Market Newsdesk

April 24, 2025 7:33 am

Webster Reports First Quarter 2025 EPS of $1.30

Webster Reports First Quarter 2025 EPS of $1.30

STAMFORD, Conn.–(BUSINESS WIRE)–
Webster Financial Corporation (“Webster”) (NYSE: WBS), the holding company for Webster Bank, N.A., today announced net income applicable to common stockholders of $220.4 million, or $1.30 per diluted share, for the quarter ended March 31, 2025, compared to $210.1 million, or $1.23 per diluted share, for the quarter ended March 31, 2024.

“Webster has again proven its capacity to consistently execute through a variety of operating environments,” said John R. Ciulla, chairman and chief executive officer. “Growth in loans and deposits was generated by a breadth of businesses, as we continue to generate strong returns for our stockholders.”

Highlights for the first quarter of 2025:

Revenue of $704.8 million.
Period end loans and leases balance of $53.1 billion, up $0.6 billion, or 1.0 percent from prior quarter.
Period end deposits balance of $65.6 billion, up $0.8 billion, or 1.3 percent, from prior quarter.
Provision for credit losses of $77.5 million.
Return on average assets of 1.15 percent.
Return on average tangible common equity of 15.93 percent¹.
Net interest margin³ of 3.48 percent, up 4 basis points from prior quarter.
Common equity tier 1 ratio of 11.26 percent².
Efficiency ratio of 45.79 percent¹.
Tangible common equity ratio of 7.43 percent¹.

“While we continue to see solid fundamental strength in our business and clients, market volatility conveys a less certain economic outlook,” said Neal Holland, senior executive vice president and chief financial officer. “To ensure we are prepared for a wider range of economic scenarios, we accordingly increased our allowance for credit losses on loans and leases.”

¹ See “Non-GAAP to GAAP Reconciliations” section beginning on page 18.

² Presented as preliminary for March 31, 2025.

³ As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior periods has been recast.

Consolidated financial performance:

Quarterly net interest income compared to the first quarter of 2024:

Net interest income was $612.2 million, compared to $567.7 million.
Net interest margin was 3.48 percent, compared to 3.41 percent. The yield on interest-earning assets decreased by 17 basis points, and the cost of interest-bearing liabilities decreased by 24 basis points.
Average interest-earning assets totaled $72.9 billion, an increase of $4.1 billion, or 6.0 percent.
Average loans and leases totaled $52.6 billion, an increase of $1.6 billion, or 3.2 percent.
Average deposits totaled $65.0 billion, an increase of $4.4 billion, or 7.3 percent.

Quarterly provision for credit losses:

The provision for credit losses was $77.5 million, contributing to a $23.8 million increase in the allowance for credit losses on loans and leases from the prior quarter. The provision for credit losses was $63.5 million in the prior quarter, and $45.5 million a year ago.
Net charge-offs were $55.0 million, compared to $60.9 million in the prior quarter, and $37.5 million a year ago. The ratio of net charge-offs to average loans and leases was 0.42 percent, compared to 0.47 percent in the prior quarter, and 0.29 percent a year ago.
The allowance for credit losses on loans and leases represented 1.34 percent of total loans and leases, compared to 1.31 percent at December 31, 2024, and 1.26 percent at March 31, 2024.
The allowance for credit losses on loans and leases represented 126 percent of non-performing loans and leases, compared to 149 percent at December 31, 2024, and 226 percent at March 31, 2024.

Quarterly non-interest income compared to the first quarter of 2024:

Total non-interest income was $92.6 million, compared to $99.4 million, a decrease of $6.8 million. In the first quarter of 2024, total non-interest income included losses on sale of investment securities of $9.8 million and an $11.7 million net gain on the sale of mortgage servicing rights. Excluding these items, total non-interest income decreased $4.9 million. The decrease is primarily attributable to the credit valuation adjustment and bank-owned life insurance events in the first quarter of 2024.

Quarterly non-interest expense compared to the first quarter of 2024:

Total non-interest expense was $343.6 million, compared to $335.9 million, an increase of $7.7 million. In the first quarter of 2024, total non-interest expense included $11.9 million related to an increase to the FDIC special assessment estimate and $3.1 million of Ametros Financial Corporation (“Ametros”) acquisition expenses. Excluding these items, total non-interest expense increased $22.7 million. The increase is primarily attributable to investments in human capital and our risk management infrastructure, and a full quarter of Ametros expenses as the transaction closed in late-January 2024.

Quarterly income taxes compared to the first quarter of 2024:

Income tax expense was $56.7 million, compared to $69.3 million, and the effective tax rate was 20.0 percent, compared to 24.3 percent. The higher income tax expense and effective tax rate in the first quarter of 2024 primarily reflects the recognition of a $10.9 million discrete expense in that period, which impacted the effective rate by 3.8 percentage points.

Investment securities:

Total investment securities, net were $17.7 billion, compared to $17.5 billion at December 31, 2024, and $16.3 billion at March 31, 2024. The carrying value of the available-for-sale portfolio included $580.4 million of net unrealized losses, compared to $712.9 million at December 31, 2024, and $758.5 million at March 31, 2024. The carrying value of the held-to-maturity portfolio does not reflect $893.3 million of net unrealized losses, compared to $991.2 million at December 31, 2024, and $897.2 million at March 31, 2024.

Loans and leases:

Total loans and leases were $53.1 billion, compared to $52.5 billion at December 31, 2024, and $51.1 billion at March 31, 2024. Compared to December 31, 2024, commercial loans and leases increased by $203.9 million, commercial real estate loans decreased by $7.9 million, residential mortgages increased by $269.3 million, and consumer loans increased by $85.8 million. Compared to March 31, 2024, commercial loans and leases increased by $1.4 billion, commercial real estate loans decreased by $486.4 million, residential mortgages increased by $896.8 million, and consumer loans increased by $135.3 million.
Loan originations for the portfolio were $2.7 billion, compared to $3.4 billion in the prior quarter, and $2.5 billion a year ago.

Asset quality:

Total non-performing loans and leases were $564.4 million, compared to $461.3 million at December 31, 2024, and $283.6 million at March 31, 2024. The ratio of total non-performing loans and leases to total loans and leases was 1.06 percent, compared to 0.88 percent at December 31, 2024, and 0.56 percent at March 31, 2024.
Past due loans and leases were $87.2 million, compared to $113.4 million at December 31, 2024, and $125.2 million at March 31, 2024. The decrease from prior quarter is primarily driven by asset-based lending and commercial real estate, partially offset by commercial non-mortgage and residential mortgages.

Deposits and borrowings:

Total deposits were $65.6 billion, compared to $64.8 billion at December 31, 2024, and $60.7 billion at March 31, 2024. The ratio of core deposits to total deposits¹ was 88.5 percent, compared to 87.3 percent at December 31, 2024, and 88.6 percent at March 31, 2024. The loan to deposit ratio was 80.9 percent, compared to 81.1 percent at December 31, 2024, and 84.1 percent at March 31, 2024.
Total borrowings were $3.9 billion, compared to $3.4 billion at December 31, 2024, and $4.9 billion at March 31, 2024.

Capital:

The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity¹ were 9.94 percent and 15.93 percent, respectively, compared to 7.80 percent and 12.73 percent, respectively, in the prior quarter, and 10.01 percent and 16.30 percent, respectively, a year ago.
The tangible equity¹ and tangible common equity¹ ratios were 7.80 percent and 7.43 percent, respectively, compared to 7.82 percent and 7.45 percent, respectively, at December 31, 2024, and 7.54 percent and 7.15 percent, respectively, at March 31, 2024.
The common equity tier 1² ratio was 11.26 percent, compared to 11.54 percent at December 31, 2024, and 10.57 percent at March 31, 2024.
Book value per common share and tangible book value per common share¹ were $52.91 and $33.97, respectively, compared to $51.63 and $32.95, respectively, at December 31, 2024, and $49.07 and $30.22, respectively, at March 31, 2024.

¹ See “Non-GAAP to GAAP Reconciliations” section beginning on page 18.

² Presented as preliminary for March 31, 2025, and actual for the remaining periods.

Reportable segments:

Commercial Banking

Webster’s Commercial Banking segment delivers financial solutions both nationally and regionally to a wide range of companies, investors, government entities, and other public and private institutions. Commercial Banking helps its clients achieve their business and financial goals with expertise in Commercial & Institutional Lending, Commercial Real Estate, Capital Markets, Capital Finance, and Treasury Management. Its Private Banking team also pairs holistic wealth solutions, including tailored lending, with commercial banking services. At March 31, 2025, Commercial Banking had $40.8 billion in loans and leases and $16.6 billion in deposits, as well as a combined $3.0 billion in assets under administration (“AUA”) and management (“AUM”).

Commercial Banking Operating Results:

	Three months ended March 31,		Percent
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$319,123	$341,942		(6.7	)%
Non-interest income	28,958	34,280		(15.5	)
Operating revenue	348,081	376,222		(7.5	)
Non-interest expense	106,582	106,225		(0.3	)
Pre-tax, pre-provision net revenue	$241,499	$269,997		(10.6	)

			Percent
	At March 31,		Increase/
(In millions)	2025	2024	(Decrease)
Loans and leases	$40,791	$39,883		2.3	%
Deposits	16,573	16,075		3.1
AUA / AUM (off balance sheet)	2,957	3,017		(2.0	)

Pre-tax, pre-provision net revenue decreased $28.5 million, to $241.5 million, in the quarter as compared to the prior year. Net interest income decreased $22.8 million, to $319.1 million, primarily driven by lower loan yields, partially offset by loan growth and lower deposit costs. Non-interest income decreased $5.3 million, to $29.0 million, primarily driven by lower direct investment gains, interest rate hedging activities, cash management fees, and factoring income. Non-interest expense increased $0.4 million, to $106.6 million, primarily driven by increased investments in human capital, operational process improvements, and technology to support growth of the Commercial Banking segment.

