Zeus North American Mining Corp. 2025 Drilling and Exploration Planning at Cuddy Mountain, Idaho
Highlights of the 2024 Exploration Program at Cuddy Mountain:
Staked 19 additional BLM Lode Claims to cover areas underlain by the Seven Devils Volcanics, which host the neighboring Leviathan Porphyry Copper mineralization.
Completed a property wide 3D-DCIP Induced Polarization ('IP') and Resistivity Survey using Dias Geophysical Ltd.
Conducted a property wide Ground Magnetic Survey totalling 105-line km of high- resolution magnetic data.
Collected 799 soil samples and 339 rock grab samples.
Completed a property wide mapping campaign. The mapped stratigraphy within the Cuddy Mountain Property demonstrates that the same stratigraphic section exists with the Property as that shown-on Hercules drill sections which intersected porphyry mineralization.
The Cuddy Mountain Property is adjacent to Hercules Metals Corp. ('Hercules') recently discovered Leviathan Copper Porphyry ($167M MC).* The discovery resulted in Major Mining Company Barrick injecting $23M in equity in to Hercules and staking a substantial land position in the district along with Major Mining Company Rio Tinto. The Cuddy Mountain Property consists of 101 lode mining claims respectively and cover a cumulative area of approximately 2020 acres.
On February 20th, 2025 Hercules summarized recent drilling at their Leviathan Copper Property. The Highlights of which were as follows:
HER-24-21 intersects 171m of 0.64% CuEq in volcanic host rock, within a broader intercept of 354m of 0.47% CuEq ending in a late porphyry.
Highest grades occur in volcanic host rocks.
New mapping and sampling demonstrate the host rocks transition to iron-rich volcanics and limestone in the Eastern Block and Southern Flats zones, conducive to significantly higher-grades.
See Hercules' Press Release Here Dated February 20th, 2025.
Furthermore, on March 4, 2025, Hercules showed their chargeability anomaly open to the northeast towards the Zeus Cuddy Mountain Property.
See Hercules' Press Release Here Dated March 4th, 2025.
Dean Besserer, President and CEO, stated, 'Our 2024 exploration program data compilation is nearly complete, and we are excited to release our results and advance towards drilling in this highly prospective region. Hercules is planning an aggressive 2025 drill season and the team at Zeus looks forward to following suit in the near future.'
About the Cuddy Mountain Copper Property (Idaho, USA)
The Cuddy Mountain Property is adjacent to Hercules Metals Corp recently discovered Leviathan Copper Porphyry ($167M MC).* The discovery resulted in Barrick injecting $23M in equity. The Cuddy Mountain Property consists of 101 lode mining claims respectively and cover a cumulative area of approximately 2020 acres.
The Property is in Washington County, Idaho just 2.5 hours Northwest of Boise and readily accessible by road.
Historical Drilling at Cuddy Mountain consisted of 7 shallow drill holes in 1977 intersecting anomalous lead and silver. Drill hole Mun 8 contained 90 feet of 2.02 oz/t Ag (Taylor, 1977). Further historical exploration on Zeus's Cuddy Mountain Project occurred at the Edna May Mine: Mineralized vein with chip samples containing 750 ppm ppm Pb, 7.7% Zn and 252 grams per tonne Silver over 4 feet. Underground drilling in 1979 intersected 1.38 oz/t Ag over 7 feet in a breccia zone (Burmeister, 1980). Additional exploration (By Taylor, 1977) at the Rockslide area encountered Malachite-stained outcrops with a grab sample containing 760 ppm Pb, 0.67 % Zn and 36 grams per tonne Silver (Taylor, 1977).
*Adjacent Property ( www.herculessilver.com)
*All information is derived solely from management of Zeus Mining and otherwise publicly available third-party information which are believed to be reliable, but which have not been independently verified by the Company and as a result are not guaranteed as to accuracy and completeness. Zeus's management cautions that past results or discoveries on properties in proximity to Zeus may not necessarily be indicative of the presence of mineralization on the Company's properties.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Dean Besserer, P.Geo., the President & CEO for the company and Qualified Person as defined in NI 43-101.
On behalf of the board of directors.
'Dean Besserer'
President and CEO
FOR INVESTOR RELATIONS CONTACT:
Kin Communications Inc. Ph: 604-684-6730
[email protected]
About Zeus North America Mining Corp.
The Company is in the business of mineral exploration. The Company is focused on its exploration properties in the state of Idaho known as the: Cuddy Mountain; Selway; and Great Western properties, respectively. The Idaho properties consist of 101 (Cuddy Mountain), 57 (Selway) and 38 (Great Western) lode mining claims respectively and cover a cumulative area of approximately 4,200 acres. The Company's flagship Cuddy Mountain Property is adjacent to Hercules Metal Corp's Leviathan Copper Porphyry discovery.
Forward Looking Statements
When used in this news release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this news release include, amongst others, the Company's exploration plans. Such statements and information reflect the current view of the Company. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements or implied by such forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions.
