Market Newsdesk

January 22, 2025 4:04 pm

Knight-Swift Transportation Holdings Inc. Announces Results for Fourth Quarter 2024

Knight-Swift Transportation Holdings Inc. Announces Results for Fourth Quarter 2024

PHOENIX–(BUSINESS WIRE)–
Knight-Swift Transportation Holdings Inc. (NYSE:KNX), one of North America’s largest and most diversified freight transportation companies, has released its earnings for the quarter ended December 31, 2024. The release is currently available on the Knight-Swift investor relations website: investor.knight-swift.com and will be filed with the SEC on a Form 8-K.

The company will hold a conference call this afternoon from 4:30 to 5:30 PM EST to further discuss its results of operations for the quarter. An online, real-time webcast of the quarterly conference call will be available at investor.knight-swift.com at 4:30 PM EST. An online replay of the webcast will be posted on the website for at least seven days after the meeting. Slides to accompany this call will be posted on the Company’s website and will be available to download. To view the presentation and release, please visit investor.knight-swift.com. The Company assumes no responsibility to update any information posted on its website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122041542/en/

Knight-Swift Transportation Holdings Inc.

Adam W. Miller, CEO,

Andrew Hess, CFO,

or

Brad Stewart, Treasurer and SVP

(602) 606-6349

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Trucking Rail Maritime Air Logistics/Supply Chain Management Transport Other Transport

MEDIA:

Logo

January 22, 2025 4:03 pm

Princeton Bancorp, Inc. Announces Declaration of a $0.30 Quarterly Cash Dividend

PR Newswire

PRINCETON, N.J.
, Jan. 22, 2025 /PRNewswire/ — Princeton Bancorp, Inc. (the “Company”) (NASDAQ – BPRN), the bank holding company for The Bank of Princeton (the “Bank”) announced that its Board of Directors, at a meeting held on January 22, 2025, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on February 28, 2025, to shareholders of record at the close of business on February 5, 2025. “This dividend reflects the Board of Director’s continuing commitment in providing a return to shareholders,” stated Edward Dietzler, President and CEO.

The paying of cash dividends on a quarterly basis is subject to a determination and declaration each quarter by its Board of Directors, which will take into account a number of factors, including the financial condition of the Company, and any applicable legal and regulatory restrictions on the payment of dividends by the Company and the Bank. If paid, such dividends may be reduced or eliminated in future periods.

About Princeton Bancorp, Inc. and The Bank of Princeton

Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation.

Forward-Looking Statements

The Company may from time to time make written or oral “forward-looking statements,” including statements contained in the Company’s filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the integration of the businesses of the Company and Cornerstone Bank following the completion of the Transaction may be more difficult; the global impact of the military conflicts in the Ukraine and the Middle East; the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; and the timing and nature of the regulatory response to any applications filed by the Company and the Bank; technological changes; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Bank’s Annual Report on Form 10-K for the year ended December 31, 2023, and the success of the Company at managing the risks involved in the foregoing.

The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.

Contact George Rapp

609.454.0718

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/princeton-bancorp-inc-announces-declaration-of-a-0-30-quarterly-cash-dividend-302356340.html

SOURCE The Bank of Princeton

January 22, 2025 4:03 pm

Banner Corporation Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

Banner Corporation Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

WALLA WALLA, Wash.–(BUSINESS WIRE)–
Banner Corporation (NASDAQ:BANR) (“Banner”), the parent company of Banner Bank, today reported net income of $46.4 million, or $1.34 per diluted share, for the fourth quarter of 2024, compared to $45.2 million, or $1.30 per diluted share, for the preceding quarter and $42.6 million, or $1.24 per diluted share, for the fourth quarter of 2023. Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. The increase in net interest income compared to the preceding quarter reflects a decrease in funding costs and an increase in interest-earning assets, partially offset by a decrease in yields on interest earning assets. The increase in net interest income compared to the prior year quarter reflects an increase in both the yield and average balance of interest earning assets, partially offset by an increase in funding costs. Fourth quarter 2024 results included a $3.0 million provision for credit losses, up from $1.7 million in the preceding quarter and $2.5 million in the fourth quarter of 2023.

Net income was $168.9 million, or $4.88 per diluted share, for the year ended December 31, 2024, compared to $183.6 million, or $5.33 per diluted share, for the year ended December 31, 2023. Net interest income for the year ended December 31, 2024 decreased to $541.7 million from $576.0 million for the year ended December 31, 2023, primarily due to the rise of deposit costs of $99.3 million, partially offset by a $77.7 million increase in interest income on loans. Results for the year ended December 31, 2024 included a $7.6 million provision for credit losses, a $5.2 million net loss on the sale of securities and a $1.0 million net decrease in the valuation of financial instruments carried at fair value, compared to a $10.8 million provision for credit losses, a $19.2 million net loss on the sale of securities and a $4.2 million net decrease in the valuation of financial instruments carried at fair value during the same period in 2023.

Banner announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share payable February 14, 2025, to common shareholders of record on February 4, 2025.

“Banner’s fourth quarter financial performance reflects the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile,” said Mark Grescovich, President and CEO. “Our earnings for the fourth quarter of 2024 benefited from our solid year over year loan growth as well as margin expansion during the fourth quarter as a result of lower funding costs. This benefit was partially offset by the declining interest rate environment and its effect on loan yields. Additionally, Banner’s credit metrics continue to be strong, our reserve for loan losses remained solid, and our capital base continues to be robust. We continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 89% of total deposits at quarter end. Banner has upheld its core values for the past 134 years, which are to do the right thing for our clients, communities, colleagues, company and shareholders; and to provide consistent and reliable strength through all economic cycles and change events.”

At December 31, 2024, Banner, on a consolidated basis, had $16.20 billion in assets, $11.20 billion in net loans and $13.51 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.

Fourth Quarter 2024 Highlights

Revenue was $160.6 million for the fourth quarter of 2024, compared to $153.7 million in the preceding quarter and $152.5 million in the fourth quarter a year ago.
Adjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities and the net change in valuation of financial instruments) was $160.1 million in the fourth quarter of 2024, compared to $153.7 million in the preceding quarter and $157.1 million in the fourth quarter a year ago.
Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago.
Net interest margin, on a tax equivalent basis, was 3.82%, compared to 3.72% in the preceding quarter and 3.83% in the fourth quarter a year ago.
Mortgage banking operations revenue was $3.7 million for the fourth quarter of 2024, compared to $3.2 million in the preceding quarter and $5.4 million in the fourth quarter a year ago.
Return on average assets was 1.15%, compared to 1.13% in the preceding quarter and 1.09% in the fourth quarter a year ago.
Net loans receivable increased 1% to $11.20 billion at December 31, 2024, compared to $11.07 billion at September 30, 2024, and increased 5% compared to $10.66 billion at December 31, 2023.
Non-performing assets were $39.6 million, or 0.24% of total assets, at December 31, 2024, compared to $45.2 million, or 0.28% of total assets, at September 30, 2024 and $30.1 million, or 0.19% of total assets, at December 31, 2023.
The allowance for credit losses – loans was $155.5 million, or 1.37% of total loans receivable, as of December 31, 2024, compared to $154.6 million, or 1.38% of total loans receivable, as of September 30, 2024 and $149.6 million, or 1.38% of total loans receivable, as of December 31, 2023.
Total deposits were $13.51 billion at December 31, 2024, compared to $13.54 billion at September 30, 2024, and $13.03 billion at December 31, 2023.
Core deposits represented 89% of total deposits at December 31, 2024.
Dividends paid to shareholders were $0.48 per share in the quarter ended December 31, 2024.
Common shareholders’ equity per share decreased 1% to $51.49 at December 31, 2024, compared to $52.06 at the preceding quarter end, and increased 7% from $48.12 at December 31, 2023.
Tangible common shareholders’ equity per share* decreased 1% to $40.57 at December 31, 2024, compared to $41.12 at the preceding quarter end, and increased 9% from $37.09 at December 31, 2023.

*Non-GAAP (Generally Accepted Accounting Principles) financial measure; See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

Income Statement Review

Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. Net interest margin on a tax equivalent basis increased ten basis points to 3.82% for the fourth quarter of 2024, compared to 3.72% in the preceding quarter, and decreased compared to 3.83% in the fourth quarter a year ago. Net interest margin for the current quarter, compared to the preceding quarter, benefited from decreased funding costs, partially offset by lower yields on interest earning assets, primarily due to decreases in the targeted federal funds rate in the third and fourth quarters of 2024.

Average yields on interest-earning assets decreased two basis points to 5.31% for the fourth quarter of 2024, compared to 5.33% for the preceding quarter, and increased compared to 5.06% in the fourth quarter a year ago. On September 18, 2024, the Federal Open Market Committee (“FOMC”) of the Federal Reserve System lowered the target range for the federal funds rate 50 basis points, followed by a 25 basis-point decrease on November 7, 2024 and another 25 basis-point decrease on December 18, 2024, resulting in a target range of 4.25% to 4.50% at December 31, 2024. Average loan yields decreased two basis points to 6.02%, compared to 6.04% in the preceding quarter, and increased compared to 5.77% in the fourth quarter a year ago. The decrease in average loan yields during the current quarter primarily reflects the decrease in interest rates, partially offset by the benefits of a balance sheet hedge that matured during the quarter.