Healthcare Financial Services

Webster’s Healthcare Financial Services segment includes HSA Bank and Ametros. HSA Bank is one the country’s largest providers of employee benefits solutions, including being one of the leading bank administrators of health savings accounts, emergency savings accounts, and flexible spending accounts administration services in 50 states. Ametros, the nation’s largest professional administrator of medical insurance claim settlements, helps individuals manage their ongoing medical care through their CareGuard service and proprietary technology platform. At March 31, 2025, Healthcare Financial Services had $15.4 billion in total footings comprising $10.2 billion in deposits and $5.1 billion in AUA through linked investment accounts.

Healthcare Financial Services Operating Results:

			Percent
	Three months ended March 31,		Favorable/
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$96,361	$86,138		11.9	%
Non-interest income	29,390	31,061		(5.4	)
Operating revenue	125,751	117,199		7.3
Non-interest expense	55,720	52,127		(6.9	)
Pre-tax, net revenue	$70,031	$65,072		7.6

			Percent
	At March 31,		Increase/
(Dollars in millions)	2025	2024	(Decrease)
Number of accounts (thousands)	3,482	3,344		4.1	%

Deposits	$10,245	$9,474		8.1
Linked investment accounts (off balance sheet)	5,108	5,194		(1.7	)
Total footings	$15,353	$14,668		4.7

Pre-tax net revenue increased $4.9 million, to $70.0 million, in the quarter as compared to the prior year. Net interest income increased $10.2 million, to $96.4 million, primarily driven by higher deposit balances partially offset by lower deposit spreads. Non-interest income decreased $1.7 million, to $29.4 million, primarily driven by a decrease of $2.8 million from HSA Bank due to lower deposit service fees and higher revenue share costs, partially offset by an increase of $1.2 million from Ametros. Non-interest expense increased $3.6 million, to $55.7 million, primarily driven by an increase of $4.1 million from Ametros, partially offset by a decrease of $0.5 million from HSA Bank due to lower compensation and benefits.

Consumer Banking

Webster’s Consumer Banking segment delivers customized financial solutions for individuals and families, private clients, and small business owners across 196 banking centers. Consumer Banking offers a full suite of deposit, lending, treasury management, and wealth management solutions delivered by experienced relationship managers and financial advisors. Consumer Banking also provides a fully digital banking experience through its mobile banking apps and BrioDirect. At March 31, 2025, Consumer Banking had $12.3 billion in loans and $27.8 billion in deposits, as well as $7.4 billion in AUA.

Consumer Banking Operating Results:


	Three months ended March 31,		Percent
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$202,064	$205,777		(1.8	)%
Non-interest income	26,204	33,978		(22.9	)
Operating revenue	228,268	239,755		(4.8	)
Non-interest expense	122,656	120,121		(2.1	)
Pre-tax, pre-provision net revenue	$105,612	$119,634		(11.7	)

			Percent
	At March 31,		Increase/
(In millions)	2025	2024	(Decrease)
Loans	$12,267	$11,209		9.4	%
Deposits	27,797	26,914		3.3
AUA (off balance sheet)	7,434	7,989		(6.9	)

Pre-tax, pre-provision net revenue decreased $14.0 million, to $105.6 million, in the quarter as compared to the prior year. Net interest income decreased $3.7 million, to $202.1 million, primarily driven by growth in higher cost deposit products, partially offset by loan growth. Non-interest income decreased $7.8 million, to $26.2 million, primarily driven by the net gain on sale of a mortgage servicing rights in the first quarter of 2024, coupled with lower investment services income and loan servicing fees, partially offset by increased deposit service fees. Non-interest expense increased $2.5 million, to $122.7 million, primarily driven by increased investments in technology and outside professional services, partially offset by lower operational support expenses, costs related to debit card processing, and employee benefits expenses.

***

Webster Financial Corporation (“Webster”) (NYSE:WBS) is the holding company for Webster Bank, N.A. (“Webster Bank”). Headquartered in Stamford, CT, Webster is a values-driven organization with more than $80 billion in total assets. Webster Bank is a commercial bank that provides a wide range of financial products and services to businesses, individuals, and families across three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Conference Call

A conference call covering Webster’s first quarter 2025 earnings announcement will be held today, Thursday, April 24, 2025, at 9:00 a.m. Eastern Time. To listen to the live call, please dial 888-330-2446, or 1-240-789-2732 for international callers. The passcode is 8607257. The webcast, along with related slides, will be available via Webster’s Investor Relations website at investors.websterbank.com. A replay of the conference call will be available for one week via the website listed above, beginning at approximately 12:00 noon (Eastern Time) on April 24, 2025. To access the replay, dial 800-770-2030, or 1-609-800-9909 for international callers. The replay conference ID number is 8607257.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “outlook,” “expects,” “target,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” “conveys,” and similar references to future periods. However, these words are not the exclusive means of identifying such statements. Examples of forward-looking statements include but are not limited to: projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; statements of plans, objectives, and expectations of Webster or its management or Board of Directors; statements of future economic performance; and statements of assumptions underlying such statements. Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause Webster’s actual results to differ from those discussed in any forward-looking statements include, but are not limited to: Webster’s ability to successfully execute its business plan and strategic initiatives, and manage any risks or uncertainties; continued regulatory changes or other risk mitigation efforts taken by government agencies in response to the risk to safety and soundness in the banking industry; volatility in Webster’s stock price due to investor sentiment and perception of the banking industry; local, regional, national, and international economic conditions or macroeconomic instability (including any economic slowdown or recession, inflation, interest rate changes, credit loss trends, unemployment, changes in housing or securities markets, or other factors) and the impact of the same on Webster or its customers; volatility, disruption, or uncertainty in national and international financial markets, including as a result of geopolitical developments; the impact of unrealized losses in Webster’s financial instruments, particularly in Webster’s available-for-sale securities portfolio; changes in laws and regulations, or existing laws and regulations that Webster becomes subject to, including those concerning banking, taxes, dividends, securities, insurance, cybersecurity, and healthcare administration, with which Webster and its subsidiaries must comply; adverse conditions in the securities markets that could lead to impairment in the value of Webster’s securities portfolio; inflation, monetary fluctuations, and changes in interest rates, including the impact of such changes on economic conditions, customer behavior, funding costs, and Webster’s loans and leases and securities portfolios; possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures; the effects of any U.S. federal government shutdown, closures or significant staff reductions in agencies regulating or otherwise impacting Webster’s business; the impact of any new regulatory, policy, or enforcement developments resulting from the change in U.S. presidential administration, including the implementation of tariffs and other protectionist trade policies, including any reciprocal tariffs by foreign countries; the timely development and acceptance of new products and services, and the perceived value of those products and services by customers; changes in deposit flows, consumer spending, borrowings, and savings habits; Webster’s ability to implement new technologies and maintain secure and reliable information and technology systems; the effects of any cybersecurity threats, attacks or disruptions, fraudulent activity, or other data breaches or security events, including those involving Webster’s third-party vendors and service providers; performance by Webster’s counterparties and third-party vendors; Webster’s ability to increase market share and control expenses; changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers; Webster’s ability to maintain adequate sources of funding and liquidity; Webster’s ability to attract, develop, motivate, and retain skilled employees; changes in loan demand or real estate values; changes in the mix of loan geographies, sectors, or types and the level of non-performing assets, charge-offs, and delinquencies; changes in Webster’s estimates of current expected credit losses based upon periodic review under relevant regulatory and accounting requirements; the effect of changes in accounting policies and practices applicable to Webster, including the impacts of recently adopted accounting guidance; legal and regulatory developments, including any due to judicial decisions, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews, disruptions at regulatory agencies, or protracted congressional negotiations regarding government funding and other issues; Webster’s ability to navigate differing environmental, social, governmental, and sustainability concerns among governmental administrations, Webster’s stakeholders, and other activists that may arise from Webster’s business activities; Webster’s ability to assess and monitor the effect of evolving uses of artificial intelligence on its business and operations; the occurrence of natural disasters, severe weather events, and public health crises, and any governmental or societal responses thereto; and the other factors that are described in Webster’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by Webster in this release speaks only as of the date on which it is made. Factors or events that could cause Webster’s actual results to differ may emerge from time to time, and it is not possible for Webster to predict all of them. Webster undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures, including the efficiency ratio, return on average tangible common stockholders’ equity, tangible equity ratio, tangible common equity ratio, tangible book value per common share, and core deposits. A reconciliation of each non-GAAP financial measure to the most closely comparable GAAP measure is included in the accompanying selected financial highlights table.

Webster believes that providing certain non-GAAP financial measures provides investors with information useful in understanding its financial performance, performance trends, and financial position. Webster utilizes these measures for internal planning and forecasting purposes. Webster, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. Webster believes that its presentation and discussion, together with the accompanying reconciliations, provides additional clarity of factors and trends affecting its business and allows investors to view performance in a manner similar to management.

The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items. The return on average tangible common stockholders’ equity represents net income available to common stockholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and net intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by common shares outstanding at the end of the period. Core deposits reflect total deposits less certificates of deposit and brokered certificates of deposit.

These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Webster strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Refer the tables beginning on page 18 for Non-GAAP to GAAP reconciliations.

