NewzIntel.com

Category: Transport

  • MIL-OSI United Kingdom: Portsmouth museum to host ancient Sudan talk by British Museum curator

    Source: City of Portsmouth

    A fascinating talk about the Kingdom of Kush is being hosted at Portsmouth Museum and Art Gallery, as its ancient Sudan exhibition draws to a close.

    On Wednesday 30 April, British Museum curator Dr Loretta Kilroe’s ‘In the presence of giants’ talk will look at giraffe symbolism in the Kingdom of Kush, as well as other important themes in Kushite iconography, as part of the Ancient Sudan: enduring heritage exhibition programme.

    The British Museum touring exhibition is in its last few weeks at the museum and is due to close on Saturday 11 May.

    The free exhibition focuses on the Kingdom of Kush, which flourished in Sudan nearly 3,000 years ago and at its height was one of the largest empires in the ancient world. It examines this ancient culture’s skilled craftmanship, distinct religious beliefs and the important role of women, as well as exploring the rich culture of modern Sudan.

    Portsmouth City Council Leader Cllr Steve Pitt said:

    “We’ve been privileged to host the British Museum spotlight loan exhibition, which has been a big success.

    “Highlights include beautiful examples of ceramics, a carved stone offering table and a striking bronze depiction of a goddess.

    “For those who haven’t seen it yet, this is a chance to both visit the exhibition and hear directly from the British Museum’s curator of this important collection, so I’d encourage people not to miss it.”

    Alongside these ancient items on loan from the British Museum, the exhibition features poems from Sudanese refugees in partnership with the Rural Refugee Network and items from members of the Sudanese Community In and Around Portsmouth group, including a tabag and a traditional Sudanese bridal gown.

    The talks will be at 12.30pm and 5.30pm and will last for approximately an hour with time for questions at the end.

    It is free but booking is advised. To book call Portsmouth Museum and Art Gallery on 023 9283 4779 or visit the museum and ask at the front desk.

    MIL OSI United Kingdom –

  • MIL-OSI China: China launches Shenzhou-20 crewed spaceship

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

    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. China launched the Shenzhou-20 crewed spaceship on Thursday, sending three astronauts to its orbiting space station for a six-month mission. [Photo/Xinhua]

    JIUQUAN, April 24 — China launched the Shenzhou-20 crewed spaceship on Thursday, sending three astronauts to its orbiting space station for a six-month mission.

    The spaceship, atop a Long March-2F carrier rocket, blasted off from the Jiuquan Satellite Launch Center in northwest China.

    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]
    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]
    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]
    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]
    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]
    The Shenzhou-20 crewed spaceship, atop a Long March-2F carrier rocket, blasts off from the Jiuquan Satellite Launch Center in northwest China, April 24, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Views sought on jelly dessert rules

    Source: Hong Kong Information Services

    The Centre for Food Safety (CFS) today invited the public and the trade to send in their views on the proposed amendments to the Food & Drugs (Composition & Labelling) Regulations aiming to strengthen regulation of konjac-containing jelly confectionery.

    The CFS made the proposals after reviewing the potential choking risks associated with the consumption of mini-cup konjac-containing jelly confectionery products, the regulatory practices of major economies concerning such products, and conducting a risk assessment.

    It proposed that, if a mini-cup jelly confectionery product is with a height or width of 45mm or less, it shall not contain konjac.

    Another proposal is to require all prepackaged konjac-containing jelly confectionery products to carry a label with a warning statement about the prevention of choking hazard in both English and Chinese: “Caution: Do not swallow whole. Elderly and children must consume under supervision.”

    The CFS explained that while the Codex Alimentarius Commission considers konjac a safe food additive, improper consumption of mini-cup konjac jellies can increase the choking risk, particularly for children and elderly people, due to their unique product design and firm texture.

    It has consulted the Expert Committee on Food Safety and engaged the trade through a meeting and a forum.

    The Government initially proposes that the amendments to ban the sale of mini-cup konjac-containing jelly confectionery products with a height or width of 45mm or less, will take effect six months after passage of the amended regulations.

    As for the labelling requirements for all konjac-containing jelly confectionery products, the Government proposes that they will come into operation 12 months after passage of the amended regulations.

    Additionally, the CFS, in collaboration with the Education Bureau, has issued a letter to schools recommending that they cease selling or providing mini-cup konjac-containing jelly confectionery products with a height or width of 45mm or less in tuck shops and canteens.

    Members of the public and the trade are welcome to offer their views on or before June 8. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Mill Village — UPDATE: RCMP upgrade charges to Second-Degree Murder

    Source: Royal Canadian Mounted Police

    The Southwest Nova RCMP Major Crime Unit has upgraded a charge to Second-Degree Murder after the death of the victim of an assault in Mill Village.

    On March 28, 2025, at approximately 3:30 a.m., Queens District RCMP and EHS responded to a weapons call at a home on Hwy. 3 in Mill Village. When officers arrived at the scene, they located a man with life-threatening injuries and learned that another man had left in a vehicle. The victim, an 84-year-old man, was transported to hospital by EHS, with injuries consistent with being stabbed.

    At approximately 7:45 a.m., officers located the suspect at home in Voggler’s Cove and he was safely arrested.

    Derek Dominix, age 60, of Mill Village, was subsequently charged with Attempt to Commit Murder and was remanded into custody.

    Original news release here.

    On April 11, 2025, the victim, who had been in the hospital since the incident, died from their injuries. The Nova Scotia Medical Examiner’s Office ruled the death a homicide. The man’s death was the result of intimate partner violence.

    The Southwest Nova RCMP Major Crime Unit has taken carriage of the investigation. On April 22, 2025, the charge of Attempt to Commit Murder that had been laid against Dominix was upgraded to Second-Degree Murder. Dominix remains in custody and will appear in Bridgewater Provincial Court on May 15, 2025, at 9:30 a.m.

    Nova Scotia RCMP encourages anyone experiencing, or at risk of, intimate partner violence to reach out. Support is available across Nova Scotia and can be accessed by dialing 211, calling the provincial toll-free line at 1-855-225-0220, or visiting Nova Scotia 211 online. You can access support anonymously.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    First Quarter 2025 Compared to Fourth Quarter 2024 Overview

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

    First Quarter 2025 Compared to First Quarter 2024 Overview

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

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

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

    About West Bancorporation, Inc. (Nasdaq: WTBA)

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

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

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

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

    NON-GAAP FINANCIAL MEASURES

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

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

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

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

    The MIL Network –

  • MIL-OSI: Quino Energy and Long Hill Energy Partners Awarded $10M in California Energy Commission Grant Funding to Demonstrate an 8 MWh Organic Flow Battery System

    Source: GlobeNewswire (MIL-OSI)

    SAN LEANDRO, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Quino Energy, a company developing water-based flow batteries, and Long Hill Energy Partners, a California-based clean energy developer, have been awarded $10M in grant funding through the California Energy Commission (CEC) Energy Research and Development Division’s Electric Program Investment Charge Program (EPIC). The funding will support a proposed 8 MWh flow battery energy storage project at the High Desert Regional Health Center (HDRHC) in Lancaster, CA.

    This project will be the first U.S. commercial deployment of Quino Energy’s proprietary organic flow battery technology and will demonstrate its viability in large-scale, long-duration storage in an application serving critical infrastructure. It falls within Project Group 2, which focuses on funding multiple use-case demonstrations for energy storage value stacking.

    Quino Energy and Long Hill Energy Partners will jointly develop this proposed project, with Quino leading technology development, integration, and testing and Long Hill serving as lead for project development, permitting and program management and reporting. The demonstration will be conducted in partnership with Los Angeles County, where the site is located, and the Clean Coalition Group, a community-based non-profit specializing in the development and testing of clean energy microgrids.

    Once operational, Quino Energy’s organic flow battery is expected to provide critical energy resiliency and back-up power capacity for up to 100% of HDRHC’s energy demand during peak and off-peak hours while maximizing safety due to the system’s completely non-flammable nature. Additionally, Quino’s flow battery will enable the HDRHC to save over $10 million in electricity costs over the flow battery’s estimated 20-year operating life. Further, the installation of an on-site flow battery will allow Los Angeles County to expand an existing solar carport installed at this site, dramatically increasing the percentage of clean and renewable solar power generated and consumed by the HDRHC and further reducing electricity costs.

    “Quino Energy is grateful to the CEC for its support to demonstrate the potential of scalable, reliable organic flow batteries in our home state of California,” said Eugene Beh, CEO of Quino Energy. “Our technology started as an invention at a lab at Harvard and has rapidly grown in scale by leveraging mature flow battery systems that have been proven over decades with vanadium electrolyte. Our low-cost, non-flammable, and Made in USA organic electrolyte in place of vanadium will allow flow batteries to dramatically come down in cost to be a serious alternative to lithium-ion batteries. We are very excited to work with Long Hill Energy Partners, Los Angeles County, the High Desert Regional Health Center, and the Clean Coalition to showcase our technology in a real-world setting.”

    “Long Hill is excited to partner with the CEC to scale-up and demonstrate Quino Energy’s innovative flow battery solution for LA County’s High Desert Regional Health Center,” said Ed Chiao, Managing Director of Long Hill Energy Partners. “The Clean Coalition Group, a Southern California-based non-profit energy consultancy, will lead community engagement and provide expertise in Microgrid design and implementation. Once installed, the flow battery will provide critical energy resiliency and is also projected to save up to $10 million in energy costs for LA County’s hospital.”

    “We are very pleased that Quino Energy and Long Hill Energy Partners have been awarded $10 million by the CEC,” added Masahiro Sameshima, General Partner at ANRI, a venture capital firm based in Tokyo and one of Quino Energy’s investors. “We believe this recognition reflects the high evaluation of their innovative flow battery technology and its great potential. We look forward to seeing them accelerate their R&D with this funding and contribute to the realization of a decarbonized society.”

    Project permitting is anticipated to begin in Q3 2025; the project is expected to break ground in the Fall of 2026, with the flow battery system coming online in early 2027.

    Quino Energy has previously received funding through the U.S. Department of Energy (DOE)’s Advanced Materials and Manufacturing Technologies Office (AMMTO) to support the development of its flow battery material production line as well as to demonstrate their innovative aqueous organic quinone redox flow battery (QRFB) technology in carbon steel tanks.

    About Quino Energy

    Formed in 2021, Quino Energy is a start-up company that is developing water-based flow batteries that store electrical energy in organic molecules called quinones, for commercial and grid applications. These batteries are predicted to enjoy a unique combination of low capital cost, true fire safety, rapid scalability, and local manufacturability. This is made possible by a number of technological breakthroughs, some of which were first discovered at Harvard University and later licensed by Quino Energy. Please visit quinoenergy.com for more details on the team and the technology.

    About Long Hill Energy Partners

    Long Hill Energy Partners is an energy development company which specializes in supporting the scale-up and commercialization of emerging clean energy technologies. Long Hill partners with innovative venture-stage companies to develop and demonstrate their technology at scale, proving out economic returns for real-world applications.