Total deposit costs decreased eight basis points to 1.53% in the fourth quarter of 2024, compared to 1.61% in the preceding quarter, and increased compared to 1.18% in the fourth quarter a year ago. The decrease in deposit costs in the current quarter was primarily due to a decrease in interest rates, partially offset by an increase in the average balance of interest-bearing deposits. The average rate paid on borrowings decreased 51 basis points to 4.57% in the fourth quarter of 2024, compared to 5.08% in the preceding quarter, and decreased compared to 4.77% in the fourth quarter a year ago due to lower wholesale borrowings in the current quarter. The total cost of funding liabilities decreased 13 basis points to 1.60% in the fourth quarter of 2024, compared to 1.73% in the preceding quarter, and increased compared to 1.31% in the fourth quarter a year ago.

A $3.0 million provision for credit losses was recorded in the current quarter (comprised of a $3.2 million provision for credit losses – loans, a $203,000 recapture of provision for credit losses – unfunded loan commitments and a $16,000 recapture of provision for credit losses – held-to-maturity debt securities). This compares to a $1.7 million provision for credit losses in the prior quarter (comprised of a $2.0 million provision for credit losses – loans, a $262,000 recapture of provision for credit losses – unfunded loan commitments and a $13,000 recapture of provision for credit losses – held-to-maturity debt securities) and a $2.5 million provision for credit losses in the fourth quarter a year ago (comprised of a $3.8 million provision for credit losses – loans, a $526,000 recapture of provision for credit losses – unfunded loan commitments, a $750,000 recapture of provision for credit losses – available for sale securities and a $23,000 recapture of provision for credit losses – held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected risk rating downgrades as well as growth in loan balances.

Total non-interest income was $20.0 million in the fourth quarter of 2024, compared to $18.1 million in the preceding quarter and $14.1 million in the fourth quarter a year ago. The increase in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $506,000 increase in mortgage banking operations revenue and a $1.1 million increase in miscellaneous income, primarily due to a gain recognized on the sale of a non-performing loan during the fourth quarter of 2024. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $5.1 million decrease in the net loss recognized on the sale of securities. Total non-interest income was $66.9 million for the year ended December 31, 2024, compared to $44.4 million a year earlier related mostly to the losses on the sale of investment securities in 2023.

Mortgage banking operations revenue was $3.7 million in the fourth quarter of 2024, compared to $3.2 million in the preceding quarter and $5.4 million in the fourth quarter a year ago. While the volume of one- to four-family loans sold during the current quarter increased compared to both the preceding and prior year quarters, volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The increase from the preceding quarter reflects a $508,000 gain related to the pooled loan sale of $34.8 million of one- to four-family loans during the fourth quarter of 2024. The decrease from the prior year quarter primarily reflects a $3.5 million reversal of the lower of cost or market adjustment on multifamily loans held for sale, recognized during the fourth quarter of 2023, partially offset by higher pricing and volumes of one- to four-family loans sold during the current quarter compared to the fourth quarter of 2023. The reversal was due to the transfer of all remaining multifamily loans held for sale to the held for investment loan portfolio during the same period. Home purchase activity accounted for 79% of one- to four-family mortgage loan originations in the fourth quarter of 2024, 88% in the preceding quarter and 92% in the fourth quarter of 2023.

Total non-interest expense was $99.5 million in the fourth quarter of 2024, compared to $96.3 million in the preceding quarter and $96.6 million in the fourth quarter of 2023. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $691,000 increase in salary and employee benefits, primarily resulting from increased incentive accruals, partially offset by decreased medical premiums expense, a $923,000 increase in professional and legal expenses, primarily due to increased consultant expenses, and a $550,000 increase in advertising and marketing expenses, primarily due to increases in printed media marketing and community development expenses. The increase in non-interest expense for the current quarter compared to the same quarter a year ago primarily reflects increases in salary and employee benefits and professional and legal expenses. For the year ended December 31, 2024, total non-interest expense was $391.5 million, compared to $382.5 million for the year ended December 31, 2023. Banner’s efficiency ratio was 61.95% for the fourth quarter of 2024, compared to 62.63% in the preceding quarter and 63.37% in the same quarter a year ago. Banner’s adjusted efficiency ratio, a non-GAAP financial measure, was 60.74% for the fourth quarter of 2024, compared to 61.27% in the preceding quarter and 60.04% in the year ago quarter. See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.

Balance Sheet Review

Total assets increased to $16.20 billion at December 31, 2024, compared to $16.19 billion at September 30, 2024, and $15.67 billion at December 31, 2023. Securities and interest-bearing deposits held at other banks totaled $3.40 billion at December 31, 2024, compared to $3.50 billion at September 30, 2024 and $3.48 billion at December 31, 2023. The decrease compared to the prior quarter was primarily due to a decrease in securities – available for sale. The average effective duration of the securities portfolio was approximately 6.6 years at December 31, 2024, compared to 6.5 years at December 31, 2023.

Total loans receivable increased to $11.35 billion at December 31, 2024, compared to $11.22 billion at September 30, 2024, and $10.81 billion at December 31, 2023. Commercial real estate loans increased 2% to $3.86 billion at December 31, 2024, compared to $3.79 billion at September 30, 2024, and increased 6% compared to $3.64 billion at December 31, 2023. The increase in commercial real estate loans from September 30, 2024 and December 31, 2023 was primarily the result of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Commercial business loans increased 2% to $2.42 billion at December 31, 2024, compared to $2.37 billion at September 30, 2024 and increased 6% compared to $2.28 billion at December 31, 2023, primarily due to new loan production. One- to four-family residential loans increased 1% to $1.59 billion at December 31, 2024, compared to $1.58 billion at September 30, 2024, and increased 5% compared to $1.52 billion at December 31, 2023. The increase in one- to four-family residential loans was primarily the result of one- to four-family construction loans converting to one- to four-family portfolio loans upon the completion of the construction phase and new loan production. Multifamily real estate loans increased 1% to $894.4 million at December 31, 2024, compared to $889.9 million at September 30, 2024, and increased 10% compared to $811.2 million at December 31, 2023. The increase in multifamily real estate loans from September 30, 2024 and December 31, 2023 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase.

Loans held for sale were $32.0 million at December 31, 2024, compared to $78.8 million at September 30, 2024 and $11.2 million at December 31, 2023. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $153.2 million, compared to $95.0 million in the preceding quarter and $65.6 million in the fourth quarter a year ago. The decrease in loans held for sale compared to the prior quarter was primarily the result of the pooled loan sale of $34.8 million of one- to four-family residential loans during the current quarter.

Total deposits were $13.51 billion at December 31, 2024, compared to $13.54 billion at September 30, 2024 and $13.03 billion a year ago. Core deposits decreased slightly to $12.01 billion at December 31, 2024, compared to $12.02 billion at September 30, 2024, and increased 4% compared to $11.55 billion at December 31, 2023. The increase in core deposits compared to the prior year quarter primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits were 89% of total deposits at December 31, 2024, September 30, 2024 and December 31, 2023. Certificates of deposit decreased 1% to $1.50 billion at December 31, 2024, compared to $1.52 billion at September 30, 2024, and increased 2% compared to $1.48 billion a year earlier. The decrease in certificates of deposit during the current quarter compared to the preceding quarter was primarily the result of clients moving funds from certificates of deposits to interest-bearing transaction and savings accounts. The increase in certificates of deposit during the current quarter compared to the fourth quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit, partially offset by a $57.7 million decrease in brokered deposits.

FHLB advances were $290.0 million at December 31, 2024, compared to $230.0 million at September 30, 2024 and $323.0 million a year ago. At December 31, 2024, off-balance sheet liquidity included additional borrowing capacity of $2.95 billion at the FHLB and $1.52 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

At December 31, 2024, total common shareholders’ equity was $1.77 billion or 10.95% of total assets, compared to $1.79 billion or 11.08% of total assets at September 30, 2024, and $1.65 billion or 10.55% of total assets at December 31, 2023. The decrease in total common shareholders’ equity at December 31, 2024 compared to September 30, 2024 was due to an increase in accumulated other comprehensive loss of $51.7 million as the result of a decrease in the fair value of the security portfolio, partially offset by a $29.6 million increase in retained earnings as a result of $46.4 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the fourth quarter of 2024. At December 31, 2024, tangible common shareholders’ equity, a non-GAAP financial measure, was $1.40 billion, or 8.84% of tangible assets, compared to $1.42 billion, or 8.96% of tangible assets, at September 30, 2024, and $1.27 billion, or 8.33% of tangible assets, a year ago. See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as “well-capitalized.” At December 31, 2024, Banner’s estimated common equity Tier 1 capital ratio was 12.44%, its estimated Tier 1 leverage capital to average assets ratio was 11.05%, and its estimated total capital to risk-weighted assets ratio was 15.04%. These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.