The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its securities or its financial or operating results (as applicable). The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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Additional information about the Company is available at and additional information about First Internet Bank, including its products and services, is available at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally identifiable by the use of words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'drive,' 'enhance,' 'estimate,' 'expanding,' 'expect,' 'going forward,' 'growth,' 'improve,' 'increase,' 'looking ahead,' 'may,' 'ongoing,' 'opportunities,' 'pending,' 'plan,' 'position,' 'preliminary,' 'remain,' 'should,' 'stable,' 'thereafter,' 'well-positioned,' 'will,' or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Such statements are subject to certain risks and uncertainties including: our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that is the collateral for our loans. Other factors that may cause such differences include: failures or breaches of or interruptions in the communications and information systems on which we rely to conduct our business; failure of our plans to grow our commercial and industrial, construction, and SBA loan portfolios; competition with national, regional and community financial institutions; the loss of key members of senior management; the anticipated impacts of inflation and rising interest rates on the general economy; risks relating to the regulation of financial institutions; and other factors identified in reports we file with the U.S. Securities and Exchange Commission. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ('GAAP'). Non-GAAP financial measures, specifically tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, average tangible common equity, return on average tangible common equity, total interest income – FTE, net interest income – FTE, net interest margin – FTE, pre-tax, pre-provision income, adjusted noninterest expense, adjusted (loss) income before income taxes, adjusted income tax (benefit) provision, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity and adjusted return on average tangible common equity are used by the Company's management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption 'Reconciliation of Non-GAAP Financial Measures.' First Internet Bancorp Summary Financial Information (unaudited) Dollar amounts in thousands, except per share data Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Net income $ 193 $ 943 $ 5,775 $ 1,136 $ 10,956 Per share and share information Earnings per share - basic $ 0.02 $ 0.11 $ 0.67 $ 0.13 $ 1.26 Earnings per share - diluted 0.02 0.11 0.67 0.13 1.25 Dividends declared per share 0.06 0.06 0.06 0.12 0.12 Book value per common share 44.79 44.58 42.91 44.79 42.91 Tangible book value per common share 1 44.25 44.04 42.37 44.25 42.37 Common shares outstanding 8,713,094 8,697,085 8,667,894 8,713,094 8,667,894 Average common shares outstanding: Basic 8,733,559 8,715,655 8,594,315 8,724,657 8,684,093 Diluted 8,760,374 8,784,970 8,656,215 8,784,005 8,750,017 Performance ratios Return on average assets 0.01 % 0.07 % 0.44 % 0.04 % 0.42 % Return on average shareholders' equity 0.20 % 0.98 % 6.28 % 0.58 % 5.96 % Return on average tangible common equity 1 0.20 % 0.99 % 6.36 % 0.59 % 6.04 % Net interest margin 1.96 % 1.82 % 1.67 % 1.89 % 1.67 % Net interest margin - FTE 1,2 2.04 % 1.91 % 1.76 % 1.97 % 1.76 % Capital ratios 3 Total shareholders' equity to assets 6.43 % 6.63 % 6.96 % 6.43 % 6.96 % Tangible common equity to tangible assets 1 6.35 % 6.55 % 6.88 % 6.35 % 6.88 % Tier 1 leverage ratio 6.77 % 6.87 % 7.24 % 6.77 % 7.24 % Common equity tier 1 capital ratio 8.90 % 9.15 % 9.47 % 8.90 % 9.47 % Tier 1 capital ratio 8.90 % 9.15 % 9.47 % 8.90 % 9.47 % Total risk-based capital ratio 12.16 % 12.52 % 13.13 % 12.16 % 13.13 % Asset quality Nonperforming loans $ 43,541 $ 34,243 $ 12,978 $ 43,541 $ 12,978 Nonperforming assets 45,539 35,921 13,055 45,539 13,055 Nonperforming loans to loans 1.00 % 0.80 % 0.33 % 1.00 % 0.33 % Nonperforming assets to total assets 0.75 % 0.61 % 0.24 % 0.75 % 0.24 % Allowance for credit losses - loans to: Loans 1.07 % 1.11 % 1.10 % 1.07 % 1.10 % Nonperforming loans 106.8 % 138.0 % 334.5 % 106.8 % 334.5 % Net charge-offs to average loans 1.31 % 0.92 % 0.14 % 1.12 % 0.10 % Average balance sheet information Loans $ 4,397,887 $ 4,237,300 $ 3,930,976 $ 4,318,037 $ 3,910,322 Total securities 934,994 901,918 744,537 918,547 724,023 Other earning assets 396,829 445,280 469,045 420,921 451,582 Total interest-earning assets 5,739,019 5,590,131 5,150,305 5,664,986 5,090,261 Total assets 5,924,144 5,770,380 5,332,776 5,847,687 5,270,356 Noninterest-bearing deposits 153,016 135,878 116,939 144,494 115,140 Interest-bearing deposits 4,792,939 4,815,978 4,172,976 4,804,396 4,079,992 Total deposits 4,945,955 4,951,856 4,289,915 4,948,890 4,195,132 Shareholders' equity 391,870 392,035 369,825 391,952 369,598 