Posts

Posted on

Alpine Income Property Trust Reports First Quarter 2025 Operating and Financial Results

– Closed Investments of $79.2 million at a weighted average initial cash yield of 9.0% –

– Increased Dividend Q1 2025 –

– First Quarter Net Loss of $(0.08) per diluted share and FFO and AFFO of $0.44 per diluted share –

WINTER PARK, Fla., April 24, 2025 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter ended March 31, 2025.

“In the first quarter, we completed investments that approached $80 million with a weighted average initial cash yield of 9.0%, again demonstrating our ability to successfully source and close attractive investments,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “We also continued to selectively recycle capital with dispositions of properties that we believe provide positive benefits to our diversification and portfolio strength. As we look ahead, we believe that our property portfolio with a weighted average remaining lease term of 9.0 years combined with our ability to source attractive investments, should support our ability to continue to deliver strong results.”


First Quarter 2025 Highlights

Operating results for the three months ended March 31, 2025 (dollars in thousands, except per share data):

           
  Three Months Ended
  March 31, 2025   March 31, 2024
Total Revenues $ 14,206     $ 12,466  
Net Loss Attributable to PINE $ (1,179 )   $ (260 )
Net Loss per Diluted Share Attributable to PINE $ (0.08 )   $ (0.02 )
FFO (1) $ 6,909     $ 6,130  
FFO per Diluted Share (1) $ 0.44     $ 0.41  
AFFO (1) $ 7,040     $ 6,243  
AFFO per Diluted Share (1) $ 0.44     $ 0.42  
               

 

______________________________

(1) See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.


Investment Activity

Acquisitions for the three months ended March 31, 2025 (dollars in thousands):

         
  For the Three Months Ended
March 31, 2025
  Number of
Investments 		  Amount
Properties 3   $ 39,695
Commercial Loans and Investments 4     39,540
Totals 7   $ 79,235
         
Properties – Weighted Average Initial Cash Cap Rate       8.6%
Commercial Loans and Investments – Weighted Average Initial Cash Yield       9.5%
Total Investments – Weighted Average Initial Cash Yield       9.0%
Properties – Weighted Average Remaining Lease Term       14.3 years
         


Disposition Activity

Dispositions for the three months ended March 31, 2025 (dollars in thousands):

         
  For the Three Months Ended
March 31, 2025
  Number of
Investments 		  Amount
Properties 3   $ 11,695
Commercial Loans and Investments —     —
Totals 3   $ 11,695
         
Properties – Weighted Average Exit Cash Cap Rate       9.1%
Commercial Loans and Investments – Weighted Average Cash Yield       —%
Total Investments – Weighted Average Cash Yield       9.1%
         


Property Portfolio



(1)

The Company’s property portfolio consisted of the following as of March 31, 2025:

   
Number of Properties 134
Square Feet 4.1 million
Annualized Base Rent (ABR) $47.1 million
Weighted Average Remaining Lease Term 9.0 years
States where Properties are Located 35
Industries 23
Occupancy 98.6%
   
% of ABR Attributable to Investment Grade Rated Tenants 50%
% of ABR Attributable to Credit Rated Tenants 81%
% of ABR Attributable to Sale-Leaseback Tenants (1) 8%
   

 

______________________________

(1) During the year ended December 31, 2024, the Company acquired three single-tenant income properties (the “Tampa Properties”) in the greater Tampa Bay, Florida area for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option. This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes and, as such, the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Tampa Properties, as they constitute real estate assets for both legal and tax purposes.

The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company’s total ABR as of March 31, 2025:

         
Tenant   Credit Rating   % of ABR
Dicks Sporting Goods   BBB / Baa2   10%
Lowe’s   BBB+ / Baa1   9%
Beachside Hospitality Group   NR / NR   8%
Walgreens   BB- / Ba3   7%
Dollar Tree/Family Dollar   BBB / Baa2   7%
Best Buy   BBB+ / A3   5%
Dollar General   BBB / Baa3   5%
Germfree Laboratories   NR / NR   4%
Walmart   AA / Aa2   4%
At Home   CCC / Caa3   3%
Bass Pro Shops   BB- / Ba3   3%
BJ’s Wholesale Club   BB+ / Ba1   3%
Academy Sports   BB+ / Ba2   3%
Alamo Drafthouse   A- / A2   2%
Home Depot   A / A2   2%
Other       25%
Total       100
%
         

The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company’s total ABR as of March 31, 2025:

     
Industry   % of ABR
Sporting Goods   16%
Home Improvement   12%
Dollar Stores   12%
Casual Dining   9%
Pharmacy   8%
Home Furnishings   7%
Consumer Electronics   6%
Entertainment   5%
Technology, Media & Life Sciences   4%
Grocery   4%
Off-Price Retail   3%
Wholesale Club   3%
General Merchandise   3%
Other   8%
Total   100
%
     

The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of March 31, 2025:

     
State   % of ABR
Florida   14%
New Jersey   10%
New York   7%
North Carolina   6%
Illinois   6%
Michigan   6%
Texas   6%
Georgia   4%
Ohio   4%
Minnesota   3%
West Virginia   3%
Tennessee   3%
Colorado   2%
Kansas   2%
Other   24%
Total   100
%
     


Balance Sheet and Capital Markets (dollars in thousands, except per share data)

     
  As of March 31, 2025
Leverage    
Net Debt / Total Enterprise Value   57.1%
Net Debt / Pro Forma Adjusted EBITDA   7.9x
Fixed Charge Coverage Ratio   3.5x
     
Liquidity    
Available Capacity Under Revolving Credit Facility $ 56,358
Cash, Cash Equivalents and Restricted Cash (1)   8,518
Total Liquidity $ 64,876
     

______________________________

(
1
) Includes all unrestricted cash and cash equivalents and restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of March 31, 2025, the Company had an outstanding balance of $157.0 million under the Revolving Credit Facility and $56.4 million of available capacity.

Below is a summary of repurchases of shares of common stock under the Company’s $10.0 million common stock repurchase program for the three months ended March 31, 2025:

     
Repurchase Program For the Three Months Ended March 31, 2025
Shares Repurchased   273,825
Weighted Average Price per Share (Gross) $ 16.33
Net Price $ 4,481
     

Subsequent to March 31, 2025 through April 24, 2025, the Company repurchased an additional 193,409 shares under the Company’s $10.0 million common stock repurchase program for a weighted average gross purchase price of $15.88 per share, or a net price of $3.1 million.

The Company’s long-term debt as of March 31, 2025:

                 
  As of March 31, 2025
  Face Value Debt   Stated Interest Rate   Wtd. Avg. Rate   Maturity Date
Revolving Credit Facility (1) $ 157,000   SOFR + 0.10% +
[1.25% – 2.20%]		   5.63%   January 2027
2026 Term Loan (2)   100,000   SOFR + 0.10% +
[1.35% – 1.95%]		   3.65%   May 2026
2027 Term Loan (3)   100,000   SOFR + 0.10% +
[1.25% – 1.90%]		   3.60%   January 2027
Total Debt/Weighted-Average Rate $ 357,000       4.51%    
                 

 

______________________________

(
1
) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.21% plus the SOFR adjustment of 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s Revolving Credit Facility.

(
2
) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.

(
3
) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance.

Subsequent to March 31, 2025, on April 4, 2025, the Company entered into an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s Revolving Credit Facility.

As of March 31, 2025, the Company held a 92.2% interest in Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership” or “OP”). There were 1,223,854 OP Units held by third parties outstanding and 14,418,673 shares of the Company’s common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,642,527 as of March 31, 2025. 


Dividends

The Company’s dividends for the three months ended March 31, 2025:

     
  For the Three Months
Ended March 31, 2025
Dividends Declared and Paid per Share $ 0.285
FFO Payout Ratio   64.8%
AFFO Payout Ratio   64.8%
     


2025 Outlook

The Company is increasing its FFO, AFFO, and Investments outlook for 2025, to take into account the Company’s year-to-date performance. The Company’s outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company’s reports filed with the U.S. Securities and Exchange Commission (the “Commission”).

The Company’s revised outlook for 2025 is as follows:

               
  Revised Outlook Range for 2025   Change from Prior Outlook
(Unaudited) Low   High   Low   High
Investments $70 million to $100 million   $20 million to $20 million
Dispositions $50 million to $70 million   $30 million to $40 million
FFO per Diluted Share $1.74 to $1.77   $0.04 to $0.04
AFFO per Diluted Share $1.74 to $1.77   $0.04 to $0.04
Weighted Average Diluted Shares Outstanding 15.5 million to 16.0 million   (0.5) million to (0.5) million
               

Reconciliation of the revised outlook range of the Company’s 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:

           
  Revised Outlook 

Range for 2025
(Unaudited) Low   High
Net Loss per Diluted Share $ (0.22 )   $ (0.19 )
Depreciation and Amortization   1.90       1.90  
Provision for Impairment (1)   0.13       0.13  
Gain on Disposition of Assets (1)   (0.07 )     (0.07 )
FFO per Diluted Share $ 1.74     $ 1.77  
Adjustments:          
Amortization of Intangible Assets and Liabilities to Lease Income   (0.04 )     (0.04 )
Straight-Line Rent Adjustment   (0.05 )     (0.05 )
Non-Cash Compensation   0.02       0.02  
Amortization of Deferred Financing Costs to Interest Expense   0.05       0.05  
Other Non-Cash Adjustments   0.02       0.02  
AFFO per Diluted Share $ 1.74     $ 1.77  
               

(1
) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the three months ended March 31, 2025. The Company’s revised outlook excludes projections related to these measures.


First Quarter 2025 Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the quarter ended March 31, 2025, on Friday, April 25, 2025 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

Webcast: https://edge.media-server.com/mmc/p/2z8mw8kf
   
Dial-In:  https://register-conf.media-server.com/register/BIa4784cf846494047b82c5db2965501de 
   

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.


About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.


Safe Harbor

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 


Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”) Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. 

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. 
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. 

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. 

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.


Other Definitions

Annualized Base Rent represents the annualized in-place straight-line base rent required by the tenant’s lease.

Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of March 31, 2025.

Weighted Average Remaining Lease Term is weighted by the annualized base rent and does not assume the exercise of any tenant purchase options.

