Market Newsdesk

April 25, 2025 5:17 pm

Innovex International, Inc. Announces Divestiture of the Dril-Quip Eldridge Campus – a Significant Business Transformation Milestone – and Provides Business Update

Innovex International, Inc. Announces Divestiture of the Dril-Quip Eldridge Campus – a Significant Business Transformation Milestone – and Provides Business Update

HOUSTON–(BUSINESS WIRE)–
Innovex International, Inc. (NYSE: INVX) (the “Company” or “Innovex”) announced its entry into a definitive agreement to sell its facility located at 6401 North Eldridge Pkwy, Houston, Texas 77041 (the “Property”). The sale price for the Property is $95.0 million, subject to adjustments, and the sale is expected to close in the third quarter of 2025.

As further described in the purchase and sale agreement (the “Purchase Agreement”) with BIG Acquisitions LLC (the “Purchaser”), Innovex intends to enter into a short-term lease of the Property in connection with the sale to allow for completion of ongoing facility consolidation initiatives, ensuring no disruption to customer deliveries. The sale is subject to customary closing conditions.

Adam Anderson, CEO of Innovex, commented, “The sale of the Eldridge campus represents a significant milestone in our ongoing transformation of the Dril-Quip business. The expected proceeds from the sale of this facility represent approximately 9% of Innovex’s current market cap and will further bolster the Company’s existing net cash position. Further, as mentioned on our previous earnings call, we expect the exit of Eldridge to reduce our operating footprint dedicated to Subsea operations in Houston by 82%, not only driving significant cost reduction, but more importantly enabling better on-time delivery and responsiveness to our customers’ needs. We are extremely pleased with this outcome, which fits our strategy of maintaining a flexible cost structure and a conservative balance sheet to take full advantage of the opportunities created by industry cycles.”

Kendal Reed, CFO of Innovex, commented, “The proceeds from the sale of Eldridge are expected to further strengthen our balance sheet. We have multiple avenues to deploy this capital to drive long-term returns for our shareholders, including our previously announced $100.0 million share buyback authorization as well as a robust M&A pipeline. We will continue evaluating those alternatives against each other in the context of our dynamic market environment.”

Additional details on the sale of the Eldridge facility are available in the 8-K and Purchase Agreement filed contemporaneously with this press release.

Q1 Business Update and Conference Call / Webcast Details

Innovex expects total revenue for the first quarter of 2025 to be approximately $240 million compared to previously announced guidance of $245 – $255 million. As expected, revenue in both Mexico and US Offshore declined in Q1 2025 as compared to Q4 2024, but revenue weakness in Mexico was far greater than projected.

Despite lower-than-expected revenue, Innovex anticipates Adjusted EBITDA for the first quarter of 2025 to be between $44 – $46 million¹.

Adam Anderson further commented, “We have intentionally designed the business to be robust to uncertain market conditions and have successfully navigated previous market cycles by gaining market share, maintaining profitability and successfully executing important countercyclical acquisitions.”

These results for the first quarter of 2025 are preliminary estimates and are subject to change. The Company is currently finalizing its first quarter 2025 results and, as a result, these preliminary estimates are based solely on information available to management as of the date of this press release. The Company’s actual results may differ from these estimates due to the completion of its closing procedures, final adjustments and developments that may arise or information that may become available between now and the time the Company’s financial results are finalized.

Innovex will provide additional detail with the release of first quarter 2025 earnings results on May 6, 2025, after the close of the U.S. financial markets.

Management will host a conference call and a webcast to discuss the financial results on May 7, 2025, at 10:00 a.m. Eastern Daylight Time / 9:00 a.m. Central Daylight Time. The presentation is open to all interested parties and may include forward-looking information.

To access the call, please dial in approximately ten minutes before the start of the call.

Conference Call and Webcast Details

Date / Time: May 7, 2025 – 9:00 AM Central Time

Webcast: https://events.q4inc.com/attendee/852779315

U.S. Toll-Free Dial-In: (800) 715-9871

International Dial-In: +1 (646) 307-1963

Conference ID: 1774704

For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, May 14, 2025. To access the replay, please call (800) 770-2030 or +1 (609) 800-9909 (International) and enter playback ID 1774704 followed by the # key. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company’s website.

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¹ Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for a definition of Adjusted EBIDTA.

About Innovex International

Innovex International, Inc (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions.

Our comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer.

With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.

Non-GAAP Financial Measures

Adjusted EBIDTA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, (gain)/loss on sale of assets and other expense, net, further adjusted to exclude certain items which the Company believes are not reflective of our ongoing performance or which are non-cash in nature. Management uses Adjusted EBITDA to assess the profitability of the Company’s business operations and to compare the Company’s operating performance to its competitors without regard to the impact of financing methods and capital structure and excluding costs that management believes do not reflect our ongoing operating performance. Adjusted EBITDA does not represent and should not be considered as an alternative to, or more meaningful than, net income or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Our computation of Adjusted EBITDA may differ from computations of similarly titled measures of other companies. A reconciliation to the corresponding GAAP measure is not practicable at this time.

Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information, including without limitation statements regarding timing and ability to complete the sale of the Property, the expected benefits of such sale, the Company’s ability to return capital to shareholders through share repurchases or otherwise and future M&A activities. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward- looking statements can be guaranteed. These statements reflect management’s expectations based on currently available information and involve significant risks, uncertainties and assumptions that may cause actual results to differ materially, Factors that may cause such differences include, but are not limited to, the finalization of the Company’s quarter-end results, economic conditions and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425046785/en/

Investor Relations Contact

Avinash Cuddapah

Sr. Director – Investor Relations

[email protected]

(346) 398-0000

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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April 25, 2025 5:15 pm

Rezolute, Inc. Announces Closing of Underwritten Offering

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) — Rezolute, Inc. (Nasdaq: RZLT) (“Rezolute” or the “Company”), a late-stage biopharmaceutical company committed to developing novel, transformative therapies for serious rare diseases, today announced the closing of its previously announced underwritten offering (the “Offering”) of an aggregate of 24,940,769 shares of its common stock at an offering price of $3.25 per share, which includes 4,153,846 shares of common stock pursuant to the exercise in full of the underwriters’ option to purchase additional shares of common stock and, to certain investors in lieu of common stock, pre-funded warrants to purchase up to 6,905,385 shares of common stock at an offering price of $3.2490 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant.

Net proceeds from the Offering are expected to be approximately $96.9 million. The Company intends to use the net proceeds from the Offering for research and development, general corporate expenses and working capital needs.

The Offering included participation from new and existing investors, including Federated Hermes Kaufmann Funds, Blackstone Multi-Asset Investing, Great Point Partners, LLC, Marshall Wace, Woodline Partners LP, Nantahala Capital, Squadron Capital Management and select mutual funds.

Guggenheim Securities acted as the sole book-running manager for the Offering. BTIG, H.C. Wainwright & Co., and Jones acted as lead managers for the Offering. Craig-Hallum and Maxim Group LLC acted as co-managers for the Offering. WG Partners LLP acted as financial advisor for the Offering.

In addition to the Offering, certain existing investors have committed to purchase up to an additional $4.2 million shares of common stock in a private placement at the same offering price in a separate private placement (the “Private Placement”). The Private Placement is expected to close on or about May 7, 2025, subject to satisfaction of customary closing conditions.