1 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below 2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate 3 Regulatory capital ratios are preliminary pending filing of the Company's regulatory reports Expand First Internet Bancorp Condensed Consolidated Balance Sheets (unaudited) Dollar amounts in thousands June 30, March 31, June 30, 2025 2025 2024 Assets Cash and due from banks $ 9,261 $ 6,344 $ 6,162 Interest-bearing deposits 437,100 388,110 390,624 Securities available-for-sale, at fair value 644,657 681,785 488,572 Securities held-to-maturity, at amortized cost, net of allowance for credit losses 271,737 276,542 270,349 Loans held-for-sale 126,533 31,738 19,384 Loans 4,362,562 4,254,412 3,961,146 Allowance for credit losses - loans (46,517 ) (47,238 ) (43,405 ) Net loans 4,316,045 4,207,174 3,917,741 Accrued interest receivable 31,227 29,022 28,118 Federal Home Loan Bank of Indianapolis stock 28,350 28,350 28,350 Cash surrender value of bank-owned life insurance 41,961 41,675 40,834 Premises and equipment, net 69,930 70,461 72,516 Goodwill 4,687 4,687 4,687 Servicing asset 16,736 17,445 13,009 Other real estate owned 1,730 1,518 - Accrued income and other assets 72,619 66,757 62,956 Total assets $ 6,072,573 $ 5,851,608 $ 5,343,302 Liabilities Noninterest-bearing deposits $ 145,166 $ 151,815 $ 126,438 Interest-bearing deposits 5,153,623 4,793,810 4,147,484 Total deposits 5,298,789 4,945,625 4,273,922 Advances from Federal Home Loan Bank 264,500 395,000 575,000 Subordinated debt 105,307 105,228 104,993 Accrued interest payable 1,614 1,645 3,419 Accrued expenses and other liabilities 12,124 16,363 14,015 Total liabilities 5,682,334 5,463,861 4,971,349 Shareholders' equity Voting common stock 186,116 185,873 185,175 Retained earnings 230,690 231,031 217,365 Accumulated other comprehensive loss (26,567 ) (29,157 ) (30,587 ) Total shareholders' equity 390,239 387,747 371,953 Total liabilities and shareholders' equity $ 6,072,573 $ 5,851,608 $ 5,343,302 Expand First Internet Bancorp Condensed Consolidated Statements of Income (unaudited) Dollar amounts in thousands, except per share data Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Interest income Loans $ 66,685 $ 62,662 $ 57,094 $ 129,347 $ 112,529 Securities - taxable 9,062 8,463 6,476 17,525 12,170 Securities - non-taxable 654 661 970 1,315 1,939 Other earning assets 4,485 5,043 6,421 9,528 12,488 Total interest income 80,886 76,829 70,961 157,715 139,126 Interest expense Deposits 46,794 47,626 44,495 94,420 86,624 Other borrowed funds 6,102 4,107 5,139 10,209 10,441 Total interest expense 52,896 51,733 49,634 104,629 97,065 Net interest income 27,990 25,096 21,327 53,086 42,061 Provision for credit losses 13,608 11,933 4,031 25,541 6,479 Net interest income after provision for credit losses 14,382 13,163 17,296 27,545 35,582 Noninterest income Service charges and fees 278 265 246 543 466 Loan servicing revenue 1,979 1,983 1,470 3,962 2,793 Loan servicing asset revaluation (1,153 ) (1,181 ) (829 ) (2,334 ) (1,263 ) Gain on sale of loans 1,673 8,647 8,292 10,320 14,828 Other 2,780 713 1,854 3,493 2,556 Total noninterest income 5,557 10,427 11,033 15,984 19,380 Noninterest expense Salaries and employee benefits 10,867 13,107 12,462 23,974 24,258 Marketing, advertising and promotion 702 647 609 1,349 1,345 Consulting and professional fees 936 1,228 1,022 2,164 1,875 Data processing 656 635 606 1,291 1,170 Loan expenses 1,520 1,531 1,597 3,051 3,042 Premises and equipment 3,281 3,115 3,154 6,396 5,980 Deposit insurance premium 1,564 1,398 1,172 2,962 2,317 Other 2,274 1,895 1,714 4,170 3,372 Total noninterest expense 21,800 23,556 22,336 45,357 43,359 (Loss) income before income taxes (1,861 ) 34 5,993 (1,828 ) 11,603 Income tax (benefit) provision (2,054 ) (909 ) 218 (2,964 ) 647 Net income $ 193 $ 943 $ 5,775 $ 1,136 $ 10,956 Per common share data Earnings per share - basic $ 0.02 $ 0.11 $ 0.67 $ 0.13 $ 1.26 Earnings per share - diluted $ 0.02 $ 0.11 $ 0.67 $ 0.13 $ 1.25 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.12 $ 0.12 All periods presented have been reclassified to conform to the current period classification Expand First Internet Bancorp Average Balances and Rates (unaudited) Dollar amounts in thousands Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Average Interest / Yield / Average Interest / Yield / Average Interest / Yield / Balance Dividends Cost Balance Dividends Cost Balance Dividends Cost Assets Interest-earning assets Loans, including loans held-for-sale 1 $ 4,407,196 $ 66,685 6.07 % $ 4,242,933 $ 62,662 5.99 % $ 3,936,723 $ 57,094 5.83 % Securities - taxable 856,070 9,062 4.25 % 820,175 8,463 4.18 % 670,502 6,476 3.88 % Securities - non-taxable 78,924 654 3.32 % 81,743 661 3.28 % 74,035 970 5.27 % Other earning assets 396,829 4,485 4.53 % 445,280 5,043 4.59 % 469,045 6,421 5.51 % Total interest-earning assets 5,739,019 80,886 5.65 % 5,590,131 76,829 5.57 % 5,150,305 70,961 5.54 % Allowance for credit losses - loans (49,073 ) (45,664 ) (41,362 ) Noninterest-earning