WEBSTER FINANCIAL CORPORATION Selected Financial Highlights (unaudited)
		At or for the Three Months Ended
(In thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Income and performance ratios:
Net income	$	226,917		$	177,766		$	192,985		$	181,633		$	216,323
Net income applicable to common stockholders		220,367			171,760			186,799			175,494			210,059
Earnings per common share – Diluted		1.30			1.01			1.10			1.03			1.23
Return on average assets (annualized)		1.15	%		0.91	%		1.01	%		0.96	%		1.15	%
Return on average tangible common stockholders’ equity (annualized)⁽¹⁾		15.93			12.73			14.29			14.17			16.30
Return on average common stockholders’ equity (annualized)		9.94			7.80			8.67			8.40			10.01
Non-interest income as a percentage of total revenue		13.14			7.94			8.92			6.88			14.89

Asset quality:
Allowance for credit losses on loans and leases	$	713,321		$	689,566		$	687,798		$	669,355		$	641,442
Non-performing assets		564,708			461,751			427,274			374,884			289,254
Allowance for credit losses on loans and leases / total loans and leases		1.34	%		1.31	%		1.32	%		1.30	%		1.26	%
Net charge-offs / average loans and leases (annualized)		0.42			0.47			0.27			0.26			0.29
Non-performing loans and leases / total loans and leases		1.06			0.88			0.82			0.72			0.56
Non-performing assets / total loans and leases plus other real estate owned and repossessed assets		1.06			0.88			0.82			0.73			0.57
Allowance for credit losses on loans and leases / non-performing loans and leases		126.39			149.47			161.60			181.48			226.17

Other ratios:
Tangible equity⁽¹⁾		7.80	%		7.82	%		7.85	%		7.56	%		7.54	%
Tangible common equity ⁽¹⁾		7.43			7.45			7.48			7.18			7.15
Tier 1 Risk-Based Capital ⁽²⁾		11.77			12.06			11.77			11.09			11.08
Total Risk-Based Capital ⁽²⁾		13.98			14.24			14.06			13.28			13.21
Common equity tier 1 Risk-Based Capital ⁽²⁾		11.26			11.54			11.25			10.59			10.57
Stockholders’ equity / total assets		11.47			11.56			11.58			11.46			11.49
Net interest margin ⁽³⁾		3.48			3.44			3.41			3.39			3.41
Efficiency ratio ⁽¹⁾		45.79			44.80			45.49			46.22			45.25

Equity and share related:
Common stockholders’ equity	$	8,920,175		$	8,849,235		$	8,914,071		$	8,525,289		$	8,463,519
Book value per common share		52.91			51.63			52.00			49.74			49.07
Tangible book value per common share⁽¹⁾		33.97			32.95			33.26			30.82			30.22
Common stock closing price		51.55			55.22			46.61			43.59			50.77
Dividends declared per common share		0.40			0.40			0.40			0.40			0.40
Common shares outstanding		168,594			171,391			171,428			171,402			172,464
Weighted-average common shares outstanding – Basic		169,182			169,589			169,569			169,675			170,445
Weighted-average common shares – Diluted		169,544			170,005			169,894			169,937			170,704

⁽¹⁾ See “Non-GAAP to GAAP Reconciliations” section beginning on page 18.
⁽²⁾ Presented as preliminary for March 31, 2025, and actual for the remaining periods.
⁽³⁾As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior periods has been recast.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Assets:
Cash and due from banks	$	421,124		$	388,060		$	322,041
Interest-bearing deposits		2,091,152			1,686,374			1,223,187
Investment securities:
Available-for-sale		9,360,097			9,006,600			8,601,141
Held-to-maturity, net		8,297,927			8,444,191			7,679,891
Total investment securities, net		17,658,024			17,450,791			16,281,032
Loans held for sale		63,849			27,634			239,763
Loans and leases:
Commercial		20,880,826			20,676,965			19,469,014
Commercial real estate		21,383,144			21,391,036			21,869,502
Residential mortgages		9,123,000			8,853,669			8,226,154
Consumer		1,669,253			1,583,498			1,533,972
Total loans and leases		53,056,223			52,505,168			51,098,642
Allowance for credit losses on loans and leases		(713,321	)		(689,566	)		(641,442	)
Total loans and leases, net		52,342,902			51,815,602			50,457,200
Federal Home Loan Bank and Federal Reserve Bank stock		350,702			321,343			381,451
Deferred tax assets, net		249,395			316,856			341,292
Premises and equipment, net		422,425			406,963			423,128
Goodwill and other intangible assets, net		3,193,132			3,202,369			3,250,909
Cash surrender value of life insurance policies		1,255,074			1,251,622			1,237,828
Accrued interest receivable and other assets		2,231,971			2,157,459			2,003,862
Total assets	$	80,279,750		$	79,025,073		$	76,161,693

Liabilities and Stockholders’ Equity:
Deposits:
Demand	$	10,139,131		$	10,316,501		$	10,212,509
Health savings accounts		9,180,889			8,951,031			8,603,184
Interest-bearing checking		9,741,569			9,834,790			9,498,036
Money market		21,517,733			20,433,250			18,615,031
Savings		7,473,515			6,982,554			6,881,663
Certificates of deposit		6,036,144			6,041,329			5,928,773
Brokered certificates of deposit		1,486,248			2,193,625			1,008,547
Total deposits		65,575,229			64,753,080			60,747,743
Securities sold under agreements to repurchase and federal funds purchased		83,395			344,168			361,886
Federal Home Loan Bank advances		2,910,011			2,110,108			3,659,930
Long-term debt		907,410			909,185			914,520
Accrued expenses and other liabilities		1,599,551			1,775,318			1,730,116
Total liabilities		71,075,596			69,891,859			67,414,195
Preferred stock		283,979			283,979			283,979
Common stockholders’ equity		8,920,175			8,849,235			8,463,519
Total stockholders’ equity		9,204,154			9,133,214			8,747,498
Total liabilities and stockholders’ equity	$	80,279,750		$	79,025,073		$	76,161,693

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
		Three Months Ended March 31,
(In thousands, except per share data)		2025			2024
Interest income:
Interest and fees on loans and leases	$	755,117		$	792,045
Interest on investment securities		194,469			147,585
Loans held for sale		15			82
Other interest and dividends		23,886			12,138
Total interest income		973,487			951,850
Interest expense:
Deposits		326,383			335,971
Borrowings		34,912			48,140
Total interest expense		361,295			384,111
Net interest income		612,192			567,739
Provision for credit losses		77,500			45,500
Net interest income after provision for credit losses		534,692			522,239
Non-interest income:
Deposit service fees		38,895			42,589
Loan and lease related fees		17,621			19,767
Wealth and investment services		7,789			7,924
Cash surrender value of life insurance policies		7,992			5,946
Gain (loss) on sale of investment securities, net		220			(9,826	)
Other income		20,089			32,953
Total non-interest income		92,606			99,353
Non-interest expense:
Compensation and benefits		198,645			188,540
Occupancy		19,717			19,439
Technology and equipment		47,719			45,836
Marketing		4,027			4,281
Professional and outside services		17,226			12,981
Intangible assets amortization		9,237			9,194
Deposit insurance		16,345			24,223
Other expenses		30,728			31,429
Total non-interest expense		343,644			335,923
Income before income taxes		283,654			285,669
Income tax expense		56,737			69,346
Net income		226,917			216,323
Preferred stock dividends		(4,163	)		(4,163	)
Income allocated to participating securities		(2,387	)		(2,101	)
Net income applicable to common stockholders	$	220,367		$	210,059

Weighted-average common shares outstanding – Basic		169,182			170,445
Weighted-average common shares – Diluted		169,544			170,704

Earnings per common share:
Basic	$	1.30		$	1.23
Diluted		1.30			1.23

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
		Three Months Ended
(In thousands, except per share data)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest income:
Interest and fees on loans and leases	$	755,117		$	783,140		$	809,184		$	798,097		$	792,045
Interest on investment securities		194,469			189,801			176,722			160,827			147,585
Loans held for sale		15			2,836			5,400			5,593			82
Other interest and dividends		23,886			19,310			12,757			11,769			12,138
Total interest income		973,487			995,087			1,004,063			976,286			951,850
Interest expense:
Deposits		326,383			358,895			371,075			361,263			335,971
Borrowings		34,912			27,724			43,105			42,726			48,140
Total interest expense		361,295			386,619			414,180			403,989			384,111
Net interest income		612,192			608,468			589,883			572,297			567,739
Provision for credit losses		77,500			63,500			54,000			59,000			45,500
Net interest income after provision for credit losses		534,692			544,968			535,883			513,297			522,239
Non-interest income:
Deposit service fees		38,895			38,665			38,863			41,027			42,589
Loan and lease related fees		17,621			18,770			18,513			19,334			19,767
Wealth and investment services		7,789			8,387			8,367			8,556			7,924
Cash surrender value of life insurance policies		7,992			7,387			8,020			6,359			5,946
Gain (loss) on sale of investment securities, net		220			(56,886	)		(19,597	)		(49,915	)		(9,826	)
Other income		20,089			36,184			3,575			16,937			32,953
Total non-interest income		92,606			52,507			57,741			42,298			99,353
Non-interest expense:
Compensation and benefits		198,645			192,668			194,736			186,850			188,540
Occupancy		19,717			18,740			18,879			15,103			19,439
Technology and equipment		47,719			47,182			56,696			45,303			45,836
Marketing		4,027			6,139			4,224			4,107			4,281
Professional and outside services		17,226			15,205			16,001			14,066			12,981
Intangible assets amortization		9,237			9,681			8,491			8,716			9,194
Deposit insurance		16,345			16,069			13,555			15,065			24,223
Other expenses		30,728			34,693			36,376			36,811			31,429
Total non-interest expense		343,644			340,377			348,958			326,021			335,923
Income before income taxes		283,654			257,098			244,666			229,574			285,669
Income tax expense		56,737			79,332			51,681			47,941			69,346
Net income		226,917			177,766			192,985			181,633			216,323
Preferred stock dividends		(4,163	)		(4,163	)		(4,162	)		(4,162	)		(4,163	)
Income allocated to participating securities		(2,387	)		(1,843	)		(2,024	)		(1,977	)		(2,101	)
Net income applicable to common stockholders	$	220,367		$	171,760		$	186,799		$	175,494		$	210,059