    Media inquiries:
    quino@fischtankpr.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Other recent developments in the markets include:

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

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

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

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

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

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

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

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

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

    About FN Media Group:

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

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

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Ascent Solar Technologies Hosts Customer and Partner Discussions During Space Symposium

    Source: GlobeNewswire (MIL-OSI)

    THORNTON, Colo., April 24, 2025 (GLOBE NEWSWIRE) — Ascent Solar Technologies (“Ascent” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today reported on its in-person tours and meetings hosted during the 40th Annual Space Symposium in Colorado Springs earlier in April 2025.

    Director of Space Solutions, Julian Miller, hosted six organizations onsite at the Company’s Thornton facility, and met with several others while attending the conference. Visitors reviewed the scale of Ascent’s operations, met with its technical team to better understand its customization and features, and further discussed collaborations for future space programs with respect to both product development and direct sales. The Company is now engaging in RFP/RFQ discussions, pursuing joint manufacturing ventures, and performing feasibility testing with prospective partners and customers.

    “The market feedback received at the Space Symposium speaks volumes, not just about Ascent technology, but also our manufacturing processes in the U.S. that enable our supply chain to remain strong,” said Julian Miller, Director of Space Solutions at Ascent Solar Technologies. “We will continue to engage the biggest and brightest brands in space tech and demonstrating that our product is second to none in the low earth environment.”

    Ascent’s 5MW production facility currently has the capacity to ship orders in excess of 100kW this summer. Space industry discussions include the exploration of new advanced capabilities enabled by Ascent’s CIGS PV products’ combination of resiliency with mass, volume, cost and schedule efficiencies. These opportunities span across commercial, civil and defense market sectors and include emerging markets such as in-space manufacturing, distributed space power grids and Lunar surface operations, among others.

    All parties interested in participating in a facility tour are encouraged to reach out via Ascent’s contact page.

    About Ascent Solar Technologies, Inc.

    Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com.

    Forward-Looking Statements

    Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.

    Media Contact

    Spencer Herrmann
    FischTank PR
    ascent@fischtankpr.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    WEBSITE: WWW.HTB.COM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Consolidated Balance Sheets (Unaudited)

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

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

    Consolidated Statements of Income (Unaudited)

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

    Per Share Data

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

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

    Selected Financial Ratios and Other Data

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

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

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

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

    Loans

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

    Deposits

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Standard Lithium Ltd.

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

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

    About Equinor

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

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

    Investor and Media Inquiries

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: Reusable period products given out at Leeds leisure centres

    Source: City of Leeds

    Leeds City Council’s leisure centres are supporting visitors and staff to make the switch to reusable period products and removing the barrier of periods when being active.

    Together with period poverty charity Freedom 4 Girls, Active Leeds are giving out free sustainable products at their leisure centres across Leeds over the next few months.

    1 in 10 girls in the UK can’t afford period products, and a lack of access can mean missing school, work and physical activity.

    Members of staff at Leeds leisure centres have shared their experiences of how periods have impacted them at work, whether it is the fear of leaking, getting caught short and not having products with them at work, navigating perimenopause and irregular periods or struggling with feeling confident to do their job whilst on their period.

    Over the next few months, Active Leeds and Freedom 4 Girls are providing the opportunity for staff and visitors to explore and take home sustainable period products, removing both financial and cultural barriers to physical activity. They are also asking for help to stock the leisure centres’ period stations through donations of disposable or sustainable menstrual products.

    At the two pilot events that have already taken place, teams handed out 208 free sustainable products including 121 period pants, 57 period swimwear and 30 reusable pads. In exchange for the free products, they collected over 100 packets and boxes of disposable products, to be able to offer free period products for all visitors at the Active Leeds sites.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “This initiative is about more than just access to reusable and sustainable period products, it’s about normalising conversations, building confidence, and ensuring that no one is left behind because of their period.

    “Following the success of the pilot events, we’re looking forward to rolling this out across more leisure centres over the next few months.”

    Events will take place at the following leisure centres:

    Kirkstall Leisure Centre – 21 May

    Armley Leisure Centre – 22 May

    Garforth Leisure Centre – 11 June

    Rothwell Leisure Centre – 12 June

    Middleton Leisure Centre – 25 June

    Pudsey Leisure Centre – 26 June

    Scott Hall Leisure Centre – 9 July

    Fearnville Leisure Centre – 10 July

    John Smeaton Leisure Centre – 16 July

    Morley Leisure Centre – 17 July

    Find out more about Active Leeds at https://active.leeds.gov.uk/.

    MIL OSI United Kingdom –

  • MIL-OSI USA: ICE arrests, removes Dominican alien charged with drug crimes, assaulting a police officer in Massachusetts

    Source: US Immigration and Customs Enforcement

    BOSTON — U.S. Immigration and Customs Enforcement arrested an illegally present Dominican national charged with drug trafficking crimes and assaulting a police officer. Officers with ICE Boston arrested Daniel Encarnacion-Sanchez, 20, in Boston Feb. 7.

    “Daniel Encarnacion-Sanchez illegally entered the United States and has been charged with trafficking poison in our Massachusetts community and assaulting an officer of the law,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “He represents a significant threat to our residents that we will not tolerate. ICE Boston remains dedicated to our mission to prioritize public safety by arresting and removing criminal alien threats from New England neighborhoods.”

    U.S. Border Patrol arrested Encarnacion-Sanchez Nov. 21, 2023, after he illegally entered the United States. The Border Patrol served Encarnacion-Sanchez a notice to appear before a Department of Justice immigration judge.

    The Malden District Court arraigned Encarnacion-Sanchez Nov. 27, 2024, for trafficking a controlled substance and possession to distribute drugs.

    ICE Boston lodged an immigration detainer against Encarnacion-Sanchez Dec. 3, 2024, with the Middlesex County House of Corrections.

    The Boston Police Department arrested Encarnacion-Sanchez Feb. 6, and charged him with assault and battery on a police officer causing injury and trafficking drugs, heroin and crack. The next day, the Dorchester District Court, released Encarnacion-Sanchez on personal recognizance.

    Officers with ICE Boston arrested Encarnacion-Sanchez, after release from Dorchester District Court in Boston Feb. 7.

    ICE removed Encarnacion-Sanchez to the Dominican Republic March 16.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @EROBoston.

    MIL OSI USA News –

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

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

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

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

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

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

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

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

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

    ###

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

    MIL Security OSI –

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

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

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

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

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

    There is no parole in the federal system.

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

    ###

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

    MIL Security OSI –

  • MIL-OSI United Kingdom: FMQs: Scottish Government urged to halt controversial industrial salmon farm at Loch Long

    Source: Scottish Greens

    24 Apr 2025 Nature

    The Loch Long industrial development will scar the landscape.

    More in Nature

    The First Minister has been urged to ensure local people are listened to in their campaign against destructive proposals for an industrial salmon farm development at Loch Long.

    Scottish Green MSP Ariane Burgess has led a campaign that has seen over 4300 people lodging objections via a web portal created by the Scottish Greens.

    The controversial proposal was rejected by the National Park Authority in 2022. It was appealed by the developers almost 12 months ago, with the Scottish Government taking the rare decision to “call” it in.

    In her first question to the First Minister, Ms Burgess said:

    “To ask the First Minister whether he will provide an update on when the Scottish Government expects to respond to the Loch Long salmon farm planning application.”

    In his response the First Minister did not provide a timeframe for the decision.

    In her second question, Ms Burgess said:

    “The industrial salmon farm development proposed for Loch Long will scar the loch’s coastline and harm its wildlife.

    “It has been opposed by the community, the local planning authority, and even the industry. But we have now been waiting over a year for the Government’s response after the application was called in.

    “First Minister – more than 4,000 people have written to the Government asking it to protect Loch Long from this damaging development. Will the First Minister personally ensure that my constituents voices will be listened to?”

    Only 2 miles from Loch Lomond, at the heart of Loch Lomond and The Trossachs National Park, Loch Long is an iconic landscape. It’s home to seals, otters and seabirds, as well as linking with the Endrick Water Special Area of Conservation, which hosts a fragile population of endangered Atlantic Salmon.

    The final decision now lies with the Scottish Government and Cabinet Secretary Shona Robison.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Port Meadow incident: appeal for information following death of foal

    Source: City of Oxford

    Thursday, 24 April 2025

    Oxford City Council is appealing to the public for information following two serious incidents involving powered paragliders disturbing livestock on Port Meadow.

    On 10 April, a powered paraglider was seen flying low and erratically over the Meadow, causing distress to a group of horses. Tragically, a young foal was injured during this incident. Despite the best efforts of those caring for it, the foal did not recover from its injuries and has since been put to sleep. 

    A second incident occurred on 20 April, at approximately 7:30pm, when three paragliders were seen swooping low and noisily over the Meadow, causing further distress to the animals on site. Witnesses reported that the horses were visibly panicked, running erratically around the area in fear. 

    Both incidents have been reported to Thames Valley Police’s Rural Crime Team, which is now gathering evidence. The matter is being taken extremely seriously, and legal action will be pursued against those responsible. 

    We are urging anyone with information about these incidents, or who may know the identity of the individuals involved, to come forward. 

    Please report any relevant details to the Police Rural Crime Team by calling 101. 

    Comment 

    “These reckless actions have not only caused significant distress to the animals and local residents but may have also resulted in the tragic and avoidable loss of a foal. We are asking those responsible to stop this dangerous behaviour immediately, and for the public’s help in identifying them. 

    “The safety of the animals, residents, and visitors to Port Meadow is of utmost importance, and we will continue to work closely with the police and community to prevent further incidents. 
    Tom Hook, Deputy Chief Executive 

    MIL OSI United Kingdom –

  • MIL-OSI Security: Acting U.S. Attorney Promotes DEA Drug Take Back Day

    Source: Office of United States Attorneys

    WHEELING, WEST VIRGINIA – Law enforcement from across the Northern District of West Virginia will participate in the Drug Enforcement Administration’s (DEA) Drug Take Back Day on Saturday, April 26 from 10 a.m. until 2 p.m.

    Acting United States Attorney Randolph J. Bernard encourages residents to use this opportunity to rid their homes of unused and unneeded prescription medications, reducing the risk of misuse.

    “The Drug Take Back program is an excellent opportunity to take inventory of the leftover and outdated prescription drugs that are stored in your home,” stated Bernard. “Providing the unused drugs to the DEA as part of the program is a great way to make your home a safe place for those you love. It safeguards our children and prevents abuse of the drugs by others.  It also keeps the discarded drugs out of landfills and our water.”

    Law enforcement will accept tablets, capsules, patches, and other solid forms of prescription drugs. Liquids, such as cough syrups, must remain tightly sealed in their original containers. Take Back Day locations will accept vaping devices and cartridges if the lithium batteries are removed. Syringes, sharps, and illicit substances will not be collected.

    There are 4,500 collection sites nationwide. To find one near you, go to https://www.dea.gov/takebackday

    MIL Security OSI –

  • MIL-OSI Security: Mississippi Man Guilty of Possession of Machine Guns

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – JAMES HARRIS (“HARRIS”), age 33, of Mississippi, pled guilty on April 23, 2025, before United States District Judge Sarah S. Vance, to being in possession of machine guns, in violation of Title 18, United States Code, Sections 922(o)() and 924(a)(2), announced Acting U.S. Attorney Michael M. Simpson.

