Market Newsdesk

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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SOURCE Eagle Financial Services, Inc.

April 25, 2025 4:51 pm

Cadence Bank Announces 2025 Share Repurchase Program

PR Newswire

HOUSTON and TUPELO, Miss., April 25, 2025 /PRNewswire/ — Cadence Bank’s (NYSE: CADE) (Cadence) Board of Directors authorized a new share repurchase program (the “Repurchase Program”) allowing the company to purchase up to an aggregate of 10 million shares of Cadence’s common stock. The Repurchase Program is subject to and will be effective upon approval from the Federal Reserve, and will expire on December 31, 2025.

Under the Repurchase Program, Cadence’s shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The Repurchase Program may be extended, modified, amended, suspended or discontinued at any time at the discretion of Cadence’s Board of Directors and does not commit Cadence to repurchase shares of its common stock. With respect to repurchases made pursuant to the Repurchase Program, the actual means of purchase, the timing of purchases, the target number of shares per purchase and the maximum price or range of prices per purchase will be determined by management in its discretion, and will depend upon a number of factors, including Cadence’s capital position, liquidity, financial performance and alternate uses of capital, the market price of Cadence’s common stock, general market and economic conditions, and applicable legal and regulatory requirements.

To learn more, visit CadenceBank.com.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a $50 billion regional financial services company committed to helping people, companies and communities prosper. With more than 350 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation’s best employers by Forbes and U.S. News & World Report and a as 2025 America’s Best Banks by Forbes. Cadence maintains corporate offices in Houston, Texas and Tupelo, Mississippi, and has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Certain statements made in this news release are not statements of historical fact and constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995 and the “bespeaks caution” doctrine. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “assume,” “believe,” “budget,” “contemplate,” “continue,” “could,” “expect,” “foresee,” “goal,” “indicate,” “may,” “might,” “outlook,” “plan,” “project,” “prospect,” “potential,” “roadmap,” “should,” “target,” “will,” “would,” or the negative version of those words, or other comparable words of a future or forward-looking nature. These forward-looking statements include, without limitation, statements related to the terms, timing, logistics and conditions of Cadence’s share repurchase programs, Cadence’s utilization of the share repurchase programs, and Cadence’s compliance with applicable law including, but not limited to, federal securities laws, in connection with the administration of the share repurchase programs.

These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections about Cadence’s industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain, involve risk, and are beyond Cadence’s control. The inclusion of these forward-looking statements should not be regarded as a representation by Cadence or any other person that such expectations, estimates, or projections will be achieved. Accordingly, Cadence cautions 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 and that are beyond Cadence’s control. Although Cadence believes these forward-looking statements are reasonable as of the date of this news release, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Undue reliance should not be placed on any such forward-looking statements.

Any forward-looking statement speaks only as of the date of this news release, and Cadence does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law. New risks and uncertainties may emerge from time to time, and it is not possible for Cadence to predict their occurrence or how they will affect Cadence. The foregoing should be read in conjunction with those risk factors that are set forth from time to time in Cadence’s periodic and current reports filed with its primary federal regulator, including those factors included in Cadence’s Annual Report on Form 10-K for the year ended December 31, 2024 under the heading “Item 1A. Risk Factors,” in Cadence’s Quarterly Reports on Form 10-Q under the heading “Part II-Item 1A. Risk Factors,” in Cadence’s Current Reports on Form 8-K.

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SOURCE Cadence Bank

April 25, 2025 4:50 pm

Stanley Black & Decker Announces 2nd Quarter 2025 Dividend

PR Newswire

NEW BRITAIN, Conn.
, April 25, 2025 /PRNewswire/ — Stanley Black & Decker (NYSE: SWK), a worldwide leader in Tools and Outdoor, announced today that its Board of Directors approved a regular second quarter cash dividend of $0.82 per common share. This extends the Company’s record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, June 17, 2025, to shareholders of record as of the close of business on Tuesday, June 3, 2025.

About Stanley Black & Decker

Founded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company’s approximately 48,000 employees produce innovative end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world’s builders, tradespeople and DIYers. The Company’s world class portfolio of trusted brands includes DEWALT®, CRAFTSMAN®, STANLEY®, BLACK+DECKER®, and Cub Cadet®. To learn more visit: www.stanleyblackanddecker.com or follow Stanley Black & Decker on Facebook, Instagram, LinkedIn and X.

Stanley Black & Decker Investor Contacts
Dennis Lange	Christina Francis
Vice President, Investor Relations	Director, Investor Relations
[email protected]	[email protected]
(860) 827-3833	(860) 438-3470

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SOURCE Stanley Black & Decker, Inc.

April 25, 2025 4:47 pm

New Data at AACR Annual Meeting Highlights Use of DecisionDx®-Melanoma to Identify Early-Stage Melanoma Patients at High Risk of Distant Metastasis

FRIENDSWOOD, Texas, April 25, 2025 (GLOBE NEWSWIRE) — Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, will share new research intended to improve the care of patients with cutaneous and uveal melanoma (CM and UM, respectively) via poster presentations at the American Association for Cancer Research^® (AACR) Annual Meeting 2025, being held April 25-30 in Chicago.