Alpine Income Property Trust, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
           
  As of
  (Unaudited)
March 31, 2025		   December 31, 2024
ASSETS      
Real Estate:          
Land, at Cost $ 146,551     $ 147,912  
Building and Improvements, at Cost   358,657       341,955  
Total Real Estate, at Cost   505,208       489,867  
Less, Accumulated Depreciation   (48,055 )     (45,850 )
Real Estate—Net   457,153       444,017  
Assets Held for Sale   7,427       2,254  
Commercial Loans and Investments   110,009       89,629  
Cash and Cash Equivalents   6,138       1,578  
Restricted Cash   5,434       6,373  
Intangible Lease Assets—Net   46,060       43,925  
Straight-Line Rent Adjustment   1,661       1,485  
Other Assets   13,515       15,734  
Total Assets $ 647,397     $ 604,995  
LIABILITIES AND EQUITY          
Liabilities:          
Accounts Payable, Accrued Expenses, and Other Liabilities $ 8,507     $ 8,445  
Prepaid Rent and Deferred Revenue   3,684       2,412  
Intangible Lease Liabilities—Net   4,326       4,774  
Obligation Under Participation Agreement   10,584       11,403  
Long-Term Debt—Net   356,511       301,466  
Total Liabilities   383,612       328,500  
Commitments and Contingencies          
Equity:          
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
Common Stock, $0.01 par value per share, 500 million shares authorized, 14,418,673 shares issued and outstanding as of March 31, 2025 and 14,691,982 shares issued and outstanding as of December 31, 2024   144       147  
Additional Paid-in Capital   257,290       261,831  
Dividends in Excess of Net Income   (21,048 )     (15,722 )
Accumulated Other Comprehensive Income   4,563       6,771  
Stockholders’ Equity   240,949       253,027  
Noncontrolling Interest   22,836       23,468  
Total Equity   263,785       276,495  
Total Liabilities and Equity $ 647,397     $ 604,995  
               

Alpine Income Property Trust, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share, per share and dividend data)
           
  Three Months Ended
  March 31, 2025   March 31, 2024
Revenues:          
Lease Income $ 11,826     $ 11,464  
Interest Income from Commercial Loans and Investments   2,301       903  
Other Revenue   79       99  
Total Revenues   14,206       12,466  
Operating Expenses:          
Real Estate Expenses   2,034       1,928  
General and Administrative Expenses   1,716       1,542  
Provision for Impairment   2,031       31  
Depreciation and Amortization   7,307       6,382  
Total Operating Expenses   13,088       9,883  
Gain on Disposition of Assets   1,151       —  
Net Income From Operations   2,269       2,583  
Investment and Other Income   45       69  
Interest Expense   (3,592 )     (2,935 )
Net Loss   (1,278 )     (283 )
Less: Net Loss Attributable to Noncontrolling Interest   99       23  
Net Loss Attributable to Alpine Income Property Trust, Inc. $ (1,179 )   $ (260 )
           
Per Common Share Data:          
Net Loss Attributable to Alpine Income Property Trust, Inc.          
Basic and Diluted $ (0.08 )   $ (0.02 )
           
Weighted Average Number of Common Shares:          
Basic   14,628,921       13,621,208  
Diluted (1)   15,852,775       14,845,062  
           
Dividends Declared and Paid $ 0.285     $ 0.275  
               

______________________________

(1
) Includes 1,223,854 shares during the three months ended March 31, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. For the three months ended March 31, 2025 and 2024, the impact of the 1,223,854 shares was anti-dilutive to the Net Loss Attributable to Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Funds From Operations and Adjusted Funds From Operations
(Unaudited)
(In thousands, except per share data) 
           
  Three Months Ended
  March 31, 2025   March 31, 2024
Net Loss $ (1,278 )   $ (283 )
Depreciation and Amortization   7,307       6,382  
Provision for Impairment   2,031       31  
Gain on Disposition of Assets   (1,151 )     —  
Funds From Operations $ 6,909     $ 6,130  
Adjustments:          
Amortization of Intangible Assets and Liabilities to Lease Income   (80 )     (110 )
Straight-Line Rent Adjustment   (131 )     (65 )
Non-Cash Compensation   95       79  
Amortization of Deferred Financing Costs to Interest Expense   190       180  
Other Non-Cash Adjustments   57       29  
Adjusted Funds From Operations $ 7,040     $ 6,243  
           
FFO per Diluted Share $ 0.44     $ 0.41  
AFFO per Diluted Share $ 0.44     $ 0.42  
               

Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands) 
       
  Three Months Ended
March 31, 2025 		 
Net Loss $ (1,278 )  
Adjustments:      
Depreciation and Amortization   7,307    
Provision for Impairment   2,031    
Gain on Disposition of Assets   (1,151 )  
Amortization of Intangible Assets and Liabilities to Lease Income   (80 )  
Straight-Line Rent Adjustment   (131 )  
Non-Cash Compensation   95    
Amortization of Deferred Financing Costs to Interest Expense   190    
Other Non-Cash Adjustments   57    
Other Non-Recurring Items   (13 )  
Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement   3,188    
Adjusted EBITDA $ 10,215    
       
Annualized Adjusted EBITDA $ 40,860    
Pro Forma Annualized Impact of Current Quarter Investment Activity (1)   3,389    
Pro Forma Adjusted EBITDA $ 44,249    
       
Total Long-Term Debt $ 356,511    
Financing Costs, Net of Accumulated Amortization   489    
Cash and Cash Equivalents   (6,138 )  
Restricted Cash (2)   (2,381 )  
Net Debt $ 348,481    
       
Net Debt to Pro Forma Adjusted EBITDA   7.9   x
         

 

______________________________

(1
) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 2025.
(2) Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.



Contact:
Investor Relations
[email protected]

Posted on

Sensata Technologies to Release First Quarter 2025 Financial Results on May 8, 2025

Sensata Technologies to Release First Quarter 2025 Financial Results on May 8, 2025

SWINDON, United Kingdom–(BUSINESS WIRE)–Sensata Technologies (NYSE: ST) today announced that it will disclose its first quarter 2025 financial results on Thursday, May 8, 2025, at or about 4:05 p.m. Eastern Time.

Sensata will then host a live conference call and webcast on the same day at 4:30 p.m. Eastern Time to discuss the results and business performance. The webcast and subsequent replay will be available on the investor relations page of the Company’s website at http://investors.sensata.com.

Investors can also listen to the earnings call live via telephone by dialing 1-844-784-1726 or 1-412-380-7411 and referencing the Sensata Technologies Q1 2025 Financial Results Conference Call. A replay of the call will be available until May 15, 2025. To access the replay, dial 1-877-344-7529 or 1-412-317-0088 and enter confirmation code: 1025213.

About Sensata Technologies

Sensata Technologies is a global industrial technology company striving to create a safer, cleaner, more efficient and electrified world. Through its broad portfolio of mission-critical sensors, electrical protection components and sensor-rich solutions, Sensata helps its customers address increasingly complex engineering and operating performance requirements. With more than 18,000 employees and global operations in 14 countries, Sensata serves customers in the automotive, heavy vehicle & off-road, industrial, and aerospace markets. Learn more at www.sensata.com and follow Sensata on LinkedIn, Facebook, X and Instagram.

Media & Investor Contact:

James Entwistle

+1 (508) 954-1561

[email protected]

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Technology Engineering Hardware Manufacturing

MEDIA:

Logo
Logo
Posted on

AXIS Completes Previously Announced Transaction With Enstar

AXIS Completes Previously Announced Transaction With Enstar

PEMBROKE, Bermuda–(BUSINESS WIRE)–
AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) and Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that they have completed a loss portfolio transfer (“LPT”) transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250424153226/en/

The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75% ground-up quota share, with AXIS retroceding $2.3 billion of reinsurance segment reserves to Enstar.

The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Limited, which has S&P and AM Best ‘A’ financial strength ratings.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders’ equity of $6.1 billion at September 30, 2024, and locations in Bermuda, the United States, Europe, Singapore, and Canada. Its operating subsidiaries have been assigned a financial strength rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

About Enstar

Enstar is a NASDAQ-listed global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Australia, Lichtenstein and Belgium. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.

AXIS Contacts:

For Investors:

Cliff Gallant

+1 (415) 262-6843

[email protected]

For Media:

Nichola Liboro

+1 (917) 705-4579

[email protected]

Enstar Contacts:

For Investors:

Matthew Kirk

+1 (201) 743-7734

[email protected]

For Media:

Jenna Kerr

+44 (0) 771-4487-187

[email protected]

KEYWORDS: Europe Caribbean United Kingdom Bermuda

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

Logo
Logo
Logo
Logo
Posted on

Skechers Announces First Quarter 2025 Financial Results and Record Quarterly Sales

Skechers Announces First Quarter 2025 Financial Results and Record Quarterly Sales

LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company® and a global footwear leader, today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

  • Record sales of $2.41 billion, a year-over-year increase of 7.1%; sales of $2.46 billion on a constant currency basis, a year-over-year increase of 9.0%
  • Wholesale sales grew 7.8%
  • Direct-to-Consumer sales grew 6.0%
  • Diluted earnings per share of $1.34

“For the first quarter, we delivered record quarterly sales of $2.41 billion, reflecting strong global demand across both our wholesale and direct-to-consumer segments with international sales representing 65% of our business,” began David Weinberg, Chief Operating Officer of Skechers. “Sales by region increased 14% in EMEA and 8% in the Americas. In APAC, sales decreased 3%; however, when excluding China, sales increased 12%. We believe Skechers has significant growth opportunities in China, and we will continue to invest in product, marketing and infrastructure to expand and support our presence. At the core of our success is our diverse offering of comfort technology products available at accessible prices across a variety of distribution channels. We remain focused on innovation within our established and successful lifestyle collections, growing our high-performance footwear offering, and investing in brand demand creation as we continue to drive future growth globally.”

“For more than thirty years, our focus on comfort, innovation, style and quality at an affordable price has been the cornerstone of our success,” began Robert Greenberg, Chief Executive Officer of Skechers. “Our record first quarter sales are a testament to the resilience of our brand as we continue to see broad-based global demand. We believe our distinct value proposition will be even more vital as consumers navigate the current economic volatility. With new product developments featuring our Hands Free Slip-ins technology, we have an even stronger and more diverse offering for men, women and kids that meet the needs and interests of consumers. Our innovative features are highlighted through fresh global marketing campaigns featuring celebrities like Howie Mandel and Martha Stewart, as well as tailored regional approaches for China, Japan, across Europe, and other key markets. Elite athletes, including Julius Randle, Clayton Kershaw, Brooke Henderson and Harry Kane, are endorsing our technical performance footwear, attesting to its Comfort that Performs on courts, pitches, and beyond. Key opinion leaders and influencers at all levels across continents are advocating for the comfort and convenience of Skechers footwear. With the flexibility and determination of the entire Skechers organization, we will continue to innovate and deliver best-in-class footwear around the world.”

First Quarter 2025 Financial Results

 

 

Three Months Ended March 31,

 

Change

(in millions, except per share data)

 

 

2025

 

 

 

2024

 

 

$

 

%

Sales

 

$

2,411.6

 

 

$

2,251.6

 

 

 

160.0

 

 

7.1

Gross profit

 

 

1,254.4

 

 

 

1,181.6

 

 

 

72.8

 

 

6.2

Gross margin

 

 

52.0

%

 

 

52.5

%

 

 

 

 

(50) bps

Operating expenses

 

 

989.2

 

 

 

882.8

 

 

 

106.4

 

 

12.1

As a % of sales

 

 

41.0

%

 

 

39.2

%

 

 

 

180 bps

Earnings from operations

 

 

265.1

 

 

 

298.8

 

 

 

(33.7)

 

 

(11.3)

Operating margin

 

 

11.0

%

 

 

13.3

%

 

 

 

 

(230) bps

Net earnings attributable to Skechers U.S.A., Inc.

 

 

202.4

 

 

 

206.6

 

 

 

(4.2)

 

 

(2.0)

Diluted earnings per share

 

$

1.34

 

 

$

1.33

 

 

 

0.01

 

 

0.8

First quarter sales increased 7.1%, as a result of a 7.2% increase internationally and a 6.9% increase domestically. Wholesale increased 7.8% and Direct-to-Consumer increased 6.0%. On a constant currency basis, sales increased 9.0%.

Wholesale sales grew $110.5 million, or 7.8%, including increases in EMEA of 13.0% and AMER of 7.3%, partially offset by a decrease in APAC of 0.6%. Wholesale volume increased 9.1% and average selling price declined 1.3%.

Direct-to-Consumer sales grew $49.5 million, or 6.0%, including increases in AMER of 9.8% and EMEA of 21.7%, partially offset by a decrease in APAC of 4.4%. Direct-to-Consumer volume increased 6.3% and average selling price declined 0.3%.

Gross margin was 52.0%, a decrease of 50 basis points, due to lower average selling prices.

Operating expenses increased $106.4 million, or 12.1%, and as a percentage of sales increased 180 basis points to 41.0%. Selling expenses increased $28.6 million or 18.3%, and as a percentage of sales increased 70 basis points to 7.7%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $77.8 million or 10.7%, and as a percentage of sales increased 110 basis points to 33.3%, primarily driven by labor and facility costs, including rent and depreciation.