    According to court documents, special agents from the Bureau of Alcohol, Tobacco, Firearms, and Explosives (“ATF”) identified individuals involved in trafficking firearms in New Orleans.  Between September 2023 and November 2023, agents communicated with HARRIS about purchasing machine guns and firearms.  On November 15, 2023, HARRIS sold machine guns and firearms to undercover ATF agents in the eastern District of Louisiana.

    HARRIS is scheduled for sentencing on August 13, 2025.  HARRIS faces up to ten (10) years imprisonment, a fine of up to $250,000.00, up to three (3) years of supervised release following imprisonment and, a $100 mandatory special assessment fee.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives.  The prosecution is being handed by Assistant United States Attorney Lynn E. Schiffman of the Narcotics Unit.

    MIL Security OSI –

  • MIL-OSI: CoreCard Corporation Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., April 24, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on May 8, 2025, at 11:00 A.M. Eastern Time in conjunction with the company’s earnings release for the quarter ended March 31, 2025. The company plans to issue a press release with the financial results for the period before the market opens on May 8, 2025.

    Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecardq12025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    About CoreCard Corporation

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Contact: CoreCard Corporation
      Matthew A. White, Chief Financial Officer
      770-564-5504
      matt@corecard.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    Highlights for the first quarter of 2025 include:

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

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

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

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

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

    Operating Results

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

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

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

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

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

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

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

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

    Asset Quality

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

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

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

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

    Balance Sheet, Capital and Liquidity

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

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

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

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

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

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

    Share Repurchase Plan

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

    Earnings Conference Call

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

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

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

    About Independent Bank Corporation

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

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

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

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

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

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

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

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

    (2) March 31, 2025 are Preliminary.

    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

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

    Reconciliation of Non-GAAP Financial Measures

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

    (1) Annualized.

    Tangible Common Equity Ratio

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

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

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

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    First Quarter 2025 Highlights:

    • Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share1of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
    • Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
    • Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
    • Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
    • Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
    • Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
    • The efficiency ratio totaled 54.54% for the quarter.

    “The first quarter was a strong start to the year with healthy loan growth and increasing profitability,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress.”

    First Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.

    Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

    Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

    Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

    Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

    Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

    Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

    The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

           
    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) March 31,
      2025   2024
    ASSETS      
    Cash and due from banks $ 86,113     $ 100,514  
    Interest-bearing deposits   331,534       410,497  
    Investment securities available for sale   1,378,489       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,163,361  
    Loans held for sale   23,004       15,118  
    Loans   13,004,905       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (204,681 )
    Net loans   12,812,874       12,260,901  
    Premises and equipment   128,749       132,706  
    Federal Home Loan Bank stock   45,006       41,758  
    Interest receivable   88,352       92,550  
    Goodwill   712,002       712,002  
    Other intangibles   18,302       25,142  
    Cash surrender value of life insurance   304,918       306,028  
    Other real estate owned   4,966       4,886  
    Tax asset, deferred and receivable   87,665       101,121  
    Other assets   369,181       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,317,803  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,185,057     $ 2,338,364  
    Interest-bearing   12,276,921       12,546,220  
    Total Deposits   14,461,978       14,884,584  
    Borrowings:      
    Federal funds purchased   185,000       —  
    Securities sold under repurchase agreements   122,947       130,264  
    Federal Home Loan Bank advances   972,478       612,778  
    Subordinated debentures and other borrowings   62,619       118,612  
    Total Borrowings   1,343,044       861,654  
    Interest payable   13,304       19,262  
    Other liabilities   289,247       327,500  
    Total Liabilities   16,107,573       16,093,000  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,810,232 and 58,564,819 shares   7,226       7,321  
    Additional paid-in capital   1,183,263       1,208,447  
    Retained earnings   1,306,911       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,317,803  
       
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
    (Dollars In Thousands, Except Per Share Amounts) March 31,
      2025   2024
    INTEREST INCOME      
    Loans:      
    Taxable $ 187,728     $ 198,023  
    Tax-exempt   10,532       8,190  
    Investment securities:      
    Taxable   8,372       8,748  
    Tax-exempt   12,517       13,611  
    Deposits with financial institutions   2,372       6,493  
    Federal Home Loan Bank stock   997       835  
    Total Interest Income   222,518       235,900  
    INTEREST EXPENSE      
    Deposits   80,547       98,285  
    Federal funds purchased   812       —  
    Securities sold under repurchase agreements   742       1,032  
    Federal Home Loan Bank advances   9,364       6,773  
    Subordinated debentures and other borrowings   783       2,747  
    Total Interest Expense   92,248       108,837  
    NET INTEREST INCOME   130,270       127,063  
    Provision for credit losses   4,200       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       125,063  
    NONINTEREST INCOME      
    Service charges on deposit accounts   8,072       7,907  
    Fiduciary and wealth management fees   8,644       8,200  
    Card payment fees   4,526       4,500  
    Net gains and fees on sales of loans   5,022       3,254  
    Derivative hedge fees   404       263  
    Other customer fees   415       427  
    Earnings on cash surrender value of life insurance   2,179       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (2 )
    Other income   793       497  
    Total Noninterest Income   30,048       26,638  
    NONINTEREST EXPENSES      
    Salaries and employee benefits   54,982       58,293  
    Net occupancy   7,216       7,312  
    Equipment   7,008       6,226  
    Marketing   1,353       1,198  
    Outside data processing fees   5,929       6,889  
    Printing and office supplies   347       353  
    Intangible asset amortization   1,526       1,957  
    FDIC assessments   3,648       4,287  
    Other real estate owned and foreclosure expenses   600       534  
    Professional and other outside services   3,261       3,952  
    Other expenses   7,032       5,934  
    Total Noninterest Expenses   92,902       96,935  
    INCOME BEFORE INCOME TAX   63,216       54,766  
    Income tax expense   7,877       6,825  
    NET INCOME   55,339       47,941  
    Preferred stock dividends   469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 47,472  
    Per Share Data:      
    Basic Net Income Available to Common Stockholders $ 0.95     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       59,273  
           
    FINANCIAL HIGHLIGHTS      
    (Dollars in thousands) Three Months Ended
      March 31,
      2025   2024
    NET CHARGE-OFFS $ 4,926     $ 2,253  
           
    AVERAGE BALANCES:      
    Total Assets $ 18,341,738     $ 18,430,521  
    Total Loans   12,941,353       12,477,066  
    Total Earning Assets   16,960,475       17,123,851  
    Total Deposits   14,419,338       14,881,205  
    Total Stockholders’ Equity   2,340,874       2,242,139  
           
    FINANCIAL RATIOS:      
    Return on Average Assets   1.21 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       13.21  
    Average Earning Assets to Average Assets   92.47       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.65  
    Interest Expense/Average Earning Assets   2.17       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.10  
    Efficiency Ratio   54.54       59.21  
                       
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccrual Loans $ 81,922     $ 73,773     $ 59,088     $ 61,906     $ 62,478  
    Other Real Estate Owned and Repossessions   4,966       4,948       5,247       4,824       4,886  
    Nonperforming Assets (NPA)   86,888       78,721       64,335       66,730       67,364  
    90+ Days Delinquent   4,280       5,902       14,105       1,686       2,838  
    NPAs & 90 Day Delinquent $ 91,168     $ 84,623     $ 78,440     $ 68,416     $ 70,202  
                       
    Allowance for Credit Losses – Loans $ 192,031     $ 192,757     $ 187,828     $ 189,537     $ 204,681  
    Quarterly Net Charge-offs   4,926       771       6,709       39,644       2,253  
    NPAs / Actual Assets %   0.47 %     0.43 %     0.35 %     0.36 %     0.37 %
    NPAs & 90 Day / Actual Assets %   0.49 %     0.46 %     0.43 %     0.37 %     0.38 %
    NPAs / Actual Loans and OREO %   0.67 %     0.61 %     0.51 %     0.53 %     0.54 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.47 %     1.50 %     1.48 %     1.50 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.15 %     0.02 %     0.21 %     1.26 %     0.07 %
                       
