.37	%		10,401,056			176,996	6.81	%		9,540,385			167,263	7.01	%
Commercial and agriculture real estate		16,213,606			245,935	6.07	%		16,326,802			263,062	6.44	%		14,368,370			230,086	6.41	%
Residential real estate loans		6,815,091			67,648	3.97	%		6,814,829			68,346	4.01	%		6,693,814			63,003	3.76	%
Consumer		2,871,213			49,470	6.99	%		2,883,413			51,139	7.06	%		2,645,091			43,594	6.63	%
Total loans		36,297,901			528,648	5.83	%		36,426,100			559,543	6.14	%		33,247,660			503,946	6.07	%

Total earning assets	$	48,077,320		$	635,759	5.30	%	$	48,411,803		$	667,859	5.52	%	$	44,175,079		$	602,234	5.46	%

Less: Allowance for credit losses on loans		(398,765	)						(382,799	)						(313,470	)

Non-earning Assets:
Cash and due from banks	$	372,428						$	370,932						$	362,676
Other assets		5,394,600							5,402,359							4,961,595

Total assets	$	53,445,583						$	53,802,295						$	49,185,880

Interest-Bearing Liabilities:
Checking and NOW accounts	$	7,526,294		$	23,850	1.29	%	$	7,338,532		$	23,747	1.29	%	$	7,141,201		$	25,252	1.42	%
Savings accounts		4,692,239			3,608	0.31	%		4,750,387			4,467	0.37	%		5,025,400			5,017	0.40	%
Money market accounts		11,664,650			88,381	3.07	%		11,900,305			103,818	3.47	%		9,917,572			94,213	3.82	%
Other time deposits		5,996,108			56,485	3.82	%		5,985,911			61,679	4.10	%		4,689,136			47,432	4.07	%
Total interest-bearing core deposits		29,879,291			172,324	2.34	%		29,975,135			193,711	2.57	%		26,773,309			171,914	2.58	%
Brokered deposits		1,546,756			18,171	4.76	%		1,662,698			21,579	5.16	%		1,047,140			13,525	5.19	%
Total interest-bearing deposits		31,426,047			190,495	2.46	%		31,637,833			215,290	2.71	%		27,820,449			185,439	2.68	%

Federal funds purchased and interbank borrowings		148,130			1,625	4.45	%		433			23	21.13	%		69,090			961	5.59	%
Securities sold under agreements to repurchase		272,961			551	0.82	%		249,133			584	0.93	%		296,236			917	1.25	%
Federal Home Loan Bank advances		4,464,590			41,896	3.81	%		4,461,733			43,788	3.90	%		4,386,492			41,167	3.77	%
Other borrowings		675,759			8,189	4.91	%		669,580			8,217	4.88	%		825,846			11,039	5.38	%
Total borrowed funds		5,561,440			52,261	3.81	%		5,380,879			52,612	3.89	%		5,577,664			54,084	3.90	%

Total interest-bearing liabilities	$	36,987,487		$	242,756	2.66	%	$	37,018,712		$	267,902	2.88	%	$	33,398,113		$	239,523	2.88	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	9,096,676						$	9,509,446						$	9,258,136
Other liabilities		944,935							935,184							964,089
Shareholders’ equity		6,416,485							6,338,953							5,565,542

Total liabilities and shareholders’ equity	$	53,445,583						$	53,802,295						$	49,185,880