Earnings from operations decreased $33.7 million, or 11.3%, to $265.1 million.

Net earnings attributable to Skechers were $202.4 million and diluted earnings per share were $1.34, compared with prior year net earnings of $206.6 million and diluted earnings per share of $1.33. The current quarter included a favorable impact due to foreign currency exchange rates of $0.17 per share.

In the first quarter, the Company’s effective income tax rate was 22.3%. The increase from 19.0% in the prior year was due to global minimum tax rules that are effective for fiscal 2025, partially offset by lower earnings in higher tax jurisdictions.

“Our first quarter results reflect the continued strength of our business across the globe, a testament to our brand, the appeal of our innovative comfort technologies and distinctive value offering across our product portfolio,” stated John Vandemore, Chief Financial Officer. “We remain confident in our ability to navigate the current market challenges, and know that our proven track record of managing this globally diverse brand with a unique and compelling product portfolio focused on delivering style, comfort, quality and innovation at a reasonable price will enable Skechers to endure and likely thrive during this time.”

Balance Sheet

Cash, cash equivalents and investments totaled $1.24 billion, a decrease of $143.5 million, or 10.4% from December 31, 2024, due to working capital changes and $147.1 million of capital expenditures, partially offset by earnings.

Inventory was $1.77 billion, a decrease of $145.6 million, or 7.6% from December 31, 2024.

Outlook

Due to macroeconomic uncertainty stemming from global trade policies, the Company is not providing financial guidance at this time and is withdrawing the annual 2025 guidance provided in our earnings release on February 6, 2025.

Store Count

 

 

Number of Stores

 

 

December 31, 2024

 

Opened

 

Closed

 

March 31, 2025

Domestic stores

 

610

 

 

 

13

 

 

 

(5

)

 

 

618

 

International stores

 

1,177

 

 

 

38

 

 

 

(12

)

 

 

1,203

 

Distributor, licensee and franchise stores

 

3,509

 

 

 

50

 

 

 

(62

)

 

 

3,497

 

Total Skechers stores

 

5,296

 

 

 

101

 

 

 

(79

)

 

 

5,318

 

First Quarter 2025 Conference Call

The Company will host a conference call at 4:30 p.m. ET / 1:30 p.m. PT on April 24, 2025 to discuss its first quarter 2025 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning April 24, 2025, at 7:30 p.m. ET, through May 8, 2025, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13752653.

About Skechers U.S.A., Inc.

Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and more than 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.

Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs, and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2024. Taking these and other risk factors into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)
 

(in thousands)

 

As of

March 31, 2025

 

As of

December 31, 2024

ASSETS

Current assets

 

 

 

 

Cash and cash equivalents

 

$

993,091

 

 

$

1,116,516

 

Short-term investments

 

 

107,614

 

 

 

118,470

 

Trade accounts receivable, net

 

 

1,259,943

 

 

 

990,558

 

Other receivables

 

 

103,603

 

 

 

98,499

 

Inventory

 

 

1,773,799

 

 

 

1,919,386

 

Prepaid expenses and other

 

 

231,803

 

 

 

205,994

 

Total current assets

 

 

4,469,853

 

 

 

4,449,423

 

Property, plant and equipment, net

 

 

1,937,601

 

 

 

1,834,930

 

Operating lease right-of-use assets

 

 

1,447,743

 

 

 

1,363,596

 

Deferred tax assets

 

 

436,702

 

 

 

440,358

 

Long-term investments

 

 

137,446

 

 

 

146,687

 

Goodwill

 

 

96,347

 

 

 

94,494

 

Other assets, net

 

 

127,823

 

 

 

126,270

 

Total non-current assets

 

 

4,183,662

 

 

 

4,006,335

 

TOTAL ASSETS

 

$

8,653,515

 

 

$

8,455,758

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY

Current liabilities

 

 

 

 

Accounts payable

 

$

977,367

 

 

$

1,241,838

 

Accrued expenses

 

 

314,479

 

 

 

330,251

 

Operating lease liabilities

 

 

309,339

 

 

 

297,926

 

Current installments of long-term borrowings

 

 

333,325

 

 

 

353,131

 

Short-term borrowings

 

 

168,478

 

 

 

33,338

 

Total current liabilities

 

 

2,102,988

 

 

 

2,256,484

 

Long-term operating lease liabilities

 

 

1,253,313

 

 

 

1,176,290

 

Long-term borrowings

 

 

82,431

 

 

 

68,450

 

Deferred tax liabilities

 

 

10,744

 

 

 

11,148

 

Other long-term liabilities

 

 

124,425

 

 

 

123,122

 

Total non-current liabilities

 

 

1,470,913

 

 

 

1,379,010

 

Total liabilities

 

 

3,573,901

 

 

 

3,635,494

 

Redeemable noncontrolling interest

 

 

92,882

 

 

 

90,099

 

Stockholders’ equity

 

 

 

 

Preferred Stock

 

 

—

 

 

 

—

 

Class A Common Stock

 

 

130

 

 

 

130

 

Class B Common Stock

 

 

19

 

 

 

19

 

Additional paid-in capital

 

 

19,969

 

 

 

12,170

 

Accumulated other comprehensive loss

 

 

(146,564

)

 

 

(171,221

)

Retained earnings

 

 

4,638,637

 

 

 

4,436,201

 

Skechers U.S.A., Inc. equity

 

 

4,512,191

 

 

 

4,277,299

 

Noncontrolling interests

 

 

474,541

 

 

 

452,866

 

Total stockholders’ equity

 

 

4,986,732

 

 

 

4,730,165

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY

 

$

8,653,515

 

 

$

8,455,758

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)
 

 

Three Months Ended March 31,

(in thousands, except per share data)

 

2025

 

 

2024

 

Sales

$

2,411,571

 

$

2,251,587

 

Cost of sales

 

1,157,197

 

 

1,069,953

 

Gross profit

 

1,254,374

 

 

1,181,634

 

Operating expenses

 

 

 

Selling

 

185,073

 

 

156,501

 

General and administrative

 

804,176

 

 

726,335

 

Total operating expenses

 

989,249

 

 

882,836

 

Earnings from operations

 

265,125

 

 

298,798

 

Other income (expense)

 

24,530

 

 

(2,050

)

Earnings before income taxes

 

289,655

 

 

296,748

 

Income tax expense

 

64,583

 

 

56,370

 

Net earnings

 

225,072

 

 

240,378

 

Less: Net earnings attributable to noncontrolling interests and

redeemable noncontrolling interest

 

22,636

 

 

33,756

 

Net earnings attributable to Skechers U.S.A., Inc.

$

202,436

 

$

206,622

 

Net earnings per share attributable to Skechers U.S.A., Inc.

 

 

 

Basic

$

1.35

 

$

1.35

 

Diluted

$

1.34

 

$

1.33

 

Weighted-average shares used in calculating net earnings per share

attributable to Skechers U.S.A., Inc.

 

 

 

Basic

 

149,411

 

 

152,918

 

Diluted

 

151,495

 

 

155,119

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Supplemental Financial Information

(Unaudited)
 

Segment Information

 

Three Months Ended March 31,

 

Change

 

(in millions)

 

 

2025

 

 

 

2024

 

 

$

 

 

%

 

Wholesale sales

 

$

1,532.2

 

 

$

1,421.7

 

 

 

110.5

 

 

 

7.8

 

Cost of sales

 

 

857.0

 

 

 

785.7

 

 

 

71.3

 

 

 

9.1

 

Gross profit

 

 

675.2

 

 

 

636.0

 

 

 

39.2

 

 

 

6.2

 

Gross margin

 

 

44.1

%

 

 

44.7

%

 

 

 

 

(70) bps

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer sales

 

$

879.4

 

 

$

829.9

 

 

 

49.5

 

 

 

6.0

 

Cost of sales

 

 

300.2

 

 

 

284.3

 

 

 

15.9

 

 

 

5.6

 

Gross profit

 

 

579.2

 

 

 

545.6

 

 

 

33.6

 

 

 

6.2

 

Gross margin

 

 

65.9

%

 

 

65.7

%

 

 

 

 

10 bps

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

2,411.6

 

 

$

2,251.6

 

 

 

160.0

 

 

 

7.1

 

Cost of sales

 

 

1,157.2

 

 

 

1,070.0

 

 

 

87.2

 

 

 

8.2

 

Gross profit

 

 

1,254.4

 

 

 

1,181.6

 

 

 

72.8

 

 

 

6.2

 

Gross margin

 

 

52.0

%

 

 

52.5

%

 

 

 

 

(50) bps

 

Additional Sales Information

 

Three Months Ended March 31,

 

Change

 

(in millions)

 

 

2025

 

 

2024

 

$

 

 

%

 

Geographic sales

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

496.2

 

$

476.0

 

 

20.2

 

 

 

4.2

 

Direct-to-Consumer

 

 

357.5

 

 

322.8

 

 

34.7

 

 

 

10.7

 

Total domestic sales

 

 

853.7

 

 

798.8

 

 

54.9

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

1,036.0

 

 

945.7

 

 

90.3

 

 

 

9.5

 

Direct-to-Consumer

 

 

521.9

 

 

507.1

 

 

14.8

 

 

 

2.9

 

Total international sales

 

 

1,557.9

 

 

1,452.8

 

 

105.1

 

 

 

7.2

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

2,411.6

 

$

2,251.6

 

 

160.0

 

 

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

Regional sales

 

 

 

 

 

 

 

 

 

 

Americas (AMER)

 

$

1,104.4

 

$

1,019.5

 

 

84.9

 

 

 

8.3

 

Europe, Middle East & Africa (EMEA)

 

 

718.2

 

 

627.6

 

 

90.6

 

 

 

14.4

 

Asia Pacific (APAC)

 

 

589.0

 

 

604.5

 

 

(15.5

)

 

 

(2.6

)

Total sales

 

$

2,411.6

 

$

2,251.6

 

 

160.0

 

 

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

China sales

 

$

268.7

 

$

319.5

 

 

(50.8

)

 

 

(15.9

)

 

 

 

 

 

 

 

 

 

 

 

Distributor sales

 

$

136.0

 

$

125.9

 

 

10.1

 

 

 

8.0

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures

(Unaudited)

Constant Currency Adjustment (Non-GAAP Financial Measure)

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.

 

 

Three Months Ended March 31,

 

 

 

2025

 

2024

 

Change

 

(in millions, except per share data)

 

Reported GAAP Measure

 

 

Constant Currency Adjustment

 

Adjusted for Non-GAAP Measures

 

Reported GAAP Measure

 

$

 

%

 

Sales

 

$

2,411.6

 

 

$

43.4

 

 

$

2,455.0

 

 

$

2,251.6

 

 

$

203.4

 

 

 

9.0

 

Cost of sales

 

 

1,157.2

 

 

 

26.2

 

 

 

1,183.4

 

 

 

1,070.0

 

 

 

113.4

 

 

 

10.6

 

Gross profit

 

 

1,254.4

 

 

 

17.2

 

 

 

1,271.6

 

 

 

1,181.6

 

 

 

90.0

 

 

 

7.6

 

Operating expenses

 

 

989.2

 

 

 

14.4

 

 

 

1,003.6

 

 

 

882.8

 

 

 

120.8

 

 

 

13.7

 

Earnings from operations

 

 

265.1

 

 

 

2.9

 

 

 

268.0

 

 

 

298.8

 

 

 

(30.8

)

 

 

(10.3

)

Other income (expense)

 

 

24.5

 

 

 

(26.8

)

 

 

(2.3

)

 

 

(2.0

)

 

 

(0.3

)

 

 

(8.2

)

Income tax expense

 

 

64.6

 

 

 

—

 

 

 

64.6

 

 

 

56.4

 

 

 

8.2

 

 

 

14.6

 

Less: Noncontrolling interests and redeemable noncontrolling interest

 

 

22.6

 

 

 

0.6

 

 

 

23.2

 

 

 

33.8

 

 

 

(10.6

)

 

 

(31.4

)

Net earnings attributable to Skechers U.S.A., Inc.