Credit Quality

The allowance for credit losses – loans was $155.5 million, or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024, compared to $154.6 million, or 1.38% of total loans receivable and 359% of non-performing loans, at September 30, 2024, and $149.6 million, or 1.38% of total loans receivable and 506% of non-performing loans, at December 31, 2023. In addition to the allowance for credit losses – loans, Banner maintains an allowance for credit losses – unfunded loan commitments, which was $13.6 million at December 31, 2024, compared to $13.8 million at September 30, 2024, and $14.5 million at December 31, 2023. Net loan charge-offs totaled $2.3 million in the fourth quarter of 2024, compared to $230,000 in the preceding quarter and $1.1 million in the fourth quarter a year ago. Non-performing loans were $37.0 million at December 31, 2024, compared to $43.0 million at September 30, 2024, and $29.6 million a year ago.

An increase in adversely classified loans, offset in part by payoffs and paydowns, resulted in total substandard loans of $192.5 million as of December 31, 2024. This compares to $150.1 million as of September 30, 2024 and $125.4 million a year ago.

Total non-performing assets were $39.6 million, or 0.24% of total assets, at December 31, 2024, compared to $45.2 million, or 0.28% of total assets, at September 30, 2024, and $30.1 million, or 0.19% of total assets, a year ago.

Conference Call

Banner will host a conference call on Thursday, January 23, 2025, at 8:00 a.m. PST, to discuss its fourth quarter results. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 347551 to participate in the call. A replay of the call will be available at www.bannerbank.com.

About the Company

Banner Corporation is a $16.20 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “potential,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner 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. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner’s operating and stock price performance.

Factors that could cause Banner’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: (1) adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth, or increased political instability due to acts of war; (2) changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System (the “Federal Reserve”) benchmark rate and duration at which such interest rate levels are maintained, which could affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; (4) the effects of any federal government shutdown; (5) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (6) expectations regarding key growth initiatives and strategic priorities; (7) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (8) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner’s activities; (9) competitive pressures among depository institutions, including repricing and competitors’ pricing initiatives, and their impact on Banner’s market position, loan, and deposit products; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) fluctuations in real estate values; (12) the ability to adapt successfully to technological changes to meet clients’ needs and developments in the market place; (13) the ability to access cost-effective funding; (14) disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; (15) changes in financial markets; (16) changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; (17) the costs, effects and outcomes of litigation; (18) legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (19) the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors including, but not limited to, our agriculture based lending; (20) changes in accounting principles, policies or guidelines; (21) future acquisitions by Banner of other depository institutions or lines of business, and associated risks of goodwill impairment due to changes in Banner’s business or market conditions; (22) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (23) environmental, social and governance goals and targets; (24) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (25) other risks detailed from time to time in Banner’s other reports filed with and furnished to the Securities and Exchange Commission including Banner’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.

RESULTS OF OPERATIONS	Quarters Ended									Year Ended
(in thousands except shares and per share data)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
INTEREST INCOME:
Loans receivable	$	169,586		$	168,338		$	154,532		$	655,590		$	577,891
Mortgage-backed securities		16,086			16,357			17,398			66,085			72,352
Securities and cash equivalents		10,764			11,146			11,808			44,428			51,329
Total interest income		196,436			195,841			183,738			766,103			701,572
INTEREST EXPENSE:
Deposits		52,217			53,785			39,342			199,465			100,126
Federal Home Loan Bank (FHLB) advances		85			2,263			1,870			8,941			10,524
Other borrowings		817			1,147			1,125			4,299			3,376
Subordinated debt		2,781			2,971			2,992			11,682			11,541
Total interest expense		55,900			60,166			45,329			224,387			125,567
Net interest income		140,536			135,675			138,409			541,716			576,005
PROVISION FOR CREDIT LOSSES		3,000			1,692			2,522			7,581			10,789
Net interest income after provision for credit losses		137,536			133,983			135,887			534,135			565,216
NON-INTEREST INCOME:
Deposit fees and other service charges		11,018			10,741			9,560			43,371			41,638
Mortgage banking operations		3,686			3,180			5,391			12,207			11,817
Bank-owned life insurance		2,144			2,445			2,609			9,193			9,245
Miscellaneous		2,751			1,658			1,159			8,289			5,169
		19,599			18,024			18,719			73,060			67,869
Net gain (loss) on sale of securities		275			—			(4,806	)		(5,190	)		(19,242	)
Net change in valuation of financial instruments carried at fair value		161			39			139			(982	)		(4,218	)
Total non-interest income		20,035			18,063			14,052			66,888			44,409
NON-INTEREST EXPENSE:
Salary and employee benefits		62,523			61,832			60,111			250,555			244,563
Less capitalized loan origination costs		(4,188	)		(4,354	)		(3,871	)		(16,857	)		(16,257	)
Occupancy and equipment		12,141			12,040			12,200			48,771			47,886
Information and computer data services		7,471			7,134			7,098			29,165			28,445
Payment and card processing services		5,771			5,346			6,088			22,518			20,547
Professional and legal expenses		3,025			2,102			2,267			7,858			9,830
Advertising and marketing		1,711			1,161			1,686			5,149			4,794
Deposit insurance		2,857			2,874			2,926			11,398			10,529
State and municipal business and use taxes		1,518			1,432			1,372			5,648			5,260
Real estate operations, net		113			103			47			293			(538	)
Amortization of core deposit intangibles		589			590			858			2,626			3,756
Miscellaneous		5,947			6,031			5,839			24,414			23,723
Total non-interest expense		99,478			96,291			96,621			391,538			382,538
Income before provision for income taxes		58,093			55,755			53,318			209,485			227,087
PROVISION FOR INCOME TAXES		11,702			10,602			10,694			40,587			43,463
NET INCOME	$	46,391		$	45,153		$	42,624		$	168,898		$	183,624
Earnings per common share:
Basic	$	1.34		$	1.31		$	1.24		$	4.90		$	5.35
Diluted	$	1.34		$	1.30		$	1.24		$	4.88		$	5.33
Cumulative dividends declared per common share	$	0.48		$	0.48		$	0.48		$	1.92		$	1.92
Weighted average number of common shares outstanding:
Basic		34,501,016			34,498,830			34,381,780			34,470,057			34,344,142
Diluted		34,743,024			34,650,322			34,472,155			34,628,710			34,450,412
Increase in common shares outstanding		3,144			936			2,420			111,463			154,351

FINANCIAL CONDITION										Percentage Change
(in thousands except shares and per share data)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Prior Qtr		Prior Yr Qtr
ASSETS
Cash and due from banks	$	203,402		$	226,568		$	209,634		(10	)%	(3	)%
Interest-bearing deposits		298,456			252,227			44,830		18	%	566	%
Total cash and cash equivalents		501,858			478,795			254,464		5	%	97	%
Securities – available for sale, amortized cost $2,460,262, $2,523,968, and $2,729,980, respectively		2,104,511			2,237,939			2,373,783		(6	)%	(11	)%
Securities – held to maturity, fair value $825,528, $879,278, and $907,514, respectively		1,001,564			1,013,903			1,059,055		(1	)%	(5	)%
Total securities		3,106,075			3,251,842			3,432,838		(4	)%	(10	)%
FHLB stock		22,451			19,751			24,028		14	%	(7	)%
Loans held for sale		32,021			78,841			11,170		(59	)%	187	%
Loans receivable		11,354,656			11,224,606			10,810,455		1	%	5	%
Allowance for credit losses – loans		(155,521	)		(154,585	)		(149,643	)	1	%	4	%
Net loans receivable		11,199,135			11,070,021			10,660,812		1	%	5	%
Accrued interest receivable		60,885			66,981			63,100		(9	)%	(4	)%
Property and equipment, net		124,589			125,256			132,231		(1	)%	(6	)%
Goodwill		373,121			373,121			373,121		—	%	—	%
Other intangibles, net		3,058			3,647			5,684		(16	)%	(46	)%
Bank-owned life insurance		312,549			310,400			304,366		1	%	3	%
Operating lease right-of-use assets		39,998			38,192			43,731		5	%	(9	)%
Other assets		424,297			371,829			364,846		14	%	16	%
Total assets	$	16,200,037		$	16,188,676		$	15,670,391		—	%	3	%
LIABILITIES
Deposits:
Non-interest-bearing	$	4,591,543		$	4,688,244		$	4,792,369		(2	)%	(4	)%
Interest-bearing transaction and savings accounts		7,423,183			7,328,051			6,759,661		1	%	10	%
Interest-bearing certificates		1,499,672			1,521,853			1,477,467		(1	)%	2	%
Total deposits		13,514,398			13,538,148			13,029,497		—	%	4	%
Advances from FHLB		290,000			230,000			323,000		26	%	(10	)%
Other borrowings		125,257			154,533			182,877		(19	)%	(32	)%
Subordinated notes, net		80,278			80,170			92,851		—	%	(14	)%
Junior subordinated debentures at fair value		67,477			66,257			66,413		2	%	2	%
Operating lease liabilities		43,472			42,318			48,659		3	%	(11	)%
Accrued expenses and other liabilities		258,070			237,128			228,428		9	%	13	%
Deferred compensation		46,759			46,401			45,975		1	%	2	%
Total liabilities		14,425,711			14,394,955			14,017,700		—	%	3	%
SHAREHOLDERS’ EQUITY
Common stock		1,307,509			1,304,792			1,299,651		—	%	1	%
Retained earnings		744,091			714,472			642,175		4	%	16	%
Accumulated other comprehensive loss		(277,274	)		(225,543	)		(289,135	)	23	%	(4	)%
Total shareholders’ equity		1,774,326			1,793,721			1,652,691		(1	)%	7	%
Total liabilities and shareholders’ equity	$	16,200,037		$	16,188,676		$	15,670,391		—	%	3	%
Common Shares Issued:
Shares outstanding at end of period		34,459,832			34,456,688			34,348,369
Common shareholders’ equity per share ⁽¹⁾	$	51.49		$	52.06		$	48.12
Common shareholders’ tangible equity per share ^{(1) (2)}	$	40.57		$	41.12		$	37.09
Common shareholders’ equity to total assets		10.95	%		11.08	%		10.55	%
Common shareholders’ tangible equity to tangible assets ⁽²⁾		8.84	%		8.96	%		8.33	%
Consolidated Tier 1 leverage capital ratio		11.05	%		10.91	%		10.56	%