Weighted-average common shares outstanding – Basic		169,182			169,589			169,569			169,675			170,445
Weighted-average common shares – Diluted		169,544			170,005			169,894			169,937			170,704

Earnings per common share:
Basic	$	1.30		$	1.01		$	1.10		$	1.03		$	1.23
Diluted		1.30			1.01			1.10			1.03			1.23

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Average Yields/ Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Three Months Ended March 31,
	2025							2024
(Dollars in thousands)		Average Balance		Interest Income/Expense		Average Yield/Rate			Average Balance		Interest Income/Expense		Average Yield/Rate
Assets:
Interest-earning assets:
Loans and leases	$	52,568,406	$	766,388		5.84	%	$	50,938,418	$	801,864		6.24	%
Investment securities ⁽¹⁾		18,113,958		196,809		4.35			16,872,211		153,645		3.64
Federal Home Loan and Federal Reserve Bank stock		323,982		3,954		4.95			343,992		4,352		5.09
Interest-bearing deposits		1,819,496		19,932		4.38			572,401		7,786		5.38
Loans held for sale		28,732		15		0.21			13,418		82		2.45
Total interest-earning assets		72,854,574	$	987,098		5.42	%		68,740,440	$	967,729		5.59	%
Non-interest-earning assets ⁽¹⁾		6,410,395							6,592,325
Total assets	$	79,264,969						$	75,332,765
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Demand	$	10,280,570	$	–		–	%	$	10,582,416	$	–		–	%
Health savings accounts		9,307,517		3,560		0.16			8,605,640		3,191		0.15
Interest-bearing checking		9,709,820		40,899		1.71			9,255,252		41,353		1.80
Money market		21,114,901		183,107		3.52			18,102,661		186,752		4.15
Savings		7,104,607		28,143		1.61			6,697,772		21,545		1.29
Certificates of deposit		6,047,194		54,942		3.68			5,779,350		62,499		4.35
Brokered certificates of deposit		1,402,350		15,732		4.55			1,542,275		20,631		5.38
Total deposits		64,966,959		326,383		2.04			60,565,366		335,971		2.23
Securities sold under agreements to repurchase		244,560		1,676		2.74			130,653		171		0.52
Federal funds purchased		–		–		–			140,165		1,937		5.47
Federal Home Loan Bank advances		2,112,301		23,589		4.47			2,689,632		37,367		5.50
Long-term debt ⁽¹⁾		886,235		9,647		4.35			953,508		8,665		3.64
Total borrowings		3,243,096		34,912		4.31			3,913,958		48,140		4.88
Total deposits and interest-bearing liabilities		68,210,055	$	361,295		2.15	%		64,479,324	$	384,111		2.39	%
Non-interest-bearing liabilities ⁽¹⁾		1,809,884							2,093,449
Total liabilities		70,019,939							66,572,773
Preferred stock		283,979							283,979
Common stockholders’ equity		8,961,051							8,476,013
Total stockholders’ equity		9,245,030							8,759,992
Total liabilities and stockholders’ equity	$	79,264,969						$	75,332,765
Tax-equivalent net interest income				625,803							583,618
Less: Tax-equivalent adjustments				(13,611	)						(15,879	)
Net interest income			$	612,192						$	567,739
Net interest margin ⁽²⁾						3.48	%						3.41	%

⁽¹⁾ In order to provide the users of the Company’s financial statements with a more transparent view of the actual consolidated average balances that are used in the calculation of net interest margin, the Company has recast, in the above table, certain consolidated average balances for the three months ended March 31, 2024, to reflect a change in presentation being applied retrospectively. Specifically, adjustments were made to exclude average unsettled trades of $108.8 million and average available-for-sale unrealized losses of $737.7 million from investment securities, and to exclude an average basis adjustment of $27.4 million from long-term debt related to a de-designated fair value hedge. Rather, effective as of December 31, 2024, these amounts are being presented in average non-interest-earning assets and average non-interest-bearing liabilities, respectively. There was no change to the related yields/rates or net interest income that had been previously disclosed.
⁽²⁾As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior period has been recast. There were no changes to the related yields/rates or net interest income that had been previously disclosed.

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(Dollars in thousands)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Loans and leases (actual):
Commercial non-mortgage	$	19,495,784		$	19,272,958		$	18,657,089		$	18,021,758		$	17,976,128
Asset-based lending		1,385,042			1,404,007			1,463,903			1,470,675			1,492,886
Commercial real estate		21,383,144			21,391,036			21,691,377			22,277,813			21,869,502
Residential mortgages		9,123,000			8,853,669			8,576,612			8,284,297			8,226,154
Consumer		1,669,253			1,583,498			1,558,034			1,518,922			1,533,972
Total loans and leases		53,056,223			52,505,168			51,947,015			51,573,465			51,098,642
Allowance for credit losses on loans and leases		(713,321	)		(689,566	)		(687,798	)		(669,355	)		(641,442	)
Total loans and leases, net	$	52,342,902		$	51,815,602		$	51,259,217		$	50,904,110		$	50,457,200

Total loans and leases (average):
Commercial non-mortgage	$	19,167,596		$	18,919,934		$	18,166,258		$	17,995,654		$	18,235,402
Asset-based lending		1,409,177			1,449,743			1,452,794			1,473,175			1,523,616
Commercial real estate		21,338,147			21,572,682			22,215,293			22,186,566			21,403,765
Residential mortgages		8,985,033			8,740,658			8,390,613			8,252,397			8,225,151
Consumer		1,668,453			1,572,414			1,527,235			1,527,007			1,550,484
Total loans and leases	$	52,568,406		$	52,255,431		$	51,752,193		$	51,434,799		$	50,938,418


WEBSTER FINANCIAL CORPORATION Five Quarter Non-performing Assets and Past Due Loans and Leases (unaudited)
(Dollars in thousands)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Non-performing loans and leases:
Commercial non-mortgage	$	279,831		$	268,354		$	215,834		$	210,906		$	203,626
Asset-based lending		42,207			20,815			29,791			29,791			34,915
Commercial real estate		207,402			138,642			150,711			96,337			14,323
Residential mortgages		15,715			12,500			9,098			11,345			8,407
Consumer		19,243			21,015			20,183			20,457			22,341
Total non-performing loans and leases	$	564,398		$	461,326		$	425,617		$	368,836		$	283,612

Other real estate owned and repossessed assets:
Commercial non-mortgage	$	310		$	425		$	504		$	5,013		$	5,540
Residential mortgages		–			–			221			–			–
Consumer		–			–			932			1,035			102
Total other real estate owned and repossessed assets	$	310		$	425		$	1,657		$	6,048		$	5,642
Total non-performing assets	$	564,708		$	461,751		$	427,274		$	374,884		$	289,254

Past due 30-89 days:
Commercial non-mortgage	$	27,304		$	16,619		$	45,123		$	134,794		$	15,365
Asset-based lending		–			21,997			–			–			–
Commercial real estate		33,030			51,556			36,110			10,284			72,999
Residential mortgages		16,406			14,113			18,153			13,008			17,580
Consumer		9,906			9,122			9,471			8,185			6,824
Total past due 30-89 days	$	86,646		$	113,407		$	108,857		$	166,271		$	112,768
Past due 90 days or more and accruing		507			–			71			9			12,460
Total past due loans and leases	$	87,153		$	113,407		$	108,928		$	166,280		$	125,228

WEBSTER FINANCIAL CORPORATION Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited)
		Three Months Ended
(Dollars in thousands)		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
ACL on loans and leases, beginning balance	$	689,566	$	687,798	$	669,355	$	641,442	$	635,737
Provision		78,712		62,639		53,869		61,041		43,194
Charge-offs:
Commercial portfolio		55,566		63,281		36,362		33,356		38,461
Consumer portfolio		1,052		1,265		997		1,418		1,330
Total charge-offs		56,618		64,546		37,359		34,774		39,791
Recoveries:
Commercial portfolio		942		2,779		377		360		553
Consumer portfolio		719		896		1,556		1,286		1,749
Total recoveries		1,661		3,675		1,933		1,646		2,302
Total net charge-offs		54,957		60,871		35,426		33,128		37,489
ACL on loans and leases, ending balance	$	713,321	$	689,566	$	687,798	$	669,355	$	641,442

ACL on unfunded loan commitments, ending balance	$	21,443	$	22,593	$	22,598	$	22,456	$	24,495