 

$

202.4

 

 

$

(24.5

)

 

$

177.9

 

 

$

206.6

 

 

$

(28.7

)

 

 

(13.9

)

Diluted earnings per share

 

$

1.34

 

 

$

(0.17

)

 

$

1.17

 

 

$

1.33

 

 

$

(0.16

)

 

 

(12.0

)

 
____________________________________________

Note: Amounts may not foot due to rounding.

 

Investor Relations

Sonia Reback

Eunice Han

[email protected]

Press

Jennifer Clay

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Retail Footwear Fashion

MEDIA:

Logo
Logo
Posted on

Fidus Investment Corporation Schedules First Quarter 2025 Earnings Release and Conference Call

EVANSTON, Ill., April 24, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ: FDUS) (“Fidus” or the “Company”) today announced that it will report its first quarter 2025 financial results on Thursday, May 8, 2025 after the close of the financial markets.

Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, May 9, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

A live webcast of the conference call will be available at https://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

A webcast replay of the conference call will be available two hours after the call on the investor relations section of the Company’s website.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

Company Contact: Investor Relations Contact:
Shelby E. Sherard Alliance Advisors
Chief Financial Officer Jody Burfening
Fidus Investment Corporation (212) 838-3777
(847) 859-3938 [email protected]
[email protected]  


                 



Posted on

HubSpot to Announce First Quarter 2025 Financial Results on May 8, 2025

HubSpot to Announce First Quarter 2025 Financial Results on May 8, 2025

CAMBRIDGE, Mass.–(BUSINESS WIRE)–HubSpot, the customer platform for scaling businesses, announced today that it will report its first quarter 2025 financial results after the U.S. financial markets close on Thursday, May 8, 2025. In conjunction with this report, HubSpot will host a conference call at 4:30 p.m. Eastern Time (ET) on the same day to discuss the company’s first quarter 2025 financial results and its business operations and outlook.

HubSpot First Quarter 2025 Financial Results

When: Thursday, May 8, 2025

Time: 4:30 p.m. ET

Conference Call Pre-Registration: Dial-in Link

Webcast: Webcast Link

To participate via telephone, please register in advance. Upon registration, participants will receive a confirmation email detailing how to join the call, including a dial-in number and unique passcode.

Replay

An archived webcast of this conference call will also be available on HubSpot’s Investor Relations website at ir.hubspot.com.

About HubSpot

HubSpot (NYSE: HUBS) is the customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 1,700 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

Investor Relations Contact:

[email protected]

Public Relations Contact:

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Apps/Applications Technology Marketing Communications Business Professional Services Software Data Management Artificial Intelligence

MEDIA:

Posted on

Treace to Report First Quarter 2025 Financial Results on May 8, 2025

PONTE VEDRA, Fla., April 24, 2025 (GLOBE NEWSWIRE) — Treace Medical Concepts, Inc. (“Treace” or the “Company”) (NasdaqGS: TMCI), a medical technology company driving a fundamental shift in the surgical treatment of bunions and related midfoot deformities through its flagship Lapiplasty® and Adductoplasty® Procedures, today announced that it will release financial results for the first quarter 2025 after the close of trading on Thursday, May 8, 2025. Company management will host a conference call to discuss financial results beginning at 4:30 pm ET.

Investors interested in listening to the conference call may do so by registering. Once registered, participants will receive dial-in numbers and a unique pin to join the call and ask questions. A live and archived webcast of the event will be available on the Company’s investor relations website at https://investors.treace.com/.

Internet Posting of Information

Treace routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.treace.com. The Company encourages investors and potential investors to consult the Treace website regularly for important information about Treace.

About Treace Medical Concepts

Treace Medical Concepts, Inc. is a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace has pioneered and patented the Lapiplasty® 3D Bunion Correction® System – a combination of instruments, implants, and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles. To further support the needs of bunion patients, Treace has introduced its Adductoplasty® Midfoot Correction System, designed for reproducible surgical correction of midfoot deformities, the SpeedMTP™ Rapid Compression Implant for addressing bunions through big toe joint fusions, and two systems for minimally invasive osteotomy surgeries: the Nanoplasty™ 3D Minimally Invasive Bunion Correction System and the Percuplasty™ Percutaneous 3D Bunion Correction System. The Company continues to expand its footprint in the foot and ankle market with the introduction of its SpeedPlate™ Rapid Compression Implants, an innovative fixation platform with broad versatility across Lapiplasty® and Adductoplasty® procedures, as well as other common bone fusion procedures of the foot. For more information, please visit www.treace.com. 

To learn more about Treace, connect with us on LinkedIn, X, Facebook and Instagram.

Contacts:
Treace Medical Concepts
Mark L. Hair
Chief Financial Officer
[email protected]
(904) 373-5940

Investors:
Gilmartin Group
Philip Trip Taylor
[email protected]



Posted on

PCB Bancorp Reports Earnings for Q1 2025

PCB Bancorp Reports Earnings for Q1 2025

LOS ANGELES–(BUSINESS WIRE)–
PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $7.7 million, or $0.53 per diluted common share, for the first quarter of 2025, compared with $6.7 million, or $0.46 per diluted common share, for the previous quarter and $4.7 million, or $0.33 per diluted common share, for the year-ago quarter.

Q1 2025 Highlights

  • Net income available to common shareholders totaled $7.7 million, or $0.53 per diluted common share, for the current quarter;
  • Provision for credit losses was $1.6 million for the current quarter compared with $2.0 million for the previous quarter and $1.1 million for the year-ago quarter;
  • Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at March 31, 2025 compared with 1.16% at December 31, 2024 and 1.18% at March 31, 2024;
  • Net interest income was $24.3 million for the current quarter compared with $23.2 million for the previous quarter and $21.0 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.18% for the previous quarter and 3.10% for the year-ago quarter;
  • Gain on sale of loans was $887 thousand for the current quarter compared with $1.2 million for the previous quarter and $1.1 million for the year-ago quarter;
  • Total assets were $3.18 billion at March 31, 2025, an increase of $119.8 million, or 3.9%, from $3.06 billion at December 31, 2024 and an increase of $329.5 million, or 11.5%, from $2.85 billion at March 31, 2024;
  • Loans held-for-investment were $2.73 billion at March 31, 2025, an increase of $98.2 million, or 3.7%, from $2.63 billion at December 31, 2024 and an increase of $329.6 million, or 13.7%, from $2.40 billion at March 31, 2024; and
  • Total deposits were $2.71 billion at March 31, 2025, an increase of $98.6 million, or 3.8%, from $2.62 billion at December 31, 2024 and an increase of $311.6 million, or 13.0%, from $2.40 billion at March 31, 2024.

“Our strong first quarter results were highlighted by continued robust growth in loan and deposit balances, expansion in net interest margin, and outstanding credit metrics,” said Henry Kim, President and CEO. “In light of the recent news on tariffs and trade restrictions, and current volatility in capital markets, the outlook for the near future appears increasingly uncertain. Nevertheless, as a relationship bank, we are well-positioned to withstand such economic disturbance, continue our focus on successfully executing our long-term strategies and serving our customers.”

Mr. Kim continued, “In addition to our strong balance sheet growth, our credit quality remains strong, and capital level remains robust, supporting the needs of our borrowers while ensuring the safety and soundness of the bank. Our outlook for the year remains positive as our organic growth continues to outpace our peer group. While we closely monitor the current geopolitical environment, we are well positioned to grow our balance sheet, operate efficiently, expand our branch network, and increase profitability and shareholders’ value.”

Financial Highlights (Unaudited)

($ in thousands, except per share data)

 

ThreeMonthsEnded

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Net income

 

$

7,735

 

 

$

7,030

 

 

10.0

%

 

$

4,685

 

 

65.1

%

Net income available to common shareholders

 

$

7,695

 

 

$

6,684

 

 

15.1

%

 

$

4,685

 

 

64.2

%

Diluted earnings per common share

 

$

0.53

 

 

$

0.46

 

 

15.2

%

 

$

0.33

 

 

60.6

%

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

24,283

 

 

$

23,164

 

 

4.8

%

 

$

20,999

 

 

15.6

%

Provision for credit losses

 

 

1,598

 

 

 

2,002

 

 

(20.2

)%

 

 

1,090

 

 

46.6

%

Noninterest income

 

 

2,580

 

 

 

3,043

 

 

(15.2

)%

 

 

2,945

 

 

(12.4

)%

Noninterest expense

 

 

14,474

 

 

 

13,894

 

 

4.2

%

 

 

16,352

 

 

(11.5

)%

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

 

1.01

%

 

 

0.94

%

 

 

 

 

0.67

%

 

 

Return on average shareholders’ equity (1)

 

 

8.53

%

 

 

7.69

%

 

 

 

 

5.39

%

 

 

Return on average tangible common equity (“TCE”) (1),(2)

 

 

10.45

%

 

 

9.02

%

 

 

 

 

6.72

%

 

 

Net interest margin (1)

 

 

3.28

%

 

 

3.18

%

 

 

 

 

3.10

%

 

 

Efficiency ratio (3)

 

 

53.88

%

 

 

53.02

%

 

 

 

 

68.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share data)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Total assets

 

$

3,183,758

 

 

$

3,063,971

 

 

3.9

%

 

$

2,854,292

 

 

11.5

%

Net loans held-for-investment

 

 

2,695,668

 

 

 

2,598,759

 

 

3.7

%

 

 

2,369,632

 

 

13.8

%

Total deposits

 

 

2,714,399

 

 

 

2,615,791

 

 

3.8

%

 

 

2,402,840

 

 

13.0

%

Book value per common share (4)

 

$

25.78

 

 

$

25.30

 

 

 

 

$

24.54

 

 

 

TCE per common share (2)

 

$

20.97

 

 

$

20.49

 

 

 

 

$

19.69

 

 

 

Tier 1 leverage ratio (consolidated)

 

 

12.14

%

 

 

12.45

%

 

 

 

 

12.73

%

 

 

Total shareholders’ equity to total assets

 

 

11.65

%

 

 

11.87

%

 

 

 

 

12.26

%

 

 

TCE to total assets (2), (5)

 

 

9.48

%

 

 

9.62

%

 

 

 

 

9.84

%

 

 

 

(1)

 Ratios are presented on an annualized basis.

(2)

 Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.

(3)

 Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

(4)

 Calculated by dividing total shareholders’ equity by the number of outstanding common shares.

(5)

 The Company did not have any intangible asset component for the presented periods.