(1)		Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.
(2)		Common shareholders’ tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

LOANS										Percentage Change
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Prior Qtr		Prior Yr Qtr
Commercial real estate (CRE):
Owner-occupied	$	1,027,426		$	990,516		$	915,897		4	%	12	%
Investment properties		1,623,672			1,583,863			1,541,344		3	%	5	%
Small balance CRE		1,213,792			1,218,822			1,178,500		—	%	3	%
Multifamily real estate		894,425			889,866			811,232		1	%	10	%
Construction, land and land development:
Commercial construction		122,362			124,051			170,011		(1	)%	(28	)%
Multifamily construction		513,706			524,108			503,993		(2	)%	2	%
One- to four-family construction		514,220			507,350			526,432		1	%	(2	)%
Land and land development		369,663			370,690			336,639		—	%	10	%
Commercial business:
Commercial business		1,318,333			1,281,615			1,255,734		3	%	5	%
Small business scored		1,104,117			1,087,714			1,022,154		2	%	8	%
Agricultural business, including secured by farmland:
Agricultural business, including secured by farmland		340,280			346,686			331,089		(2	)%	3	%
One- to four-family residential		1,591,260			1,575,164			1,518,046		1	%	5	%
Consumer:
Consumer—home equity revolving lines of credit		625,680			622,615			588,703		—	%	6	%
Consumer—other		95,720			101,546			110,681		(6	)%	(14	)%
Total loans receivable	$	11,354,656		$	11,224,606		$	10,810,455		1	%	5	%
Loans 30 – 89 days past due and on accrual	$	26,824		$	13,030		$	19,744
Total delinquent loans (including loans on non-accrual), net	$	55,432		$	44,656		$	43,164
Total delinquent loans / Total loans receivable		0.49	%		0.40	%		0.40	%

LOANS BY GEOGRAPHIC LOCATION									Percentage Change
	Dec 31, 2024				Sep 30, 2024		Dec 31, 2023		Prior Qtr		Prior Yr Qtr
	Amount		Percentage		Amount		Amount
Washington	$	5,245,886	46	%	$	5,203,637	$	5,095,602	1	%	3	%
California		2,861,435	25	%		2,796,965		2,670,923	2	%	7	%
Oregon		2,113,229	19	%		2,108,229		1,974,001	—	%	7	%
Idaho		665,158	6	%		652,148		610,064	2	%	9	%
Utah		82,459	1	%		85,316		68,931	(3	)%	20	%
Other		386,489	3	%		378,311		390,934	2	%	(1	)%
Total loans receivable	$	11,354,656	100	%	$	11,224,606	$	10,810,455	1	%	5	%

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

LOAN ORIGINATIONS	Quarters Ended						Year Ended
	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Commercial real estate	$	124,554	$	114,372	$	76,277	$	408,546	$	309,022
Multifamily real estate		3,120		314		5,360		6,593		57,046
Construction and land		303,345		472,506		382,905		1,759,799		1,541,383
Commercial business		250,515		179,871		166,984		752,269		585,047
Agricultural business		17,177		5,877		15,058		79,715		84,072
One-to four-family residential		29,531		24,488		37,446		106,085		167,951
Consumer		73,791		96,137		57,427		356,543		300,913
Total loan originations (excluding loans held for sale)	$	802,033	$	893,565	$	741,457	$	3,469,550	$	3,045,434

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS	Quarters Ended									Year Ended
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Balance, beginning of period	$	154,585		$	152,848		$	146,960		$	149,643		$	141,465
Provision for credit losses – loans		3,219			1,967			3,821			8,563			11,097
Recoveries of loans previously charged off:
Commercial real estate		1,215			65			129			2,767			557
Construction and land		—			—			—			—			29
One- to four-family real estate		124			14			18			171			230
Commercial business		245			613			237			1,963			1,283
Agricultural business, including secured by farmland		2			1			16			304			146
Consumer		164			41			131			476			543
		1,750			734			531			5,681			2,788
Loans charged off:
Commercial real estate		(4	)		—			—			(351	)		—
Construction and land		(5	)		(145	)		(933	)		(150	)		(1,089	)
One- to four-family real estate		—			—			(8	)		—			(42	)
Commercial business		(3,595	)		(414	)		(310	)		(5,955	)		(2,650	)
Agricultural business, including secured by farmland		—			—			—			—			(564	)
Consumer		(429	)		(405	)		(418	)		(1,910	)		(1,362	)
		(4,033	)		(964	)		(1,669	)		(8,366	)		(5,707	)
Net charge-offs		(2,283	)		(230	)		(1,138	)		(2,685	)		(2,919	)
Balance, end of period	$	155,521		$	154,585		$	149,643		$	155,521		$	149,643
Net charge-offs / Average loans receivable		(0.020	)%		(0.002	)%		(0.011	)%		(0.024	)%		(0.028	)%

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023
Commercial real estate	$	40,830		$	40,040		$	44,384
Multifamily real estate		10,308			10,233			9,326
Construction and land		29,038			28,322			28,095
One- to four-family real estate		20,807			20,463			19,271
Commercial business		38,611			39,779			35,464
Agricultural business, including secured by farmland		5,727			5,340			3,865
Consumer		10,200			10,408			9,238
Total allowance for credit losses – loans	$	155,521		$	154,585		$	149,643
Allowance for credit losses – loans / Total loans receivable		1.37	%		1.38	%		1.38	%
Allowance for credit losses – loans / Non-performing loans		421	%		359	%		506	%

CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – UNFUNDED LOAN COMMITMENTS	Quarters Ended									Year Ended
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Balance, beginning of period	$	13,765		$	14,027		$	15,010		$	14,484		$	14,721
Recapture of provision for credit losses – unfunded loan commitments		(203	)		(262	)		(526	)		(922	)		(237	)
Balance, end of period	$	13,562		$	13,765		$	14,484		$	13,562		$	14,484

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

NON-PERFORMING ASSETS	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023
Loans on non-accrual status:
Secured by real estate:
Commercial	$	2,186		$	2,127		$	2,677
Construction and land		3,963			4,286			3,105
One- to four-family		10,016			9,592			5,702
Commercial business		7,067			10,705			9,002
Agricultural business, including secured by farmland		8,485			7,703			3,167
Consumer		4,835			4,636			3,204
		36,552			39,049			26,857
Loans more than 90 days delinquent, still on accrual:
Secured by real estate:
Commercial		—			2,258			—
Construction and land		—			380			1,138
One- to four-family		369			961			1,205
Commercial business		—			—			1
Consumer		35			359			401
		404			3,958			2,745
Total non-performing loans		36,956			43,007			29,602
REO		2,367			2,221			526
Other repossessed assets		300			—			—
Total non-performing assets	$	39,623		$	45,228		$	30,128
Total non-performing assets to total assets		0.24	%		0.28	%		0.19	%

LOANS BY CREDIT RISK RATING	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023
Pass	$	11,118,744	$	11,022,014	$	10,671,281
Special Mention		43,451		52,497		13,732
Substandard		192,461		150,095		125,442
Total	$	11,354,656	$	11,224,606	$	10,810,455