WEBSTER FINANCIAL CORPORATION Non-GAAP to GAAP Reconciliations

		Three Months Ended
(In thousands, except per share data)		March 31, 2025			December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Efficiency ratio:
Non-interest expense	$	343,644		$	340,377			$	348,958			$	326,021			$	335,923
Less: Foreclosed property activity		517			(32	)			(687	)			(364	)			(330	)
Intangible assets amortization		9,237			9,681				8,491				8,716				9,194
Operating lease depreciation		16			121				197				560				663
FDIC special assessment		–			–				(1,544	)			–				11,862
Strategic restructuring costs and other		–			–				22,169				–				–
Ametros acquisition expenses		–			–				–				–				3,139
Adjusted non-interest expense	$	333,874		$	330,607			$	320,332			$	317,109			$	311,395
Net interest income	$	612,192		$	608,468			$	589,883			$	572,297			$	567,739
Add: Tax-equivalent adjustment		13,611			13,664				13,659				14,315				15,879
Non-interest income		92,606			52,507				57,741				42,298				99,353
Other income ⁽¹⁾		11,032			6,564				7,448				7,802				7,626
Less: Operating lease depreciation		16			121				197				560				663
Gain (loss) on sale of investment securities, net		220			(56,886	)			(19,597	)			(49,915	)			(9,826	)
Exit of non-core operations		–			–				(15,977	)			–				–
Net gain on sale of mortgage servicing rights		–			–				–				–				11,655
Adjusted income	$	729,205		$	737,968			$	704,108			$	686,067			$	688,105
Efficiency ratio		45.79	%		44.80		%		45.49		%		46.22		%		45.25		%

ROATCE:
Net income	$	226,917		$	177,766			$	192,985			$	181,633			$	216,323
Less: Preferred stock dividends		4,163			4,163				4,162				4,162				4,163
Add: Intangible assets amortization, tax-effected		6,732			7,648				6,708				6,886				7,263
Adjusted net income	$	229,486		$	181,251			$	195,531			$	184,357			$	219,423
Adjusted net income, annualized basis	$	917,944		$	725,004			$	782,124			$	737,428			$	877,692
Average stockholders’ equity	$	9,245,030		$	9,186,082			$	8,995,134			$	8,733,737			$	8,759,992
Less: Average preferred stock		283,979			283,979				283,979				283,979				283,979
Average goodwill and other intangible assets, net		3,198,123			3,207,554				3,238,115				3,246,940				3,090,751
Average tangible common stockholders’ equity	$	5,762,928		$	5,694,549			$	5,473,040			$	5,202,818			$	5,385,262
Return on average tangible common stockholders’ equity		15.93	%		12.73		%		14.29		%		14.17		%		16.30		%

⁽¹⁾ Other income reflects a tax-equivalent adjustment on income generated from low income housing tax-credit investments.


(In thousands, except per share data)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Tangible equity ratio:
Stockholders’ equity	$	9,204,154		$	9,133,214		$	9,198,050		$	8,809,268		$	8,747,498
Less: Goodwill and other intangible assets, net		3,193,132			3,202,369			3,212,050			3,242,193			3,250,909
Tangible stockholders’ equity	$	6,011,022		$	5,930,845		$	5,986,000		$	5,567,075		$	5,496,589
Total assets	$	80,279,750		$	79,025,073		$	79,453,900		$	76,838,106		$	76,161,693
Less: Goodwill and other intangible assets, net		3,193,132			3,202,369			3,212,050			3,242,193			3,250,909
Tangible assets	$	77,086,618		$	75,822,704		$	76,241,850		$	73,595,913		$	72,910,784
Tangible equity ratio		7.80	%		7.82	%		7.85	%		7.56	%		7.54	%

Tangible common equity ratio:
Tangible stockholders’ equity	$	6,011,022		$	5,930,845		$	5,986,000		$	5,567,075		$	5,496,589
Less: Preferred stock		283,979			283,979			283,979			283,979			283,979
Tangible common stockholders’ equity	$	5,727,043		$	5,646,866		$	5,702,021		$	5,283,096		$	5,212,610
Tangible assets	$	77,086,618		$	75,822,704		$	76,241,850		$	73,595,913		$	72,910,784
Tangible common equity ratio		7.43	%		7.45	%		7.48	%		7.18	%		7.15	%

Tangible book value per common share:
Tangible common stockholders’ equity	$	5,727,043		$	5,646,866		$	5,702,021		$	5,283,096		$	5,212,610
Common shares outstanding		168,594			171,391			171,428			171,402			172,464
Tangible book value per common share	$	33.97		$	32.95		$	33.26		$	30.82		$	30.22

Core deposits:
Total deposits	$	65,575,229		$	64,753,080		$	64,514,430		$	62,276,692		$	60,747,743
Less: Certificates of deposit		6,036,144			6,041,329			6,020,031			5,861,431			5,928,773
Brokered certificates of deposit		1,486,248			2,193,625			1,400,000			1,910,071			1,008,547
Core deposits	$	58,052,837		$	56,518,126		$	57,094,399		$	54,505,190		$	53,810,423

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424151996/en/

Media Contact

Alice Ferreira, 203-578-2610

[email protected]

Investor Contact

Emlen Harmon, 212-309-7646

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property Banking

MEDIA:

April 24, 2025 7:33 am

Acacia Research to Release First Quarter 2025 Financial Results on May 8, 2025

Acacia Research to Release First Quarter 2025 Financial Results on May 8, 2025

NEW YORK–(BUSINESS WIRE)–
Acacia Research Corporation (NASDAQ: ACTG) (“Acacia” or the “Company”), which acquires and operates businesses across the industrial, energy and technology sectors, announced today that it will release its first quarter 2025 financial results before market open on May 8, 2025.

The Company also announced that it will host a conference call on May 8, 2025 at 8:00 a.m. ET / 5:00 a.m. PT to discuss its first quarter 2025 results.

To access the live call, please dial 877-545-0523 (U.S. and Canada) or 973-528-0016 (international) and if requested, reference the access code 476097. The conference call will also be simultaneously webcasted at https://www.webcaster4.com/Webcast/Page/2371/52358 and on the investor relations section of the Company’s website at www.acaciaresearch.com under Events & Presentations. Following the conclusion of the live call, a replay of the webcast will be available on the Company’s website for at least 30 days.

About Acacia Research

Acacia (Nasdaq: ACTG) is a publicly traded company that is focused on acquiring and operating attractive businesses across the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424324004/en/

Acacia Research Investor Relations:

Gagnier Communications

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Business Technology Oil/Gas Other Technology Energy Finance

MEDIA:

April 24, 2025 7:26 am

Omdia: Tandem Penetration Forecast to Reach 36% Share of OLED Tablet and Notebook Panel Market in 2026

Omdia: Tandem Penetration Forecast to Reach 36% Share of OLED Tablet and Notebook Panel Market in 2026

LONDON–(BUSINESS WIRE)–
According to recent display industry research from Omdia, tandem RGB penetration into the OLED tablet and notebook panel markets surged from almost zero to more than 30% in 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250424217085/en/

RGB OLED tablet + notebook panel shipments by emission stack type and tandem penetration

The surge in tandem panel shipments is attributed to the release of Apple’s OLED-based iPad Pro models. Apple’s initial OLED tablet and notebook strategy targets the premium segment of the mobile PC market, using tandem to clearly differentiate display quality, setting its products apart from both competitors and its own legacy devices.

Omdia’s research shows that tandem penetration is predicted to jump again to 36% in 2026 when Apple is expected to introduce its first OLED-based MacBook Pro models.

Tandem OLEDs —featuring double-stacked RGB emission layers— can theoretically deliver up to twice the brightness and four times the lifespan, offering significant benefits which are highly appealing enhancements to both set makers and consumers alike.

Even so, the performance gains offered by tandem OLEDs come with trade-offs. “Image quality may be degraded by variations between the double set of emission layers, and the increase of common layers makes the panel more susceptible to crosstalk”, stated Charles Annis, Practice Leader in Omdia’s Display Research group.

“Tandem OLEDs also require more evaporation steps and fine metal masks (FMM) which not only increases material consumption but also negatively affects production yields,” added Annis. “As a result, tandem tablet and notebook panels are 50% to 75% more expensive to manufacture compared to single-layer OLEDs.”

In applications where brightness and lifetime command a premium, tandem OLEDs are poised to win share rapidly. Automotive displays are a prime example, with tandem penetration already approaching 50%. In contrast, adoption in smartphones, where high resolution exacerbates yield issues, is expected to remain limited due to higher costs.

RGB notebook and tablet displays fall in between these two applications, where tandem OLED unit shipments are modeled to grow at a high 25% compound annual growth rate (CAGR) from 2024 to 2030. At the same time, the market for single-layer OLED tablet and notebook panels is forecast to grow at a 29% CAGR, driven by consumers who want a step up in quality from LCDs, but are unwilling to pay an extra premium for higher brightness.

ABOUT OMDIA

Omdia, part of Informa Tech Target, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424217085/en/

Fasiha Khan: [email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Technology Hardware Other Technology Consumer Electronics

MEDIA:

Photo

RGB OLED tablet + notebook panel shipments by emission stack type and tandem penetration

Logo

April 24, 2025 7:25 am

MINISO Group Announces Annual General Meeting on June 12, 2025, Filing of Annual Report on Form 20-F and Proposed Change of Auditors

PR Newswire

GUANGZHOU, China
, April 24, 2025 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINISO”, “MINISO Group” or the “Company”), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that it will hold an annual general meeting of the Company’s shareholders (the “AGM”) at 11:00 a.m.Hong Kong time on June 12, 2025 at Flats B-D, 35/F, Plaza 88, 88 Yeung Uk Road, Tsuen Wan, the New Territories, Hong Kong, for the purposes of considering and, if thought fit, passing each of the proposed resolutions set forth in the notice of the AGM (the “AGM Notice”).

The Company today also announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the United States Securities and Exchange Commission (the “SEC”), as well as its Hong Kong annual report for the fiscal year ended December 31, 2024 pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEx”).

