Market Newsdesk

April 21, 2025 8:30 am

Washington Trust Reports First Quarter 2025 Results

PR Newswire

WESTERLY, R.I.
, April 21, 2025 /PRNewswire/ — Washington Trust Bancorp, Inc. (the “Corporation”) (Nasdaq: WASH), parent company of The Washington Trust Company (the “Bank”), today reported first quarter 2025 net income of $12.2 million, or $0.63 per diluted share.

In the first quarter of 2025, sales leaseback transactions were completed for five branch locations and a pre-tax net gain on the sale of the bank-owned properties totaling $7.0 million was recognized within noninterest income. Additionally, in connection with the termination of the Corporation’s qualified pension plan, a pre-tax non-cash pension plan settlement charge of $6.4 million was recognized within noninterest expenses. Excluding the impact of these items, adjusted net income (non-GAAP) totaled $11.8 million, or $0.61 per diluted share, in the first quarter of 2025. In the fourth quarter of 2024, a net loss of $60.8 million, or a loss of $3.46 per diluted share, was recognized. Excluding the impact of the previously disclosed balance sheet repositioning sale transactions in the preceding quarter, adjusted net income (non-GAAP) was $10.4 million, or $0.59 per diluted share for the fourth quarter of 2024.

“Washington Trust’s first quarter results reflected our effective focus on our balance sheet, resulting in expansion of net interest margin and in-market deposit growth,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “In our 225th year, we remain steadfast in our commitment to our customers and the communities we serve.”

Other selected financial highlights for the first quarter 2025 include:

The net interest margin was 2.29% in the first quarter, up by 34 basis points from the 1.95% reported in the preceding quarter, reflecting benefits from the balance sheet repositioning transactions.
A provision for credit losses of $1.2 million was recognized for the first quarter, up by $200 thousand from the fourth quarter of 2024.
Wealth management revenues in the first quarter decreased by 2% from the preceding quarter. End of period assets under administration (“AUA”) totaled $6.8 billion, down by 4% from December 31, 2024.
Mortgage banking revenues in the first quarter decreased by 19% from the preceding quarter, reflecting a lower volume of loans sold to the secondary market.
Total loans amounted to $5.1 billion, down by 1% from December 31, 2024.
In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.0 billion, up by 4% from December 31, 2024.

Net Interest Income
Net interest income was $36.4 million for the first quarter of 2025, up by $3.5 million, or 11%, from the fourth quarter of 2024. The net interest margin was 2.29% for the first quarter, an increase of 34 basis points from the preceding quarter. This improvement reflected benefits from the balance sheet repositioning transactions executed in the latter portion of the preceding quarter, which included the sale of lower-yielding securities and loans, reinvestment into higher-yielding securities, and pay-down of higher-cost wholesale funding. Linked quarter changes included:

Average interest-earning assets decreased by $277 million, largely reflecting a decrease in loans, partially offset by an increase in average balance of deposits at correspondent banks. The yield on interest-earning assets for the first quarter was 4.98%, up by 15 basis points from the preceding quarter.
Average interest-bearing liabilities decreased by $219 million, as in-market deposits increased by $167 million while wholesale funding balances decreased by $386 million. The cost of interest-bearing liabilities for the first quarter of 2025 was 3.19%, down by 22 basis points from the preceding quarter.

Noninterest Income
Noninterest income was $22.6 million for the first quarter of 2025, compared to a loss of $77.9 million in the fourth quarter of 2024. Adjusted noninterest income (non-GAAP) was $15.6 million for the first quarter, down by $394 thousand, or 2%, from the preceding quarter. Our two largest sources of noninterest income are discussed below:

Wealth management revenues amounted to $9.9 million in the first quarter of 2025, down by $158 thousand, or 2%, from the preceding quarter, reflecting a decrease in asset-based revenues. The end of period AUA balance at March 31, 2025 amounted to $6.8 billion, down by $259 million, or 4%, from December 31, 2024.
Mortgage banking revenues totaled $2.3 million for the first quarter of 2025, down by $544 thousand, or 19%, from the preceding quarter. Loans sold amounted to $75.5 million in the first quarter of 2025, down by $37.6 million, or 33%, from the fourth quarter of 2024.

Noninterest Expense
Noninterest expense totaled $42.2 million for the first quarter of 2025, up by $7.9 million, or 23%, from the fourth quarter of 2024. Adjusted noninterest expense (non-GAAP) was $35.8 million for the first quarter, up by $1.5 million, or 4%, from the preceding quarter. Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.4 million, up by $547 thousand, or 3%, from the preceding quarter, which includes higher payroll taxes associated with the start of a new calendar year. The remaining increase in noninterest expense included higher net occupancy costs and modest changes across a variety of expense categories.

Income Tax
For the first quarter of 2025, income tax expense of $3.5 million was recognized, reflecting an effective tax rate of 22.3%. Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.4%.

Investment Securities
The securities portfolio totaled $918 million at March 31, 2025, up by $1 million, or 0.1%, from December 31, 2024. An increase in the fair value of available for sale securities was essentially offset by routine pay-downs on mortgage-backed debt securities in the quarter. The securities portfolio represented 14% of total assets at March 31, 2025, compared to 13% of total assets at December 31, 2024.

Loans
Total loans amounted to $5.1 billion at March 31, 2025, down by $42 million, or 1%, from the end of the preceding quarter. These changes included:

Commercial loans decreased by $28 million, or 1%, from December 31, 2024.
Residential real estate loans decreased by $13 million, or 1%, from December 31, 2024.
Consumer loans decreased by $1 million, or 0.3%, from December 31, 2024.

Deposits and Borrowings
Total deposits amounted to $5.0 billion at March 31, 2025, down by $75 million, or 1%, from the end of the preceding quarter.

In-market deposits, which exclude wholesale brokered deposits, amounted to $5.0 billion at March 31, 2025, up by $195 million, or 4%, from December 31, 2024, largely due to increases in high-rate savings account balances.

Wholesale brokered deposits amounted to $27 million and were down by $270 million, or 91%, from December 31, 2024. FHLB advances totaled $850 million at March 31, 2025, down by $275 million, or 24%, from December 31, 2024. These decreases reflected less need for wholesale funding and the use of net proceeds from the aforementioned balance sheet repositioning transactions.

As of March 31, 2025, contingent liquidity amounted to $1.8 billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Asset Quality
Nonaccrual loans were $21.6 million, or 0.42% of total loans, at March 31, 2025, compared to $23.3 million, or 0.45% of total loans, at December 31, 2024. The composition of nonaccrual loans at March 31, 2025 was 40% commercial and 60% residential and consumer.

Past due loans were $10.2 million, or 0.20% of total loans, at March 31, 2025, compared to $12.0 million, or 0.23% of total loans, at December 31, 2024. The composition of past due loans at March 31, 2025 was 11% commercial and 89% residential and consumer.

The allowance for credit losses (“ACL”) on loans amounted to $41.1 million, or 0.81% of total loans, at March 31, 2025, compared to $42.0 million, or 0.82% of total loans, at December 31, 2024. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.2 million at March 31, 2025, compared to $1.4 million at December 31, 2024.

The provision for credit losses totaled $1.2 million in the first quarter of 2025, up by $200 thousand from the preceding quarter, including loss allocations on individually analyzed nonaccrual commercial loans and reflecting our estimate of forecasted economic conditions. Net charge-offs amounted to $2.3 million in the first quarter of 2025, compared to $1.9 million in the preceding quarter. The charge-offs recognized in both the first quarter of 2025 and fourth quarter of 2024 were concentrated in the commercial real estate office portfolio segment.

Capital and Dividends
Total shareholders’ equity was $521.7 million at March 31, 2025, up by $22.0 million, or 4%, from December 31, 2024. Net income of $12.2 million and improvement of $20.0 million in the accumulated other comprehensive loss (“AOCL”) component of shareholders’ equity were partially offset by quarterly dividend declarations of $11.0 million. The improvement in AOCL included an increase in fair value of available for sale debt securities, as well as the effects of the remeasurement of the qualified pension plan upon settlement and the reclassification of the after-tax pension plan settlement charge to noninterest expenses.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended March 31, 2025. The dividend was paid on April 11, 2025 to shareholders of record on April 1, 2025.

Capital levels at March 31, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.13% at March 31, 2025, compared to 12.47% at December 31, 2024. Book value per share was $27.06 at March 31, 2025, compared to $25.93 at December 31, 2024.

Conference Call
Washington Trust will host a conference call to discuss its first quarter results, business highlights, and outlook on Monday, April 21, 2025 at 10:00 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 572620. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 256173. The audio replay will be available through May 5, 2025. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust’s website, https://ir.washtrust.com, and will be available through June 30, 2025.

Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut, and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s website at https://ir.washtrust.com.

Forward-Looking Statements
This press release contains statements that are “forward-looking statements.” We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

changes in general business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;
interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
changes in customer behavior due to political, business and economic conditions;
changes in loan demand and collectability;
the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
ongoing volatility in national and international financial markets;
reductions in the market value or outflows of wealth management AUA;
decreases in the value of securities and other assets;
increases in defaults and charge-off rates;
changes in the size and nature of our competition;
changes in, and evolving interpretations of, existing and future laws, rules and regulations;
changes in accounting principles, policies and guidelines;
operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
regulatory, litigation and reputational risks; and
changes in the assumptions used in making such forward-looking statements.

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information – Explanation of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Washington Trust’s management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Assets:
Cash and due from banks	$33,394	$21,534	$33,694	$28,211	$52,544
Interest-earning deposits with correspondent banks	82,804	88,368	173,277	75,666	49,592
Short-term investments	4,041	3,987	3,772	3,654	3,452
Mortgage loans held for sale, at fair value	21,953	21,708	20,864	26,116	25,462
Mortgage loans held for sale, at lower of cost or market	—	281,706	—	—	—
Premises and equipment held for sale, lower of cost or market	—	4,788	—	—	—
Available for sale debt securities, at fair value	917,545	916,305	973,266	951,828	970,060
Federal Home Loan Bank stock, at cost	38,899	49,817	57,439	66,166	55,512
Loans:
Total loans	5,096,210	5,137,838	5,514,870	5,629,102	5,685,232
Less: allowance for credit losses on loans	41,056	41,960	42,630	42,378	41,905
Net loans	5,055,154	5,095,878	5,472,240	5,586,724	5,643,327
Premises and equipment, net	26,068	26,873	32,145	31,866	31,914
Operating lease right-of-use assets	36,048	26,943	27,612	28,387	29,216
Investment in bank-owned life insurance	107,546	106,777	105,998	105,228	104,475
Goodwill	63,909	63,909	63,909	63,909	63,909
Identifiable intangible assets, net	2,682	2,885	3,089	3,295	3,503
Other assets	195,972	219,169	174,266	213,310	216,158
Total assets	$6,586,015	$6,930,647	$7,141,571	$7,184,360	$7,249,124
Liabilities:
Deposits:
Noninterest-bearing deposits	$625,590	$661,776	$665,706	$645,661	$648,929
Interest-bearing deposits	4,414,991	4,454,024	4,506,184	4,330,465	4,698,964
Total deposits	5,040,581	5,115,800	5,171,890	4,976,126	5,347,893
Federal Home Loan Bank advances	850,000	1,125,000	1,300,000	1,550,000	1,240,000
Junior subordinated debentures	22,681	22,681	22,681	22,681	22,681
Operating lease liabilities	38,716	29,578	30,237	31,012	31,837
Other liabilities	112,357	137,860	114,534	133,584	139,793
Total liabilities	6,064,335	6,430,919	6,639,342	6,713,403	6,782,204
Shareholders’ Equity:
Common stock	1,223	1,223	1,085	1,085	1,085
Paid-in capital	197,570	196,947	126,698	125,898	126,785
Retained earnings	435,233	434,014	505,654	504,350	503,175
Accumulated other comprehensive loss	(99,179)	(119,171)	(117,158)	(146,326)	(148,913)
Treasury stock, at cost	(13,167)	(13,285)	(14,050)	(14,050)	(15,212)
Total shareholders’ equity	521,680	499,728	502,229	470,957	466,920
Total liabilities and shareholders’ equity	$6,586,015	$6,930,647	$7,141,571	$7,184,360	$7,249,124

Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars and shares in thousands, except per share amounts)
		For the Three Months Ended
		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Interest income:
Interest and fees on loans		$66,656	$71,432	$75,989	$76,240	$75,636
Interest on mortgage loans held for sale		958	762	366	392	255
Taxable interest on debt securities		8,827	7,015	6,795	6,944	7,096
Nontaxable interest on debt securities		7	8	—	—	—
Dividends on Federal Home Loan Bank stock		1,022	1,312	1,262	1,124	1,073
Other interest income		1,993	1,310	3,174	1,297	1,196
Total interest and dividend income		79,463	81,839	87,586	85,997	85,256
Interest expense:
Deposits		31,748	34,135	37,203	36,713	38,047
Federal Home Loan Bank advances		10,946	14,388	17,717	17,296	15,138
Junior subordinated debentures		347	380	404	403	406
Total interest expense		43,041	48,903	55,324	54,412	53,591
Net interest income		36,422	32,936	32,262	31,585	31,665
Provision for credit losses		1,200	1,000	200	500	700
Net interest income after provision for credit losses		35,222	31,936	32,062	31,085	30,965
Noninterest income (loss):
Wealth management revenues		9,891	10,049	9,989	9,678	9,338
Mortgage banking revenues		2,304	2,848	2,866	2,761	2,506
Card interchange fees		1,509	1,255	1,321	1,275	1,145
Service charges on deposit accounts		744	794	784	769	685
Loan related derivative income		101	8	126	49	284
Income from bank-owned life insurance		769	779	770	753	739
Realized losses on securities, net		—	(31,047)	—	—	—
Losses on sale of portfolio loans, net		—	(62,888)	—	—	—
Gain on sale of bank-owned properties, net		6,994	—	—	988	—
Other income		331	310	416	387	2,466
Total noninterest income (loss)		22,643	(77,892)	16,272	16,660	17,163
Noninterest expense:
Salaries and employee benefits		22,422	21,875	21,350	21,260	21,775
Outsourced services		4,346	4,197	4,185	4,096	3,780
Net occupancy		2,741	2,428	2,399	2,397	2,561
Equipment		891	936	924	958	1,020
Legal, audit, and professional fees		750	845	836	741	706
FDIC deposit insurance costs		1,262	1,266	1,402	1,404	1,441
Advertising and promotion		410	560	857	661	548
Amortization of intangibles		204	204	206	208	208
Pension plan settlement charge		6,436	—	—	—	—
Other expenses		2,734	1,981	2,345	2,185	2,324
Total noninterest expense		42,196	34,292	34,504	33,910	34,363
Income (loss) before income taxes		15,669	(80,248)	13,830	13,835	13,765
Income tax expense (benefit)		3,490	(19,457)	2,849	3,020	2,829
Net income (loss)		$12,179	($60,791)	$10,981	$10,815	$10,936

Net income (loss) available to common shareholders		$12,179	($60,776)	$10,973	$10,807	$10,924
Weighted average common shares outstanding – basic		19,276	17,452	17,058	17,052	17,033
Weighted average common shares outstanding – diluted		19,370	17,565	17,140	17,110	17,074
Per share information:	Basic earnings per common share	$0.63	($3.48)	$0.64	$0.63	$0.64
	Diluted earnings per common share	$0.63	($3.46)	$0.64	$0.63	$0.64
	Cash dividends declared	$0.56	$0.56	$0.56	$0.56	$0.56

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Share and Equity Related Data:
Book value per share	$27.06	$25.93	$29.44	$27.61	$27.41
Tangible book value per share (non-GAAP) (1)	$23.61	$22.46	$25.51	$23.67	$23.45
Market value per share	$30.86	$31.35	$32.21	$27.41	$26.88
Shares issued at end of period	19,562	19,562	17,363	17,363	17,363
Shares outstanding at end of period	19,276	19,274	17,058	17,058	17,033

Capital Ratios (2) :
Tier 1 risk-based capital	12.23 %	11.64 %	11.39 %	11.01 %	10.84 %
Total risk-based capital	13.13 %	12.47 %	12.21 %	11.81 %	11.62 %
Tier 1 leverage ratio	8.45 %	8.13 %	7.85 %	7.82 %	7.81 %
Common equity tier 1	11.76 %	11.20 %	10.95 %	10.59 %	10.42 %

Balance Sheet Ratios:
Equity to assets	7.92 %	7.21 %	7.03 %	6.56 %	6.44 %
Tangible equity to tangible assets (non-GAAP) (1)	6.98 %	6.31 %	6.15 %	5.67 %	5.56 %
Loans to deposits (3)	100.7 %	105.5 %	106.2 %	112.8 %	106.0 %

	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Performance Ratios (4) :
Net interest margin (5)	2.29 %	1.95 %	1.85 %	1.83 %	1.84 %
Return on average assets (6)	0.73 %	(3.45 %)	0.60 %	0.60 %	0.61 %
Adjusted return on average assets (non-GAAP) (1)	0.71 %	0.59 %	0.60 %	0.56 %	0.52 %
Return on average tangible assets (non-GAAP) (1)	0.71 %	0.60 %	0.61 %	0.57 %	0.53 %
Return on average equity (7)	9.63 %	(48.25 %)	8.99 %	9.43 %	9.33 %
Adjusted return on average equity (non-GAAP) (1)	9.30 %	8.29 %	8.99 %	8.79 %	7.99 %
Return on average tangible equity (non-GAAP) (1)	10.69 %	9.57 %	10.43 %	10.29 %	9.32 %
Efficiency ratio (8)	71.4 %	(76.3 %)	71.1 %	70.3 %	70.4 %
Adjusted efficiency ratio (non-GAAP) (1)	68.7 %	70.0 %	71.1 %	71.8 %	73.5 %


(1)	See the section labeled “Supplemental Information – Calculation of Non-GAAP Financial Measures” at the end of this document.
(2)	Estimated for March 31, 2025 and actuals for prior periods.
(3)	Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.
(4)	Annualized based on the actual number of days in the period.
(5)	Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.
(6)	Net income divided by average assets.
(7)	Net income available for common shareholders divided by average equity.
(8)	Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)

	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues	$9,769	$9,910	$9,770	$9,239	$9,089
Transaction-based revenues	122	139	219	439	249
Total wealth management revenues	$9,891	$10,049	$9,989	$9,678	$9,338

Assets Under Administration (AUA):
Balance at beginning of period	$7,077,802	$7,052,408	$6,803,491	$6,858,322	$6,588,406
Net investment (depreciation) appreciation & income	(148,748)	57,706	372,027	108,529	364,244
Net client asset outflows	(110,664)	(32,312)	(123,110)	(163,360)	(94,328)
Balance at end of period	$6,818,390	$7,077,802	$7,052,408	$6,803,491	$6,858,322

Percentage of AUA that are managed assets	91 %	91 %	91 %	91 %	91 %

Mortgage Banking Results
Mortgage Banking Revenues:
Realized gains on loan sales, net (1)	$1,575	$2,493	$2,492	$2,205	$1,586
Changes in fair value, net (2)	133	(317)	(28)	20	324
Loan servicing fee income, net (3)	596	672	402	536	596
Total mortgage banking revenues	$2,304	$2,848	$2,866	$2,761	$2,506

Residential Mortgage Loan Originations:
Originations for retention in portfolio (4)	$27,662	$15,155	$26,317	$26,520	$24,474
Originations for sale to secondary market (5)	75,519	114,137	115,117	110,728	78,098
Total mortgage loan originations	$103,181	$129,292	$141,434	$137,248	$102,572

Percentage of originations for sale to total mortgage loan originations	73 %	88 %	81 %	81 %	76 %

Residential Mortgage Loans Sold:
Sold with servicing rights retained	$16,819	$62,410	$17,881	$24,570	$24,057
Sold with servicing rights released (5)	58,680	50,697	102,457	85,482	48,587
Total mortgage loans sold	$75,499	$113,107	$120,338	$110,052	$72,644


(1)	Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.
(2)	Represents fair value changes on mortgage loans held for sale and forward loan commitments.
(3)	Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.
(4)	Includes the full commitment amount of homeowner construction loans.
(5)	Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Loans:
Commercial real estate (1)	$2,134,107	$2,154,504	$2,102,091	$2,191,996	$2,158,518
Commercial & industrial	535,030	542,474	566,279	558,075	613,376
Total commercial	2,669,137	2,696,978	2,668,370	2,750,071	2,771,894

Residential real estate (2)	2,113,307	2,126,171	2,529,397	2,558,533	2,585,524

Home equity	296,563	297,119	299,379	302,027	309,302
Other	17,203	17,570	17,724	18,471	18,512
Total consumer	313,766	314,689	317,103	320,498	327,814
Total loans	$5,096,210	$5,137,838	$5,514,870	$5,629,102	$5,685,232


(1)	Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property.
(2)	Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

	March 31, 2025		December 31, 2024
	Balance	% of Total	Balance	% of Total
Commercial Real Estate Loans by Property Location:
Connecticut	$840,620	39 %	$839,079	39 %
Massachusetts	633,123	30	663,026	31
Rhode Island	439,382	21	434,244	20
Subtotal	1,913,125	90	1,936,349	90
All other states	220,982	10	218,155	10
Total commercial real estate loans	$2,134,107	100 %	$2,154,504	100 %

Residential Real Estate Loans by Property Location:
Massachusetts	$1,508,640	71 %	$1,530,847	72 %
Rhode Island	455,372	22	443,237	21
Connecticut	126,336	6	128,933	6
Subtotal	2,090,348	99	2,103,017	99
All other states	22,959	1	23,154	1
Total residential real estate loans	$2,113,307	100 %	$2,126,171	100 %

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)

	March 31, 2025		December 31, 2024
	Balance	% of Total	Balance	% of Total
Commercial Real Estate Portfolio Segmentation:
Multi-family	$580,191	27 %	$567,243	26 %
Retail	422,039	20	433,146	20
Industrial and warehouse	361,910	17	358,425	17
Office	275,787	13	289,853	13
Hospitality	221,921	10	213,585	10
Healthcare Facility	191,546	9	205,858	10
Mixed-use	22,281	1	29,023	1
Other	58,432	3	57,371	3
Total commercial real estate loans	$2,134,107	100 %	$2,154,504	100 %

Commercial & Industrial Portfolio Segmentation:
Healthcare and social assistance	$120,963	23 %	$126,547	23 %
Real estate rental and leasing	61,208	11	63,992	12
Transportation and warehousing	53,849	10	55,784	10
Retail trade	52,928	10	41,132	8
Educational services	49,432	9	47,092	9
Manufacturing	22,741	4	32,140	6
Information	22,088	4	22,265	4
Finance and insurance	19,735	4	26,557	5
Arts, entertainment, and recreation	19,600	4	19,861	4
Accommodation and food services	14,958	3	12,368	2
Professional, scientific, and technical services	11,043	2	10,845	2
Public administration	2,152	—	2,186	—
Other	84,333	16	81,705	15
Total commercial & industrial loans	$535,030	100 %	$542,474	100 %

			Weighted Average		Asset Quality
	Balance (2) (3)	Average Loan Size (4)	Loan to Value	Debt Service Coverage	Pass	Special Mention	Classified	Nonaccrual (included in Classified)
Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction):
Class A	$102,953	$9,436	58 %	1.76x	$96,714	$—	$6,239	$—
Class B	76,848	4,072	57 %	1.53x	69,243	—	7,605	7,605
Class C	14,887	1,861	54 %	1.57x	12,670	2,217	—	—
Medical Office	53,334	7,619	69 %	1.39x	53,334	—	—	—
Lab Space	27,765	23,473	91 %	0.81x	—	6,319	21,446	—
Total office at March 31, 2025 (1)	$275,787	$6,305	65 %	1.48x	$231,961	$8,536	$35,290	$7,605
Total office at December 31, 2024	$289,853	$6,566	65 %	1.51x	$244,223	$8,353	$37,277	$10,053
Total office linked quarter change	($14,066)	($261)	— %	(0.03x)	($12,262)	$183	($1,987)	($2,448)


(1)	Approximately 67% of the total commercial real estate office balance of $276 million is secured by income producing properties located in suburban areas. Additionally, approximately 50% of the total commercial real estate office balance is scheduled to mature before March 31, 2027.
(2)	Balance of commercial real estate office consists of 47 loans as of March 31, 2025.
(3)	Does not include $20.5 million of unfunded commitments as of March 31, 2025.
(4)	Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY
(Unaudited; Dollars in thousands)

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Deposits:
Noninterest-bearing demand deposits	$625,590	$661,776	$665,706	$645,661	$648,929
Interest-bearing demand deposits (in-market)	654,599	592,904	596,319	532,316	536,923
NOW accounts	686,666	692,812	685,531	722,797	735,617
Money market accounts	1,202,703	1,154,745	1,146,426	1,086,088	1,111,510
Savings accounts	630,413	523,915	490,285	485,208	484,678
Time deposits (in-market) (1)	1,213,382	1,192,110	1,207,626	1,164,839	1,156,516
In-market deposits	5,013,353	4,818,262	4,791,893	4,636,909	4,674,173
Wholesale brokered time deposits	27,228	297,538	379,997	339,217	673,720
Total deposits	$5,040,581	$5,115,800	$5,171,890	$4,976,126	$5,347,893


(1)	As of March 31, 2025, in-market deposits were approximately 60% retail and 40% commercial and the average size was approximately $38 thousand.