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

DEPOSIT COMPOSITION							Percentage Change
	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Prior Qtr		Prior Yr Qtr
Non-interest-bearing	$	4,591,543	$	4,688,244	$	4,792,369	(2	)%	(4	)%
Interest-bearing checking		2,393,864		2,344,561		2,098,526	2	%	14	%
Regular savings accounts		3,478,423		3,339,859		2,980,530	4	%	17	%
Money market accounts		1,550,896		1,643,631		1,680,605	(6	)%	(8	)%
Total interest-bearing transaction and savings accounts		7,423,183		7,328,051		6,759,661	1	%	10	%
Total core deposits		12,014,726		12,016,295		11,552,030	—	%	4	%
Interest-bearing certificates		1,499,672		1,521,853		1,477,467	(1	)%	2	%
Total deposits	$	13,514,398	$	13,538,148	$	13,029,497	—	%	4	%

GEOGRAPHIC CONCENTRATION OF DEPOSITS	Dec 31, 2024				Sep 30, 2024		Dec 31, 2023		Percentage Change
	Amount		Percentage		Amount		Amount		Prior Qtr		Prior Yr Qtr
Washington	$	7,441,413	55	%	$	7,413,414	$	7,247,392	—	%	3	%
Oregon		2,981,327	22	%		2,997,843		2,852,677	(1	)%	5	%
California		2,392,573	18	%		2,423,295		2,269,557	(1	)%	5	%
Idaho		699,085	5	%		703,596		659,871	(1	)%	6	%
Total deposits	$	13,514,398	100	%	$	13,538,148	$	13,029,497	—	%	4	%

INCLUDED IN TOTAL DEPOSITS	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023
Public non-interest-bearing accounts	$	165,667	$	141,541	$	146,916
Public interest-bearing transaction & savings accounts		248,746		246,332		209,699
Public interest-bearing certificates		25,423		28,144		52,048
Total public deposits	$	439,836	$	416,017	$	408,663
Collateralized public deposits	$	336,376	$	317,960	$	305,306
Total brokered deposits	$	50,346	$	50,333	$	108,058

AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023
Number of deposit accounts		460,004		459,127		463,750
Average account balance per account	$	30	$	30	$	29

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

ESTIMATED REGULATORY CAPITAL RATIOS AS OF DECEMBER 31, 2024	Actual				Minimum to be categorized as “Adequately Capitalized”				Minimum to be categorized as “Well Capitalized”
	Amount		Ratio		Amount		Ratio		Amount		Ratio

Banner Corporation-consolidated:
Total capital to risk-weighted assets	$	2,024,046	15.04	%	$	1,076,652	8.00	%	$	1,345,814	10.00	%
Tier 1 capital to risk-weighted assets		1,760,065	13.08	%		807,489	6.00	%		807,489	6.00	%
Tier 1 leverage capital to average assets		1,760,065	11.05	%		636,913	4.00	%		n/a	n/a
Common equity tier 1 capital to risk-weighted assets		1,673,565	12.44	%		605,616	4.50	%		n/a	n/a
Banner Bank:
Total capital to risk-weighted assets		1,890,438	14.03	%		1,077,725	8.00	%		1,347,157	10.00	%
Tier 1 capital to risk-weighted assets		1,726,457	12.82	%		808,294	6.00	%		1,077,725	8.00	%
Tier 1 leverage capital to average assets		1,726,457	10.83	%		637,392	4.00	%		796,740	5.00	%
Common equity tier 1 capital to risk-weighted assets		1,726,457	12.82	%		606,221	4.50	%		875,652	6.50	%

These regulatory capital ratios are estimates, pending completion and filing of Banner’s regulatory reports.

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)

ANALYSIS OF NET INTEREST SPREAD	Quarters Ended
	Dec 31, 2024							Sep 30, 2024							Dec 31, 2023
	Average Balance		Interest and Dividends			Yield / Cost ⁽³⁾		Average Balance		Interest and Dividends			Yield / Cost ⁽³⁾		Average Balance		Interest and Dividends			Yield / Cost ⁽³⁾
Interest-earning assets:
Held for sale loans	$	61,585	$	1,049		6.78	%	$	26,954	$	453		6.69	%	$	31,148	$	447		5.69	%
Mortgage loans		9,267,076		136,831		5.87	%		9,207,468		135,497		5.85	%		8,770,029		123,382		5.58	%
Commercial/agricultural loans		1,900,337		31,873		6.67	%		1,879,215		32,547		6.89	%		1,822,069		30,447		6.63	%
Consumer and other loans		124,726		2,078		6.63	%		128,548		2,154		6.67	%		138,049		2,237		6.43	%
Total loans ⁽¹⁾		11,353,724		171,831		6.02	%		11,242,185		170,651		6.04	%		10,761,295		156,513		5.77	%
Mortgage-backed securities		2,576,908		16,228		2.51	%		2,623,399		16,498		2.50	%		2,798,647		17,541		2.49	%
Other securities		919,742		10,281		4.45	%		943,310		11,120		4.69	%		1,035,842		11,993		4.59	%
Interest-bearing deposits with banks		107,404		1,043		3.86	%		51,604		493		3.80	%		45,286		506		4.43	%
FHLB stock		9,887		316		12.71	%		16,664		412		9.84	%		15,326		215		5.57	%
Total investment securities		3,613,941		27,868		3.07	%		3,634,977		28,523		3.12	%		3,895,101		30,255		3.08	%
Total interest-earning assets		14,967,665		199,699		5.31	%		14,877,162		199,174		5.33	%		14,656,396		186,768		5.06	%
Non-interest-earning assets		1,016,366							981,290							875,719
Total assets	$	15,984,031						$	15,858,452						$	15,532,115
Deposits:
Interest-bearing checking accounts	$	2,377,179		9,279		1.55	%	$	2,295,723		9,497		1.65	%	$	2,060,226		5,907		1.14	%
Savings accounts		3,441,196		19,447		2.25	%		3,268,647		19,299		2.35	%		2,885,167		12,560		1.73	%
Money market accounts		1,584,092		8,510		2.14	%		1,611,543		9,184		2.27	%		1,723,426		7,644		1.76	%
Certificates of deposit		1,513,966		14,981		3.94	%		1,540,637		15,805		4.08	%		1,477,474		13,231		3.55	%
Total interest-bearing deposits		8,916,433		52,217		2.33	%		8,716,550		53,785		2.45	%		8,146,293		39,342		1.92	%
Non-interest-bearing deposits		4,640,557		—		—	%		4,601,755		—		—	%		5,036,523		—		—	%
Total deposits		13,556,990		52,217		1.53	%		13,318,305		53,785		1.61	%		13,182,816		39,342		1.18	%
Other interest-bearing liabilities:
FHLB advances		7,522		85		4.50	%		161,413		2,263		5.58	%		129,630		1,870		5.72	%
Other borrowings		143,097		817		2.27	%		159,439		1,147		2.86	%		185,518		1,125		2.41	%
Junior subordinated debentures and subordinated notes		169,678		2,781		6.52	%		179,075		2,971		6.60	%		182,678		2,992		6.50	%
Total borrowings		320,297		3,683		4.57	%		499,927		6,381		5.08	%		497,826		5,987		4.77	%
Total funding liabilities		13,877,287		55,900		1.60	%		13,818,232		60,166		1.73	%		13,680,642		45,329		1.31	%
Other non-interest-bearing liabilities ⁽²⁾		324,447							311,803							311,539
Total liabilities		14,201,734							14,130,035							13,992,181
Shareholders’ equity		1,782,297							1,728,417							1,539,934
Total liabilities and shareholders’ equity	$	15,984,031						$	15,858,452						$	15,532,115
Net interest income/rate spread (tax equivalent)			$	143,799		3.71	%			$	139,008		3.60	%			$	141,439		3.75	%
Net interest margin (tax equivalent)						3.82	%						3.72	%						3.83	%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis				(3,263	)						(3,333	)						(3,030	)
Net interest income and margin, as reported			$	140,536		3.74	%			$	135,675		3.63	%			$	138,409		3.75	%
Additional Key Financial Ratios:
Return on average assets						1.15	%						1.13	%						1.09	%
Adjusted return on average assets ⁽⁴⁾						1.15	%						1.13	%						1.18	%
Return on average equity						10.35	%						10.39	%						10.98	%
Adjusted return on average equity ⁽⁴⁾						10.28	%						10.39	%						11.89	%
Average equity/average assets						11.15	%						10.90	%						9.91	%
Average interest-earning assets/average interest-bearing liabilities						162.05	%						161.42	%						169.55	%
Average interest-earning assets/average funding liabilities						107.86	%						107.66	%						107.13	%
Non-interest income/average assets						0.50	%						0.45	%						0.36	%
Non-interest expense/average assets						2.48	%						2.42	%						2.47	%
Efficiency ratio						61.95	%						62.63	%						63.37	%
Adjusted efficiency ratio ⁽⁴⁾						60.74	%						61.27	%						60.04	%

⁽¹⁾		Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.
⁽²⁾		Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.
⁽³⁾		Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million, $2.3 million and $2.0 million for the quarters ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for each of the quarters ended December 31, 2024, September 30, 2024 and December 31, 2023.
⁽⁴⁾		Represent non-GAAP financial measures. See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)
(rates / ratios annualized)