assets 234,198 225,913 223,833 Total assets $ 5,924,144 $ 5,770,380 $ 5,332,776 Liabilities Interest-bearing liabilities Interest-bearing demand deposits $ 1,226,439 $ 9,767 3.19 % $ 956,322 $ 6,974 2.96 % $ 474,124 $ 2,567 2.18 % Savings accounts 21,760 46 0.85 % 20,568 43 0.85 % 22,987 48 0.84 % Money market accounts 1,187,782 11,087 3.74 % 1,221,795 11,361 3.77 % 1,243,011 13,075 4.23 % Fintech - brokered deposits - - 0.00 % - - 0.00 % 119,662 1,299 4.37 % Certificates and brokered deposits 2,356,958 25,894 4.41 % 2,617,293 29,248 4.53 % 2,313,192 27,506 4.78 % Total interest-bearing deposits 4,792,939 46,794 3.92 % 4,815,978 47,626 4.01 % 4,172,976 44,495 4.29 % Other borrowed funds 567,575 6,102 4.31 % 401,300 4,107 4.15 % 652,176 5,139 3.17 % Total interest-bearing liabilities 5,360,514 52,896 3.96 % 5,217,278 51,733 4.02 % 4,825,152 49,634 4.14 % Noninterest-bearing deposits 153,016 135,878 116,939 Other noninterest-bearing liabilities 18,744 25,189 20,860 Total liabilities 5,532,274 5,378,345 4,962,951 Shareholders' equity 391,870 392,035 369,825 Total liabilities and shareholders' equity $ 5,924,144 $ 5,770,380 $ 5,332,776 Net interest income $ 27,990 $ 25,096 $ 21,327 Interest rate spread 1.69 % 1.55 % 1.40 % Net interest margin 1.96 % 1.82 % 1.67 % Net interest margin - FTE 2,3 2.04 % 1.91 % 1.76 % 1 Includes nonaccrual loans 2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate 3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below Expand First Internet Bancorp Average Balances and Rates (unaudited) Dollar amounts in thousands Six Months Ended June 30, 2025 June 30, 2024 Average Interest / Yield / Average Interest / Yield / Balance Dividends Cost Balance Dividends Cost Assets Interest-earning assets Loans, including loans held-for-sale 1 $ 4,325,518 $ 129,347 6.03 % $ 3,914,656 $ 112,529 5.78 % Securities - taxable 838,222 17,525 4.22 % 648,860 12,170 3.77 % Securities - non-taxable 80,325 1,315 3.30 % 75,163 1,939 5.19 % Other earning assets 420,921 9,528 4.56 % 451,582 12,488 5.56 % Total interest-earning assets 5,664,986 157,715 5.61 % 5,090,261 139,126 5.50 % Allowance for credit losses - loans (47,378 ) (39,986 ) Noninterest-earning assets 230,079 220,081 Total assets $ 5,847,687 $ 5,270,356 Liabilities Interest-bearing liabilities Interest-bearing demand deposits $ 1,092,127 $ 16,742 3.09 % $ 444,615 $ 4,658 2.11 % Savings accounts 21,167 88 0.84 % 22,754 96 0.85 % Money market accounts 1,204,695 22,449 3.76 % 1,230,488 25,746 4.21 % Fintech - brokered deposits - - 0.00 % 102,514 2,230 4.37 % Certificates and brokered deposits 2,486,407 55,141 4.47 % 2,279,621 53,894 4.75 % Total interest-bearing deposits 4,804,396 94,420 3.96 % 4,079,992 86,624 4.27 % Other borrowed funds 484,897 10,209 4.25 % 684,456 10,441 3.07 % Total interest-bearing liabilities 5,289,293 104,629 3.99 % 4,764,448 97,065 4.10 % Noninterest-bearing deposits 144,494 115,140 Other noninterest-bearing liabilities 21,948 21,170 Total liabilities 5,455,735 4,900,758 Shareholders' equity 391,952 369,598 Total liabilities and shareholders' equity $ 5,847,687 $ 5,270,356 Net interest income $ 53,086 $ 42,061 Interest rate spread 1.62 % 1.40 % Net interest margin 1.89 % 1.67 % Net interest margin - FTE 2,3 1.97 % 1.76 % 1 Includes nonaccrual loans 2 On a fully-taxable equivalent ("FTE") basis assuming a 21% tax rate 3 Refer to "Non-GAAP Financial Measures" section above and "Reconciliation of Non-GAAP Financial Measures" below Expand First Internet Bancorp Loans and Deposits (unaudited) Dollar amounts in thousands June 30, 2025 March 31, 2025 June 30, 2024 Amount Percent Amount Percent Amount Percent Commercial loans Commercial and industrial $ 174,475 4.0 % $ 140,239 3.3 % $ 115,585 2.9 % Owner-occupied commercial real estate 50,096 1.1 % 49,954 1.2 % 58,089 1.5 % Investor commercial real estate 513,411 11.8 % 297,874 7.0 % 188,409 4.8 % Construction 332,658 7.6 % 471,082 11.1 % 328,922 8.3 % Single tenant lease financing 970,042 22.3 % 950,814 22.4 % 927,462 23.4 % Public finance 476,339 10.9 % 482,558 11.3 % 486,200 12.3 % Healthcare finance 160,073 3.7 % 171,430 4.0 % 202,079 5.1 % Small business lending 383,455 8.8 % 353,408 8.3 % 270,129 6.8 % Franchise finance 479,757 11.0 % 514,700 12.1 % 551,133 13.9 % Total commercial loans 3,540,306 81.2 % 3,432,059 80.7 % 3,128,008 79.0 % Consumer loans Residential mortgage 358,922 8.2 % 367,722 8.6 % 382,549 9.7 % Home equity 16,668 0.4 % 17,421 0.4 % 21,405 0.5 % Trailers 228,786 5.2 % 220,012 5.2 % 197,738 5.0 % Recreational vehicles 144,476 3.3 % 145,690 3.4 % 150,151 3.8 % Other consumer loans 48,319 1.1 % 46,851 1.1 % 48,638 1.2 % Total consumer loans 797,171 18.2 % 797,696 18.7 % 800,481 20.2 % Net deferred loan fees, premiums, discounts and other 1 25,085 0.6 % 24,657 0.6 % 32,657 0.8 % Total loans $ 4,362,562 100.0 % $ 4,254,412 100.0 % $ 3,961,146 100.0 % June 30, 2025 March 31, 2025 June 30, 2024 Amount Percent Amount Percent Amount Percent Deposits Noninterest-bearing deposits $ 145,166 2.7 % $ 151,815 3.1 % $ 