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    ASSETS                  
    Cash and due from banks $ 86,113     $ 87,616     $ 84,719     $ 105,372     $ 100,514  
    Interest-bearing deposits   331,534       298,891       359,126       168,528       410,497  
    Investment securities available for sale   1,378,489       1,386,475       1,553,496       1,618,893       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,074,220       2,108,649       2,134,195       2,163,361  
    Loans held for sale   23,004       18,663       40,652       32,292       15,118  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    Net loans   12,812,874       12,661,602       12,458,980       12,450,113       12,260,901  
    Premises and equipment   128,749       129,743       129,582       133,245       132,706  
    Federal Home Loan Bank stock   45,006       41,690       41,716       41,738       41,758  
    Interest receivable   88,352       91,829       92,055       97,546       92,550  
    Goodwill   712,002       712,002       712,002       712,002       712,002  
    Other intangibles   18,302       19,828       21,599       23,371       25,142  
    Cash surrender value of life insurance   304,918       304,906       304,613       306,379       306,028  
    Other real estate owned   4,966       4,948       5,247       4,824       4,886  
    Tax asset, deferred and receivable   87,665       92,387       86,732       107,080       101,121  
    Other assets   369,181       387,169       348,384       367,845       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,185,057     $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364  
    Interest-bearing   12,276,921       12,196,047       12,030,903       12,265,757       12,546,220  
    Total Deposits   14,461,978       14,521,626       14,365,100       14,569,070       14,884,584  
    Borrowings:                  
    Federal funds purchased   185,000       99,226       30,000       147,229       —  
    Securities sold under repurchase agreements   122,947       142,876       124,894       100,451       130,264  
    Federal Home Loan Bank advances   972,478       822,554       832,629       832,703       612,778  
    Subordinated debentures and other borrowings   62,619       93,529       93,562       93,589       118,612  
    Total Borrowings   1,343,044       1,158,185       1,081,085       1,173,972       861,654  
    Deposits and other liabilities held for sale   —       —       288,476       —       —  
    Interest payable   13,304       16,102       18,089       18,554       19,262  
    Other liabilities   289,247       311,073       292,429       329,302       327,500  
    Total Liabilities   16,107,573       16,006,986       16,045,179       16,090,898       16,093,000  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,226       7,247       7,265       7,256       7,321  
    Additional paid-in capital   1,183,263       1,188,768       1,192,683       1,191,193       1,208,447  
    Retained earnings   1,306,911       1,272,528       1,229,125       1,200,930       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (188,685 )     (151,825 )     (211,979 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,304,983       2,302,373       2,212,525       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 187,728     $ 197,536     $ 206,680     $ 201,413     $ 198,023  
    Tax-exempt   10,532       9,020       8,622       8,430       8,190  
    Investment securities:                  
    Taxable   8,372       9,024       9,263       9,051       8,748  
    Tax-exempt   12,517       12,754       13,509       13,613       13,611  
    Deposits with financial institutions   2,372       5,350       2,154       2,995       6,493  
    Federal Home Loan Bank stock   997       958       855       879       835  
    Total Interest Income   222,518       234,642       241,083       236,381       235,900  
    INTEREST EXPENSE                  
    Deposits   80,547       89,835       98,856       99,151       98,285  
    Federal funds purchased   812       26       329       126       —  
    Securities sold under repurchase agreements   742       680       700       645       1,032  
    Federal Home Loan Bank advances   9,364       8,171       8,544       6,398       6,773  
    Subordinated debentures and other borrowings   783       1,560       1,544       1,490       2,747  
    Total Interest Expense   92,248       100,272       109,973       107,810       108,837  
    NET INTEREST INCOME   130,270       134,370       131,110       128,571       127,063  
    Provision for credit losses   4,200       4,200       5,000       24,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       130,170       126,110       104,071       125,063  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,072       8,124       8,361       8,214       7,907  
    Fiduciary and wealth management fees   8,644       8,665       8,525       8,825       8,200  
    Card payment fees   4,526       4,957       5,121       4,739       4,500  
    Net gains and fees on sales of loans   5,022       5,681       6,764       5,141       3,254  
    Derivative hedge fees   404       1,594       736       489       263  
    Other customer fees   415       316       344       460       427  
    Earnings on cash surrender value of life insurance   2,179       2,188       2,755       1,929       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (11,592 )     (9,114 )     (49 )     (2 )
    Gain on branch sale   —       19,983       —       —       —  
    Other income   793       2,826       1,374       1,586       497  
    Total Noninterest Income   30,048       42,742       24,866       31,334       26,638  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   54,982       55,437       55,223       52,214       58,293  
    Net occupancy   7,216       7,335       6,994       6,746       7,312  
    Equipment   7,008       7,028       6,949       6,599       6,226  
    Marketing   1,353       2,582       1,836       1,773       1,198  
    Outside data processing fees   5,929       6,029       7,150       7,072       6,889  
    Printing and office supplies   347       377       378       354       353  
    Intangible asset amortization   1,526       1,771       1,772       1,771       1,957  
    FDIC assessments   3,648       3,744       3,720       3,278       4,287  
    Other real estate owned and foreclosure expenses   600       227       942       373       534  
    Professional and other outside services   3,261       3,777       3,035       3,822       3,952  
    Other expenses   7,032       7,982       6,630       7,411       5,934  
    Total Noninterest Expenses   92,902       96,289       94,629       91,413       96,935  
    INCOME BEFORE INCOME TAX   63,216       76,623       56,347       43,992       54,766  
    Income tax expense   7,877       12,274       7,160       4,067       6,825  
    NET INCOME   55,339       64,349       49,187       39,925       47,941  
    Preferred stock dividends   469       469       468       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 0.95     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 26.78     $ 26.64     $ 25.10     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.21 %     1.39 %     1.07 %     0.87 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       11.05       8.66       7.16       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       16.75       13.39       11.29       13.21  
    Average Earning Assets to Average Assets   92.47       92.48       92.54       92.81       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.50       1.48       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.02       0.21       1.26       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.51       12.26       12.02       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.63       5.82       5.69       5.65  
    Interest Expense/Average Earning Assets   2.17       2.35       2.59       2.53       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.28       3.23       3.16       3.10  
    Efficiency Ratio   54.54       48.48       53.76       53.84       59.21  
                       
    LOANS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Commercial and industrial loans $ 4,306,597     $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365  
    Agricultural land, production and other loans to farmers   243,864       256,312       238,743       239,926       234,431  
    Real estate loans:                  
    Construction   793,175       792,144       814,704       823,267       941,726  
    Commercial real estate, non-owner occupied   2,177,869       2,274,016       2,251,351       2,323,533       2,368,360  
    Commercial real estate, owner occupied   1,214,739       1,157,944       1,152,751       1,174,195       1,137,894  
    Residential   2,389,852       2,374,729       2,366,943       2,370,905       2,316,490  
    Home equity   650,499       659,811       641,188       631,104       618,258  
    Individuals’ loans for household and other personal expenditures   140,954       166,028       158,480       162,089       161,459  
    Public finance and other commercial loans   1,087,356       1,059,083       981,431       964,814       964,599  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    NET LOANS $ 12,812,874     $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901  
    DEPOSITS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Demand deposits $ 7,786,554   $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976
    Savings deposits   4,791,874     4,522,758     4,302,236     4,339,161     4,679,593
    Certificates and other time deposits of $100,000 or more   896,143     1,043,068     1,277,833     1,415,131     1,451,443
    Certificates and other time deposits of $100,000 or less   625,203     692,068     802,949     889,949     901,280
    Brokered certificates of deposits1   362,204     283,671     303,572     167,150     80,292
    TOTAL DEPOSITS $ 14,461,978   $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584
     
    1 – Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.
                 
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      March 31, 2025   March 31, 2024
      Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate    		   Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 294,016   $ 2,372   3.23 %   $ 575,699   $ 6,493   4.51 %
    Federal Home Loan Bank stock   43,980     997   9.07       41,764     835   8.00  
    Investment Securities: (1)                      
    Taxable   1,634,452     8,372   2.05       1,783,057     8,748   1.96  
    Tax-exempt (2)   2,046,674     15,844   3.10       2,246,265     17,229   3.07  
    Total Investment Securities   3,681,126     24,216   2.63       4,029,322     25,977   2.58  
    Loans held for sale   20,965     319   6.09       21,782     328   6.02  
    Loans: (3)                      
    Commercial   8,770,282     147,772   6.74       8,598,110     159,209   7.41  
    Real estate mortgage   2,191,384     24,446   4.46       2,130,947     22,357   4.20  
    HELOC and installment   828,874     15,191   7.33       821,815     16,129   7.85  
    Tax-exempt (2)   1,129,848     13,332   4.72       904,412     10,367   4.59  
    Total Loans   12,941,353     201,060   6.21       12,477,066     208,390   6.68  
    Total Earning Assets   16,960,475     228,645   5.39 %     17,123,851     241,695   5.65 %
    Total Non-Earning Assets   1,381,263             1,306,670        
    TOTAL ASSETS $ 18,341,738           $ 18,430,521        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,522,434   $ 34,606   2.51 %   $ 5,419,821   $ 39,491   2.91 %
    Money market deposits   3,437,998     25,952   3.02       3,045,478     27,383   3.60  
    Savings deposits   1,299,405     2,445   0.75       1,559,877     3,801   0.97  
    Certificates and other time deposits   1,947,854     17,544   3.60       2,427,859     27,610   4.55  
    Total Interest-Bearing Deposits   12,207,691     80,547   2.64       12,453,035     98,285   3.16  
    Borrowings   1,262,926     11,701   3.71       1,011,812     10,552   4.17  
    Total Interest-Bearing Liabilities   13,470,617     92,248   2.74       13,464,847     108,837   3.23  
    Noninterest-bearing deposits   2,211,647             2,428,170        
    Other liabilities   318,600             295,365        
    Total Liabilities   16,000,864             16,188,382        
    STOCKHOLDERS’ EQUITY   2,340,874             2,242,139        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,341,738     92,248       $ 18,430,521     108,837    
    Net Interest Income (FTE)     $ 136,397           $ 132,858    
    Net Interest Spread (FTE) (4)         2.65 %           2.42 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.39 %           5.65 %
    Interest Expense / Average Earning Assets         2.17 %           2.55 %
    Net Interest Margin (FTE) (5)         3.22 %           3.10 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
    (3) Non accruing loans have been included in the average balances.
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Income Available to Common Stockholders – GAAP $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   7       11,592       9,114       49       2  
    Gain on branch sale   —       (19,983 )     —       —       —  
    Non-core expenses1,2   —       762       —       —       3,481  
    Tax on adjustments   (2 )     1,851       (2,220 )     (12 )     (848 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 54,875     $ 58,102     $ 55,613     $ 39,493     $ 50,107  
                       
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
                       
    Diluted Earnings Per Common Share – GAAP $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   —       0.20       0.15       —       —  
    Gain on branch sale   —       (0.34 )     —       —       —  
    Non-core expenses1,2   —       0.01       —       —       0.06  
    Tax on adjustments   —       0.03       (0.04 )     —       (0.01 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 0.94     $ 1.00     $ 0.95     $ 0.68     $ 0.85  
     
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
             
    NET INTEREST MARGIN (“NIM”), ADJUSTED
    (Dollars in Thousands)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Fully Taxable Equivalent (“FTE”) Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income (FTE) (non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Average Earning Assets (GAAP) $ 16,960,475     $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851  
    Net Interest Margin (GAAP)   3.07 %     3.15 %     3.09 %     3.02 %     2.97 %
    Net Interest Margin (FTE) (non-GAAP)   3.22 %     3.28 %     3.23 %     3.16 %     3.10 %
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Total Average Stockholders’ Equity (GAAP) $ 2,340,874     $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (726,917 )     (728,218 )     (729,581 )     (730,980 )     (732,432 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,588,832     $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582  
                       
    Net Income Available to Common Stockholders (GAAP) $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Plus: Intangible Asset Amortization, Net of Tax   1,206       1,399       1,399       1,399       1,546  
    Tangible Net Income (Non-GAAP) $ 56,076     $ 65,279     $ 50,118     $ 40,855     $ 49,018  
                       
    Return on Tangible Common Equity (Non-GAAP)   14.12 %     16.75 %     13.39 %     11.29 %     13.21 %
    EFFICIENCY RATIO – NON-GAAP                  
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Non Interest Expense (GAAP) $ 92,902     $ 96,289     $ 94,629     $ 91,413     $ 96,935  
    Less: Intangible Asset Amortization   (1,526 )     (1,771 )     (1,772 )     (1,771 )     (1,957 )
    Less: OREO and Foreclosure Expenses   (600 )     (227 )     (942 )     (373 )     (534 )
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
                       
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Plus: Fully Taxable Equivalent Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Non Interest Income (GAAP) $ 30,048     $ 42,742     $ 24,866     $ 31,334     $ 26,638  
    Less: Investment Securities (Gains) Losses   7       11,592       9,114       49       2  
    Adjusted Non Interest Income (Non-GAAP) $ 30,055     $ 54,334     $ 33,980     $ 31,383     $ 26,640  
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Efficiency Ratio (Non-GAAP)   54.54 %     48.48 %     53.76 %     53.84 %     59.21 %
                       
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
    Less: Non-core Expenses1,2   —       (762 )     —       —       (3,481 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 90,776     $ 93,529     $ 91,915     $ 89,269     $ 90,963  
                       
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Less: Gain on Branch Sale   —       (19,983 )     —       —       —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 166,452     $ 174,509     $ 170,973     $ 165,813     $ 159,498  
    Adjusted Efficiency Ratio (Non-GAAP)   54.54 %     53.60 %     53.76 %     53.84 %     57.03 %
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
     

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network –

  • MIL-OSI: CERo Therapeutics Holdings, Inc. Announces Sarah Cannon Research Institute at Colorado Blood Cancer Institute as Key Clinical Trial Site for its Phase 1 Clinical Trial of CER-1236 in Acute Myeloid Leukemia

    Source: GlobeNewswire (MIL-OSI)

    SOUTH SAN FRANSCISCO, Calif, April 24, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces that Sarah Cannon Research Institute (SCRI) at Colorado Blood Cancer Institute (CBCI) in Denver, Colorado will be a key clinical trial site for the Company’s Phase 1 clinical trial of CER-1236. Partnering with SCRI to advance cancer research, CBCI is the region’s leader in blood cancer care and serves a seven-state region. The trial is focused on patients with acute myeloid leukemia (AML), and patient enrollment is underway with first dosing of the initial cohort of patients expected by June.