ANALYSIS OF NET INTEREST SPREAD	Year Ended
	Dec 31, 2024							Dec 31, 2023
	Average Balance		Interest and Dividends			Yield / Cost ⁽³⁾		Average Balance		Interest and Dividends			Yield / Cost ⁽³⁾
Interest-earning assets:
Held for sale loans	$	27,627	$	1,875		6.79	%	$	49,106	$	2,621		5.34	%
Mortgage loans		9,094,276		526,842		5.79	%		8,513,487		460,664		5.41	%
Commercial/agricultural loans		1,871,024		127,028		6.79	%		1,782,141		113,250		6.35	%
Consumer and other loans		129,929		8,584		6.61	%		138,196		8,715		6.31	%
Total loans ⁽¹⁾		11,122,856		664,329		5.97	%		10,482,930		585,250		5.58	%
Mortgage-backed securities		2,650,010		66,652		2.52	%		2,927,650		72,927		2.49	%
Other securities		951,515		44,083		4.63	%		1,173,637		52,148		4.44	%
Interest-bearing deposits with banks		65,650		2,573		3.92	%		46,815		2,200		4.70	%
FHLB stock		16,658		1,302		7.82	%		17,903		847		4.73	%
Total investment securities		3,683,833		114,610		3.11	%		4,166,005		128,122		3.08	%
Total interest-earning assets		14,806,689		778,939		5.26	%		14,648,935		713,372		4.87	%
Non-interest-earning assets		967,122							917,018
Total assets	$	15,773,811						$	15,565,953
Deposits:
Interest-bearing checking accounts	$	2,233,902		33,113		1.48	%	$	1,921,326		13,334		0.69	%
Savings accounts		3,231,631		71,225		2.20	%		2,674,936		27,739		1.04	%
Money market accounts		1,632,092		35,206		2.16	%		1,908,983		24,089		1.26	%
Certificates of deposit		1,514,726		59,921		3.96	%		1,209,261		34,964		2.89	%
Total interest-bearing deposits		8,612,351		199,465		2.32	%		7,714,506		100,126		1.30	%
Non-interest-bearing deposits		4,647,100		—		—	%		5,436,953		—		—	%
Total deposits		13,259,451		199,465		1.50	%		13,151,459		100,126		0.76	%
Other interest-bearing liabilities:
FHLB advances		159,954		8,941		5.59	%		196,819		10,524		5.35	%
Other borrowings		164,613		4,299		2.61	%		199,291		3,376		1.69	%
Junior subordinated debentures and subordinated notes		177,361		11,682		6.59	%		185,883		11,541		6.21	%
Total borrowings		501,928		24,922		4.97	%		581,993		25,441		4.37	%
Total funding liabilities		13,761,379		224,387		1.63	%		13,733,452		125,567		0.91	%
Other non-interest-bearing liabilities ⁽²⁾		308,667							295,098
Total liabilities		14,070,046							14,028,550
Shareholders’ equity		1,703,765							1,537,403
Total liabilities and shareholders’ equity	$	15,773,811						$	15,565,953
Net interest income/rate spread (tax equivalent)			$	554,552		3.63	%			$	587,805		3.96	%
Net interest margin (tax equivalent)						3.75	%						4.01	%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis				(12,836	)						(11,800	)
Net interest income and margin, as reported			$	541,716		3.66	%			$	576,005		3.93	%
Additional Key Financial Ratios:
Return on average assets						1.07	%						1.18	%
Adjusted return on average assets ⁽⁴⁾						1.10	%						1.30	%
Return on average equity						9.91	%						11.94	%
Adjusted return on average equity ⁽⁴⁾						10.19	%						13.17	%
Average equity/average assets						10.80	%						9.88	%
Average interest-earning assets/average interest-bearing liabilities						162.46	%						176.57	%
Average interest-earning assets/average funding liabilities						107.60	%						106.67	%
Non-interest income/average assets						0.42	%						0.29	%
Non-interest expense/average assets						2.48	%						2.46	%
Efficiency ratio						64.33	%						61.66	%
Adjusted efficiency ratio ⁽⁴⁾						62.29	%						57.89	%

⁽¹⁾		Average balances include loans accounted for on a nonaccrual basis and loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.
⁽²⁾		Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.
⁽³⁾		Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $8.7 million and $7.4 million for the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $4.1 million and $4.4 million for the years ended December 31, 2024 and 2023, respectively.
⁽⁴⁾		Represent non-GAAP financial measures. See, “Additional Financial Information – Non-GAAP Financial Measures” on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

* Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders’ equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

*ADJUSTED REVENUE*		Quarters Ended									Year Ended
		Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024		Dec 31, 2023
Net interest income (GAAP)		$	140,536		$	135,675		$	138,409		$	541,716	$	576,005
Non-interest income (GAAP)			20,035			18,063			14,052			66,888		44,409
Total revenue (GAAP)			160,571			153,738			152,461			608,604		620,414
Exclude:	Net (gain) loss on sale of securities		(275	)		—			4,806			5,190		19,242
	Net change in valuation of financial instruments carried at fair value		(161	)		(39	)		(139	)		982		4,218
Adjusted revenue (non-GAAP)		$	160,135		$	153,699		$	157,128		$	614,776	$	643,874

*ADJUSTED EARNINGS*		Quarters Ended									Year Ended
		Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Net income (GAAP)		$	46,391		$	45,153		$	42,624		$	168,898		$	183,624
Exclude:	Net (gain) loss on sale of securities		(275	)		—			4,806			5,190			19,242
	Net change in valuation of financial instruments carried at fair value		(161	)		(39	)		(139	)		982			4,218
	Banner Forward expenses ⁽¹⁾		—			—			—			—			1,334
	Related net tax expense (benefit)		105			9			(1,121	)		(1,481	)		(5,951	)
Total adjusted earnings (non-GAAP)		$	46,060		$	45,123		$	46,170		$	173,589		$	202,467

Diluted earnings per share (GAAP)		$	1.34		$	1.30		$	1.24		$	4.88		$	5.33
Diluted adjusted earnings per share (non-GAAP)		$	1.33		$	1.30		$	1.34		$	5.01		$	5.88
Return on average assets			1.15	%		1.13	%		1.09	%		1.07	%		1.18	%
Adjusted return on average assets ⁽²⁾			1.15	%		1.13	%		1.18	%		1.10	%		1.30	%
Return on average equity			10.35	%		10.39	%		10.98	%		9.91	%		11.94	%
Adjusted return on average equity ⁽³⁾			10.28	%		10.39	%		11.89	%		10.19	%		13.17	%

⁽¹⁾		Included in miscellaneous expenses in results of operations.
⁽²⁾		Adjusted earnings (non-GAAP) divided by average assets.
⁽³⁾		Adjusted earnings (non-GAAP) divided by average equity.

ADDITIONAL FINANCIAL INFORMATION
(dollars in thousands)

*ADJUSTED EFFICIENCY RATIO*		Quarters Ended									Year Ended
		Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Non-interest expense (GAAP)		$	99,478		$	96,291		$	96,621		$	391,538		$	382,538
Exclude:	Banner Forward expenses ⁽¹⁾		—			—			—			—			(1,334	)
	CDI amortization		(589	)		(590	)		(858	)		(2,626	)		(3,756	)
	State/municipal tax expense		(1,518	)		(1,432	)		(1,372	)		(5,648	)		(5,260	)
	REO operations		(113	)		(103	)		(47	)		(293	)		538
Adjusted non-interest expense (non-GAAP)		$	97,258		$	94,166		$	94,344		$	382,971		$	372,726

Net interest income (GAAP)		$	140,536		$	135,675		$	138,409		$	541,716		$	576,005
Non-interest income (GAAP)			20,035			18,063			14,052			66,888			44,409
Total revenue (GAAP)			160,571			153,738			152,461			608,604			620,414
Exclude:	Net (gain) loss on sale of securities		(275	)		—			4,806			5,190			19,242
	Net change in valuation of financial instruments carried at fair value		(161	)		(39	)		(139	)		982			4,218
Adjusted revenue (non-GAAP)		$	160,135		$	153,699		$	157,128		$	614,776		$	643,874

Efficiency ratio (GAAP)			61.95	%		62.63	%		63.37	%		64.33	%		61.66	%
Adjusted efficiency ratio (non-GAAP) ⁽²⁾			60.74	%		61.27	%		60.04	%		62.29	%		57.89	%

⁽¹⁾		Included in miscellaneous expenses in results of operations.
⁽²⁾		Adjusted non-interest expense (non-GAAP) divided by adjusted revenue.

