Market Newsdesk

April 22, 2025 4:46 pm

LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2025

LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2025

Q1 2025 GAAP net earnings per share improved 120% year-over-year to $0.33per diluted share, reflecting the continued contribution from the Company’s recent acquisitions, balance sheet optimization strategiesand strong operating performance

Net interest margin expands to 3.25%, the highest quarterly level in seven quarters

LCNB Wealth Management assets increased 7.4% year-over-year to a record $1.40 billion at March 31, 2025, resulting in fiduciary income of $2.2 million, a 9.7% increase

Asset quality remains at historically strong levels with non-performing assets to total assets of 0.21% at March 31, 2025

LEBANON, Ohio–(BUSINESS WIRE)–
LCNB Corp. (“LCNB”) (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2025.

Commenting on the financial results, LCNB President and Chief Executive Officer, Eric Meilstrup said, “Our first-quarter performance reflects the continued success of our strategic initiatives focused on integrating recent acquisitions, strengthening our balance sheet, and delivering valuable financial products and services to our communities. I am also pleased to report that the April 2024 Eagle Financial Bancorp, Inc. (“Eagle”) acquisition has already experienced a positive tangible book value earn back, which is a year earlier than expected. The November 2023 Cincinnati Federal acquisition remains on schedule for a positive tangible book value earn back by early 2026. We continue to pursue growth strategies across our expanded Southwestern Ohio footprint, including leveraging our LCNB Wealth Management capabilities.”

Mr. Meilstrup continued: “The actions we took last year to improve our balance sheet have reduced more expensive borrowings and further fortified our balance sheet. As a result, we ended the quarter with our strongest loan-to-deposit ratio in four quarters, our highest net interest margin in seven quarters, and our largest equity-to-asset ratio in twelve quarters. These achievements, combined with solid operating performance, contributed to a 120% year-over-year increase in earnings per diluted share and continued growth in both book value and tangible book value per share.”

“While the economic and geopolitical environment has become more uncertain, we remain focused on further strengthening our balance sheet, optimizing profitability, and continuing to provide our communities with exceptional financial products and services. I am confident in the long-term direction we are headed. We continue to believe LCNB is well positioned for profitable growth in 2025, as we benefit further from our expanded banking platform, strong asset quality, and compelling financial model,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2025 first quarter was $4.6 million, compared to $1.9 million for the same period last year. Earnings per basic and diluted share for the 2025 first quarter were $0.33, compared to $0.15 for the same period last year.

Net interest income for the three months ended March 31, 2025 was $16.3 million, compared to $13.9 million for the same period in 2024. The growth in net interest income was primarily due to the reduction in average interest rates paid on interest-bearing liabilities and higher average rates earned on loans. For the 2025 first quarter, LCNB’s tax equivalent net interest margin was 3.25%, compared to 2.72% for the same period last year.

Non-interest income for the three months ended March 31, 2025 was $5.2 million, compared to $3.9 million for the same period last year. The $1.3 million, or 32.9% year-over-year increase in non-interest income was due to net gains from sales of loans, as well as higher fiduciary income, service charges, and other income.

Non-interest expense for the three months ended March 31, 2025 was $15.8 million, compared to $15.5 million for the same period last year. The $337,000 increase was primarily due to higher operating expenses associated with the Eagle acquisition during April 2024 and increased marketing expenses, partially offset by the lack of merger-related expenses compared to the same period last year. The Company had $775,000 of one-time merger-related expenses that occurred in the 2024 first quarter.

Capital Allocation

For the three months ended March 31, 2025, LCNB paid $0.22 per share in dividends.

Balance Sheet

Total assets at March 31, 2025 increased 0.9%, to $2.30 billion, from $2.28 billion at March 31, 2024. Net loans at March 31, 2025 were $1.71 billion, an increase of 3.6%, or $59.7 million, from March 31, 2024. During the quarter ended March 31, 2025, the Company originated $84.9 million in loans and sold $21.5 million into the secondary market, which generated $841,000 of gains and benefited first quarter non-interest income.

Loans held for sale totaled $6.1 million at March 31, 2025, compared to $5.6 million at December 31, 2024 and $75.6 million at March 31, 2024, and are primarily composed of loans scheduled to be sold to an investor. Proceeds from loan sales that occurred during 2024 were used for general corporate purposes that included supporting loan originations, paying down higher cost funding sources, and adding to liquidity balances.

Total deposits at March 31, 2025 increased 3.4% to $1.92 billion compared to $1.86 billion at March 31, 2024. Not including the Eagle acquisition, total deposit relationships, including off-balance-sheet deposits, increased 1.29% organically, or by $24.5 million, from March 31, 2024.

At March 31, 2025, shareholders’ equity was $258.7 million, compared to $233.7 million at March 31, 2024. On a per-share basis, shareholders’ equity at March 31, 2025 was $18.26, compared to $17.67 at March 31, 2024.

At March 31, 2025, tangible shareholders’ equity was $160.6 million, compared to $149.0 million at March 31, 2024. The 7.8% year-over-year increase in tangible shareholders’ equity was primarily from higher retained earnings and an improvement in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, tangible shareholders’ equity was $11.34 at March 31, 2025, compared to $11.26 at March 31, 2024.

Assets Under Management

Total assets managed at March 31, 2025 were $4.16 billion, compared to $3.98 billion at March 31, 2024. The year-over-year increase in total assets managed was due to the Eagle acquisition and organic growth in LCNB total assets, trust and investments, cash management, and brokerage accounts, partially offset by lower mortgage loans serviced. Organically, trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and an increase in the fair value of managed assets.

Asset Quality

For the 2025 first quarter, LCNB recorded a provision for credit losses of $197,000, compared to a provision for credit losses of $125,000 for the 2024 first quarter.

Net charge-offs for the 2025 first quarter were $39,000, or 0.01% of average loans, compared to net charge-offs of $45,000, or 0.01% of average loans, annualized, for the same period last year.

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $4.9 million, or 0.28% of total loans, at March 31, 2025, compared to $3.2 million, or 0.20% of total loans, at March 31, 2024. The year-over-year increase in nonaccrual loans was primarily due to one commercial and industrial relationship, representing a balance of $1.4 million, and three residential real estate loans, representing a balance of $557,000. LCNB does not foresee any additional losses on these loans, as they are currently deemed to have adequate provision. The nonperforming assets-to-total-assets ratio was 0.21% at March 31, 2025, compared to 0.14% at March 31, 2024.

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions.Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management’s current expectations based on all information available to management and its knowledge of LCNB’s business and operations.Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially.These factors include, but are not limited to:

	1.	the success, impact, and timing of the implementation of LCNB’s business strategies;
	2.	LCNB’s ability to integrate recent and future acquisitions, including Cincinnati Bancorp, Inc. and Eagle Financial Bancorp, Inc., may be unsuccessful or may be more difficult, time-consuming, or costly than expected;
	3.	LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;
	4.	LCNB may face competitive loss of customers;
	5.	changes in the interest rate environment, either byinterest rate increases or decreases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
	6.	changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
	7.	changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
	8.	LCNB may experience difficulties growing loan and deposit balances;
	9.	United States trade relations with foreign countries could negatively impact the financial condition of LCNB’s customers, which could adversely affect LCNB’s operating results and financial condition;
	10.	global and/or domestic geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities, currency, and stability, which could adversely affect LCNB’s operating results and financial condition;
	11.	difficulties with technology or data security breaches, including cyberattacks or widespread outages, could negatively affect LCNB’s ability to conduct business and its relationships with customers, vendors, and others;
	12.	adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB’s customers given its concentrated geographic scope, which could impact LCNB’s operating results; and
	13.	government intervention in the U.S. financial system, including the effects of legislative, tax, accounting, and regulatory actions and reforms, including, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, changes in deposit insurance premium levels, and any such future regulatory actions or reforms.

Forward-looking statements made herein reflect management’s expectations as of the date such statements are made.Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

Exhibit 99.2
LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Condensed Income Statement
Interest income	$	25,316			26,894			26,398			26,965			24,758
Interest expense		9,017			10,181			11,428			11,748			10,863
Net interest income		16,299			16,713			14,970			15,217			13,895
Provision for credit losses		197			649			660			528			125
Net interest income after provision for credit losses		16,102			16,064			14,310			14,689			13,770
Non-interest income		5,222			5,988			6,407			4,080			3,929
Non-interest expense		15,809			14,592			15,387			17,825			15,472
Income before income taxes		5,515			7,460			5,330			944			2,227
Provision for income taxes		906			1,340			798			19			312
Net income	$	4,609		$	6,120		$	4,532		$	925		$	1,915

Supplemental Income Statement Information
Accretion income on acquired loans	$	692			1,271			800			1,248			776
Amortization expenses on acquired interest-bearing liabilities		—			119			378			638			459
Tax-equivalent net interest income		16,338			16,754			15,013			15,256			13,933
Pre-provision, pre-tax net income		5,712			8,109			5,990			1,472			2,352

Per Share Data
Dividends per share	$	0.22			0.22			0.22			0.22			0.22
Basic earnings per common share	$	0.33			0.44			0.31			0.07			0.15
Diluted earnings per common share	$	0.33			0.44			0.31			0.07			0.15
Book value per share	$	18.26			17.92			17.95			17.33			17.67
Tangible book value per share	$	11.34			10.96			10.97			10.08			11.26
Weighted average common shares outstanding:
Basic		14,051,310			14,027,043			14,018,765			13,948,671			13,112,302
Diluted		14,051,310			14,027,043			14,018,765			13,948,671			13,112,302
Shares outstanding at period end		14,166,915			14,118,040			14,110,210			14,151,755			13,224,276

Selected Financial Ratios
Return on average assets		0.81	%		1.04	%		0.76	%		0.15	%		0.34	%
Return on average equity		7.33	%		9.60	%		7.23	%		1.53	%		3.28	%
Return on average tangible common equity		11.91	%		15.67	%		12.27	%		2.59	%		5.12	%
Dividend payout ratio		66.67	%		50.00	%		70.97	%		314.29	%		146.67	%
Net interest margin (tax equivalent)		3.25	%		3.22	%		2.84	%		2.86	%		2.72	%
Efficiency ratio (tax equivalent)		73.33	%		64.16	%		71.83	%		92.19	%		86.62	%

Selected Balance Sheet Items
Cash and cash equivalents	$	37,670			35,744			39,374			34,872			32,951
Debt and equity securities		305,644			306,795			313,545			312,241			306,775