126,438 3.0 % Interest-bearing demand deposits 1,458,123 27.5 % 1,103,540 22.3 % 480,141 11.2 % Savings accounts 20,902 0.4 % 21,632 0.4 % 22,619 0.5 % Money market accounts 1,210,960 22.9 % 1,292,235 26.2 % 1,222,197 28.6 % Fintech - brokered deposits - 0.0 % - 0.0 % 140,180 3.3 % Certificates of deposits 2,146,356 40.5 % 2,029,801 41.0 % 1,829,644 42.8 % Brokered deposits 317,282 6.0 % 346,602 7.0 % 452,703 10.6 % Total deposits $ 5,298,789 100.0 % $ 4,945,625 100.0 % $ 4,273,922 100.0 % 1 Includes carrying value adjustments of $21.2 million, $22.1 million and $25.6 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively. Expand First Internet Bancorp Reconciliation of Non-GAAP Financial Measures Dollar amounts in thousands, except per share data Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Total equity - GAAP $ 390,239 $ 387,747 $ 371,953 $ 390,239 $ 371,953 Adjustments: Goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Tangible common equity $ 385,552 $ 383,060 $ 367,266 $ 385,552 $ 367,266 Total assets - GAAP $ 6,072,573 $ 5,851,608 $ 5,343,302 $ 6,072,573 $ 5,343,302 Adjustments: Goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Tangible assets $ 6,067,886 $ 5,846,921 $ 5,338,615 $ 6,067,886 $ 5,338,615 Common shares outstanding 8,713,094 8,697,085 8,667,894 8,713,094 8,667,894 Book value per common share $ 44.79 $ 44.58 $ 42.91 $ 44.79 $ 42.91 Effect of goodwill (0.54 ) (0.54 ) (0.54 ) (0.54 ) (0.54 ) Tangible book value per common share $ 44.25 $ 44.04 $ 42.37 $ 44.25 $ 42.37 Total shareholders' equity to assets 6.43 % 6.63 % 6.96 % 6.43 % 6.96 % Effect of goodwill (0.08 %) (0.08 %) (0.08 %) (0.08 %) (0.08 %) Tangible common equity to tangible assets 6.35 % 6.55 % 6.88 % 6.35 % 6.88 % Total average equity - GAAP $ 391,870 $ 392,035 $ 369,825 $ 391,952 $ 369,598 Adjustments: Average goodwill (4,687 ) (4,687 ) (4,687 ) (4,687 ) (4,687 ) Average tangible common equity $ 387,183 $ 387,348 $ 365,138 $ 387,265 $ 364,911 Return on average shareholders' equity 0.20 % 0.98 % 6.28 % 0.58 % 5.96 % Effect of goodwill 0.00 % 0.01 % 0.08 % 0.01 % 0.08 % Return on average tangible common equity 0.20 % 0.99 % 6.36 % 0.59 % 6.04 % Total interest income $ 80,886 $ 76,829 $ 70,961 $ 157,715 $ 139,126 Adjustments: Fully-taxable equivalent adjustments 1 1,157 1,169 1,175 2,326 2,365 Total interest income - FTE $ 82,043 $ 77,998 $ 72,136 $ 160,041 $ 141,491 Net interest income $ 27,990 $ 25,096 $ 21,327 $ 53,086 $ 42,061 Adjustments: Fully-taxable equivalent adjustments 1 1,157 1,169 1,175 2,326 2,365 Net interest income - FTE $ 29,147 $ 26,265 $ 22,502 $ 55,412 $ 44,426 Net interest margin 1.96 % 1.82 % 1.67 % 1.89 % 1.67 % Effect of fully-taxable equivalent adjustments 1 0.08 % 0.09 % 0.09 % 0.08 % 0.09 % Net interest margin - FTE 2.04 % 1.91 % 1.76 % 1.97 % 1.76 % 1 Assuming a 21% tax rate Expand First Internet Bancorp Reconciliation of Non-GAAP Financial Measures Dollar amounts in thousands, except per share data Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Net income - GAAP $ 193 $ 943 $ 5,775 $ 1,136 $ 10,956 Adjustments:1 Provision for credit losses 13,608 11,933 4,031 25,541 6,479 Income tax (benefit) provision (2,054 ) (909 ) 218 (2,964 ) 647 Pre-tax, pre-provision income $ 11,747 $ 11,967 $ 10,024 $ 23,713 $ 18,082 Noninterest expense - GAAP $ 21,800 $ 23,556 $ 22,336 $ 45,357 $ 43,359 Adjustments: IT termination fees - - (452 ) - (452 ) Anniversary expenses - - (120 ) - (120 ) Adjusted noninterest expense $ 21,800 $ 23,556 $ 21,764 $ 45,357 $ 42,787 (Loss) income before income taxes - GAAP $ (1,861 ) $ 34 $ 5,993 $ (1,828 ) $ 11,603 Adjustments: IT termination fees - - 452 - 452 Anniversary expenses - - 120 - 120 Adjusted (loss) income before income taxes $ (1,861 ) $ 34 $ 6,565 $ (1,828 ) $ 12,175 Income tax (benefit) provision- GAAP $ (2,054 ) $ (909 ) $ 218 $ (2,964 ) $ 647 Adjustments:1 IT termination fees - - 95 - 95 Anniversary expenses - - 25 - 25 Adjusted income tax (benefit) provision $ (2,054 ) $ (909 ) $ 338 $ (2,964 ) $ 767 Net income - GAAP $ 193 $ 943 $ 5,775 $ 1,136 $ 10,956 Adjustments: IT termination fees - - 357 - 357 Anniversary expenses - - 95 - 95 Adjusted net income $ 193 $ 943 $ 6,227 $ 1,136 $ 11,408 1 Assuming a 21% tax rate Expand First Internet Bancorp Reconciliation of Non-GAAP Financial Measures Dollar amounts in thousands, except per share data Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 Diluted average common shares outstanding 8,760,374 8,784,970 8,656,215 8,784,005 8,750,017 Diluted earnings per share - GAAP $ 0.02 $ 0.11 $ 0.67 $ 0.13 $ 1.25 Adjustments: Effect of IT termination fees - - 0.04 - 0.04 Effect of anniversary expenses - - 0.01 - 0.01 Adjusted diluted earnings per share $ 0.02 $ 0.11 $ 0.72 $ 0.13 $ 1.30 Return on average assets 0.01 % 0.07 % 0.44 % 0.04 % 0.42 % Effect of IT termination fees 0.00 % 0.00 % 0.03 % 0.00 % 0.01 % Effect of anniversary expenses 0.00 % 0.00 % 0.01 % 0.00 % 0.00 % Adjusted return on average assets 0.01 % 0.07 % 0.48 % 0.04 % 0.43 % Return on average shareholders' equity 0.20 % 0.98 % 6.28 % 0.58 % 5.96 % Effect of IT termination fees 0.00 % 0.00 % 0.39 % 0.00 % 0.19 % Effect of anniversary expenses 0.00 % 0.00 % 0.10 % 0.00 % 0.05 % Adjusted return on average shareholders' equity 0.20 % 0.98 % 6.77 % 0.58 % 6.20 % Return on average tangible common equity 0.20 % 0.99 % 6.36 % 0.59 % 6.04 % Effect of IT termination fees 0.00 % 0.00 % 0.39 % 0.00 % 0.20 % Effect of anniversary expenses 0.00 % 0.00 % 0.10 % 0.00 % 0.05 % Adjusted return on average tangible common equity 0.20 % 0.99 % 6.85 % 0.59 % 6.29 % Expand