	March 31, 2025		December 31, 2024
	Balance	% of Total Deposits	Balance	% of Total Deposits
Uninsured Deposits:
Uninsured deposits (1)	$1,378,312	27 %	$1,363,689	27 %
Less: affiliate deposits (2)	96,644	2	94,740	2
Uninsured deposits, excluding affiliate deposits	1,281,668	25	1,268,949	25
Less: fully-collateralized preferred deposits (3)	195,771	3	197,638	4
Uninsured deposits, after exclusions	$1,085,897	22 %	$1,071,311	21 %


(1)	Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.
(2)	Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.
(3)	Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

	Mar 31, 2025	Dec 31, 2024
Contingent Liquidity:
Federal Home Loan Bank of Boston	$1,047,209	$752,951
Federal Reserve Bank of Boston	113,746	70,286
Available cash liquidity (1)	43,350	36,647
Unencumbered securities	548,483	597,771
Total	$1,752,788	$1,457,655

Percentage of total contingent liquidity to uninsured deposits	127.2 %	106.9 %
Percentage of total contingent liquidity to uninsured deposits, after exclusions	161.4 %	136.1 %


(1)	Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs.

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Asset Quality Ratios:
Nonperforming assets to total assets	0.33 %	0.34 %	0.44 %	0.43 %	0.43 %
Nonaccrual loans to total loans	0.42 %	0.45 %	0.56 %	0.54 %	0.54 %
Total past due loans to total loans	0.20 %	0.23 %	0.37 %	0.21 %	0.18 %
Allowance for credit losses on loans to nonaccrual loans	189.85 %	180.03 %	136.89 %	139.04 %	136.45 %
Allowance for credit losses on loans to total loans	0.81 %	0.82 %	0.77 %	0.75 %	0.74 %

Nonperforming Assets:
Commercial real estate	$7,605	$10,053	$18,259	$18,390	$18,729
Commercial & industrial	1,140	515	616	642	668
Total commercial	8,745	10,568	18,875	19,032	19,397
Residential real estate	11,102	10,767	10,517	9,744	9,722
Home equity	1,779	1,972	1,750	1,703	1,591
Other consumer	—	—	—	—	—
Total consumer	1,779	1,972	1,750	1,703	1,591
Total nonaccrual loans	21,626	23,307	31,142	30,479	30,710
Other real estate owned	—	—	—	683	683
Total nonperforming assets	$21,626	$23,307	$31,142	$31,162	$31,393

Past Due Loans (30 days or more past due):
Commercial real estate	$—	$—	$10,476	$—	$—
Commercial & industrial	1,146	900	3	2	270
Total commercial	1,146	900	10,479	2	270
Residential real estate	6,439	7,741	6,947	8,534	6,858
Home equity	2,578	2,947	2,800	3,324	2,879
Other consumer	32	394	75	20	32
Total consumer	2,610	3,341	2,875	3,344	2,911
Total past due loans	$10,195	$11,982	$20,301	$11,880	$10,039

Accruing loans 90 days or more past due	$—	$—	$—	$—	$—
Nonaccrual loans included in past due loans	$7,534	$6,447	$18,119	$8,409	$5,111

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Nonaccrual Loan Activity:
Balance at beginning of period	$23,307	$31,142	$30,479	$30,710	$44,618
Additions to nonaccrual status	2,142	5,417	1,880	556	431
Loans returned to accruing status	(4)	(9)	(268)	(369)	(13,764)
Loans charged-off	(2,522)	(2,231)	(59)	(53)	(70)
Loans transferred to other real estate owned	—	—	—	—	—
Payments, payoffs, and other changes	(1,297)	(11,012)	(890)	(365)	(505)
Balance at end of period	$21,626	$23,307	$31,142	$30,479	$30,710

Allowance for Credit Losses on Loans:
Balance at beginning of period	$41,960	$42,630	$42,378	$41,905	$41,057
Provision for credit losses on loans (1)	1,400	1,200	300	500	900
Charge-offs	(2,522)	(2,231)	(59)	(53)	(70)
Recoveries	218	361	11	26	18
Balance at end of period	$41,056	$41,960	$42,630	$42,378	$41,905

Allowance for Credit Losses on Unfunded Commitments:
Balance at beginning of period	$1,440	$1,640	$1,740	$1,740	$1,940
Provision for credit losses on unfunded commitments (1)	(200)	(200)	(100)	—	(200)
Balance at end of period (2)	$1,240	$1,440	$1,640	$1,740	$1,740


(1)	Included in provision for credit losses in the Consolidated Statements of Income.
(2)	Included in other liabilities in the Consolidated Balance Sheets.

	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Net Loan Charge-Offs (Recoveries):
Commercial real estate	$2,250	$1,961	$—	$—	$—
Commercial & industrial	3	181	2	4	(1)
Total commercial	2,253	2,142	2	4	(1)
Residential real estate	—	(160)	—	—	—
Home equity	(1)	(189)	(1)	(6)	(1)
Other consumer	52	77	47	29	54
Total consumer	51	(112)	46	23	53
Total	$2,304	$1,870	$48	$27	$52

Net charge-offs to average loans – annualized	0.18 %	0.14 %	— %	— %	— %

The following table presents daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Three Months Ended	March 31, 2025			December 31, 2024			Change
	Average Balance	Interest	Yield/ Rate	Average Balance	Interest	Yield/ Rate	Average Balance	Interest	Yield/ Rate
	Average Balance	Interest	Yield/ Rate	Average Balance	Interest	Yield/ Rate	Average Balance	Interest	Yield/ Rate
Assets:
Cash, federal funds sold, and short-term investments	$185,724	$1,993	4.35 %	$110,327	$1,310	4.72 %	$75,397	$683	(0.37 %)
Mortgage loans held for sale	105,253	958	3.69	75,731	762	4.00	29,522	196	(0.31)
Taxable debt securities	1,042,687	8,827	3.43	1,087,076	7,016	2.57	(44,389)	1,811	0.86
Nontaxable debt securities	650	8	4.99	650	8	4.90	—	—	0.09
Total securities	1,043,337	8,835	3.43	1,087,726	7,024	2.57	(44,389)	1,811	0.86
FHLB stock	43,491	1,022	9.53	52,508	1,312	9.94	(9,017)	(290)	(0.41)
Commercial real estate	2,138,301	30,354	5.76	2,130,040	31,878	5.95	8,261	(1,524)	(0.19)
Commercial & industrial	538,083	7,874	5.93	548,871	8,528	6.18	(10,788)	(654)	(0.25)
Total commercial	2,676,384	38,228	5.79	2,678,911	40,406	6.00	(2,527)	(2,178)	(0.21)
Residential real estate	2,120,452	23,354	4.47	2,446,905	25,681	4.18	(326,453)	(2,327)	0.29
Home equity	296,735	5,061	6.92	295,879	5,366	7.21	856	(305)	(0.29)
Other	17,349	217	5.07	17,534	217	4.92	(185)	—	0.15
Total consumer	314,084	5,278	6.82	313,413	5,583	7.09	671	(305)	(0.27)
Total loans	5,110,920	66,860	5.31	5,439,229	71,670	5.24	(328,309)	(4,810)	0.07
Total interest-earning assets	6,488,725	79,668	4.98	6,765,521	82,078	4.83	(276,796)	(2,410)	0.15
Noninterest-earning assets	276,332			246,318			30,014
Total assets	$6,765,057			$7,011,839			($246,782)
Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits (in- market)	$628,490	$5,876	3.79 %	$602,737	$6,098	4.02 %	$25,753	($222)	(0.23 %)
NOW accounts	679,138	343	0.20	680,763	404	0.24	(1,625)	(61)	(0.04)
Money market accounts	1,232,042	10,028	3.30	1,160,962	10,139	3.47	71,080	(111)	(0.17)
Savings accounts	564,002	1,851	1.33	502,910	1,164	0.92	61,092	687	0.41
Time deposits (in-market)	1,204,779	11,304	3.81	1,193,733	11,840	3.95	11,046	(536)	(0.14)
Interest-bearing in-market deposits	4,308,451	29,402	2.77	4,141,105	29,645	2.85	167,346	(243)	(0.08)
Wholesale brokered time deposits	188,386	2,346	5.05	345,668	4,490	5.17	(157,282)	(2,144)	(0.12)
Total interest-bearing deposits	4,496,837	31,748	2.86	4,486,773	34,135	3.03	10,064	(2,387)	(0.17)
FHLB advances	959,889	10,946	4.62	1,188,804	14,388	4.81	(228,915)	(3,442)	(0.19)
Junior subordinated debentures	22,681	347	6.20	22,681	380	6.67	—	(33)	(0.47)
Total interest-bearing liabilities	5,479,407	43,041	3.19	5,698,258	48,903	3.41	(218,851)	(5,862)	(0.22)
Noninterest-bearing demand deposits	620,849			668,138			(47,289)
Other liabilities	151,753			144,344			7,409
Shareholders’ equity	513,048			501,099			11,949
Total liabilities and shareholders’ equity	$6,765,057			$7,011,839			($246,782)
Net interest income (FTE)		$36,627			$33,175			$3,452
Interest rate spread			1.79 %			1.42 %			0.37 %
Net interest margin			2.29 %			1.95 %			0.34 %

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended	Mar 31, 2025	Dec 31, 2024	Change
Commercial loans	$206	$234	($28)
Nontaxable debt securities	1	1	—
Total	$207	$235	($28)

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders:
	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Adjusted Noninterest Income:
Noninterest income (loss), as reported	$22,643	($77,892)	$16,272	$16,660	$17,163
Less adjustments:
Realized losses on securities, net	—	(31,047)	—	—	—
Losses on sale of portfolio loans, net	—	(62,888)	—	—	—
Gain on sale of bank-owned properties, net	6,994	—	—	988	—
Litigation settlement income	—	—	—	—	2,100
Total adjustments, pre-tax	6,994	(93,935)	—	988	2,100
Adjusted noninterest income (non-GAAP)	$15,649	$16,043	$16,272	$15,672	$15,063

Adjusted Noninterest Expense:
Noninterest expense, as reported	$42,196	$34,292	$34,504	$33,910	$34,363
Less adjustments:
Pension plan settlement charge	6,436	—	—	—	—
Total adjustments, pre-tax	6,436	—	—	—	—
Adjusted noninterest expense (non-GAAP)	$35,760	$34,292	$34,504	$33,910	$34,363

Adjusted Income Before Income Taxes:
Income (loss) before income taxes	$15,669	($80,248)	$13,830	$13,835	$13,765
Less: total adjustments, pre-tax	558	(93,935)	—	988	2,100
Adjusted income before income taxes (non-GAAP)	$15,111	$13,687	$13,830	$12,847	$11,665

Adjusted Income Tax Expense:
Income tax expense (benefit), as reported	$3,490	($19,457)	$2,849	$3,020	$2,829
Less: tax on total adjustments	141	(22,699)	—	249	530
Adjusted income tax expense (non-GAAP)	$3,349	$3,242	$2,849	$2,771	$2,299

Adjusted Effective Tax Rate:
Effective tax rate (1)	22.3 %	24.2 %	20.6 %	21.8 %	20.6 %
Less: impact of total adjustments	0.1	0.5	—	0.2	0.9
Adjusted effective tax rate (non-GAAP) (2)	22.2 %	23.7 %	20.6 %	21.6 %	19.7 %

Adjusted Net Income:
Net income (loss), as reported	$12,179	($60,791)	$10,981	$10,815	$10,936
Less: total adjustments, after-tax	417	(71,236)	—	739	1,570
Adjusted net income (non-GAAP)	$11,762	$10,445	$10,981	$10,076	$9,366

Adjusted Net Income Available to Common Shareholders:
Net income (loss) available to common shareholders, as reported	$12,179	($60,776)	$10,973	$10,807	$10,924
Less: total adjustments available to common shareholders, after-tax	417	(71,221)	—	738	1,568
Adjusted net income available to common shareholders (non-GAAP)	$11,762	$10,445	$10,973	$10,069	$9,356


(1)	Calculated as income tax expense (benefit) divided by income (loss) before income taxes.
(2)	Calculated as income tax expense (benefit), adjusted for the tax impact of the adjustments as outlined in the table above, divided by income (loss) before income taxes, adjusted for the pre-tax impact of the adjustments as outlined in the table above.

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted diluted earnings per common share and adjusted efficiency ratio:
	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Adjusted Diluted Earnings per Common Share:
Diluted earnings (loss) per common share, as reported (1)	$0.63	($3.46)	$0.64	$0.63	$0.64
Less: impact of total adjustments	0.02	(4.05)	—	0.04	0.09
Adjusted diluted earnings per common share (non-GAAP) (2)	$0.61	$0.59	$0.64	$0.59	$0.55

Adjusted Efficiency Ratio:
Efficiency ratio, as reported (3)	71.4 %	(76.3 %)	71.1 %	70.3 %	70.4 %
Less: impact of total adjustments	2.7	(146.3)	—	(1.5)	(3.1)
Adjusted efficiency ratio (non-GAAP) (4)	68.7 %	70.0 %	71.1 %	71.8 %	73.5 %


(1)	Net income (loss) available to common shareholders divided by weighted average diluted common and potential shares outstanding.
(2)	Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.
(3)	Total noninterest expense as percentage of total revenues (net interest income and noninterest income).
(4)	Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above.