Net interest rate spread						2.64	%						2.64	%						2.58	%

Net interest margin (GAAP)						3.23	%						3.26	%						3.23	%

Net interest margin (FTE)³						3.27	%						3.30	%						3.28	%

FTE adjustment				$	5,360						$	5,777						$	6,253

¹ Interest income is reflected on a FTE basis.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	392,522		$	380,840		$	366,335		$	319,713		$	307,610
Allowance established for acquired PCD loans		—			—			2,803			23,922			—
Provision for credit losses on loans		31,026			30,417			29,176			36,745			23,853
Gross charge-offs		(24,540	)		(21,278	)		(18,965	)		(17,041	)		(14,020	)
Gross recoveries		2,924			2,543			1,491			2,996			2,270
NCOs		(21,616	)		(18,735	)		(17,474	)		(14,045	)		(11,750	)
Ending allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713
Beginning allowance for credit losses on unfunded commitments	$	21,654		$	25,054		$	25,733		$	26,264		$	31,226
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Ending allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264
Allowance for credit losses	$	423,963		$	414,176		$	405,894		$	392,068		$	345,977
Provision for credit losses on loans	$	31,026		$	30,417		$	29,176		$	36,745		$	23,853
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Provision for credit losses	$	31,403		$	27,017		$	28,497		$	36,214		$	18,891
NCOs / average loans¹		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
Average loans¹	$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845		$	33,242,739
EOP loans¹		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
ACL on loans / EOP loans¹		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL / EOP loans¹		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	6,757		$	4,060		$	1,177		$	5,251		$	2,172
Nonaccrual loans		469,211			447,979			443,597			340,181			328,645
Foreclosed assets		6,301			4,294			4,077			8,290			9,344
Total underperforming assets	$	482,269		$	456,333		$	448,851		$	353,722		$	340,161
Classified and Criticized Assets:
Nonaccrual loans	$	469,211		$	447,979		$	443,597		$	340,181		$	328,645
Substandard loans (still accruing)		1,479,630			1,073,413			1,074,243			841,087			626,157
Loans 90 days and over (still accruing)		6,757			4,060			1,177			5,251			2,172
Total classified loans – “problem loans”		1,955,598			1,525,452			1,519,017			1,186,519			956,974
Other classified assets		53,239			58,954			59,485			60,772			54,392
Special Mention		828,314			908,630			837,543			967,655			827,419
Total classified and criticized assets	$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946		$	1,838,785
Loans 30-89 days past due (still accruing)	$	72,517		$	93,141		$	91,750		$	51,712		$	53,112
Nonaccrual loans / EOP loans¹		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
ACL / nonaccrual loans		90	%		92	%		92	%		115	%		105	%
Under-performing assets/EOP loans¹		1.32	%		1.26	%		1.23	%		0.98	%		1.01	%
Under-performing assets/EOP assets		0.90	%		0.85	%		0.84	%		0.67	%		0.69	%
30+ day delinquencies/EOP loans¹		0.22	%		0.27	%		0.26	%		0.16	%		0.16	%

¹ Excludes loans held-for-sale.


Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Earnings Per Share:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Adjustments:
Merger-related charges		5,856			8,117			6,860			19,440			2,908
Tax effect¹		(1,089	)		(2,058	)		(1,528	)		(4,413	)		(710	)
Merger-related charges, net		4,767			6,059			5,332			15,027			2,198
Debt securities (gains) losses		76			122			76			(2	)		16
Tax effect¹		(14	)		(31	)		(17	)		1			(4	)
Debt securities (gains) losses, net		62			91			59			(1	)		12
Separation expense		—			—			2,646			—			—
Tax effect¹		—			—			(589	)		—			—
Separation expense, net		—			—			2,057			—			—
CECL Day 1 non-PCD provision expense		—			—			—			15,312			—
Tax effect¹		—			—			—			(3,476	)		—
CECL Day 1 non-PCD provision expense, net		—			—			—			11,836			—
Distribution of excess pension assets		—			—			—			—			13,318
Tax effect¹		—			—			—			—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			10,068
FDIC special assessment		—			—			—			—			2,994
Tax effect¹		—			—			—			—			(731	)
FDIC special assessment, net		—			—			—			—			2,263
Total adjustments, net		4,829			6,150			7,448			26,862			14,541
Net income applicable to common shares, adjusted	$	145,454		$	155,989		$	147,216		$	144,058		$	130,791
Weighted average diluted common shares outstanding		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Adjusted EPS, diluted	$	0.45		$	0.49		$	0.46		$	0.46		$	0.45
NIM:
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
Add: FTE adjustment²		5,360			5,777			6,144			6,340			6,253
Net interest income (FTE)	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Average earning assets	$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849		$	44,175,079
NIM (GAAP)		3.23	%		3.26	%		3.27	%		3.28	%		3.23	%
NIM (FTE)		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
PPNR:
Net interest income (FTE)²	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Add: Noninterest income		93,794			95,766			94,138			87,271			77,522
Total revenue (FTE)		486,797			495,723			492,006			482,032			440,233
Less: Noninterest expense		(268,471	)		(276,824	)		(272,283	)		(282,999	)		(262,317	)
PPNR	$	218,326		$	218,899		$	219,723		$	199,033		$	177,916
Adjustments:
Debt securities (gains) losses	$	76		$	122		$	76		$	(2	)	$	16
Noninterest income adjustments		76			122			76			(2	)		16
Adjusted noninterest income		93,870			95,888			94,214			87,269			77,538
Adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Adjustments:
Merger-related charges	$	5,856		$	8,117		$	6,860		$	19,440		$	2,908
Separation expense		—			—			2,646			—			—
Distribution of excess pension assets		—			—			—			—			13,318
FDIC Special Assessment		—			—			—			—			2,994
Noninterest expense adjustments		5,856			8,117			9,506			19,440			19,220
Adjusted total noninterest expense		(262,615	)		(268,707	)		(262,777	)		(263,559	)		(243,097	)
Adjusted PPNR	$	224,258		$	227,138		$	229,305		$	218,471		$	197,152
Efficiency Ratio:
Noninterest expense	$	268,471		$	276,824		$	272,283		$	282,999		$	262,317
Less: Amortization of intangibles		(6,830	)		(7,237	)		(7,411	)		(7,425	)		(5,455	)
Noninterest expense, excl. amortization of intangibles		261,641			269,587			264,872			275,574			256,862
Less: Amortization of tax credit investments		(3,424	)		(4,556	)		(3,277	)		(2,747	)		(2,749	)
Less: Noninterest expense adjustments		(5,856	)		(8,117	)		(9,506	)		(19,440	)		(19,220	)
Adjusted noninterest expense, excluding amortization	$	252,361		$	256,914		$	252,089		$	253,387		$	234,893
Total revenue (FTE)²	$	486,797		$	495,723		$	492,006		$	482,032		$	440,233
Less: Debt securities (gains) losses		76			122			76			(2	)		16
Total adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Efficiency Ratio		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
Adjusted Efficiency Ratio		51.8	%		51.8	%		51.2	%		52.6	%		53.4	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
ROAE and ROATCE:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Tax effect¹		(1,708	)		(1,809	)		(1,853	)		(1,856	)		(1,364	)
Amortization of intangibles, net		5,122			5,428			5,558			5,569			4,091
Net income applicable to common shares, excluding intangibles amortization		145,747			155,267			145,326			122,765			120,341
Total adjustments, net (see pg.12)		4,829			6,150			7,448			26,862			14,541
Adjusted net income applicable to common shares, excluding intangibles amortization	$	150,576		$	161,417		$	152,774		$	149,627		$	134,882
Average shareholders’ equity	$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976		$	5,565,542
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Average shareholders’ common equity	$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257		$	5,321,823
Average goodwill and other intangible assets		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)		(2,098,338	)
Average tangible shareholder’s common equity	$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852		$	3,223,485
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROAE, adjusted		9.4	%		10.2	%		9.9	%		10.0	%		9.8	%
ROATCE		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
ROATCE, adjusted		15.5	%		17.0	%		16.8	%		17.1	%		16.7	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Tangible Common Equity:
Shareholders’ equity	$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072		$	5,595,408
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders’ common equity	$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353		$	5,351,689
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible shareholders’ common equity	$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149		$	3,256,178

Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible assets	$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441		$	47,439,407

Risk-weighted assets³	$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117		$	37,845,139

Tangible common equity to tangible assets		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Tangible common equity to risk-weighted assets³		9.94	%		9.43	%		9.41	%		8.68	%		8.60	%
Tangible Common Book Value:
Common shares outstanding		319,236			318,980			318,955			318,969			293,330
Tangible common book value	$	12.54		$	11.91		$	11.97		$	11.05		$	11.10

¹ Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
² Calculated using the federal statutory tax rate in effect of 21% for all periods.
³ March 31, 2025 figures are preliminary.

The MIL Network –

April 22, 2025

MIL-OSI United Kingdom: Government launches Financial Services Competitiveness Programme22 April 2025 The Government of Jersey has launched its Financial Services Competitiveness Programme, a major strategic initiative aimed at strengthening Jersey’s position as a globally attractive and forward-looking… Read more

Source: Channel Islands – Jersey

22 April 2025

The Government of Jersey has launched its Financial Services Competitiveness Programme, a major strategic initiative aimed at strengthening Jersey’s position as a globally attractive and forward-looking International Finance Centre (IFC).

This comprehensive programme is designed to support and enhance Jersey’s financial and related professional services (FRPS) sector – the Island’s largest employer and the most significant contributor to tax revenues that fund public services. It brings together several government departments, the Jersey Financial Services Commission (JFSC), Jersey Finance, Digital Jersey, and representatives from across the financial and professional services industry.

The Financial Services Competitiveness Programme will deliver clear, actionable recommendations focused on improving Jersey’s regulatory and business environment, enhancing its global positioning, and preparing the sector for future opportunities and challenges.

The programme is governed by a Ministerial Working Group, chaired by the Minister for External Relations with responsibility for Financial Services, Depuy Ian Gorst, with the Chief Executive Officer, Dr Andrew McLaughlin, acting as the Senior Responsible Officer. They will be supported by a cross-government team of officials.

Deputy Ian Gorst said: “Jersey’s financial services industry is a key growth engine of our economy. It is central to Jersey’s prosperity and our ability to reinvest in and regenerate the Island. Through the Financial Services Competitiveness Programme, we are setting out a bold, coordinated plan to ensure Jersey remains an attractive, agile, and forward-looking International Finance Centre.

“This initiative shows that we are not content to stand still – we are proactively investing in the Island’s future, and working in partnership across government, industry, and the regulator to deliver sustainable, long-term success.

“Jersey has a proud 60-year history as a trusted, stable, and innovative IFC. However, global economic shifts, regulatory changes, tax policy evolution, Brexit, post-pandemic recovery, and rapid technological advancement mean that IFCs around the world – including Jersey – must continuously adapt to stay competitive. The Financial Services Competitiveness Programme is Jersey’s response: a future-focused, evidence-led strategy to sustain and expand the Island’s most vital economic sector.”

Programme structure and key workstreams

The programme is built around four core workstreams, which will be managed in a phased approach.

International Tax Strategy – Led by Revenue Jersey, this will focus on maintaining Jersey’s strong position through a forward-looking tax policy.

Business & Regulatory Environment – Led jointly by the Government and the JFSC, this aims to improve the ease of doing business, delivering quick-win reforms as well as medium- and long-term changes to enhance the Island’s appeal to global investors.

External Growth Strategy – A global market analysis to inform Jersey’s external engagement strategy, identifying future value pools and Jersey’s competitive positioning, led by the Government with expert support from Jersey Finance Ltd.

Future Competitiveness & Regulation – Bringing together insights from all workstreams, this phase will culminate in a report by an independent panel of global experts.

The first phase, which is underway already, will focus on improvements to Jersey’s business and regulatory environment. This will involve making positive changes to improve the ease of doing business and to help maintain and grow the Island’s FRPS sector as it competes in the market today. As recent global economic volatility has demonstrated, it is more important than ever that Jersey invests in optimising its business and regulatory environment to increase its competitive edge.

