Market Newsdesk

NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments (“Guggenheim”) today announced the closing of an approximately $400 million vehicle that will invest in Guggenheim’s private debt strategy. The transaction was led by Allianz Global Investors (“AllianzGI”). A group of funds managed by StepStone Group (NASDAQ: STEP, “StepStone”) co-underwrote the transaction. This vehicle includes approximately $100 million of financing.

“Investors have a multitude of options in the ever-evolving private debt market,” said Dina DiLorenzo, President of Guggenheim Investments, “and we are thrilled by the trust placed in Guggenheim by world-class fund allocators.”

“We are excited to have prominent institutional investors like AllianzGI and StepStone as LPs,” said Kevin Gundersen, Head of Guggenheim Corporate Funding, LLC, the private debt investment manager of Guggenheim Investments. “We believe this partnership continues to fuel the ongoing success of our franchise and enables us to further leverage our strong origination and underwriting platform in a rapidly growing market.”

“We are pleased to establish a partnership with Guggenheim’s private debt team and help structure this transaction,” said Anselm Feigenbutz, Portfolio Manager for Secondaries Private Debt at Allianz Global Investors. “This investment provides us with access to a high quality portfolio with attractive diversification across borrower, sector, and vintage backed by a GP with an established track record in private credit.”

Guggenheim Securities, LLC served as exclusive placement agent to Guggenheim Corporate Funding, LLC. Latham & Watkins LLP provided legal counsel on the transaction.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, a global investment and advisory firm with more than $335 billion in total assets¹.

Guggenheim Investments has more than $249 billion² in total assets across fixed income, equity and alternative strategies.

Guggenheim Investments focuses on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, wealth managers and high net worth investors with a track record of delivering results through innovative solutions. For more information, please visit https://www.guggenheiminvestments.com.  

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 560 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

Data as at 30 September 2024. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

About StepStone

StepStone Group Inc. (NASDAQ: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of September 30, 2024, StepStone was responsible for approximately $682 billion of total capital, including $176 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

^{___________________
1} Assets under management are as of 09.30.2024 and include consulting services for clients whose assets are valued at approximately $94bn as well as $40.4bn in non-advisory Assets Under Supervision.

² Total assets are as of 9.30.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC. 

Contact:
Gerard Carney
Guggenheim Investments
917-703-6368

CATSKILL, N.Y., Jan. 22, 2025 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and six months ended December 31, 2024, which is the second quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three and six months ended December 31, 2024 was $7.5 million, or $0.44 per basic and diluted share, and $13.8 million, or $0.81 per basic and diluted share, respectively, as compared to $5.7 million, or $0.34 per basic and diluted share, and $12.2 million, or $0.72 per basic and diluted share, for the three and six months ended December 31, 2023, respectively. Net income increased $1.6 million, or 12.9%, when comparing the six months ended December 31, 2024 and 2023.

Highlights:

• Net Income: $13.8 million for the six months ended December 31, 2024
• Total Assets: $2.97 billion at December 31, 2024, a new record high
• Net Loans: $1.53 billion at December 31, 2024, a new record high
• Total Deposits $2.47 billion at December 31, 2024
• Return on Average Assets: 0.99% for the six months ended December 31, 2024
• Return on Average Equity: 12.89% for the six months ended December 31, 2024

“I am pleased to report another excellent quarter of financial performance. Net income was $7.5 million for the three months ended December 31, 2024, an increase of $1.8 million, or 31.2% as compared to net income of $5.7 million for the three months ended December 31, 2023,” announced Company President & CEO Donald Gibson. “Second fiscal quarter results reflect solid performance across our key segments. The growth has been driven by our talented employees, who are our most valuable asset.”

Total consolidated assets for the Company were $2.97 billion at December 31, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at December 31, 2024, consisting of retail, business, municipal and private banking relationships.

Pre-provision net income was $14.9 million for the six months ended December 31, 2024 as compared to pre-provision net income of $12.8 million for the six months ended December 31, 2023, an increase of $2.1 million, or 16.1%. Pre-provision net income measures the Company’s net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed their balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three months ended December 31, 2024 as compared to the three months ended December 31, 2023. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

Selected highlights for the three and six months ended December 31, 2024 are as follows:

Net Interest Income and Margin

• Net interest income increased $1.7 million to $14.1 million for the three months ended December 31, 2024 from $12.4 million for the three months ended December 31, 2023. Net interest income increased $1.4 million to $27.2 million for the six months ended December 31, 2024 from $25.8 million for the six months ended December 31, 2023. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased $204.8 million and $129.8 million when comparing the three and six months ended December 31, 2024 and 2023, respectively, and increases in interest rates on interest-earning assets, which increased 26 and 33 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $202.8 million and $133.5 million when comparing the three and six months ended December 31, 2024 and 2023, respectively, and increases in rates paid on interest-bearing liabilities, which increased 16 and 34 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively.