*TANGIBLE COMMON SHAREHOLDERS’ EQUITY TO TANGIBLE ASSETS*
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023
Shareholders’ equity (GAAP)	$	1,774,326		$	1,793,721		$	1,652,691
Exclude goodwill and other intangible assets, net		376,179			376,768			378,805
Tangible common shareholders’ equity (non-GAAP)	$	1,398,147		$	1,416,953		$	1,273,886

Total assets (GAAP)	$	16,200,037		$	16,188,676		$	15,670,391
Exclude goodwill and other intangible assets, net		376,179			376,768			378,805
Total tangible assets (non-GAAP)	$	15,823,858		$	15,811,908		$	15,291,586
Common shareholders’ equity to total assets (GAAP)		10.95	%		11.08	%		10.55	%
Tangible common shareholders’ equity to tangible assets (non-GAAP)		8.84	%		8.96	%		8.33	%

*TANGIBLE COMMON SHAREHOLDERS’ EQUITY PER SHARE*
Shareholders’ equity (GAAP)	$	1,774,326		$	1,793,721		$	1,652,691
Tangible common shareholders’ equity (non-GAAP)	$	1,398,147		$	1,416,953		$	1,273,886
Common shares outstanding at end of period		34,459,832			34,456,688			34,348,369
Common shareholders’ equity (book value) per share (GAAP)	$	51.49		$	52.06		$	48.12
Tangible common shareholders’ equity (tangible book value) per share (non-GAAP)	$	40.57		$	41.12		$	37.09

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122279800/en/

Mark J. Grescovich, President & CEO

Robert G. Butterfield, CFO

(509) 527-3636

KEYWORDS: Washington Idaho California Oregon United States North America

INDUSTRY KEYWORDS: Agriculture Construction & Property Natural Resources Finance Banking Professional Services Other Construction & Property Residential Building & Real Estate

MEDIA:

Logo

January 22, 2025 4:03 pm

Pliant Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

SOUTH SAN FRANCISCO, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), today announced that on January 21, 2025, it granted stock options to purchase an aggregate of 275,000 shares of common stock upon vesting to Delphine Imbert, Ph.D., the Company’s newly appointed Chief Technical Officer, as a material inducement to her employment.

The stock options that were granted are subject to an exercise price of $11.07 per share, which is equal to the closing price of the Company’s common stock on January 21, 2025, and will vest over 4 years, with 25% of the shares underlying the employee’s option vesting on the one-year anniversary of the grant date and the remaining shares thereafter vesting in monthly installments at a rate of 1/48^th of the shares underlying such stock options over the subsequent 36 months, subject to the respective employee’s continued service with the Company. The stock options have a 10-year term. This award is subject to the terms and conditions of the Company’s 2022 Inducement Plan.

About Pliant Therapeutics, Inc.

Pliant Therapeutics is a late-stage biopharmaceutical company and leader in the discovery and development of novel therapeutics for the treatment of fibrotic diseases. Pliant’s lead product candidate, bexotegrast (PLN-74809), is an oral, small molecule, dual selective inhibitor of α_vß6 and α_vß₁ integrins that is in development in the lead indication for the treatment of idiopathic pulmonary fibrosis, or IPF. Bexotegrast has received Fast Track Designation and Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) and Orphan Drug Designation from the European Medicines Agency in IPF. Pliant has initiated BEACON-IPF, an adaptive Phase 2b/3 trial of bexotegrast in IPF. Pliant is conducting a Phase 1 study for its third clinical program, PLN-101095, a small molecule, dual-selective inhibitor of α_vß₈ and α_vß₁ integrins, that is being developed for the treatment of solid tumors. In addition, Pliant has received regulatory clearance for the conduct of a Phase 1 study of PLN-101325, a monoclonal antibody agonist of integrin α₇β₁ targeting muscular dystrophies.

For additional information, please visit: www.PliantRx.com. Follow us on social media X, LinkedIn, and Facebook.

Investor and Media Contact:

Christopher Keenan
Vice President, Investor Relations and Corporate Communications
Pliant Therapeutics, Inc.
[email protected]

January 22, 2025 4:03 pm

Cumulus Media Appoints a Top Shareholder Steven M. Galbraith to Board of Directors

ATLANTA, Jan. 22, 2025 (GLOBE NEWSWIRE) — Cumulus Media Inc. (NASDAQ: CMLS) today announced the appointment of Steven M. Galbraith to its Board of Directors.

“We are thrilled to welcome Steve to our board,” said Chairman Andrew W. Hobson. “As a longtime shareholder in the Company, Steve has demonstrated a deep commitment to the Company’s success. His impressive investment management background and expertise complement the diverse strengths and wide-ranging capabilities of our existing board, and we are excited to leverage his vision and insights to drive growth and capitalize on new opportunities.”

Galbraith is currently a managing member of Kindred Capital Advisors LLC, and is among the largest shareholders of Cumulus through his personal holdings and those held through Kindred. Previously, Galbraith served as managing member of Herring Creek Capital and was a partner at Maverick Capital. His extensive financial services background also includes serving as Chief Investment Officer at Morgan Stanley, where he played a pivotal role in shaping the firm’s investment strategies. In addition to his professional achievements, Galbraith was an Adjunct Professor at Columbia University Business School from 1998 to 2008, where he taught securities analysis. He also previously served as an advisor to the Office of Financial Research, an independent bureau reporting to the U.S. Treasury, established under Dodd-Frank to enhance the stability and transparency of the US financial system.

Galbraith has also been actively involved in various non-profit organizations. He has served on the Board of Trustees of Tufts University and the National Constitution Center in Philadelphia. Currently, he sits on the board of trustees of the Success Academy Charter Schools, where he served as Chair, as well as Third Way, the Educational Equity Lab, and the American Friends of Hebrew University Endowment. Additionally, he is a board member of Narragansett Brewing Company, Equity Data Science, and Said Holdings Limited.

About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 400 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, Infinity Sports Network, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.

For further information, please contact:

Cumulus Media Inc.

Investor Relations Department
[email protected]
404-260-6600

January 22, 2025 4:03 pm

Arrowhead Pharmaceuticals to Webcast Fiscal 2025 First Quarter Results

Arrowhead Pharmaceuticals to Webcast Fiscal 2025 First Quarter Results

PASADENA, Calif.–(BUSINESS WIRE)–
Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced that it will host a webcast and conference call on February 10, 2025, at 4:30 p.m. ET to discuss its financial results for the fiscal 2025 first quarter ended December 31, 2024.

Webcast and Conference Call and Details

Investors may access a live audio webcast on the Events and Presentations page under the Investors section of the Arrowhead website. A replay of the webcast will be available approximately two hours after the conclusion of the call.

For analysts that wish to participate in the conference call, please register at https://register.vevent.com/register/BI10095fd77113444788810d4774d5fae3. Once registered, you will receive the dial-in number and a personalized PIN code that will be required to access the call.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing.

For more information, please visit www.arrowheadpharma.com, or follow us on X (formerly Twitter) at @ArrowheadPharma, LinkedIn, Facebook, and Instagram. To be added to the Company’s email list and receive news directly, please visit http://ir.arrowheadpharma.com/email-alerts.

Safe Harbor Statement under the Private Securities Litigation Reform Act:

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “hope,” “intend,” “plan,” “project,” “could,” “estimate,” “continue,” “target,” “forecast” or “continue” or the negative of these words or other variations thereof or comparable terminology are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline or product candidates, including anticipated regulatory submissions and clinical program results, prospects or benefits of our collaborations with other companies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our expectations regarding the potential benefits of the partnership, licensing and/or collaboration arrangements and other strategic arrangements and transactions we have entered into or may enter into in the future; our beliefs and expectations regarding milestone, royalty or other payments that could be due to or from third parties under existing agreements; and our estimates regarding future revenues, research and development expenses, capital requirements and payments to third parties. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of our scientific studies, our ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.

Source: Arrowhead Pharmaceuticals, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122095610/en/

Arrowhead Pharmaceuticals, Inc.

Vince Anzalone, CFA

626-304-3400

[email protected]

Investors:

LifeSci Advisors, LLC

Brian Ritchie

212-915-2578

[email protected]

Media:

LifeSci Communications, LLC

Kendy Guarinoni, Ph.D.

724-910-9389

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Oncology Health Infectious Diseases Genetics Pharmaceutical Biotechnology

MEDIA:

Logo

January 22, 2025 4:03 pm

Republic Bancorp, Inc. Increases its Common Stock Cash Dividends Paid for the 27th Consecutive Year

Republic Bancorp, Inc. Increases its Common Stock Cash Dividends Paid for the 27th Consecutive Year

LOUISVILLE, Ky.–(BUSINESS WIRE)–
Republic Bancorp, Inc. (NASDAQ: RBCAA), parent company of Republic Bank & Trust Company, today announced an 11% increase in the Company’s quarterly cash dividends. The quarterly cash dividend of $0.451 per share of Class A Common Stock and $0.41 per share on Class B Common Stock will be payable April 18, 2025, to shareholders of record as of March 21, 2025. The increased cash dividend results in an annualized dividend yield for the Class A Common stock of 2.61% based upon the stock’s closing price on January 21, 2025.