“At Castle Biosciences, our commitment to advancing care for melanoma patients helps drive our continuous innovation,” said Rebecca Critchley-Thorne, Ph.D., vice president, research and development, of Castle Biosciences. “The new data being presented at AACR underscores this commitment and further advances our mission to improve health through innovative tests that can help guide personalized treatment strategies designed to enhance patient outcomes.”

Castle will present the following posters at AACR (all times Central Time). The corresponding abstracts are available on AACR’s website using the inline links below.

DecisionDx-Melanoma

Abstract 3344: The 31-gene expression profile identifies patients at risk of developing early distant metastases and can guide risk-appropriate surveillance strategies
Lead Author and Presenter: Merve Hasanov, M.D., oncologist and director of the division of medical oncology at The Ohio State University Comprehensive Cancer Center, Columbus, Ohio
Session Category: Clinical Research
Session Title: Prognostic Biomarkers 2
Location: Poster Section 32
Poster Board Number: 14
Date & Time: April 28, 2-5 p.m.
Summary: Building on findings presented at ASCO 2024, this study demonstrates that DecisionDx-Melanoma can identify early-stage CM patients (American Joint Committee on Cancer (AJCC) stage I-II, n=1,661) at higher risk of distant metastasis (DM) not only to the central nervous system (CNS), but also to the lung, liver and bone. Patients with Class 2B (highest risk) results showed significantly higher DM rates compared to Class 1A (lowest risk) patients across all sites: CNS (7.4% vs. 0.9%, p<0.001), lung (7.4% vs. 1.2%, p<0.001), liver (4.5% vs. 0.6%, p<0.001) and bone (3.0% vs. 0.8%, p<0.05). Notably, Class 2B patients had significantly lower five-year DM-free survival and elevated metastasis risk persisted several years after diagnosis, particularly to CNS and lung. These results support combining DecisionDx-Melanoma with AJCC staging to potentially identify high-risk patients for tailored surveillance and treatment strategies, which may enable earlier metastasis detection and potentially improve survival outcomes.

DecisionDx-UM

Abstract LB262: Development of a clinically feasible aqueous proteomic signature to assess the malignant potential of small uveal melanocytic tumors
Session Title: Late-Breaking Research: Clinical Research 2 / Endocrinology
Location: Poster Section 51
Poster Board Number: 11
Date & Time: April 29, 9 a.m.-12 p.m.
Summary: UM, though rare, is the most common eye cancer, with up to 50% of patients developing metastatic disease. While tumor biopsy-based molecular testing is widely utilized to identify high-risk biology, repeated intraocular tumor biopsies are not feasible for monitoring small uveal melanocytic tumors of indeterminate malignant potential (UMTIMP). This study seeks to address this unmet clinical need by evaluating aqueous humor (AH) protein biomarkers—obtainable through a minimally invasive office-based liquid biopsy from the anterior chamber of the eye—to help identify high-risk lesions early to help inform the decision to biopsy. Among 79 UM patients assessed with the DecisionDx-UM test (the current standard of care for evaluating metastatic risk in UM), 72% (57/79) were classified as low risk (Class 1) and 28% (22/79) as high risk for developing metastasis. The study identified proteins in the AH with significant differences between risk classes (N=386, p<0.0001) for the development of several risk prediction models. The proteins from the highest-performing models may be further evaluated for their ability to detect high-risk UMTIMPs with a goal of enabling more timely clinical decisions, determining the need for further prognostic testing (DecisionDx-UM, -PRAME, -UMSeq), and potentially allowing for earlier therapeutic intervention to improve patient outcomes.

About DecisionDx-Melanoma

DecisionDx-Melanoma is a 31-gene expression profile (31-GEP) risk stratification test. It is designed to inform two clinical questions in the management of cutaneous melanoma: a patient’s individual risk of sentinel lymph node (SLN) positivity and a patient’s personal risk of melanoma recurrence and/or metastasis. By integrating tumor biology with clinical and pathologic factors using a validated proprietary algorithm, DecisionDx-Melanoma is designed to provide a comprehensive and clinically actionable result to guide risk-aligned patient care. DecisionDx-Melanoma has been shown to be associated with improved patient survival and has been studied in more than 10,000 patient samples. DecisionDx-Melanoma’s clinical value is supported by more than 50 peer-reviewed and published studies, providing confidence in disease management plans that incorporate the test’s results. Through Dec. 31, 2024, DecisionDx-Melanoma has been ordered more than 191,000 times for patients diagnosed with cutaneous melanoma. Learn more at www.CastleBiosciences.com.