A shelf registration statement on Form S-3 (File No. 333-275562) relating to the securities offered in the Offering was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on November 29, 2023. The Offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the Offering was filed with the SEC and may be obtained on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the Offering, may be obtained by contacting: Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, New York 10017, by telephone at (212) 518-9544, or by email at [email protected].

This press release does not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Rezolute, Inc.

Rezolute is a late-stage rare disease company focused on significantly improving outcomes for individuals with hypoglycemia caused by hyperinsulinism (“HI”). The Company’s antibody therapy, ersodetug, is designed to treat all forms of HI and has shown substantial benefit in clinical trials and real-world use for the treatment of congenital HI and tumor HI.

Forward-Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including statements regarding the Private Placement and statements regarding the Company’s expectations on the use of proceeds from the Offering, constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements about the Company’s strategy, future operations and future expectations and plans and prospects for the Company, and any other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to market and other financial conditions, the completion of the Private Placement or the size or terms thereof, satisfaction of customary closing conditions related to the Private Placement and other factors discussed in the “Risk Factors” section contained in the final prospectus supplement that have been filed with the SEC and other reports that the Company has filed with the SEC. Any forward-looking statements represent the Company’s views only as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. While the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law.

Contacts:

Rezolute, Inc.

Christen Baglaneas
[email protected]
508-272-6717

Media

Sarah Lima
[email protected]
(774) 766-0200

April 25, 2025 5:14 pm

Malibu Boats, Inc. Announces Earnings Release Date and Conference Call Information for Third Quarter Fiscal 2025 Financial Results

LOUDON, Tenn., April 25, 2025 (GLOBE NEWSWIRE) — Malibu Boats, Inc. (Nasdaq: MBUU) announced today that it will release its third quarter fiscal 2025 financial results on Thursday, May 8, 2025, before the market opens. Following the release, the company’s management will host a conference call to discuss the results at 8:30 a.m. Eastern Time on the same day.

The call will be hosted by Malibu’s Chief Executive Officer, Steve Menneto, and Chief Financial Officer, Bruce Beckman.

Investors and analysts are invited to listen to the conference call by dialing (844) 695-5523 or (412) 317-0699. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Company’s website at https://malibuboatsinc.com/investor-information/events-presentations. A replay of the webcast will also be archived on the Company’s website for twelve months.

About Malibu Boats, Inc.

Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ – 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, or www.maverickboatgroup.com.

Contacts

Malibu Boats, Inc.
[email protected]

April 25, 2025 5:08 pm

N-able to Host First Quarter Earnings Conference Call on May 8, 2025

N-able to Host First Quarter Earnings Conference Call on May 8, 2025

BURLINGTON, Mass.–(BUSINESS WIRE)–N-able, Inc. (NYSE:NABL), a global software company delivering a unified cyber resiliency platform to manage, secure, and recover, today announced that it will host a conference call to discuss its financial results for the first quarter of 2025 at 8:30 a.m. ET on May 8, 2025.

A live webcast of the call will be available on the N-able Investor Relations website at http://investors.n-able.com. A replay of the webcast will be available on a temporary basis shortly after the event. N-able will issue its earnings release highlighting its first quarter results prior to the start of the conference call on May 8, 2025.

About N-able

N‑able’s mission is to protect businesses against evolving cyberthreats with a unified cyber resiliency platform to manage, secure, and recover. Our scalable technology infrastructure includes AI-powered capabilities, market-leading third-party integrations, and the flexibility to employ technologies of choice—to transform workflows and deliver critical security outcomes. Our partner-first approach combines our products with experts, training, and peer-led events that empower our customers to be secure, resilient, and successful. n-able.com

Source: N-able, Inc.

Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425594589/en/

Investors

Griffin Gyr

[email protected]

Media

Kim Cecchini

Phone: 202.391.5205

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Technology Security Other Technology Business Professional Services Software Networks Other Professional Services Artificial Intelligence

MEDIA:

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April 25, 2025 5:05 pm

Mettler-Toledo International Inc. Announces Webcast of Presentation at the BofA Securities 2025 Healthcare Conference

Mettler-Toledo International Inc. Announces Webcast of Presentation at the BofA Securities 2025 Healthcare Conference

COLUMBUS, Ohio–(BUSINESS WIRE)–
Mettler-Toledo International Inc. (NYSE:MTD) today announced it will present at the BofA Securities 2025 Healthcare Conference on Wednesday, May 14, 2025, at 4:20pm Pacific Time (7:20pm Eastern Time). A live webcast of the presentation will be available on the Company’s investor relations website at investor.mt.com.

METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425087280/en/

Adam Uhlman

Head of Investor Relations

METTLER TOLEDO

Direct: 614-438-4794

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Machine Tools, Metalworking & Metallurgy Engineering Health Chemicals/Plastics Medical Devices Manufacturing Other Manufacturing

MEDIA:

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April 25, 2025 5:04 pm

VTEX Announces the Results of its 2025 Annual General Meeting of Shareholders

VTEX Announces the Results of its 2025 Annual General Meeting of Shareholders

NEW YORK–(BUSINESS WIRE)–
VTEX (NYSE: VTEX), the backbone for connected commerce, announced today that the following matters were approved in its annual general meeting of shareholders (“AGM”) held on April 25, 2025:

Proposal No. 1: to resolve, as an ordinary resolution, on the re-election of certain members of the Board of Directors;
Proposal No. 2: to resolve, as an ordinary resolution, the transition of the Company’s financial reporting standards to U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) from International Financial Reporting Standards (“IFRS”), beginning from the fiscal year commencing on January 1, 2025;
Proposal No. 3: the ratification and approval of financial statements and the auditor’s report for the fiscal year ended December 31, 2024.

68,892,908 Class A shares and 80,766,730 Class B shares were represented at the AGM, in person or by proxy, which indicates 96.36% of the voting power of our share capital was represented.

AGM Results

The detailed results of the AGM were as follows:

1. To resolve, as an ordinary resolution, on the re-election of certain members of the Board of Directors.

	Director	FOR	% FOR	AGAINST	% AGAINST	ABSTAIN	% ABSTAIN
1.1	Geraldo do Carmo Thomaz Júnior	861,782,763	98.31%	14,707,851	1.68%	1,574	0.00%
1.2	Mariano Gomide de Faria	861,761,157	98.31%	14,728,948	1.68%	2,084	0.00%
1.3	Alejandro Raul Scannapieco	873,822,262	99.69%	2,633,785	0.30%	36,139	0.00%
1.4	Benoit Jean-Claude Marie Fouilland	873,822,460	99.69%	2,633,775	0.30%	35,951	0.00%
1.5	Francisco Alvarez-Demalde	860,204,353	98.13%	16,027,356	1.83%	328,499	0.04%

2. To resolve, as an ordinary resolution, the transition of the Company’s financial reporting standards to U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) from International Financial Reporting Standards (“IFRS”), beginning from the fiscal year commencing on January 1, 2025.

	FOR	% FOR	AGAINST	% AGAINST	ABSTAIN	% ABSTAIN
	876,541,587	100.00%	1,847	0.00%	16,774	0.00%

3. The ratification and approval of financial statements and the auditor’s report for the fiscal year ended December 31, 2024.