Loans:
Commercial and industrial	$	112,580			118,494			119,079			125,703			122,229
Commercial, secured by real estate		1,110,276			1,113,921			1,105,405			1,117,798			1,099,601
Residential real estate		463,379			456,298			459,740			458,949			398,250
Consumer		19,030			20,474			22,088			22,912			24,137
Agricultural		13,161			13,242			13,113			11,685			12,647
Other, including deposit overdrafts		133			179			496			233			73
Deferred net origination fees		(929	)		(796	)		(861	)		(533	)		(583	)
Loans, gross		1,717,630			1,721,812			1,719,060			1,736,747			1,656,354
Less allowance for credit losses		12,124			12,001			11,867			11,270			10,557
Loans, net	$	1,705,506		$	1,709,811		$	1,707,193		$	1,725,477		$	1,645,797

Loans held for sale	$	6,098			5,556			35,687			44,002			75,581

	Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Selected Balance Sheet Items, continued

Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period	$	12,001			11,867			11,270			10,557			10,525
Fair value adjustment for purchased credit deteriorated loans		—			—			—			189			—
Provision for credit losses on loans		162			728			681			542			77
Losses charged off		(53	)		(616	)		(122	)		(87	)		(78	)
Recoveries		14			22			38			69			33
Allowance for credit losses, end of period	$	12,124			12,001			11,867			11,270			10,557

Total earning assets	$	2,038,666			2,044,208			2,044,318			2,058,110			1,971,130
Goodwill		90,310			90,310			90,209			93,922			79,559
Core deposit intangibles		7,708			8,006			8,309			8,613			5,152
Mortgage servicing rights		2,908			3,098			3,296			3,522			3,751
Other non-earning assets		163,153			161,772			200,776			207,146			223,559
Total non-earning assets		264,079			263,186			302,590			313,203			312,021
Total assets		2,302,745			2,307,394			2,346,908			2,371,313			2,283,151
Total deposits		1,921,649			1,878,292			1,917,005			1,943,060			1,858,493
Short-term borrowings		—			—			—			—			10,000
Long-term debt		104,637			155,153			155,662			162,150			162,638
Total shareholders’ equity		258,651			253,036			253,246			245,214			233,663
Equity to assets ratio		11.23	%		10.97	%		10.79	%		10.34	%		10.23	%
Loans to deposits ratio		89.38	%		91.67	%		89.67	%		89.38	%		89.12	%

Tangible common equity (TCE)	$	160,633			154,721			154,728			142,679			148,952
Tangible common assets (TCA)		2,204,727			2,209,079			2,248,390			2,268,778			2,198,440
TCE/TCA		7.29	%		7.00	%		6.88	%		6.29	%		6.78	%

Selected Average Balance Sheet Items
Cash and cash equivalents	$	36,125			31,648			39,697			39,396			51,366
Debt and equity securities		304,033			311,323			314,255			309,668			310,771

Loans, including loans held for sale	$	1,721,894			1,751,644			1,770,330			1,818,253			1,722,568
Less allowance for credit losses on loans		11,996			11,856			11,281			11,386			10,523
Net loans	$	1,709,898			1,739,788			1,759,049			1,806,867			1,712,045

Total earning assets	$	2,036,514			2,072,397			2,099,954			2,142,064			2,056,656
Goodwill		90,310			90,218			94,006			91,733			79,526
Core deposit intangibles		7,854			8,154			8,458			8,302			5,275
Mortgage servicing rights		3,099			3,296			3,522			3,746			4,094
Other non-earning assets		160,281			158,022			159,736			158,937			149,215
Total non-earning assets		261,544			259,690			265,722			262,718			238,110
Total assets		2,298,058			2,332,087			2,365,676			2,404,782			2,294,766
Total deposits		1,896,443			1,901,442			1,936,601			1,965,987			1,824,546
Short-term borrowings		72			11			11			11,291			65,052
Long-term debt		127,289			155,573			158,419			162,555			150,177
Total shareholders’ equity		255,120			253,727			249,370			243,927			235,119
Equity to assets ratio		11.10	%		10.88	%		10.54	%		10.14	%		10.25	%
Loans to deposits ratio		90.80	%		92.12	%		91.41	%		92.49	%		94.41	%

Asset Quality
Net charge-offs	$	39			595			84			18			45
Other real estate owned		—			—			—			—			—

Non-accrual loans	$	4,710			4,528			3,001			2,845			2,719
Loans past due 90 days or more and still accruing		181			90			283			159			524
Total nonperforming loans	$	4,891		$	4,618		$	3,284		$	3,004		$	3,243

Net charge-offs to average loans		0.01	%		0.14	%		0.02	%		0.00	%		0.01	%
Allowance for credit losses on loans to total loans		0.71	%		0.70	%		0.69	%		0.65	%		0.64	%
Nonperforming loans to total loans		0.28	%		0.27	%		0.19	%		0.17	%		0.20	%
Nonperforming assets to total assets		0.21	%		0.20	%		0.14	%		0.13	%		0.14	%

	Three Months Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Assets Under Management
LCNB Corp. total assets	$	2,302,745		2,307,394		2,346,908		2,371,313		2,283,151
Trust and investments (fair value)		957,359		942,249		933,341		897,746		890,800
Mortgage loans serviced		354,593		397,625		366,175		422,951		386,490
Cash management		100,830		146,657		165,218		93,842		13,314
Brokerage accounts (fair value)		441,621		438,310		435,611		419,646		411,211
Total assets managed	$	4,157,148		4,232,235		4,247,253		4,205,498		3,984,966

	Three Months Ended March 31,																	Three Months Ended December 31,
	2025								2024									2024
	Average			Interest		Average			Average			Interest			Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/			Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid			Rate			Balance			Paid		Rate
Loans (1)	$	1,721,894			23,181		5.46	%	$	1,722,568			22,682			5.30	%	$	1,751,644			24,617		5.59	%
Interest-bearing demand deposits		10,337			130		5.10	%		23,317			324			5.59	%		9,185			143		6.19	%
Interest-bearing time deposits		250			—		—			—			—			—	%		245			—		—	%
Federal Reserve Bank stock		6,405			95		6.02	%		5,509			(4	)		(0.29	)%		6,414			193		11.97	%
Federal Home Loan Bank stock		20,710			469		9.18	%		16,239			341			8.45	%		20,710			469		9.01	%
Investment securities:
Equity securities		5,043			39		3.14	%		4,995			40			3.22	%		5,043			65		5.13	%
Debt securities, taxable		254,715			1,256		2.00	%		265,164			1,232			1.87	%		260,429			1,251		1.91	%
Debt securities, non-taxable (2)		17,160			185		4.37	%		18,864			181			3.86	%		18,727			197		4.18	%
Total earnings assets		2,036,514			25,355		5.05	%		2,056,656			24,796			4.85	%		2,072,397			26,935		5.17	%
Non-earning assets		273,545								248,633									271,546
Allowance for credit losses		(12,001	)							(10,523	)								(11,856	)
Total assets	$	2,298,058							$	2,294,766								$	2,332,087

Interest-bearing demand and money market deposits	$	570,473			2,337		1.66	%	$	643,199			3,917			2.45	%	$	551,626			2,379		1.72	%
Savings deposits		365,876			195		0.22	%		368,049			206			0.23	%	$	366,310			241		0.26	%
IRA and time certificates		497,178			5,027		4.10	%		370,130			4,067			4.42	%	$	523,486			5,760		4.38	%
Short-term borrowings		72			1		5.63	%		65,052			935			5.78	%	$	43			1		5.11	%
Long-term debt		127,289			1,457		4.64	%		150,177			1,738			4.65	%	$	155,573			1,800		4.60	%
Total interest-bearing liabilities		1,560,888			9,017		2.34	%		1,596,607			10,863			2.74	%		1,597,038			10,181		2.54	%
Demand deposits		462,916								443,168									460,020
Other liabilities		19,134								19,872									21,302
Equity		255,120								235,119									253,727
Total liabilities and equity	$	2,298,058							$	2,294,766								$	2,332,087
Net interest rate spread (3)							2.71	%								2.11	%							2.63	%
Net interest income and net interest margin on a taxable-equivalent basis (4)					16,338		3.25	%					13,933			2.72	%					16,754		3.22	%
Ratio of interest-earning assets to interest-bearing liabilities		130.47	%							128.81	%								129.77	%

(1)	Includes non-accrual loans and loans held for sale
(2)	Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.
(3)	The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.
(4)	The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited, dollars in thousands)

	March 31, 2025			December 31, 2024
	Unaudited			Audited
ASSETS:
Cash and due from banks	$	28,626			20,393
Interest-bearing demand deposits		9,044			15,351
Total cash and cash equivalents		37,670			35,744
Interest-bearing time deposits		250			250
Investment securities:
Equity securities with a readily determinable fair value, at fair value	$	1,387			1,363
Equity securities without a readily determinable fair value, at cost		3,666			3,666
Debt securities, available-for-sale, at fair value		255,891			258,327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $5 at March 31, 2025 and December 31, 2024		17,585			16,324
Federal Reserve Bank stock, at cost		6,405			6,405
Federal Home Loan Bank stock, at cost		20,710			20,710
Loans held for sale		6,098			5,556
Loans, net of allowance for credit losses of $12,124 and $12,001 at March 31, 2025 and December 31, 2024, respectively		1,705,506			1,709,811
Premises and equipment, net		39,972			41,049
Operating lease right-of-use assets		5,935			5,785
Goodwill		90,310			90,310
Core deposit and other intangibles, net		10,616			11,104
Bank-owned life insurance		54,348			54,002
Interest receivable		9,013			8,701
Other assets, net		37,383			38,287
TOTAL ASSETS	$	2,302,745			2,307,394

LIABILITIES:
Deposits:
Noninterest-bearing	$	464,059			459,619
Interest-bearing		1,457,590			1,418,673
Total deposits		1,921,649			1,878,292
Short-term borrowings		—			—
Long-term debt		104,637			155,153
Operating lease liabilities		6,299			6,115
Accrued interest and other liabilities		11,509			14,798
TOTAL LIABILITIES		2,044,094			2,054,358

COMMITMENTS AND CONTINGENT LIABILITIES		—			—

SHAREHOLDERS’ EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—			—
Common shares – no par value; authorized 19,000,000 shares; issued 17,378,298 and 17,329,423 shares at March 31, 2025 and December 31, 2024, respectively; outstanding 14,166,915 and 14,118,040 shares at March 31, 2025 and December 31, 2024, respectively		187,369			186,937
Retained earnings		142,811			141,290
Treasury shares at cost, 3,211,383 shares at March 31, 2025 and December 31, 2024		(56,002	)		(56,002	)
Accumulated other comprehensive loss, net of taxes		(15,527	)		(19,189	)
TOTAL SHAREHOLDERS’ EQUITY		258,651			253,036
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,302,745			2,307,394

Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	Three Months Ended
	March 31,
	2025		2024
INTEREST INCOME:
Interest and fees on loans	$	23,181		22,682
Dividends on equity securities:
With a readily determinable fair value		10		9
Without a readily determinable fair value		29		31
Interest on debt securities:
Taxable		1,256		1,232
Non-taxable		146		143
Other investments		694		661
TOTAL INTEREST INCOME		25,316		24,758

INTEREST EXPENSE:
Interest on deposits		7,559		8,190
Interest on short-term borrowings		1		935
Interest on long-term debt		1,457		1,738
TOTAL INTEREST EXPENSE		9,017		10,863
NET INTEREST INCOME		16,299		13,895

PROVISION FOR CREDIT LOSSES		197		125
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		16,102		13,770

NON-INTEREST INCOME:
Fiduciary income		2,164		1,973
Service charges and fees on deposit accounts		1,766		1,384
Net losses from sales of debt securities, available-for-sale		—		(214	)
Bank-owned life insurance income		346		318
Net gains from sales of loans		841		522
Net other operating income		105		(54	)
TOTAL NON-INTEREST INCOME		5,222		3,929

NON-INTEREST EXPENSE:
Salaries and employee benefits		9,172		8,554
Equipment expenses		382		390
Occupancy expense, net		1,010		1,005
State financial institutions tax		453		428
Marketing		315		174
Amortization of intangibles		297		236
FDIC insurance premiums, net		410		504
Contracted services		870		784
Merger-related expenses		—		775
Other non-interest expense		2,900		2,622
TOTAL NON-INTEREST EXPENSE		15,809		15,472
INCOME BEFORE INCOME TAXES		5,515		2,227
PROVISION FOR INCOME TAXES		906		312
NET INCOME	$	4,609		1,915

Earnings per common share:
Basic		0.33		0.15
Diluted		0.33		0.15
Weighted average common shares outstanding:
Basic		14,051,310		13,112,302
Diluted		14,051,310		13,112,302

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422264547/en/

Company Contact:

Eric J. Meilstrup

President and Chief Executive Officer

LCNB National Bank

(513) 932-1414

[email protected]

Investor and Media Contact:

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo

April 22, 2025 4:45 pm

FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

MOUNTLAKE TERRACE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 first quarter net income of $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, for the comparable quarter one year ago.

“Deposit growth exceeded expectations in the first quarter of 2025, enabling the Bank to be well positioned for our loan pipeline going into the second quarter,” stated Matthew Mullet, President/CFO.

“We are also pleased that our Board of Directors approved our forty-ninth consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to returning value to shareholders. The cash dividend will be paid on May 22, 2025, to shareholders of record as of May 8, 2025,” noted Joe Adams, CEO.

2025 First Quarter Highlights

Net income was $8.0 million for the first quarter of 2025, compared to $7.4 million for the previous quarter, and $8.4 million for the comparable quarter one year ago;
Total deposits increased $275.7 million, or 11.8%, to $2.62 billion at March 31, 2025, primarily due to an increase of $226.9 million in brokered deposits, compared to $2.34 billion at December 31, 2024, and increased $149.9 million, or 6.1%, from $2.47 billion at March 31, 2024. Noninterest-bearing deposits were $676.7 million at March 31, 2025, $638.2 million at December 31, 2024, and $646.9 million at March 31, 2024, reflecting growth in core deposits;
Borrowings decreased $239.0 million, or 77.6% to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024, and decreased $61.1 million, or 47.0%, from $129.9 million at March 31, 2024, and were primarily repositioned into wholesale brokered CDs noted above;
Loans receivable, net was virtually unchanged at $2.50 billion at both March 31, 2025, and December 31, 2024, and increased $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024;
Consumer loans, of which 87.4% are home improvement loans, decreased $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter, and decreased $37.2 million, or 5.8%, from $646.1 million in the comparable quarter one year ago. During the three months ended March 31, 2025, consumer loan originations included 79.9% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
Repurchased 98,317 shares of the Company’s common stock in the first quarter of 2025 at an average price of $39.06 per share with $873,000 remaining for future purchases under the existing share repurchase plan. On April 4, 2025, the Board authorized an additional share repurchase program of up to $5.0 million of the Company’s common stock;
Book value per share increased $0.86 to $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and increased $3.06 from $36.06 at March 31, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.94 to $36.96 at March 31, 2025, compared to $36.02 at December 31, 2024, and increased $3.49 from $33.47 at March 31, 2024. See, “Non-GAAP Financial Measures.”
Segment reporting in the first quarter of 2025 reflected net income of $7.8 million for the Commercial and Consumer Banking segment and $241,000 for the Home Lending segment, compared to net income of $7.4 million and net loss of $39,000 in the prior quarter, and net income of $8.2 million and $246,000 in the first quarter of 2024, respectively; and
Regulatory capital ratios at the Bank were 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025, compared to 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024.

Segment Reporting

The Company reports on two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment is also responsible for managing the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

The tables below provide a summary of segment reporting at or for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	At or For the Three Months Ended March 31, 2025
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,407		$	2,575		$	30,982
Provision for credit losses		(1,321	)		(271	)		(1,592	)
Noninterest income ⁽²⁾		2,246			2,880			5,126
Noninterest expense ⁽³⁾		(20,176	)		(4,879	)		(25,055	)
Income before provision for income taxes		9,156			305			9,461
Provision for income taxes		(1,376	)		(64	)		(1,440	)
Net income	$	7,780		$	241		$	8,021
Total average assets for period ended	$	2,414,100		$	618,412		$	3,032,512
Full-time employees (“FTEs”)		454			113			567

	At or For the Three Months Ended March 31, 2024
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income⁽¹⁾	$	28,086		$	2,260		$	30,346
Provision for credit losses		(1,251	)		(148	)		(1,399	)
Noninterest income⁽²⁾		2,393			2,718			5,111
Noninterest expense⁽³⁾		(19,008	)		(4,521	)		(23,529	)
Income before provision for income taxes		10,220			309			10,529
Provision for income taxes		(2,069	)		(63	)		(2,132	)
Net income	$	8,151		$	246		$	8,397
Total average assets for period ended	$	2,401,864		$	556,683		$	2,958,547
FTEs		440			130			570

__________________________________

(1	)	Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
(2	)	Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months ended March 31, 2025, the Company recorded a net increase in fair value of $263,000, compared to a net increase in fair value of $2,000 for the three months ended March 31, 2024. As of March 31, 2025 and 2024, there were $14.5 million and $15.0 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
(3	)	Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months ended March 31, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $1.5 million, respectively.

Asset Summary

Total assets increased $36.9 million, or 1.2%, to $3.07 billion at March 31, 2025, compared to $3.03 billion at December 31, 2024, and increased $96.4 million, or 3.2%, from $2.97 billion at March 31, 2024. The increase in total assets at March 31, 2025, compared to December 31, 2024, included increases of $31.1 million in total cash and cash equivalents, $10.0 million in securities available-for-sale, $3.4 million in other assets, $3.2 million in loans held for sale (“HFS”) and $2.0 million in securities held-to-maturity, partially offset by decreases in FHLB stock of $10.4 million, loans receivable, net of $834,000 and core deposit intangible (“CDI”), net of $831,000. The increase compared to March 31, 2024, was primarily due to increases in loans receivable, net of $85.7 million, other assets of $21.1 million, total cash and cash equivalents of $17.3 million, and securities available-for-sale of $11.5 million. These increases were partially offset by decreases in certificates of deposit at other financial institutions of $22.0 million, loans HFS of $18.9 million, and CDI, net of $3.5 million.

LOAN PORTFOLIO
(Dollars in thousands)	March 31, 2025					December 31, 2024					March 31, 2024
COMMERCIAL REAL ESTATE (“CRE”) LOANS	Amount				%	Amount				%	Amount				%	Linked Quarter $ Change			Prior Year Quarter $ Change
CRE owner occupied	$	164,911		6.5	%	$	170,396		6.7	%	$	174,946		7.2	%	$	(5,485	)	$	(10,035	)
CRE non-owner occupied		174,188		6.9			174,921		6.9			184,109		7.5			(733	)		(9,921	)
Commercial and speculative construction and development		288,978		11.4			280,798		11.1			244,217		10.0			8,180			44,761
Multi-family		244,940		9.7			245,222		9.7			222,410		9.1			(282	)		22,530
Total CRE loans		873,017		34.5			871,337		34.4			825,682		33.8			1,680			47,335

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes HFS)		637,299		25.2			617,322		24.4			580,050		23.7			19,977			57,249
Home equity		73,846		2.9			75,147		3.0			73,323		3.0			(1,301	)		523
Residential custom construction		48,810		1.9			49,902		2.0			57,129		2.3			(1,092	)		(8,319	)
Total residential real estate loans		759,955		30.0			742,371		29.4			710,502		29.0			17,584			49,453

CONSUMER LOANS
Indirect home improvement		532,038		21.0			541,946		21.4			568,802		23.2			(9,908	)		(36,764	)
Marine		73,737		2.9			74,931		3.0			73,921		3.0			(1,194	)		(184	)
Other consumer		3,118		0.1			3,304		0.1			3,409		0.1			(186	)		(291	)
Total consumer loans		608,893		24.0			620,181		24.5			646,132		26.3			(11,288	)		(37,239	)

COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956		10.9			287,014		11.3			256,429		10.6			(12,058	)		18,527
Warehouse lending		15,949		0.6			12,918		0.4			8,113		0.3			3,031			7,836
Total commercial business loans		290,905		11.5			299,932		11.7			264,542		10.9			(9,027	)		26,363
Total loans receivable, gross		2,532,770		100.0	%		2,533,821		100.0	%		2,446,858		100.0	%		(1,051	)		85,912

Allowance for credit losses on loans		(31,653	)				(31,870	)				(31,479	)				217			(174	)
Total loans receivable, net	$	2,501,117				$	2,501,951				$	2,415,379				$	(834	)	$	85,738

The composition of CRE loans at the dates indicated were as follows:

(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
CRE by Type:	Amount		Amount		Amount
CRE non-owner occupied:
Office	$	39,406	$	39,697	$	41,625
Retail		35,520		36,568		38,712
Hospitality/restaurant		27,377		27,562		24,751
Self-storage		19,092		19,111		21,383
Mixed use		18,868		17,721		19,186
Industrial		15,033		15,125		17,475
Senior housing/assisted living		7,506		7,565		8,446
Other⁽¹⁾		6,579		6,631		6,785
Land		2,314		2,421		3,151
Education/worship		2,493		2,520		2,595
Total CRE non-owner occupied		174,188		174,921		184,109
CRE owner occupied:
Agriculture		3,990		3,834		3,744
Industrial		66,618		67,064		63,683
Office		40,447		42,223		41,652
Retail		20,535		20,718		21,836
Hospitality/restaurant		7,306		10,396		10,933
Other ⁽²⁾		8,529		8,612		8,438
Car wash		—		—		7,713
Automobile related		7,266		7,325		7,479
Education/worship		4,641		4,608		4,604
Mixed use		5,579		5,616		4,864
Total CRE owner occupied		164,911		170,396		174,946
Total		339,099		345,317		359,055

__________________________________

(1	)	Primarily includes loans secured by mobile home parks totaling $758,000, $766,000, and $789,000, RV parks totaling $681,000, $685,000, and $696,000, automobile-related collateral totaling $584,000, $589,000, and $604,000, and other collateral totaling $4.6 million, $4.6 million, and $4.7 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2	)	Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million and $1.7 million, non-profit organization totaling $1.4 million, $1.5 million and $915,000, and other collateral totaling $5.6 million, $5.6 million and $5.8 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

(Dollars in thousands)		For the Quarter Ended
CRE by type:	Jun 30, 2025		Sep 30, 2025		Dec 31, 2025		Mar 31, 2026		Jun 30, 2026		Sep 30, 2026		Dec 31, 2026		Mar 31, 2027		Total		Current Weighted Average Rate
Agriculture	$	723	$	—	$	312	$	175	$	—	$	292	$	—	$	—	$	1,502	6.14	%
Apartment		4,510		1,701		18,573		1,268		13,868		9,763		8,241		27,900		85,824	5.65
Auto related		790		—		—		—		—		—		—		—		790	4.15
Hotel / hospitality		1,760		1,315		—		115		1,265		—		—		—		4,455	4.75
Industrial		—		161		10,122		981		590		1,594		—		13,481		26,929	5.13
Mixed use		3,469		244		313		2,119		—		—		382		—		6,527	5.74
Office		11,077		4,127		966		519		1,641		559		7,749		2,878		29,516	4.96
Other		1,309		1,147		241		890		—		2,493		1,497		283		7,860	5.05
Retail		1,738		63		—		436		3,474		—		3,423		3,059		12,193	4.11
Senior housing and assisted living		—		—		—		2,157		—		—		—		—		2,157	4.75	%
Total	$	25,376	$	8,758	$	30,527	$	8,660	$	20,838	$	14,701	$	21,292	$	47,601	$	177,753

A breakdown of construction loans at the dates indicated were as follows:

(Dollars in thousands)	March 31, 2025					December 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,079		2.4	%
Commercial construction – office		6,487		1.9			4,979		1.5
Commercial construction – self storage		16,012		4.7			13,480		4.1
Commercial construction – hotel		402		0.1			—		—
Multi-family		31,275		9.3			30,945		9.4
Custom construction – single family residential and single family manufactured residential		41,143		12.2			42,040		12.7
Custom construction – land, lot and acquisition and development		7,667		2.3			7,862		2.4
Speculative residential construction – vertical		186,042		55.1			180,381		54.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			42,934		13.0
Total	$	337,788		100.0	%	$	330,700		100.0	%

(Dollars in thousands)	March 31, 2025					March 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,290		2.8	%
Commercial construction – office		6,487		1.9			4,737		1.6
Commercial construction – self storage		16,012		4.7			10,000		3.3
Commercial construction – hotel		402		0.1			7,807		2.6
Multi-family		31,275		9.3			53,288		17.7
Custom construction – single family residential and single family manufactured residential		41,143		12.2			50,674		16.8
Custom construction – land, lot and acquisition and development		7,667		2.3			6,455		2.1
Speculative residential construction – vertical		186,042		55.1			134,047		44.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			26,048		8.6
Total	$	337,788		100.0	%	$	301,346		100.0	%

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

(Dollars in thousands)	For the Three Months Ended
	March 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	129,232		83.2	%	$	(8,513	)		(6.6	)%
Refinance		24,677		17.0			26,116		16.8			(1,439	)		(5.5	)%
Total	$	145,396		100.0	%	$	155,348		100.0	%	$	(9,952	)		(6.4	)%

(Dollars in thousands)	For the Three Months Ended March 31,
	2025					2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	135,577		88.1	%	$	(14,858	)		(11.0	)%
Refinance		24,677		17.0			18,371		11.9			6,306			34.3	%
Total	$	145,396		100.0	%	$	153,948		100.0	%	$	(8,552	)		(5.6	)%

During the quarter ended March 31, 2025, the Company sold $91.9 million of one-to-four-family loans compared to $138.9 million during the previous quarter and $93.9 million during the same quarter one year ago. The decrease in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors combined with economic volatility. Gross margins on home loan sales increased to 3.26% for the quarter ended March 31, 2025, compared to 3.14% in the previous quarter and decreased from 3.43% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

Liabilities and Equity Summary

Changes in deposits at the dates indicated were as follows:

(Dollars in thousands)
	March 31, 2025					December 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	627,679		26.8	%	$	31,738			5.1	%
Interest-bearing checking⁽¹⁾		201,469		7.7			176,561		7.5			24,908			14.1
Escrow accounts related to mortgages serviced⁽²⁾		17,289		0.7			10,479		0.5			6,810			65.0
Subtotal		878,175		33.6			814,719		34.8			63,456			7.8
Savings		160,332		6.1			154,188		6.6			6,144			4.0
Money market⁽³⁾		343,349		13.1			341,615		14.6			1,734			0.5
Subtotal		503,681		19.2			495,803		21.2			7,878			1.6
Certificates of deposit less than $100,000⁽⁴⁾		639,947		24.5			440,257		18.8			199,690			45.4
Certificates of deposit of $100,000 through $250,000		450,836		17.2			455,594		19.5			(4,758	)		(1.0	)
Certificates of deposit greater than $250,000		142,512		5.5			133,045		5.7			9,467			7.1
Subtotal		1,233,295		47.2			1,028,896		44.0			204,399			19.9
Total	$	2,615,151		100.0	%	$	2,339,418		100.0	%	$	275,733			11.8	%

(Dollars in thousands)
	March 31, 2025					March 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	618,526		25.1	%	$	40,891			6.6	%
Interest-bearing checking⁽¹⁾		201,469		7.7			188,050		7.6			13,419			7.1
Escrow accounts related to mortgages serviced⁽²⁾		17,289		0.7			28,373		1.2			(11,084	)		(39.1	)
Subtotal		878,175		33.6			834,949		33.9			43,226			5.2
Savings		160,332		6.1			153,025		6.2			7,307			4.8
Money market⁽³⁾		343,349		13.1			364,944		14.8			(21,595	)		(5.9	)
Subtotal		503,681		19.2			517,969		21.0			(14,288	)		(2.8	)
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			579,153		23.5			60,794			10.5
Certificates of deposit of $100,000 through $250,000		450,836		17.2			424,463		17.2			26,373			6.2
Certificates of deposit greater than $250,000		142,512		5.5			108,763		4.4			33,749			31.0
Subtotal		1,233,295		47.2			1,112,379		45.1			120,916			10.9
Total	$	2,615,151		100.0	%	$	2,465,297		100.0	%	$	149,854			6.1	%

__________________________________

(1	)	Includes $30.1 million of brokered deposits at March 31, 2025, and no brokered deposits at December 31, 2024, and at March 31, 2024.
(2	)	Primarily noninterest-bearing accounts based on applicable state law.
(3	)	Includes $251,000, $279,000 and $8.0 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4	)	Includes $339.9 million, $143.1 million, and $331.3 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, CDs, which include retail and non-retail CDs, totaled $1.23 billion, compared to $1.03 billion at December 31, 2024 and $1.11 billion at March 31, 2024, with non-retail CDs representing 28.5%, 15.0% and 31.0% of total CDs at such dates, respectively. At March 31, 2025, non-retail CDs, which include brokered CDs, online CDs and public funds CDs, increased $196.9 million to $351.7 million, compared to $154.8 million at December 31, 2024, primarily due to an increase of $196.8 million in brokered CDs. The increase in brokered CDs provided funds to pay down higher cost borrowings. Non-retail CDs totaled $351.7 million at March 31, 2025, compared to $344.5 million at March 31, 2024.

At March 31, 2025, the Bank had uninsured deposits of approximately $679.4 million, compared to approximately $652.7 million at December 31, 2024, and $614.1 million at March 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

At March 31, 2025, borrowings decreased $239.0 million to $68.8 million at March 31, 2025, from $307.8 million at December 31, 2024, and decreased $61.1 million from $129.9 million at March 31, 2024. These borrowings were comprised solely of FHLB advances.

Total stockholders’ equity increased $3.1 million to $298.8 million at March 31, 2025, from $295.8 million at December 31, 2024, and increased $20.9 million, from $277.9 million at March 31, 2024. The increase in stockholders’ equity at March 31, 2025, compared to December 31, 2024, was primarily due to net income of $8.0 million and $513,000 in equity award compensation, partially offset by share repurchases of $3.8 million and cash dividends paid of $2.2 million. Stockholders’ equity was also impacted by decreases in unrealized net losses on securities available for sale of $2.7 million, net of tax, and decreases in unrealized net gains on fair value and cash flow hedges of $2.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $151,000 decrease in accumulated other comprehensive loss, net of tax. Book value per common share was $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and $36.06 at March 31, 2024.

The Bank is considered “well capitalized” under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.4%, a Tier 1 leverage capital ratio of 11.3%, and a common equity Tier 1 (“CET1”) capital ratio of 13.2% at March 31, 2025.

The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.7%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.5% at March 31, 2025.