    Dr. Yazan Migdady, Co-Director, Research and Clinical Innovation for the Myeloid Disease & Allogeneic Stem Cell Program at Colorado Blood Cancer Institute, an investigator in the trial, commented, “The use of chimeric engulfment receptor technology in cellular therapy for AML offers new hope for patients battling aggressive leukemia. This trial represents a crucial step forward in developing innovative therapies, enhancing patient clinical and survival outcomes by improving treatment efficacy, reducing relapse rates, and ultimately bringing a brighter future to AML patients and their families.”

    The first-in-human, multi-center, open label, Phase 1/1b study is designed to evaluate the safety and preliminary efficacy of CER-1236 in patients with acute myeloid leukemia that is either relapsed/refractory, has measurable residual disease, or has a mutation of the TP53 gene. The two-part study will begin with dose escalation to determine highest tolerated dose and recommended dose for Phase 2, followed by an expansion phase to evaluate safety and efficacy. Primary outcome measures include incidence of adverse events (AEs) and serious adverse events (SAEs), incidence of dose limited toxicities and estimation of overall response rate (ORR), complete response (CR), composite complete response (cCR), and measurable residual disease (MRD). Secondary outcome measures include pharmacokinetics (PK).

    Chris Ehrlich, CERo Therapeutics CEO added, “CBCI is a world-renowned cancer center, and we believe their participation in our AML trial is continued validation of the scientific work performed to date with CER-1236. We look forward to announcing enrollment and initial dosing in the near term for this trial and to progress in launching our solid tumor study.”

    About CERo Therapeutics Holdings, Inc.

    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies.

    Forward-Looking Statements

    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo and the implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 15, 2025, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:
    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:
    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI: Correction: Form 8.3 – Warehouse REIT Plc

    Source: GlobeNewswire (MIL-OSI)

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Warehouse REIT Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 22/04/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security:

    1p Ordinary Shares

    Interests

    Short positions

    Number

    %

    Number

    %

    (1)   Relevant securities owned and/or controlled:

    64,093,769

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Warehouse REIT Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 22/04/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p Ordinary Shares
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 64,103,769 15.08%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 64,103,769 15.08%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p Ordinary Shares Sale 4,344 107.8041p
    1p Ordinary Shares Sale 6,261 107.81p
    1p Ordinary Shares Sale 3,500 107.806
    1p Ordinary Shares Sale 5,083 107.81p
    1p Ordinary Shares Sale 50,000 108p
    1p Ordinary Shares Sale 2,388,182 108p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    1p Ordinary Shares Transfer Out 10,000  

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 23/04/2025
    Contact name: Callum Ridley – Compliance Department
    Telephone number: 0151 243 7037

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    15.08%

    (2)   Cash-settled derivatives:

    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:

            TOTAL:

    64,093,769

    15.08%

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p Ordinary Shares Sale 4,344 107.8041p
    1p Ordinary Shares Sale 6,261 107.81p
    1p Ordinary Shares Sale 3,500 107.806
    1p Ordinary Shares Sale 5,083 107.81p
    1p Ordinary Shares Sale 50,000 108p
    1p Ordinary Shares Sale 2,388,182 108p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    1p Ordinary Shares Transfer Out 10,000  

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 23/04/2025
    Contact name: Callum Ridley – Compliance Department
    Telephone number: 0151 243 7037

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Warehouse REIT Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 22/04/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p Ordinary Shares
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 64,093,769 15.08%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 64,093,769 15.08%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p Ordinary Shares Sale 4,344 107.8041p
    1p Ordinary Shares Sale 6,261 107.81p
    1p Ordinary Shares Sale 3,500 107.806
    1p Ordinary Shares Sale 5,083 107.81p
    1p Ordinary Shares Sale 50,000 108p
    1p Ordinary Shares Sale 2,388,182 108p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    1p Ordinary Shares      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 23/04/2025
    Contact name: Callum Ridley – Compliance Department
    Telephone number: 0151 243 7037

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    The MIL Network –

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

    Source: Phillips

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

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

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Stoke-on-Trent market named best in Staffordshire

    Source: City of Stoke-on-Trent

    Published: Thursday, 24th April 2025

    A Stoke-on-Trent market which dates back over 150 years has been named the best in Staffordshire.

    Longton Victorian Market clinched the title of ‘Staffordshire Market of the Year’ at the Our Staffordshire News’ Business, Charity, Community and Food Awards 2025.

    The awards, which took place earlier this month, awarded Tunstall Market, also managed by Stoke-on-Trent City Council, third in the same category.

    Councillor Finlay Gordon-McCusker, cabinet member for transport, regeneration and infrastructure at Stoke-on-Trent City Council, said: “Our markets are really important to our local communities and this award is testament to that.

    “All of our traders and our dedicated markets team work tirelessly to make sure our markets remain at the heart of our town centres, so I would like to pass on my huge congratulations to them.

    “If you haven’t visited for a while, I would encourage you to pop down and support your local market.”

    For more information about Stoke-on-Trent Markets visit www.stoke.gov.uk/markets

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK Minister for Local Transport visits Jersey today24 April 2025 The UK Minister for Local Transport, Simon Lightwood MP, is visiting Jersey today to gain greater insight on the Island’s bus service model. During the visit, the Minister will meet the Infrastructure… Read more

    Source: Channel Islands – Jersey

    24 April 2025

    The UK Minister for Local Transport, Simon Lightwood MP, is visiting Jersey today to gain greater insight on the Island’s bus service model. 

    During the visit, the Minister will meet the Infrastructure Minister, Connétable Andy Jehan, tour Liberation Station with the Constable of St Helier, and visit the LibertyBus depot at La Collette. He will also meet LibertyBus staff and drivers, speak directly with passengers, and experience Jersey’s bus service first-hand by travelling on the Number 15 route. 

    The visit comes at the same time as the UK Parliament is considering a Bill which aims to make it easier for local transport authorities to franchise bus services in their areas, and improve performance, accessibility, and the quality of bus passenger services in the country. 

    As part of the Minister’s Active Travel brief, St Luke’s School will be welcoming him to see their School Street in action and to witness the benefits of closing the street to traffic, enabling students to travel to and from school safely. Jersey’s Home Affairs Minister will also be meeting Mr Lightwood to discuss the Violence Against Women and Girls (VAWG) strategy. In addition, the Deputy Bailiff will be hosting a tour of the States Assembly. 

    The Minister for Infrastructure, Connétable Andy Jehan, said: “I am pleased to be welcoming Simon Lightwood to Jersey, particularly following the recent award of the new 10-year contract to Liberty Bus. This is a fantastic opportunity to showcase the benefits that long-term contracts have, Jersey’s investment in a more environmentally friendly fleet, as well as our efforts to enhance local community services such as the TownLink and a new northern route.”​

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Fatal Crash – Lake Bennett

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is investigating after a fatal crash occurred near Lake Bennett overnight.

    Around 8pm, the Joint Emergency Services Communication Centre received reports of a collision between two vehicles travelling in opposite directions on the Stuart Highway between Bachelor and Acacia Hills.

    Emergency services attended and initial first aid was provided before both drivers, a 25-year-old female and 35-year-old male, were both declared deceased.

    A crime scene was established, and the Major Crash Investigation Unit is investigating. Traffic diversions were in place for most of the night and the highway has since re-opened.

    Police urge anyone with information or with dash cam footage in the area to make contact on 131 444. Please quote reference number P25111702.

    Anonymous reports can be made through Crime Stoppers on 1800 333 000.

    The Lives lost on Territory roads for 2025 now stands at 8.

    MIL OSI News –

  • MIL-OSI: ConnectOne Bancorp, Inc. Reports First Quarter 2025 Results; Declares Common and Preferred Dividends

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD CLIFFS, N.J., April 24, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $18.7 million for the first quarter of 2025 compared with $18.9 million for the fourth quarter of 2024 and $15.7 million for the first quarter of 2024. Diluted earnings per share were $0.49 for the first quarter of 2025 compared with $0.49 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Return on average assets was 0.84%, 0.84% and 0.70% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Return on average tangible common equity was 8.25%, 8.27% and 7.15% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    Operating net income available to common stockholders, which excludes non-operating items (primarily merger and branch closure related expenses), was $19.7 million for the first quarter of 2025, $20.2 million for the fourth quarter of 2024 and $15.9 million for the first quarter of 2024. Operating diluted earnings per share were $0.51 for the first quarter of 2025, $0.52 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Operating return on average assets was 0.88%, 0.90% and 0.71% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Operating return on average tangible common equity was 8.59%, 8.77% and 7.12% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.
        
    Net income available to common stockholders and diluted earnings per share during the first quarter of 2025 were essentially flat when compared to the fourth quarter of 2024, reflecting modest changes in all statement of income categories. The increase of $3.0 million in net income available to common stockholders versus the first quarter of 2024 was primarily due to a $5.5 million increase in net interest income, a $0.5 million decrease in provision for credit losses and a $0.6 million increase in noninterest income, partially offset by a $2.2 million increase in noninterest expenses and a $1.3 million increase in income tax expense.

    “We are pleased with ConnectOne’s solid performance to start the year, demonstrating disciplined execution across the organization,” said Frank Sorrentino, Chairman and Chief Executive Officer of ConnectOne. “We look forward to finalizing our planned merger with The First of Long Island Corporation in the second quarter- bringing together two highly compatible relationship focused institutions to create a premier New York Metro community bank, providing attractive opportunities for our combined client base and the markets we serve.”

    “Our net interest margin widened meaningfully again as expected — increasing 7 basis points during the 2025 first quarter — driven by a strengthened balance sheet and favorable interest rate positioning.  We anticipate this positive momentum to carry through the remainder of the year and into 2026, supporting continued margin expansion.” Mr. Sorrentino commented, “Although the loan portfolio contracted slightly since year-end, our loan pipeline is robust, backed by solid credits at attractive spreads, and continues to reflect steady, diversified growth.”

    “Credit quality trends remained stable during the first quarter with nonaccrual loans decreasing to 0.61% of total loans and annualized quarterly charge-offs remaining below 0.18% for the fifth consecutive quarter,” Mr. Sorrentino added. “In addition, our tangible book value per share continues to build ahead of the merger, increasing by more than 3% since announcing the transaction, our loan to deposit ratio declined to 105.6%, and our regulatory CRE concentration ratio improved by 15 percentage points to 420%.”

    Mr. Sorrentino concluded, “Although there is an increasing industry-wide focus on the impact of potential tariff policy on borrower health in various loan segments, our direct exposure to import/export-dependent segments is very limited. Our ongoing portfolio reviews have shown very limited disruption to date, and we remain confident in the stability and resilience of our credit portfolio.”