  Average loan balances increased $68.1 million and $64.3 million and the yield on loans increased 22 basis points and 29 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively. The average balance of securities increased $111.8 million and $62.7 million and the yield on such securities increased 19 basis points and 42 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively. Average interest-bearing bank balances and federal funds increased $24.9 million and $2.7 million and the yield on interest-bearing bank balances and federal funds decreased 8 basis points and 2 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively.

  The cost of NOW deposits increased 5 basis points and 29 basis points, the cost of certificates of deposit increased 37 basis points and 40 basis points, and the cost of savings and money market deposits increased 11 basis points and 15 basis points when comparing the three and six months ended December 31, 2024 and 2023, respectively. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of $202.8 million and $133.5 million when comparing the three and six months ended December 31, 2024 and 2023, respectively. The growth in interest-bearing liabilities was due to an increase in average NOW deposits of $136.7 million and $92.2 million, an increase in average certificates of deposits of $86.2 million and $58.6 million, an increase in average borrowings of $1.7 million and $13.2 million, partially offset by a decrease in average savings and money market deposits of $21.8 million and $30.5 million when comparing the three and six months ended December 31, 2024 and 2023, respectively. Yields on interest-earning assets and costs of interest-bearing deposits increased when comparing the three and six months ended December 31, 2024 and 2023, as the Company continued to reprice assets and deposits into the higher interest rate environment. During the six months ended December 31, 2024, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships.

• Net interest rate spread increased 10 basis points to 1.80% for the three months ended December 31, 2024 compared to 1.70% for the three months ended December 31, 2023. Net interest rate spread decreased one basis point to 1.78% for the six months ended December 31, 2024, compared to 1.79% for the six months ended December 31, 2023.
• Net interest margin increased 10 basis points to 2.04% for the three months ended December 31, 2024, compared to 1.94% for the three months ended December 31, 2023. Net interest margin increased one basis point to 2.04% for the six months ended December 31, 2024, compared to 2.03% for the six months ended December 31, 2023. The increase in net interest rate spread and margin during the three months ended December 31, 2024, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods. This was partially offset by the increase in rates paid on deposits as compared to the prior period.

• Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.31% and 2.19% for the three months ended December 31, 2024 and 2023, respectively, and was 2.30% and 2.28% for the six months ended December 31, 2024 and 2023, respectively.

Credit Quality and Provision for Credit Losses on Loans

• Provision for credit losses on loans amounted to $505,000 and $183,000 for the three months ended December 31, 2024 and 2023, respectively, and $1.2 million and $645,000 for the six months ended December 31, 2024 and 2023, respectively. The loan provision for the six months ended December 31, 2024 was primarily attributable to the increase in loan volume and updated economic forecasts used in the quantitative modeling as of December 31, 2024. The allowance for credit losses on loans to total loans receivable was 1.30% at December 31, 2024 compared to 1.28% at June 30, 2024.

• Loans classified as substandard and special mention totaled $54.2 million at December 31, 2024 and $48.6 million at June 30, 2024, an increase of $5.6 million. The increase in loans classified during the period ended December 31, 2024 was primarily due to a downgrade of one commercial loan relationship that was considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention, $49.8 million were performing at December 31, 2024. There were no loans classified as doubtful or loss at December 31, 2024 or June 30, 2024.

• Net charge-offs on loans amounted to $95,000 and $123,000 for the three months ended December 31, 2024 and 2023, respectively, a decrease of $28,000. Net charge-offs totaled $209,000 and $216,000 for the six months ended December 31, 2024 and 2023, respectively. There were no material charge-offs in any loan segment during the three and six months ended December 31, 2024.

• Nonperforming loans amounted to $4.1 million at December 31, 2024 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $723,000 in loan repayments, $30,000 in charge-offs or transfers to foreclosure, and $1.2 million of loans placed into nonperforming status. At December 31, 2024, nonperforming assets were 0.14% of total assets compared to 0.13% at June 30, 2024. At December 31, 2024, nonperforming loans were 0.26% of net loans compared to 0.25% at June 30, 2024.