The following table presents adjusted return on average assets and return on average tangible assets:
	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Adjusted Return on Average Assets:
Net income (loss), as reported	$12,179	($60,791)	$10,981	$10,815	$10,936
Less: total adjustments, after-tax	417	(71,236)	—	739	1,570
Adjusted net income (non-GAAP)	11,762	10,445	10,981	10,076	9,366

Total average assets, as reported	6,765,057	7,011,839	7,254,566	7,227,478	7,231,835

Return on average assets (1)	0.73 %	(3.45 %)	0.60 %	0.60 %	0.61 %
Adjusted return on average assets (non-GAAP) (2)	0.71 %	0.59 %	0.60 %	0.56 %	0.52 %

Return on Average Tangible Assets:
Adjusted net income (non-GAAP)	$11,762	$10,445	$10,981	$10,076	$9,366

Total average assets, as reported	6,765,057	7,011,839	7,254,566	7,227,478	7,231,835
Less average balances of:
Goodwill	63,909	63,909	63,909	63,909	63,909
Identifiable intangible assets, net	2,781	2,984	3,189	3,397	3,604
Total average tangible assets	6,698,367	6,944,946	7,187,468	7,160,172	7,164,322

Return on average assets	0.73 %	(3.45 %)	0.60 %	0.60 %	0.61 %
Return on average tangible assets (non-GAAP) (3)	0.71 %	0.60 %	0.61 %	0.57 %	0.53 %


(1)	Net income (income) loss divided by total average assets.
(2)	Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets.
(3)	Net income (loss), adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible assets.

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted return on average equity and return on average tangible equity:
	For the Three Months Ended
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Adjusted Return on Average Equity:
Net income (loss) available to common shareholders, as reported	$12,179	($60,776)	$10,973	$10,807	$10,924
Less: total adjustments, after-tax	417	(71,221)	—	738	1,568
Adjusted net income available to common shareholders (non-GAAP)	11,762	10,445	10,973	10,069	9,356

Total average equity, as reported	513,048	501,099	485,654	460,959	471,096

Return on average equity (1)	9.63 %	(48.25 %)	8.99 %	9.43 %	9.33 %
Adjusted return on average equity (non-GAAP) (2)	9.30 %	8.29 %	8.99 %	8.79 %	7.99 %

Return on Average Tangible Equity:
Adjusted net income available to common shareholders (non-GAAP)	$11,762	$10,445	$10,973	$10,069	$9,356

Total average equity, as reported	513,048	501,099	485,654	460,959	471,096
Less average balances of:
Goodwill	63,909	63,909	63,909	63,909	63,909
Identifiable intangible assets, net	2,781	2,984	3,189	3,397	3,604
Total average tangible equity (non-GAAP)	446,358	434,206	418,556	393,653	403,583

Return on average equity	9.63 %	(48.25 %)	8.99 %	9.43 %	9.33 %
Return on average tangible equity (non-GAAP) (3)	10.69 %	9.57 %	10.43 %	10.29 %	9.32 %


(1)	Net income (loss) available to common shareholders divided by total average equity.
(2)	Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity.
(3)	Net income (loss) available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible equity.

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)
(Unaudited; Dollars in thousands, except per share amounts)

The following table presents tangible book value per share and the ratio of tangible equity to tangible assets:
	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024
Tangible Book Value per Share:
Total shareholders’ equity, as reported	$521,680	$499,728	$502,229	$470,957	$466,920
Less end of period balances of:
Goodwill	63,909	63,909	63,909	63,909	63,909
Identifiable intangible assets, net	2,682	2,885	3,089	3,295	3,503
Total tangible shareholders’ equity (non-GAAP)	455,089	432,934	435,231	403,753	399,508

Shares outstanding, as reported	19,276	19,274	17,058	17,058	17,033

Book value per share	$27.06	$25.93	$29.44	$27.61	$27.41
Tangible book value per share (non-GAAP)	$23.61	$22.46	$25.51	$23.67	$23.45

Tangible Equity to Tangible Assets:
Total tangible shareholders’ equity	$455,089	$432,934	$435,231	$403,753	$399,508

Total assets, as reported	6,586,015	6,930,647	7,141,571	7,184,360	7,249,124
Less end of period balances of:
Goodwill	63,909	63,909	63,909	63,909	63,909
Identifiable intangible assets, net	2,682	2,885	3,089	3,295	3,503
Total tangible assets (non-GAAP)	6,519,424	6,863,853	7,074,573	7,117,156	7,181,712

Equity to assets	7.92 %	7.21 %	7.03 %	6.56 %	6.44 %
Tangible equity to tangible assets (non-GAAP)	6.98 %	6.31 %	6.15 %	5.67 %	5.56 %

Category: Earnings

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SOURCE Washington Trust Bancorp, Inc.

April 21, 2025 8:30 am

SEI Investors Have Opportunity to Lead Solaris Energy Infrastructure, Inc. Securities Fraud Lawsuit

PR Newswire

NEW YORK
, April 21, 2025 /PRNewswire/ —

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Solaris Energy Infrastructure, Inc. (NYSE: SEI) between July 9, 2024 and March 17, 2025, both dates inclusive (the “Class Period”), of the important May 27, 2025 lead plaintiff deadline.

So what: If you purchased Solaris Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Solaris Energy class action, go to https://rosenlegal.com/submit-form/?case_id=37807 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 27, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Mobile Energy Rentals LLC (“MER”) had little to no corporate history in the mobile turbine leasing space; (2) MER did not have a diversified earnings stream; (3) MER’s co-owner was a convicted felon associated with multiple allegations of turbine-related fraud; (4) as a result, Solaris Energy overstated the commercial prospects posed by the MER acquisition; (5) Solaris Energy inflated profitability metrics by failing to properly depreciate its turbines; and (6) as a result of the foregoing, defendants’ positive statements about Solaris Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Solaris Energy class action, go to https://rosenlegal.com/submit-form/?case_id=37807 https://rosenlegal.com/submit-form/?case_id=28116 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

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SOURCE THE ROSEN LAW FIRM, P. A.

April 21, 2025 8:30 am

Unisys Announces Dates of First-Quarter 2025 Financial Results and Conference Call, and Participation in Upcoming Investor Conferences

PR Newswire

BLUE BELL, Pa.
, April 21, 2025 /PRNewswire/ — Unisys (NYSE: UIS) announced it will release its first-quarter 2025 financial results on Wednesday, April 30, 2025, after the close of trading on the New York Stock Exchange.

Unisys will host a conference call with the financial community on Thursday, May 1, 2025, at 8 a.m. EDT to discuss the results.

The company will offer a live, listen-only conference call webcast on the Unisys Investor Website at www.unisys.com/investor-relations. In addition, domestic callers can dial 1-844-695-5518 and international callers can dial 1-412-902-6749 and provide the following conference passcode: Unisys Corporation Call.

A webcast replay will be available on the Unisys Investor Website shortly following the conference call. A replay will also be available by dialing 1-877-344-7529 for domestic callers or 1-412-317-0088 for international callers and entering the access code 2787914 from two hours after the end of the call until May 15, 2025.

Upcoming Investor Conference

Unisys management will host one-on-one and group meetings at the following upcoming investor conferences:

May 9 and 12, 2025 – Mike Thomson, chief executive officer and president of Unisys, will host virtual one-on-one meetings at the Needham Technology, Media, & Consumer Conference.
May 29, 2025 – Executive leadership will host small group and one-on-one meetings with investors at the Goldman Sachs Leveraged Finance and CreditConference in Dana Point, California.

Investors interested in scheduling meetings with Unisys executives should contact their respective conference representatives.

About Unisys

Unisys is a global technology solutions company that powers breakthroughs for the world’s leading organizations. Our solutions – cloud, AI, digital workplace, logistics and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what’s possible for more than 150 years, visit unisys.com and follow us on LinkedIn.

RELEASE NO.: 0421/9992

Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

UIS-C

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SOURCE Unisys Corporation

April 21, 2025 8:29 am

Jeremy Tucker Appointed New Chief Marketing Officer of AutoNation

PR Newswire

FORT LAUDERDALE, Fla.
, April 21, 2025 /PRNewswire/ — AutoNation (NYSE: AN) today announced the appointment of Jeremy Tucker as Chief Marketing Officer, effective Monday, April 21, 2025. Tucker will join AutoNation’s Senior Leadership Team and report directly to the company’s Chief Executive Officer Mike Manley.

“Jeremy’s exceptional experience fostering brand loyalty, leading high-performing teams, and delivering innovative marketing strategies is aligned with our commitment to customer excellence. The future is bright at AutoNation, and we are thrilled to welcome Jeremy and to continue strategically evolving and growing our consumer reach under his leadership,” said Mike Manley, Chief Executive Officer at AutoNation.

Tucker is an award-winning marketing executive who brings to AutoNation a proven track record of leading high-performing teams, successful franchise development and accelerating sustainable growth. He most recently served as Executive Vice President, Global Chief Marketing Officer and Chief Franchise Officer at Spin Master, where he spearheaded the launch of new entertainment franchises and elevated brand growth in more than 100 countries.

Tucker’s extensive leadership experience spans world-class consumer brands, holding key marketing roles, and delivering transformative results. At Planet Fitness as Chief Marketing Officer, he successfully accelerated a digital transformation, boosted brand loyalty and grew membership to record levels. At Nissan Motor Company as Head of U.S. Marketing, he pioneered high-impact integrated marketing campaigns through best-in-class collaborations, resulting in four straight years of market share growth. Earlier, at The Walt Disney Company as Vice President of Strategic Marketing, Tucker repositioned and increased global market share of the Disney Princess mega franchise.

“I am honored to join AutoNation as Chief Marketing Officer, and I look forward to working with this talented team to elevate the brand, connect with customers in meaningful ways, and build on AutoNation’s legacy of innovation and excellence,” said Jeremy Tucker, Chief Marketing Officer at AutoNation.

Tucker holds bachelor’s degrees in both Business Administration and Fine Art from Louisiana State University and a Master of Business Administration from Southern Methodist University.

Tucker joins AutoNation following the departure of Rich Lennox who served as the company’s Chief Marketing Officer for two years.

About AutoNation, Inc.

AutoNation, one of the largest automotive retailers in the United States, offers innovative products, exceptional services, and comprehensive solutions, and empowers its customers to make the best decisions for their needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $40 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.

Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation’s automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

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SOURCE AutoNation, Inc.

April 21, 2025 8:29 am

Mega Matrix Subsidiary Yuder PTE. LTD. Signs MOU with Snail Games (Nasdaq: SNAL) for Joint Short-Drama Development

PR Newswire

SINGAPORE
, April 21, 2025 /PRNewswire/ — Mega Matrix Inc. (NYSE American: MPU) announced that Yuder Pte. Ltd. (“Yuder”), a indirectly wholly owned subsidiary of it, has signed a Memorandum of Understanding (MOU) with Interactive Films LLC (“Interactive Films”), a subsidiary of Snail, Inc. (Nasdaq: SNAL) (“Snail Games”), a leading global independent developer and publisher of interactive digital entertainment. Under this MOU, both parties will leverage their respective strengths to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas, further enhancing their presence in the entertainment industry.

Mr. Yucheng Hu, CEO of MPU, also commented, “This partnership marks an important step for MPU as we expand our content portfolio and strengthen our presence in the global short-drama industry. Short dramas are seeing increasing popularity, with audience demand for binge-worthy, serialized content on the rise. With Snail Games’ growing integration in artificial intelligence (AI) in its development pipeline and its track record of immersive, story-driven digital entertainment, combined with MPU’s established production and distribution capabilities, we believe this collaboration has the potential to deliver engaging content that resonates with global audiences”.

Snail Games (NasdaqCM: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Mr. Hai Shi, Chairman and Co-CEO of Snail Games, commented, “Today’s announcement marks the official launch of our short-drama business. According to WiseGuyReports, the global mini-program short drama market is projected to expand from USD 5.66 billion in 2024 to USD 25.68 billion by 2032, reflecting a strong CAGR of 20.81%. North America, a key market for short-form content, is expected to generate USD 1.89 billion in revenue in 2024, driven by the rapid adoption of streaming services and the growing presence of major industry players. This upward trend underscores the increasing consumer demand for short-form video content, presenting a timely opportunity for our collaboration with MPU to deliver engaging short dramas to audiences worldwide.”

Under the non-binding, non-exclusive MOU, through Yuder and Interactive Film, MPU and Snail Games will explore collaboration on the creative direction and script development of short dramas, production and global distribution of short-form dramas. Leveraging its experienced in-house team and extensive expertise in short-drama production, MPU will oversee outsourced production and post-production to ensure high-quality content. Additionally, Snail Games’ expertise in AI and interactive technologies, honed through game development, may be integrated into personalized recommendations and interactive storytelling, delivering a next-generation immersive viewing experience for audiences.