    Dividend Declarations

    The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on June 2, 2025, to common stockholders of record on May 15, 2025. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on June 2, 2025 to holders of record on May 15, 2025.

    Operating Results

    Fully taxable equivalent net interest income for the first quarter of 2025 was $65.8 million, an increase of $1.0 million, or 1.6%, from the fourth quarter of 2024, due to a seven basis-point widening of the net interest margin to 2.93% from 2.86%, and a 1.2% increase in average interest earning assets, partially offset by a lower day-count. The widening of the net interest margin was primarily due to a 21 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, partially offset by an 11 basis-point decline in the rate earned on interest-earning assets.

    Fully taxable equivalent net interest income for the first quarter of 2025 increased by $5.5 million, or 9.0%, from the first quarter of 2024. The increase from the first quarter of 2024 resulted primarily from a 29 basis-point widening in the net interest margin to 2.93% from 2.64%. During the first quarter of 2025, average total loans decreased by $123.8 million, or 1.5% when compared to the first quarter of 2024. The widening of the net interest margin for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a 42 basis-point decrease in the average cost of total funds, including noninterest-bearing deposits, partially offset by a nine basis-point decrease in the loan portfolio yield.

    Noninterest income was $4.5 million in the first quarter of 2025, $3.7 million in the fourth quarter of 2024 and $3.8 million in the first quarter of 2024. The $0.7 million increase in noninterest income for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.8 million increase in net gains on equity securities, including a $0.4 million gain on the sale of a strategic equity investment, and a $0.3 million decrease in net gains on sale of loans held-for-sale. The $0.6 million increase in noninterest income for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $0.4 million increase in deposit, loan and other income and a $0.4 million gain on the sale of a strategic equity investment, partially offset by a $0.2 million decrease in net gains on sale of loans held-for-sale.

    Noninterest expenses were $39.3 million for the first quarter of 2025, $38.5 million for the fourth quarter of 2024 and $37.1 million for the first quarter of 2024. The $0.8 million increase in noninterest expenses for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.5 million increase in merger expenses, a $0.3 million increase in salaries and employee benefits and a $0.3 million bank owned life insurance (“BOLI”) restructuring charge in the first quarter of 2025, partially offset by a $0.5 million decrease in charges related to a branch closing in the fourth quarter of 2024. The $2.2 million increase in noninterest expenses for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $1.3 million increase in merger expenses, a $0.5 million increase in salaries and employee benefits and the aforementioned $0.3 million BOLI restructuring charge. The increases in merger expenses when compared to the fourth quarter of 2024 and the first quarter of 2024 are due to the planned merger with The First of Long Island Corporation.

    Income tax expense was $7.2 million for the first quarter of 2025, $6.1 million for the fourth quarter of 2024 and $5.9 million for the first quarter of 2024. The effective tax rates for the first quarter of 2025, fourth quarter of 2024 and first quarter of 2024 were 26.1%, 23.0% and 25.5%, respectively. The effective tax rate for the fourth quarter of 2024 reflects year-end adjustments for the effective tax rate for the full-year 2024. The overall increase in the effective tax rate during the first quarter of 2025 when compared to the fourth quarter of 2024 and the first quarter of 2024 was due to an increase in income before income tax expense and a decrease in tax-free adjustments.

    Asset Quality

    The provision for credit losses was $3.5 million for the first quarter of 2025, $3.5 million for the fourth quarter of 2024 and $4.0 million for the first quarter of 2024. In each of the quarters presented, the provision for credit losses reflected net portfolio growth, charges related to individually evaluated loans, and changing economic forecasts and conditions.

    Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $49.9 million as of March 31, 2025, $57.3 million as of December 31, 2024 and $47.4 million as of March 31, 2024. Nonperforming assets as a percentage of total assets were 0.51% as of March 31, 2025, 0.58% as of December 31, 2024 and 0.48% as of March 31, 2024. The ratio of nonaccrual loans to loans receivable was 0.61%, 0.69% and 0.57%, as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The annualized net loan charge-offs ratio was 0.17% for the first quarter of 2025, 0.16% for the fourth quarter of 2024 and 0.15% for the first quarter of 2024. The allowance for credit losses represented 1.00% of loans receivable as of March 31, 2025, December 31, 2024, and March 31, 2024. The allowance for credit losses as a percentage of nonaccrual loans was 165.3% as of March 31, 2025, 144.3% as of December 31, 2024 and 174.7% as of March 31, 2024. Criticized and classified loans as a percentage of loans receivable was 2.79% as of March 31, 2025, up slightly from 2.68% as of December 31, 2024 and up from 1.30% as of March 31, 2024. Loans delinquent 30 to 89 days were 0.18% of loans receivable as of March 31, 2025, up from 0.04% as of December 31, 2024 and up from 0.04% as of March 31, 2024. The overall credit quality metrics of the Bank’s loan portfolio are sound, reflecting charge-offs, nonaccruals, delinquencies and classified loans all remaining within historical ranges.

    Selected Balance Sheet Items

    The Company’s total assets were $9.759 billion as of March 31, 2025, compared to $9.880 billion as of December 31, 2024. Loans receivable were $8.201 billion as of March 31, 2025 and $8.275 billion as of December 31, 2024. Total deposits were $7.767 billion as of March 31, 2025 and $7.820 billion as of December 31, 2024.

    The Company’s total stockholders’ equity was $1.253 billion as of March 31, 2025 and $1.242 billion as of December 31, 2024. The increase in total stockholders’ equity was primarily due to an increase in retained earnings of $11.8 million. As of March 31, 2025, the Company’s tangible common equity ratio and tangible book value per share were 9.73% and $24.16, respectively, compared to 9.49% and $23.92, respectively, as of December 31, 2024. Total goodwill and other intangible assets were $212.7 million as of March 31, 2025, and $213.0 million as of December 31, 2024.

    Use of Non-GAAP Financial Measures

    In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

    First Quarter 2025 Results Conference Call

    Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 24, 2025 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 5043609. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com. 

    A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, April 24, 2025 and ending on Thursday, May 1, 2025 by dialing 1 (609) 800-9909, access code 5043609. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

    About ConnectOne Bancorp, Inc.

    ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

    This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Investor Contact:
    William S. Burns
    Senior Executive Vice President & CFO
    201.816.4474; bburns@cnob.com

    Media Contact:
    Shannan Weeks 
    MikeWorldWide
    732.299.7890; sweeks@mww.com 

    CONNECTONE BANCORP, INC. AND SUBSIDIARIES          
    CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION        
    (in thousands)          
               
      March 31,   December 31,   March 31,
        2025       2024       2024  
      (unaudited)       (unaudited)
    ASSETS          
    Cash and due from banks $ 49,759     $ 57,816     $ 45,322  
    Interest-bearing deposits with banks   242,844       298,672       232,261  
         Cash and cash equivalents   292,603       356,488       277,583  
               
    Investment securities   636,806       612,847       619,397  
    Equity securities   18,859       20,092       19,457  
               
    Loans held-for-sale   202       743       –  
               
    Loans receivable   8,201,134       8,274,810       8,297,957  
    Less: Allowance for credit losses – loans   82,403       82,685       82,869  
         Net loans receivable   8,118,731       8,192,125       8,215,088  
               
    Investment in restricted stock, at cost   37,031       40,449       48,931  
    Bank premises and equipment, net   27,624       28,447       29,827  
    Accrued interest receivable   46,740       45,498       49,731  
    Bank owned life insurance   244,651       243,672       239,308  
    Right of use operating lease assets   13,755       14,489       11,725  
    Goodwill   208,372       208,372       208,372  
    Core deposit intangibles   4,360       4,639       5,553  
    Other assets   109,521       111,739       128,992  
         Total assets $ 9,759,255     $ 9,879,600     $ 9,853,964  
               
    LIABILITIES          
    Deposits:          
         Noninterest-bearing $ 1,319,196     $ 1,422,044     $ 1,290,523  
         Interest-bearing   6,448,034       6,398,070       6,298,131  
              Total deposits   7,767,230       7,820,114       7,588,654  
    Borrowings   613,053       688,064       877,568  
    Subordinated debentures, net   80,071       79,944       79,566  
    Operating lease liabilities   14,737       15,498       12,843  
    Other liabilities   31,225       34,276       78,724  
         Total liabilities   8,506,316       8,637,896       8,637,355  
               
    COMMITMENTS AND CONTINGENCIES          
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock   110,927       110,927       110,927  
    Common stock   586,946       586,946       586,946  
    Additional paid-in capital   36,007       36,347       32,866  
    Retained earnings   643,265       631,446       600,118  
    Treasury stock   (76,116 )     (76,116 )     (76,116 )
    Accumulated other comprehensive loss   (48,090 )     (47,846 )     (38,132 )
       Total stockholders’ equity   1,252,939       1,241,704       1,216,609  
       Total liabilities and stockholders’ equity $ 9,759,255     $ 9,879,600     $ 9,853,964  
               
    CONNECTONE BANCORP, INC. AND SUBSIDIARIES            
    CONSOLIDATED STATEMENTS OF INCOME            
    (dollars in thousands, except for per share data)            
                 
      Three Months Ended  
      03/31/25   12/31/24   03/31/24  
    Interest income            
         Interest and fees on loans $ 115,351   $ 118,346     $ 120,088  
         Interest and dividends on investment securities:            
             Taxable   4,987     4,804       4,334  
             Tax-exempt   1,097     1,109       1,154  
             Dividends   889     959       1,125  
         Interest on federal funds sold and other short-term investments   2,465     2,815       2,906  
              Total interest income   124,789     128,033       129,607  
    Interest expense            
         Deposits   53,992     58,568       60,407  
         Borrowings   5,041     4,754       8,900  
              Total interest expense   59,033     63,322       69,307  
                 
    Net interest income   65,756     64,711       60,300  
        Provision for credit losses   3,500     3,500       4,000  
    Net interest income after provision for credit losses   62,256     61,211       56,300  
                 
    Noninterest income            
         Deposit, loan and other income   2,006     1,798       1,592  
         Income on bank owned life insurance   1,584     1,656       1,664  
         Net gains on sale of loans held-for-sale   332     597       506  
         Net gains (losses) on equity securities   529     (307 )     86  
              Total noninterest income   4,451     3,744       3,848  
                 
    Noninterest expenses            
         Salaries and employee benefits   22,578     22,244       22,131  
         Occupancy and equipment   2,680     2,818       3,009  
         FDIC insurance   1,800     1,800       1,800  
         Professional and consulting   2,366     2,449       1,928  
         Marketing and advertising   595     495       677  
         Information technology and communications   4,604     4,523       4,389  
         Merger expenses   1,320     863       –  
         Branch closing expenses   –     477       –  
         Bank owned life insurance restructuring charge   327     –       –  
         Amortization of core deposit intangibles   279     296       321  
         Other expenses   2,756     2,533       2,810  
              Total noninterest expenses   39,305     38,498       37,065  
                 
    Income before income tax expense   27,402     26,457       23,083  
         Income tax expense   7,160     6,086       5,878  
    Net income   20,242     20,371       17,205  
         Preferred dividends   1,509     1,509       1,509  
    Net income available to common stockholders $ 18,733   $ 18,862     $ 15,696  
                 
    Earnings per common share:            
         Basic $ 0.49   $ 0.49     $ 0.41  
         Diluted   0.49     0.49       0.41  
                 
    ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.
                       