Noninterest Income and Noninterest Expense

• Noninterest income increased $397,000, or 11.4%, to $3.9 million for the three months ended December 31, 2024 compared to $3.5 million for the three months ended December 31, 2023. The increase during the three months ended December 31, 2024 was primarily due to an increase in fee income earned on customer interest rate swap contracts of $153,000 and loan fees of $115,000. Noninterest income increased $835,000, or 12.3%, to $7.6 million for the six months ended December 31, 2024 compared to $6.8 million for the six months ended December 31, 2023. The increase during the six months ended December 31, 2024 was primarily due to an increase in fee income earned on customer interest rate swap contracts of $211,000, loan fees of $174,000 and income from bank owned life insurance (“BOLI”) of $349,000. During the quarter ended December 31, 2023, the Company restructured $23.0 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies.

• Noninterest expense increased $60,000, or 0.6%, to $9.4 million for the three months ended December 31, 2024 compared to $9.3 million for the three months ended December 31, 2023. Noninterest expense increased $765,000 or 4.2%, to $18.9 million for the six months ended December 31, 2024 as compared to $18.2 million for the six months ended December 31, 2023. The increase during the six months ended December 31, 2024 was primarily due to an increase of $386,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of $335,000 in service and data processing fees and an increase of $392,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $223,000 in computer software and support fees due to vendor price negotiations, and a decrease of $191,000 in legal expenses during the six months ended December 31, 2024.

Income Taxes

• Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 7.3% and 6.9% for the three and six months ended December 31, 2024, and 10.4% and 11.8% for the three and six months ended December 31, 2023, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the effective tax rate during the three and six months ended December 31, 2024 primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income, and solar investment tax credits earned.

Balance Sheet Summary

• Total assets of the Company were $2.97 billion at December 31, 2024 and $2.83 billion at June 30, 2024, an increase of $140.0 million, or 5.0%.

• Total cash and cash equivalents for the Company were $166.4 million at December 31, 2024 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of December 31, 2024.

• Securities available-for-sale and held-to-maturity increased $105.0 million, or 10.1%, to $1.1 billion at December 31, 2024 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $274.2 million during the six months ended December 31, 2024, and consisted primarily of $167.9 million of state and political subdivision securities, $72.4 million of mortgage-backed securities, $24.7 million of U.S. Treasury securities, and $9.2 million of collateralized mortgage obligations. Principal pay-downs and maturities during the six months ended December 31, 2024 amounted to $172.0 million, primarily consisting of $107.8 million of state and political subdivision securities, $50.0 million of U.S. Treasury securities, $12.6 million of mortgage-backed securities, $1.4 million of collateralized mortgage obligations and $250,000 of corporate debt securities.

• Net loans receivable increased $51.0 million, or 3.4% to $1.53 billion at December 31, 2024 as compared to $1.48 billion at June 30, 2024. Loan growth experienced during the six months ended December 31, 2024 consisted primarily of $46.4 million in commercial real estate loans, $2.6 million in home equity loans, $1.6 million in commercial loans, and $1.4 million in residential real estate loans.

• Deposits totaled $2.5 billion at December 31, 2024 and $2.4 billion at June 30, 2024, an increase of $78.0 million, or 3.3%. The Company had zero brokered deposits at December 31, 2024 and June 30, 2024, respectively. NOW deposits increased $75.7 million, or 4.3%, and certificates of deposits increased $38.3 million, or 27.7%, when comparing December 31, 2024 and June 30, 2024. Money market deposits decreased $18.8 million, or 16.6%, noninterest bearing deposits decreased $13.0 million, or 10.3%, and savings deposits decreased $4.2 million, or 1.7%, when comparing December 31, 2024 and June 30, 2024.

• Borrowings amounted to $250.9 million at December 31, 2024 compared to $199.1 million at June 30, 2024, an increase of $51.8 million. At December 31, 2024, borrowings included $194.1 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.8 million of Fixed-to-Floating Rate Subordinated Notes, and $7.0 million of long-term borrowings with the FHLB.

• Shareholders’ equity increased to $218.4 million at December 31, 2024 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $13.8 million and a decrease in accumulated other comprehensive loss of $1.8 million, partially offset by dividends declared and paid of $3.1 million.

Corporate Overview

Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

Forward-Looking Statements

This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.  Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations.

Greene County Bancorp, Inc.

Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

	At or for the Three Months							At or for the Six Months
	Ended December 31,							Ended December 31,
Dollars in thousands, except share and per share data		2024			2023			2024			2023
Interest income	$	29,418		$	25,593		$	57,187		$	50,265
Interest expense		15,350			13,205			29,983			24,438
Net interest income		14,068			12,388			27,204			25,827
Provision for credit losses		478			170			1,112			627
Noninterest income		3,875			3,478			7,612			6,777
Noninterest expense		9,386			9,326			18,936			18,171
Income before taxes		8,079			6,370			14,768			13,806
Tax provision		589			663			1,017			1,630
Net income	$	7,490		$	5,707		$	13,751		$	12,176
Basic and diluted EPS	$	0.44		$	0.34		$	0.81		$	0.72
Weighted average shares outstanding		17,026,828			17,026,828			17,026,828			17,026,828
Dividends declared per share (4)	$	0.09		$	0.08		$	0.18		$	0.16
Selected Financial Ratios
Return on average assets(1)		1.05	%		0.86	%		0.99	%		0.92	%
Return on average equity(1)		13.84	%		12.12	%		12.89	%		13.07	%
Net interest rate spread(1)		1.80	%		1.70	%		1.78	%		1.79	%
Net interest margin(1)		2.04	%		1.94	%		2.04	%		2.03	%
Fully taxable-equivalent net interest margin(2)		2.31	%		2.19	%		2.30	%		2.28	%
Efficiency ratio(3)		52.31	%		58.78	%		54.39	%		55.73	%
Non-performing assets to total assets								0.14	%		0.22	%
Non-performing loans to net loans								0.26	%		0.39	%
Allowance for credit losses on loans to non-performing loans								497.93	%		359.58	%
Allowance for credit losses on loans to total loans								1.30	%		1.39	%
Shareholders’ equity to total assets								7.37	%		7.14	%
Dividend payout ratio(4)								22.22	%		22.22	%
Actual dividends paid to net income(5)								22.33	%		16.35	%
Book value per share							$	12.83		$	11.47
(1) Ratios are annualized when necessary. (2) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. (3) The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income. (4) The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding. (5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months ended December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended September 30, 2023, September 30, 2024, and December 31, 2024 were paid to the MHC.

Greene County Bancorp, Inc.

Consolidated Statements of Financial Condition (Unaudited)

	At December 31, 2024				At June 30, 2024
Dollars In thousands, except share data
Assets
Cash and due from banks	$	9,218			$	13,897
Interest-bearing deposits		157,225				176,498
Total cash and cash equivalents		166,443				190,395
Long term certificate of deposit		2,577				2,831
Securities available-for-sale, at fair value		374,453				350,001
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $439 and $483 at December 31, 2024 and June 30, 2024		770,905				690,354
Equity securities, at fair value		371				328
Federal Home Loan Bank stock, at cost		10,669				7,296
Loans receivable		1,551,400				1,499,473
Less: Allowance for credit losses on loans		(20,191	)			(19,244	)
Net loans receivable		1,531,209				1,480,229
Premises and equipment, net		15,416				15,606
Bank owned life insurance		58,535				57,249
Accrued interest receivable		16,623				14,269
Prepaid expenses and other assets		18,570				17,230
Total assets	$	2,965,771			$	2,825,788
Liabilities and shareholders’ equity
Noninterest bearing deposits	$	112,470			$	125,442
Interest bearing deposits		2,354,788				2,263,780
Total deposits		2,467,258				2,389,222
Borrowings, short-term		194,100				115,300
Borrowings, long-term		6,976				34,156
Subordinated notes payable, net		49,774				49,681
Accrued expenses and other liabilities		29,214				31,429
Total liabilities		2,747,322				2,619,788
Total shareholders’ equity		218,449				206,000
Total liabilities and shareholders’ equity	$	2,965,771			$	2,825,788
Common shares outstanding		17,026,828				17,026,828
Treasury shares		195,852				195,852

^{The above information is preliminary and based on the Company’s data available at the time of presentation
.}

Non-GAAP to GAAP Reconciliations

The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

	For the three months ended December 31,						For the six months ended December 31,
(Dollars in thousands)		2024			2023			2024			2023
Net interest income (GAAP)	$	14,068		$	12,388		$	27,204		$	25,827
Tax-equivalent adjustment(1)		1,867			1,591			3,579			3,154
Net interest income-fully taxable-equivalent basis (non-GAAP)	$	15,935		$	13,979		$	30,783		$	28,981
Average interest-earning assets (GAAP)	$	2,756,263		$	2,551,427		$	2,672,922		$	2,543,172
Net interest margin-fully taxable-equivalent basis (non-GAAP)		2.31	%		2.19	%		2.30	%		2.28	%

⁽¹⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and six months ended December 31, 2024 and 2023, 4.44% for New York State income taxes for the three and six months ended December 31, 2024 and 2023.