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

The following table presents the components of net interest income for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Interest income/expense on

 

 

 

 

 

 

 

 

 

 

Loans

 

$

43,026

 

 

$

42,309

 

 

1.7

%

 

$

39,251

 

 

9.6

%

Investment securities

 

 

1,408

 

 

 

1,388

 

 

1.4

%

 

 

1,246

 

 

13.0

%

Other interest-earning assets

 

 

2,458

 

 

 

2,622

 

 

(6.3

)%

 

 

3,058

 

 

(19.6

)%

Total interest-earning assets

 

 

46,892

 

 

 

46,319

 

 

1.2

%

 

 

43,555

 

 

7.7

%

Interest-bearing deposits

 

 

22,564

 

 

 

22,927

 

 

(1.6

)%

 

 

21,967

 

 

2.7

%

Borrowings

 

 

45

 

 

 

228

 

 

(80.3

)%

 

 

589

 

 

(92.4

)%

Total interest-bearing liabilities

 

 

22,609

 

 

 

23,155

 

 

(2.4

)%

 

 

22,556

 

 

0.2

%

Net interest income

 

$

24,283

 

 

$

23,164

 

 

4.8

%

 

$

20,999

 

 

15.6

%

Average balance of

 

 

 

 

 

 

 

 

 

 

Loans

 

$

2,649,037

 

 

$

2,538,310

 

 

4.4

%

 

$

2,370,027

 

 

11.8

%

Investment securities

 

 

146,540

 

 

 

147,943

 

 

(0.9

)%

 

 

140,459

 

 

4.3

%

Other interest-earning assets

 

 

209,375

 

 

 

207,234

 

 

1.0

%

 

 

217,002

 

 

(3.5

)%

Total interest-earning assets

 

$

3,004,952

 

 

$

2,893,487

 

 

3.9

%

 

$

2,727,488

 

 

10.2

%

Interest-bearing deposits

 

$

2,140,201

 

 

$

1,986,901

 

 

7.7

%

 

$

1,827,209

 

 

17.1

%

Borrowings

 

 

3,933

 

 

 

17,946

 

 

(78.1

)%

 

 

42,187

 

 

(90.7

)%

Total interest-bearing liabilities

 

$

2,144,134

 

 

$

2,004,847

 

 

6.9

%

 

$

1,869,396

 

 

14.7

%

Total funding (1)

 

$

2,660,764

 

 

$

2,548,818

 

 

4.4

%

 

$

2,412,207

 

 

10.3

%

Annualized average yield/cost of

 

 

 

 

 

 

 

 

 

Loans

 

 

6.59

%

 

 

6.63

%

 

 

 

 

6.66

%

 

 

Investment securities

 

 

3.90

%

 

 

3.73

%

 

 

 

 

3.57

%

 

 

Other interest-earning assets

 

 

4.76

%

 

 

5.03

%

 

 

 

 

5.67

%

 

 

Total interest-earning assets

 

 

6.33

%

 

 

6.37

%

 

 

 

 

6.42

%

 

 

Interest-bearing deposits

 

 

4.28

%

 

 

4.59

%

 

 

 

 

4.84

%

 

 

Borrowings

 

 

4.64

%

 

 

5.05

%

 

 

 

 

5.62

%

 

 

Total interest-bearing liabilities

 

 

4.28

%

 

 

4.59

%

 

 

 

 

4.85

%

 

 

Net interest margin

 

 

3.28

%

 

 

3.18

%

 

 

 

 

3.10

%

 

 

Cost of total funding (1)

 

 

3.45

%

 

 

3.61

%

 

 

 

 

3.76

%

 

 

Supplementary information

 

 

 

 

 

 

 

 

 

 

Net accretion of discount on loans

 

$

872

 

 

$

645

 

 

35.2

%

 

$

573

 

 

52.2

%

Net amortization of deferred loan fees

 

$

266

 

 

$

295

 

 

(9.8

)%

 

$

334

 

 

(20.4

)%

 

 

 

 

 

 

 

 

 

 

 

(1)

 Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net amortization of deferred loan fees, partially offset by an increase in net accretion of discount on loans.

The following table presents a composition of total loans by interest rate type accompanied with the weighted-average contractual rates as of the dates indicated:

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

 

 

% to Total

Loans

 

Weighted-Average

Contractual

Rate

 

% to Total

Loans

 

Weighted-Average

Contractual

Rate

 

% to Total

Loans

 

Weighted-Average

Contractual

Rate

Fixed rate loans

 

17.8

%

 

5.35

%

 

17.4

%

 

5.23

%

 

20.0

%

 

4.92

%

Hybrid rate loans

 

38.0

%

 

5.36

%

 

37.3

%

 

5.27

%

 

38.6

%

 

5.01

%

Variable rate loans

 

44.2

%

 

7.52

%

 

45.3

%

 

7.63

%

 

41.4

%

 

8.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to higher yields on newly purchased investment securities and a decrease in net amortization of premium.

Other Interest-Earning Assets. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank (“FRB”), partially offset by an increase in dividends received on Federal Home Loan Bank (“FHLB”) stock.

Interest-Bearing Deposits. The decreases in average cost for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in market rates.

Provision (Reversal) for Credit Losses

The following table presents a composition of provision (reversal) for credit losses for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Provision for credit losses on loans

 

$

1,591

 

$

2,044

 

 

(22.2

)%

 

$

922

 

72.6

%

Provision (reversal) for credit losses on off-balance sheet credit exposure

 

 

7

 

 

(42

)

 

NM

 

 

 

168

 

(95.8

)%

Total provision for credit losses

 

$

1,598

 

$

2,002

 

 

(20.2

)%

 

$

1,090

 

46.6

%

 

 

 

 

 

 

 

 

 

 

 

The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.

Noninterest Income

The following table presents the components of noninterest income for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Gain on sale of loans

 

$

887

 

$

1,161

 

(23.6

)%

 

$

1,078

 

(17.7

)%

Service charges and fees on deposits

 

 

372

 

 

404

 

(7.9

)%

 

 

378

 

(1.6

)%

Loan servicing income

 

 

725

 

 

861

 

(15.8

)%

 

 

919

 

(21.1

)%

Bank-owned life insurance income

 

 

247

 

 

246

 

0.4

%

 

 

228

 

8.3

%

Other income

 

 

349

 

 

371

 

(5.9

)%

 

 

342

 

2.0

%

Total noninterest income

 

$

2,580

 

$

3,043

 

(15.2

)%

 

$

2,945

 

(12.4

)%

 

 

 

 

 

 

 

 

 

 

 

Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Gain on sale of SBA loans

 

 

 

 

 

 

 

 

 

 

Sold loan balance

 

$

16,605

 

$

24,518

 

(32.3

)%

 

$

19,414

 

(14.5

)%

Premium received

 

 

1,208

 

 

1,910

 

(36.8

)%

 

 

1,596

 

(24.3

)%

Gain recognized

 

 

887

 

 

1,161

 

(23.6

)%

 

 

1,078

 

(17.7

)%

 

 

 

 

 

 

 

 

 

 

 

Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Loan servicing income

 

 

 

 

 

 

 

 

 

 

Servicing income received

 

$

1,273

 

 

$

1,255

 

 

1.4

%

 

$

1,293

 

 

(1.5

)%

Servicing assets amortization

 

 

(548

)

 

 

(394

)

 

39.1

%

 

 

(374

)

 

46.5

%

Loan servicing income

 

$

725

 

 

$

861

 

 

(15.8

)%

 

$

919

 

 

(21.1

)%

Underlying loans at end of period

 

$

510,927

 

 

$

523,797

 

 

(2.5

)%

 

$

540,039

 

 

(5.4

)%

 

 

 

 

 

 

 

 

 

 

 

The Company services SBA loans and certain residential property loans sold to the secondary market.

Noninterest Expense

The following table presents the components of noninterest expense for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Salaries and employee benefits

 

$

9,075

 

$

8,417

 

7.8

%

 

$

9,218

 

(1.6

)%

Occupancy and equipment

 

 

2,289

 

 

2,198

 

4.1

%

 

 

2,358

 

(2.9

)%

Professional fees

 

 

628

 

 

752

 

(16.5

)%

 

 

1,084

 

(42.1

)%

Marketing and business promotion

 

 

243

 

 

582

 

(58.2

)%

 

 

319

 

(23.8

)%

Data processing

 

 

333

 

 

205

 

62.4

%

 

 

402

 

(17.2

)%

Director fees and expenses

 

 

226

 

 

227

 

(0.4

)%

 

 

232

 

(2.6

)%

Regulatory assessments

 

 

344

 

 

322

 

6.8

%

 

 

298

 

15.4

%

Other expense

 

 

1,336

 

 

1,191

 

12.2

%

 

 

2,441

 

(45.3

)%

Total noninterest expense

 

$

14,474

 

$

13,894

 

4.2

%

 

$

16,352

 

(11.5

)%

 

 

 

 

 

 

 

 

 

 

 

Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in bonus and vacation accruals, and other employee benefits, partially offset by a decrease in salaries. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in salaries and an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense, partially offset by an increase in bonus accrual. The number of full-time equivalent employees was 257, 262 and 272 as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Professional Fees. The decrease for the current quarter compared with the previous quarter was due to a higher internal audit fees for the previous quarter as a part of the year-end process. The decrease for the current quarter compared with the year-ago quarter was primarily due to other professional fees for the year-ago quarter related to a core system conversion that was completed in April 2024.

Marketing and Business Promotion. The decrease for the current quarter compared with the previous was primarily due to year-end promotions during the previous quarter. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in advertising.

Data Processing. The increase for the current quarter compared with the previous quarter was primarily due to a one-time new relationship credit recognized during the previous quarter from the core system conversion completed in April 2024. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in overall service charges after the core system conversion.

Other Expense. The increase for the current quarter compared with the previous quarter was primarily due to an impairment on operating lease assets of $146 thousand for a sublease contract and recognition of contingent liabilities for legal settlements of $183 thousand. The decrease for the current quarter compared with the year-ago quarter was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the year-ago quarter, partially offset by the impairment on operating lease assets and contingent liabilities for legal settlements.

Balance Sheet (Unaudited)

Total assets were $3.18 billion at March 31, 2025, an increase of $119.8 million, or 3.9%, from $3.06 billion at December 31, 2024 and an increase of $329.5 million, or 11.5%, from $2.85 billion at March 31, 2024. The increases for the current quarter were primarily due to increases in loans held-for-investment, loans held-for-sale, and cash and cash equivalents.

Loans

The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

Commercial property

 

$

965,302

 

$

940,931

 

2.6

%

 

$

874,300

 

10.4

%

Business property

 

 

618,771

 

 

595,547

 

3.9

%

 

 

578,903

 

6.9

%

Multifamily

 

 

207,096

 

 

194,220

 

6.6

%

 

 

131,742

 

57.2

%

Construction

 

 

23,978

 

 

21,854

 

9.7

%

 

 

29,212

 

(17.9

)%

Total commercial real estate

 

 

1,815,147

 

 

1,752,552

 

3.6

%

 

 

1,614,157

 

12.5

%

Commercial and industrial

 

 

494,697

 

 

472,763

 

4.6

%

 

 

371,934

 

33.0

%

Consumer:

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

 

406,774

 

 

392,456

 

3.6

%

 

 

389,888

 

4.3

%

Other consumer

 

 

10,992

 

 

11,616

 

(5.4

)%

 

 

21,985

 

(50.0

)%

Total consumer

 

 

417,766

 

 

404,072

 

3.4

%

 

 

411,873

 

1.4

%

Loans held-for-investment

 

 

2,727,610

 

 

2,629,387

 

3.7

%

 

 

2,397,964

 

13.7

%

Loans held-for-sale

 

 

12,101

 

 

6,292

 

92.3

%

 

 

3,256

 

271.7

%

Total loans

 

$

2,739,711

 

$

2,635,679

 

3.9

%

 

$

2,401,220

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

SBA loans included in:

 

 

 

 

 

 

 

 

 

 

Loans held-for-investment

 

$

147,622

 

$

146,940

 

0.5

%

 

$

148,316

 

(0.5

)%

Loans held-for-sale

 

$

12,101

 

$

6,292

 

92.3

%

 

$

3,256

 

271.7

%

 

 

 

 

 

 

 

 

 

 

 

The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $154.0 million and net increase of lines of credit of $29.3 million, partially offset by pay-downs and pay-offs of term loans of $84.8 million and charge-offs of $353 thousand.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $22.5 million, partially offset by sales of $16.6 million and pay-downs of $44 thousand.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Commercial property