The Company today further announced that the current auditors of the Company, KPMG, will retire as the auditors of the Company upon expiration of their current term of office at the conclusion of the forthcoming AGM.

Further, the board of directors of the Company (the “Board”) has resolved, with recommendation from the audit committee of the Company (the “Audit Committee”), to propose to appoint Ernest & Young and Ernst & Young Hua Ming LLP (collectively “EY”) as the new auditors of the Company following the retirement of KPMG, subject to the approval of the shareholders of the Company (the “Shareholders”) at the AGM.

AGM

The AGM Notice, the AGM circular, the form of proxy and other documents for the AGM are available on the HKEx’s website at https://www.hkexnews.hk., as well as the Company’s investor relations website at https://ir.miniso.com.

Holders of record of ordinary shares of the Company at the close of business on May 13, 2025, Hong Kong time, are entitled to notice of and to attend and vote at the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 13, 2025, New York time, who wish to exercise their voting rights for the underlying ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held on the books and records of The Bank of New York Mellon, or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders, as the case may be.

Filing of Annual Reports

The Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the SEC. The annual report on Form 20-F, which contains the Company’s audited consolidated financial statements, can be accessed on the SEC’s website at https://www.sec.gov as well as through the Company’s investor relations website at https://ir.miniso.com/. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its Shareholders and ADS holders upon request. Requests should be directed to [email protected].

The Company has also published its Hong Kong annual report today for the fiscal year ended December 31, 2024 pursuant to the Rules Governing the Listing of Securities on the HKEx, which can be accessed on the Company’s investor relations website at https://ir.miniso.com/ as well as the HKEx’s website at https://www.hkexnews.hk.

Proposed Change of Auditors

The Audit Committee has considered a number of factors when recommending EY as the auditors of the Company to the Board, including but not limited to, (i) their experience in handling audit work for companies listed on The Stock Exchange of Hong Kong Limited and the New York Stock Exchange, their industry knowledge and their familiarity with the requirements under the rules of the relevant stock exchanges and the International Financial Reporting Standards; (ii) their past experience as the auditors of Yonghui Superstores Co., Ltd; (iii) their resources allocation, quality and capability including but not limited to manpower, time and other resources allocation; (iv) their independence and objectivity; and (v) their market reputation.

KPMG Huazhen LLP has audited the consolidated financial statements of the Company in accordance with the standards of the PCAOB since 2019, and KPMG has audited the consolidated financial statements of the Company in accordance with Hong Kong Standards on Auditing since 2022. Consistent with good corporate governance practice, the Board considers that the change of auditors after an appropriate period of time will enhance the independence and objectivity of the external audit of the Company. The Board is of the view that retirement of KPMG as auditors of the Company is in the interest of the Company and the Shareholders as a whole.

The Board and the Audit Committee have confirmed that there is no disagreement between the Company and KPMG, and there are no matters in respect of the retirement of KPMG that need to be brought to the attention of the Shareholders. The Company is incorporated under the laws of the Cayman Islands and to the knowledge of the Board, there is no requirement under the laws of the Cayman Islands for the retiring auditor to confirm whether or not there is any circumstance connected with their retirement as the Company’s auditors which they consider should be brought to the attention of the Shareholders. KPMG has therefore not issued such confirmation.

The Board would like to take this opportunity to express its sincere gratitude to KPMG for its services rendered to the Company over the past years.

An ordinary resolution will be proposed at the AGM to appoint EY as the external auditors of the Company. A circular containing, among others, details of such proposed appointment of EY together with the notice convening the AGM are available on the HKEx’s website at https://www.hkexnews.hk., as well as the Company’s investor relations website at https://ir.miniso.com.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO’s wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand “MINISO” as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

MINISO Group Holding Limited
Email: [email protected]
Phone: +86 (20) 36228788 Ext.8039

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SOURCE MINISO Group Holding Limited

April 24, 2025 7:24 am

ParaZero Achieves Extended Class C5 Certification for DJI Mavic 3 Series, Expanding European Market Access

Expanded approval now includes Mavic 3 Pro and Mavic 3 Pro Cine, completing regulatory pathway for enterprise drone operations in urban and sensitive areas

TEL AVIV, Israel, April 24, 2025 (GLOBE NEWSWIRE) — ParaZero Technologies Ltd. (Nasdaq: PRZO) (the “company” or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aerial systems and counter UAS systems, recently announced a significant milestone: the extension of its European regulatory compliance under Class C5 for its SafeAir™ system designed for DJI’s Mavic 3 drone series.

With this newly expanded certification, as previously announced, ParaZero has now completed full Class C5 conformity for DJI Mavic 3 series, including:

Mavic 3 Enterprise (Mavic 3E)
Mavic 3 Thermal (Mavic 3T)
Mavic 3 Pro
Mavic 3 Pro Cine

This certification extension follows confirmation that the Mavic 3 Pro and Pro Cine units now carry Class C2 markings from DJI, making them eligible for enhanced operational permissions under the European Union Aviation Safety Agency (EASA) guidelines for urban and sensitive airspace operations.

Class C5 conformity enables drone operations under the Specific Category in Europe, particularly for missions that require flying in dense urban areas, as outlined in EASA’s guidelines. ParaZero’s SafeAir system provides autonomous emergency response features including real-time flight monitoring, situational awareness, and a patented ballistic parachute system.

About ParaZero Technologies

ParaZero (Nasdaq: PRZO) is an aerospace company focused on safety systems for commercial unmanned aerial systems and counter UAS systems. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero designs smart, autonomous parachute safety systems designed to enable safe flight operations over populated areas and beyond-visual-line-of-sight (BVLOS) as well as for various military applications including Counter UAS. For more information about ParaZero, please visit https://parazero.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s Annual Report on Form 20-F filed with the SEC on March 21, 2025. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. ParaZero is not responsible for the content of third-party websites.

Investor Relations Contact:

Michal Efraty
Investor Relations
[email protected]

ParaZero Technologies Ltd. | 30 Dov Hoz, Kiryat Ono, Israel 5555626
P: +972-36885252 | E: [email protected] | F: +972-3-688-5246

April 24, 2025 7:24 am

TrueBlue’s PeopleScout Launches the Outthink Index, Setting New Standard for Measuring Employer Brand Effectiveness

PR Newswire

Comprehensive Benchmarking Tool Enables Employers to Stay Ahead in Competition for Top Talent

TACOMA, Wash.
, April 24, 2025 /PRNewswire/ — TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, today announced that its global talent solutions provider, PeopleScout, has launched the Outthink Index—a proprietary benchmarking tool designed to measure and enhance employer brand performance—worldwide. The Index is designed to help organizations make informed decisions that drive positive change and create an employer brand that attracts the talent they need to succeed.

In a labor market impacted by talent shortages, shifting candidate expectations and increasing competition, employer branding has never been more critical—or more scrutinized. Yet many talent acquisition leaders are navigating these challenges with limited resources and no clear roadmap. According to LinkedIn, 80% of HR leaders say employer branding influences recruiting, but only 8% report having dedicated budget to address it. The Outthink Index helps translate the often-intangible elements of employer branding through clear, standardized metrics that span multiple industries, providing HR leaders the insight they need to create an employer brand that can stand out in any economic climate.

“The Outthink Index empowers employers to move beyond intuition and leverage data to optimize the value of their employer brand,” said Rick Betori, President of PeopleScout. “With this tool, organizations can gain a clear understanding of their brand’s performance—in relation to the competition and industry—and implement practical solutions that drive immediate results. Most importantly, for organizations facing budget constraints, the Outthink Index can help HR leaders focus employer branding investments on actions that deliver the greatest ROI.”

The Outthink Index Offers Employers:

Comprehensive Benchmarking: The Outthink Index scores organizations across nine key areas—from how easily candidates can find and apply to jobs, to how clearly a company communicates its culture and values, and how effectively it reaches and engages talent across digital channels.
Competitive Insights: Employers can compare their brand performance against industry benchmarks and competitors, identifying strengths and opportunities for improvement and differentiation.
Data-Driven Employer Brand Optimization: Talent leaders gain actionable insights on key touchpoints to guide branding strategies and recruitment marketing decisions to help employers attract the talent they need to succeed.

Developed by PeopleScout’s in-house talent advisory experts, the Outthink Index draws on the company’s 30 years of global experience and deep expertise in employer branding. It offers employers instant access to objective, data-driven insights—benchmarking their employer brand against hundreds of others worldwide. For those seeking a deeper dive, PeopleScout’s experts are also available for personalized consultation and strategic guidance.

For more information about the Outthink Index and how it can enhance your employer brand strategy, visit PeopleScout.com.

About PeopleScout

PeopleScout, a TrueBlue (NYSE: TBI) company, is a global talent solutions leader that provides unmatched scalability to meet the hiring needs of organizations of all sizes. It connects clients with top talent through Recruitment Process Outsourcing (RPO), Managed Service Provider (MSP), Total Workforce Solutions, and talent and technology advisory services. PeopleScout is helping talent leaders harness the power of data, drive decisions, and exceed expectations through tech-charged solutions founded on machine learning and AI. PeopleScout’s legacy of service and partnership has led to consistent recognition as a leader by industry analysts. For more information, visit www.peoplescout.com.

About TrueBlue

TrueBlue, Inc. (NYSE: TBI) is transforming the way organizations connect with talent in an ever-changing world of work. As The People Company®, we put people first – connecting job seekers with meaningful opportunities while delivering smart, scalable workforce solutions for enterprises across industries and worldwide. Powered by innovative technology and decades of expertise, our brands – PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals – offer flexible staffing, workforce management, and recruitment solutions that propel businesses and careers. Discover how we’re shaping the future of work at www.trueblue.com.