    CONNECTONE BANCORP, INC.                  
    SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES                  
                       
      As of
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Selected Financial Data (dollars in thousands)
    Total assets $ 9,759,255     $ 9,879,600     $ 9,639,603     $ 9,723,731     $ 9,853,964  
    Loans receivable:                  
      Commercial   1,483,392     $ 1,522,308     $ 1,505,743     $ 1,491,079     $ 1,561,063  
      Commercial real estate   3,356,943       3,384,319       3,261,160       3,274,941       3,333,488  
      Multifamily   2,490,256       2,506,782       2,482,258       2,499,581       2,507,893  
      Commercial construction   617,593       616,246       616,087       639,168       646,593  
      Residential   256,555       249,691       250,249       256,786       254,214  
      Consumer   1,604       1,136       835       945       850  
      Gross loans   8,206,343       8,280,482       8,116,332       8,162,500       8,304,101  
    Net deferred loan fees   (5,209 )     (5,672 )     (4,356 )     (4,597 )     (6,144 )
       Loans receivable   8,201,134       8,274,810       8,111,976       8,157,903       8,297,957  
       Loans held-for-sale   202       743       –       435       –  
    Total loans $ 8,201,336     $ 8,275,553     $ 8,111,976     $ 8,158,338     $ 8,297,957  
                       
    Investment and equity securities $ 655,665     $ 632,939     $ 667,112     $ 640,322     $ 638,854  
    Goodwill and other intangible assets   212,732       213,011       213,307       213,604       213,925  
    Deposits:                  
      Noninterest-bearing demand $ 1,319,196     $ 1,422,044     $ 1,262,568     $ 1,268,882     $ 1,290,523  
      Time deposits   2,550,223       2,557,200       2,614,187       2,593,165       2,623,391  
      Other interest-bearing deposits   3,897,811       3,840,870       3,647,350       3,713,967       3,674,740  
    Total deposits $ 7,767,230     $ 7,820,114     $ 7,524,105     $ 7,576,014     $ 7,588,654  
                       
    Borrowings $ 613,053     $ 688,064     $ 742,133     $ 756,144     $ 877,568  
    Subordinated debentures (net of debt issuance costs)   80,071       79,944       79,818       79,692       79,566  
    Total stockholders’ equity   1,252,939       1,241,704       1,239,496       1,224,227       1,216,609  
                       
    Quarterly Average Balances                  
    Total assets $ 9,748,605     $ 9,563,446     $ 9,742,853     $ 9,745,853     $ 9,860,753  
    Loans receivable:                  
      Commercial $ 1,488,962     $ 1,487,850     $ 1,485,777     $ 1,517,446     $ 1,552,360  
      Commercial real estate (including multifamily)   5,852,342       5,733,188       5,752,467       5,789,498       5,890,853  
      Commercial construction   610,859       631,022       628,740       652,227       637,993  
      Residential   256,430       250,589       252,975       254,284       252,965  
      Consumer   5,687       5,204       7,887       5,155       5,091  
      Gross loans   8,214,280       8,107,853       8,127,846       8,218,610       8,339,262  
    Net deferred loan fees   (5,525 )     (4,727 )     (4,513 )     (5,954 )     (6,533 )
       Loans receivable   8,208,755       8,103,126       8,123,333       8,212,656       8,332,729  
       Loans held-for-sale   259       498       83       169       99  
    Total loans $ 8,209,014     $ 8,103,624     $ 8,123,416     $ 8,212,825     $ 8,332,828  
                       
    Investment and equity securities $ 655,191     $ 653,988     $ 650,897     $ 637,551     $ 633,270  
    Goodwill and other intangible assets   212,915       213,205       213,502       213,813       214,133  
    Deposits:                  
      Noninterest-bearing demand $ 1,305,722     $ 1,304,699     $ 1,259,912     $ 1,256,251     $ 1,254,201  
      Time deposits   2,480,990       2,478,163       2,625,329       2,587,706       2,567,767  
      Other interest-bearing deposits   3,888,131       3,838,575       3,747,427       3,721,167       3,696,374  
    Total deposits $ 7,674,843     $ 7,621,437     $ 7,632,668     $ 7,565,124     $ 7,518,342  
                       
    Borrowings $ 686,391     $ 648,300     $ 717,586     $ 787,256     $ 947,003  
    Subordinated debentures (net of debt issuance costs)   79,988       79,862       79,735       79,609       79,483  
    Total stockholders’ equity   1,254,373       1,241,738       1,234,724       1,220,621       1,220,818  
                       
      Three Months Ended
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
      (dollars in thousands, except for per share data)
    Net interest income $ 65,756     $ 64,711     $ 60,887     $ 61,439     $ 60,300  
     Provision for credit losses   3,500       3,500       3,800       2,500       4,000  
    Net interest income after provision for credit losses   62,256       61,211       57,087       58,939       56,300  
    Noninterest income                  
     Deposit, loan and other income   2,006       1,798       1,817       1,654       1,592  
     Income on bank owned life insurance   1,584       1,656       2,145       1,677       1,664  
     Net gains on sale of loans held-for-sale   332       597       343       1,277       506  
     Net gains (losses) on equity securities   529       (307 )     432       (209 )     86  
           Total noninterest income   4,451       3,744       4,737       4,399       3,848  
    Noninterest expenses                  
     Salaries and employee benefits   22,578       22,244       22,957       22,721       22,131  
     Occupancy and equipment   2,680       2,818       2,889       2,899       3,009  
     FDIC insurance   1,800       1,800       1,800       1,800       1,800  
     Professional and consulting   2,366       2,449       2,147       1,923       1,928  
     Marketing and advertising   595       495       635       613       677  
     Information technology and communications   4,604       4,523       4,464       4,198       4,389  
     Merger expenses   1,320       863       742       –       –  
     Branch closing expenses   –       477       –       –       –  
     Bank owned life insurance restructuring charge   327       –       –       –       –  
     Amortization of core deposit intangible   279       296       297       321       321  
     Other expenses   2,756       2,533       2,710       3,119       2,810  
           Total noninterest expenses   39,305       38,498       38,641       37,594       37,065  
                       
    Income before income tax expense   27,402       26,457       23,183       25,744       23,083  
     Income tax expense   7,160       6,086       6,022       6,688       5,878  
    Net income   20,242       20,371       17,161       19,056       17,205  
     Preferred dividends   1,509       1,509       1,509       1,509       1,509  
    Net income available to common stockholders $ 18,733     $ 18,862     $ 15,652     $ 17,547     $ 15,696  
                       
    Weighted average diluted common shares outstanding   38,511,237       38,519,581       38,525,484       38,448,594       38,511,747  
    Diluted EPS $ 0.49     $ 0.49     $ 0.41     $ 0.46     $ 0.41  
                       
    Reconciliation of GAAP Net Income to Operating Net Income:                  
    Net income $ 20,242     $ 20,371     $ 17,161     $ 19,056     $ 17,205  
    Merger expenses   1,320       863       742       –       –  
    Branch closing expenses   –       477       –       –       –  
    Bank owned life insurance restructuring charge   327       –       –       –       –  
    Amortization of core deposit intangibles   279       296       297       321       321  
    Net (gains) losses on equity securities   (529 )     307       (432 )     209       (86 )
    Tax impact of adjustments   (420 )     (585 )     (171 )     (149 )     (66 )
    Operating net income $ 21,219     $ 21,729     $ 17,597     $ 19,437     $ 17,374  
     Preferred dividends   1,509       1,509       1,509       1,509       1,509  
    Operating net income available to common stockholders $ 19,710     $ 20,220     $ 16,088     $ 17,928     $ 15,865  
                       
    Operating diluted EPS (non-GAAP) (1) $ 0.51     $ 0.52     $ 0.42     $ 0.47     $ 0.41  
                       
    Return on Assets Measures                  
    Average assets $ 9,748,605     $ 9,653,446     $ 9,742,853     $ 9,745,853     $ 9,860,753  
    Return on avg. assets   0.84 %      0.84 %      0.70 %     0.79 %     0.70  
    Operating return on avg. assets (non-GAAP) (2)   0.88       0.90       0.72       0.80       0.71  
                       
    (1) Operating net income available to common stockholders divided by weighted average diluted shares outstanding.                
    (2) Operating net income divided by average assets.                  
                       
      Three Months Ended
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Return on Equity Measures (dollars in thousands)
    Average stockholders’ equity $ 1,254,373     $ 1,241,738     $ 1,234,724     $ 1,220,621     $ 1,220,818  
    Less: average preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )
    Average common equity $ 1,143,446     $ 1,130,811     $ 1,123,797     $ 1,109,694     $ 1,109,891  
    Less: average intangible assets   (212,915 )     (213,205 )     (213,502 )     (213,813 )     (214,133 )
    Average tangible common equity $ 930,531     $ 917,606     $ 910,295     $ 895,881     $ 895,758  
    Return on avg. common equity (GAAP)   6.64   %   6.64   %   5.54   %   6.36   %   5.69  
    Operating return on avg. common equity (non-GAAP) (3)   6.99       7.11       5.70       6.50       5.75  
    Return on avg. tangible common equity (non-GAAP) (4)   8.25       8.27       6.93       7.98       7.15  
    Operating return on avg. tangible common equity (non-GAAP) (5)   8.59       8.77       7.03       8.05       7.12  
                       
    Efficiency Measures                  
    Total noninterest expenses $ 39,305     $ 38,498     $ 38,641     $ 37,594     $ 37,065  
    Merger expenses   (1,320 )     (863 )     (742 )     –       –  
    Branch closing expenses   –       (477 )     –       –       –  
    Bank owned life insurance restructuring charge   (327 )     –       –       –       –  
    Amortization of core deposit intangibles   (279 )     (296 )     (297 )     (321 )     (321 )
    Operating noninterest expense $ 37,379     $ 36,862     $ 37,602     $ 37,273     $ 36,744  
                       
    Net interest income (tax equivalent basis) $ 66,580     $ 65,593     $ 61,710     $ 62,255     $ 61,111  
    Noninterest income   4,451       3,744       4,737       4,399       3,848  
    Net (gains) losses on equity securities   (529 )     307       (432 )     209       (86 )
    Operating revenue $ 70,502     $ 69,644     $ 66,015     $ 66,863     $ 64,873  
                       
    Operating efficiency ratio (non-GAAP) (6)   53.0 %      52.9 %     57.0 %     55.7 %      56.6  
                       
    Net Interest Margin                  
    Average interest-earning assets $ 9,224,712     $ 9,117,201     $ 9,206,038     $ 9,210,050     $ 9,323,291  
    Net interest income (tax equivalent basis)   66,580       65,593       61,710       62,255       61,111  
    Net interest margin (GAAP)   2.93 %      2.86 %      2.67 %     2.72 %      2.64  
                       