 

$

7,810

 

$

8,888

 

(12.1

)%

 

$

8,687

 

(10.1

)%

Business property

 

 

11,068

 

 

11,058

 

0.1

%

 

 

10,196

 

8.6

%

Multifamily

 

 

—

 

 

—

 

—

%

 

 

1,800

 

(100.0

)%

Construction

 

 

12,312

 

 

14,423

 

(14.6

)%

 

 

22,895

 

(46.2

)%

Commercial and industrial

 

 

351,802

 

 

364,731

 

(3.5

)%

 

 

384,034

 

(8.4

)%

Other consumer

 

 

1,671

 

 

1,475

 

13.3

%

 

 

992

 

68.4

%

Total commitments to extend credit

 

 

384,663

 

 

400,575

 

(4.0

)%

 

 

428,604

 

(10.3

)%

Letters of credit

 

 

6,795

 

 

6,795

 

—

%

 

 

6,558

 

3.6

%

Total off-balance sheet credit exposure

 

$

391,458

 

$

407,370

 

(3.9

)%

 

$

435,162

 

(10.0

)%

 

 

 

 

 

 

 

 

 

 

 

Credit Quality

The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Nonaccrual loans

 

 

 

 

 

 

 

 

 

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

Commercial property

 

$

1,538

 

 

$

1,851

 

 

(16.9

)%

 

$

932

 

 

65.0

%

Business property

 

 

1,485

 

 

 

2,336

 

 

(36.4

)%

 

 

3,455

 

 

(57.0

)%

Total commercial real estate

 

 

3,023

 

 

 

4,187

 

 

(27.8

)%

 

 

4,387

 

 

(31.1

)%

Commercial and industrial

 

 

66

 

 

 

79

 

 

(16.5

)%

 

 

111

 

 

(40.5

)%

Consumer:

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

 

3,153

 

 

 

403

 

 

682.4

%

 

 

436

 

 

623.2

%

Other consumer

 

 

6

 

 

 

24

 

 

(75.0

)%

 

 

6

 

 

—

%

Total consumer

 

 

3,159

 

 

 

427

 

 

639.8

%

 

 

442

 

 

614.7

%

Total nonaccrual loans held-for-investment

 

 

6,248

 

 

 

4,693

 

 

33.1

%

 

 

4,940

 

 

26.5

%

Loans past due 90 days or more and still accruing

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

Non-performing loans (“NPLs”)

 

 

6,248

 

 

 

4,693

 

 

33.1

%

 

 

4,940

 

 

26.5

%

NPLs held-for-sale

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

Total NPLs

 

 

6,248

 

 

 

4,693

 

 

33.1

%

 

 

4,940

 

 

26.5

%

Other real estate owned (“OREO”)

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

Non-performing assets (“NPAs”)

 

$

6,248

 

 

$

4,693

 

 

33.1

%

 

$

4,940

 

 

26.5

%

Loans past due and still accruing

 

 

 

 

 

 

 

 

 

 

Past due 30 to 59 days

 

$

5,236

 

 

$

4,599

 

 

13.9

%

 

$

3,412

 

 

53.5

%

Past due 60 to 89 days

 

 

101

 

 

 

303

 

 

(66.7

)%

 

 

1,103

 

 

(90.8

)%

Past due 90 days or more

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

Total loans past due and still accruing

 

$

5,337

 

 

$

4,902

 

 

8.9

%

 

$

4,515

 

 

18.2

%

Special mention loans

 

$

5,010

 

 

$

5,034

 

 

(0.5

)%

 

$

1,101

 

 

355.0

%

Classified assets

 

 

 

 

 

 

 

 

 

Classified loans held-for-investment

 

$

8,280

 

 

$

6,930

 

 

19.5

%

 

$

7,771

 

 

6.5

%

Classified loans held-for-sale

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

OREO

 

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

—

%

Classified assets

 

$

8,280

 

 

$

6,930

 

 

19.5

%

 

$

7,771

 

 

6.5

%

NPLs to loans held-for-investment

 

 

0.23

%

 

 

0.18

%

 

 

 

 

0.21

%

 

 

NPAs to total assets

 

 

0.20

%

 

 

0.15

%

 

 

 

 

0.17

%

 

 

Classified assets to total assets

 

 

0.26

%

 

 

0.23

%

 

 

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

The following table presents activities in ACL for the periods indicated:

 

 

ThreeMonthsEnded

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

ACL on loans

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

30,628

 

 

$

28,930

 

 

5.9

%

 

$

27,533

 

 

11.2

%

Charge-offs

 

 

(353

)

 

 

(395

)

 

(10.6

)%

 

 

(185

)

 

90.8

%

Recoveries

 

 

76

 

 

 

49

 

 

55.1

%

 

 

62

 

 

22.6

%

Provision for credit losses on loans

 

 

1,591

 

 

 

2,044

 

 

(22.2

)%

 

 

922

 

 

72.6

%

Balance at end of period

 

$

31,942

 

 

$

30,628

 

 

4.3

%

 

$

28,332

 

 

12.7

%

Percentage to loans held-for-investment at end of period

 

 

1.17

%

 

 

1.16

%

 

 

 

 

1.18

%

 

 

ACL on off-balance sheet credit exposure

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

1,190

 

 

$

1,232

 

 

(3.4

)%

 

$

1,277

 

 

(6.8

)%

Provision (reversal) for credit losses on off-balance sheet credit exposure

 

 

7

 

 

 

(42

)

 

(116.7

)%

 

 

168

 

 

(95.8

)%

Balance at end of period

 

$

1,197

 

 

$

1,190

 

 

0.6

%

 

$

1,445

 

 

(17.2

)%

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

Total investment securities were $148.2 million at March 31, 2025, an increase of $1.8 million, or 1.3%, from $146.3 million at December 31, 2024 and an increase of $10.0 million, or 7.3%, from $138.2 million at March 31, 2024. The increase for the current quarter was primarily due to purchases of $3.0 million and a fair value increase of $3.2 million, partially offset by principal pay-downs of $4.3 million and net premium amortization of $31 thousand.

Deposits

The following table presents the Company’s deposit mix as of the dates indicated:

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

($ in thousands)

 

Amount

 

% to

Total

 

Amount

 

% to Total

 

Amount

 

% to

Total

Noninterest-bearing demand deposits

 

$

564,407

 

20.8

%

 

$

547,853

 

20.9

%

 

$

538,380

 

22.4

%

Interest-bearing deposits

 

 

 

 

 

 

 

 

 

 

 

 

Savings

 

 

5,185

 

0.2

%

 

 

5,765

 

0.2

%

 

 

6,153

 

0.3

%

NOW

 

 

15,219

 

0.6

%

 

 

13,761

 

0.5

%

 

 

16,232

 

0.7

%

Retail money market accounts

 

 

492,334

 

18.0

%

 

 

447,360

 

17.1

%

 

 

461,221

 

19.0

%

Brokered money market accounts

 

 

1

 

0.1

%

 

 

1

 

0.1

%

 

 

1

 

0.1

%

Retail time deposits of

 

 

 

 

 

 

 

 

 

 

 

 

$250,000 or less

 

 

532,512

 

19.6

%

 

 

493,644

 

18.9

%

 

 

471,528

 

19.6

%

More than $250,000

 

 

652,458

 

24.0

%

 

 

605,124

 

23.1

%

 

 

549,550

 

22.9

%

State and brokered time deposits

 

 

452,283

 

16.7

%

 

 

502,283

 

19.2

%

 

 

359,775

 

15.0

%

Total interest-bearing deposits

 

 

2,149,992

 

79.2

%

 

 

2,067,938

 

79.1

%

 

 

1,864,460

 

77.6

%

Total deposits

 

$

2,714,399

 

100.0

%

 

$

2,615,791

 

100.0

%

 

$

2,402,840

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated total deposits not covered by deposit insurance

 

$

1,125,068

 

41.4

%

 

$

1,036,451

 

39.6

%

 

$

1,017,696

 

42.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total retail deposits were $2.26 billion at March 31, 2025, an increase of $148.6 million, or 7.0%, from $2.11 billion at December 31, 2024 and an increase of $219.1 million, or 10.7%, from $2.04 billion at March 31, 2024.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $162.2 million, renewals of the matured accounts of $339.0 million and balance increases of $15.9 million, partially offset by matured and closed accounts of $430.9 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of the dates indicated:

($ in thousands)

 

3/31/2025

 

12/31/2024

 

% Change

Cash and cash equivalents

 

$

214,348

 

 

$

198,792

 

 

7.8

%

Cash and cash equivalents to total assets

 

 

6.7

%

 

 

6.5

%

 

 

 

 

 

 

 

 

 

Available borrowing capacity

 

 

 

 

 

 

FHLB advances

 

$

735,732

 

 

$

722,439

 

 

1.8

%

Federal Reserve Discount Window

 

 

679,009

 

 

 

586,525

 

 

15.8

%

Overnight federal funds lines

 

 

65,000

 

 

 

50,000

 

 

30.0

%

Total

 

$

1,479,741

 

 

$

1,358,964

 

 

8.9

%

Total available borrowing capacity to total assets

 

 

46.5

%

 

 

44.4

%

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

Shareholders’ equity was $370.9 million at March 31, 2025, an increase of $7.1 million, or 1.9%, from $363.8 million at December 31, 2024 and an increase of $20.9 million, or 6.0%, from $350.0 million at March 31, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $2.3 million and proceeds from stock option exercises of $684 thousand, partially offset by repurchase of common stock of $953 thousand, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $40 thousand.

Stock Repurchases

During the current quarter, the Company repurchased and retired 50,676 shares of common stock at a weighted-average price of $18.80, totaling $953 thousand. In 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of March 31, 2025, the Company is authorized to purchase 527,101 additional shares under its current stock repurchase program, which expires on August 2, 2025.

Series C Preferred Stock

The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. The Company paid dividends of $40 thousand and $346 thousand for the current and previous quarters, respectively.

Capital Ratios

The following table presents capital ratios for the Company and the Bank as of the dates indicated:

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

 

Well

Capitalized

Minimum

Requirements

PCB Bancorp

 

 

 

 

 

 

 

 

Common tier 1 capital (to risk-weighted assets)

 

11.25

%

 

11.44

%

 

11.88

%

 

N/A

 

Total capital (to risk-weighted assets)

 

14.98

%

 

15.24

%

 

15.93

%

 

N/A

 

Tier 1 capital (to risk-weighted assets)

 

13.77

%

 

14.04

%

 

14.71

%

 

N/A

 

Tier 1 capital (to average assets)

 

12.14

%

 

12.45

%

 

12.73

%

 

N/A

 

PCB Bank

 

 

 

 

 

 

 

 

Common tier 1 capital (to risk-weighted assets)

 

13.42

%

 

13.72

%

 

14.37

%

 

6.5

%

Total capital (to risk-weighted assets)

 

14.63

%

 

14.92

%

 

15.59

%

 

10.0

%

Tier 1 capital (to risk-weighted assets)

 

13.42

%

 

13.72

%

 

14.37

%

 

8.0

%

Tier 1 capital (to average assets)

 

11.82

%

 

12.16

%

 

12.44

%

 

5.0

%

 

 

 

 

 

 

 

 

 

About PCB Bancorp

PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact on the Company and its customers resulting from any adverse developments in real estate markets and the level of inflation and interest rates; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company’s liquidity, financial performance and stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company’s ability to attract and retain skilled employees; customers’ service expectations; cyber security risks; the Company’s ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

 

PCB Bancorp and Subsidiary

Consolidated Balance Sheets (Unaudited)

($ in thousands, except share and per share data)

 

 

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

28,852

 

 

$

27,100

 

 

6.5

%

 

$

29,432

 