	FOR	% FOR	AGAINST	% AGAINST	ABSTAIN	% ABSTAIN
	875,542,949	99.88%	50,630	0.01%	966,629	0.11%

Final voting results on all matters voted on at the AGM will be filed on VTEX’s profile on EDGAR at www.sec.gov.

About VTEX

VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions—including B2C, B2B, Sales App, Pick and Pack, Data Pipeline, Retail Media, and Security Shield—VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit www.vtex.com.

Forward-looking Statements

This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project,” “target” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements.

VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEX’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX’s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC.

As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425632609/en/

VTEX IR Contact

Julia Vater Fernández

VP of Investor Relations

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Technology Finance Fintech Electronic Commerce Professional Services Software Internet Supply Chain Management Retail Online Retail

MEDIA:

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April 25, 2025 5:01 pm

Okeanis Eco Tankers Corp. – Announcement of 2025 Annual Meeting of Shareholders

ATHENS, Greece, April 25, 2025 (GLOBE NEWSWIRE) — Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), announced today that it has scheduled its Annual Meeting of Shareholders for May 30, 2025, at 11:00 a.m. Greek time (the “Annual Meeting”). The record date for determining shareholders entitled to participate at the Annual Meeting is April 22, 2025. The business of the Annual Meeting is to elect eight directors to serve until the next annual meeting of shareholders or until their successors are elected and qualified, and to ratify the appointment of Deloitte Certified Public Accountants S.A. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. Annual Meeting documentation and instructions for voting are expected to be mailed to all shareholders of record on or about April 25, 2025, and will be furnished to the U.S. Securities and Exchange Commission (the “Commission”) and available on the Commission’s website at www.sec.gov.

Separately, as part of the Annual Meeting process, the Company announced today that the board of directors of the Company has been expanded to consist of eight persons from the previous seven person board of directors. The vacancy on the board of directors of the Company created by this change is proposed to be filled at the Annual Meeting, rather than by the remaining directors.

The Company has decided to nominate Mr. Dimitrios Papalexopoulos for election as a director, to fill this vacancy. Dimitrios Papalexopoulos is a business executive with experience in management, business development, operations and commercial marketing across media, publishing, technology and fast-moving consumer goods. He is currently and has been since 2022 the Managing Director of Kathimerines Ekdoseis, a media and publishing company, and publisher of prominent Greek newspaper Kathimerini. He was previously its Chief Business Officer from 2019 to 2021. Prior to joining Kathimerines Ekdoseis, Mr. Papalexopoulos held senior positions in business development, sales, and brand management in Google between 2011 and 2018 and in Procter & Gamble between 2007 and 2010. He holds a B.A. in International and European Economic Studies from the Athens University of Economics and Business, a B.Sc. in Business Administration from the American College of Greece, an M.Sc. in International Employment Relations and HR Management from the London School of Economics and Political Science (LSE), and an MBA from the Massachusetts Institute of Technology (MIT) under the Sloan Fellows Program. Mr. Papalexopoulos has been a member of the Governing Council of the Athens University of Economics and Business since 2023.

The Company’s executive management team will remain unchanged. They will continue to work closely with the Company’s board of directors.

Contacts

Company

Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
[email protected]

Investor Relations / Media Contact

Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
[email protected]

About OET

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Forward-Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the Commission. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the Commission, which can be obtained free of charge on the Commission’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

April 25, 2025 4:59 pm

Middlesex Water Company Declares Quarterly Cash Dividend

ISELIN, N.J., April 25, 2025 (GLOBE NEWSWIRE) — Middlesex Water Company (NASDAQ: MSEX) announced today that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, payable June 2, 2025 to shareholders of record as of May 15, 2025.

About Middlesex Water Company
Middlesex Water Company (NASDAQ: MSEX) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.

Media Contact:
Brian Hague, Vice President of Communications & Corporate Affairs
[email protected]
(732) 638-7549

Investor Relations Contact:
Jennifer Ketschke, Director, Treasury and Investor Relations
[email protected]
(732) 638-7523

April 25, 2025 4:57 pm

Arbor Realty Trust Schedules First Quarter 2025 Earnings Conference Call

UNIONDALE, N.Y., April 25, 2025 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced that it is scheduled to release first quarter 2025 financial results before the market opens on Friday, May 2, 2025. The Company will host a conference call to review the results at 10:00 a.m. Eastern Time on May 2, 2025.

A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ125 when prompted by the operator.

A telephonic replay of the call will be available until May 9, 2025. The replay dial-in numbers are (800) 934-2127 for domestic callers and (402) 220-1139 for international callers.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender, Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine, and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

Contact:

Arbor Realty Trust, Inc.
Investor Relations
516-506-4200
[email protected]

April 25, 2025 4:55 pm

EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2025 FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND

PR Newswire

BERRYVILLE, Va.
, April 25, 2025 /PRNewswire/ — Eagle Financial Services, Inc. (NASDAQ: EFSI) (the “Company”), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its first quarter 2025 results. On April 23, 2025, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on May 16, 2025, to shareholders of record on May 5, 2025. The following table presents selected financial performance highlights for the periods indicated:

	Three Months Ended
	March 31,						December 31,						March 31,
	2025						2024						2024
	(in thousands)
				As adjusted (1)						As adjusted (1)
Consolidated net income (loss)	$	(6,974)		$	2,842		$	6,186		$	3,125		$	2,548

Consolidated noninterest income (loss)	$	(8,554)		$	3,871		$	8,521		$	4,647		$	3,480

Earnings (loss) per share – basic and diluted	$	(1.53)		$	0.62		$	1.74		$	0.88		$	0.72

Annualized return on average equity		(20.75)	%		8.46	%		21.10	%		10.66	%		9.53	%

Annualized return on average assets		(1.48)	%		0.59	%		1.32	%		0.67	%		0.58	%

Net interest margin		2.98	%		2.98	%		3.03	%		3.03	%		3.00	%

(1) Non-GAAP financial measure – Excluding the tax effected impact of the loss on sale of securities for the three months ended March 31, 2025 and the gain on sale of the Old Town Center (“OTC”) building as a result of the executed sale-leaseback transaction for the three months ended December 31, 2024. See the “Reconciliation of GAAP to Non-GAAP Performance Highlights” table for a reconciliation of these measures to comparable measures calculated in accordance with GAAP.

On February 13, 2025, the Company completed an underwritten public offering of 1,796,875 shares of its common stock at a public offering price of $32.00 per share. The net proceeds from the offering were $53.5 million. The Company also executed balance sheet repositioning transactions to support continued organic growth and capital generation. The Company sold available for sale debt securities with an amortized cost balance of $99.2 million (fair value of $86.8 million) and a weighted average yield of 1.72% and reinvested $66.0 million into purchases of available for sale debt securities with a weighted average yield of 4.72%. The sale of debt securities resulted in a net pre-tax realized loss of $12.4 million (after-tax of $9.8 million) that was recognized in the first quarter of 2025.

Additional key highlights for the first quarter of 2025 are as follows:

Core deposit growth of $42.2 million or 3.3% during the quarter.
FHLB borrowings decreased by $55.0 million during the quarter to $65.0 million.
Wealth Management fee income increased by $301 thousand or 21.8% during the quarter to $1.7 million.
Sales of $33.7 million and $2.0 million in mortgage and SBA loans, respectively, with a gain on sale of $429 thousand recognized during the quarter.