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Kaiser Aluminum Corporation Reports Second Quarter 2025 Financial Results
FRANKLIN, Tenn.--(BUSINESS WIRE)--Kaiser Aluminum Corporation (NASDAQ: KALU) (the "Company" or "Kaiser"), a leading producer of semi-fabricated specialty aluminum products serving customers worldwide with highly-engineered solutions for aerospace and high strength, packaging, general engineering, and automotive extrusions end market applications, today announced second quarter 2025 results. Management Commentary 'Our second quarter results exceeded our expectations, driven by continued strength in the underlying business fundamentals and favorable metal tailwinds. This performance enabled us to sustain margin levels above 19% for the first half of 2025, and as a result we are raising our full year 2025 Adjusted EBITDA outlook. We are making meaningful progress on our strategic growth investments, which will be evident in our profitability as we enter 2026,' said Keith A. Harvey, Chairman, President and Chief Executive Officer. (In millions of dollars, except shipments, realized price, and per share amounts) 1. Adjusted to reflect the retrospective change in inventory valuation methodology from last in, first out ("LIFO") to weighted average costs ("WAC") for certain inventories. 2. Hedged Cost of Alloyed Metal for the quarters ended June 30, 2025 and June 30, 2024 included $449.5 million and $408.0 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $0.6 million and $3.5 million, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the six months ended June 30, 2025 and June 30, 2024 included $868.3 million and $775.1 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $5.2 million in the six months ended June 30, 2025, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. There were no gains or losses upon settlement of hedges for metal price exposure on shipments for the six months ended June 30, 2024. 3. Diluted shares for EPS are calculated using the two-class method. 4. Adjusted numbers exclude non-run-rate items. For all Adjusted numbers and EBITDA refer to Reconciliation of Non-GAAP Measures. 5. Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization. 6. Adjusted EBITDA margin = Adjusted EBITDA as a percent of Conversion Revenue. 7. Includes favorable metal price lag of approximately $14.0 million and approximately $19.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and favorable metal price lag of approximately $36.0 million and approximately $24.0 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Metal price lag represents management's estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price ('MWTP'), multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. Expand * Please refer to GAAP financial statements, totals may not sum due to rounding. Expand Second Quarter 2025 Financial Highlights Net sales for the second quarter 2025 increased to $823 million compared to $773 million in the prior year period, driven primarily by an increase in average realized sales price. Conversion Revenue for the second quarter 2025 was $374 million, reflecting a 1% increase compared to the prior year period. The following table provides the Company's Shipments and Conversion Revenue information (in millions of dollars, except shipments and Conversion Revenue per pound) by end market applications: 1. Hedged Cost of Alloyed Metal for the quarters ended June 30, 2025 and June 30, 2024 included $449.5 million and $408.0 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $0.6 million and $3.5 million, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the six months ended June 30, 2025 and June 30, 2024 included $868.3 million and $775.1 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $5.2 million in the six months ended June 30, 2025, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. There were no gains or losses upon settlement of hedges for metal price exposure on shipments for the six months ended June 30, 2024. Expand Cash Flow and Liquidity Adjusted EBITDA of $141 million reported in the first half of 2025 and cash on hand funded $53 million of working capital, $82 million of capital investments, $22 million of interest payments, and $26 million of cash returned to stockholders through quarterly dividends. As of June 30, 2025, the Company had total liquidity of $538 million consisting of cash and cash equivalents of $13 million and borrowing availability under the Company's Revolving Credit Facility of $525 million. There were $33 million of outstanding borrowings under the Revolving Credit Facility as of June 30, 2025. On July 15, 2025, the Company announced the declaration of a quarterly cash dividend of $0.77 per share, which will be paid on August 15, 2025 to stockholders of record as of the close of business on July 25, 2025. 