The Government will publish a report on progress in delivering the programme together with an action plan on next steps in spring 2026.

Industry engagement

The Government will engage regularly with stakeholders through:

Industry events and “roundtable” discussions

Updates at Financial Services Advisory Board meetings

Briefings for States Members and Scrutiny Panels

Ongoing consultation and feedback channels

Stakeholders are encouraged to engage with the programme team via growthfs@gov.je.

More information is available on the Government of Jersey website: Financial services competitiveness programme

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI: NNN Community RelauNNNch: A New Era Begins on Base

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, April 22, 2025 (GLOBE NEWSWIRE) — NNN, the decentralized security and community-powered ecosystem, has officially launched its presale and begun its migration to the Base blockchain. This strategic move marks a new chapter for the project, with revamped tokenomics, staking rewards, a dynamic Karma system, and a complete brand refresh designed for Web3-native users and builders.

Migration to Base: A strategic shift

The relaunch centers around a full transition from BNB Chain to Base, one of the fastest-growing L2 ecosystems. By leveraging Base’s infrastructure, NNN gains access to deeper liquidity, higher performance, and broader ecosystem support.

‘Base gives us the composability, credibility, and developer network to scale but more importantly, it enables seamless 0-gas transactions within the NNN ecosystem. That’s a key UX advantage for our tools and staking flows.’

Lukas Balga, Co-founder of the NNN Community

The migration is already underway. A snapshot was taken on Dec 24, 2024, and eligible holders of the old NNN token can now begin the swap process through the official portal. Migration is open until Dec 31, 2026, with a favorable MC-based swap rate and the option to send new tokens to a fresh Base wallet for privacy and security.

Tokenomics & presale details

The new NNN token has a total supply of 4.2 billion, with structured vesting and allocation designed to support long-term value creation. The presale is split across 7 rounds, each with increasing price and a 3-month cliff + 12-month linear vesting.

Early supporters gain priority access and discounted rates starting at $0.006. The public round will offer 420M tokens (10% of supply) at $0.01429 with no vesting fully unlocked at TGE.

Presale funds will be allocated across key pillars:

35.54% to liquidity provisioning on DEXs
32.46% to marketing & community growth
16% to CEX listing support
8% to development
8% to reserves

What’s New in NNN?

The relaunch is more than a chain migratio, it’s a full upgrade of the ecosystem:

Karma System: A unique engagement layer that rewards active contributors with early unlocks and USDC bonuses.
Staking Rewards: Up to 25% bonus on top of base APR for long-term stakers, with flexible lock options and full Karma integration.
Ambassador Program: A tiered contributor system rewarding memes, threads, infographics, and community education with seasonal point-based token rewards.
Affiliate & KOL Structure: Performance-based incentives in USDC for community shillers and macro influencers alike.
No Transaction Fees: Unlike the previous token version, NNN eliminates tax mechanics, increasing CEX compatibility and user-friendliness.
Proxy-Based Smart Contracts: Upgradeability is now built-in via audited proxy contracts, ensuring long-term flexibility without needing future migrations.

Ecosystem Alignment & Revenue Streams

Every product within the NNN ecosystem directly supports token value:

GuardiaNNN.ai (20% revenue → staking rewards + Karma)
SigNNNal (30% revenue → staking + Karma)
Republeague (5% revenue → staking + Karma)

A portion of these earnings is used to buy back and stake NNN tokens, while an equivalent amount in USDC funds community Karma rewards, establishing a recurring value loop.

Brand Refresh and Identity Update

The relaunch is also a chance to reshape how NNN shows up to the world.The updated branding introduces a more relatable tone and refreshed visual style – aiming to strike a balance between professionalism and community appeal, with aesthetics rooted in Web3 culture.

This identity refresh will roll out across the presale website, social channels, and campaign materials, culminating in a new launch narrative that’s designed with the community, for the community.