About DecisionDx-UM

DecisionDx-UM is Castle Biosciences’ 15-gene expression profile (15-GEP) test that uses an individual patient’s tumor biology to predict individual risk of metastasis in patients with uveal melanoma (UM). DecisionDx-UM is the standard of care in the management of newly diagnosed UM in the majority of ocular oncology practices in the United States. Since 2009, the American Joint Committee on Cancer (AJCC; v7 and v8) Staging Manual for UM has specifically identified the GEP test as a prognostic factor that is recommended for collection as a part of clinical care. Further, the National Comprehensive Cancer Network (NCCN) guidelines for UM include the DecisionDx-UM test result as a prognostic method for determining risk of metastasis and recommended differential surveillance regimens based on a Class 1A, 1B and 2 result. DecisionDx-UM is currently the only prognostic test for UM that has been validated in prospective, multi-center studies, and it has been shown to be a superior predictor of metastasis compared to other prognostic factors, such as chromosome 3 status, mutational status, AJCC stage and cell type. It is estimated that nearly 8 in 10 patients diagnosed with UM in the United States receive the DecisionDx-UM test as part of their diagnostic workup. Learn more at www.CastleBiosciences.com.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company improving health through innovative tests that guide patient care. The Company aims to transform disease management by keeping people first: patients, clinicians, employees and investors.

Castle’s current portfolio consists of tests for skin cancers, Barrett’s esophagus, mental health conditions and uveal melanoma. Additionally, the Company has active research and development programs for tests in other diseases with high clinical need, including its test in development to help guide systemic therapy selection for patients with moderate-to-severe atopic dermatitis seeking biologic treatment. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, X and Instagram. 

DecisionDx-Melanoma, DecisionDx-CMSeq, i31-SLNB, i31-ROR, DecisionDx-SCC, MyPath Melanoma, DiffDx-Melanoma, TissueCypher, IDgenetix, DecisionDx-UM, DecisionDx-PRAME and DecisionDx-UMSeq are trademarks of Castle Biosciences, Inc.

Forward-Looking Statements

This press release contains 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, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning: the ability of DecisionDx-Melanoma to identify early-stage melanoma patients at high risk of DM to enable risk-appropriate surveillance and treatment; Castle’s ability to continuously innovate; the ability of new data to further advance Castle’s mission to improve health through innovative tests that can help guide personalized treatment strategies designed to enhance patient outcomes; the ability of Castle’s tests to enable more personalized treatment and improve patient outcomes; the ability of DecisionDx-Melanoma, combined with AJCC staging, to identify high-risk patients and enable earlier metastasis detection and improve survival outcomes; and the ability of the DecisionDx-UM test to detect high risk UMTIMP’s and to allow earlier therapeutic intervention to improve patient outcomes. The words “believe,” “can” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation: subsequent study or trial results and findings may contradict earlier study or trial results and findings or may not support the results obtained in these studies, including with respect to the discussion of our tests in this press release; actual application of our tests may not provide the aforementioned benefits to patients; and the risks set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

Investor Contact:

Camilla Zuckero
[email protected]

Media Contact:

Allison Marshall
[email protected]

April 25, 2025 4:42 pm

Park National Corporation reports financial results for first quarter 2025

NEWARK, Ohio, April 25, 2025 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2025. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on June 10, 2025, to common shareholders of record as of May 16, 2025.

“Our first quarter performance reflects our commitment to providing consistent financial support and a measure of predictability in dynamic market conditions,” said Park Chairman and CEO David Trautman. “In a world buffeted by extremes, our greatest opportunity to serve more is through continuing to build authentic relationships and showing up as a steady, reliable partner.”

Park’s net income for the first quarter of 2025 was $42.2 million, a 19.8 percent increase from $35.2 million for the first quarter of 2024. First quarter 2025 net income per diluted common share was $2.60, compared to $2.17 for the first quarter of 2024. Park’s total loans increased 0.9 percent (3.5 percent annualized) during the first quarter of 2025. Park’s reported period end deposits increased 0.7 percent (2.9 percent annualized) during the first quarter of 2025, with an increase of 2.3 percent (9.5 percent annualized), including deposits that Park moved off balance sheet as of March 31, 2025. The combination of solid loan growth and steady deposits continue to contribute to Park’s success in 2025.

“Our bankers’ ability to serve others well is reflected in our first quarter results,” said Park President Matthew Miller. “We’re deeply grateful for the trust our communities, customers and neighbors place in us every day. We look forward to growing these and new relationships, consistently delivering on our promises and expanding our impact.”

Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of March 31, 2025). Park’s banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company), Park Investments, Inc. and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; and (32) other risk factors related to the banking industry.

Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024

		2025			2024			2024		Percent change vs.
*(in thousands, except common share and per common share data and ratios)*	1st QTR			4th QTR			1st QTR			4Q ’24			1Q ’24
INCOME STATEMENT:
Net interest income	$	104,377		$	103,445		$	95,623		0.9		%	9.2		%
Provision for credit losses		756			3,935			2,180		(80.8	)	%	(65.3	)	%
Other income		25,746			31,064			26,200		(17.1	)	%	(1.7	)	%
Other expense		78,164			83,241			77,228		(6.1	)	%	1.2		%
Income before income taxes	$	51,203		$	47,333		$	42,415		8.2		%	20.7		%
Income taxes		9,046			8,703			7,211		3.9		%	25.4		%
Net income	$	42,157		$	38,630		$	35,204		9.1		%	19.8		%

MARKET DATA:
Earnings per common share – basic (a)	$	2.61		$	2.39		$	2.18		9.2		%	19.7		%
Earnings per common share – diluted (a)		2.60			2.37			2.17		9.7		%	19.8		%
Quarterly cash dividend declared per common share		1.07			1.06			1.06		0.9		%	0.9		%
Special cash dividend declared per common share		—			0.50			—		N.M.			N.M.
Book value per common share at period end		79.00			76.98			71.95		2.6		%	9.8		%
Market price per common share at period end		151.40			171.43			135.85		(11.7	)	%	11.4		%
Market capitalization at period end		2,451,370			2,770,134			2,199,556		(11.5	)	%	11.4		%

Weighted average common shares – basic (b)		16,159,342			16,156,827			16,116,842		—		%	0.3		%
Weighted average common shares – diluted (b)		16,238,701			16,283,701			16,191,065		(0.3	)	%	0.3		%
Common shares outstanding at period end		16,191,347			16,158,982			16,149,523		0.2		%	0.3		%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)		1.70	%		1.54	%		1.44	%	10.4		%	18.1		%
Return on average shareholders’ equity (a)(b)		13.46	%		12.32	%		12.23	%	9.3		%	10.1		%
Yield on loans		6.26	%		6.21	%		5.99	%	0.8		%	4.5		%
Yield on investment securities		3.25	%		3.46	%		3.90	%	(6.1	)	%	(16.7	)	%
Yield on money market instruments		4.46	%		4.75	%		5.48	%	(6.1	)	%	(18.6	)	%
Yield on interest earning assets		5.85	%		5.82	%		5.66	%	0.5		%	3.4		%
Cost of interest bearing deposits		1.76	%		1.90	%		1.94	%	(7.4	)	%	(9.3	)	%
Cost of borrowings		3.94	%		3.86	%		4.25	%	2.1		%	(7.3	)	%
Cost of paying interest bearing liabilities		1.86	%		1.99	%		2.08	%	(6.5	)	%	(10.6	)	%
Net interest margin (g)		4.62	%		4.51	%		4.28	%	2.4		%	7.9		%
Efficiency ratio (g)		59.79	%		61.60	%		63.07	%	(2.9	)	%	(5.2	)	%

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)	$	68.94		$	66.89		$	61.80		3.1		%	11.6		%
Average interest earning assets		9,210,385			9,176,540			9,048,204		0.4		%	1.8		%
Pre-tax, pre-provision net income (j)		51,959			51,268			44,595		1.3		%	16.5		%

Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024

										Percent change vs.
*(in thousands, except ratios)*	March 31, 2025			December 31, 2024			March 31, 2024			4Q ’24			1Q ’24
BALANCE SHEET:
Investment securities	$	1,042,163		$	1,100,861		$	1,339,747		(5.3	)	%	(22.2	)	%
Loans		7,883,735			7,817,128			7,525,005		0.9		%	4.8		%
Allowance for credit losses		88,130			87,966			85,084		0.2		%	3.6		%
Goodwill and other intangible assets		162,758			163,032			163,927		(0.2	)	%	(0.7	)	%
Other real estate owned (OREO)		119			938			1,674		(87.3	)	%	(92.9	)	%
Total assets		9,886,612			9,805,350			9,881,077		0.8		%	0.1		%
Total deposits		8,201,695			8,143,526			8,306,032		0.7		%	(1.3	)	%
Borrowings		270,757			280,083			295,130		(3.3	)	%	(8.3	)	%
Total shareholders’ equity		1,279,042			1,243,848			1,161,979		2.8		%	10.1		%
Tangible equity (d)		1,116,284			1,080,816			998,052		3.3		%	11.8		%
Total nonperforming loans		63,148			69,932			71,759		(9.7	)	%	(12.0	)	%
Total nonperforming assets		63,267			70,870			73,433		(10.7	)	%	(13.8	)	%

ASSET QUALITY RATIOS:
Loans as a % of period end total assets		79.74	%		79.72	%		76.16	%	—		%	4.7		%
Total nonperforming loans as a % of period end loans		0.80	%		0.89	%		0.95	%	(10.1	)	%	(15.8	)	%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets		0.80	%		0.91	%		0.98	%	(12.1	)	%	(18.4	)	%
Allowance for credit losses as a % of period end loans		1.12	%		1.13	%		1.13	%	(0.9	)	%	(0.9	)	%
Net loan charge-offs	$	592		$	3,206		$	841		(81.5	)	%	(29.6	)	%
Annualized net loan charge-offs as a % of average loans (b)		0.03	%		0.16	%		0.05	%	(81.3	)	%	(40.0	)	%