 

(2.0

)%

Interest-bearing deposits in other financial institutions

 

 

185,496

 

 

 

171,692

 

 

8.0

%

 

 

210,359

 

 

(11.8

)%

Total cash and cash equivalents

 

 

214,348

 

 

 

198,792

 

 

7.8

%

 

 

239,791

 

 

(10.6

)%

Securities available-for-sale, at fair value

 

 

148,190

 

 

 

146,349

 

 

1.3

%

 

 

138,170

 

 

7.3

%

Loans held-for-sale

 

 

12,101

 

 

 

6,292

 

 

92.3

%

 

 

3,256

 

 

271.7

%

Loans held-for-investment

 

 

2,727,610

 

 

 

2,629,387

 

 

3.7

%

 

 

2,397,964

 

 

13.7

%

Allowance for credit losses on loans

 

 

(31,942

)

 

 

(30,628

)

 

4.3

%

 

 

(28,332

)

 

12.7

%

Net loans held-for-investment

 

 

2,695,668

 

 

 

2,598,759

 

 

3.7

%

 

 

2,369,632

 

 

13.8

%

Premises and equipment, net

 

 

8,420

 

 

 

8,280

 

 

1.7

%

 

 

8,892

 

 

(5.3

)%

Federal Home Loan Bank and other bank stock

 

 

14,042

 

 

 

14,042

 

 

—

%

 

 

12,716

 

 

10.4

%

Bank-owned life insurance

 

 

32,013

 

 

 

31,766

 

 

0.8

%

 

 

31,045

 

 

3.1

%

Deferred tax assets, net

 

 

6,736

 

 

 

7,249

 

 

(7.1

)%

 

 

—

 

 

NM

 

Servicing assets

 

 

5,631

 

 

 

5,837

 

 

(3.5

)%

 

 

6,544

 

 

(14.0

)%

Operating lease assets

 

 

17,779

 

 

 

17,254

 

 

3.0

%

 

 

18,255

 

 

(2.6

)%

Accrued interest receivable

 

 

10,967

 

 

 

10,466

 

 

4.8

%

 

 

10,394

 

 

5.5

%

Other assets

 

 

17,863

 

 

 

18,885

 

 

(5.4

)%

 

 

15,597

 

 

14.5

%

Total assets

 

$

3,183,758

 

 

$

3,063,971

 

 

3.9

%

 

$

2,854,292

 

 

11.5

%

Liabilities

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

564,407

 

 

$

547,853

 

 

3.0

%

 

$

538,380

 

 

4.8

%

Savings, NOW and money market accounts

 

 

512,739

 

 

 

466,887

 

 

9.8

%

 

 

483,607

 

 

6.0

%

Time deposits of $250,000 or less

 

 

924,795

 

 

 

935,927

 

 

(1.2

)%

 

 

771,303

 

 

19.9

%

Time deposits of more than $250,000

 

 

712,458

 

 

 

665,124

 

 

7.1

%

 

 

609,550

 

 

16.9

%

Total deposits

 

 

2,714,399

 

 

 

2,615,791

 

 

3.8

%

 

 

2,402,840

 

 

13.0

%

Other short-term borrowings

 

 

—

 

 

 

15,000

 

 

(100.0

)%

 

 

—

 

 

—

%

Federal Home Loan Bank advances

 

 

30,000

 

 

 

—

 

 

NM

 

 

 

50,000

 

 

(40.0

)%

Deferred tax liabilities, net

 

 

—

 

 

 

—

 

 

—

%

 

 

266

 

 

(100.0

)%

Operating lease liabilities

 

 

19,465

 

 

 

18,671

 

 

4.3

%

 

 

19,555

 

 

(0.5

)%

Accrued interest payable and other liabilities

 

 

49,030

 

 

 

50,695

 

 

(3.3

)%

 

 

31,626

 

 

55.0

%

Total liabilities

 

 

2,812,894

 

 

 

2,700,157

 

 

4.2

%

 

 

2,504,287

 

 

12.3

%

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

69,141

 

 

 

69,141

 

 

—

%

 

 

69,141

 

 

—

%

Common stock

 

 

143,156

 

 

 

143,195

 

 

—

%

 

 

142,734

 

 

0.3

%

Retained earnings

 

 

165,611

 

 

 

160,797

 

 

3.0

%

 

 

148,209

 

 

11.7

%

Accumulated other comprehensive loss, net

 

 

(7,044

)

 

 

(9,319

)

 

(24.4

)%

 

 

(10,079

)

 

(30.1

)%

Total shareholders’ equity

 

 

370,864

 

 

 

363,814

 

 

1.9

%

 

 

350,005

 

 

6.0

%

Total liabilities and shareholders’ equity

 

$

3,183,758

 

 

$

3,063,971

 

 

3.9

%

 

$

2,854,292

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

Outstanding common shares

 

 

14,387,176

 

 

 

14,380,651

 

 

 

 

 

14,263,791

 

 

 

Book value per common share (1)

 

$

25.78

 

 

$

25.30

 

 

 

 

$

24.54

 

 

 

TCE per common share (2)

 

$

20.97

 

 

$

20.49

 

 

 

 

$

19.69

 

 

 

Total loan to total deposit ratio

 

 

100.93

%

 

 

100.76

%

 

 

 

 

99.93

%

 

 

Noninterest-bearing deposits to total deposits

 

 

20.79

%

 

 

20.94

%

 

 

 

 

22.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.

(2)

 Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
 

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

($ in thousands, except share and per share data)

 

 

 

ThreeMonthsEnded

 

 

3/31/2025

 

12/31/2024

 

% Change

 

3/31/2024

 

% Change

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

43,026

 

 

$

42,309

 

 

1.7

%

 

$

39,251

 

 

9.6

%

Investment securities

 

 

1,408

 

 

 

1,388

 

 

1.4

%

 

 

1,246

 

 

13.0

%

Other interest-earning assets

 

 

2,458

 

 

 

2,622

 

 

(6.3

)%

 

 

3,058

 

 

(19.6

)%

Total interest income

 

 

46,892

 

 

 

46,319

 

 

1.2

%

 

 

43,555

 

 

7.7

%

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

22,564

 

 

 

22,927

 

 

(1.6

)%

 

 

21,967

 

 

2.7

%

Other borrowings

 

 

45

 

 

 

228

 

 

(80.3

)%

 

 

589

 

 

(92.4

)%

Total interest expense

 

 

22,609

 

 

 

23,155

 

 

(2.4

)%

 

 

22,556

 

 

0.2

%

Net interest income

 

 

24,283

 

 

 

23,164

 

 

4.8

%

 

 

20,999

 

 

15.6

%

Provision for credit losses

 

 

1,598

 

 

 

2,002

 

 

(20.2

)%

 

 

1,090

 

 

46.6

%

Net interest income after provision for credit losses

 

 

22,685

 

 

 

21,162

 

 

7.2

%

 

 

19,909

 

 

13.9

%

Noninterest income

 

 

 

 

 

 

 

 

 

 

Gain on sale of loans

 

 

887

 

 

 

1,161

 

 

(23.6

)%

 

 

1,078

 

 

(17.7

)%

Service charges and fees on deposits

 

 

372

 

 

 

404

 

 

(7.9

)%

 

 

378

 

 

(1.6

)%

Loan servicing income

 

 

725

 

 

 

861

 

 

(15.8

)%

 

 

919

 

 

(21.1

)%

Bank-owned life insurance income

 

 

247

 

 

 

246

 

 

0.4

%

 

 

228

 

 

8.3

%

Other income

 

 

349

 

 

 

371

 

 

(5.9

)%

 

 

342

 

 

2.0

%

Total noninterest income

 

 

2,580

 

 

 

3,043

 

 

(15.2

)%

 

 

2,945

 

 

(12.4

)%

Noninterest expense

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,075

 

 

 

8,417

 

 

7.8

%

 

 

9,218

 

 

(1.6

)%

Occupancy and equipment

 

 

2,289

 

 

 

2,198

 

 

4.1

%

 

 

2,358

 

 

(2.9

)%

Professional fees

 

 

628

 

 

 

752

 

 

(16.5

)%

 

 

1,084

 

 

(42.1

)%

Marketing and business promotion

 

 

243

 

 

 

582

 

 

(58.2

)%

 

 

319

 

 

(23.8

)%

Data processing

 

 

333

 

 

 

205

 

 

62.4

%

 

 

402

 

 

(17.2

)%

Director fees and expenses

 

 

226

 

 

 

227

 

 

(0.4

)%

 

 

232

 

 

(2.6

)%

Regulatory assessments

 

 

344

 

 

 

322

 

 

6.8

%

 

 

298

 

 

15.4

%

Other expense

 

 

1,336

 

 

 

1,191

 

 

12.2

%

 

 

2,441

 

 

(45.3

)%

Total noninterest expense

 

 

14,474

 

 

 

13,894

 

 

4.2

%

 

 

16,352

 

 

(11.5

)%

Income before income taxes

 

 

10,791

 

 

 

10,311

 

 

4.7

%

 

 

6,502

 

 

66.0

%

Income tax expense

 

 

3,056

 

 

 

3,281

 

 

(6.9

)%

 

 

1,817

 

 

68.2

%

Net income

 

 

7,735

 

 

 

7,030

 

 

10.0

%

 

 

4,685

 

 

65.1

%

Preferred stock dividends

 

 

40

 

 

 

346

 

 

(88.4

)%

 

 

—

 

 

NM

 

Net income available to common shareholders

 

$

7,695

 

 

$

6,684

 

 

15.1

%

 

$

4,685

 

 

64.2

%

Earnings per common share

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.53

 

 

$

0.47

 

 

 

 

$

0.33

 

 

 

Diluted

 

$

0.53

 

 

$

0.46

 

 

 

 

$

0.33

 

 

 

Average common shares

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,272,267

 

 

 

14,254,584

 

 

 

 

 

14,235,419

 

 

 

Diluted

 

 

14,403,769

 

 

 

14,406,756

 

 

 

 

 

14,330,204

 

 

 

Dividend paid per common share

 

$

0.20

 

 

$

0.18

 

 

 

 

$

0.18

 

 

 

Return on average assets (1)

 

 

1.01

%

 

 

0.94

%

 

 

 

 

0.67

%

 

 

Return on average shareholders’ equity (1)

 

 

8.53

%

 

 

7.69

%

 

 

 

 

5.39

%

 

 

Return on average TCE (1), (2)

 

 

10.45

%

 

 

9.02

%

 

 

 

 

6.72

%

 

 

Efficiency ratio (3)

 

 

53.88

%

 

 

53.02

%

 

 

 

 

68.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 Ratios are presented on an annualized basis.

(2)

 Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.

(3)

 The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
 

PCB Bancorp and Subsidiary

Average Balance, Average Yield, and Average Rate (Unaudited)

($ in thousands)

 

 

 

Three Months Ended

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

 

 

Average

Balance

 

Interest

Income/

Expense

 

Avg.

Yield/

Rate(6)

 

Average

Balance

 

Interest

Income/

Expense

 

Avg.

Yield/

Rate(6)

 

Average

Balance

 

Interest

Income/

Expense

 

Avg.