About NNN

NNN is a decentralized Web3 ecosystem focused on blockchain security, community infrastructure, and open participation. Through smart contract tools, contributor programs, and user-friendly staking systems, NNN empowers users to build, audit, and earn – all while staying aligned with the values of decentralization.

With its move to Base, NNN sets the foundation for long-term growth and mass adoption through transparent governance, sustainable tokenomics, and community-first design.

Useful Links:

Contact:
Lukas Balga
Info@nnn-community.com

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be03029f-f3c0-48d3-8b17-859e9ce23f6a

The MIL Network –

April 22, 2025

MIL-OSI Europe: Latest news – 21 April – 24 April: Work in Parliamentary Committees

Source: European Parliament

In the week of 21 April, a large part of Members’ work will be in Parliamentary Committees. The Committee on Budgets will vote on its report setting out the Parliament’s vision for the post-2027 EU long-term budget, and the Subcommittee on Tax Matters will discuss simplifying the tax landscape for SMEs, as well as explore how fiscal measures can support the green transition. The Committee on Industry, Research and Energy will host the Energy Community Parliamentary Plenum, bringing together the EU and its neighbouring countries. Follow the links below to discover the week’s highlights.

MIL OSI Europe News –

April 22, 2025

MIL-OSI United Kingdom: York pensioners better off with Pension Credit

Source: City of York

The 231 pensioners in York who claimed Pension Credit since December 2024 are now an extra £7,000 a year better off.

Following publicity campaigns to encourage eligible people to claim, 231 applications were made from December 2024 to February 2025 by residents over State Pension age and who are on a low income. They are now directly benefitting from a total extra £1,790,736 a year, from Pension Credit and linked benefits.

Of the total £1,790,736 now being paid yearly to those York residents, £338,866 was for backdated claims and £49,200 was for Winter Fuel Payments. Estimates suggest that the value of these awards over the estimated life expectancy of the claimants, could add up to over £10,638,000.

One successful claimant from York said:

I now have Pension Credit and Council Tax Support and couldn’t feel happier – it is so lovely. I wouldn’t have known what to do or that this would be possible without Age UK York and the Carers’ Centre helping me. Thank you so much.

This is part of an ongoing campaign in partnership with organisations including Citizens’ Advice York, Older Citizens Advocacy York (OCAY), Age UK York and the Carers’ Centre to make sure residents claim all the support available to ease financial pressures, particularly with recent increases to energy and water bills.

To be able to make a claim, residents must be over State Pension age and on a low income. Pension Credit tops up:

weekly income to £227.10 for single people
joint weekly income to £346.60 for those with a partner

People with a higher income might still be eligible for Pension Credit if they have a disability, care for someone, have housing costs or have savings.

Cllr Katie Lomas, Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion at City of York Council, said:

Last autumn, government data showed that around 1,600 York households were missing out on Pension Credit. We contacted those they had details for, advising them that they might be eligible and offering advice and support to apply for it.

“Of the 470 we contacted, 231 have successfully applied and together, are £1,790,736 a year better off.

“We are continuing our campaign and will be letting more people know they could be missing out and how to apply. If you haven’t claimed yet, it’s really worth doing so. Help to make your claim is available for a share of over £1 million remaining unclaimed by York residents.”

Simon Holmes, Chief Executive of Age UK York, said:

We recognise the challenges faced by too many older people, both here in York and across the country, with 34% of pensioners feeling less financially secure than a year ago and over 450,000 in our region having to cut back on heating or powering their home.

“For each of the 246 – and counting – individuals helped here in York who are now receiving Pension Credit it can make such a vital difference not only financially, but to their independence and wellbeing. We would please encourage anyone unsure if they are eligible to find out more and to get in touch here in York.

“A huge thank you to all those involved in making this happen across our partnership with their expertise and compassion in being there to help and continuing to offer such valued support each day to local people and communities across York.”