The following table summarizes the adjustments made to arrive at pre-provision net income.

	For the three months ended December 31,
(Dollars in thousands)		2024			2023
Net income (GAAP)	$	7,490		$	5,707
Provision for credit losses		478			170
Pre-provision net income (non-GAAP)	$	7,968		$	5,877

	For the six months ended December 31,
(Dollars in thousands)		2024			2023
Net income (GAAP)	$	13,751		$	12,176
Provision for credit losses		1,112			627
Pre-provision net income (non-GAAP)	$	14,863		$	12,803

^{The above information is preliminary and based on the Company’s data available at the time of presentation.}

For Further Information Contact:

Donald E. Gibson
President & CEO
(518) 943-2600
[email protected]

Nick Barzee
SVP & CFO
(518) 943-2600
[email protected]

ORINDA, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) — MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) (“MacKenzie” or the “Company”) is pleased to announce an update on its development called Aurora at Green Valley, in Fairfield, CA.

Highlights:

• Our Aurora project is progressing on schedule with no delays. See www.wisemanco.com/property/aurora-at-green-valley/    
• The schedule continues to indicate occupancy will begin during the third quarter for the first residential building, with the other two buildings delivered by the end of the year.
• Sunrise Center clubhouse, with leasing offices, is scheduled to be delivered 45 days prior to the first residential building to assist in leasing activities. That building already has drywall installed. Indoor and outdoor furniture and fitness room equipment has been ordered.
• Prior to opening of Sunrise Center, we will conduct pre-leasing activities from a professional office located in a nearby office building owned by an affiliate of MRC Aurora, LLC.
• FPI, our independent property manager, is the biggest manager in northern California in terms of units managed.
• The project has had minimal overruns – right now we forecast a total use of only 23% of the contingencies provided in our budget.
• Next month we expect to commence drawing on our construction loan facility, as we will have invested our $12.5 million cash equity. Our lender is Valley Strong Credit Union and they have already begun performing inspections so that our draw process is expected to be smooth.
• Market occupancies for similar projects are maintaining at 95% occupancy, including Nova, the newest large project in Green Valley which has now stabilized its 281 units at that 95% level.
• Rents in this market increased by 25% between 2021 and 2023. Rents pulled back a bit at the end of 2023, but have resumed a positive trend and are now just about 3% off the rental peak established in 2023. We believe there is not enough new product in this growth market to satisfy demand.

Robert Dixon, Chief Executive Officer at MacKenzie stated, “We are excited about the progress we are making in developing the Aurora project and are committed to be helping meet the continued demand for housing in the San Francisco Bay Area. This development is staying on the budget and schedule we initially disclosed. I want to thank our team here at MacKenzie as well as all the contractors and subcontractors involved.”

About MacKenzie Realty Capital, Inc. 

MacKenzie, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments.

For more information, please contact MacKenzie at (800) 854-8357. Please visit our website at: http://www.mackenzierealty.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to fully resume our operations and remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory,” “focus,” “work to,” “attempt,” “pursue,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled “Risk Factors” in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time.

89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • www.mackenzierealty.com

ATHENS, Greece, Jan. 22, 2025 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore (“ST” or the “Charterer”), for the 2011-built, 105,525 dwt Aframax tanker vessel, M/T P. Monterey. The gross charter rate will be US$28,000 per day for a period of twelve months +/- 30 days at the option of the Charterer. This charter commenced in mid-January and will generate approximately US$9.38 million of gross revenue for the minimum duration of the charter.

Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are pleased to announce the direct continuation of the previous time charter contract with ST, a testament to our strong, long-standing partnerships and repeat business with reputable and creditworthy counterparties. This charter also increases our current secured revenue backlog to approximately US$62 million, or US$232 million when including the 5-year contracts for our three Aframax LR2 newbuildings. Our fleet deployment now consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation. Looking ahead, we remain constructive on the tanker market as we expect the redelivery of two more vessels from their period charters in the coming months.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,” “continue,” “possible,” “might,” “pending” and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas or related regional conflicts, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email:[email protected]
Website:www.pshipping.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:[email protected]

Geneva, Switzerland, Jan. 22, 2025 (GLOBE NEWSWIRE) —

Video of the demo available 



HERE

SEALSQ Corp (NASDAQ: LAES) (“SEALSQ” or “Company”), a company specializing in Semiconductors, PKI, and Post-Quantum technology hardware and software products, today announced that it will showcase a live demonstration of its PQC-optimized secure hardware platform (QS7001) during the Quantum Security Roundtable at Davos 2025. This milestone demonstration solidifies SEALSQ’s position as a global leader in quantum-resilient technology, aligning with the urgent need for secure solutions in the era of quantum computing.