“We are excited to announce an increase in our quarterly cash dividends for the 27th consecutive year. We are proud of our continuing success and excited to once again share in this success with our shareholders through an increased dividend,” commented Logan Pichel, CEO for Republic Bank.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri. The Bank offers internet banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of September 30, 2024, had approximately $6.7 billion in total assets. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

Republic Bank. It’s just easier here. ^®

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122850435/en/

Steve Trager, 502-584-3600

Executive Chair

KEYWORDS: Florida Kentucky Ohio Tennessee Indiana United States North America

INDUSTRY KEYWORDS: Banking Accounting Professional Services Finance

MEDIA:

Logo

January 22, 2025 4:01 pm

BioAge Labs, Inc. (BIOA) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit

PR Newswire

LOS ANGELES
, Jan. 22, 2025 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that investors with losses related to BioAge Labs, Inc. (“BioAge” or the “Company”) (NASDAQ: BIOA) have opportunity to lead the securities fraud class action lawsuit.

IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN BIOAGE LABS, INC., CLICK HERE BEFORE MARCH 10, 2025 (THE LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.

What Is The Lawsuit About?
The complaint filed alleges that, between pursuant and/or traceable to the Registration Statement issued in connection with the Company’s September 2024 initial public offering, Defendants failed to disclose to investors: (1) the potential for liver transaminitis in any of its previous clinical Phase 1 trials and various preclinical tox studies; (2) potential safety concerns with the Company’s ongoing STRIDES clinical trial; (3) that, as a result, the Company overstated the likelihood the ongoing STRIDES study would be completed; (4) that, as a result, the Company overstated the potential of a second Phase 2 clinical trial combining azelaprag and semaglutide to treat obesity in individuals ages 18 years and older; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
The Law Offices of Frank R. Cruz,
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at: www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bioage-labs-inc-bioa-investors-who-lost-money-have-opportunity-to-lead-securities-fraud-lawsuit-302357714.html

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

January 22, 2025 3:59 pm

Fifth Third Celebrates Opening of New Branch in Charlotte’s Historic West End Neighborhood

Fifth Third Celebrates Opening of New Branch in Charlotte’s Historic West End Neighborhood

Historic West End Branch continues Bank’s expansion into LMI neighborhoods

CHARLOTTE, N.C.–(BUSINESS WIRE)–
On Wednesday, Fifth Third celebrated the opening of a new full-service banking center in Charlotte’s Historic West End Neighborhood, the first of 15 banking centers Fifth Third plans to open in low- and moderate-income (LMI) or high minority (HMT) population census tracts this year. With the new branch, Fifth Third will help increase financial access while contributing to the revitalization of the Historic West End.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250122788509/en/

A new full-service banking center in Charlotte’s Historic West End Neighborhood is the first of 15 banking centers Fifth Third plans to open in low- and moderate-income (LMI) or high minority (HMT) population census tracts this year. (Photo: Business Wire)

Fifth Third prioritizes financial access and neighborhood revitalization through its Neighborhood Program, a community development initiative which creates and implements innovative place-based strategies to effect positive change in nine historically disinvested neighborhoods across the Bank’s 11-state footprint, including Charlotte. As Fifth Third strategically expands and opens new financial centers across the country, 30% of new branches in development will be in LMI and/or HMT areas. In addition to new centers, Fifth Third offers its eBus and Banking to Go kiosks to address gaps in financial services in underserved communities.

“When we launched the Neighborhood Program in 2021, our goal was to empower the futures of residents and small businesses in the communities we serve by providing financial access,” said Jada Grandy-Mock, chief community impact banking officer for Fifth Third. “This branch is an open door—a door of opportunity for Charlotte’s Historic West End. Every resident in this community is welcome to come through those doors and find a financial partner in us to empower their future dreams.”

Located at 2340 Beatties Ford Road, the Historic West End branch will be a model for innovation and sustainability, occupying a modest 1,900 square feet. The center will have the added convenience of a drive-thru and ATM. Inside, the center’s open design will make it easy for customers to get quick digital service or discuss more complex banking products, like college savings plans, mortgages, or retirement solutions. The new, streamlined building will feature flexible meeting and seating areas that offer adjustable layers of privacy. Fifth Third broke ground in February 2023, with Charlotte-Based McFarland Construction serving as the general contractor.

“We are able to celebrate the opening of this Historic West End location because of the special bond that exists between our community partners and our local Fifth Third team,” said Lee Fite, president, Fifth Third Bank, Carolinas Region. “This is the result of many years of conversations, planning and hard work that allowed for a shared commitment to provide resources for the good of our community.”

At Wednesday’s event, the Fifth Third Foundation and LISC Charlotte also presented $100,000 in grants to five local small businesses to help them continue to grow.

Fifth Third’s Neighborhood Program is pioneering a new place-based approach to community development by partnering with a lead partner organization and other local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change.

The Historic West End branch is the first new financial center to open as part of the neighborhood program, though several renovations have been completed and several new branches are planned within other program neighborhoods.

In partnership with LISC Charlotte and other community agencies, Fifth Third has made $85.2 million in direct investments into Charlotte’s Historic West End since 2021 and catalyzed $28 million in additional leverage, for a total impact in the neighborhood of $113.2 million.

Key initiatives include:

Thrive Food Hub: A 6,000 square foot shopping center located at 1121 Beatties Ford Road in the heart of the Historic West End has been acquired by Historic West End Partners. The underutilized strip mall is being renovated and turned into a commercial kitchen for local chefs, a corner store selling fresh food, and a meeting space for small businesses in the community. Historic West End Partners was able to acquire the $1.3 million property with help from $300,000 in funding from a Fifth Third Foundation program-related investment, or PRI.
Legacy at Carr Heights: A grand opening was held at the Legacy at Carr Heights Senior Apartments in July 2024. Fifth Third was proud to be among the many private and public partners who helped to bring the 120-unit affordable senior living apartment complex to the community. A philanthropic program-related investment from the Fifth Third Foundation to the West Side Community Land Trust helped facilitate the original purchase of the land, and Fifth Third was among the funding partners for the $31 million development.
Hoskins Street Home Preservation: The West Side Community Land Trust leveraged $1.6 million in program-related investment funding from the Fifth Third Foundation to support the acquisition and renovation of 32 houses in the West End’s Hoskins Street that were being sold by a single landlord. The effort is preventing the displacement of families living in these homes.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies^® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122788509/en/

Amanda Nageleisen (Media Relations)

[email protected]

Matt Curoe (Investor Relations)

[email protected] | 513-534-2345

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Banking Professional Services

MEDIA:

Photo

Logo

January 22, 2025 3:49 pm

Duke Energy continues to manage the power grid through sustained cold conditions

PR Newswire

Company also shares tips on ways to save energy and money as temperatures drop this week; b-roll of energy-saving tips available here

CHARLOTTE, N.C.
, Jan. 22, 2025 /PRNewswire/ — As prolonged freezing temperatures continue, Duke Energy continues executing a detailed plan to manage the power grid as customer demand increases. Customer demand is anticipated to peak on Thursday across the Carolinas and Duke Energy is well positioned to meet that demand.

“When we have temperatures this cold for this long, it is important for us to use all of the programs that we have available to us based on the demand that we are seeing on the system. These include operating all available generating assets, offering customer energy-saving programs and purchasing available power,” said Ben Harrison, Duke Energy vice president of grid operations – planning and operations. “This is the time when we maximize resources to serve our customers.”

Duke Energy’s year-round preparation includes maintaining and investing in the company’s power generating assets, real-time analysis, predictive modeling and strengthening the grid to be more resistant to outages during extreme weather events. The company also has a suite of customer programs that include voluntary programs for residential and business customers to reduce energy consumption when needed in exchange for a participation incentive.

Duke Energy’s robust set of tools also include the ability to ask customers to voluntarily reduce their energy use during times of highest energy demand. However, the company has not made this request this week. In the winter, the peak times are in the early morning hours when it is typically the coldest outside and customers are starting their day.

Energy efficiency is also important year-round to save money on your electric bill. When temperatures plummet, it is a key time to make small adjustments to manage energy use to help save and avoid bill surprises.

Ways to save energy and money as temperatures drop

During the winter, reduce your thermostat to the lowest comfortable setting. The longer your house remains at the lower temperature, the more energy you save. You can save as much as 10% a year on heating and cooling by simply turning your thermostat back 7 to 10 degrees per day.
Set your water heater to 120 degrees or less. Water heating is typically the second-biggest user of energy in your home.
Leave drapes or blinds open on the sunny side of the home to allow the sun’s rays to warm the house, but close them at night to help insulate your home.
Operate ceiling fans in a clockwise direction in the winter to push warm air back down into the room.
Cover drafty windows. Use a heavy-duty, clear plastic sheet on a frame or tape clear plastic film to the inside of window frames during the cold winter months. Make sure the plastic is sealed tightly to the frame to help reduce infiltration.
Install tight-fitting, insulating drapes or shades on windows that feel drafty after weatherizing.

For energy-saving tips, check out our Winter Energy Savings webpage at duke-energy.com/WinterEnergySavings.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

24-Hour: 800.559.3853

View original content to download multimedia:https://www.prnewswire.com/news-releases/duke-energy-continues-to-manage-the-power-grid-through-sustained-cold-conditions-302357850.html

SOURCE Duke Energy