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SOURCE TrueBlue, Inc.

April 24, 2025 7:24 am

Faraday Adds QuickLogic eFPGA to FlashKit‑22RRAM SoC for IoT Edge

PR Newswire

Integration delivers post‑silicon configurability and faster time‑to‑market for AIoT, consumer, and industrial designs

SAN JOSE, Calif.
, April 24, 2025 /PRNewswire/ — QuickLogic Corporation (NASDAQ: QUIK), a developer of embedded FPGA (eFPGA) Hard IP and user tools, ruggedized FPGAs, and endpoint AI/ML solutions, today announced that its eFPGA IP is now integrated into Faraday Technology Corporation’s cutting-edge FlashKit™-22RRAM SoC Development Platform. The collaboration gives designers unparalleled flexibility and adaptability to address a broad range of Internet of Things (IoT) applications.

Faraday’s FlashKit-22RRAM platform is an energy-efficient SoC platform implemented on UMC’s 22ULP process technology, supporting both Arm® Cortex®-M7 and the VeeR EH1 RISC-V processors. It features multiple systems, analog, and interface blocks as well as eNVM and the QuickLogic eFPGA IP for post-tape-out customization. The FlashKit platform series is tailored for system companies designing AIoT, consumer, and industrial applications, where integration and performance efficiency is required. The SoC in the FlashKit platform includes all the building blocks IoT system developers would use in their own SoC. Furthermore, the FlashKit platform enables users to make architectural tradeoffs between functions implemented on different subsystems – from software on processors to RTL on eFPGA to hard logic.

With the inclusion of QuickLogic’s well-established and silicon-proven eFPGA technology, FlashKit now enables customers to adapt hardware functionality post-silicon, significantly reducing time-to-market while extending product lifecycles through field upgradability.

“Integrating QuickLogic’s eFPGA into our FlashKit platform brings substantial value to customers in need of adaptable, future-ready SoCs for the rapidly evolving IoT market,” said Barry Lai, Director of Platform-Based SoC Development at Faraday. “This collaboration significantly enhances the configurability of our silicon platform while enabling cost-effective customization at the edge.”

QuickLogic’s eFPGA IP offers a scalable architecture and is built on open-source toolchains, empowering developers with a high degree of design freedom. The addition of this reconfigurable logic within the FlashKit platform lets Faraday customers optimize power, performance, and area (PPA) for their unique workloads — an essential advantage for edge AI and real-time sensor fusion applications.

“Our partnership with Faraday highlights the growing need for customizable compute at the edge,” said Mao Wang, Sr. Director of Product Management of QuickLogic Corporation. “Integrating our eFPGA technology into FlashKit gives designers post‑deployment hardware flexibility and a clear path to differentiation across diverse IoT applications.”

For more information about QuickLogic’s eFPGA IP, visit www.quicklogic.com. To learn more about Faraday’s FlashKit platform, visit www.faraday-tech.com.

About Faraday Technology Corporation
Faraday Technology Corporation (TWSE: 3035) is dedicated to the mission of benefiting humanity and upholding sustainable values in every IC it handles. The company offers a comprehensive range of ASIC solutions, including total 3DIC packaging, Neoverse CSS design, FPGA-Go-ASIC, and design implementation services. Furthermore, its extensive silicon IP portfolio encompasses a wide array of offerings, such as I/O, Cell Library, Memory Compiler, Arm-compliant CPUs, LPDDR4/4X, DDR4/3, MIPI D-PHY, V-by-One, USB 3.1/2.0, 10/100 Ethernet, Giga Ethernet, SATA3/2, PCIe Gen4/3, and SerDes. For further details, visit www.faraday-tech.com.

About QuickLogic
QuickLogic Corporation is a fabless semiconductor company that specializes in eFPGA Hard IP, discrete FPGAs, and endpoint AI solutions. The company’s unique technology, combined with open-source development tools, enables highly customizable and low-power silicon solutions for aerospace and defense, industrial, consumer, and edge computing markets. For more information, visit www.quicklogic.com.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such. 

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SOURCE QuickLogic Corporation

April 24, 2025 7:24 am

The Joint Corp. to Host Conference Call on Thursday, May 8th to Discuss First Quarter 2025 Results

SCOTTSDALE, Ariz., April 24, 2025 (GLOBE NEWSWIRE) — The Joint Corp. (NASDAQ: JYNT) a national operator, manager, and franchisor of chiropractic clinics, announced it will report its first quarter 2025 financial results on Thursday, May 8, 2025, after the market close.

President and CEO Sanjiv Razdan and CFO Jake Singleton will hold a conference call at 5:00 p.m. EDT that day to discuss the results.

Shareholders and interested participants may listen to a live broadcast of the conference call by dialing (833) 630-0823 or (412) 317-1831 and ask to be joined into the ‘The Joint’ call approximately 15 minutes prior to the start time.

The live webcast of the call with accompanying slide presentation can be accessed in the IR events section https://ir.thejoint.com/events and available for approximately one year. An audio archive can be accessed for one week by dialing (877) 344-7529 or (412) 317-0088 and entering conference ID 9867193.

About The Joint Corp.

The Joint Corp. revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. Headquartered in Scottsdale and with over 950 locations nationwide and more than 14 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. The brand is consistently named to Franchise Times’ annual “Top 400” and “Fast & Serious” list of 40 smartest growing brands. Entrepreneur named The Joint “No. 1 in Chiropractic Services,” and is regularly ranked on the publication’s “Franchise 500,” the “Fastest-Growing Franchises,” the “Best of the Best” lists, as well as its “Top Franchise for Veterans” and “Top Brands for Multi-Unit Owners.” SUCCESS named the company as one of the “Top 50 Franchises” in 2024.For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.

Business Structure

The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Washington, and West Virginia, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.

Media Contact:

Margie Wojciechowski, The Joint Corp., [email protected]

Investor Contact:

Kirsten Chapman, Alliance Advisors IR, 415-433-3777, [email protected]

April 24, 2025 7:24 am

Manhattan Bridge Capital, Inc. Reports First Quarter Results for 2025

GREAT NECK, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended March 31, 2025 was approximately $1,373,000, or $0.12 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares) for the three months ended March 31, 2024, a decrease of $103,000, or 7.0%. This decrease is primarily attributable to a decrease in interest income from loans, partially offset by a decrease in interest expense.

Total revenues for the three months ended March 31, 2025 were approximately $2,274,000 compared to approximately $2,573,000 for the three months ended March 31, 2024, a decrease of $299,000, or 11.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period over period. For the three months ended March 31, 2025, approximately $1,834,000 of the Company’s revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $2,142,000 for the same period in 2024, and approximately $440,000 and $431,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

As of March 31, 2025, total shareholders’ equity was approximately $43,326,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The first quarter of 2025 began with an optimistic consensus among the real estate investor community. However, due to the delays in the reduction of interest rates and global economic uncertainty, we now sense some concerns about the likelihood of an immediate recovery of the real estate market. Again, thanks to our low leverage, strict underwriting, and strong relationships with our borrowers, we believe that we remain well-positioned to navigate these challenges.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward Looking Statements

This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses its belief that it remains well-positioned to navigate market challenges, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS

Assets	March 31, 2025 (unaudited)		December 31, 2024 (audited)
Loans receivable, net of deferred origination and other fees	$	63,672,278	$	65,405,731
Interest and other fees receivable on loans		1,618,826		1,521,033
Cash		201,363		178,012
Cash – restricted		21,769		23,750
Other assets		119,642		62,080
Right-of-use asset – operating lease, net		140,836		154,039
Deferred financing costs, net		12,706		16,171
Total assets	$	65,787,420	$	67,360,816

Liabilities and Stockholders’ Equity
Liabilities:
Line of credit	$	14,825,735	$	16,427,874
Senior secured notes (net of deferred financing costs of $78,214 and $96,985, respectively)		5,921,786		5,903,015
Accounts payable and accrued expenses		194,801		232,236
Operating lease liability		153,571		167,119
Loan holdback		50,000		50,000
Dividends payable		1,315,445		1,315,445
Total liabilities		22,461,338		24,095,689
Commitments and contingencies

Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—		—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding		11,757		11,757
Additional paid-in capital		45,565,207		45,561,941
Less: Treasury stock, at cost – 318,407 shares		(1,070,406)		(1,070,406)
Accumulated deficit		(1,180,476)		(1,238,165)
Total stockholders’ equity		43,326,082		43,265,127
Total liabilities and stockholders’ equity	$	65,787,420	$	67,360,816

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended March 31,
		2025		2024
Revenue:
Interest income from loans	$1,833,914		$2,142,487
Origination fees		439,799		430,591
Total revenue		2,273,713		2,573,078
Operating costs and expenses:
Interest and amortization of deferred financing costs		451,365		690,589
Referral fees		144		500
General and administrative expenses		453,570		410,278
Total operating costs and expenses		905,079		1,101,367

Income from operations		1,368,634		1,471,711
Other income		4,500		4,500
Net income	$1,373,134		$1,476,211

Basic and diluted net income per common share outstanding:
–Basic	$0.12		$0.13
–Diluted	$0.12		$0.13

Weighted average number of common shares outstanding:
–Basic		11,438,651		11,438,673
–Diluted		11,438,651		11,438,673

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2025

Common Shares

Additional
Paid-in

Capital

Treasury Stock

Accumulated
Deficit

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2025

11,757,058

$
11,757

$
45,561,941

318,407

$
(1,070,406
)