Brandon Lorey, President and CEO, stated, “The first quarter of 2025 has been a period of transformation for Eagle Financial Services and the Bank of Clarke. With the completion of an over-subscribed capital raise, an uplist to the NASDAQ stock exchange, and a successful repositioning of our securities portfolio, the organization is now optimally positioned to deliver significantly improved shareholder value in the coming quarters and years. We continued to experience strong low-cost core deposit growth of $42.2 million in the quarter, allowing further reduction in borrowings and strengthening our loan-to-deposit ratio. I am also thrilled to report that the Board has selected Mrs. Cary Nelson as its new Chair. Mrs. Nelson will be superseding Mr. Tom Gilpin, who announced his retirement from the Board in December of last year. Mrs. Nelson has served on the Board since 2018 and will officially begin her role as Chair after the Company’s annual meeting in May 2025. I would like to extend my gratitude to the entire team at EFSI and the Bank for their continued commitment to our shareholders, communities, and customers.”

Income Statement Review

Total net income (loss) for the quarters ended March 31, 2025 and December 31, 2024 was ($7.0 million) and $6.2 million, respectively. Total net (loss) for the quarter ended March 31, 2025 included a loss on sale of securities of $12.4 million related to an executed balance sheet repositioning. Total net income for the quarter ended December 31, 2024 included a gain on the sale of the OTC building as a part of a sale leaseback transaction. Net income, as adjusted to excluded the one-time effects of these significant transactions, for the quarter ended March 31, 2025 was $2.8 million reflecting a decrease of 9.0% from the quarter ended December 31, 2024 and an increase of 11.5% from the quarter ended March 31, 2024. Net income, as adjusted, was $3.1 million for the three-month period ended December 31, 2024 and $2.5 million for the quarter ended March 31, 2024. This is a non-GAAP financial measure. Please refer to the “Reconciliation of GAAP to Non-GAAP Performance Highlights” table for additional information. table for additional information. The decrease from the quarter ended December 31, 2024 was due to an increased provision for credit losses and lower noninterest income, partially offset by a decrease in salaries and employee benefits expense during the quarter ended March 31, 2025. The increase from the quarter ended March 31, 2024 was due largely to an increase in net interest income and partially offset by the increased provision for credit losses during the quarter ended March 31, 2025. These changes are discussed below in greater detail.

Total loan interest income was $20.0 million and $21.1 million for the quarters ended March 31, 2025 and December 31, 2024 respectively. Total loan interest income was $20.0 million for the quarter ended March 31, 2024. Total loan interest income decreased $1.1 million or 5.6% from the quarter ended December 31, 2024 to the quarter ended March 31, 2025. The decrease in loan interest income for the first quarter of 2025 compared to the fourth quarter of 2024 is due to the decreases in lower average loan balance and loan yield along with a higher volume of mortgage loans sales and several loan relationships being placed on nonaccrual status. Average loans decreased from $1.48 billion for the quarter ended December 31, 2024 to $1.46 billion for the quarter ended March 31, 2025. The tax equivalent yield on average loans for the quarter ended March 31, 2025 was 5.57%, a decrease of 13 basis points from the 5.70% average yield for the quarter ended December 31, 2024. Early during the first quarter, ahead of its public offering, the Company sold an additional pool of mortgage loans at par in order to bolster on-balance sheet liquidity. This pool had a total balance of $18.8 million with a weighted average yield of 6.58%. In addition, $202 thousand in accrued interest income was reversed when one loan relationship totaling $12.5 million with a weighted average yield of 8.73% was placed in nonaccrual status.

Interest and dividend income from the investment portfolio was $848 thousand for the quarter ended March 31, 2025 compared to $879 thousand for the quarter ended December 31, 2024. Interest and dividend income from the investment portfolio was $919 thousand for the quarter ended March 31, 2024. The tax equivalent yield on average investments for the quarter ended March 31, 2025 was 2.93%, up 36 basis points from 2.57% for the quarter ended December 31, 2024 and up 35 basis points from 2.58% for the quarter ended March 31, 2024. The increase in yield was due largely in part to lower yielding investments sold during the first quarter of 2025 being replaced with higher yielding securities being purchased. During the quarter ended March 31, 2025, $99.2 million in securities were sold with a weighted average yield of 1.72%. During the same quarter, $76.0 million in securities were purchased. Of the $76.0 million in securities purchased, $66.0 million were purchased as a part of the executed balance sheet repositioning with a weighted average yield of 4.72%.

Total interest expense was $10.2 million and $10.5 million for the three months ended March 31, 2025 and December 31, 2024, respectively and $9.5 million for three months ended March 31, 2024. The increase in interest expense between the quarter ended March 31, 2025 and the quarter ended March 31, 2024 was due to the growth in interest-bearing deposit accounts year over year. The average balance of interest-bearing liabilities increased $90.9 million from the quarter ended March 31, 2024 to the same period in 2025 while the average cost of interest-bearing liabilities increased only two basis points when comparing the same period. The decrease in interest expense between the quarter ended March 31, 2025 and the quarter ended December 31, 2024 was due primarily to the payoff of one Federal Home Loan Bank advance totaling $55.0 million in February 2025.

Net interest income for the quarter ended March 31, 2025 was $13.3 million reflecting a decrease of 1.2% from the quarter ended December 31, 2024 and an increase of 7.4% from the quarter ended March 31, 2024. Net interest income was $13.5 million and $12.4 million, respectively, for the quarters ended December 31, 2024 and March 31, 2024.

The net interest margin was 2.98% for the quarter ended March 31, 2025. For the quarters ended December 31, 2024 and March 31, 2024, the net interest margin was 3.03% and 3.00%, respectively. The decrease in the net interest margin from December 31, 2024 and March 31, 2024 is mainly due to the $18.8 million pool of mortgage loans sold during the first quarter of 2025 with a weighted average yield of 6.58%. In addition, $202 thousand in accrued interest income was reversed when one loan relationship totaling $12.5 million with a weighted average yield of 8.73% was placed in nonaccrual status. The Company’s net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company’s net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 21%. This is a non-GAAP financial measure. Please refer to the “Reconciliation of Tax-Equivalent Net Interest Income” table for additional information.

Total noninterest income (loss) was $(8.6 million) and $8.5 million for the quarters ended March 31, 2025 and December 31, 2024 respectively. Total noninterest income was $3.5 million for the quarter ended March 31, 2024. As discussed above, the quarters ended March 31, 2025 and December 31, 2024 each included a significant transaction. Noninterest income, as adjusted to exclude the one-time effects of these significant transactions, was $3.9 million for the quarter ended March 31, 2025, which represented a decrease of $774 thousand or 16.7% from $4.6 million for the three months ended December 31, 2024. This is a non-GAAP financial measure. Please refer to the “Reconciliation of GAAP to Non-GAAP Performance Highlights” table for additional information. Noninterest income for the quarter ended March 31, 2024 was $3.5 million. The decrease in total noninterest income when comparing the first quarter of 2025 and the fourth quarter of 2024 is due to reduced small business investment company (“SBIC”) income along with lower gains on sale of loans held for sale. The timing of SBIC income varies and is not received consistently each quarter. Gains on loans held for sale were lower during the first quarter of 2025 due to less sales activity in the SBA portfolio. The Company sold two SBA loans totaling $2.0 million for a gain of $125 thousand during the first quarter of 2025, as compared to the sale of six SBA loans totaling $7.4 million for a gain of $554 thousand during the fourth quarter of 2024.