2025 Outlook For the full year 2025, the Company maintains an outlook for a 5% to 10% year-over-year increase in Conversion Revenue and raises the Adjusted EBITDA outlook to improve 10% to 15% year-over-year. Conference Call Kaiser Aluminum Corporation will host a conference call on Thursday, July 24, 2025, at 10:00 am (Eastern Time); 9:00 am (Central Time); 7:00 am (Pacific Time), to discuss its second quarter 2025 results. To participate, the conference call can be directly accessed from the U.S. and Canada at (877) 423-9813 and accessed internationally at (201) 689-8573. The conference call ID number is 13754454. A link to the simultaneous webcast can be accessed on the Company's website at A copy of a presentation will be available for download prior to the call and an audio archive will be available on the Company's website following the call. Company Description Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, general engineering, automotive extrusions, and other industrial applications. The Company's North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company's stock is included in the Russell 2000® index and the S&P Small Cap 600® index. Available Information For more information, please visit the Company's website at The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC's website at which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company's annual stockholders' meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community. Non-GAAP Financial Measures This earnings release contains certain non-GAAP financial measures. A 'non-GAAP financial measure' is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flow of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables. The non-GAAP financial measures used within this earnings release are Conversion Revenue, Adjusted operating income, Adjusted EBITDA, Adjusted net income, and Adjusted earnings per diluted share, which exclude non-run-rate items and ratios related thereto. As more fully described in these reports, 'non-run-rate' items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Reconciliations of certain forward looking non-GAAP financial measures to comparable GAAP measures are not provided because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted or provided without unreasonable effort. Forward-Looking Statements This press release contains statements based on management's current expectations, estimates and projections that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) the effectiveness of management's strategies and decisions, including strategic investments, capital spending strategies, cost reduction initiatives, sourcing strategies, process and countermeasures implemented to address operational and supply chain challenges, and the execution of those strategies; (b) the execution and timing of strategic investments; (c) general economic and business conditions, including the impact of geopolitical factors and governmental and other actions taken in response, tariffs, cyclicality, reshoring, labor challenges, supply interruptions, scrap availability and pricing, customer operation disruptions, customer inventory imbalances and supply chain issues and other conditions that impact demand drivers in the aerospace/high strength, packaging, general engineering, automotive extrusions and other end markets we serve; (d) the Company's ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs; (e) changes or shifts in defense spending due to competing national priorities; (f) pricing, market conditions and the Company's ability to effectively execute its commercial and labor strategies, pass through cost increases, including the institution of surcharges, and flex costs in response to inflation, volatile commodity costs and changing economic conditions; (g) developments in technology; (h) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength and flexibility; (i) new or modified statutory or regulatory requirements; (j) the successful integration of the acquired operations and technologies; (k) stakeholder, including regulator and customer, views regarding the Company's sustainability goals and initiatives and the impact of factors outside of the Company's control on such goals and initiatives; and (l) other risk factors summarized in the Company's reports filed with the Securities and Exchange Commission including the Company's Form 10-K for the year ended December 31, 2024. All information in this release is as of the date of the release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. 1. Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table. 2. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories. 