    (3) Operating net income available to common stockholders divided by average common equity.                  
    (4) Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.          
    (5) Operating net income available to common stockholders, divided by average tangible common equity.                
    (6) Operating noninterest expense divided by operating revenue.                  
                       
      As of
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Capital Ratios and Book Value per Share (dollars in thousands, except for per share data)
    Stockholders equity $ 1,252,939     $ 1,241,704     $ 1,239,496     $ 1,224,227     $ 1,216,609  
    Less: preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )
    Common equity $ 1,142,012     $ 1,130,777     $ 1,128,569     $ 1,113,300     $ 1,105,682  
    Less: intangible assets   (212,732 )     (213,011 )     (213,307 )     (213,604 )     (213,925 )
    Tangible common equity $ 929,280     $ 917,766     $ 915,262     $ 899,696     $ 891,757  
                       
    Total assets $ 9,759,255     $ 9,879,600     $ 9,639,603     $ 9,723,731     $ 9,853,964  
    Less: intangible assets   (212,732 )     (213,011 )     (213,307 )     (213,604 )     (213,925 )
    Tangible assets $ 9,546,523     $ 9,666,589     $ 9,426,296     $ 9,510,127     $ 9,640,039  
                       
    Common shares outstanding   38,469,975       38,370,317       38,368,217       38,365,069       38,333,053  
                       
    Common equity ratio (GAAP)   11.70 %      11.45 %      11.71 %      11.45 %      11.22  
    Tangible common equity ratio (non-GAAP) (7)   9.73       9.49       9.71       9.46       9.25  
                       
    Regulatory capital ratios (Bancorp):                  
      Leverage ratio   11.33 %      11.33 %      11.10 %      10.97 %      10.73  
      Common equity Tier 1 risk-based ratio   11.14       10.97       11.07       10.90       10.70  
      Risk-based Tier 1 capital ratio   12.46       12.29       12.42       12.25       12.03  
      Risk-based total capital ratio   14.29       14.11       14.29       14.10       13.88  
                       
    Regulatory capital ratios (Bank):                  
      Leverage ratio   11.67 %      11.66 %      11.43 %      11.29 %      11.10  
      Common equity Tier 1 risk-based ratio   12.82       12.63       12.79       12.60       12.43  
      Risk-based Tier 1 capital ratio   12.82       12.63       12.79       12.60       12.43  
      Risk-based total capital ratio   13.79       13.60       13.77       13.58       13.41  
                       
    Book value per share (GAAP) $ 29.69     $ 29.47     $ 29.41     $ 29.02     $ 28.84  
    Tangible book value per share (non-GAAP) (8)   24.16       23.92       23.85       23.45       23.26  
                       
    Net Loan Charge-offs (Recoveries):                  
    Net loan charge-offs (recoveries):                  
      Charge-offs $ 3,555     $ 3,363     $ 3,559     $ 3,595     $ 3,185  
      Recoveries   (155 )     (29 )     (53 )     (324 )     (23 )
       Net loan charge-offs $ 3,400     $ 3,334     $ 3,506     $ 3,271     $ 3,162  
       Net loan charge-offs as a % of average loans receivable (annualized)   0.17 %      0.16 %      0.17 %      0.16 %      0.15  
                       
    Asset Quality                  
    Nonaccrual loans $ 49,860     $ 57,310     $ 51,300     $ 46,026     $ 47,438  
    Other real estate owned   –       –       –       –       –  
    Nonperforming assets $ 49,860     $ 57,310     $ 51,300     $ 46,026     $ 47,438  
                       
    Allowance for credit losses – loans (“ACL”) $ 82,403     $ 82,685     $ 82,494     $ 82,077     $ 82,869  
    Loans receivable   8,201,134       8,274,810       8,111,976       8,157,903       8,297,957  
                       
    Nonaccrual loans as a % of loans receivable   0.61   %   0.69   %   0.63   %   0.56 %     0.57  
    Nonperforming assets as a % of total assets   0.51       0.58       0.53       0.47       0.48  
    ACL as a % of loans receivable   1.00       1.00       1.02       1.01       1.00  
    ACL as a % of nonaccrual loans   165.3       144.3       160.8       178.3       174.7  
                       
    (7) Tangible common equity divided by tangible assets                  
    (8) Tangible common equity divided by common shares outstanding at period-end                  
                       
    CONNECTONE BANCORP, INC.                            
    NET INTEREST MARGIN ANALYSIS                            
    (dollars in thousands)                              
                                       
            For the Quarter Ended  
            March 31, 2025 December 31, 2024 March 31, 2024
            Average         Average         Average      
    Interest-earning assets:   Balance Interest Rate (7)     Balance Interest Rate (7)     Balance Interest Rate (7)  
    Investment securities (1) (2)   $ 745,873   $ 6,375   3.47 %   $ 736,131   $ 6,207   3.35 %   $ 720,303   $ 5,794   3.24 %
    Loans receivable and loans held-for-sale (2) (3) (4)   8,209,014     115,883   5.73       8,103,624     118,934   5.84       8,332,828     120,592   5.82  
    Federal funds sold and interest-                              
      bearing deposits with banks     229,491     2,466   4.36       238,957     2,815   4.69       218,212     2,906   5.36  
    Restricted investment in bank stock   40,334     889   8.94       38,489     959   9.91       51,948     1,126   8.72  
         Total interest-earning assets   9,224,712     125,613   5.52       9,117,201     128,915   5.63       9,323,291     130,418   5.63  
    Allowance for loan losses     (84,027 )           (83,938 )           (84,005 )      
    Noninterest-earning assets     607,920             620,183             621,467        
         Total assets     $ 9,748,605           $ 9,653,446           $ 9,860,753        
                                       
    Interest-bearing liabilities:                              
     Money market deposits     1,572,287     11,287   2.91       1,642,737     12,694   3.07       1,571,640     13,191   3.38  
     Savings deposits       656,789     5,227   3.23       559,450     4,710   3.35       441,551     3,385   3.08  
     Time deposits       2,480,990     25,154   4.11       2,478,163     27,374   4.39       2,567,767     28,038   4.39  
     Other interest-bearing deposits     1,659,055     12,324   3.01       1,636,388     13,790   3.35       1,683,183     15,793   3.77  
         Total interest-bearing deposits   6,369,121     53,992   3.44       6,316,738     58,568   3.69       6,264,141     60,407   3.88  
                                       
    Borrowings       686,391     3,725   2.20       648,300     3,430   2.10       947,003     7,567   3.21  
    Subordinated debentures     79,988     1,298   6.58       79,862     1,305   6.50       79,483     1,311   6.63  
    Finance lease       1,210     18   6.03       1,280     19   5.91       1,483     22   5.97  
         Total interest-bearing liabilities   7,136,710     59,033   3.35       7,046,180     63,322   3.58       7,292,110     69,307   3.82  
                                       
    Noninterest-bearing demand deposits   1,305,722             1,304,699             1,254,201        
    Other liabilities       51,800             60,829             93,624        
         Total noninterest-bearing liabilities   1,357,522             1,365,528             1,347,825        
    Stockholders’ equity       1,254,373             1,241,738             1,220,818        
         Total liabilities and stockholders’ equity $ 9,748,605           $ 9,653,446           $ 9,860,753        
                                       
    Net interest income (tax equivalent basis)     66,580             65,593             61,111      
    Net interest spread (5)       2.17 %       2.05 %       1.80 %
                                       
    Net interest margin (6)       2.93 %       2.86 %       2.64 %
                                       
    Tax equivalent adjustment       (824 )           (882 )           (811 )    
    Net interest income       $ 65,756           $ 64,711           $ 60,300      
                                       
    (1) Average balances are calculated on amortized cost.                            
    (2) Interest income is presented on a tax equivalent basis using 21% federal tax rate.                        
    (3) Includes loan fee income.                              
    (4) Loans include nonaccrual loans.                            
    (5) Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing                
          liabilities and is presented on a tax equivalent basis.                            
    (6) Represents net interest income on a tax equivalent basis divided by average total interest-earning                       
         assets.                              
    (7) Rates are annualized.                              
                                       

    The MIL Network –

  • MIL-OSI: EUDA Partners with Authorized Distributor of Guangdong Cell Biotech to Offer Stem Cell Therapies to Customers in Singapore and Malaysia

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 24, 2025 (GLOBE NEWSWIRE) — EUDA Health Holdings Limited (“EUDA” or the “Company”) (NASDAQ: EUDA), a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia, today announced an update to the potential strategic partnership, previously announced in December 2024, with Guangdong Cell Biotech Co. Ltd. (“Guangdong Cell Biotech”). Guangdong Cell Biotech is a prominent player in stem cell therapies and regenerative medicine in China. It develops autologous cell treatments and tailored medicines for various disorders.

    Instead of the initially contemplated joint venture, the parties have adopted a commercial distribution arrangement structure that better aligns with their respective operational models and regional market dynamics.

    On April 22, 2025, CK Health Plus Sdn Bhd (“CK Health”), a wholly-owned subsidiary of EUDA and a direct seller of holistic wellness consumer products, signed a collaboration agreement with Guangdong Key Lock Health Management Co., Ltd. (“Keylock”), an authorized distributor of Guangdong Cell Biotech. Pursuant to this collaboration agreement, CK Health will market and sell to EUDA customers in Singapore and Malaysia stem cell therapies provided by Guangdong Cell Biotech in China.

    This revised structure builds upon the original strategic intent of the parties to collaborate, giving EUDA access to Guangdong Cell Biotech’s cutting-edge stem cell therapies and regenerative medicine.

    “This commercial distribution structure showcases our strategy to diversify our business and revenue streams,” said Mr. Alfred Lim, CEO of EUDA. “Combining our mission to expand access to holistic healthcare solutions in Southeast Asia with Guangdong Cell Biotech’s established stem cell therapies, we aim to transform the health and wellness landscape in the region.”

    About EUDA Health Holdings Limited

    EUDA Health Holdings Limited (NASDAQ: EUDA) is a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia. Our mission is to transform the health and wellness landscape by leveraging cutting-edge technology to enhance non-invasive treatments and expand holistic healthcare access in Southeast Asia. We offer a diverse portfolio of innovative non-invasive wellness products and services, including bioenergy capsules and stem cell therapies, marketed under the CK Health brand in Malaysia and Singapore.

    Forward Looking Statements

    This document may contain forward-looking statements regarding risks and uncertainties. These statements usually use forward-looking words, such as the words “estimates,” “projected,” “expects,” “envisions,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions).These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside EUDA’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should not overly rely on forward-looking statements that are only applicable to the date of publication of this document. These forward-looking statements are based on information from EUDA and Guangdong Cell Biotech, as well as other sources that we believe are reliable. The Company does not undertake any 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.

    Contact:

    Christensen Advisory

    Roger Hu

    +852.2232.3968

    roger.hu@christensencomms.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    About Nasdaq

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

    About Amazon Web Services

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

    About Amazon

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

    About the Johannesburg Stock Exchange

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

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

    About Grupo BMV

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

    Media Contacts

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

    Cautionary Note Regarding Forward-Looking Statements:

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

    – NDAQF-

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