CAPITAL & LIQUIDITY:
Total shareholders’ equity / Period end total assets		12.94	%		12.69	%		11.76	%	2.0		%	10.0		%
Tangible equity (d) / Tangible assets (f)		11.48	%		11.21	%		10.27	%	2.4		%	11.8		%
Average shareholders’ equity / Average assets (b)		12.64	%		12.47	%		11.74	%	1.4		%	7.7		%
Average shareholders’ equity / Average loans (b)		16.22	%		16.08	%		15.48	%	0.9		%	4.8		%
Average loans / Average deposits (b)		93.56	%		93.00	%		91.11	%	0.6		%	2.7		%

Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Consolidated Statements of Income

		Three Months Ended
		March 31
*(in thousands, except share and per share data)*		2025		2024

Interest income:
Interest and fees on loans		$	120,648	$	111,211
Interest on debt securities:
Taxable			7,130		11,899
Tax-exempt			1,269		1,410
Other interest income			3,153		2,120
Total interest income			132,200		126,640

Interest expense:
Interest on deposits:
Demand and savings deposits			18,436		19,855
Time deposits			6,770		7,338
Interest on borrowings			2,617		3,824
Total interest expense			27,823		31,017

Net interest income			104,377		95,623

Provision for credit losses			756		2,180

Net interest income after provision for credit losses			103,621		93,443

Other income			25,746		26,200

Other expense			78,164		77,228

Income before income taxes			51,203		42,415

Income taxes			9,046		7,211

Net income		$	42,157	$	35,204

Per common share:
Net income – basic		$	2.61	$	2.18
Net income – diluted		$	2.60	$	2.17

Weighted average common shares – basic			16,159,342		16,116,842
Weighted average common shares – diluted			16,238,701		16,191,065

Cash dividends declared:
	Quarterly dividend	$	1.07	$	1.06

PARK NATIONAL CORPORATION
Consolidated Balance Sheets

*(in thousands, except share data)*	March 31, 2025			December 31, 2024

Assets

Cash and due from banks	$	154,536		$	122,363
Money market instruments		83,078			38,203
Investment securities		1,042,163			1,100,861
Loans		7,883,735			7,817,128
Allowance for credit losses		(88,130	)		(87,966	)
Loans, net		7,795,605			7,729,162
Bank premises and equipment, net		66,327			69,522
Goodwill and other intangible assets		162,758			163,032
Other real estate owned		119			938
Other assets		582,026			581,269
Total assets	$	9,886,612		$	9,805,350

Liabilities and Shareholders’ Equity

Deposits:
Noninterest bearing	$	2,637,577		$	2,612,708
Interest bearing		5,564,118			5,530,818
Total deposits		8,201,695			8,143,526
Borrowings		270,757			280,083
Other liabilities		135,118			137,893
Total liabilities	$	8,607,570		$	8,561,502


Shareholders’ Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2025 and December 31, 2024)	$	—		$	—
Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at March 31, 2025 and December 31, 2024)		459,529			463,706
Accumulated other comprehensive loss, net of taxes		(34,659	)		(46,175	)
Retained earnings		1,002,110			977,599
Treasury shares (1,431,757 shares at March 31, 2025 and 1,464,122 shares at December 31, 2024)		(147,938	)		(151,282	)
Total shareholders’ equity	$	1,279,042		$	1,243,848
Total liabilities and shareholders’ equity	$	9,886,612		$	9,805,350


PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets

	Three Months Ended
	March 31
*(in thousands)*		2025			2024

Assets

Cash and due from banks	$	127,229		$	143,714
Money market instruments		287,016			155,511
Investment securities		1,069,620			1,368,527
Loans		7,833,234			7,482,650
Allowance for credit losses		(88,825	)		(84,067	)
Loans, net		7,744,409			7,398,583
Bank premises and equipment, net		68,992			74,919
Goodwill and other intangible assets		162,938			164,137
Other real estate owned		918			1,088
Other assets		584,485			556,899
Total assets	$	10,045,607		$	9,863,378


Liabilities and Shareholders’ Equity

Deposits:
Noninterest bearing	$	2,578,838		$	2,569,030
Interest bearing		5,793,915			5,644,088
Total deposits		8,372,753			8,213,118
Borrowings		269,254			361,703
Other liabilities		133,341			130,373
Total liabilities	$	8,775,348		$	8,705,194

Shareholders’ Equity:
Preferred shares	$	—		$	—
Common shares		464,046			463,518
Accumulated other comprehensive loss, net of taxes		(39,942	)		(67,343	)
Retained earnings		997,399			917,645
Treasury shares		(151,244	)		(155,636	)
Total shareholders’ equity	$	1,270,259		$	1,158,184
Total liabilities and shareholders’ equity	$	10,045,607		$	9,863,378

PARK NATIONAL CORPORATION
Consolidated Statements of Income – Linked Quarters

	2025		2024		2024		2024		2024
*(in thousands, except per share data)*	1st QTR		4th QTR		3rd QTR		2nd QTR		1st QTR