3. Diluted shares for EPS are calculated using the two-class method for the quarters and six months ended June 30, 2025 and June 30, 2024. Expand Summary of Cash Flows - Consolidated (Unaudited) 1 (In millions of dollars) Six Months Ended June 30, 2025 2024 2 (As Adjusted) Total cash provided by (used in): Operating activities $ 72.9 $ 89.6 Investing activities $ (81.9 ) $ (73.6 ) Financing activities $ 4.0 $ (28.0 ) Expand 1. Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table. 2. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories. Expand Kaiser Aluminum Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited) 1 (In millions of dollars, except share and per share amounts) As of December 31, 2024 2 (As Adjusted) ASSETS Current assets: Cash and cash equivalents $ 13.1 $ 18.4 Receivables: Trade receivables, net 378.7 319.7 Other 39.1 22.2 Contract assets 69.1 73.4 Inventories 595.6 601.9 Prepaid expenses and other current assets 55.0 39.0 Total current assets 1,150.6 1,074.6 Property, plant and equipment, net 1,204.9 1,161.2 Operating lease assets 24.8 27.2 Deferred tax assets, net 2.6 4.0 Intangible assets, net 43.2 45.5 Goodwill 18.8 18.8 Other assets 67.9 78.6 Total assets $ 2,512.8 $ 2,409.9 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 317.8 $ 266.9 Accrued salaries, wages and related expenses 53.3 54.3 Other accrued liabilities 55.1 79.3 Total current liabilities 426.2 400.5 Long-term portion of operating lease liabilities 23.5 25.2 Pension and other postretirement benefits 71.2 71.4 Deferred tax liabilities 55.9 44.1 Long-term liabilities 84.8 84.0 Long-term debt, net 1,075.2 1,041.6 Total liabilities 1,736.8 1,666.8 Commitments and contingencies Stockholders' equity: Preferred stock, 5,000,000 shares authorized at both June 30, 2025 and December 31, 2024; no shares were issued and outstanding at June 30, 2025 and December 31, 2024 — — Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2025 and December 31, 2024; 23,013,025 shares issued and 16,177,739 shares outstanding at June 30, 2025; 22,931,184 shares issued and 16,095,898 shares outstanding at December 31, 2024 0.2 0.2 Additional paid in capital 1,124.1 1,117.0 Retained earnings 100.4 81.3 Treasury stock, at cost, 6,835,286 shares at both June 30, 2025 and December 31, 2024 (475.9 ) (475.9 ) Accumulated other comprehensive income 27.2 20.5 Total stockholders' equity 776.0 743.1 Total liabilities and stockholders' equity $ 2,512.8 $ 2,409.9 Expand 1. Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table. 2. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories. Expand Reconciliation of Non-GAAP Measures - Consolidated (Unaudited) (In millions of dollars, except per share amounts) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 1 (As Adjusted) 2025 2024 1 (As Adjusted) GAAP net income $ 23.2 $ 18.9 $ 44.8 $ 37.1 Interest expense 12.5 11.1 23.7 22.6 Other (income) expense, net (4.4 ) 0.5 (3.0 ) (10.4 ) Income tax provision 6.7 5.7 13.9 11.2 GAAP operating income 38.0 36.2 79.4 60.5 Mark-to-market loss 2 — 2.2 — 2.2 Restructuring costs 0.1 6.8 1.9 6.9 Non-cash asset impairment charge — — — 0.4 Other operating NRR loss 3,4 — — 0.2 0.4 Operating income, excluding operating NRR items 38.1 45.2 81.5 70.4 Depreciation and amortization 29.6 29.0 59.6 57.8 Adjusted EBITDA 5,8 $ 67.7 $ 74.2 $ 141.1 $ 128.2 GAAP net income $ 23.2 $ 18.9 $ 44.8 $ 37.1 Operating NRR items 0.1 9.0 2.1 9.9 Non-operating NRR items 6 (4.4 ) 0.7 (3.7 ) (10.5 ) Tax impact of above NRR items 1.0 (2.0 ) 0.4 0.2 Adjusted net income $ 19.9 $ 26.7 $ 43.6 $ 36.8 Net income per share, diluted 7 $ 1.41 $ 1.15 $ 2.72 $ 2.27 Adjusted earnings per diluted share 7 $ 1.21 $ 1.63 $ 2.65 $ 2.25 Expand 1. Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories. 2. Mark-to-market loss on derivative instruments represents the loss on non-designated commodity hedges. Adjusted EBITDA reflects the impact realized upon settlement. 3. NRR is an abbreviation for non-run-rate; NRR items are pre-tax. 4. Other operating NRR items primarily represent the impact of adjustments to legacy environmental accruals. 5. Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization. 6. Non-operating NRR items typically represent the impact of non-cash net periodic benefit cost related to the Salaried VEBA excluding service cost, gains (losses) recorded from the sale of non-operating assets, and gains recorded from business interruption insurance recoveries. 7. Diluted shares for EPS are calculated using the two-class method. 8. Includes favorable metal price lag of approximately $14.0 million and approximately $19.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and favorable metal price lag of approximately $36.0 million and approximately $24.0 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Metal price lag represents management's estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price, multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices. Expand Totals may not sum due to rounding. Expand