Although the MOU is non-binding, it reflects the parties’ shared intention to explore co-development of a pipeline of short dramas. By utilizing their well-established international distribution channels in gaming and micro-drama markets, these productions will quickly reach audiences across North America, Southeast Asia, and other global regions, further amplifying both companies’ influence in the global entertainment sector.
Under the terms of the MOU, the parties intend to enter into definitive agreement within 45 days.

This strategic partnership marks a significant step of the short drama business for Snail Games and a significant milestone in MPU’s expansion within the entertainment industry. By aligning with Snail Games, MPU can integrate both parties’ strengths in content creation and technology while leveraging MPU’ global distribution resources to accelerate the worldwide rollout of short dramas. This collaboration is expected to accelerate Snail Games’ entry of the short drama market while providing audiences with a diverse selection of high-quality short dramas.

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact [email protected] or visit: http://www.megamatrix.io.

About Snail Games: Snail Games (NasdaqCM: SNAL), is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For more information, please visit: https://snail.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: that Yuder and Interactive Films will enter into definitive agreements; that the mini-program short drama market will continue to expand as anticipated; the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the heading “Risk Factors” in documents filed by the Company with the Securities and Exchange Commission (“SEC”), including the Company’s latest annual report on Form 20-F, filed with the SEC on March 28, 2025, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (f/k/a Twitter):	twitter.com/MegaMatrixMPU
Facebook:	facebook.com/megamatrixmpu
	facebook.com/flextvus
LinkedIn:	linkedin.com/company/megamatrixmpu
TikTok:	tiktok.com/@flextv_english
YouTube:	youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

For inquiries, please contact:
[email protected]

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SOURCE Mega Matrix Inc.

April 21, 2025 8:28 am

Nexalin Technology Expresses Strong Support for Health Tech Investment Act to Advance Medicare Reimbursement for AI-Enabled Devices

Proposed bipartisan legislation would expand Medicare reimbursement pathways for AI-enabled medical devices — a framework that supports Nexalin’s Gen-3 HALO Clarity™ neurostimulation device integrated with artificial intelligence

HOUSTON, TX, April 21, 2025 (GLOBE NEWSWIRE) — Nexalin Technology, Inc. (Nasdaq: NXL; NXLIW) (the “Company” or “Nexalin”) the leader in Deep Intracranial Frequency Stimulation (DIFS™) of the brain, today announced its support for the Health Tech Investment Act (S. 1399) — bipartisan legislation introduced in the United States Senate that would expand Medicare reimbursement opportunities for FDA-cleared or approved medical devices that incorporate artificial intelligence (AI) or machine learning.

The legislation, sponsored by Senators Mike Rounds (R-S.D.) and Martin Heinrich (D-N.M.), proposes a transitional reimbursement mechanism under Medicare to close the current gap between device approval and coverage. Under the proposal, AI-enabled technologies that receive FDA clearance or approval would be assigned New Technology Ambulatory Payment Classification (APC) codes for up to five years, allowing time for the Centers for Medicare & Medicaid Services (CMS) to collect clinical data and assess long-term reimbursement decisions.

Nexalin’s upcoming Gen-3 HALO Clarity™ device, currently under development for FDA submission, is a next-generation neurostimulation system that integrates advanced AI capabilities into both treatment delivery and patient monitoring. The device is designed to deliver non-invasive, low-frequency waveforms that target key brain regions associated with anxiety, depression, insomnia, and related mental health conditions. In tandem with the device itself, Nexalin has built a proprietary virtual clinic ecosystem that utilizes artificial intelligence to support remote treatment, real-time clinical feedback, and secure data capture — all through an integrated Electronic Data Capture (EDC) platform and Patient Monitoring System (PMS).

The Company recently completed Phase 1 of its AI-powered virtual clinic infrastructure, which enables patients to initiate therapy at home via a secure mobile app, while clinicians and researchers receive automated, real-time insights through AI-enabled dashboards. This ecosystem is engineered specifically to support the Gen-3 HALO Clarity™ device and is a core component of Nexalin’s strategy to enhance mental health care through technology-driven solutions.

“The Health Tech Investment Act reflects a shift in national health policy toward supporting intelligent, patient-centered innovations,” said Mark White, CEO of Nexalin. “Our Gen-3 HALO Clarity™ device exemplifies that approach — combining precision neurostimulation with AI-driven tools that improve care coordination, monitoring, and adherence. This legislation provides a reimbursement path that recognizes and supports this model of care.”

The Gen-3 HALO Clarity™ device has been designed to meet the needs of both patients and providers in an increasingly digital healthcare environment. It expands upon the clinical foundation laid by Nexalin’s earlier-generation systems, adding intelligent features that allow clinicians to personalize treatment, analyze real-time outcomes, and ensure protocol compliance — whether in the clinic or remotely. The Company is currently preparing for FDA submission of the Gen-3 device following planned clinical trials.

Nexalin views the Health Tech Investment Act as a legislative milestone that could provide a reimbursement framework ideally suited to the Gen-3 HALO Clarity™ device. The bill offers a clear signal that federal policymakers are prioritizing the intersection of innovation and accessibility, especially in areas like mental health, where traditional care options remain limited or ineffective for many patients.

As the bill advances through Congress, Nexalin remains focused on its regulatory and clinical milestones and supports swift bipartisan action to bring this important legislation into law.

About Nexalin Technology, Inc.

Nexalin designs and develops innovative neurostimulation products to uniquely help combat the ongoing global mental health epidemic. All of Nexalin’s products are non-invasive and undetectable to the human body and are developed to provide relief to those afflicted with mental health issues. Nexalin utilizes bioelectronic medical technology to treat mental health issues. Nexalin believes its neurostimulation medical devices can penetrate structures deep in the mid-brain that are associated with mental health disorders. Nexalin believes the deeper-penetrating waveform in its next-generation devices will generate enhanced patient response without any adverse side effects. The Nexalin Gen-2 15 milliamp neurostimulation device has been approved in China, Brazil, and Oman. Additional information about the Company is available at: https://nexalin.com/.

Forward-looking statements

This press release contains statements that constitute “forward-looking statements,” These statements relate to future events or Nexalin’s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that Nexalin or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward-looking statements that involve risks and uncertainties which could cause actual events or Nexalin’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Report on Form 10-K for the year ended December 31, 2023, and other filings as filed with the Securities and Exchange Commission. Copies of such filings are available on the SEC’s website, www.sec.gov. Such forward-looking statements are made as of the date hereof and may become outdated over time. Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Crescendo Communications, LLC
Tel: (212) 671-1020
Email: [email protected]

April 21, 2025 8:28 am

Compass Therapeutics Announces First Patient Dosed in an Investigator Sponsored Trial of Tovecimig in the First-Line Setting for Patients with Biliary Tract Cancer

BOSTON, April 21, 2025 (GLOBE NEWSWIRE) — Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics, announced the first patient has been dosed in an Investigator Sponsored Trial (IST) to evaluate tovecimig (CTX-009, a DLL4 x VEGF-A bispecific antibody) for the first time in the front-line setting for patients with biliary tract cancer (BTC). The IST is being conducted at The University of Texas MD Anderson Cancer Center.

“This first-line study of tovecimig in patients with BTC represents a significant step forward and we are deeply grateful to the dedicated team at MD Anderson for their leadership in conducting this trial,” said Thomas Schuetz, MD, PhD, CEO of Compass and Vice Chairman of the Board of Directors. “The IST complements our ongoing second-line Phase 2/3 study of tovecimig in patients with biliary tract cancer; importantly, we recently announced that tovecimig met the primary endpoint in our Phase 2/3 Study. We expect to report results of the secondary endpoints in the Phase 2/3 Study, including progression-free survival (PFS) and overall survival (OS), in the fourth quarter of this year.”

In the MD Anderson-led, open-label trial, tovecimig is being added to a standard first-line regimen of gemcitabine, cisplatin, and durvalumab in an estimated 50 patients with unresectable or metastatic BTC. The study will have a standard safety run-in phase in 12 patients followed by an expansion phase in which 38 additional patients will be treated. The primary objectives in the study are to assess 6-month progression-free survival, to assess the tolerability and safety of this combination, and to determine the maximum tolerated dose of tovecimig in this combination. Secondary objectives include overall response rate (ORR), duration of response (DoR), progression-free survival (PFS) and overall survival (OS). For more information on the IST: NCT06548412

About
Tovecimig (
CTX-009
)

Tovecimig is a bispecific antibody that simultaneously blocks Delta-like ligand 4 (DLL4) and vascular endothelial growth factor A (VEGF-A) signaling pathways, which are critical to angiogenesis and tumor vascularization. Preclinical and early clinical data of tovecimig suggest that blockade of both pathways provides robust anti-tumor activity across several solid tumors, including colorectal, gastric, cholangiocarcinoma, pancreatic and non-small cell lung cancer. Partial responses to tovecimig as a monotherapy have been observed in heavily pre-treated patients with cancer who were resistant to approved anti-VEGF therapies. COMPANION-002, a Phase 2/3 trial of tovecimig plus paclitaxel versus paclitaxel monotherapy in patients with previously treated, unresectable advanced metastatic or recurrent biliary tract cancers (BTC) is ongoing (clinical trial information: NCT05506943).

About Compass Therapeutics

Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Compass’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. The company pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. Compass plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. The company was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics website at https://www.compasstherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding Compass’s product candidates, including their development and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compass’s product candidates and the therapeutic potential thereof, including the potential of tovecimig as a treatment option for patients with BTC. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) available at www.sec.gov, including without limitation Compass’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC.

Investor Contact

[email protected]

Media Contact

Anna Gifford, Chief of Staff
[email protected]
617-500-8099

April 21, 2025 8:27 am

Inspire Medical Systems, Inc. Announces the Addition of Paul T. Hoff, M.D., M.S. and Ruchir P. Patel, M.D., F.A.C.P. as Vice President, Senior Medical Directors

MINNEAPOLIS, April 21, 2025 (GLOBE NEWSWIRE) — Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea (OSA), today announced that two leading physicians in the field of sleep medicine and sleep surgery, Paul T. Hoff, M.D., M.S., an otolaryngologist, and Ruchir P. Patel, M.D., F.A.C.P., a sleep medicine specialist, will join Inspire in Vice President, Senior Medical Director roles, effective April 21 and June 2 respectively.

“Dr. Hoff and Dr. Patel are widely regarded as experts and thought leaders in their respective fields, and we are excited to bring their expertise and passion to the Inspire team. Dr. Hoff and Dr. Patel are both highly experienced in treating sleep apnea patients including extensive work with Inspire therapy. They will play key roles in guiding Inspire’s medical education, training and future technology developments to drive continued adoption of Inspire therapy,” said Tim Herbert, Chairman and Chief Executive Officer of Inspire.

Dr. Hoff received his Doctor of Medicine (M.D.) degree from the University of Michigan Medical School with honors and completed his residency at Michigan. Upon completion of his training, he joined Michigan Otolaryngology Surgery Associates as a comprehensive otolaryngologist with a special interest in sleep apnea. He joined the faculty at the University of Michigan in 2014, where he is currently an Associate Professor.

Dr. Hoff has been involved in leadership positions during his career both regionally as President of the Michigan Otolaryngology Society and internationally as President of the International Surgical Sleep Society (ISSS) and has been in clinical practice for over 25 years.

“I am very honored to join Inspire. My career has focused on driving innovation and improved outcomes for patients with obstructive sleep apnea, a vision shared by the leadership and team members at Inspire. I look forward to bringing my experience in the field of sleep surgery to help guide Inspire in their mission of serving the many patients with untreated OSA,” said Dr. Hoff.

Dr. Patel earned his Doctor of Medicine (M.D.) degree from the Royal College of Surgeons in Ireland, followed by a residency in Internal Medicine at Henry Ford Hospital in Detroit. Dr. Patel then completed a fellowship in Sleep Disorders Medicine at Rush University Medical Center in Chicago.

Dr. Patel founded The Insomnia and Sleep Institute of Arizona, a leading practice dedicated to evidence-based approaches to treat sleep disorders. He has served as a principal investigator in multiple clinical trials in sleep medicine and neuromodulation and is a published researcher in the field of hypoglossal nerve stimulation. Dr. Patel is a highly sought after lecturer on the topics of precision sleep medicine and neuromodulation and has been in clinical practice for over 15 years.

“Inspire has redefined what’s possible in sleep medicine, and I’m truly honored and excited to be able to contribute to a future where technology and compassionate care come together to transform lives on a global scale,” said Dr. Patel.

Both Dr. Hoff and Dr. Patel will maintain their clinical practices independent from Inspire.