Interest income:
Interest and fees on loans	$	120,648	$	120,870	$	120,203	$	115,318	$	111,211
Interest on debt securities:
Taxable		7,130		8,641		10,228		10,950		11,899
Tax-exempt		1,269		1,351		1,381		1,382		1,410
Other interest income		3,153		2,751		1,996		1,254		2,120
Total interest income		132,200		133,613		133,808		128,904		126,640

Interest expense:
Interest on deposits:
Demand and savings deposits		18,436		19,802		22,762		20,370		19,855
Time deposits		6,770		7,658		7,073		7,525		7,338
Interest on borrowings		2,617		2,708		2,859		3,172		3,824
Total interest expense		27,823		30,168		32,694		31,067		31,017

Net interest income		104,377		103,445		101,114		97,837		95,623

Provision for credit losses		756		3,935		5,315		3,113		2,180

Net interest income after provision for credit losses		103,621		99,510		95,799		94,724		93,443

Other income		25,746		31,064		36,530		28,794		26,200

Other expense		78,164		83,241		85,681		75,189		77,228

Income before income taxes		51,203		47,333		46,648		48,329		42,415

Income taxes		9,046		8,703		8,431		8,960		7,211

Net income	$	42,157	$	38,630	$	38,217	$	39,369	$	35,204

Per common share:
Net income – basic	$	2.61	$	2.39	$	2.37	$	2.44	$	2.18
Net income – diluted	$	2.60	$	2.37	$	2.35	$	2.42	$	2.17

PARK NATIONAL CORPORATION
Detail of other income and other expense – Linked Quarters

		2025			2024			2024		2024			2024
(in thousands)	1st QTR			4th QTR			3rd QTR		2nd QTR			1st QTR

Other income:
Income from fiduciary activities	$	10,994		$	11,122		$	10,615	$	10,728		$	10,024
Service charges on deposit accounts		2,407			2,319			2,362		2,214			2,106
Other service income		2,936			3,277			3,036		2,906			2,524
Debit card fee income		6,089			6,511			6,539		6,580			6,243
Bank owned life insurance income		1,512			1,519			2,057		1,565			2,629
ATM fees		335			415			471		458			496
Pension settlement gain		—			365			5,783		—			—
(Loss) gain on the sale of OREO, net		(229	)		(74	)		2		(7	)		121
Loss on sale of debt securities, net		—			(128	)		—		—			(398	)
(Loss) gain on equity securities, net		(862	)		1,852			1,557		358			(687	)
Other components of net periodic benefit income		2,344			2,651			2,204		2,204			2,204
Miscellaneous		220			1,235			1,904		1,788			938
Total other income	$	25,746		$	31,064		$	36,530	$	28,794		$	26,200

Other expense:
Salaries	$	36,216		$	37,254		$	38,370	$	35,954		$	35,733
Employee benefits		10,516			10,129			10,162		9,873			11,560
Occupancy expense		3,519			2,929			3,731		2,975			3,181
Furniture and equipment expense		2,301			2,375			2,571		2,454			2,583
Data processing fees		10,529			10,450			11,764		9,542			8,808
Professional fees and services		7,307			10,465			7,842		6,022			6,817
Marketing		1,528			1,949			1,464		1,164			1,741
Insurance		1,686			1,600			1,640		1,777			1,718
Communication		1,202			1,104			955		1,002			1,036
State tax expense		1,186			1,145			1,116		1,129			1,110
Amortization of intangible assets		274			288			287		320			320
Foundation contributions		—			—			2,000		—			—
Miscellaneous		1,900			3,553			3,779		2,977			2,621
Total other expense	$	78,164		$	83,241		$	85,681	$	75,189		$	77,228

PARK NATIONAL CORPORATION
Asset Quality Information

				Year ended December 31,
*(in thousands, except ratios)*	March 31, 2025				2024			2023			2022			2021			2020

Allowance for credit losses:
Allowance for credit losses, beginning of period	$	87,966		$	83,745		$	85,379		$	83,197		$	85,675		$	56,679
Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021					—			383			—			6,090			—
Charge-offs		3,605			18,334			10,863			9,133			5,093			10,304
Recoveries		3,013			8,012			5,942			6,758			8,441			27,246
Net charge-offs (recoveries)		592			10,322			4,921			2,375			(3,348	)		(16,942	)
Provision for (recovery of) credit losses		756			14,543			2,904			4,557			(11,916	)		12,054
Allowance for credit losses, end of period	$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675

General reserve trends:
Allowance for credit losses, end of period	$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675
Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior)		—			—			—			—			—			167
Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)	N.A.			N.A.			N.A.			N.A.			N.A.				678
Specific reserves on individually evaluated loans – accrual		—			—			—			—			42			44
Specific reserves on individually evaluated loans – nonaccrual		1,044			1,299			4,983			3,566			1,574			5,390
General reserves on collectively evaluated loans	$	87,086		$	86,667		$	78,762		$	81,813		$	81,581		$	79,396