Credit Quality

The allowance for credit losses on loans (“ACLL”) was $31.7 million, or 1.25% of gross loans receivable (excluding loans HFS) at March 31, 2025, compared to $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, and $31.5 million, or 1.29% of gross loans receivable (excluding loans HFS), at March 31, 2024. The slight decrease in the ACLL at March 31, 2025, compared to the prior quarter was primarily due to a decrease in the balance of higher risk consumer loans. The increase of $174,000 in the ACLL from the same quarter the prior year was primarily due to increases in CRE loans. The allowance for credit losses on unfunded loan commitments increased $66,000 to $1.5 million at March 31, 2025, compared to $1.4 million at December 31, 2024, and decreased $35,000 from $1.5 million at March 31, 2024, primarily due to an increase in the volume of unfunded commitments on construction loans

Nonperforming loans increased $870,000 to $14.5 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and increased $2.4 million from $12.1 million at March 31, 2024. The increase in nonperforming loans compared to the prior quarter was primarily due to increases in nonperforming CRE construction and development loans of $1.5 million, nonperforming indirect home improvement loans of $1.1 million, and nonperforming one-to-four-family loans of $970,000, partially offset by decreases in nonperforming CRE loans of $1.6 million and nonperforming commercial business loans of $1.5 million. The increase in nonperforming loans compared to the same quarter the prior year was primarily due to increases in nonperforming construction and development loans of $1.8 million, nonperforming one-to-four-family loans of $961,000, and nonperforming indirect home improvement loans of $626,000, partially offset by a decrease in nonperforming commercial business loans of $1.4 million.

Loans classified as substandard increased $602,000 to $23.5 million at March 31, 2025, compared to $22.9 million at December 31, 2024, and decreased $1.4 million from $24.9 million at March 31, 2024. The increase in substandard loans compared to the prior quarter was primarily due to an increase of $1.5 million in CRE construction and development loans, $1.1 million in indirect home improvement loans, and $953,000 in one-to-four-family loans, partially offset by decreases in commercial business loans of $1.8 million and CRE of $1.6 million. The decrease in substandard loans compared to the prior year was primarily due to decreases of $3.1 million in C&I loans and $1.9 million in CRE loans, partially offset by increases of $1.8 million in CRE construction and development loans, $794,000 in one-to-four-family loans, and $626,000 in indirect home improvement loans.

Operating Results

Net interest income increased $636,000 to $31.0 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024, primarily due to an increase in total interest income of $1.9 million, partially offset by an increase in interest expense of $1.3 million. The $1.9 million increase in total interest income was primarily due to an increase of $2.3 million in interest income on loans receivable, including fees, primarily as a result of net loan growth and variable rate loans repricing higher. The $1.3 million increase in total interest expense was primarily the result of higher market interest rates and a net increase in interest bearing liabilities.

NIM (annualized) increased six basis points to 4.32% for the three months ended March 31, 2025, from 4.26% for the same period in the prior year. The increase in NIM for the three months ended March 31, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets.

The average total cost of funds, including noninterest-bearing checking, increased 17 basis points to 2.38% for the three months ended March 31, 2025, from 2.21% for the three months ended March 31, 2024. This increase was predominantly due to higher market rates for borrowings.

For the three months ended March 31, 2025, the provision for credit losses on loans was $1.5 million, compared to $1.4 million for the three months ended March 31, 2024. The provision for credit losses on loans reflects an increase in charge-off activity. During the three months ended March 31, 2025, net charge-offs increased $247,000 to $1.7 million, compared to $1.5 million for the same period last year. This increase was the result of increased net charge-offs of $487,000 in indirect home improvement loans and $25,000 in commercial business loans, partially offset by a net reduction of net charge-offs of $213,000 in marine loans and $46,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions.

Total noninterest income was unchanged at $5.1 million for the three months ended March 31, 2025 and 2024. Total noninterest expense was $25.0 million for the three months ended March 31, 2025, compared to $23.5 million for the three months ended March 31, 2024. The $1.5 million increase was primarily due to a $976,000 increase in salaries and benefits and a $437,000 increase in operations expense.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

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 “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s 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, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; 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; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

										Linked			Prior Year
	March 31,			December 31,			March 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
ASSETS
Cash and due from banks	$	18,657		$	19,280		$	17,149			(3	)		9
Interest-bearing deposits at other financial institutions		44,084			12,355			28,257			257			56
Total cash and cash equivalents		62,741			31,635			45,406			98			38
Certificates of deposit at other financial institutions		1,234			1,727			23,222			(29	)		(95	)
Securities available-for-sale, at fair value		291,133			281,175			279,643			4			4
Securities held-to-maturity, net		10,434			8,455			8,455			23			23
Loans held for sale, at fair value		31,038			27,835			49,957			12			(38	)
Loans receivable, net		2,501,117			2,501,951			2,415,379			—			4
Accrued interest receivable		14,406			13,881			14,455			4			—
Premises and equipment, net		29,451			29,756			30,326			(1	)		(3	)
Operating lease right-of-use		4,979			5,378			6,202			(7	)		(20	)
Federal Home Loan Bank stock, at cost		5,256			15,621			2,909			(66	)		81
Deferred tax asset, net		7,009			7,059			4,832			(1	)		45
Bank owned life insurance (“BOLI”), net		38,778			38,528			37,958			1			2
MSRs, held at the lower of cost or fair value		8,926			9,204			9,009			(3	)		(1	)
Goodwill		3,592			3,592			3,592			—			—
Core deposit intangible, net		12,879			13,710			16,402			(6	)		(21	)
Other assets		43,105			39,670			21,958			9			96
TOTAL ASSETS	$	3,066,078		$	3,029,177		$	2,969,705			1			3
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	676,706		$	638,158		$	646,899			6			5
Interest-bearing accounts		1,938,445			1,701,260			1,818,398			14			7
Total deposits		2,615,151			2,339,418			2,465,297			12			6
Borrowings		68,805			307,806			129,940			(78	)		(47	)
Subordinated notes:
Principal amount		50,000			50,000			50,000			—			—
Unamortized debt issuance costs		(389	)		(406	)		(456	)		(4	)		(15	)
Total subordinated notes less unamortized debt issuance costs		49,611			49,594			49,544			—			—
Operating lease liability		5,149			5,556			6,410			(7	)		(20	)
Other liabilities		28,522			31,036			40,582			(8	)		(30	)
Total liabilities		2,767,238			2,733,410			2,691,773			1			3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,742,907 shares issued and outstanding at March 31, 2025, 7,833,014 at December 31, 2024, and 7,805,795 at March 31, 2024		77			78			78			(1	)		(1	)
Additional paid-in capital		52,806			55,716			57,552			(5	)		(8	)
Retained earnings		262,945			257,113			236,720			2			11
Accumulated other comprehensive loss, net of tax		(16,988	)		(17,140	)		(16,418	)		(1	)		3
Total stockholders’ equity		298,840			295,767			277,932			1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,066,078		$	3,029,177		$	2,969,705			1			3

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)

	Three Months Ended									Linked			Prior Year
	Mar 31,			Dec 31,			Mar 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
INTEREST INCOME
Loans receivable, including fees	$	43,303		$	43,654		$	40,997			(1	)		6
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions		3,485			3,320			3,883			5			(10	)
Total interest and dividend income		46,788			46,974			44,880			—			4
INTEREST EXPENSE
Deposits		13,058			13,543			12,882			(4	)		1
Borrowings		2,263			1,831			1,167			24			94
Subordinated notes		485			486			485			—			—
Total interest expense		15,806			15,860			14,534			—			9
NET INTEREST INCOME		30,982			31,114			30,346			—			2
PROVISION FOR CREDIT LOSSES		1,592			1,522			1,399			5			14
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		29,390			29,592			28,947			(1	)		2
NONINTEREST INCOME
Service charges and fee income		2,244			2,513			2,552			(11	)		(12	)
Gain on sale of loans		1,700			1,733			1,838			(2	)		(8	)
Gain on sale of MSRs		—			—			8,215			—			NM
Loss on sale of investment securities, net		—			—			(7,998	)		—			NM
Earnings on cash surrender value of BOLI		250			256			240			(2	)		4
Other noninterest income		932			108			264			763			253
Total noninterest income		5,126			4,610			5,111			11			—
NONINTEREST EXPENSE
Salaries and benefits		14,533			14,172			13,557			3			7
Operations		3,445			3,175			3,008			9			15
Occupancy		1,717			1,821			1,705			(6	)		1
Data processing		2,045			2,252			1,958			(9	)		4
Loan costs		548			781			585			(30	)		(6	)
Professional and board fees		1,186			1,038			923			14			28
FDIC insurance		538			490			532			10			1
Marketing and advertising		221			329			227			(33	)		(3	)
Amortization of core deposit intangible		831			876			941			(5	)		(12	)
(Recovery) impairment of servicing rights		(9	)		(583	)		93			(98	)		(110	)
Total noninterest expense		25,055			24,351			23,529			3			6
INCOME BEFORE PROVISION FOR INCOME TAXES		9,461			9,851			10,529			(4	)		(10	)
PROVISION FOR INCOME TAXES		1,440			2,469			2,132			(42	)		(32	)
NET INCOME	$	8,021		$	7,382		$	8,397			9			(4	)
Basic earnings per share	$	1.02		$	0.94		$	1.07			9			(5	)
Diluted earnings per share	$	1.01		$	0.92		$	1.06			10			(5	)

KEY FINANCIAL RATIOS AND DATA (Unaudited)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PERFORMANCE RATIOS:	2025			2024			2024
Return on assets (ratio of net income to average total assets) ⁽¹⁾		1.07	%		0.98	%		1.14	%
Return on equity (ratio of net income to average total stockholders’ equity)⁽¹⁾		10.80			9.88			12.29
Yield on average interest-earning assets ⁽¹⁾		6.53			6.51			6.30
Average total cost of funds ⁽¹⁾		2.38			2.38			2.21
Interest rate spread information – average during period		4.15			4.13			4.09
Net interest margin ⁽¹⁾		4.32			4.31			4.26
Operating expense to average total assets ⁽¹⁾		3.35			3.24			3.20
Average interest-earning assets to average interest-bearing liabilities ⁽¹⁾		142.94			143.27			144.51
Efficiency ratio ⁽²⁾		69.39			68.16			66.36
Common equity ratio (ratio of stockholders’ equity to total assets)		9.75			9.76			9.36
Tangible common equity ratio ⁽³⁾		9.26			9.25			8.74

	March 31,			December 31,			March 31,
ASSET QUALITY RATIOS AND DATA:	2025			2024			2024
Nonperforming assets to total assets at end of period ⁽⁴⁾		0.47	%		0.45	%		0.41	%
Nonperforming loans to total gross loans (excluding loans HFS) ⁽⁵⁾		0.57			0.54			0.49
Allowance for credit losses – loans to nonperforming loans ⁽⁵⁾		219.08			234.55			260.24
Allowance for credit losses – loans to total gross loans (excluding loans HFS)		1.25			1.26			1.29

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PER COMMON SHARE DATA:	2025			2024			2024
Basic earnings per share	$	1.02		$	0.94		$	1.07
Diluted earnings per share	$	1.01		$	0.92		$	1.06
Weighted average basic shares outstanding		7,695,320			7,723,250			7,703,789
Weighted average diluted shares outstanding		7,805,728			7,897,099			7,824,460
Common shares outstanding at end of period		7,639,844	⁽⁶⁾		7,729,951	⁽⁷⁾		7,707,651	⁽⁸⁾
Book value per share using common shares outstanding	$	39.12		$	38.26		$	36.06
Tangible book value per share using common shares outstanding⁽⁹⁾	$	36.96		$	36.02		$	33.47

__________________________________

(1	)	Annualized.
(2	)	Total noninterest expense as a percentage of net interest income and total noninterest income.
(3	)	Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
(4	)	Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5	)	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
(6	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(7	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(8	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.
(9	)	Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(Dollars in thousands)	For the Three Months Ended Mar 31,				Qtr. Over Qtr.
Average Balances	2025		2024		$ Change
Assets
Loans receivable, net⁽¹⁾	$	2,559,944	$	2,464,602	$	95,342
Securities available-for-sale, at amortized cost		310,417		331,413		(20,996	)
Securities held-to-maturity		8,656		8,500		156
Interest-bearing deposits and certificates of deposit at other financial institutions		16,161		59,514		(43,353	)
FHLB stock, at cost		11,948		2,174		9,774
Total interest-earning assets		2,907,126		2,866,203		40,923
Noninterest-earning assets		125,386		92,344		33,042
Total assets	$	3,032,512	$	2,958,547	$	73,965
Liabilities
Interest-bearing deposit accounts	$	1,765,605	$	1,832,767	$	(67,162	)
Borrowings		218,639		101,150		117,489
Subordinated notes		49,600		49,533		67
Total interest-bearing liabilities		2,033,844		1,983,450		50,394
Noninterest-bearing deposit accounts		663,824		657,083		6,741
Other noninterest-bearing liabilities		33,739		43,246		(9,507	)
Total liabilities	$	2,731,407	$	2,683,779	$	47,628

__________________________________

(1	)	Includes loans HFS.

Non-GAAP Financial Measures:

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

(Dollars in thousands, except share and per share amounts)	March 31,				December 31,				March 31,
Tangible Book Value Per Share:	2025				2024				2024
Stockholders’ equity (GAAP)	$	298,840			$	295,767			$	277,932
Less: goodwill and core deposit intangible, net		(16,471	)			(17,302	)			(19,994	)
Tangible common stockholders’ equity (non-GAAP)	$	282,369			$	278,465			$	257,938

Common shares outstanding at end of period		7,639,844		⁽¹⁾		7,729,951		⁽²⁾		7,707,651		⁽³⁾

Book value per share (GAAP)	$	39.12			$	38.26			$	36.06
Tangible book value per share (non-GAAP)	$	36.96			$	36.02			$	33.47

Tangible Common Equity Ratio:
Total assets (GAAP)	$	3,066,078			$	3,029,177			$	2,969,705
Less: goodwill and core deposit intangible assets		(16,471	)			(17,302	)			(19,994	)
Tangible assets (non-GAAP)	$	3,049,607			$	3,011,875			$	2,949,711

Common equity ratio (GAAP)		9.75	%			9.76	%			9.36	%
Tangible common equity ratio (non-GAAP)		9.26				9.25				8.74

__________________________________

(1	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(2	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(3	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.

Contacts:

Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President/Chief Financial Officer

(425) 771-5299
www.FSBWA.com

April 22, 2025 4:45 pm

Ardent Health Announces First Quarter 2025 Results Conference Call and Webcast Date

Ardent Health Announces First Quarter 2025 Results Conference Call and Webcast Date

BRENTWOOD, Tenn.–(BUSINESS WIRE)–
Ardent Health (NYSE: ARDT), a leading provider of healthcare in growing mid-sized urban communities across the U.S., today announced that it will issue its first quarter 2025 results after the market closes on Tuesday, May 6, 2025. A conference call will be held the following day, Wednesday, May 7, 2025, at 10:00 a.m. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Ardent’s website at ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

United States Live:		1-888-596-4144
International Live:		1-646-968-2525
Access Code:		4437657

To listen to a replay of the teleconference, which will be available through May 21, 2025:

United States Replay:		1-800-770-2030
International Replay:		1-609-800-9909
Access Code:		4437657

About Ardent Health

Ardent Health (NYSE: ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S. With a focus on people and investments in innovative services and technologies, Ardent is passionate about making healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute care hospitals and 280 sites of care with over 1,800 affiliated providers across six states. For more information, please visit ardenthealth.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422666273/en/

Investor Contact:

Dave Styblo, CFA

SVP, Investor Relations

[email protected]

(615) 296-3016

Media Contact:

Rebecca Kirkham

Chief Communications & Corporate Affairs Officer

[email protected]

(615) 296-3635

KEYWORDS: United States North America Tennessee

INDUSTRY KEYWORDS: Health Hospitals Surgery Practice Management Other Health General Health

MEDIA:

Logo

April 22, 2025 4:45 pm

Intrepid Announces Date for First Quarter 2025 Earnings Release

Intrepid Announces Date for First Quarter 2025 Earnings Release

DENVER–(BUSINESS WIRE)–
Intrepid Potash, Inc. (NYSE: IPI) plans to release its first quarter 2025 financial results on Monday, May 5, 2025, after the market closes. Intrepid will host a conference call on Tuesday, May 6, 2025, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions.

Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. The call will also be streamed live via webcast.

A recording of the conference call will be available approximately two hours after the completion of the call by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or via webcast. The replay of the call will require the input of the conference ID 1179359. The recording will be available through May 13, 2025.

About Intrepid

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield services.

Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio^® mine.

Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts or RSS feeds for new postings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422147151/en/

Evan Mapes, CFA, Investor Relations Manager

Phone: 303-996-3042

Email: [email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Oil/Gas Agriculture Natural Resources Energy Mining/Minerals

MEDIA:

Logo

April 22, 2025 4:45 pm

MSIM Expands Loan Business with Closing of $400m Morgan Stanley Eaton Vance CLO 2025-21, Ltd.

Attractive market conditions and robust interest for tier-1 collateral manager profile underpinned strong institutional demand.

BOSTON–(BUSINESS WIRE)–
Morgan Stanley Investment Management (MSIM), a global asset manager, today announced the closing of Morgan Stanley Eaton Vance CLO 2025-21, Ltd., marking the investment team’s first Collateralized Loan Obligation (CLO) in 2025. The $400 million transaction was priced on March 7 and increases CLO platform assets to approximately $7.5 billion across twenty vehicles. Wells Fargo Securities served as sole arranger for the deal.

“We’re excited to be back in the new issue market and are encouraged by the interest from both new and existing investors,” said Steve Sebo, Head of CLO Structuring & Capital Markets. “Closing this deal is a great step forward as we continue to build our CLO business.”

Ed Greenaway, Head of CLO Portfolio Management, added, “Navigating the difficult dance of risk and return across the capital structure and within the asset pool has always been the core of our approach. The recent volatility within the market presents challenges but also opportunity for equity and debt investors alike.”

MSIM’s Floating-Rate Loan team traces its roots to 1989 and is a pioneer in broadly syndicated loan investment management. The 40+ member team manages an array of U.S. and European loan strategies, CLO debt tranches and a growing CLO platform. The team’s total assets under management were $30.0 billion at the start of 2025.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.6 trillion in assets under management or supervision as of March 31, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422818151/en/

Colleen McElhinney

617.672.8995

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

April 22, 2025 4:45 pm

Oklo Announces Chairman Transition

Oklo Announces Chairman Transition

SANTA CLARA, Calif.–(BUSINESS WIRE)–
Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, today announced that Sam Altman will step down as Chairman of the Board. Altman has helped guide Oklo’s development since its beginning, and has helped position it to execute on its mission.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250422419283/en/

Oklo’s Aurora powerhouse (Image: Oklo)

“Sam has been instrumental in shaping Oklo’s trajectory since the inception of Oklo,” said Jacob DeWitte, Oklo’s co-founder and CEO. Caroline Cochran, Oklo Co-Founder and COO added, “We deeply appreciate Sam’s leadership and dedication to our mission. We are excited to continue working to bring scalable, clean energy to the AI sector and beyond, and to continue to explore strategic partnerships with leading AI companies, including potentially with OpenAI.”

“Fission is an essential solution for meeting the growing energy demands of artificial intelligence and other critical industries,” said Altman. “Under the leadership of Jake and Caroline, Oklo is well suited to meet these needs. As Oklo explores strategic partnerships to deploy clean energy at scale, particularly to enable the deployment of AI, I believe now is the right time for me to step down. Historically, energy availability and cost, along with computational limitations, have been fundamental constraints on technological progress. A future where these are no longer limiting factors will be radically different, and I look forward to following Oklo’s leadership in driving this transformation.”

Jacob DeWitte, Oklo CEO and Co-Founder, will serve as Chairman and Board Member.

About Oklo Inc.: Oklo Inc. is developing fast fission power plants to deliver clean, reliable, and affordable energy at scale, establishing a domestic supply chain for critical radioisotopes, and advancing nuclear fuel recycling to convert nuclear waste into clean energy. Oklo was the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, was awarded fuel from Idaho National Laboratory, and submitted the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Oklo is also developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and national laboratories.

Forward-Looking Statements

This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the benefits of the DOE’s Voucher Program, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncertainties; the potential need for financing to construct plants, market, financial, political and legal conditions; the effects of competition; the risk that the DOE’s Voucher Program fails to produce the expected benefits; changes in applicable laws or regulations; and the outcome of any government and regulatory proceedings and investigations and inquiries.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422419283/en/

Media and Investor Contact for Oklo:

Bonita Chester, Head of Communications and Media at [email protected]

Investor Contact:

Sam Doane, Director of Investor Relations at[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Nuclear Energy Green Technology Environment

MEDIA:

Photo

Oklo’s Aurora powerhouse (Image: Oklo)

Logo

Posted on April 22, 2025 4:44 pm
Viemed Healthcare Announces First Quarter 2025 Earnings Conference Call Details

LAFAYETTE, La., April 22, 2025 (GLOBE NEWSWIRE) — Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, today announced that it will host its First Quarter 2025 Earnings Conference Call on Thursday, May 8, 2025, at 11:00 a.m. EDT.

Interested parties may participate in the call by dialing:

(866) 682-6100 (US Toll-Free)

+1 (862) 298-0702 (International)

Live Audio Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=0dOJVhdb

Following the live call, a replay will be available in the Investor Relations section of the Company’s website at www.viemed.com.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com.

For further information, please contact:

Tripp Sullivan
SCR Partners, LLC
615-942-7077
[email protected]

Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.
337-504-3802
[email protected]

Posted on April 22, 2025 4:44 pm
STERIS to Host a Conference Call for Fiscal 2025 Fourth Quarter and Full Year Financial Results on May 15, 2025

DUBLIN, IRELAND, April 22, 2025 (GLOBE NEWSWIRE) — STERIS plc (NYSE: STE) (“STERIS” or the “Company”) announced today that it will host a conference call to discuss its fiscal 2025 fourth quarter and full year financial results at 9:00 a.m. ET on May 15, 2025. The conference call can be heard live at www.steris-ir.com or via phone by dialing 1-833-535-2199 in the United States or 1-412-902-6776 internationally, then asking to join the conference call for STERIS plc.

A press release detailing financial results will be issued after the U.S. market closes on May 14, 2025.

For those unable to listen to the conference call live, a replay will be available beginning at 12:00 p.m. ET on May 15, 2025, either at www.steris-ir.com or via phone. To access the replay of the call, please use the access code 5194825 and dial 1-877-344-7529 in the United States or 1-412-317-0088 internationally.

About STERIS

STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life sciences products and services. For more information, visit www.steris.com.

Company Contact:

Julie Winter, Vice President, Investor Relations and Corporate Communications

[email protected]

+1.440.392.7245

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This release and the referenced conference call may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to STERIS or its industry, products or activities that are intended to qualify for the protections afforded “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date the statement is made and may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “outlook,” “impact,” “potential,” “confidence,” “improve,” “optimistic,” “deliver,” “orders,” “backlog,” “comfortable,” “trend,” and “seeks,” or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, statements related to the expected benefits of and timing of completion of the Restructuring Plan, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals or the application or interpretation thereof. Many of these important factors are outside of STERIS’s control. No assurances can be provided as to any result or the timing of any outcome regarding matters described in STERIS’s securities filings or otherwise with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, cost reductions, business strategies, earnings or revenue trends or future financial results. References to products are summaries only and should not be considered the specific terms of the product clearance or literature. Unless legally required, STERIS does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the impact of public health crises on STERIS’s operations, supply chain, material and labor costs, performance, results, prospects, or value, (b) STERIS’s ability to achieve the expected benefits regarding the accounting and tax treatments of the redomiciliation to Ireland, (c) operating costs, Customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, Customers, clients or suppliers) being greater than expected, (d) STERIS’s ability to successfully integrate acquired businesses into its existing businesses, including unknown or inestimable liabilities, impairments, or increases in expected integration costs or difficulties in connection with the integration of such businesses, (e) uncertainties related to tax treatments under the TCJA and the IRA, (f) the possibility that Pillar Two Model Rules could increase tax uncertainty and adversely impact STERIS’s provision for income taxes and effective tax rate and subject STERIS to additional income tax in jurisdictions who adopt Pillar Two Model Rules, (g) STERIS’s ability to continue to qualify for benefits under certain income tax treaties in light of ratification of more strict income tax treaty rules (through the MLI) in many jurisdictions where STERIS has operations, (h) changes in tax laws or interpretations that could increase our consolidated tax liabilities, including changes in tax laws that would result in STERIS being treated as a domestic corporation for United States federal tax purposes, (i) the potential for increased pressure on pricing or costs that leads to erosion of profit margins, including as a result of inflation, (j) the possibility that market demand will not develop for new technologies, products or applications or services, or business initiatives will take longer, cost more or produce lower benefits than anticipated, (k) the possibility that application of or compliance with laws, court rulings, certifications, regulations, or regulatory actions, including without limitation any of the same relating to FDA, EPA or other regulatory authorities, government investigations, the outcome of any pending or threatened FDA, EPA or other regulatory warning notices, actions, requests, inspections or submissions, the outcome of any pending or threatened litigation brought by private parties or other requirements or standards may delay, limit or prevent new product or service introductions, affect the production, supply and/or marketing of existing products or services, result in costs to STERIS that may not be covered by insurance, or otherwise affect STERIS’s performance, results, prospects or value, (l) the timing of any court approvals and other conditions of the settlement related to the Isomedix litigation, as well as uncertainties related to the claims administration process, including the level of participation by eligible plaintiffs and its expected timeframe, (m) the potential of international unrest, including the Russia-Ukraine or Israel-Hamas military conflicts, economic downturn or effects of currencies, tax assessments, tariffs and/or other trade barriers, adjustments or anticipated rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs, (n) the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS’s products and services, (o) the possibility of delays in receipt of orders, order cancellations, or delays in the manufacture or shipment of ordered products, due to supply chain issues or otherwise, or in the provision of services, (p) the possibility that anticipated growth, cost savings, new product acceptance, performance or approvals, or other results may not be achieved, or that transition, labor, competition, timing, execution, impairments, regulatory, governmental, or other issues or risks associated with STERIS’s businesses, industry or initiatives including, without limitation, those matters described in STERIS’s various securities filings, may adversely impact STERIS’s performance, results, prospects or value, (q) the impact on STERIS and its operations, or tax liabilities, of Brexit or the exit of other member countries from the EU, and the Company’s ability to respond to such impacts, (r) the impact on STERIS and its operations of any legislation, regulations or orders, including but not limited to any new trade or tax legislation (including CAMT and excise tax on stock buybacks), regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto, (s) the possibility that anticipated financial results or benefits of recent acquisitions, of STERIS’s restructuring efforts, or of recent divestitures, including anticipated revenue, productivity improvement, cost savings, growth synergies and other anticipated benefits, will not be realized or will be other than anticipated, (t) the level of STERIS’s indebtedness limiting financial flexibility or increasing future borrowing costs, (u) rating agency actions or other occurrences that could affect STERIS’s existing debt or future ability to borrow funds at rates favorable to STERIS or at all, (v) the effects of changes in credit availability and pricing, as well as the ability of STERIS’s Customers and suppliers to adequately access the credit markets, on favorable terms or at all, when needed, and (w) the possibility that our expectations about the pre-tax savings resulting from the Restructuring Plan, the number of positions eliminated pursuant to the Restructuring Plan and the costs, charges and cash expenditures associated with the announced restructuring plan may not be realized on the timeline or timelines we expect, or at all.

Posted on April 22, 2025 4:44 pm
Uni-Fuels Announces Full Year 2024 Financial Results

Year-Over-Year increases in Sales of Marine Fuels, Total Revenues and Gross Profit

SINGAPORE, April 22, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024.

Recent Developments

On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.

On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of $4.00 per share, generated gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

Main Highlights:

In 2024, Sales of Marine Fuels reached US$155.2 million, an increase of US$85.0 million, 121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million, 119% YOY, versus US$70.8 million in 2023.

Cost Of Revenues increased approximately US$83.5 million or 122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.

Gross Profit was US$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million, 40%, to US$3.2 million.

Total Operating Expenses rose from US$0.9 million in 2023 to approximately US$3.0 million, a YOY increase of US$2.1 million or 236%.

As a result of these factors, Net Income decreased from US$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or 86%.

Management Commentary

“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”

The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year.

Financial Results for the Year Ended December 31, 2024

Revenues

Total revenues increased significantly by 119% from US$70.8 million for the year ended December 31, 2023 to US$155.2 million for the year ended December 31, 2024. This substantial increase was primarily driven by a pronounced rise in sales of marine fuels. This growth was partially offset by a decrease in brokerage commissions, part of a strategic shift in the Company’s revenue mix.

Sales of marine fuels
– Sales of marine fuels increased by approximately US$85.0 million, or 121%, from approximately US$70.2 million for the year ended December 31, 2023, to approximately US$155.2 million for the year ended December 31, 2024. This increase was attributable to strategic initiatives aimed at strengthening core business activities within the sales sector. The expansion of the Company’s sales and marketing department through additional hiring enabled the Company to conduct its own marine fuels sales. As a result, the Company substantially broadened its customer base and increased the number of ports served during the year ended December 31, 2024. The number of customers for marine fuel sales nearly doubled from 83 customers in the year ended December 31, 2023 to 156 customers in the year ended December 31, 2024, while the number of ports served rose from 51 to 87 over the same period. The successful expansion into new customer bases and supply ports resulted in a substantial increase in both the number of customers and ports where the Company arranged marine fuels supplies, subsequently leading to substantial revenue growth.

Brokerage commissions
– Brokerage commissions decreased by approximately US$0.6 million or 98% to US$12,150 for the year ended December 31, 2024, from approximately US$0.6 million for the year ended December 31, 2023. This decline was primarily due to a strategic shift towards enhancing sales activities. By allocating more resources through recruiting sales and marketing specialists and other personnel, the Company decided to leverage its resources for sales instead of referring deals to other parties for brokerage commissions during the year ended December 31, 2024. The significant reduction in the number of brokerage transactions referred, which dropped to 1 for the year ended December 31, 2024, from 85 for the year ended December 31, 2023, is reflected in the decrease in the Company’s brokerage commissions.

Cost of revenues

Cost of revenues increased by approximately US$83.5 million or 122% from approximately US$68.5 million for the year ended December 31, 2023 to US$152.0 million for the year ended December 31, 2024. The increase was mainly attributable to the growth in sales of marine fuels with increasing costs to acquire marine fuels for sales.

Gross profit

Gross profit increased by approximately US$0.9 million or 40%, from approximately US$2.3 million for the year ended December 31, 2023 to approximately US$3.2 million for the year ended December 31, 2024. The total gross profit margin for the year ended December 31, 2024, was approximately 2.1%, compared to approximately 3.2% for the year ended December 31, 2023.

Gross profit margin for sales of marine fuels decreased to 2.1% for the year ended December 31, 2024 from 2.3% for the year ended December 31, 2023. This decline was primarily due to the strategic focus on expanding market presence and capturing additional market share for the reselling business. As part of the Company’s growth strategy, resources were dedicated to acquiring new customers by offering competitive prices in line with market conditions to increase market share.

Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.

Operating expenses

Selling and marketing expenses increased to US$0.7 million for the year ended December 31, 2024, from US$0.2 million for the year ended December 31, 2023, primarily driven by the expansion of sales activities. Personnel were added in the sales and marketing department to strengthen customer relationships. Additionally, efforts in building and nurturing relationships with customers and business partners increased, along with business travel and marketing activities, contributing to the substantial increase.

General and administrative expenses increased by US$1.7 million to US$2.3 million for the year ended December 31, 2023, compared to US$0.7 million for the year ended December 31, 2023. One significant factor was the expansion of the workforce through the recruitment of administrative staff and key management personnel to enhance operational efficiency. Professional fees related to auditing consolidated financial statements, consulting services regarding leasing new office premises, and negotiating banking facilities for business financing also contributed to the increase. These factors collectively increased total general and administrative expenses compared to the preceding year, reflecting the Company’s concerted efforts to support operational growth and strategic initiatives.

Other income

Other income increased by US$46,046 from US$9,037 for the year ended December 31, 2023 to US$55,083 for the year ended December 31, 2024. The increase was mainly due to interest income earned from fixed deposits and an increase in other ancillary service income not within the scope of ASC 606.

Income before income taxes

Income before income taxes of US$0.3 million and US$1.4 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to lower margins resulting from increased sales activities and higher operating costs during the expansion of the Company’s operations through the recruitment of staff and additional operating expenses to support growth initiatives and enhance overall capabilities during the year ended December 31, 2024.

Income tax expense

Income tax expense decreased from US$0.2 million for the year ended December 31, 2023 to US$0.1 million for the year ended December 31, 2024. The decrease was in tandem with the decrease in income before income taxes.

Net income

As a result of the foregoing factors, net income decreased by 86% from US$1.2 million for the year ended December 31, 2023 to US$0.2 million for the year ended December 31, 2024.

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: [email protected]

Skyline Corporate Communications Group, LLC
Email: [email protected]

Uni-Fuels Holdings Limited

Consolidated Balance Sheets

(Expressed in U.S. Dollars, except for the number of shares)

As of December 31,

2024 2023

Assets

Current Assets

Cash $ 4,324,956 $ 2,564,850

Restricted cash – 1,500,000

Accounts receivable, net 11,458,689 12,807,009

Prepayments and other assets, net 229,928 120,910

Total current assets 16,013,573 16,992,769

Property and equipment, net 329,585 395,056

Operating lease right-of-use assets 133,103 197,863

Prepayments and other assets, net 4,457 30,576

Deferred initial public offering (“IPO”) costs 482,183 112,900

Total assets $ 16,962,901 $ 17,729,164

Liabilities and shareholders’ equity

Liabilities

Current liabilities

Accounts payable $ 10,092,160 $ 11,196,384

Short-term bank loans 1,510,249 1,195,149

Amounts due to related parties 269,467 278,001

Income tax payables 91,025 272,437

Operating lease liabilities, current 104,267 85,382

Accrued expenses and other liabilities 291,464 177,737

Total current liabilities 12,358,632 13,205,090

Operating lease liabilities, non-current 41,011 127,834

Accrued expenses and other liabilities, non-current 10,153 9,700

Deferred tax liabilities, net 8,243 13,420

Total liabilities 12,418,039 13,356,044

Commitments and contingencies

Shareholders’ equity

Class A ordinary shares (US$0.0001 par value, 450,000,000 shares authorized; 7,350,000 and nil shares issued and outstanding as of December 31, 2024 and 2023, respectively) * 735 –

Class B ordinary shares (US$0.0001 par value, 50,000,000 shares authorized; 22,650,000 and 30,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively) * 2,265 3,000

Additional paid-in capital 3,997,000 3,997,000

Accumulated other comprehensive income 145 –

Retained earnings 544,717 373,120

Total shareholders’ equity 4,544,862 4,373,120

Total liabilities and shareholders’ equity $ 16,962,901 $ 17,729,164

* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Income and Comprehensive Income

(Expressed in U.S. dollar, except for the number of shares)

For the Years Ended

December 31,

2024 2023 2022

Revenues

Sales of marine fuels $ 155,180,863 67,966,869 $ 19,137,919

Sales of marine fuels -related party – 2,184,911 10,424,827

Brokerage commissions 12,150 142,479 –

Brokerage commissions -related parties – 491,269 1,255,725

Total revenues 155,193,013 70,785,528 30,818,471

Cost of revenues (152,009,204 ) (68,505,327 ) (28,414,153 )

Gross profit 3,183,809 2,280,201 2,404,318

Operating expenses

Selling and marketing (661,892 ) (210,957 ) (146 )

General and administrative (2,307,275 ) (672,131 ) (45,532 )

Total operating expenses (2,969,167 ) (883,088 ) (45,678 )

Income from operations 214,642 1,397,113 2,358,640

Other income

Interest expense, net (4,801 ) (1,907 ) –

Other income 59,884 10,944 4,813

Total other income, net 55,083 9,037 4,813

Income before income tax expense 269,725 1,406,150 2,363,453

Income tax expense (98,128 ) (194,363 ) (386,321 )

Net income 171,597 1,211,787 1,977,132

Other comprehensive income

Foreign currency translation adjustments 145 – –

Total comprehensive income $ 171,742 1,211,787 $ 1,977,132

Earnings per share*

Class A ordinary shares – basic and diluted $ 0.07 – $ –

Class B ordinary shares – basic and diluted 0.01 0.04 0.07

Weighted average shares outstanding used in calculating basic and diluted earnings per share*

Class A ordinary shares – basic and diluted 2,318,630 – –

Class B ordinary shares – basic and diluted 27,681,370 30,000,000 30,000,000

* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity

(Expressed in U.S. dollar, except for the number of shares)

Class A ordinary share Class B ordinary share* Additional Paid-In Accumulated other comprehensive Retained

Share Amount Share Amount Capital* income earnings Total

Balance as of December 31, 2021 – $ – 30,000,000 $ 3,000 $ 97,001 $ – $ 284,200 $ 384,201

Net income – – – – – – 1,977,132 1,977,132

Balance as of December 31, 2022 – – 30,000,000 3,000 97,001 – 2,261,332 2,361,333

Net income – – – – – – 1,211,787 1,211,787

Capital contribution from shareholder – – – – 3,899,999 – – 3,899,999

Dividend distribution – – – – – – (3,099,999 ) (3,099,999 )

Balance as of December 31, 2023 – $ – 30,000,000 $ 3,000 $ 3,997,000 $ – $ 373,120 $ 4,373,120

Net income – – – – – – 171,597 171,597

Foreign currency translation adjustment – – – – – 145 – 145

Conversion of ordinary shares 7,350,000 735 (7,350,000 ) (735 ) – – – –

Balance as of December 31, 2024 7,350,000 $ 735 22,650,000 $ 2,265 $ 3,997,000 $ 145 $ 544,717 $ 4,544,862

* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Cash Flows

(Expressed in U.S. dollar)

For the Years Ended December 31,

2024 2023 2022

Cash flows from operating activities:

Net income $ 171,597 $ 1,211,787 $ 1,977,132

Adjustments to reconcile net profit to net cash (used in) provided by operating activities:

Depreciation 74,490 32,275 –

Allowance for credit losses (1,733 ) 8,473 4,221

Non-cash operating lease expenses 94,099 61,406 –

Deferred tax expenses (benefits) (5,177 ) 14,339 (717 )

Change in operating assets and liabilities:

Accounts receivable, net 1,351,178 (11,719,074 ) 347,634

Prepayments and other assets, net (84,024 ) (133,851 ) (725 )

Accounts payable (1,104,224 ) 9,773,464 144,080

Income tax payables (181,412 ) (173,012 ) 387,038

Operating lease liabilities (138,287 ) (46,053 ) –

Accrued expenses and other liabilities 155,336 4,452 168,193

Net cash provided by (used in) operating activities 331,843 (965,794 ) 3,026,856

Cash flows from investing activities:

Purchases of property and equipment (9,020 ) (427,331 ) –

Net cash used in investing activities (9,020 ) (427,331 ) –

Cash flows from financing activities:

Proceeds from short-term bank loans 14,117,030 7,551,546 –

Repayments of short-term bank loans (13,801,930 ) (6,356,397 ) –

Payment of offering costs related to Initial Public Offering (“IPO”) (369,283 ) (112,900 ) –

Capital contribution from shareholder – 800,000 –

Borrowings from a related party – 678,259 –

Repayment of borrowings to a related party (8,534 ) (400,258 ) –

Net cash (used in) provided by financing activities (62,717 ) 2,160,250 –

Net increase in cash and restricted cash 260,106 767,125 3,026,856

Cash and restricted cash, beginning of year 4,064,850 3,297,725 270,869

Cash and restricted cash, end of year 4,324,956 4,064,850 3,297,725

Reconciliation of cash and restricted cash to the consolidated balance sheets

Cash $ 4,324,956 2,564,850 $ 3,297,725

Restricted cash – 1,500,000 –

Total cash and restricted cash $ 4,324,956 4,064,850 $ 3,297,725

Supplemental disclosures of cash flow information:

Income tax paid $ 284,717 361,841 $ –

Interest expenses paid 83,973 18,280 –

Supplemental disclosure of non-cash investing and financing activities:

Dividend distribution against capital contribution from shareholder $ – 3,099,999 $ –

Operating lease right-of-use assets obtained in exchange for operating lease liabilities 29,338 259,269 –

Posted on April 22, 2025 4:44 pm
Franklin Street Properties Corp. to Announce First Quarter 2025 Results

Franklin Street Properties Corp. to Announce First Quarter 2025 Results

WAKEFIELD, Mass.–(BUSINESS WIRE)–
Franklin Street Properties Corp. (the “Company” or “FSP”) (NYSE American: FSP), a real estate investment trust (REIT), announced today that it expects to release its results for the first quarter 2025 after the market closes on Tuesday, April 29, 2025. The Company will hold a conference call/webcast with the investment community to discuss the results at 11:00 AM ET on Wednesday morning, April 30, 2025.

To access the call, please dial 888-440-4368 and use conference ID 5398803. Internationally, the call may be accessed by dialing 646-960-0856 and using conference ID 5398803. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company’s website (www.fspreit.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.

This press release, along with other news about FSP, is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422455771/en/

For Franklin Street Properties Corp.

Georgia Touma, 877-686-9496

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Professional Services Other Professional Services Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT

MEDIA:

Logo

Posts pagination

Previous page Page 1 … Page 12,625 Page 12,626 Page 12,627 … Page 44,466 Next page