Noninterest expense decreased $966 thousand, or 7.1%, to $12.6 million for the quarter ended March 31, 2025 from $13.6 million for the quarter ended December 31, 2024. Noninterest expense was $12.4 million for the quarter ended March 31, 2024, representing an increase of $212 thousand or 1.7% when comparing the quarter ended March 31, 2025 to the quarter ended March 31, 2024. A $794 thousand or 10.0% decrease in salaries and benefits expenses was noted between March 31, 2025 and December 31, 2024. This is mainly due to lower incentive accruals for the first quarter of 2025 due to thresholds for several incentive plans having not been met.

Asset Quality and Provision for Credit Losses

Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets increased from $3.0 million or 0.16% of total assets at December 31, 2024 to $16.4 million or 0.86% of total assets at March 31, 2025. Nonperforming assets were $5.0 million or 0.28% of total assets at March 31, 2024. Nonperforming assets increased as of March 31, 2025 in comparison to December 31, 2024 and March 31, 2024 mainly due to two large relationships being placed in nonaccrual status during the first quarter of 2025. These two relationships had a total balance of $13.7 million as of March 31, 2025. The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans. Specific reserves on nonaccrual loans totaled $152 thousand, $248 thousand and zero as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

The Company realized $891 thousand in net charge-offs for the quarter ended March 31, 2025 compared to $486 thousand for the three months ended December 31, 2024. During the three months ended March 31, 2024, $520 thousand in net charge-offs were recognized. The majority of the charge-offs recognized during the first quarter of 2025 were related to one nonaccrual relationship being written down by $971 thousand to fair market value. The majority of the charge-offs recognized during the fourth quarter of 2024 were related to two loans in the marine portfolio and does not reflect a systemic performance issue within that portfolio.

The ratio of allowance for credit losses to total loans was 1.05% and 1.02% at March 31, 2025 and December 31, 2024, respectively. The ratio of allowance for credit losses to total loans was 1.00% at March 31, 2024. The amount of provision for credit losses on loans reflects the results of the Bank’s analysis used to determine the adequacy of the allowance for credit losses. The Company recorded $1.1 million in provision for credit loss on loans for the quarter ended March 31, 2025. The Company recognized provision for credit losses on loans of $210 thousand and $475 thousand for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision for the quarter ended March 31, 2025 was mainly due to the larger net charge-offs during the quarter. The provision for the quarters ended December 31, 2024 and March 31, 2024 was mainly to replenish the allowance for credit losses due to net charge-offs and moderate loan growth. Management’s judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects expected credit losses over the life of the loan portfolio.

Balance Sheet

Total consolidated assets of the Company at March 31, 2025 was $1.90 billion, which represented an increase of $38.3 million or 2.05% from total assets of $1.87 billion at December 31, 2024. At March 31, 2024, total consolidated assets were $1.78 billion. Total assets increased during the first quarter of 2025 due mainly to $53.5 million in net proceeds received from the Company’s public offering of common shares completed during the first quarter of 2025. See the Capital and Dividends section for additional information.

Total net loans decreased $15.0 million from $1.45 billion at December 31, 2024 to $1.44 billion at March 31, 2025 driven largely by marine amortization of $6.6 million and residential mortgage decrease of $16.9 million. During the quarter ended March 31, 2025, through the normal course of business, $14.9 million in residential mortgage loans were sold on the secondary market. These loan sales resulted in net gains of $299 thousand. In addition, early during the first quarter, ahead of its public offering, the Company sold an additional pool of mortgage loans previously held for investment at par in order to bolster on-balance sheet liquidity. This pool had a total balance of $18.8 million. During the quarter ended December 31, 2024, $18.6 million in mortgage loans were sold on the secondary market. These loan sales resulted in net gains of $308 thousand.

Total deposits increased to $1.61 billion as of March 31, 2025 when compared to December 31, 2024 deposits of $1.58 billion. At March 31, 2024 total deposits were $1.47 billion. During the first quarter of 2025, total deposits increased $38.6 million. The majority of this increase was due to savings and interest bearing demand deposit balances increasing by $18.3 million and noninterest bearing demand deposits increasing $15.2 million. Year over year deposits increased $139.8 million and the majority of the growth was in time deposits. Core deposit growth for the quarter and twelve months ended March 31, 2025 and was $42.2 million and $80.7 million, respectively. Core deposits consist of checking accounts, NOW accounts, money market accounts, regular savings accounts and time deposits less than $250 thousand.

Liquidity

The objective of the Company’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of March 31, 2025, the Company’s uninsured deposits were approximately $189.8 million, or 11.8% of total deposits.

The Company’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks, loans with a maturity less than one year and non-pledged securities available for sale, were $412.0 million and borrowing availability was $466.4 million as of March 31, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $688.6 million. Liquid assets have increased by $76.2 million during the first quarter mainly due to a $71.8 million increase in cash and cash equivalent balance. In addition to deposits, the Company utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) as well as federal funds purchased from Community Bankers Bank may be used to fund the Company’s day-to-day operations. Long-term borrowings include FHLB advances as well as subordinated debt. Total outstanding borrowings decreased to $94.5 million at March 31, 2025 from $184.8 million at March 31, 2024. Borrowings decreased $55.0 million from $149.5 million at December 31, 2024. These decreases were primarily due to the capital raise, strong deposit growth and higher levels of loan sales enabling the payoff of borrowings.

Additional sources of liquidity available to the Company include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

Capital and Dividends

On April 23, 2025, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on May 16, 2025, to shareholders of record on May 5, 2025. The Board of Directors of the Company continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

Total consolidated equity increased $68.8 million at March 31, 2025 compared to March 31, 2024 and increased $57.5 million compared to December 31, 2024. During the first quarter of 2025, the Company completed a public offering. A total of 1,796,875 shares were issued with net proceeds of $53.5 million.

The Company’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Company expects to recover its investments in debt securities through scheduled payments of principal and interest. The accumulated other comprehensive loss related to the Company’s securities available for sale decreased to $6.6 million at March 31, 2025 compared to $18.6 million at December 31, 2024. As a part of a balance sheet repositioning as discussed above, the Bank sold available for sale debt securities with an amortized cost balance of $99.2 million (fair value of $86.8 million) and a weighted average yield of 1.72% and reinvested $66.0 million into purchases of available for sale debt securities with a weighted average yield of 4.70%. The sale of debt securities resulted in a net pre-tax realized loss of $12.4 million (after-tax of $9.8 million) that was recognized in the first quarter of 2025.

As of March 31, 2025, the most recent notification from the FDIC categorized the Bank of Clarke as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at March 31, 2025, Bank of Clarke was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, Bank of Clarke must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Bank of Clarke exceeded these ratios at March 31, 2025.

Explanation of Non-GAAP Financial Measures

This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of period-to-period operating performance and the impact of non-recurring expenses on the Bank’s results. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s results and financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for or more important than financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company’s loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company’s market area; acquisitions and dispositions; the Company’s ability to keep pace with new technologies; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company’s capital and liquidity; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission.