Total loans	$	7,883,735		$	7,817,128		$	7,476,221		$	7,141,891		$	6,871,122		$	7,177,785
Accruing PCD loans (PCI loans for years 2020 and prior)		2,139			2,174			2,835			4,653			7,149			11,153
Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)	N.A.			N.A.			N.A.			N.A.			N.A.				360,056
Individually evaluated loans – accrual (k)		13,935			15,290			—			11,477			17,517			8,756
Individually evaluated loans – nonaccrual		47,718			53,149			45,215			66,864			56,985			99,651
Collectively evaluated loans	$	7,819,943		$	7,746,515		$	7,428,171		$	7,058,897		$	6,789,471		$	6,698,169

Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans		0.03	%		0.14	%		0.07	%		0.03	%		(0.05)	%		(0.24)	%
Allowance for credit losses as a % of period end loans		1.12	%		1.13	%		1.12	%		1.20	%		1.21	%		1.19	%
General reserve as a % of collectively evaluated loans		1.11	%		1.12	%		1.06	%		1.16	%		1.20	%		1.19	%

Nonperforming assets:
Nonaccrual loans	$	61,929		$	68,178		$	60,259		$	79,696		$	72,722		$	117,368
Accruing troubled debt restructurings (for years 2022 and prior) (k)	N.A.			N.A.			N.A.				20,134			28,323			20,788
Loans past due 90 days or more		1,219			1,754			859			1,281			1,607			1,458
Total nonperforming loans	$	63,148		$	69,932		$	61,118		$	101,111		$	102,652		$	139,614
Other real estate owned		119			938			983			1,354			775			1,431
Other nonperforming assets		—			—			—			—			2,750			3,164
Total nonperforming assets	$	63,267		$	70,870		$	62,101		$	102,465		$	106,177		$	144,209
Percentage of nonaccrual loans to period end loans		0.79	%		0.87	%		0.81	%		1.12	%		1.06	%		1.64	%
Percentage of nonperforming loans to period end loans		0.80	%		0.89	%		0.82	%		1.42	%		1.49	%		1.95	%
Percentage of nonperforming assets to period end loans		0.80	%		0.91	%		0.83	%		1.43	%		1.55	%		2.01	%
Percentage of nonperforming assets to period end total assets		0.64	%		0.72	%		0.63	%		1.04	%		1.11	%		1.55	%

Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Asset Quality Information (continued)

			Year ended December 31,
(in thousands, except ratios)	March 31, 2025		2024		2023		2022		2021		2020

New nonaccrual loan information:
Nonaccrual loans, beginning of period	$	68,178	$	60,259	$	79,696	$	72,722	$	117,368	$	90,080
New nonaccrual loans		14,767		65,535		48,280		64,918		38,478		103,386
Resolved nonaccrual loans		21,016		57,616		67,717		57,944		83,124		76,098
Nonaccrual loans, end of period	$	61,929	$	68,178	$	60,259	$	79,696	$	72,722	$	117,368

Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance	$	51,134	$	58,158	$	47,564	$	68,639	$	57,609	$	100,306
Prior charge-offs		3,416		5,009		2,349		1,775		624		655
Remaining principal balance		47,718		53,149		45,215		66,864		56,985		99,651
Specific reserves		1,044		1,299		4,983		3,566		1,574		5,390
Book value, after specific reserves	$	46,674	$	51,850	$	40,232	$	63,298	$	55,411	$	94,261

Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Financial Reconciliations
NON-GAAP RECONCILIATIONS
	THREE MONTHS ENDED
*(in thousands, except share and per share data)*	March 31, 2025			December 31, 2024			March 31, 2024
Net interest income	$	104,377		$	103,445		$	95,623
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions		175			250			352
less interest income on former Vision Bank relationships		1,019			38			2
Net interest income – adjusted	$	103,183		$	103,157		$	95,269

Provision for credit losses	$	756		$	3,935		$	2,180
less recoveries on former Vision Bank relationships		(1,097	)		—			(953	)
Provision for credit losses – adjusted	$	1,853		$	3,935		$	3,133

Other income	$	25,746		$	31,064		$	26,200
less loss on sale of debt securities, net		—			(128	)		(398	)
less pension settlement gain		—			365			—
less impact of strategic initiatives		(914	)		117			(155	)
less Vision related (loss) gain on the sale of OREO, net		(229	)		—			121
less other service income related to former Vision Bank relationships		3			299			7
Other income – adjusted	$	26,886		$	30,411		$	26,625

Other expense	$	78,164		$	83,241		$	77,228
less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions		274			288			320
less building demolition costs		—			44			65
less direct expenses related to collection of payments on former Vision Bank loan relationships		276			215			—
Other expense – adjusted	$	77,614		$	82,694		$	76,843

Tax effect of adjustments to net income identified above (i)	$	(126	)	$	(83	)	$	(104	)

Net income – reported	$	42,157		$	38,630		$	35,204
Net income – adjusted (h)	$	41,682		$	38,319		$	34,811

Diluted earnings per common share	$	2.60		$	2.37		$	2.17
Diluted earnings per common share, adjusted (h)	$	2.57		$	2.35		$	2.15