About Inspire Medical Systems

Inspire is a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA, EU MDR, and PDMA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

For additional information about Inspire, please visit www.inspiresleep.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the factors identified under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

Investor and Media Contact

Ezgi Yagci
Vice President, Investor Relations
[email protected]
617-549-2443

April 21, 2025 8:26 am

ZimVie Pioneers the Future of Molar Restoration with New Immediate Molar Dental Implant System

Innovative dental implant system offers new level of precision, control, and stability

PALM BEACH GARDENS, Fla., April 21, 2025 (GLOBE NEWSWIRE) — ZimVie Inc. (Nasdaq: ZIMV), a global life sciences leader in the dental implant market, today announced the launch of its Immediate Molar Implant System in the United States. ZimVie is expanding its already clinically proven TSX^® and T3 PRO^® Implant systems with an immediate molar solution, simplifying challenging clinical scenarios for providers and shortening treatment times for patients requiring molar implants.

Immediately replacing extracted molars with an implant can be difficult due to the complex multi-rooted anatomy and size of the tooth socket. ZimVie’s Immediate Molar Implant System includes specially engineered instrumentation that streamlines site preparation in molar extraction, making it a more controlled and predictable procedure. The system also offers optimized wide-diameter implants that better fit the implant site for unmatched primary stability while potentially reducing the risk of peri-implantitis by up to 20% through its proprietary DAE coronal surface technology. Restorative compatibility with ZimVie’s existing implant system minimizes switching costs.

Conventional treatment protocols involve molar extraction, followed by months of healing before an implant can be placed. The ZimVie Immediate Molar Implant System allows the implant to be restored in half the time compared to traditional treatment, in a simplified, predictable manner.

“The launch of our Immediate Molar Dental Implant System marks a significant milestone in our commitment to advancing dental technology,” said ZimVie CEO Vafa Jamali. “We have expanded the offering of our implant systems to address the unique challenges of molar tooth restoration and provide patients shorter and more cost-effective treatment while delivering a more predictable, lasting outcome.”

For more information on ZimVie’s dental implants, suite of connected solutions, and continuing education, please visit www.zimvie.com.

Immediate Molar Implant System

A Media Snippet accompanying this announcement is available by clicking on this link.

About TSX Implants

Launched in 2022, TSX Implants are designed for immediate extraction and standard loading protocols as well as placement predictability and primary stability in soft and dense bone. The Implant incorporates features with more than two decades of real-world, clinical data to deliver peri-implant health, crestal bone maintenance, long-term osseointegration, and prosthetic stability,* including the Contemporary Hybrid Surface combination with coronal DAE. Integrated with ZimVie’s end-to-end digital workflows and engineered with surgical and restorative versatility, the TSX Implant furthers ZimVie’s commitment to simplify procedures and optimize practice protocols.

About T3 PRO Implants

Launched in 2022, the T3 PRO Implant’s advanced design delivers high primary stability and allows for immediate function. T3 PRO has a hybrid surface featuring the proprietary Osseotite surface on the implant collar, as well as a rougher grit-blasted implant body. Not only have multiple long-term, independent clinical studies on the proprietary Osseotite surface demonstrated safety and performance,* they have also demonstrated the effect of this surface in preserving crestal bone. This Contemporary Hybrid Surface of T3 PRO along with the optional integrated platform switching design has also been shown to provide early and long-term peri-implant bone support.

* References on file at ZimVie.

About ZimVie

ZimVie is a global life sciences leader in the dental implant market that develops, manufactures, and delivers a comprehensive portfolio of products and solutions designed to support dental tooth replacement and restoration procedures. From its headquarters in Palm Beach Gardens, Florida, and additional facilities around the globe, ZimVie works to improve smiles, function, and confidence in daily life by offering comprehensive tooth replacement solutions, including trusted dental implants, biomaterials, and digital workflow solutions. As a worldwide leader in this space, ZimVie is committed to advancing clinical science and technology foundational to restoring daily life. For more information about ZimVie, please visit us at www.zimvie.com. Follow @ZimVie on Twitter, Facebook, LinkedIn, or Instagram.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning ZimVie’s expectations, plans, prospects, and product and service offerings, including new product launches and potential clinical successes. Such statements are based upon the current beliefs, expectations, and assumptions of management and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. For a list and description of some of such risks and uncertainties, see ZimVie’s periodic reports filed with the U.S. Securities and Exchange Commission (SEC). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in ZimVie’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and ZimVie disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.

Media Contact Information:

ZimVie

Grace Flowers • [email protected]
(561) 319-6130

Investor Contact Information:

Gilmartin Group LLC

Webb Campbell • [email protected]

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99f92dfd-d794-4c29-96e4-209f3a10cd03

April 21, 2025 8:26 am

Southern States Bancshares, Inc. Announces First Quarter 2025 Financial Results

First Quarter 2025 Performance and Operational Highlights

Net income of
$10.4
million, or
$1.03
per diluted share
Core net income
⁽¹⁾
of
$10.3
million, or
$1.03
per diluted share
⁽¹⁾
Pretax pre-provision core net income
⁽¹⁾
of
$14.2
million
Net interest income of $
24.9
million,
a decrease
of $
171,000
from the prior quarter
Net interest margin (“NIM”) of
3.75%
,
up
9
basis points from the prior quarter
Return on average assets (“ROAA”) of
1.48%
; return on average stockholders’ equity (“ROAE”) of
14.67%
; and return on average tangible common equity (“ROATCE”)
⁽¹⁾
of
17.19%
Core ROAA
⁽¹⁾
of
1.47%
; and core ROATCE
⁽¹⁾
of
17.16%
Efficiency ratio of
46.42%
Linked-quarter loa
ns grew
6.1%
annualized
Linked-quarter deposits grew
2.4%
annualized

^{(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

ANNISTON, Ala., April 21, 2025 (GLOBE NEWSWIRE) — Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $10.4 million, or $1.03 diluted earnings per share, for the first quarter of 2025. This compares to net income of $11.2 million, or $1.11 diluted earnings per share, for the fourth quarter of 2024, and net income of $8.1 million, or $0.90 diluted earnings per share, for the first quarter of 2024. The Company reported core net income of $10.3 million, or $1.03 diluted core earnings per share, for the first quarter of 2025. This compares to core net income of $10.5 million, or $1.04 diluted core earnings per share, for the fourth quarter of 2024, and core net income of $8.1 million, or $0.90 diluted core earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures”).

As previously disclosed on March 31, 2024, FB Financial Corporation, the parent company of FirstBank, and Southern States, jointly announced their entry into a definitive merger agreement pursuant to which Southern States will be merged with and into FB Financial (the “Merger”).

CEO Commentary

Mark Chambers, President and Chief Executive Officer said, “In the first quarter, we reported net income of $10.4 million and diluted EPS of $1.03, which was supported by a 9 basis point improvement in net interest margin and lower noninterest expense. We’re particularly encouraged by the continued improvement in our deposit costs and the exceptionally low level of non-performing loans, which reflects our prudent credit culture and strong risk management.”
“We are embarking on an exciting new chapter for our bank, our customers, our employees and the communities we proudly serve. Joining forces with Nashville-based FB Financial, which has $13 billion in total assets and operates as FirstBank, is an ideal combination. We are culturally aligned in our customer-centric philosophy. We are geographically committed to serving vibrant communities in the South, which now includes Tennessee, Kentucky, Alabama, and Georgia. This merger allows us to expand our capabilities, enhance the customer experience, and continue delivering the trusted, relationship-based banking our clients have come to expect. While our name may change, our commitment to our customers and communities remains stronger than ever.”

Net Interest Income and Net Interest Margin

	Three Months Ended									% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2024	March 31, 2024
	(Dollars in thousands)

Average interest-earning assets	$	2,690,714		$	2,722,907		$	2,336,369		(1.2) %	15.2	%
Net interest income	$	24,879		$	25,050		$	20,839		(0.7) %	19.4	%
Net interest margin		3.75	%		3.66	%		3.59	%	9 bps	16 bps

Net interest income for the first quarter of 2025 was $24.9 million, a decrease of 0.7% from $25.1 million for the fourth quarter of 2024. The decrease was primarily driven by a lower yield on interest-earning assets resulting from lower interest rates on loans and a reduction in other interest-earning assets earning lower interest rates, which was significantly offset by a lower cost of interest-bearing deposits primarily resulting from lower interest rates.

Relative to the first quarter of 2024, net interest income increased $4.0 million, or 19.4%. The increase was mainly driven by significant organic growth, coupled with the acquisition of Century Bank on July 31, 2024.

Net interest margin for the first quarter of 2025 was 3.75%, compared to 3.66% for the fourth quarter of 2024. The increase was primarily due to a reduction in earning assets, coupled with cost savings attributed to calls and repayments at maturity on higher-cost brokered deposits.

Relative to the first quarter of 2024, net interest margin increased from 3.59% to 3.75%. The increase in the margin was primarily the result of a decrease in interest rates paid on interest-bearing deposits. The acquisition of Century Bank resulted in a positive impact to the net interest margin, helping to reduce the cost of interest-bearing liabilities.

Noninterest Income

	Three Months Ended								% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024		March 31, 2024			December 31, 2024	March 31, 2024
	(Dollars in thousands)

Service charges on deposit accounts	$	564		$	565	$	463		(0.2) %	21.8	%
Swap (expenses) fees		(3	)		17		15		(117.6) %	(120.0) %
SBA/USDA fees		40			89		64		(55.1) %	(37.5) %
Mortgage origination fees		80			55		96		45.5 %	(16.7) %
Net gain (loss) on securities		23			25		(12	)	(8.0) %	291.7	%
Employee retention credit (“ERC”)		—			1,154		—		N/A	N/A
Other operating income		949			1,085		642		(12.5) %	47.8	%
Total noninterest income	$	1,653		$	2,990	$	1,268		(44.7) %	30.4	%

Noninterest income for the first quarter of 2025 was $1.7 million, a decrease of 44.7% from $3.0 million for the fourth quarter of 2024. The Company applied for the Voluntary Disclosure Program (“VDP”) associated with the ERC program during the third quarter of 2023 and received approval during the fourth quarter of 2024. The fourth quarter of 2024 included $1.2 million in ERC as a participant in the program.

Relative to the first quarter of 2024, noninterest income increased 30.4% from $1.3 million. The acquisition of Century Bank on July 31, 2024 contributed to additional noninterest income during the first quarter of 2025.

Noninterest Expense

	Three Months Ended						% Change March 31, 2025 vs.
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024	March 31, 2024
	(Dollars in thousands)

Salaries and employee benefits	$	6,924	$	7,002	$	6,231	(1.1) %	11.1	%
Equipment and occupancy expenses		828		851		689	(2.7) %	20.2	%
Data processing fees		909		960		643	(5.3) %	41.4	%
Regulatory assessments		429		441		360	(2.7) %	19.2	%
Professional fees related to ERC		—		236		—	N/A	N/A
Other operating expenses		3,216		3,584		2,452	(10.3) %	31.2	%
Total noninterest expenses	$	12,306	$	13,074	$	10,375	(5.9) %	18.6	%

Noninterest expense for the first quarter of 2025 was $12.3 million, a decrease of 5.9% from $13.1 million for the fourth quarter of 2024. The fourth quarter of 2024 included professional fees paid to a third party related to ERC, as well as additional expenses related to a nonperforming loan that is in collection, legal fees and fraud/forgery losses, compared to the first quarter of 2025.

Relative to the first quarter of 2024, noninterest expense increased 18.6% from $10.4 million. The acquisition of Century Bank on July 31, 2024 contributed to additional noninterest expense during the first quarter of 2025.

Loans and Credit Quality

	Three Months Ended									% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2024		March 31, 2024
	(Dollars in thousands)

Gross loans	$	2,266,740		$	2,233,244		$	1,971,396		1.5	%	15.0	%
Unearned income		(6,704	)		(6,675	)		(6,247	)	0.4	%	7.3	%
Loans, net of unearned income (“Loans”)		2,260,036			2,226,569			1,965,149		1.5	%	15.0	%
Average loans, net of unearned (“Average loans”)	$	2,235,194		$	2,205,892		$	1,916,288		1.3	%	16.6	%

Nonperforming loans (“NPL”)	$	7,175		$	6,533		$	3,446		9.8	%	108.2	%
Provision for credit losses	$	775		$	72		$	1,236		976.4	%	(37.3) %
Allowance for credit losses (“ACL”)	$	28,876		$	28,338		$	25,144		1.9	%	14.8	%
Net charge-offs (recoveries)	$	237		$	(205	)	$	470		215.6	%	(49.6) %
NPL to gross loans		0.32	%		0.29	%		0.17	%
Net charge-offs (recoveries) to average loans⁽¹⁾		0.04	%	(0.04) %				0.10	%
ACL to loans		1.28	%		1.27	%		1.28	%

(1) Ratio is annualized.

Loans, net of unearned income, were $2.3 billion at March 31, 2025, up $33.5 million from December 31, 2024 and up $294.9 million from March 31, 2024. The linked-quarter increase in loans was attributable to new business growth across our footprint. The year-over-year increase in loans was primarily attributable the new business growth across our footprint, coupled with the acquisition of Century Bank, which resulted in additional loans of $134.0 million at March 31, 2025.