The Quantum Security Roundtable will take place on January 22, 2025, at the Davos Congress Centre in Davos, Switzerland. Organized by Microsoft, WISeKey, and the Cybersecurity Tech Accord—an alliance of leading tech companies committed to improving cybersecurity—the event brings together industry leaders, policymakers, and innovators to discuss the future of quantum technologies and their implications for global security.

A World-First in Quantum-Resistant Secure Hardware

SEALSQ will be the first company to publicly demonstrate PQC algorithms running on secure hardware designed specifically for the quantum era. This hardware platform, optimized for quantum-resistant cryptography, represents a paradigm shift in secure microcontroller design. By efficiently authenticating, signing, and encrypting data while adhering to stringent certifications like FIPS and Common Criteria, SEALSQ’s platform sets a new standard for secure transactions in the quantum age.

Key Highlights of the Demonstration:

• Performance Benchmarking: The demo will compare the performance of the KYBER and DILITHIUM algorithms running on SEALSQ’s quantum-resistant platform with that of a powerful traditional secure microcontroller, the MS6003.
• Energy and Time Efficiency: The platform demonstrates superior efficiency, ensuring robust security without compromising speed or energy consumption.
• Real-World Applications: Designed for connected devices across AI, blockchain, and IoT ecosystems, SEALSQ’s hardware is built to future-proof critical infrastructures against the looming threat of quantum attacks.

The Growing Importance of Quantum-Resistant Technology

The rapid advancement of quantum computing is revolutionizing fields like AI and blockchain, but it also exposes vulnerabilities in current cryptographic systems, including RSA algorithms that safeguard millions of daily transactions. To address this challenge, NIST has endorsed quantum-resistant algorithms like KYBER and DILITHIUM, which provide robust defenses against both quantum and traditional attacks.

In response, SEALSQ’s platform combines advanced hardware engineering with state-of-the-art cryptographic algorithms to deliver secure, energy-efficient solutions for the next generation of technology.

About SEALSQ:

SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, Medical and Healthcare and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.

Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks. For more information, please visit www.sealsq.com.

Forward-Looking Statements

This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the expected success of our technology strategy and solutions for IoMT Security for Medical and Healthcare sectors, SEALSQ’s ability to implement its growth strategies, SEALSQ’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 [email protected]

SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / [email protected] Katie Murphy Tel: +212 836-9612 / [email protected]

TYSONS, Va., Jan. 22, 2025 (GLOBE NEWSWIRE) — TEGNA Inc. (NYSE: TGNA) will host a conference call to discuss its fourth quarter and full-year 2024 earnings results on Thursday, February 27, 2025, at 9 a.m. (ET).

The conference call will be webcast through the company’s website, and is open to investors, the financial community, the media and other members of the public.

To access the meeting by phone, please visit investors.TEGNA.com at least 10 minutes prior to the scheduled start time to access the links and register before the conference call begins. Once registered, phone participants will receive dial-in numbers and a unique PIN to seamlessly access the call.

TEGNA’s earnings announcement will be released to news outlets and wire services before the market opens on February 27. Materials related to the call will be available at that time through the Investor Relations section of TEGNA’s website, investors.TEGNA.com. The webcast will also be archived and available at investors.TEGNA.com

About TEGNA

TEGNA Inc. (NYSE: TGNA) serves local communities across the U.S. through trustworthy journalism, engaging content, and tools that help people navigate their daily lives. Through customized marketing solutions, we help businesses grow and thrive. With 64 television stations in 51 U.S. markets, TEGNA reaches approximately 100 million people every month across the web, mobile apps, streaming, and linear television. For more information, visit TEGNA.com.

For media inquiries, contact:

Anne Bentley
Vice President, Chief Communications Officer
703-873-6366
[email protected]

For investor inquiries, contact:

Julie Heskett
Senior Vice President, Chief Financial Officer
703-873-6747
[email protected]