$
(1,238,165
)

$
43,265,127

Non-cash compensation

3,266

Dividends declared and payable

(1,315,445)

Net income

1,373,134

Balance, March 31, 2025

11,757,058

$

11,757

$

45,565,207

318,407

$

(1,070,406

)

$

(1,180,476

)

$

43,326,082

FOR THE THREE MONTHS ENDED MARCH 31, 2024

Common Shares

Additional
Paid-in

Capital

Treasury Stock

Accumulated
Deficit

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2024

11,757,058

$
11,757

$
45,548,876

316,407

$
(1,060,606
)

$
(1,567,321
)

$
42,932,706

Non-cash compensation

3,266

Purchase of treasury shares

2,000

(9,800)

Dividends declared and payable

(1,315,445)

Net income

1,476,211

Balance, March 31, 2024

11,757,058

$

11,757

$

45,552,142

318,407

$

(1,070,406

)

$

(1,406,555

)

$

43,086,938

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended March 31,
		2025		2024
Cash flows from operating activities:
Net income	$	1,373,134	$	1,476,211
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs		22,237		21,954
Adjustment to right-of-use asset – operating lease and liability		(345)		121
Depreciation		1,390		1,055
Non-cash compensation expense		3,266		3,266
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(110,915)		(231,202)
Other assets		(58,952)		(35,153)
Accounts payable and accrued expenses		(37,435)		(31,600)
Deferred origination and other fees		(11,437)		(63,996)
Net cash provided by operating activities		1,180,943		1,140,656

Cash flows from investing activities:
Issuance of short-term loans		(10,940,040)		(9,538,000)
Collections received from loans		12,698,051		10,102,525
Net cash provided by investing activities		1,758,011		564,525

Cash flows from financing activities:
Repayment of line of credit, net		(1,602,139)		(1,701,661)
Dividend paid		(1,315,445)		(1,287,073)
Purchase of treasury shares		—		(9,800
Net cash used in financing activities		(2,917,584)		(2,998,534)

Net increase (decrease) in cash		21,370		(1,293,353)
Cash and restricted cash, beginning of period⁽¹⁾		201,762		1,691,995
Cash and restricted cash, end of period⁽²⁾	$	223,132	$	398,642

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	437,993	$	667,488
Cash paid during the period for operating leases	$	15,991	$	16,370

Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,315,445	$	1,315,445

Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable	$	13,122	$	112,271

⁽¹⁾ At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
⁽²⁾ At March 31, 2025 and 2024, cash and restricted cash included $21,769 and $311,545, respectively, of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400

April 24, 2025 7:23 am

CareDx Announces Presentation of 60 Abstracts Including 19 Oral Presentations at the 2025 International Society for Heart and Lung Transplantation Meeting

CareDx Announces Presentation of 60 Abstracts Including 19 Oral Presentations at the 2025 International Society for Heart and Lung Transplantation Meeting

Breadth of Data Demonstrates Growing Real-World Adoption and Clinical Importance of CareDx Testing Solutions in Heart and Lung Transplant Patient Management

New SHORE Study Findings Demonstrate that HeartCare is Prognostic of Long-Term Outcomes and Informs Treatment Decisions

BRISBANE, Calif.–(BUSINESS WIRE)–
CareDx, Inc. (Nasdaq: CDNA) – The Transplant Company™ – a leading precision medicine company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers – today announced that CareDx, together with study collaborators from leading transplant centers, will present the latest advancements in clinical evidence supporting its transplant care solutions at the International Society for Heart and Lung Transplantation (ISHLT) 45^th Annual Meeting & Scientific Sessions, held from April 27-30 in Boston, Massachusetts.

The real-world clinical use and scientific advancements involving HeartCare™, AlloSure^® Heart, AlloMap^® Heart, AlloSure Lung, and AlloHome™ will be featured in 60 abstracts, 19 oral presentations, and two symposia that include data generated from studies at 92 transplant centers.

“Adoption of our heart and lung transplant solutions in real-world practice continues to grow because of the expanding body of scientific evidence of the clinical importance of our testing services to transplant patient management. The latest evidence from our multi-center SHORE study suggests HeartCare is prognostic of long-term graft outcomes independent of biopsy results, and that HeartCare is utilized in a real-world setting to manage immunosuppression dosing,” said John W. Hanna, CareDx President and CEO. “We look forward to this year’s ISHLT which will include two CareDx Sponsored Symposia on the latest evidence in molecular management of heart and lung transplant patients presented by leading clinicians in the field from NY Presbyterian/Columbia, Penn Medicine, UC San Diego, Tampa General, NYU Langone, Vanderbilt University, UCLA, and the Miami Transplant Institute.”

Key Study Findings in Heart Transplant

Dual-positive HeartCare (AlloSure and AlloMap Heart) results are prognostic of worse outcomes even when the biopsy is normal (Abstract 240).
Early surveillance with HeartCare led to similar 5-year survival and rejection-free survival compared to using AlloMap and biopsy, and required significantly fewer biopsies (Abstract 1351).
Biopsies performed concurrently or after dual-negative HeartCare results, were not associated with improved outcomes (Abstract 238).
Real-world data shows that clinicians use HeartCare results not only to decide which patients require a biopsy, but which patients can have their prednisone dose lowered (Abstract 187).
HeartCare was shown to effectively monitor rejection in clinically relevant populations including women (Abstract 61), Black Americans (Abstract 64) and patients with chronic kidney disease (Abstract 1337).

Key Study Findings in Lung Transplant

Surveillance monitoring using AlloSure Lung effectively identified rising dd-cfDNA levels signaling onset of acute cellular rejection and decline in levels after treatment for rejection (Abstract 1627).
AlloHome remote patient monitoring system in lung transplant patients enables real-time treatment adjustments and improved triage, easing workload on transplant center staff (Abstract 1204).

CareDx Sponsored Symposia

A distinguished group of experts will present the utility of using HeartCare and AlloSure Lung in clinical decision-making and in the management of real-world scenarios during two symposia sponsored by CareDx:

HeartCare in 2025: Is Molecular Multimodality the Secret to Liquid Biopsy? Moderated by Jeremy Kobulnik, MD, Sr. Medical Director, CareDx. Panelists include: Ersilia M. DeFilippis, MD, FACC, FHSA, NY Presbyterian/Columbia University Irving Medical Center; H. Luise Holzhauser, MD, Penn Medicine; Marcus Anthony Urey, MD, UC San Diego Health; Benjamin Mackie, MD, Tampa General Hospital.

From Bench to Bedside: Is Lung Transplant Ready for the dd-cfDNA Revolution? Moderated by Jake G. Natalini, MD, NYU Langone. Panelists include: Ciara Shaver, MD, PhD, Vanderbilt University, S. Samuel Weigt, MD, UCLA; Juan Fernandez Castillo, MD, Miami Transplant Institute-Jackson Memorial Hospital.

For a complete listing of abstracts, oral presentations and posters please follow this link.

About the SHORE Study

One of the largest heart transplant studies of its kind, SHORE (Surveillance HeartCare Outcomes Registry) is a prospective 67-center, observational study of over 2,700 heart transplant patients in the United States receiving non-invasive molecular testing with AlloSure Heart dd-cfDNA and AlloMap Heart GEP or HeartCare. Together, these different molecular tests offer a more comprehensive evaluation of a patient’s heart transplant status by assessing both allograft health and immune system activity. A recent landmark study published in the Journal of Heart and Lung Transplantation¹showed that HeartCare outperforms dd-cfDNA alone in identifying rejection and patients experienced excellent outcomes with fewer biopsies.

About CareDx – The Transplant Company

CareDx, Inc., headquartered in Brisbane, California, is a leading precision medicine solutions company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers. CareDx offers testing services, products, and digital healthcare solutions along the pre- and post-transplant patient journey and is the leading provider of genomics-based information for transplant patients. For more information, please visit www.caredx.com.

Forward Looking Statements

This press release includes forward-looking statements related to CareDx, Inc., including statements regarding the potential benefits and results that have been or may be achieved with AlloSure Heart, AlloMap Heart, HeartCare, AlloSure Lung, AlloHome and other CareDx products, and statements regarding the interim study results of CareDx’s SHORE registry and ALAMO study presented at the 2025 ISHLT meeting (the “ISHLT Presentation”). These forward-looking statements are based upon information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks that CareDx does not realize the expected benefits of AlloSure Heart, AlloMap Heart, HeartCare, AlloSure Lung, AlloHome, or other CareDx products; risks that the ISHLT Presentation and the data to be presented may not follow the agenda as stated in this press release; risks that the findings in the studies supporting the data may be inaccurate, general economic and market factors, and other risks discussed in CareDx’s filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed by CareDx with the SEC on February 28, 2025, and other reports that CareDx has filed with the SEC. Any of these may cause CareDx’s actual results, performance, or achievements to differ materially and adversely from those anticipated or implied by CareDx’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. CareDx expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

References

Khush K, Hall S, Kao A, et al. Surveillance with Dual Non-invasive Testing for Acute Cellular Rejection After Heart Transplantation: Outcomes from the Surveillance HeartCare Outcomes Registry (SHORE). The Journal of Heart and Lung Transplantation. Volume 43, Issue 9, 1409 – 1421.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424813607/en/

CareDx

Media Contacts

Anna Czene

818-731-2203

[email protected]

Investor Relations

Caroline Corner

[email protected]

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INDUSTRY KEYWORDS: Biotechnology Surgery Health Pharmaceutical Cardiology

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