Find out if you’re eligible, what you’re eligible for and how to apply at www.gov.uk/pension-credit or call free on telephone: 0800 99 1234.

For local information and support, see www.york.gov.uk/PensionCredit.

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI United Kingdom: Greens propose long overdue Council Tax revaluation to make wealthy pay more

Source: Scottish Greens

22 Apr 2025 Housing

The wealthy should pay more to fund local services.

Scottish Green MSP Ross Greer has lodged proposals for Scotland’s first Council Tax revaluation in over 30 years.

The current Council Tax system is based on property values from 1991. As a result, most people are now in the wrong band.

Many of those living in smaller and less valuable homes currently pay more than they should. Conversely, the richest people living in the largest properties often pay far less than they would if accurate property values were used.

The Scottish Greens are confident that the proposal, which is being made as an amendment to the upcoming Housing (Scotland) Bill, would not only make the system fairer, it could also raise vital funds for local services like schools and social care.

If the amendment is passed, a revaluation exercise would be completed by 1st April 2029. Measures have been included to support those on low and fixed incomes.

Mr Greer said:

“The Council Tax is based on property values from before I was even born and as a result, it is now completely broken. We wouldn’t tolerate most people paying the wrong rate of income tax, but that is exactly what has been allowed to happen here after 34 years.

“The wealthiest people in the most valuable houses are getting off with an absolute steal. They pay far less than they should, whilst far too many ordinary households pay much more.

“It may sound dry, but the Council Tax is crucial to funding schools, social care, bin collections and other local services. It should never have been allowed to become this completely broken.”

Mr Greer added:

“This system was a quick and dirty replacement for Thatcher’s hated Poll Tax. Everyone has agreed for years that it must be replaced completely. Despite this, the Scottish Government has lacked the courage to actually make that change.

“The Scottish Greens have made some important changes recently, including doubling Council Tax for second homes to help tackle the housing crisis. However, we know that total reform is urgently needed. That can’t happen without ditching the 1991 property valuations and bringing the system into this century.

“Those with the broadest shoulders and in the biggest houses should be paying more than those less privileged to fund the local services we all rely on.”

Council Tax reform is championed by the Tax Justice Scotland network, whose members include Oxfam, the Scottish Trade Unions Congress, the Church of Scotland and the Scottish Women’s Convention.

The Institute for Fiscal Studies described Scotland’s Council Tax as ‘ripe for reform’ in a report published earlier this year.

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI: Siili Solutions Plc, Business review, 1 January–31 March 2025

Source: GlobeNewswire (MIL-OSI)

Q1 2025 FOR SIILI: Siili continued AI strategy implementation and actions for profitability improvements, revenue at the previous year’s level

Siili Solutions Plc Stock Exchange Release 22 April 2025 at 9:30 am EEST

January-March 2025

We completed the acquisition of a majority stake in Intergrations Group Oy
We launched an Advisory service to accelerate our clients’ digital business and use of artificial intelligence
We adjusted our competence profile to match our strategy and the current market situation
The revenue for the first quarter was EUR 29.9 (29.8) million, representing increase of 0.3% year on year. Organically, revenue decreased by 1.6% from the comparison period.
Adjusted EBITA for the first quarter was EUR 1.3 (1.6) million, which corresponds to 4.2% (5.3%) of revenue

EUR million	Q1/2025	Q1/2024
Revenue	29.9	29.8
Revenue growth, %	0.3%	-11.3%
Organic revenue growth, %	-1.6%	-11.3%
Share of international revenue, %	27.1%	27.7%
Adjusted EBITA	1.3	1.6
Adjusted EBITA, % of revenue	4.2%	5.3%
EBITA	1.2	1.4
EBIT	0.9	1.1
Earnings per share, EUR	0.05	0.07
Number of employees at the end of the period	957	973
Average number of employees during the period	950	990
Total full-time employees and subcontractors (FTE) at the end of the period	1,075	1,087