EAGLE FINANCIAL SERVICES, INC. KEY STATISTICS (unaudited)

	For the Three Months Ended
	1Q25			4Q24			3Q24			2Q24			1Q24
Net income (loss) (dollars in thousands)	$	(6,974)		$	6,186		$	3,424		$	3,185		$	2,548
Earnings (loss) per share, basic	$	(1.53)		$	1.74		$	0.97		$	0.89		$	0.72
Earnings (loss) per share, diluted	$	(1.53)		$	1.74		$	0.97		$	0.89		$	0.72
Return on average total assets (annualized)		(1.48)	%		1.32	%		0.75	%		0.72	%		0.58	%
Return on average total equity (annualized)		(20.75)	%		21.10	%		11.99	%		11.76	%		9.53	%
Dividend payout ratio		N/M			17.82	%		30.93	%		33.71	%		41.67	%
Fee revenue as a percent of total revenue (1)		N/M			12.79	%		17.11	%		17.57	%		18.11	%
Net interest margin(2)		2.98	%		3.03	%		3.03	%		2.92	%		3.00	%
Yield on average earning assets (annualized)		5.25	%		5.39	%		5.45	%		5.22	%		5.28	%
Rate on average interest-bearing liabilities (annualized)		3.12	%		3.18	%		3.27	%		3.14	%		3.10	%
Net interest spread		2.13	%		2.21	%		2.18	%		2.08	%		2.18	%
Non-interest income (loss) to average assets		(1.82)	%		1.81	%		1.15	%		0.97	%		0.78	%
Non-interest expense to average assets		2.68	%		2.88	%		2.81	%		2.82	%		2.80	%
Efficiency ratio(3)		72.20	%		74.58	%		71.34	%		77.00	%		77.73	%

N/M – Not meaningful

(1) Fee revenue as a percentage of total revenue is calculated by dividing the sum of wealth management fees, service charges on deposit accounts and other service charges and fees by the sum of net interest income and non-interest income.

(2) Non-GAAP financial measure – The annualized net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is 21%. Please refer to the “Reconciliation of Tax-Equivalent Net Interest Income” table for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns a fair amount of nontaxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(3) Non-GAAP financial measure – The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio, the gain on the sale of OTC and sales of repossessed assets. The tax rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and a reconciliation of net interest income to tax equivalent net interest income. The Company calculates this ratio in order to evaluate its overhead structure or how effectively it is operating. An increase in the ratio from period to period indicates the Company is losing a larger percentage of its income to expenses. The Company believes that the efficiency ratio is a reasonable measure of profitability. Please refer to the “Reconciliation of GAAP to Non-GAAP Performance Highlights” table for additional information.

EAGLE FINANCIAL SERVICES, INC. SELECTED FINANCIAL DATA BY QUARTER (unaudited)

(Dollars in thousands, except per share data)	1Q25			4Q24			3Q24			2Q24			1Q24
BALANCE SHEET RATIOS
Loans to deposits		89.99	%		93.14	%		95.95	%		97.34	%		97.63	%
Average interest-earning assets to average-interest bearing liabilities		137.78	%		134.93	%		135.10	%		136.75	%		135.92	%
PER SHARE DATA
Dividends	$	0.31		$	0.31		$	0.30		$	0.30		$	0.30
Book value		32.81			33.52			33.20			31.24			30.28
SHARE PRICE DATA
Closing price	$	32.79		$	36.40		$	32.40		$	32.99		$	29.85
Diluted earnings multiple(1)	N/M				5.23			8.35			9.27			10.36
Book value multiple(2)		1.00			1.09			0.98			1.06			0.99
COMMON STOCK DATA
Outstanding shares at end of period		5,378,653			3,549,581			3,549,581			3,556,844			3,557,229
Weighted average shares outstanding		4,572,297			3,549,581			3,552,026			3,556,935			3,557,203
Weighted average shares outstanding, diluted		4,572,297			3,549,581			3,552,026			3,556,935			3,557,203
CREDIT QUALITY
Net charge-offs (recoveries) to average loans		0.06	%		0.03	%		0.08	%		(0.02)	%		0.04	%
Total non-performing loans to total loans		1.13	%		0.17	%		0.16	%		0.20	%		0.32	%
Total non-performing assets to total assets		0.86	%		0.16	%		0.13	%		0.18	%		0.28	%
Non-accrual loans to:
Total loans		1.11	%		0.14	%		0.16	%		0.19	%		0.29	%
Total assets		0.85	%		0.11	%		0.12	%		0.15	%		0.23	%
Allowance for credit losses to:
Total loans		1.05	%		1.02	%		1.03	%		1.04	%		1.00	%
Non-performing assets		93.45	%		506.30	%		605.82	%		458.72	%		290.00	%
Non-accrual loans		94.79	%		725.24	%		652.86	%		555.46	%		347.64	%
NON-PERFORMING ASSETS:
Loans delinquent over 90 days	$	230		$	382		$	83		$	167		$	411
Non-accrual loans		16,122			2,072			2,344			2,703			4,156
Other real estate owned and repossessed assets		—			514			99			403			415
NET LOAN CHARGE-OFFS (RECOVERIES):
Loans charged off	$	1,076		$	585		$	1,382		$	172		$	705
(Recoveries)		(185)			(99)			(145)			(424)			(185)
Net charge-offs (recoveries)		891			486			1,237			(252)			520
PROVISION FOR CREDIT LOSSES ON LOANS	$	1,146		$	210		$	1,525		$	315		$	475
ALLOWANCE FOR CREDIT LOSSES	$	15,282		$	15,027		$	15,303		$	15,014		$	14,448

N/M – Not meaningful

(1) The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period’s closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for $1.00 of the Company’s earnings.

(2) The book value multiple (or price to book ratio) is calculated by dividing the period’s closing market price per share by the period’s book value per share. The book value multiple is a measure used to compare the Company’s market value per share to its book value per share.

EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands)

	Unaudited 03/31/2025		* 12/31/2024		Unaudited 09/30/2024		Unaudited 06/30/2024		Unaudited 03/31/2024
Assets
Cash and due from banks	$	16,527	$	13,129	$	15,418	$	15,202	$	12,887
Interest-bearing deposits with other institutions		187,018		162,595		162,187		45,977		55,393
Federal funds sold		61,401		17,435		3,586		62,476		59,353
Securities available for sale, at fair value		114,844		128,887		140,018		138,269		141,106
Loans held for sale		3,173		2,660		3,657		3,058		1,593
Loans, net of allowance for credit losses		1,436,982		1,452,022		1,468,025		1,433,920		1,424,604
Bank premises and equipment, net		14,625		14,339		18,101		18,114		17,954
Bank owned life insurance		30,894		30,621		30,361		30,103		29,843
Other assets		39,013		44,527		40,348		43,286		40,168
Total assets	$	1,904,477	$	1,866,215	$	1,881,701	$	1,790,405	$	1,782,901
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest bearing demand deposits	$	421,342	$	406,180	$	413,615	$	415,017	$	424,869
Savings and interest bearing demand deposits		697,679		679,330		655,601		647,358		666,730
Time deposits		494,770		489,646		476,720		426,209		382,343
Total deposits	$	1,613,791	$	1,575,156	$	1,545,936	$	1,488,584	$	1,473,942
Federal funds purchased		—		—		244		302		347
Federal Home Loan Bank advances, short-term		25,000		—		—		—		10,000
Federal Home Loan Bank advances, long-term		40,000		120,000		170,000		145,000		145,000
Subordinated debt, net		29,529		29,512		29,495		29,478		29,461
Other liabilities		19,682		22,560		18,182		15,926		16,446
Total liabilities	$	1,728,002	$	1,747,228	$	1,763,857	$	1,679,290	$	1,675,196

Commitments and contingent liabilities

Shareholders’ Equity
Preferred stock, $10 par value		—		—		—		—		—
Common stock, $2.50 par value		13,252		8,714		8,714		8,707		8,705
Surplus		63,922		14,901		14,633		14,604		14,368
Retained earnings		105,928		114,012		108,927		106,567		104,449
Accumulated other comprehensive (loss)		(6,627)		(18,640)		(14,430)		(18,763)		(19,817)
Total shareholders’ equity	$	176,475	$	118,987	$	117,844	$	111,115	$	107,705
Total liabilities and shareholders’ equity	$	1,904,477	$	1,866,215	$	1,881,701	$	1,790,405	$	1,782,901

* Derived from audited consolidated financial statements.