Nonperforming loans totaled $7.2 million, or 0.32% of gross loans, at March 31, 2025, compared with $6.5 million, or 0.29% of gross loans, at December 31, 2024, and $3.4 million, or 0.17% of gross loans, at March 31, 2024. The $642,000 net increase in nonperforming loans in the first quarter was primarily attributable to one significant commercial real estate loan being placed on nonaccrual status. The $3.7 million net increase in nonperforming loans from March 31, 2024 was primarily attributable to one significant commercial and industrial loan and the aforementioned commercial real estate loan being placed on nonaccrual status. These increases were partially offset by a commercial and industrial loan that was charged-off.

The Company recorded a provision for credit losses of $775,000 for the first quarter of 2025, compared to $72,000 for the fourth quarter of 2024. Provision in the first quarter of 2025 was based on loan growth, qualitative economic factors and individually analyzed loans.

Net charge-offs for the first quarter of 2025 were $237,000, or 0.04% of average loans on an annualized basis, compared to net recoveries of $205,000, or (0.04)% of average loans on an annualized basis, for the fourth quarter of 2024, and net charge-offs of $470,000, or 0.10% of average loans on an annualized basis, for the first quarter of 2024. The net charge-offs recorded during the first quarter of 2025 were substantially related to a commercial and industrial loan. The net recoveries received in the fourth quarter of 2024 were primarily related to a pool of consumer loans charged-off in the third quarter of 2024. The net charge-offs recorded during the first quarter of 2024 were substantially related to a partial charge-off of the aforementioned pool of consumer loans.

The Company’s allowance for credit losses was 1.28% of total loans and 402.45% of nonperforming loans at March 31, 2025, compared with 1.27% of total loans and 433.77% of nonperforming loans at December 31, 2024. Allowance for credit losses on unfunded commitments was $1.4 million at March 31, 2025.

Deposits

	Three Months Ended									% Change March 31, 2025 vs.
	March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2024		March 31, 2024
	(Dollars in thousands)

Noninterest-bearing deposits	$	533,220		$	575,357		$	416,704		(7.3) %		28.0	%
Interest-bearing deposits		1,892,411			1,835,940			1,693,094		3.1	%	11.8	%
Total deposits	$	2,425,631		$	2,411,297		$	2,109,798		0.6	%	15.0	%

Uninsured deposits	$	760,379		$	760,141		$	610,122		—	%	24.6	%
Uninsured deposits to total deposits and accrued interest on deposits		31.33	%		31.50	%		28.92	%
Noninterest deposits to total deposits		21.98	%		23.86	%		19.75	%

Total deposits were $2.4 billion at March 31, 2025, $2.4 billion at December 31, 2024 and $2.1 billion at March 31, 2024. The $14.3 million increase in total deposits in the first quarter was primarily due to an increase of $56.5 million in interest-bearing deposits, which includes a $12.5 million increase in brokered deposits, partially offset by a $42.1 million decrease in noninterest-bearing deposits. Total brokered deposits were $162.5 million at March 31, 2025, compared to $150.0 million at December 31, 2024.

Capital

	March 31, 2025				December 31, 2024				March 31, 2024
	Company		Bank		Company		Bank		Company		Bank

Tier 1 capital ratio to average assets	9.14	%	11.99	%	8.67	%	11.45	%	8.79	%	11.67	%
Risk-based capital ratios:
Common equity tier 1 (“CET1”) capital ratio	10.18	%	13.35	%	9.84	%	12.99	%	9.39	%	12.47	%
Tier 1 capital ratio	10.18	%	13.35	%	9.84	%	12.99	%	9.39	%	12.47	%
Total capital ratio	15.06	%	14.55	%	14.73	%	14.18	%	14.42	%	13.63	%

As of March 31, 2025, total stockholders’ equity was $290.2 million, up from $279.9 million at December 31, 2024. The increase of $10.3 million was substantially due to earnings growth.

About Southern States Bancshares, Inc.

Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry and the pending Merger. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

Contact Information

Lynn Joyce				Margaret Boyce
(205) 820-8065				(310) 622-8247
[email protected]				[email protected]

SELECT FINANCIAL DATA
(Dollars in thousands, except share and per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Results of Operations
Interest income	$	43,164		$	44,977		$	38,736
Interest expense		18,285			19,927			17,897
Net interest income		24,879			25,050			20,839
Provision for credit losses		775			72			1,236
Net interest income after provision		24,104			24,978			19,603
Noninterest income		1,653			2,990			1,268
Noninterest expense		12,306			13,074			10,375
Income tax expense		3,100			3,696			2,377
Net income	$	10,351		$	11,198		$	8,119
Core net income⁽¹⁾	$	10,334		$	10,484		$	8,128

Share and Per Share Data
Shares issued and outstanding		9,922,180			9,889,260			8,894,794
Weighted average shares outstanding:
Basic		9,979,120			9,940,221			8,913,477
Diluted		10,072,329			10,061,735			9,043,122
Earnings per share:
Basic	$	1.04		$	1.13		$	0.91
Diluted		1.03			1.11			0.90
Core – diluted⁽¹⁾		1.03			1.04			0.90
Book value per share		29.25			28.30			25.06
Tangible book value per share⁽¹⁾		25.04			24.04			23.07
Cash dividends per common share		0.09			0.09			0.09

Performance and Financial Ratios
ROAA		1.48	%		1.55	%		1.33	%
ROAE		14.67	%		16.13	%		14.87	%
Core ROAA⁽¹⁾		1.47	%		1.45	%		1.34	%
ROATCE⁽¹⁾		17.19	%		18.87	%		16.17	%
Core ROATCE⁽¹⁾		17.16	%		17.67	%		16.19	%
NIM		3.75	%		3.66	%		3.59	%
NIM – FTE⁽¹⁾		3.76	%		3.67	%		3.60	%
Net interest spread		2.76	%		2.64	%		2.63	%
Yield on loans		6.93	%		7.03	%		7.06	%
Yield on interest-earning assets		6.51	%		6.57	%		6.67	%
Cost of interest-bearing liabilities		3.75	%		3.93	%		4.04	%
Cost of funds⁽²⁾		2.93	%		3.09	%		3.27	%
Cost of interest-bearing deposits		3.64	%		3.83	%		3.92	%
Cost of total deposits		2.80	%		2.96	%		3.12	%
Noninterest deposits to total deposits		21.98	%		23.86	%		19.75	%
Core deposits to total deposits		87.75	%		87.90	%		81.45	%
Uninsured deposits to total deposits and accrued interest on deposits		31.33	%		31.50	%		28.92	%
Total loans to total deposits		93.17	%		92.34	%		93.14	%
Efficiency ratio		46.42	%		46.67	%		46.90	%
Core efficiency ratio⁽¹⁾		46.42	%		47.78	%		46.90	%

^{(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

^{(2) Includes total interest-bearing liabilities and noninterest deposits.}

SELECT FINANCIAL DATA
(Dollars in thousands)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Financial Condition (ending)
Total loans	$	2,260,036		$	2,226,569		$	1,965,149
Total securities		218,544			216,481			197,006
Total assets		2,851,145			2,848,254			2,510,975
Total noninterest bearing deposits		533,220			575,357			416,704
Total core deposits⁽¹⁾		2,128,422			2,119,491			1,718,333
Total deposits		2,425,631			2,411,297			2,109,798
Total borrowings		111,382			131,224			146,773
Total liabilities		2,560,961			2,568,365			2,288,094
Total shareholders’ equity		290,184			279,889			222,881

Financial Condition (average)
Total loans	$	2,235,194		$	2,205,892		$	1,916,288
Total securities		228,396			228,213			208,954
Total other interest-earning assets		227,124			288,802			211,127
Total interest-bearing assets		2,690,714			2,722,907			2,336,369
Total assets		2,841,513			2,875,981			2,447,278
Total noninterest-bearing deposits		552,746			552,898			416,141
Total interest-bearing deposits		1,861,387			1,893,906			1,633,307
Total deposits		2,414,133			2,446,804			2,049,448
Total borrowings		113,728			121,356			148,771
Total interest-bearing liabilities		1,975,115			2,015,262			1,782,078
Total shareholders’ equity		286,126			276,250			219,622

Asset Quality
Nonperforming loans	$	7,175		$	6,533		$	3,446
Other real estate owned (“OREO”)	$	—		$	—		$	33
Nonperforming assets (“NPA”)	$	7,175		$	6,533		$	3,479
Net charge-offs (recoveries) to average loans⁽²⁾		0.04	%	(0.04)%				0.10	%
Provision for credit losses to average loans⁽²⁾		0.14	%		0.01	%		0.26	%
ACL to loans		1.28	%		1.27	%		1.28	%
ACL to gross loans		1.27	%		1.27	%		1.28	%
ACL to NPL		402.45	%		433.77	%		729.66	%
NPL to loans		0.32	%		0.29	%		0.18	%
NPL to gross loans		0.32	%		0.29	%		0.17	%
NPA to gross loans and OREO		0.32	%		0.29	%		0.18	%
NPA to total assets		0.25	%		0.23	%		0.14	%

Regulatory and Other Capital Ratios
Total shareholders’ equity to total assets		10.18	%		9.83	%		8.88	%
Tangible common equity to tangible assets⁽³⁾		8.84	%		8.47	%		8.23	%
Tier 1 capital ratio to average assets		9.14	%		8.67	%		8.79	%
Risk-based capital ratios:
CET1 capital ratio		10.18	%		9.84	%		9.39	%
Tier 1 capital ratio		10.18	%		9.84	%		9.39	%
Total capital ratio		15.06	%		14.73	%		14.42	%

^{(1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.}

^{(2) Ratio is annualized.}

^{(3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

	March 31, 2025			December 31, 2024			March 31, 2024
	(Unaudited)			(Audited)			(Unaudited)

Assets
Cash and due from banks	$	25,555		$	27,321		$	20,470
Interest-bearing deposits in banks		127,430			153,833			129,917
Federal funds sold		76,390			79,080			86,736
Total cash and cash equivalents		229,375			260,234			237,123

Securities available for sale, at fair value		198,938			196,870			177,379
Securities held to maturity, at amortized cost		19,606			19,611			19,627
Other equity securities, at fair value		2,754			3,697			3,638
Restricted equity securities, at cost		4,408			4,441			5,108
Loans held for sale		1,236			404			425

Loans, net of unearned income		2,260,036			2,226,569			1,965,149
Less allowance for credit losses		28,876			28,338			25,144
Loans, net		2,231,160			2,198,231			1,940,005

Premises and equipment, net		31,728			32,048			26,262
Accrued interest receivable		10,432			10,111			9,561
Bank owned life insurance		39,698			39,431			30,075
Annuities		16,794			16,772			15,939
Foreclosed assets		—			—			33
Goodwill		33,176			33,176			16,862
Core deposit intangible		8,539			8,939			817
Other assets		23,301			24,289			28,121

Total assets	$	2,851,145		$	2,848,254		$	2,510,975

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	533,220		$	575,357		$	416,704
Interest-bearing		1,892,411			1,835,940			1,693,094
Total deposits		2,425,631			2,411,297			2,109,798

Other borrowings		—			17,979			7,997
FHLB advances		20,000			22,000			52,000
Subordinated notes		91,382			91,245			86,776
Accrued interest payable		1,585			2,172			1,805
Other liabilities		22,363			23,672			29,718

Total liabilities		2,560,961			2,568,365			2,288,094

Stockholders’ equity:
Common stock		49,986			49,821			44,746
Capital surplus		107,480			106,637			79,282
Retained earnings		143,530			134,075			109,838
Accumulated other comprehensive loss		(7,503	)		(7,936	)		(8,401	)
Unvested restricted stock		(1,168	)		(567	)		(1,030	)
Vested restricted stock units		(2,141	)		(2,141	)		(1,554	)

Total stockholders’ equity		290,184			279,889			222,881

Total liabilities and stockholders’ equity	$	2,851,145		$	2,848,254		$	2,510,975

CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024		March 31, 2024
	(Unaudited)			(Unaudited)		(Unaudited)
Interest income:
Loans, including fees	$	38,202		$	38,972	$	33,628
Taxable securities		2,239			2,237		1,981
Nontaxable securities		247			248		229
Other interest and dividends		2,476			3,520		2,898
Total interest income		43,164			44,977		38,736

Interest expense:
Deposits		16,689			18,223		15,906
Other borrowings		1,596			1,704		1,991
Total interest expense		18,285			19,927		17,897

Net interest income		24,879			25,050		20,839
Provision for credit losses		775			72		1,236
Net interest income after provision for credit losses		24,104			24,978		19,603

Noninterest income:
Service charges on deposit accounts		564			565		463
Swap (expenses) fees		(3	)		17		15
SBA/USDA fees		40			89		64
Mortgage origination fees		80			55		96
Net gain (loss) on securities		23			25		(12	)
Employee retention credit		—			1,154		—
Other operating income		949			1,085		642
Total noninterest income		1,653			2,990		1,268