Annualized return on average assets (a)(b)		1.70	%		1.54	%		1.44	%
Annualized return on average assets, adjusted (a)(b)(h)		1.68	%		1.52	%		1.42	%

Annualized return on average tangible assets (a)(b)(e)		1.73	%		1.56	%		1.46	%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)		1.71	%		1.55	%		1.44	%

Annualized return on average shareholders’ equity (a)(b)		13.46	%		12.32	%		12.23	%
Annualized return on average shareholders’ equity, adjusted (a)(b)(h)		13.31	%		12.22	%		12.09	%

Annualized return on average tangible equity (a)(b)(c)		15.44	%		14.17	%		14.24	%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)		15.27	%		14.06	%		14.08	%

Efficiency ratio (g)		59.79	%		61.60	%		63.07	%
Efficiency ratio, adjusted (g)(h)		59.39	%		61.63	%		62.72	%

Annualized net interest margin (g)		4.62	%		4.51	%		4.28	%
Annualized net interest margin, adjusted (g)(h)		4.57	%		4.50	%		4.26	%
Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Financial Reconciliations (continued)

(a) Reported measure uses net income
(b) Averages are for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, as appropriate
(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period.

RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY:
	THREE MONTHS ENDED
	March 31, 2025		December 31, 2024		March 31, 2024
AVERAGE SHAREHOLDERS’ EQUITY	$	1,270,259	$	1,247,680	$	1,158,184
Less: Average goodwill and other intangible assets		162,938		163,221		164,137
AVERAGE TANGIBLE EQUITY	$	1,107,321	$	1,084,459	$	994,047

(d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period.

RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY:
	March 31, 2025		December 31, 2024		March 31, 2024
TOTAL SHAREHOLDERS’ EQUITY	$	1,279,042	$	1,243,848	$	1,161,979
Less: Goodwill and other intangible assets		162,758		163,032		163,927
TANGIBLE EQUITY	$	1,116,284	$	1,080,816	$	998,052

(e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.

RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
	THREE MONTHS ENDED
	March 31, 2025		December 31, 2024		March 31, 2024
AVERAGE ASSETS	$	10,045,607	$	10,008,328	$	9,863,378
Less: Average goodwill and other intangible assets		162,938		163,221		164,137
AVERAGE TANGIBLE ASSETS	$	9,882,669	$	9,845,107	$	9,699,241

(f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.

RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
	March 31, 2025		December 31, 2024		March 31, 2024
TOTAL ASSETS	$	9,886,612	$	9,805,350	$	9,881,077
Less: Goodwill and other intangible assets		162,758		163,032		163,927
TANGIBLE ASSETS	$	9,723,854	$	9,642,318	$	9,717,150

(g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.

RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
	THREE MONTHS ENDED
	March 31, 2025		December 31, 2024		March 31, 2024
Interest income	$	132,200	$	133,613	$	126,640
Fully taxable equivalent adjustment		607		617		616
Fully taxable equivalent interest income	$	132,807	$	134,230	$	127,256
Interest expense		27,823		30,168		31,017
Fully taxable equivalent net interest income	$	104,984	$	104,062	$	96,239

(h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
(j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.

RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
	THREE MONTHS ENDED
	March 31, 2025		December 31, 2024		March 31, 2024
Net income	$	42,157	$	38,630	$	35,204
Plus: Income taxes		9,046		8,703		7,211
Plus: Provision for credit losses		756		3,935		2,180
Pre-tax, pre-provision net income	$	51,959	$	51,268	$	44,595

(k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023.

Media contact: Michelle Hamilton, 740-349-6014, [email protected]

Investor contact: Brady Burt, 740-322-6844, [email protected]

April 25, 2025 4:41 pm

Wolverine Worldwide Announces First Quarter Fiscal 2025 Conference Call for May 8, 2025

Wolverine Worldwide Announces First Quarter Fiscal 2025 Conference Call for May 8, 2025

ROCKFORD, Mich.–(BUSINESS WIRE)–
Wolverine World Wide, Inc. (NYSE: WWW) today announced that it expects to report its first quarter fiscal 2025 financial results on Thursday, May 8, 2025, at approximately 6:30 a.m. ET. Following the press release, the Company will host a conference call at 7:30 a.m. ET to review results and discuss current business trends.

Investors and analysts interested in joining the call are invited to dial 1-800-715-9871 (international callers, please dial 1-646-307-1963) approximately five minutes prior to the start of the call. The conference call will be broadcast live and accessible under “Webcasts & Presentations” in the Investor Relations section of www.wolverineworldwide.com.

A recorded replay of the call will be available shortly after the conclusion of the call and remain available until May 15, 2025. To access the telephone replay, dial 1-800-770-2030 (international callers, please dial 1-609-800-9909). The access code for the replay is 9927992.

ABOUT WOLVERINE WORLDWIDE

Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The Company’s diverse portfolio of highly recognized brands includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®,Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425232253/en/

Alex Wiseman

(616) 863-3974

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Other Retail Public Relations/Investor Relations Specialty Communications Online Retail Fashion Retail Department Stores

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