EAGLE FINANCIAL SERVICES, INC. LOAN DATA (unaudited) (dollars in thousands)

	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Mortgage real estate loans:
Construction & Secured by Farmland	$	98,660	$	95,200	$	97,170	$	81,609	$	82,692
HELOCs		50,543		50,646		50,452		46,697		46,329
Residential First Lien – Investment		108,519		105,910		106,323		112,790		113,813
Residential First Lien – Owner Occupied		174,822		194,065		198,570		187,807		181,323
Residential Junior Liens		10,983		11,184		11,956		12,387		12,690
Commercial – Owner Occupied		268,990		272,236		273,249		257,675		254,744
Commercial – Non-Owner Occupied & Multifamily		374,471		367,680		357,351		352,892		344,192
Commercial and industrial loans:
BHG loans		3,248		3,566		3,810		4,284		4,740
SBA PPP loans		22		28		34		39		45
Other commercial and industrial loans		109,658		106,749		107,320		102,345		95,327
Marine loans		203,455		210,095		225,902		236,890		247,042
Triad Loans		22,528		22,894		23,616		24,579		25,335
Consumer loans		7,898		8,123		8,447		9,497		9,194
Overdrafts		208		309		215		257		1,559
Other loans		11,822		11,911		11,932		11,951		12,466
Total loans	$	1,445,827	$	1,460,596	$	1,476,347	$	1,441,699	$	1,431,491
Net deferred loan costs and premiums		6,437		6,453		6,981		7,235		7,561
Allowance for credit losses		(15,282)		(15,027)		(15,303)		(15,014)		(14,448)
Net loans	$	1,436,982	$	1,452,022	$	1,468,025	$	1,433,920	$	1,424,604

EAGLE FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) (dollars in thousands, except per share data)

	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Interest and Dividend Income
Interest and fees on loans	$	19,971	$	21,148	$	21,143	$	19,525	$	19,963
Interest on federal funds sold		39		5		11		68		39
Interest and dividends on securities available for sale:
Taxable interest income		695		713		712		739		758
Interest income exempt from federal income taxes		3		4		4		3		5
Dividends		150		162		157		155		156
Interest on deposits in banks		2,644		1,962		1,659		1,248		982
Total interest and dividend income	$	23,502	$	23,994	$	23,686	$	21,738	$	21,903
Interest Expense
Interest on deposits	$	8,504	$	8,496	$	8,419	$	7,515	$	7,424
Interest on Federal Home Loan Bank advances		1,308		1,645		1,756		1,712		1,710
Interest on subordinated debt		354		354		354		355		354
Total interest expense	$	10,166	$	10,495	$	10,529	$	9,582	$	9,488
Net interest income	$	13,336	$	13,499	$	13,157	$	12,156	$	12,415
Provision For Credit Losses		1,233		351		1,544		181		475
Net interest income after provision for credit losses	$	12,103	$	13,148	$	11,613	$	11,975	$	11,940
Noninterest Income
Wealth management fees	$	1,681	$	1,380	$	1,515	$	1,273	$	1,456
Service charges on deposit accounts		492		508		518		456		454
Other service charges and fees		972		929		1,117		1,164		969
(Loss) gain on the sale and disposal of bank premises and equipment		(16)		3,874		—		(11)		—
(Loss) on the sale of AFS securities		(12,425)		—		—		—		—
Gain on sale of loans held for sale		429		861		627		492		161
Small business investment company income		20		475		496		259		127
Bank owned life insurance income		273		260		930		523		268
Other operating income		20		234		48		149		45
Total noninterest income (loss)	$	(8,554)	$	8,521	$	5,251	$	4,305	$	3,480
Noninterest Expenses
Salaries and employee benefits	$	7,179	$	7,973	$	7,548	$	7,353	$	7,185
Occupancy expenses		662		508		530		470		569
Equipment expenses		423		456		427		401		373
Advertising and marketing expenses		183		309		247		245		237
Stationery and supplies		42		54		35		32		24
ATM network fees		362		371		406		373		380
Loss of sale of reposessed assets		133		—		204		—		—
FDIC assessment		322		330		343		351		409
Computer software expense		282		388		226		221		233
Bank franchise tax		367		342		342		338		331
Professional fees		563		640		408		511		506
Data processing fees		550		616		679		558		565
Other operating expenses		1,521		1,568		1,495		1,657		1,565
Total noninterest expenses	$	12,589	$	13,555	$	12,890	$	12,510	$	12,377
Income (loss) before income taxes	$	(9,040)	$	8,114	$	3,974	$	3,770	$	3,043
Income Tax Expense (Benefit)		(2,066)		1,928		550		585		495
Net income (loss)	$	(6,974)	$	6,186	$	3,424	$	3,185	$	2,548
Earnings (Loss) Per Share
Net income (loss) per common share, basic	$	(1.53)	$	1.74	$	0.97	$	0.89	$	0.72
Net income (loss) per common share, diluted	$	(1.53)	$	1.74	$	0.97	$	0.89	$	0.72

EAGLE FINANCIAL SERVICES, INC. Average Balances, Income and Expenses, Yields and Rates (unaudited) (dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
			Interest							Interest							Interest
	Average		Income/		Average			Average		Income/		Average			Average		Income/		Average
Assets:	Balance		Expense		Rate			Balance		Expense		Rate			Balance		Expense		Rate
Securities:
Taxable	$	117,367	$	845		2.92	%	$	135,391	$	874		2.57	%	$	142,700	$	914		2.58	%
Tax-Exempt (1)		353		4		4.25	%		497		5		4.04	%		499		6		4.84	%
Total Securities	$	117,720	$	849		2.93	%	$	135,888	$	879		2.57	%	$	143,199	$	920		2.58	%
Loans:
Taxable	$	1,442,343	$	19,871		5.59	%	$	1,466,603	$	21,047		5.71	%	$	1,433,871	$	19,858		5.57	%
Non-accrual		3,959		—		—	%		2,355		—		—	%		5,618		—		—	%
Tax-Exempt (1)		10,130		127		5.07	%		10,153		129		5.04	%		10,706		133		4.99	%
Total Loans	$	1,456,432	$	19,998		5.57	%	$	1,479,111	$	21,176		5.70	%	$	1,450,195	$	19,991		5.54	%
Federal funds sold and interest-bearing deposits in other banks		244,780		2,683		4.45	%		158,193		1,966		4.94	%		77,434		1,021		5.30	%
Total earning assets	$	1,818,932	$	23,530		5.25	%	$	1,773,192	$	24,021		5.39	%	$	1,670,828	$	21,932		5.28	%
Allowance for credit losses		(15,228)							(15,299)							(14,536)
Total non-earning assets		102,727							110,704							102,883
Total assets	$	1,906,431						$	1,868,597						$	1,759,175

Liabilities and Shareholders’ Equity:
Interest-bearing deposits:
NOW accounts	$	275,462	$	1,463		2.15	%	$	267,207	$	1,527		2.27	%	$	256,282	$	1,497		2.35	%
Money market accounts		274,142		1,512		2.24	%		268,846		1,557		2.30	%		263,755		1,413		2.15	%
Savings accounts		132,905		37		0.11	%		131,541		37		0.11	%		138,737		41		0.12	%
Time deposits:
$250,000 and more		186,048		2,115		4.61	%		171,735		1,976		4.58	%		143,294		1,701		4.77	%
Less than $250,000		311,499		3,377		4.40	%		303,617		3,399		4.45	%		251,853		2,772		4.43	%
Total interest-bearing deposits	$	1,180,056	$	8,504		2.92	%	$	1,142,946	$	8,496		2.96	%	$	1,053,921	$	7,424		2.83	%
Federal funds purchased		8		—	n/m				5		—	n/m				11	n/m			—	%
Federal Home Loan Bank advances		110,556		1,308		4.80	%		141,739		1,644		4.62	%		145,879		1,710		4.72	%
Subordinated debt		29,517		354		4.87	%		29,501		354		4.78	%		29,450		354		4.84	%
Total interest-bearing liabilities	$	1,320,137	$	10,166		3.12	%	$	1,314,191	$	10,494		3.18	%	$	1,229,261	$	9,488		3.10	%
Noninterest-bearing liabilities:
Demand deposits		426,947							418,505							405,166
Other Liabilities		23,071							19,245							17,268
Total liabilities	$	1,770,155						$	1,751,941						$	1,651,695
Shareholders’ equity		136,276							116,656							107,480
Total liabilities and shareholders’ equity	$	1,906,431						$	1,868,597						$	1,759,175
Net interest income			$	13,364						$	13,527						$	12,444
Net interest spread						2.13	%						2.21	%						2.18	%
Interest expense as a percent of average earning assets						2.27	%						2.35	%						2.28	%
Net interest margin						2.98	%						3.03	%						3.00	%

(1) Non-GAAP financial measure – Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%. Please refer to the “Reconciliation of Tax-Equivalent Net Interest Income” table for additional information.

EAGLE FINANCIAL SERVICES, INC. Reconciliation of Tax-Equivalent Net Interest Income (unaudited) (dollars in thousands)

	Three Months Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
GAAP Financial Measurements:
Interest Income – Loans	$	19,971	$	21,148	$	21,143	$	19,525	$	19,963
Interest Income – Securities and Other Interest-Earnings Assets		3,531		2,846		2,543		2,213		1,940
Interest Expense – Deposits		8,504		8,496		8,419		7,515		7,424
Interest Expense – Other Borrowings		1,662		1,999		2,110		2,067		2,064
Total Net Interest Income	$	13,336	$	13,499	$	13,157	$	12,156	$	12,415
Non-GAAP Financial Measurements:
Add: Tax Benefit on Tax-Exempt Interest Income – Loans	$	27	$	27	$	27	$	28	$	28
Add: Tax Benefit on Tax-Exempt Interest Income – Securities		1		1		1		1		1
Total Tax Benefit on Tax-Exempt Interest Income	$	28	$	28	$	28	$	29	$	29
Tax-Equivalent Net Interest Income	$	13,364	$	13,527	$	13,185	$	12,185	$	12,444

EAGLE FINANCIAL SERVICES, INC. Reconciliation of Efficiency Ratio (unaudited) (dollars in thousands)

	Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Summary of Operating Results:
Noninterest expenses (GAAP)	$	12,589		$	13,555		$	12,890		$	12,510		$	12,377
Less: Loss on sale of repossessed assets		133			—			204			—			—
Adjusted noninterest expenses (non-GAAP)	$	12,456		$	13,555		$	12,686		$	12,510		$	12,377

Net interest income		13,336			13,499			13,157			12,156			12,415

Noninterest (loss) income (GAAP)		(8,554)			8,521			5,251			4,305			3,480
Less: (Loss) gain on the sale and disposal of premises and equipment		(16)			3,874			—			(11)			—
Less: (Loss) on the sale of securities		(12,425)			—			—			—			—
Less: Income from life insurance proceeds ⁽¹⁾		—			—			653			254			—
Adjusted noninterest income (non-GAAP)	$	3,887		$	4,647		$	4,598		$	4,062		$	3,480
Tax equivalent adjustment ⁽²⁾		28			28			28			29			29
Total net interest income and noninterest income, adjusted (non-GAAP)	$	17,251		$	18,174		$	17,783		$	16,247		$	15,924

Efficiency ratio		72.20	%		74.58	%		71.34	%		77.00	%		77.73	%

(1) Included in the consolidated statements of income (loss) under the heading bank owned life insurance income.

(2) Non-GAAP financial measure -Includes tax-equivalent adjustments on loans and securities using the federal statutory tax rate of 21%.

EAGLE FINANCIAL SERVICES, INC. Reconciliation of GAAP to Non-GAAP Performance Highlights (unaudited) (dollars in thousands, except per share data)

	Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
GAAP Financial Measurements:
GAAP Net income (loss)	$	(6,974)		$	6,186		$	3,424		$	3,185		$	2,548
Adjustments to net income:
Loss on sales of securities		12,425			—			—			—			—
Gain on sale of fixed assets		—			(3,874)			—			—			—
Tax effect of adjustments to net income		(2,609)			813			—			—			—
Non-GAAP Net income	$	2,842		$	3,125		$	3,424		$	3,185		$	2,548

GAAP Noninterest income (loss)	$	(8,554)		$	8,521		$	5,251		$	4,305		$	3,480
Adjustments to noninterest income:
Loss on sales of securities		12,425			—			—			—			—
Gain on sale of fixed assets		—			(3,874)			—			—			—
Non-GAAP Noninterest income	$	3,871		$	4,647		$	5,251		$	4,305		$	3,480

Earnings per share, basic and diluted	$	(1.53)		$	1.74		$	0.97		$	0.89		$	0.72
Effect of adjustments to net income		2.15			(0.86)			—			—			—
Non-GAAP Earnings per share, basic and diluted	$	0.62		$	0.88		$	0.97		$	0.89		$	0.72

Annualized return on average equity		-20.75	%		21.10	%		11.99	%		11.76	%		9.53	%
Effect of adjustments to net income		29.21	%		-10.44	%		—			—			—
Non-GAAP Annualized return on average equity		8.46	%		10.66	%		11.99	%		11.76	%		9.53	%

Annualized return on average assets		-1.48	%		1.32	%		0.75	%		0.72	%		0.58	%
Effect of adjustments to net income		2.07	%		-0.65	%		—			—			—
Non-GAAP Annualized return on average assets		0.59	%		0.67	%		0.75	%		0.72	%		0.58	%

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