Noninterest expenses:
Salaries and employee benefits		6,924			7,002		6,231
Equipment and occupancy expenses		828			851		689
Data processing fees		909			960		643
Regulatory assessments		429			441		360
Professional fees related to ERC		—			236		—
Other operating expenses		3,216			3,584		2,452
Total noninterest expenses		12,306			13,074		10,375

Income before income taxes		13,451			14,894		10,496

Income tax expense		3,100			3,696		2,377

Net income	$	10,351		$	11,198	$	8,119

Basic earnings per share	$	1.04		$	1.13	$	0.91

Diluted earnings per share	$	1.03		$	1.11	$	0.90

AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Balance			Interest		Yield/Rate		Average Balance			Interest		Yield/Rate		Average Balance			Interest		Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income⁽¹⁾	$	2,235,194		$	38,202	6.93	%	$	2,205,892		$	38,972	7.03	%	$	1,916,288		$	33,628	7.06	%
Taxable securities		181,788			2,239	4.99	%		181,456			2,237	4.90	%		163,586			1,981	4.87	%
Nontaxable securities		46,608			247	2.15	%		46,757			248	2.11	%		45,368			229	2.03	%
Other interest-earnings assets		227,124			2,476	4.42	%		288,802			3,520	4.85	%		211,127			2,898	5.52	%
Total interest-earning assets	$	2,690,714		$	43,164	6.51	%	$	2,722,907		$	44,977	6.57	%	$	2,336,369		$	38,736	6.67	%
Allowance for credit losses		(28,430	)						(28,280	)						(24,313	)
Noninterest-earning assets		179,229							181,354							135,222
Total Assets	$	2,841,513						$	2,875,981						$	2,447,278

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts		95,573			20	0.09	%		94,039			27	0.12	%		85,858			26	0.12	%
Savings and money market accounts		1,120,998			9,765	3.53	%		1,112,679			10,279	3.68	%		902,361			8,804	3.92	%
Time deposits		644,816			6,904	4.34	%		687,188			7,917	4.58	%		645,088			7,076	4.41	%
FHLB advances		20,644			275	5.40	%		22,000			300	5.42	%		53,121			655	4.96	%
Other borrowings		93,084			1,321	5.76	%		99,356			1,404	5.63	%		95,650			1,336	5.62	%
Total interest-bearing liabilities	$	1,975,115		$	18,285	3.75	%	$	2,015,262		$	19,927	3.93	%	$	1,782,078		$	17,897	4.04	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits	$	552,746						$	552,898						$	416,141
Other liabilities		27,526							31,571							29,437
Total noninterest-bearing liabilities	$	580,272						$	584,469						$	445,578
Stockholders’ Equity		286,126							276,250							219,622
Total Liabilities and Stockholders’ Equity	$	2,841,513						$	2,875,981						$	2,447,278

Net interest income				$	24,879						$	25,050						$	20,839
Net interest spread⁽²⁾						2.76	%						2.64	%						2.63	%
Net interest margin⁽³⁾						3.75	%						3.66	%						3.59	%
Net interest margin – FTE⁽⁴⁾⁽⁵⁾						3.76	%						3.67	%						3.60	%
Cost of funds⁽⁶⁾						2.93	%						3.09	%						3.27	%
Cost of interest-bearing deposits						3.64	%						3.83	%						3.92	%
Cost of total deposits						2.80	%						2.96	%						3.12	%

^{(1)   Includes nonaccrual loans.}

^{(2)   Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.}

^{(3)   Net interest margin is a ratio of net interest income to average interest earning assets for the same period.}

^{(4)   Net interest margin – FTE is a ratio of fully-taxable equivalent net interest income to average interest earning assets for the same period. It assumes a 24.0% tax rate.}

^{(5)   Refer to “Reconciliation of Non-GAAP Financial Measures”.}

^{(6)   Includes total interest-bearing liabilities and noninterest deposits.}

LOAN COMPOSITION
(Dollars in thousands)

	March 31, 2025					December 31, 2024					March 31, 2024
	Amount			% of gross		Amount			% of gross		Amount			% of gross

Real estate mortgages:
Construction and development	$	247,264		10.9	%	$	238,603		10.7	%	$	252,934		12.8	%
Residential		317,994		14.0	%		315,083		14.1	%		238,702		12.1	%
Commercial		1,356,064		59.8	%		1,350,091		60.4	%		1,182,634		60.0	%
Commercial and industrial		333,831		14.8	%		317,887		14.3	%		288,701		14.7	%
Consumer and other		11,587		0.5	%		11,580		0.5	%		8,425		0.4	%
Gross loans		2,266,740		100.0	%		2,233,244		100.0	%		1,971,396		100.0	%
Unearned income		(6,704	)				(6,675	)				(6,247	)
Loans, net of unearned income		2,260,036					2,226,569					1,965,149
Allowance for credit losses		(28,876	)				(28,338	)				(25,144	)
Loans, net	$	2,231,160				$	2,198,231				$	1,940,005

DEPOSIT COMPOSITION
(Dollars in thousands)

	March 31, 2025				December 31, 2024				March 31, 2024
	Amount		% of total		Amount		% of total		Amount		% of total


Noninterest-bearing transaction	$	533,220	22.0	%	$	575,357	23.8	%	$	416,704	19.7	%
Interest-bearing transaction		1,183,984	48.8	%		1,128,959	46.8	%		974,079	46.2	%
Savings		54,795	2.3	%		52,472	2.2	%		33,909	1.6	%
Time deposits, $250,000 and under		518,958	21.4	%		512,717	21.3	%		584,658	27.7	%
Time deposits, over $250,000		134,674	5.5	%		141,792	5.9	%		100,448	4.8	%
Total deposits	$	2,425,631	100.0	%	$	2,411,297	100.0	%	$	2,109,798	100.0	%

Nonperfoming Assets
(Dollars in thousands)

	March 31, 2025			December 31, 2024			March 31, 2024


Nonaccrual loans	$	7,175		$	6,434		$	3,446
Past due loans 90 days or more and still accruing interest		—			99			—
Total nonperforming loans		7,175			6,533			3,446
OREO		—			—			33
Total nonperforming assets	$	7,175		$	6,533		$	3,479

Financial difficulty modification loans– nonaccrual⁽¹⁾		543			600			675
Financial difficulty modification loans – accruing		1,029			1,055			1,283
Financial difficulty modification loans	$	1,572		$	1,655		$	1,958

Allowance for credit losses	$	28,876		$	28,338		$	25,144
Loans, net of unearned income at the end of the period	$	2,260,036		$	2,226,569		$	1,965,149
Gross loans outstanding at the end of period	$	2,266,740		$	2,233,244		$	1,971,396
Total assets	$	2,851,145		$	2,848,254		$	2,510,975
Allowance for credit losses to nonperforming loans		402.45	%		433.77	%		729.66	%
Nonperforming loans to loans, net of unearned income		0.32	%		0.29	%		0.18	%
Nonperforming loans to gross loans		0.32	%		0.29	%		0.17	%
Nonperforming assets to gross loans and OREO		0.32	%		0.29	%		0.18	%
Nonperforming assets to total assets		0.25	%		0.23	%		0.14	%

Nonaccrual loans by category:
Real estate mortgages:
Construction & Development	$	403		$	415		$	—
Residential Mortgages		758			559			246
Commercial Real Estate Mortgages		2,694			2,097			2,422
Commercial & Industrial		3,320			3,363			778
Consumer and other		—			—			—
Total	$	7,175		$	6,434		$	3,446

^{(1) Financial difficulty modification loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.}

Allowance for Credit Losses
(Dollars in thousands)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Average loans, net of unearned income	$	2,235,194		$	2,205,892		$	1,916,288
Loans, net of unearned income		2,260,036			2,226,569			1,965,149
Gross loans		2,266,740			2,233,244			1,971,396
Allowance for credit losses at beginning of the period		28,338			28,061			24,378
Charge-offs:
Construction and development		—			—			—
Residential		—			—			11
Commercial		—			—			27
Commercial and industrial		331			—			442
Consumer and other		2			—			15
Total charge-offs		333			—			495
Recoveries:
Construction and development		—			—			—
Residential		6			7			8
Commercial		—			—			—
Commercial and industrial		89			196			16
Consumer and other		1			2			1
Total recoveries		96			205			25
Net charge-offs (recoveries)	$	237		$	(205	)	$	470

Provision for credit losses	$	775		$	72		$	1,236
Balance at end of the period	$	28,876		$	28,338		$	25,144

Allowance for credit losses on unfunded commitments at beginning of the period	$	1,405		$	1,405		$	1,239
Provision for credit losses on unfunded commitments		—			—			49
Balance at the end of the period	$	1,405		$	1,405		$	1,288

Allowance to loans, net of unearned income		1.28	%		1.27	%		1.28	%
Allowance to gross loans		1.27	%		1.27	%		1.28	%
Net charge-offs (recoveries) to average loans, net of unearned income⁽¹⁾		0.04	%	(0.04) %				0.10	%
Provision for credit losses to average loans, net of unearned income⁽¹⁾		0.14	%		0.01	%		0.26	%

(1) Ratio is annualized.

Reconciliation of Non-GAAP Financial Measures

In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this 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. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Net income	$	10,351		$	11,198		$	8,119
Add: Professional fees related to ERC		—			236			—
Add: Net OREO gains		—			3			—
Less: Employee retention related revenue		—			1,154			—
Less: Net gain (loss) on securities		23			25			(12	)
Less: Tax effect		(6	)		(226	)		3
*Core net income*	$	*10,334*		$	*10,484*		$	*8,128*
Average assets	$	2,841,513		$	2,875,981		$	2,447,278
*Core return on average assets*		*1.47*	%		*1.45*	%		*1.34*	%

Net income	$	10,351		$	11,198		$	8,119
Add: Professional fees related to ERC		—			236			—
Add: Net OREO gains		—			3			—
Add: Provision for credit losses		775			72			1,236
Less: Employee retention related revenue		—			1,154			—
Less: Net gain (loss) on securities		23			25			(12	)
Add: Income taxes		3,100			3,696			2,377
*Pretax pre-provision core net income*	$	*14,203*		$	*14,026*		$	*11,744*
Average assets	$	2,841,513		$	2,875,981		$	2,447,278
*Pretax pre-provision core return on average assets*		*2.03*	%		*1.94*	%		*1.93*	%

Net interest income	$	24,879		$	25,050		$	20,839
Add: Fully-taxable equivalent adjustments⁽¹⁾		62			66			73
*Net interest income – FTE*	$	*24,941*		$	*25,116*		$	*20,912*

Net interest margin		3.75	%		3.66	%		3.59	%
Effect of fully-taxable equivalent adjustments⁽¹⁾		0.01	%		0.01	%		0.01	%
*Net interest margin – FTE*		*3.76*	%		*3.67*	%		*3.60*	%

Total stockholders’ equity	$	290,184		$	279,889		$	222,881
Less: Intangible assets		41,715			42,115			17,679
*Tangible common equity*	$	*248,469*		$	*237,774*		$	*205,202*

(1) Assumes a 24.0% tax rate.






Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024

Core net income	$	10,334		$	10,484		$	8,128
Diluted weighted average shares outstanding		10,072,329			10,061,735			9,043,122
*Diluted core earnings per share*	$	*1.03*		$	*1.04*		$	*0.90*

Common shares outstanding at year or period end		9,922,180			9,889,260			8,894,794
*Tangible book value per share*	$	*25.04*		$	*24.04*		$	*23.07*

Total assets at end of period	$	2,851,145		$	2,848,254		$	2,510,975
Less: Intangible assets		41,715			42,115			17,679
Adjusted assets at end of period	$	2,809,430		$	2,806,139		$	2,493,296
*Tangible common equity to tangible assets*		*8.84*	%		*8.47*	%		*8.23*	%

Total average shareholders equity	$	286,126		$	276,250		$	219,622
Less: Average intangible assets		41,957			40,177			17,730
Average tangible common equity	$	244,169		$	236,073		$	201,892
Net income to common shareholders	$	10,351		$	11,198		$	8,119
*Return on average tangible common equity*		*17.19*	%		*18.87*	%		*16.17*	%
Average tangible common equity	$	244,169		$	236,073		$	201,892
Core net income	$	10,334		$	10,484		$	8,128
*Core return on average tangible common equity*		*17.16*	%		*17.67*	%		*16.19*	%

Net interest income	$	24,879		$	25,050		$	20,839
Add: Noninterest income		1,653			2,990			1,268
Less: Employee retention related revenue		—			1,154			—
Less: Net gain (loss) on securities		23			25			(12	)
Operating revenue	$	26,509		$	26,861		$	22,119

Expenses:
Total noninterest expense	$	12,306		$	13,074		$	10,375
Less: Professional fees related to ERC		—			236			—
Less: Net OREO gains		—			3			—
Adjusted noninterest expenses	$	12,306		$	12,835		$	10,375
*Core efficiency ratio*		*46.42*	%		*47.78*	%		*46.90*	%