Yield/

Rate(6)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans (1)

 

$

2,649,037

 

 

$

43,026

 

6.59

%

 

$

2,538,310

 

 

$

42,309

 

6.63

%

 

$

2,370,027

 

 

$

39,251

 

6.66

%

Mortgage-backed securities

 

 

112,825

 

 

 

1,075

 

3.86

%

 

 

113,231

 

 

 

1,030

 

3.62

%

 

 

101,852

 

 

 

839

 

3.31

%

Collateralized mortgage obligation

 

 

21,028

 

 

 

210

 

4.05

%

 

 

21,819

 

 

 

228

 

4.16

%

 

 

23,763

 

 

 

254

 

4.30

%

SBA loan pool securities

 

 

5,927

 

 

 

54

 

3.69

%

 

 

6,253

 

 

 

62

 

3.94

%

 

 

7,317

 

 

 

78

 

4.29

%

Municipal bonds (2)

 

 

2,424

 

 

 

22

 

3.68

%

 

 

2,440

 

 

 

21

 

3.42

%

 

 

3,300

 

 

 

28

 

3.41

%

Corporate bonds

 

 

4,336

 

 

 

47

 

4.40

%

 

 

4,200

 

 

 

47

 

4.45

%

 

 

4,227

 

 

 

47

 

4.47

%

Other interest-earning assets

 

 

209,375

 

 

 

2,458

 

4.76

%

 

 

207,234

 

 

 

2,622

 

5.03

%

 

 

217,002

 

 

 

3,058

 

5.67

%

Total interest-earning assets

 

 

3,004,952

 

 

 

46,892

 

6.33

%

 

 

2,893,487

 

 

 

46,319

 

6.37

%

 

 

2,727,488

 

 

 

43,555

 

6.42

%

Noninterest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

24,652

 

 

 

 

 

 

 

23,639

 

 

 

 

 

 

 

21,365

 

 

 

 

 

ACL on loans

 

 

(30,676

)

 

 

 

 

 

 

(28,833

)

 

 

 

 

 

 

(27,577

)

 

 

 

 

Other assets

 

 

98,588

 

 

 

 

 

 

 

92,348

 

 

 

 

 

 

 

88,532

 

 

 

 

 

Total noninterest-earning assets

 

 

92,564

 

 

 

 

 

 

 

87,154

 

 

 

 

 

 

 

82,320

 

 

 

 

 

Total assets

 

$

3,097,516

 

 

 

 

 

 

$

2,980,641

 

 

 

 

 

 

$

2,809,808

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW and money market accounts

 

$

483,927

 

 

 

4,297

 

3.60

%

 

$

479,238

 

 

 

4,479

 

3.72

%

 

$

453,801

 

 

 

4,665

 

4.13

%

Savings

 

 

5,612

 

 

 

3

 

0.22

%

 

 

5,952

 

 

 

4

 

0.27

%

 

 

6,196

 

 

 

4

 

0.26

%

Time deposits

 

 

1,650,662

 

 

 

18,264

 

4.49

%

 

 

1,501,711

 

 

 

18,444

 

4.89

%

 

 

1,367,212

 

 

 

17,298

 

5.09

%

Total interest-bearing deposits

 

 

2,140,201

 

 

 

22,564

 

4.28

%

 

 

1,986,901

 

 

 

22,927

 

4.59

%

 

 

1,827,209

 

 

 

21,967

 

4.84

%

Other borrowings

 

 

3,933

 

 

 

45

 

4.64

%

 

 

17,946

 

 

 

228

 

5.05

%

 

 

42,187

 

 

 

589

 

5.62

%

Total interest-bearing liabilities

 

 

2,144,134

 

 

 

22,609

 

4.28

%

 

 

2,004,847

 

 

 

23,155

 

4.59

%

 

 

1,869,396

 

 

 

22,556

 

4.85

%

Noninterest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

 

516,630

 

 

 

 

 

 

 

543,971

 

 

 

 

 

 

 

542,811

 

 

 

 

 

Other liabilities

 

 

69,042

 

 

 

 

 

 

 

67,995

 

 

 

 

 

 

 

47,957

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

585,672

 

 

 

 

 

 

 

611,966

 

 

 

 

 

 

 

590,768

 

 

 

 

 

Total liabilities

 

 

2,729,806

 

 

 

 

 

 

 

2,616,813

 

 

 

 

 

 

 

2,460,164

 

 

 

 

 

Total shareholders’ equity

 

 

367,710

 

 

 

 

 

 

 

363,828

 

 

 

 

 

 

 

349,644

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

3,097,516

 

 

 

 

 

 

$

2,980,641

 

 

 

 

 

 

$

2,809,808

 

 

 

 

 

Net interest income

 

 

 

$

24,283

 

 

 

 

 

$

23,164

 

 

 

 

 

$

20,999

 

 

Net interest spread (3)

 

 

 

 

 

2.05

%

 

 

 

 

 

1.78

%

 

 

 

 

 

1.57

%

Net interest margin (4)

 

 

 

 

 

3.28

%

 

 

 

 

 

3.18

%

 

 

 

 

 

3.10

%

Total deposits

 

$

2,656,831

 

 

$

22,564

 

3.44

%

 

$

2,530,872

 

 

$

22,927

 

3.60

%

 

$

2,370,020

 

 

$

21,967

 

3.73

%

Total funding (5)

 

$

2,660,764

 

 

$

22,609

 

3.45

%

 

$

2,548,818

 

 

$

23,155

 

3.61

%

 

$

2,412,207

 

 

$

22,556

 

3.76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 Total loans include both loans held-for-sale and loans held-for-investment.

(2)

 The yield on municipal bonds has not been computed on a tax-equivalent basis.

(3)

 Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.

(4)

 Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.

(5)

 Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

(6)

 Annualized.
 

PCB Bancorp and Subsidiary

Non-GAAP Financial Measures

($ in thousands)

Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios

The Company’s TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company had no intangible assets for the presented periods. Return on average TCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP measures are used by management in its analysis of the Company’s performance. These non-GAAP measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP.

($ in thousands)

 

 

ThreeMonthsEnded

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

Average total shareholders’ equity

(a)

 

$

367,710

 

 

$

363,828

 

 

$

349,644

 

Less: average preferred stock

(b)

 

 

69,141

 

 

 

69,141

 

 

 

69,141

 

Average TCE

(c)=(a)-(b)

 

$

298,569

 

 

$

294,687

 

 

$

280,503

 

Net income

(d)

 

$

7,735

 

 

$

7,030

 

 

$

4,685

 

Return on average shareholder’s equity (1)

(d)/(a)

 

 

8.53

%

 

 

7.69

%

 

 

5.39

%

Net income available to common shareholders

(e)

 

$

7,695

 

 

$

6,684

 

 

$

4,685

 

Return on average TCE (1)

(e)/(c)

 

 

10.45

%

 

 

9.02

%

 

 

6.72

%

 

 

 

 

 

 

 

 

(1)

 Annualized.
($ in thousands, except per share data)

 

 

3/31/2025

 

12/31/2024

 

3/31/2024

Total shareholders’ equity

(a)

 

$

370,864

 

 

$

363,814

 

 

$

350,005

 

Less: preferred stock

(b)

 

 

69,141

 

 

 

69,141

 

 

 

69,141

 

TCE

(c)=(a)-(b)

 

$

301,723

 

 

$

294,673

 

 

$

280,864

 

Outstanding common shares

(d)

 

 

14,387,176

 

 

 

14,380,651

 

 

 

14,263,791

 

Book value per common share

(a)/(d)

 

$

25.78

 

 

$

25.30

 

 

$

24.54

 

TCE per common share

(c)/(d)

 

$

20.97

 

 

$

20.49

 

 

$

19.69

 

Total assets

(e)

 

$

3,183,758

 

 

$

3,063,971

 

 

$

2,854,292

 

Total shareholders’ equity to total assets

(a)/(e)

 

 

11.65

%

 

 

11.87

%

 

 

12.26

%

TCE to total assets

(c)/(e)

 

 

9.48

%

 

 

9.62

%

 

 

9.84

%

 

 

 

 

 

 

 

 

 

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo
Posted on

Dorchester Minerals, L.P. Announces Its First Quarter Distribution

DALLAS, April 24, 2025 (GLOBE NEWSWIRE) — Dorchester Minerals, L.P. (NASDAQ:DMLP) announced today the Partnership’s first quarter 2025 cash distribution. The distribution of $0.725835 per common unit represents activity for the three-month period ended March 31, 2025 and is payable on May 15, 2025 to common unitholders of record as of May 5, 2025.

Cash receipts attributable to the Partnership’s Royalty Properties during the first quarter totaled approximately $34.2 million. Approximately 68% of these receipts reflect oil sales during December 2024 through February 2025 and natural gas sales during November 2024 through January 2025, and approximately 32% from prior sales periods. Cash Receipts attributable to the Partnership’s Net Profits Interest during the first quarter totaled approximately $4.8 million. Approximately 74% of these receipts reflect oil sales and natural gas sales during November 2024 through January 2025, and approximately 26% from prior sales periods.

Cash receipts attributable to lease bonus and other income during the first quarter totaled approximately $0.6 million.

Dorchester Minerals, L.P. is a Dallas-based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests located in 28 states. Its common units trade on the Nasdaq Global Select Market under the symbol DMLP.

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Although a portion of Dorchester Minerals, L.P.’s income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Dorchester Minerals, L.P.’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Dorchester Minerals, L.P.’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate for individuals or corporations, as applicable. Nominees, and not Dorchester Minerals, L.P., are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors.

FORWARD-LOOKING STATEMENTS

Portions of this document may constitute “forward-looking statements” as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Examples of such uncertainties and risk factors include, but are not limited to, changes in the price or demand for oil and natural gas, changes in the operations on or development of the Partnership’s properties, changes in economic and industry conditions and changes in regulatory requirements (including changes in environmental requirements) and the Partnership’s financial position, business strategy and other plans and objectives for future operations. These and other factors are set forth in the Partnership’s filings with the Securities and Exchange Commission.

Contact: Martye Miller
                 3838 Oak Lawn Ave., Suite 300
                 Dallas, Texas 75219-4541
                 (214) 559-0300



Posted on

Mitek to Report Fiscal 2025 Second Quarter Financial Results on May 8, 2025

Mitek to Report Fiscal 2025 Second Quarter Financial Results on May 8, 2025

SAN DIEGO–(BUSINESS WIRE)–Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture, and fraud management, today announced that it will release its financial results for the second quarter of the fiscal year 2025, which ended March 31, 2025, after the U.S. market closes on Thursday, May 8, 2025.

Mitek will discuss the results during a conference call and live webcast at 2:00 p.m. Pacific time (5:00 p.m. Eastern time).

Mitek CEO Ed West and CFO Dave Lyle will host the call, followed by a question and answer session.

Conference Call and Webcast Information

Event: Mitek’s Second Quarter Fiscal Year 2025 Financial Results

Date: Thursday, May 8, 2025

Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)

We encourage participants to pre-register for the conference call by clicking here.

Those who pre-register will be given a unique PIN to gain immediate access to the call, bypassing the live operator. Participants may pre-register at any time, including before and after the call/webcast start time. You will immediately receive an online confirmation, an email with the dial-in number, and a calendar invitation for the event.

For those who are unable to pre-register, kindly join the conference call/webcast by clicking the webcast link or using one of the dial-in numbers below:

Webcast:Click here

U.S. Toll-Free: 844-481-3005

International: +1-412-317-1889

Following the conference call, a dial-in replay will be available for one week, and a webcast replay will be available for one year, by using one of the following dial-in numbers or clicking the link below to the Mitek investor relations website.

Archived Webcast:investors.miteksystems.com

U.S. Toll-Free Replay: +1-877-344-7529

International Replay: +1-412-317-0088

Replay Passcode: 9085084

The press release will be accessible from the Mitek investor relations website before the commencement of the event.

About Mitek

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. With solutions trusted by 7,900 organizations around the world, including the majority of North American financial institutions which rely on our mobile check deposit solutions, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com. [(MITK-F)]

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

Investor Contacts

Todd Kehrli or Jim Byers

PondelWilkinson, Inc.

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Technology Mobile/Wireless Payments Finance Security Fintech Banking Professional Services Software

MEDIA: