Blog

MIL-OSI Global: The global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species

Source: The Conversation – USA – By Michael Tlusty, Professor of Sustainability and Food Solutions, UMass Boston

U.S. Fish and Wildlife agents inspect a shipment of reptiles at the Port of Miami. U.S. GAO

When people think of wildlife trade, they often picture smugglers sneaking in rare and endangered species from far-off countries. Yet most wildlife trade is actually legal, and the United States is one of the world’s biggest wildlife importers.

New research that we and a team of colleagues published in the Proceedings of the National Academy of Sciences shows that, over the last 22 years, people in the U.S. legally imported nearly 2.85 billion individual animals representing almost 30,000 species.

Some of these wild animals become pets, such as reptiles, spiders, clownfish, chimpanzees and even tigers. Thousands end up in zoos and aquariums, where many species on display come directly from the wild.

Medical research uses macaque monkeys and imports up to 39,000 of them every year. The fashion trade imports around 1 million to 2 million crocodile skins every year. Hunting trophies are also included in wildlife.

How many species are legally traded worldwide?
Benjamin Marshall, et al., 2024, PNAS, CC BY-SA

The largest number of imported species are birds – 4,985 different species are imported each year, led by Muscovy ducks, with over 6 million imported. Reptiles are next, with 3,048 species, led by iguanas and royal pythons. These largely become pets.

Not all wildlife are wild

We found that just over half of the animals imported into the U.S. come from the wild.

Capturing wildlife to sell to exporters can be an important income source for rural communities around the world, especially in Africa. However, wild imported species can also spread diseases or parasites or become invasive. In fact, these risks are so worrying that many imported animals are classed as “injurious wildlife” due to their potential role in transmitting diseases to native species.

Captive breeding has played an increasingly dominant role in recent years as a way to limit the impact on wild populations and to try to reduce disease spread.

However over half the individual animals from most groups of species, such as amphibians or mammals, still come from the wild, and there is no data on the impact of the wildlife trade on most wild populations.

Trade may pose a particular risk when species are already rare or have small ranges. Where studies have been done, the wild populations of traded species decreased by an average of 62% across the periods monitored.

Sustainable wildlife trade is possible, but it relies on careful monitoring to balance wild harvest and captive breeding.

Data is thin in many ways

For most species in the wildlife trade, there is still a lot that remains unknown, including even the number of species traded.

With so many species and shipments, wildlife inspectors are overwhelmed. Trade data may not include the full species name for groups like butterflies or fish. The values in many customs databases are reported by companies but never verified.

Macaques, used in medical research, are the most-traded primates globally, according to an analysis of U.S. Fish and Wildlife data.
Davidvraju, CC BY-SA

In our study, we relied on the U.S. Fish and Wildlife Service’s Law Enforcement Management Information System, a wildlife import-export data collection system. However, few countries collate and release data in such a standardized way; meaning that for the majority of species legally traded around the world there is no available data.

For example, millions of Tokay geckos are imported as pets and for medicine, and are often reported to be bred in captivity. However, investigators cannot confirm that they weren’t actually caught in the wild.

Why tracking the wildlife trade is important

Biodiversity has a great number of economic and ecological benefits. There are also risks to importing wildlife. Understanding the many species and number of animals entering the country, and whether they were once wild or farmed, is important, because imported wildlife can cause health and ecological problems.

Wildlife can spread diseases to humans and to other animals. Wild-caught monkeys imported for medical research may carry diseases, including ones of particular risk to humans. Those with diseases are more likely to be wild than captive-bred.

The most-traded mammals worldwide are minks, which are valued for their fur but can spread viruses to humans and other species. About 48 million minks are legally traded annually, about 2.8% wild-caught and the majority raised, according to U.S. Fish and Wildlife data.
Colin Canterbury/USFWS

Species that aren’t native to the U.S. may also escape or be released into the wild. Invasive species can cause billions of dollars in damage by consuming and outcompeting native wildlife and spreading diseases.

We believe better data on the wildlife trade could be used to set management goals, such as harvest quotas or no-take policies for those species in their country of origin.

What’s next

The researchers involved in this study come from institutes around the world and are all interested in improving data systems for wildlife trade.

Some of us focus on how e-commerce platforms such as Etsy and Instagram have become hotspots of wildlife trade and can be challenging to monitor without automation. Esty announced in 2024 that it would remove listings of endangered or threatened species. Others build tools to help wildlife inspectors process the large number of shipments in real time. Many of us examine the problems imported species cause when they become invasive.

In the age of machine learning, artificial intelligence and big data, it’s possible to better understand the wildlife trade. Consumers can help by buying less, and making informed decisions.

Michael Tlusty is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data..

Andrew Rhyne is currently on sabbatical funded by the Canada Border Services Agency (CBSA), focused on the wildlife trade data. He is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data.

Alice Catherine Hughes does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. The global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species – https://theconversation.com/the-global-wildlife-trade-is-an-enormous-market-the-us-imports-billions-of-animals-from-nearly-30-000-species-247197

MIL-OSI Global: In asking Trump to show mercy, Bishop Budde continues a long tradition of Christian leaders ‘speaking truth to power’

Source: The Conversation – USA – By Joanne M. Pierce, Professor Emerita of Religious Studies, College of the Holy Cross

Bishop Mariann Budde leads the national prayer service attended by President Donald Trump at the National Cathedral in Washington on Jan. 21, 2025. AP Photo/Evan Vucci

Episcopal Bishop Mariann Edgar Budde’s sermon on Jan. 21, 2025, in which she appealed to President Donald Trump to have mercy toward groups frightened by his position on immigrants and LGBTQ+ people – especially children – drew reactions from both sides of the aisle.

In a post on his social networking site, Truth Social, Trump called her comments “nasty in tone” and remarked that she “brought her church into the World of politics in a very ungracious way.”

“She and her church owe the public an apology!,” he posted. Several conservatives criticized her sermon, while many progressives saw her as “speaking truth to power.”

As a specialist in medieval Christianity, I was not surprised by the bishop’s words, as I know that Christian history is full of examples of people who have spoken out, unafraid to risk official censure, or even death.

Early voices

Even in the early centuries of Christianity, followers of Jesus Christ’s teachings could be outspoken toward political leaders.

For example, in the first-century Gospels, John the Baptist, a contemporary of Jesus, confronts the ruler of Galilee, Herod Antipas, for marrying his brother’s wife – a practice forbidden in the Hebrew scriptures. For that, John the Baptist was ultimately beheaded.

In a prayer later called the Magnificat, Mary, the mother of Jesus, praises the glory and power of God who casts down the mighty and raises the lowly. In recent interpretations, these words have been understood as a call for those in authority to act more justly.

In the late fourth century – a time when Christianity had been made the official religion of the Roman Empire – a respected civil official named Ambrose became bishop of the imperial city of Milan in northern Italy. He became well known for his preaching and theological treatises.

However, after imperial troops massacred innocent civilians in the Greek city of Thessaloniki, Ambrose reproached Emperor Theodosius and refused to admit him to church for worship until he did public penance for their deaths.

Ambrose’s writings on scripture and heresy, as well as his hymns, had a profound influence on Western Christian theology; since his death, he has been venerated as a saint.

In the early sixth century, the Christian Roman senator and philosopher Boethius served as an official in the Roman court of the Germanic king of Italy, Theodoric. A respected figure for his learning and personal integrity, Boethius was imprisoned on false charges after defending others from accusations by corrupt court officials acting out of greed or ambition.

During his time in prison, he wrote a philosophical volume about the nature of what is true good – “On the Consolation of Philosophy” – that is studied even today. Boethius, who was executed in 524, is venerated as a saint and martyr in parts of Italy.

Thomas Becket and St. Catherine

One of the most famous examples of a medieval bishop speaking truth to power is that of Thomas Becket, former chancellor – that is, senior minister – of England in the 12th century. On becoming archbishop of Canterbury, Becket resigned his secular office and opposed the efforts of King Henry II to bring the church under royal control.

A stained glass window at the Canterbury Cathedral in England depicting the murder of Thomas Becket, archbishop of Canterbury.
Dukas/Universal Images Group via Getty Images

After living in exile in France for a time, Becket returned to England and was assassinated by some of Henry’s knights. The king later did public penance for this at Becket’s tomb in Canterbury. Soon after, Becket was canonized a saint.

Another influential saint was the 14th-century Italian mystic and writer Catherine of Siena. Because of the increasing power of the kings of France, the popes had moved their residence and offices from Rome to Avignon, on the French border. They remained there for most of the century, even though this Avignon papacy increased tensions in western Europee.

Many Christian clerics and secular rulers in western Europe believed that the popes needed to return to Rome, to distance papal authority from French influence. Catherine herself even traveled to Avignon and stayed there for months, writing letters urging Pope Gregory XI to return to Rome and restore peace to Italy and the church – a goal the pope finally fulfilled in 1377.

Leaders speak up across denominations

The Reformation era of the 16th and early 17th centuries led to the splitting of Western Christianity into several different denominations. However, many Christian leaders across denominations continued to raise their voices for justice.

One important and ongoing voice is that of the Religious Society of Friends, or Quakers. Early leaders, like Margaret Fell and George Fox, wrote letters to King Charles II of England in the mid-17th century, defending their beliefs, including pacifism, in the face of persecution.

In the 18th century, based on their belief in the equality of all human beings, Quaker leaders spoke in favor of the abolition of slavery in both the United Kingdom and the United States.

In fact, it was Bayard Rustin, a Black Quaker, who coined the phrase “to speak truth to power” in the mid-20th century. He adhered to the Quaker commitment to nonviolence in social activism and was active for decades in the American Civil Rights Movement. During the Montgomery bus boycott in the mid-1950s, he met and began working with Martin Luther King Jr., who was an ordained Baptist minister.

In Germany, leaders from various Christian denominations have also united to speak truth to power. During the rise of the Nazis in the 1930s, several pastors and theologians joined forces to resist the influence of Nazi doctrine over German Protestant churches.

Their statement, the Barmen Declaration, emphasized that Christians were answerable to God, not the state. These leaders – the Confessing Church – continued to resist Nazi attempts to create a German Church.

Desmond Tutu and other leaders

Bishop Desmond Tutu opposed the racial policies of the South African government.
AP Photo/Jim Abrams

Christians on other continents, too, continued this vocal tradition. Óscar Romero, the Roman Catholic archbishop of San Salvador, preached radio sermons criticizing the government and army for violence and oppression of the poor in El Salvador during a national civil war. As a result, he was assassinated while celebrating Mass in 1980. Romero was canonized a saint by Pope Francis in 2018.

In South Africa, the Anglican bishop Desmond Tutu, archbishop of Cape Town, spent much of his active ministry condemning the violence of apartheid in his native country. After the end of the apartheid regime, Tutu also served as chair of the Truth and Reconciliation Commission, which was established to investigate acts of violence committed both by government forces and violent activists. Before his death in 2021, Tutu continued to speak out against other international acts of oppression. He won the Nobel Peace Prize in 1984.

For some, Bishop Budde’s words might seem radical, rude, inappropriate or offensive. But she did not speak in isolation; she is surrounded by a cloud of witnesses in the Christian tradition of speaking truth to power.

Joanne M. Pierce does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. In asking Trump to show mercy, Bishop Budde continues a long tradition of Christian leaders ‘speaking truth to power’ – https://theconversation.com/in-asking-trump-to-show-mercy-bishop-budde-continues-a-long-tradition-of-christian-leaders-speaking-truth-to-power-248209

MIL-OSI Global: St. Thomas Aquinas’ skull just went on tour − here’s what the medieval saint himself would have said about its veneration

Source: The Conversation – USA – By Therese Cory, Associate Professor of Thomistic Studies, University of Notre Dame

The skull of St. Thomas Aquinas during a stop at St. Patrick Church in Columbus, Ohio, in December 2024. Nheyob/Wikimedia Commons

Once, on a road trip in Greece, I stopped with my husband and dad at a centuries-old Orthodox monastery to view its famous frescoes. We were in luck, the porter said: It was a feast day. The relics of the monastery’s saintly founder were on view for public veneration.

As a Catholic and a medievalist, I can never resist meeting a new saint. The relic, it turned out, was the saint’s hand, though without any special ornament or reliquary, the ornate containers in which relics are often displayed. Nothing but one plain, severed hand in a glass box, its fingers partly contorted, and its discolored skin shriveled onto the bones.

We gathered around the shrine, silently, to pray. Then my dad, whose piety sometimes runs up against his penchant for dramatic storytelling, leaned over and whispered, “What if at the hotel, in the middle of the night, I hear a scratching sound, and then The Claw …” His own hand started crawling dramatically up his shirt and then flew to his throat.

“Dad!” I hissed furiously, with a horrified glance at the monks praying nearby.

Relics can admittedly feel a bit morbid – and yet, so holy. What exactly is their appeal?

To me, it’s the physical closeness, especially with parts of a saint’s own body – what the Catholic Church calls “first class” relics, which can be as small as a chip of bone. There are also objects the saint used during life: “second class” relics, such as the gloves worn by the Italian mystic Padre Pio.

The veneration of relics of saints was already well established in the early church. But controversies go back hundreds of years. During the Protestant Reformation, for example, reformers decried the shameless use of relics to drive donations and the proliferation of faux relics. Today, the idea of intentionally dismembering and displaying human body parts can seem shocking, even repulsive.

Yet venerating relics remains far from a “relic” of the past. At the end of 2024, the skull of St. Thomas Aquinas – the great Dominican medieval thinker whose writings I study – made its first tour of the United States. The journey commemorated the “triple anniversary” of 700 years since his canonization, 750 years since his death and 800 years since his birth.

From Cincinnati to Rhode Island to Washington, D.C., thousands of Catholics turned out to pay their homage to this medieval saint.

Religious sisters venerating the skull at St. Patrick Church in Columbus, Ohio.
Nheyob/Wikimedia Commons

God’s dwelling place

What might Aquinas himself have thought about all the attention to his traveling skull – that fragile and now empty case for the brain behind one of the most productive minds of European philosophy?

Aquinas’ answer lies in a short but poignant text from “Summa Theologiae,” his best-known work. Christians should venerate relics, Aquinas says, because the saints’ bodies were dwelled in by God. The very parts of their bodies were the instruments, or “organs,” of God’s actions.

The saints as “organs” of God: What a riveting image! God is so intimately present to his friends, the saints, that their very bodies are sanctified by his presence. Those hands, now dead and desiccated, performed God’s own actions as they cared for the sick, fed the hungry, celebrated Mass and reconciled the lost sheep.

According to Aquinas, honoring saints’ relics is ultimately about honoring this divine activity, a superhuman love working through ordinary human beings. But as he notes elsewhere, God is present in all of creation, working “most secretly” through all creatures at every moment. So by recognizing the special holiness of saints’ relics, Christians can better perceive the universal holiness that radiates through the whole created world.

Cherished keepsakes

Yet in discussing relics, Aquinas has some challenging things to say about what is perhaps their most immediate draw: the sense that when I see or touch a relic, I am physically present to a saint.

Because the saints are brothers and sisters in the Christian family, he says, Christians should cherish their physical remains just as people cherish a memento of a loved one, like “a father’s coat or ring.”

I did a double-take when I read this: A memento? Surely the saint’s body is more than that.

Stained glass in St. Patrick Church in Columbus, Ohio, depicts a mystical vision St. Thomas Aquinas had in the 13th century.
Nheyob/Wikimedia Commons, CC BY-SA

But Aquinas insists that physical remains really are more like mementos of the deceased than parts of them. When St. Teresa of Calcutta died, for instance, she left behind a corpse and a soul. These bodily remains shouldn’t be confused with the saint herself, who was a living, breathing, bodily person. If I kiss a saint’s relic, as Catholics often do, I am not kissing the saint but something that was formerly part of a saint. The word “relic” literally goes back to the Latin word for “leaving something behind.”

The holiness of a relic, then, derives from the person it was once part of, not what it is now.

Not just “once was,” though, but also “will be.” Aquinas adds – and to me this is one of the most beautiful aspects of his reflections on relics – that venerating a relic is also a way of looking forward to the future resurrection of the body. Christian doctrine teaches that at the end of time, God will restore each person’s body, reuniting it with their soul. Relics represent that hope for everlasting life.

Later this year, the skull formerly known as Aquinas’ will wend its way back to its permanent place of rest, buried under the altar of the Dominican church in Toulouse, France. During its visit to the U.S., I was down with pneumonia and never got a chance to pay my respects. But I cherish the “third class” relic that my sister-in-law mailed me from Cincinnati: a holy card that she had touched to the skull’s reliquary.

Therese Cory does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. St. Thomas Aquinas’ skull just went on tour − here’s what the medieval saint himself would have said about its veneration – https://theconversation.com/st-thomas-aquinas-skull-just-went-on-tour-heres-what-the-medieval-saint-himself-would-have-said-about-its-veneration-245970

https://www.youtube.com/watch?v=P1gBnTnTWQg

MIL-OSI Video: UK The situation in Syria – Foreign Affairs Committee Committee

Source: United Kingdom UK Parliament (video statements)

During the first panel, the Committee will hear evidence from Lina Khatib, Chatham House MENA expert and fellow and Simon Collis, the former UK Ambassador to Syria. The panel will examine the factors that led to the fall of Assad and will also assess the stability of the current regime, led by Islamic militant group Hayat Tahrir al-Sham (HTS). Questions are likely to cover whether HTS has truly departed from its jihadist and fundamentalist origins. Members are likely to ask about the role of outside powers in the fall of the Assad regime, including Turkey, Russia, the US, Israel and Iran.

Richard Barrett, former Director of Counter-terrorism at MI6 and former head of the UN al-Qaeda/Taliban Monitoring Team, will give evidence in the second panel. During this panel, the Committee will focus on the security situation in northeast Syria, the stability of detention camps and prisons housing Islamic State foreign fighters, and the likelihood of the Islamic State exploiting the new situation in Syria.

MIL OSI Video –

https://www.youtube.com/watch?v=PSFkgvNTqKA

MIL-OSI Video: UK Misogyny in music: follow up – Women and Equalities Committee

Source: United Kingdom UK Parliament (video statements)

The Women and Equalities Committee are taking evidence on misogyny in the music industry

They will assess what progress has been made since they published their report in January 2024, including:

what support is available for those experiencing discrimination and abuse
representation and safety at concerts and festivals
what steps the Government and industry bodies should take to combat misogyny

#SelectCommittee #Politics #UKPolitics #MusicIndustry #MusicIndustryNews #WomenInMusic #MisogynyinMusic

MIL OSI Video –

MIL-OSI United Kingdom: Road resurfacing work to start as city highways improvements driven forward

Source: City of Wolverhampton

Part of Gorsebrook Road will be resurfaced between Glentworth Gardens and Carter Road during the City of Wolverhampton Council works.

It starts on Thursday (30 January) and runs until Friday 7 February, weather permitting.

The road will be closed to traffic between 9.30am and 3pm each day, not including weekends.

A diversion route will be in place along Craddock Street, Hunter Street, Newhampton Road East, Waterloo Road, Ring Road St Peters, Stafford Street and Stafford Road.

National Express West Midlands Wolverhampton number 62 bus service will divert via Dunstall Lane, Dunstall Road, Five Ways Island and Waterloo Road before joining its normal line of route during the works. Visit National Express West Midlands for updates.

The scheme also includes upgrading equipment at the zebra crossing – which has already been completed – and remarking the mini-island to improve safety for pedestrians and other road users.

It follows a raft of resurfacing and surface dressing works already carried out by the council over the past 12 months to prevent potholes and other defects.

Councillor Qaiser Azeem, Cabinet Member for Transport and Green City at City of Wolverhampton Council, said: “We know improving our roads is key to ensuring our communities and businesses are well connected, which in turn supports economic growth and jobs.

“Through a data-led approach that makes the best use of technology, alongside inspections, we are able to make informed decisions about where our investment is best directed to help deliver an efficient safe and smooth flowing highway network for all modes of transport.”

MIL OSI United Kingdom –

MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Mission 300 Africa Energy Summit: “Introduction to the Panel on “Policies and reforms for transforming African energy” [as prepared for delivery]

Source: United Nations secretary general

Your Excellency Mr. Doto Biteko, Deputy Prime Minister and Minister for Energy of the United Republic of Tanzani], Excellencies, Ladies and Gentlemen,

I want to start by thanking the Government of Tanzania and the African Union for its leadership; and the World Bank, the African Development Bank, and the Mission 300 partners for convening this Summit.

Mission 300’s has undertaken an enormous task: to help close the energy access gap and unlock sustainable development across the continent by delivering electricity to 300 million Africans by 2030.

As we have heard, we face a stark reality: 685 million people across the continent still lack access to electricity, with the gap widening as population growth outpaces new electricity connections.

And yet, Africa is richly endowed with natural resources vital for renewable energy technologies: it is home to 60 per cent of the world’s best solar resources and possesses vast wind, hydro, and geothermal potential.

And critical minerals mined in Africa are powering the renewables revolution around the world.

Despite this abundance, and record global investments in renewable energies worldwide, Africa continues to be left behind and many Africans continue to lack access to clean, affordable energy.

This injustice must be urgently resolved.

Access to electricity is an essential development requirement, one that can also be the multiplier for acceleration in building a sustainable future for all

Providing clean energy to local communities, represents a unique opportunity to improve health, widen access to education and social protection, make food systems resilient, create green jobs and e-commerce and financial services while at the same time protecting the environment and the biodiversity.

We have heard our distinguished speakers discuss why companies and governments should get involved.

The business case is clear: the falling costs of renewables and storage offer a great opportunity to deliver access to energy, energy security and sovereignty, and climate resilience.

With the new African Continental Free Trade Area , aiming at a trade zone without barriers to the transfer of goods and services, the business opportunities will further multiply if the right policy environments, coherent and predictable, are put in place.

As we move into discussing what policies and reforms for transforming African Energy can enable millions to access to energy, I would like to focus on three areas of urgent attention for policy makers:

First, fostering policy coherence.

We are 5 years away from the target of our SDGs. And we are not on track.

Policy makers and the international institutions need to strive to ensure sector wide plans are coherent and aligned with the achievement of the SDGs due in 2030, while investors need robust regulatory laws in place to ensure business can operate aligned with them.

At this Summit, Mission 300 target countries are presenting their first national energy strategies for achieving universal energy access. These strategies need to be part of a broader plan, one that while achieving universal energy access need to be aligned with the new economy-wide national climate action plans – or NDCs – consistent with 1.5 degrees, well before COP 30 in November.

NDCs represent a unique opportunity for all countries to align their new climate plans and energy strategies, together with addressing adaptation needs.

NDCs must coordinate the transition from fossil fuels with scaling of renewables and grid modernization and expansion, ensuring energy security and affordability.

And they must be anchored in justice – providing support for affected workers and communities.

If done right, climate plans align with national development priorities and double as investment plans – becoming blueprints for a more sustainable and prosperous future.

Excellencies,

The Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure this new era does not repeat historical patterns of exploitation.

SE4ALL, UN Resident Coordinators and Country Teams will continue to support country level policy reforms, integrate stakeholder innovations, build institutional capacities, and boost infrastructure investments across the entire clean energy supply chain.

Second, mobilizing finance and support.

While private sector investments and innovation are important, public financing, remains vital – especially in modernizing grid infrastructure to expand access and integrate renewables.

Blending concessional public funds with commercial funds can help multiply renewable energy investments in developing countries.

We must work to strengthen the health of Africa’s public finances, and tackle unsustainable debt burdens that are crowding out essential public investments.

The fourth conference on Finance for Development that will take place in July to underpin the needs for long-term concessional finance and the 1.3 trillion roadmap, agreed in Baku, that needs to be delivered by COP 30 in Brazil must provide investments to scale up, among others, the energy transition.

Third, enhancing transparent international cooperation.

International investments and cross-border partnerships hold the key to delivering electricity projects at a massive scale.

Institutions must be strengthened to operate in complex regulatory environments, with multiple actors across jurisdictions.

Public private partnerships need to be subject to stable and transparent public procurement rules throughout the whole project cycle, rules that prioritize long term sustainability and allow for mutually beneficial contractual relationships.

Transparency and accountability should be a hallmark of Mission 300, and set a new standard for cooperation across the continent.

Excellencies,

As we start the 5-year countdown to delivering on the Sustainable Development Goals, and mark the tenth-year anniversary of the Paris Agreement, let us work together to illuminate the lives of millions, power the industries of tomorrow, and ensure that no one is left behind in the race to deliver universal clean energy, climate resilience, and economic prosperity.

Thank you.

MIL OSI United Nations News –

MIL-OSI United Nations: DR Congo emergency: next 24 hours are critical, warn UN agencies

Source: United Nations 4

28 January 2025 Peace and Security

Latest reports from Goma in eastern Democratic Republic of the Congo (DRC) from UN teams on the ground indicate a fast-deteriorating situation on Tuesday amid an ongoing assault by M23 rebels on the provincial capital.

Dead bodies lie in the streets, hospitals are overwhelmed and there has been an uptick in reports of sexual violence, rape and looting.

“Roads are blocked, ports are closed and those crossing Lake Kivu risk their lives in makeshift boats,” said Shelley Thakral, spokesperson for the UN World Food Programme (WFP) – one of many UN agencies on the ground striving to provide assistance and protection wherever possible. “I spoke just moments ago to an activist In Goma and he told me, ‘We’re here, we’re hiding. We don’t know who will come to help us.’”

The UN aid coordination office, OCHA, echoed the humanitarian community’s deep concerns about the spiralling violence across the resource-rich region that has uprooted some 300,000 people from camps around Goma in a matter of days.

Aid targeted

“Our colleagues in the DRC report heavy, small arms fire and mortar fire across the city and the presence of many dead bodies in the streets,” said OCHA spokesperson Jens Laerke. “We have reports of rapes committed by fighters, looting of property, including of a humanitarian warehouse and humanitarian and health facilities being hit.”

The emergency has left hospitals in Goma reportedly overwhelmed by the influx of wounded people, electricity and water supplies “compromised” and internet services cut off on Monday. “Goma is still offline this morning,” Mr. Laerke told journalists in Geneva.

The development came amid urgent calls from the international community including the Security Council in New York, where ambassadors on Tuesday demanded an immediate halt to the M23 rebel offensive and called for the group to withdraw from territories it has seized.

The ambassadors reiterated their support for the UN peacekeeping force in the DR Congo, MONUSCO, and paid tribute to blue helmets who have lost their lives from South Africa, Malawi and Uruguay in recent days.

The Council also condemned the presence of “external forces” in eastern DRC – amid reports Rwandan troops are heavily involved in the offensive – and called for all parties to adhere to the ceasefire and return to diplomatic talks.

Years of crisis

Before the latest escalation in violence in eastern DRC’s Kivus, some 5.1 million people had already been displaced by years of insecurity in the mineral-rich region and forced to live in overcrowded camps with little food and no security.

UN agencies and partners continue to monitor the highly unstable situation which has forced WFP to temporarily pause food assistance activities in around Goma. “The airport and major access roads within the region have been cut off…Depending on the duration of violence, the supply of food into the city could be severely hampered,” said WFP’s Ms. Thakral.

“This is a huge test for Congolese trapped by fighting in Goma and surrounding areas…the next 24 hours will be critical as people start to run low on supplies and will need to see what they can find to survive.”

Disease fears

The highly mobile nature of the emergency has prompted additional fears that existing diseases may spread quickly among uprooted populations, although preventive measures were taken before the latest escalation, the UN World Health Organization (WHO) said.

For the moment the immediate concern is to help victims of the violence.

“There are currently hundreds of people in hospital, most admitted with gunshot and shrapnel wounds, with secondary infections becoming a health risk,” said Dr Adelheid Marschang, Emergency Response Coordinator for the DRC.

She noted that before Goma airport closed on Saturday, WHO had sent critical medical supplies for trauma and emergency care, infection prevention, cholera and more.

The UN agency’s response to the crisis has also included providing tents for hospitals to cope with the increasing number of injured. It has medical hubs in North and South Kivu, in the cities of Goma and Bukavu to support health care needs in eastern DRC.

Last year the provinces of North and South Kivu reported high numbers of cholera, measles and malaria cases and deaths, Dr. Marschang said, warning of a “heightened risk for spillover of cholera” into neighbouring countries and provinces.

The area was also the epicentre of an outbreak of a new strain of mpox, declared a public health emergency of international concern in August 2024. Dr. Marschang warned that the new wave of displacement will make it increasingly hard to track and treat the disease.

Amid the lethal violence, hospitals and health workers themselves are in danger, the WHO official said, with “reports of health workers being shot at and patients including babies being caught in crossfire”.

“Attacks on healthcare violate the rules of war. Healthcare must be protected at all times,” she insisted.

Sexual violence alert

WHO and other UN agencies and partners said that they are especially worried about the increasing risk to women and girls from violence, including rape.

“Pregnant women are at risk, with very high maternal death rates, even before the violence escalated,” WHO said.

“Sadly, hospitals and health workers are in danger. We are hearing reports of health workers being shot at, and patients, including babies, being caught in the crossfire. WHO reminds everyone that attacks on healthcare violate the rules of war. Health care must be protected at all times.”

Echoing those concerns, WFP’s Ms. Thakral reported that mobile teams and mobile clinics are at work amid reports that women had been raped multiple times while searching for firewood or after leaving the perimeter of their camp.

Other reports indicated “an increase in rape along the pathways that some of the conflict partners are now taking into South Kivu,” she said, underscoring the agency’s efforts “to have some solutions to follow the populations as they move”.

MIL OSI United Nations News –

MIL-OSI USA: Low-level flights to reimage geology over parts of central Florida following Hurricanes Milton, Helene

Source: US Geological Survey

RESTON, VA – A low-flying airplane will soon be visible to residents in parts of central Florida.

Data collection for this survey area will begin in January 2025 and last potentially through April, weather permitting.

The survey will cover parts of the following counties in Florida: Hardee, Hillsborough, Manatee, Pasco, Polk, and Sarasota.

The airplane will fly along pre-planned flight paths relatively low to the ground at about 300 feet (100 meters) above the surface. The ground clearance will be increased to 1,000 feet (300+ meters) over populated areas in compliance with Federal Aviation Administration regulations.

The scientific instruments on the airplane are completely passive, with no emissions that pose a risk to humans, animals, or plant life. No photography or video data will be collected.

Instruments on the airplane will measure variations in low-level radiation created by different rock types. This information will provide scientists with the framework needed to better evaluate natural resources, groundwater, or geologic hazards.

The effort is part of the U.S. Geological Survey Earth Mapping Resources Initiative (Earth MRI); a nationwide collaboration between the USGS and state geologists to modernize our understanding of the nation’s fundamental geologic framework through new geologic maps, geophysical and topographic surveys, and geochemical sampling.

Experienced pilots who are specially trained and approved for low-level flying will operate the aircraft. All flights will occur during daylight hours and are coordinated with the FAA to ensure compliance with U.S. law. More information on USGS mineral resources research can be found here.

The flights are being coordinated by the USGS and the Florida Geological Survey. Their goal is to image geology at the surface and below ground using airborne geophysical technology, with applications to hurricane resiliency and critical mineral resource evaluation. The data collected will be made freely available to the public once complete.

The survey will include re-flights of an area previously surveyed last year to study any changes to the geology following Hurricanes Milton and Helene, which made landfall in Florida in September 2024. The 2024 surveys marked the first time in more than 45 years that a public high-resolution survey has been flown in these areas.

This survey will be flown by contractor Xcalibur Multiphysics via a subcontract to Fugro.

To stay up to date on USGS mineral resources data and reports, and to learn more about USGS mineral-resource and commodity information, please visit our website and follow us on X.

MIL OSI USA News –

MIL-OSI Security: Former Deputy Sheriff And DEA Task Force Officer Sentenced To More Than 17 Years In Federal Prison For Conspiring To Distribute Narcotics, Defrauding The United States, And Tax Evasion

Source: Office of United States Attorneys

Jacksonville, Florida – United States District Judge Wendy W. Berger today sentenced James Darrell Hickox (38, Callahan) to 17 years and 6 months in federal prison for multiple federal offenses including conspiring to distribute narcotics, conspiring to defraud the United States, and tax evasion. The court also ordered Hickox to forfeit or abandon the money, firearms, and ammunition involved in these offenses. Hickox pleaded guilty on May 15, 2024.

According to court documents, while employed as a deputy with the Nassau County Sheriff’s and designated Task Force Officer with the Drug Enforcement Administration, Hickox and a co-conspirator engaged in extensive corrupt activity from 2017 – 2023. These acts included the theft of money and illegal drugs that were seized as evidence during criminal investigations; providing illegal drugs (including fentanyl and cocaine) to others to distribute on his behalf; and hiding from the Internal Revenue Service (IRS) more than $420,000 in cash he had received because of his criminal activities. Hickox and his co-conspirator stole more than 1,000 pounds of marijuana from evidence and provided the drugs to others to sell on their behalf. They had covered up the theft by submitting falsified paperwork showing that the marijuana had been destroyed. Similarly, they stole a kilogram of cocaine from evidence and then gave it to a drug dealer to sell for them.

When Hickox’s residence was searched pursuant to a federal search warrant on March 10, 2023, agents found approximately 263 grams of a powder containing fentanyl, as well as cocaine. Hickox intended to distribute these substances. Agents also found a rifle that Hickox had illegally modified to function as a machinegun, as well as four additional firearms that had been seized during law enforcement investigations and should have been in evidence or lawfully destroyed. Hickox had drilled out and obliterated the serial number of one of these firearms. The agents also located more than $195,000 in cash proceeds from Hickox’s illicit activities. A search of Hickox’s workspace at the Nassau County Sheriff’s Office revealed another 260 pills containing methamphetamine.

“Law enforcement officers who operate as though they are above the law betray the badge and the citizens they swore to protect,” said FBI Jacksonville Special Agent in Charge Kristin Rehler. “This case exemplifies the FBI’s commitment to holding public servants accountable if they violate the very laws they promised to uphold.”

“He betrayed the oath he took to become a police officer and lost his career. He also let down his co-workers and our community,” said Nassau County Sheriff Bill Leeper. “Its law enforcement officers who do stupid things like this that erodes the confidence and trust in our profession by our citizens. His poor judgement and criminal behavior should not reflect negatively on all the good men and women at NCSO who go out every day and do it the right way to keep our citizens safe.”

“As a sworn law enforcement officer, Hickox took an oath to uphold the law,” said Ron Loecker, Special Agent in Charge of IRS-Criminal Investigation’s Tampa Field Office. “Instead, he turned his back on that oath and profited from the very crimes he was tasked with investigating. We commend our fellow law enforcement partners for their great work coming together to put a stop to this illegal betrayal of public trust. We will continue to investigate allegations of public corruption and follow the money to prosecute any individuals that abuse their position of trust for personal gain.”

This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation, with assistance from U.S. Customs and Border Protection. It was prosecuted by Assistant United States Attorney William S. Hamilton. The United States Attorney’s Office, the Federal Bureau of Investigation, the Internal Revenue Service–Criminal Investigation, and United States Customs and Border Protection wish to thank the Florida Highway Patrol, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Nassau County Sheriff’s Office for their cooperation during this investigation.

MIL Security OSI –

MIL-OSI Security: U.S. Attorney Will Thompson to Announce Guilty Verdicts against Former West Virginia Correctional Officer

Source: Office of United States Attorneys

CHARLESTON, W.Va. – United States Attorney Will Thompson is holding a press conference today, Tuesday, January 28, 2025, at 10 a.m. following the federal jury trial of Chad Lester, the final former West Virginia correctional officer convicted in connection with a fatal March 1, 2022, assault of an inmate and subsequent cover-up.

WHAT: Post-trial press conference

WHEN: Tuesday, January 28, 2025, at 10 a.m.

WHERE: Robert C. Byrd U.S. Courthouse, Charleston, Fourth Floor, Suite 4000

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

###

MIL Security OSI –

MIL-OSI: Maris-Tech Announces First Customer Conference: Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation

Source: GlobeNewswire (MIL-OSI)

Join industry leaders and innovators on February 27, 2025 for a day of industry insights and networking opportunities

Rehovot, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, is thrilled to announce its first annual customer conference, Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation. This exclusive event will place on February 27, 2025, in Rishon LeZion, Israel, and will gather industry professionals, thought leaders and collaborators to explore cutting-edge developments in edge computing and its central role in defense operations.

Attendees will gain valuable insights into the future of video and AI acceleration, with a sharp focus on how this innovation is reshaping defense operations, enabling faster decision-making and independent functionality in challenging environments.

The conference agenda features keynote presentations by renowned guest speakers, in-depth technical sessions, and live product demonstrations during session breaks. Attendees will also have the chance to network with peers, engage with Maris-Tech’s expert team, and gain hands-on experience with the Company’s innovative solutions.

“We are very excited to present our first customer conference,” said Israel Bar, Chief Executive Officer of Maris-Tech. “It’s an honor to host some of the most influential guest speakers in our field and to welcome our valued customers and partners. This event will represent a unique opportunity to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation.”

For more information, to view the agenda, and to register, visit the event’s official webpage: https://maris-tech.forms-wizard.co/users/new.

About Maris-Tech Ltd.

Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

For more information, visit https://www.maris-tech.com/

Forward-Looking Statement Disclaimer

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, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the conference and the Company’s expectation for the benefits of the conference and anticipated opportunities to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation; and the benefits and advantages of video and AI acceleration. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:

Nir Bussy, CFO
Tel: +972-72-2424022
Nir@maris-tech.com

MIL-OSI: First Financial Northwest, Inc. Reports Net Income of $1.2 Million or $0.13 per Diluted Share for the Fourth Quarter and $1.1 Million or $0.12 per Diluted Share for the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

RENTON, Wash., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2024, of $1.2 million, or $0.13 per diluted share, compared to a net loss of $608,000, or $(0.07) per diluted share, for the quarter ended September 30, 2024, and net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, the Company reported net income of $1.1 million, or $0.12 per diluted share, compared to net income of $6.3 million, or $0.69 per diluted share, for the year ended December 31, 2023.

The improved performance in the current quarter compared to the quarter ended September 30, 2024, was due primarily to a $1.3 million recapture of provision for credit losses. This compares to a provision for credit losses of $1.6 million in the prior quarter that mainly related to two participation loans to a single borrowing entity totaling approximately $6.0 million, where we were not the lead lender. During the quarter ended December 31, 2024, one of the two loans was paid in full and the borrower paid down the balance on the other loan using proceeds from the sale of another property. Subsequently, we received an updated appraisal of the property securing the remaining loan that confirmed a value sufficient to support the recapture of the previously allocated specific reserve for this loan.

“I am pleased to report that our net loans receivable increased $14.0 million in the quarter as our lending teams continue to focus on growing our loan portfolio. In addition, our credit quality remained strong, with only $842,000 in nonaccrual loans, representing 0.07% of our $1.16 billion total loan portfolio,” stated Joseph W. Kiley III, President and CEO.

“We continue to prepare for the closing of the sale of the Bank to Global Federal Credit Union (“Global”), as we await the final required approval from Global’s primary regulator, the National Credit Union Administration, before we can proceed towards closing the transaction,” concluded Kiley.

Highlights for the quarter and year ended December 31, 2024:

Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023.
Book value per common share was $17.50 at December 31, 2024, compared to $17.39 at September 30, 2024, and $17.61 at December 31, 2023.
The Bank’s Tier 1 leverage and total capital ratios were 11.2% and 16.7% at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024, and 10.2% and 16.2% at December 31, 2023, respectively.
Credit quality remained strong with nonaccrual loans totaling $842,000, or 0.07% of total loans at December 31, 2024.
A $1.3 million recapture of provision for credit losses was recorded in the current quarter, compared to a $1.6 million and no provision for credit losses recorded during the prior quarter and the same quarter a year ago, respectively. We recorded a $50,000 recapture of provision for credit losses for the year ended December 31, 2024, compared to a $208,000 recapture of provision for credit losses for the year ended December 31, 2023.

Deposits decreased $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024, and decreased $62.7 million compared to $1.19 billion at December 31, 2023. The decrease in deposits at December 31, 2024, compared to September 30, 2024, was due primarily to a $19.7 million decrease in noninterest-bearing demand deposits and a $15.5 million decrease in money market deposits. The decrease in deposits at December 31, 2024, from December 31, 2023, reflects declines in all deposit categories except for retail certificates of deposit which increased $91.8 million.

Federal Home Loan Bank (“FHLB”) advances totaled $110.0 million at December 31, 2024, compared to $100.0 million at September 30, 2024, and $125.0 million at December 31, 2023. Of the total FHLB advances at December 31, 2024, $100.0 million were tied to cash flow hedge agreements under which the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements had a weighted average remaining term of 27.8 months and a weighted average fixed interest rate of 1.93% as of December 31, 2024. The average cost of borrowings was 2.35% for the quarter ended December 31, 2024, compared to 3.19% for the quarter ended September 30, 2024, and 2.40% for the quarter ended December 31, 2023.

The following table presents a breakdown of our total deposits (unaudited):

	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Three Month Change			One Year Change
Deposits:	(Dollars in thousands)
Noninterest-bearing demand	$	80,772	$	100,466	$	100,899	$	(19,694	)	$	(20,127	)
Interest-bearing demand		56,957		55,506		56,968		1,451			(11	)
Savings		16,277		17,031		18,886		(754	)		(2,609	)
Money market		480,520		495,978		529,411		(15,458	)		(48,891	)
Certificates of deposit, retail		448,974		447,474		357,153		1,500			91,821
Brokered deposits		47,900		50,900		130,790		(3,000	)		(82,890	)
Total deposits	$	1,131,400	$	1,167,355	$	1,194,107	$	(35,955	)	$	(62,707	)

The following tables present an analysis of total deposits by branch office (unaudited):

December 31, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	26,242	$	14,786	$	10,197	$	284,670	$	309,858	$	–	$	645,753
Landing		3,245		1,359		170		7,958		14,965		–		27,697
Woodinville		1,738		3,168		620		8,834		11,511		–		25,871
Bothell		2,792		930		408		1,421		6,762		–		12,313
Crossroads		11,075		2,762		86		29,208		18,772		–		61,903
Kent		3,766		4,873		40		18,673		8,471		–		35,823
Kirkland		5,524		1,924		208		11,574		1,855		–		21,085
Issaquah		1,244		238		13		2,298		6,562		–		10,355
Total King County		55,626		30,040		11,742		364,636		378,756		–		840,800
Snohomish County
Mill Creek		3,184		3,496		342		16,135		12,487		–		35,644
Edmonds		7,316		8,542		338		16,482		13,003		–		45,681
Clearview		4,909		5,653		1,494		17,934		13,778		–		43,768
Lake Stevens		3,633		5,946		1,314		24,571		17,004		–		52,468
Smokey Point		2,544		1,800		1,032		36,950		9,619		–		51,945
Total Snohomish County		21,586		25,437		4,520		112,072		65,891		–		229,506
Pierce County
University Place		1,837		54		1		2,113		2,122		–		6,127
Gig Harbor		1,723		1,426		14		1,699		2,205		–		7,067
Total Pierce County		3,560		1,480		15		3,812		4,327		–		13,194

Brokered deposits		–		–		–		–		–		47,900		47,900

Total deposits	$	80,772	$	56,957	$	16,277	$	480,520	$	448,974	$	47,900	$	1,131,400

September 30, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	29,388	$	14,153	$	10,654	$	305,836	$	315,721	$	–	$	675,752
Landing		3,442		1,660		237		8,348		12,733		–		26,420
Woodinville		1,968		2,234		959		8,852		11,522		–		25,535
Bothell		2,965		1,151		401		1,536		5,918		–		11,971
Crossroads		14,770		2,039		107		31,665		18,136		–		66,717
Kent		5,417		10,502		44		16,053		8,562		–		40,578
Kirkland		10,967		1,890		206		11,243		2,240		–		26,546
Issaquah		1,186		294		18		2,547		6,580		–		10,625
Total King County		70,103		33,923		12,626		386,080		381,412		–		884,144
Snohomish County
Mill Creek		3,990		2,171		384		14,628		10,312		–		31,485
Edmonds		9,254		6,831		330		18,549		13,281		–		48,245
Clearview		5,587		5,242		1,462		21,206		12,251		–		45,748
Lake Stevens		3,970		4,282		1,244		23,257		15,571		–		48,324
Smokey Point		2,994		1,664		969		29,353		11,387		–		46,367
Total Snohomish County		25,795		20,190		4,389		106,993		62,802		–		220,169
Pierce County
University Place		2,940		53		4		1,848		1,458		–		6,303
Gig Harbor		1,628		1,340		12		1,057		1,802		–		5,839
Total Pierce County		4,568		1,393		16		2,905		3,260		–		12,142

Brokered deposits		–		–		–		–		–		50,900		50,900

Total deposits	$	100,466	$	55,506	$	17,031	$	495,978	$	447,474	$	50,900	$	1,167,355

Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023. The increase in the current quarter compared to the quarter ended September 30, 2024, was due to growth in non-residential commercial real estate, construction/land, consumer and one-to-four family residential loans, partially offset by declines in multifamily and business lending. The average balance of net loans receivable totaled $1.13 billion for both the quarters ended December 31, 2024, and September 30, 2024, compared to $1.17 billion for the quarter ended December 31, 2023. For the year ended December 31, 2024, the average balance of net loans receivable was $1.14 billion, compared to $1.17 billion for the year ended December 31, 2023.

The allowance for credit losses (“ACL”) represented 1.30% of total loans receivable at December 31, 2024, compared to 1.42% of total loans receivable at September 30, 2024, and 1.28% at December 31, 2023. The change in the ACL at December 31, 2024, compared to September 30, 2024, related primarily to activity on the single lending relationship discussed above.

Nonaccrual loans totaled $842,000 at December 31, 2024, compared to $853,000 at September 30, 2024, and $220,000 at December 31, 2023. There was no other real estate owned at December 31, 2024, September 30, 2024, or December 31, 2023.

Net interest income totaled $8.4 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $9.3 million for the quarter ended December 31, 2023. The decrease in the current quarter compared to the quarter ended September 30, 2024, was primarily due to declines in interest from earning assets, partially offset by declines in interest expense. For the year ended December 31, 2024, net interest income totaled $34.8 million, compared to $40.5 million for the year ended December 31, 2023, as total interest expense increased by $5.0 million and total interest income declined by $800,000.

Total interest income decreased $419,000 to $19.0 million for the quarter ended December 31, 2024, compared to $19.4 million for the quarter ended September 30, 2024, and decreased $1.3 million compared to $20.3 million for the quarter ended December 31, 2023. The decrease in total interest income during the current quarter compared to the prior quarter was primarily due to a $250,000 or 29.0% decline in interest income earned on interest-earning deposits held with banks. This decline resulted from a 54 basis point decrease in the average yield earned on these deposits, coupled with a $13.6 million reduction in their average balance. Additionally, interest income on loans, including fees, declined by $146,000 or 0.9%, primarily due to a $2.5 million decrease in the average balance of loans and, to a lesser extent, a four basis point decrease in the yield earned on loans. The decrease in total interest income during the current quarter compared to the comparable quarter in 2023 was primarily due to declines in interest income on loans, including fees, of $631,000, investments of $449,000, and interest-earning deposits with banks of $267,000, partially offset by an increase in dividends on FHLB stock of $56,000.

Yield on loans, the largest component of our interest-earning assets, declined to 5.82% during the recent quarter, compared to 5.86% and 5.83% for the quarters ended September 30, 2024, and December 31, 2023, respectively. The yield on investment securities for the current quarter was 4.29%, down slightly from 4.30% last quarter and up from 4.11% a year ago.

Total interest expense was $10.6 million for the quarter ended December 31, 2024, down from $11.0 million for both quarters ended September 30, 2024, and December 31, 2023. The decrease from the quarter ended September 30, 2024, was due to lower interest expense related to FHLB advances and other borrowings, which declined due to a decline in the average balance of FHLB advances and other borrowings, partially offset by higher interest expense on deposits driven by an increase in the average balance of interest-bearing deposits. The decrease from the quarter ended December 31, 2023, was due to lower interest expense on deposits and FHLB advances and other borrowings, primarily as a result of lower average balances of these liabilities.

Net interest margin was 2.50% for the quarter ended December 31, 2024, compared to 2.46% for the quarter ended September 30, 2024, and 2.54% for the quarter ended December 31, 2023. The increase in the net interest margin for the quarter ended December 31, 2024, compared to the prior quarter was primarily due to a decline in the average balance of total interest-earning assets, as net interest income was relatively unchanged during the periods. The decrease in the net interest margin for the quarter ended December 31, 2024, compared to the same quarter a year ago was primarily due to a decline in net interest income, which was partially offset by a decline in the average balance of total interest-earning assets. The net interest margin for the month of December 2024 was 2.55%.

Noninterest income for the quarter ended December 31, 2024, totaled $658,000, down from $677,000 for the quarter ended September 30, 2024, and up from $633,000 for the quarter ended December 31, 2023. The decrease compared to the quarter ended September 30, 2024, was primarily due to lower loan and deposit related fees and BOLI income, partially offset by an increase in wealth management revenue. Noninterest income remained nearly flat at $2.8 million for both the years ended December 31, 2024, and December 31, 2023, as increases in BOLI income, wealth management revenue and loan related fees in the current year were nearly entirely offset by decreases in deposit related fees and other noninterest income.

Noninterest expense totaled $8.9 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $8.4 million for the quarter ended December 31, 2023. The increase from the quarter ended September 30, 2024, was primarily due to a $860,000 increase in salaries and employee benefits due to 2025 merit increases implemented in December 2024, as well as year-end accruals related to incentive compensation, partially offset by decreases in nearly all other categories, most notably professional fees and other general and administrative expenses. Incentive compensation increased due to the project that modified certain loans that would have otherwise been ineligible for Global Federal Credit Union to hold on their balance sheet. The increase compared to the quarter ended December 31, 2023, was primarily due to a $644,000 increase in salaries and employee benefits and an $87,000 increase in data processing expenses, partially offset by decreases across other expense categories. Noninterest expense totaled $36.7 million for the year ended December 31, 2024, compared to $35.7 million for the year ended December 31, 2023. The year-over-year increase was primarily due to an increase in professional fees, data processing and salaries and employee benefits, partially offset by lower marketing and other general and administrative expenses and regulatory assessments.

First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.

Forward-looking statements:

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, our pending transaction with Global Federal Credit Union (“Global”) whereby Global, pursuant to the definitive purchase and assumption agreement (the “P&A Agreement”), will acquire substantially all of the assets and assume substantially all of the liabilities of the Bank, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the parties to terminate the P&A Agreement; delays in completing the P&A Agreement; the failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the Global transaction, including the P&A Agreement, on a timely basis or at all; delays or other circumstances arising from the dissolution of the Bank and the Company following completion of the P&A Agreement; diversion of management’s attention from ongoing business operations and opportunities during the pending Global transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the Global transaction; adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including increases or decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; legislative and regulatory changes; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; effects of critical accounting policies and judgments, including the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; the potential effects of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission – that are available on our website at www.ffnwb.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited)
Assets	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Three Month Change		One Year Change

Cash on hand and in banks	$	9,535		$	8,423		$	8,391		13.2	%	13.6	%
Interest-earning deposits with banks		36,182			72,884			22,138		(50.4	)	63.4
Investments available-for-sale, at fair value		151,642			156,609			207,915		(3.2	)	(27.1	)
Investments held-to-maturity, at amortized cost		2,468			2,462			2,456		0.2		0.5
Loans receivable, net of allowance of $15,066, $16,265 and $15,306, respectively		1,140,186			1,126,146			1,175,925		1.2		(3.0	)
Federal Home Loan Bank (“FHLB”) stock, at cost		5,853			5,403			6,527		8.3		(10.3	)
Accrued interest receivable		6,108			6,638			7,359		(8.0	)	(17.0	)
Deferred tax assets, net		2,582			2,690			2,648		(4.0	)	(2.5	)
Premises and equipment, net		18,166			18,584			19,667		(2.2	)	(7.6	)
Bank owned life insurance (“BOLI”), net		38,950			38,661			37,653		0.7		3.4
Prepaid expenses and other assets		9,676			8,898			10,478		8.7		(7.7	)
Right of use asset (“ROU”), net		2,357			2,473			2,617		(4.7	)	(9.9	)
Goodwill		889			889			889		0.0		0.0
Core deposit intangible, net		295			326			419		(9.5	)	(29.6	)
Total assets	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)	(5.3	)

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing deposits	$	80,772		$	100,466		$	100,899		(19.6	)	(19.9	)
Interest-bearing deposits		1,050,628			1,066,889			1,093,208		(1.5	)	(3.9	)
Total deposits		1,131,400			1,167,355			1,194,107		(3.1	)	(5.3	)
FHLB advances		110,000			100,000			125,000		10.0		(12.0	)
Advance payments from borrowers for taxes and insurance		2,873			5,211			2,952		(44.9	)	(2.7	)
Lease liability, net		2,550			2,673			2,806		(4.6	)	(9.1	)
Accrued interest payable		526			294			2,739		78.9		(80.8	)
Other liabilities		15,985			15,340			15,818		4.2		1.1
Total liabilities		1,263,334			1,290,873			1,343,422		(2.1	)	(6.0	)

Commitments and contingencies

Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding		–			–			–		n/a		n/a
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,230,010 shares at December 31, 2024, 9,213,969 shares at September 30, 2024, and 9,179,510 shares at December 31, 2023		93			92			92		1.1		1.1
Additional paid-in capital		72,823			72,916			73,035		(0.1	)	(0.3	)
Retained earnings		94,892			93,692			96,206		1.3		(1.4	)
Accumulated other comprehensive loss, net of tax		(6,253	)		(6,487	)		(7,673	)	(3.6	)	(18.5	)
Total stockholders’ equity		161,555			160,213			161,660		0.8		(0.1	)
Total liabilities and stockholders’ equity	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)%	(5.3	)%

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Quarter Ended
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023		Three Month Change		One Year Change
Interest income
Loans, including fees	$	16,512		$	16,658		$	17,143	(0.9	)%	(3.7	)%
Investments		1,694			1,744			2,143	(2.9	)	(21.0	)
Interest-earning deposits with banks		613			863			880	(29.0	)	(30.3	)
Dividends on FHLB Stock		177			150			121	18.0		46.3
Total interest income		18,996			19,415			20,287	(2.2	)	(6.4	)
Interest expense
Deposits		9,956			9,748			10,281	2.1		(3.2	)
FHLB advances and other borrowings		600			1,213			731	(50.5	)	(17.9	)
Total interest expense		10,556			10,961			11,012	(3.7	)	(4.1	)
Net interest income		8,440			8,454			9,275	(0.2	)	(9.0	)
(Recapture of provision) provision for credit losses		(1,250	)		1,575			–	(179.4	)	n/a
Net interest income after (recapture of provision) provision for credit losses		9,690			6,879			9,275	40.9		4.5

Noninterest income
BOLI income		289			295			255	(2.0	)	13.3
Wealth management revenue		88			42			60	109.5		46.7
Deposit related fees		226			236			234	(4.2	)	(3.4	)
Loan related fees		44			96			60	(54.2	)	(26.7	)
Other		11			8			24	37.5		(54.2	)
Total noninterest income		658			677			633	(2.8	)	3.9

Noninterest expense
Salaries and employee benefits		5,466			4,606			4,822	18.7		13.4
Occupancy and equipment		1,154			1,183			1,231	(2.5	)	(6.3	)
Professional fees		377			585			431	(35.6	)	(12.5	)
Data processing		805			838			718	(3.9	)	12.1
Regulatory assessments		160			165			196	(3.0	)	(18.4	)
Insurance and bond premiums		114			113			113	0.9		0.9
Marketing		24			46			70	(47.8	)	(65.7	)
Other general and administrative		834			952			858	(12.4	)	(2.8	)
Total noninterest expense		8,934			8,488			8,439	5.3		5.9
Income before federal income tax provision (benefit)		1,414			(932	)		1,469	(251.7	)	(3.7	)
Federal income tax provision (benefit)		214			(324	)		275	(166.0	)	(22.2	)
Net income (loss)	$	1,200		$	(608	)	$	1,194	(297.4	)%	0.5	%

Basic earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Diluted earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Weighted average number of common shares outstanding		9,220,593			9,190,146			9,151,892
Weighted average number of diluted shares outstanding		9,238,565			9,190,146			9,176,724

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Year Ended December 31,
		2024			2023		One Year Change
Interest income
Loans, including fees	$	66,941		$	66,938		0.0	%
Investments		7,388			8,474		(12.8	)
Interest-earning deposits with banks		2,444			2,261		8.1
Dividends on FHLB Stock		597			485		23.1
Total interest income		77,370			78,158		(1.0	)
Interest expense
Deposits		39,117			34,407		13.7
FHLB advances and other borrowings		3,490			3,208		8.8
Total interest expense		42,607			37,615		13.3
Net interest income		34,763			40,543		(14.3	)
Recapture of provision for credit losses		(50	)		(208	)	(76.0	)
Net interest income after recapture of provision for credit losses		34,813			40,751		(14.6	)

Noninterest income
BOLI		1,245			1,081		15.2
Wealth management revenue		279			253		10.3
Deposit accounts related fees		923			956		(3.5	)
Loan related fees		296			275		7.6
Other		53			208		(74.5	)
Total noninterest income		2,796			2,773		0.8

Noninterest expense
Salaries and employee benefits		20,652			20,366		1.4
Occupancy and equipment		4,789			4,748		0.9
Professional fees		3,011			2,288		31.6
Data processing		3,285			2,857		15.0
Regulatory assessments		662			763		(13.2	)
Insurance and bond premiums		477			468		1.9
Marketing		179			343		(47.8	)
Other general and administrative		3,638			3,833		(5.1	)
Total noninterest expense		36,693			35,666		2.9
Income before federal income tax (benefit) provision		916			7,858		(88.3	)
Federal income tax (benefit) provision		(156	)		1,553		(110.0	)
Net income	$	1,072		$	6,305		(83.0	)%

Basic earnings per share	$	0.12		$	0.69
Diluted earnings per share	$	0.12		$	0.69
Weighted average number of common shares outstanding		9,183,900			9,126,209
Weighted average number of diluted shares outstanding		9,238,016			9,152,617

The following table presents a breakdown of the loan portfolio (unaudited):

	December 31, 2024					September 30, 2024					December 31, 2023
	Amount			Percent		Amount			Percent		Amount			Percent
	(Dollars in thousands)
Commercial real estate:
Residential:
Multifamily	$	126,303		10.9	%	$	132,811		11.6	%	$	138,149		11.6	%
Total multifamily residential		126,303		10.9			132,811		11.6			138,149		11.6

Non-residential:
Retail		110,787		9.6			118,840		10.4			124,172		10.4
Office		73,306		6.3			73,778		6.5			72,778		6.1
Hotel / motel		72,434		6.3			54,716		4.8			63,597		5.3
Storage		32,229		2.8			32,443		2.8			33,033		2.8
Mobile home park		22,701		2.0			22,443		2.0			21,701		1.8
Warehouse		23,363		2.0			18,743		1.6			19,218		1.6
Nursing Home		9,713		0.8			11,407		1.0			11,610		1.0
Other non-residential		29,865		2.5			30,719		2.7			31,750		2.6
Total non-residential		374,398		32.3			363,089		31.8			377,859		31.6

Construction/land:
One-to-four family residential		49,674		4.3			42,846		3.8			47,149		4.0
Multifamily		7,884		0.7			7,227		0.6			4,004		0.3
Land development		9,582		0.8			10,148		0.8			9,771		0.8
Total construction/land		67,140		5.8			60,221		5.2			60,924		5.1

One-to-four family residential:
Permanent owner occupied		284,650		24.7			279,744		24.5			284,471		23.9
Permanent non-owner occupied		217,420		18.8			221,127		19.4			228,752		19.2
Total one-to-four family residential		502,070		43.5			500,871		43.9			513,223		43.1

Business
Aircraft		–		0.0			–		0.0			1,945		0.1
Small Business Administration (“SBA”)		1,729		0.2			1,745		0.2			1,794		0.3
Paycheck Protection Plan (“PPP”)		159		0.0			238		0.0			473		0.0
Other business		10,247		0.9			12,416		1.1			24,869		2.1
Total business		12,135		1.1			14,399		1.3			29,081		2.5

Consumer
Classic, collectible and other auto		59,580		5.2			58,085		5.1			58,618		5.0
Other consumer		13,626		1.2			12,935		1.1			13,377		1.1
Total consumer		73,206		6.4			71,020		6.2			71,995		6.1
Total loans		1,155,252		100.0	%		1,142,411		100.0	%		1,191,231		100.0	%
Less:
ACL		15,066					16,265					15,306
Loans receivable, net	$	1,140,186				$	1,126,146				$	1,175,925

Concentrations of credit: ⁽¹⁾
Construction loans as % of total capital		40.5	%				36.8	%				38.3	%
Total non-owner occupied commercial real estate as % of total capital		300.8	%				296.2	%				316.8	%

⁽¹⁾ Concentrations of credit percentages are for First Financial Northwest Bank only using classifications in accordance with FDIC regulatory guidelines.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands, except per share data)
Performance Ratios: ⁽¹⁾
Return on assets		0.33	%		(0.17	)%		0.43	%		(0.29	)%		0.31	%
Return on equity		2.96			(1.50	)		3.88			(2.67	)		2.97
Dividend payout ratio		0.00			0.00			76.47			(108.33	)		100.00
Equity-to-assets ratio		11.34			11.04			11.10			10.91			10.74
Tangible equity ratio ⁽²⁾		11.26			10.97			11.02			10.83			10.66
Net interest margin		2.50			2.46			2.66			2.55			2.54
Average interest-earning assets to average interest-bearing liabilities		116.51			116.46			117.01			116.40			115.84
Efficiency ratio		98.20			92.96			82.35			116.97			85.17
Noninterest expense as a percent of average total assets		2.49			2.32			2.21			3.05			2.18
Book value per common share	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share ⁽²⁾		17.37			17.26			17.37			17.32			17.47

Capital Ratios: ⁽³⁾
Tier 1 leverage ratio		11.16	%		10.86	%		10.91	%		10.41	%		10.18	%
Common equity tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Total capital ratio		16.65			16.68			16.64			16.24			16.15

Asset Quality Ratios: ⁽⁴⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.07	%		0.41	%		0.02	%		0.02	%
Nonaccrual loans as a percent of total assets		0.06			0.06			0.32			0.01			0.01
ACL as a percent of total loans		1.30			1.42			1.29			1.30			1.28
Net charge-offs to average loans receivable, net		(0.00	)		0.00			0.00			0.00			0.00

Allowance for Credit Losses:
ACL – loans
Beginning balance	$	16,265		$	14,796		$	14,996		$	15,306		$	15,306
(Recapture of provision) provision for credit losses		(1,200	)		1,500			(200	)		(300	)		–
Charge-offs		–			(31	)		–			(10	)		–
Recoveries		1			–			–			–			–
Ending balance	$	15,066		$	16,265		$	14,796		$	14,996		$	15,306

Allowance for unfunded commitments
Beginning balance	$	639		$	564		$	564		$	439		$	439
(Recapture of provision) provision for credit losses		(50	)		75			–			125			–
Ending balance	$	589		$	639		$	564		$	564		$	439

(Recapture of provision) provision for credit losses
ACL – loans	$	(1,200	)	$	1,500		$	(200	)	$	(300	)	$	–
Allowance for unfunded commitments		(50	)		75			–			125			–
Total	$	(1,250	)	$	1,575		$	(200	)	$	(175	)	$	–

⁽¹⁾ Performance ratios are calculated on an annualized basis.
⁽²⁾ Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
⁽³⁾ Capital ratios are for First Financial Northwest Bank only.
⁽⁴⁾ Loans are reported net of undisbursed funds.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands)
Yields and Costs: ⁽¹⁾
Yield on loans		5.82	%		5.86	%		5.93	%		5.88	%		5.83	%
Yield on investments		4.29			4.30			4.38			4.11			4.11
Yield on interest-earning deposits		4.73			5.27			5.25			5.28			5.32
Yield on FHLB stock		12.87			7.73			8.63			7.79			7.29
Yield on interest-earning assets		5.63	%		5.66	%		5.73	%		5.62	%		5.56	%

Cost of interest-bearing deposits		3.77	%		3.80	%		3.71	%		3.69	%		3.62	%
Cost of borrowings		2.35			3.19			2.64			2.65			2.40
Cost of interest-bearing liabilities		3.64	%		3.72	%		3.59	%		3.58	%		3.50	%

Cost of total deposits ⁽²⁾		3.46	%		3.47	%		3.38	%		3.38	%		3.31	%
Cost of funds ⁽²⁾		3.37			3.44			3.30			3.31			3.23

Average Balances:
Loans	$	1,129,019		$	1,131,473		$	1,139,017		$	1,160,156		$	1,167,339
Investments		156,975			161,232			173,102			202,106			206,837
Interest-earning deposits		51,518			65,149			36,959			37,032			65,680
FHLB stock		5,471			7,719			6,714			6,554			6,584
Total interest-earning assets	$	1,342,983		$	1,365,573		$	1,355,792		$	1,405,848		$	1,446,440

Interest-bearing deposits	$	1,051,201		$	1,021,041		$	1,029,608		$	1,082,168		$	1,127,690
Borrowings		101,522			151,478			129,126			125,604			120,978
Total interest-bearing liabilities		1,152,723			1,172,519			1,158,734			1,207,772			1,248,668
Noninterest-bearing deposits		93,331			96,003			101,196			99,173			102,869
Total deposits and borrowings	$	1,246,054		$	1,268,522		$	1,259,930		$	1,306,945		$	1,351,537

Average assets	$	1,429,788		$	1,453,431		$	1,446,207		$	1,495,753		$	1,538,955
Average stockholders’ equity		161,093			161,569			161,057			161,823			159,659

⁽¹⁾ Yields and costs are annualized.
⁽²⁾ Includes noninterest-bearing deposits.
⁽³⁾ Includes total borrowings and deposits (including noninterest-bearing deposits).

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
				(Dollars in thousands, except per share data)
Performance Ratios:
Return on assets		0.07	%		0.41	%		0.91	%		0.86	%		0.63	%
Return on equity		0.66			3.93			8.34			7.65			5.50
Dividend payout ratio		216.67			75.36			32.65			33.59			45.45
Equity-to-assets ratio		11.34			10.74			10.67			11.07			11.26
Tangible equity ratio ⁽¹⁾		11.26			10.66			10.58			10.97			11.15
Net interest margin		2.54			2.82			3.54			3.35			3.15
Average interest-earning assets to average interest-bearing liabilities		116.59			116.69			119.18			118.59			115.62
Efficiency ratio		97.69			82.34			69.04			68.32			72.39
Noninterest expense as a percent of average total assets		2.52			2.33			2.44			2.35			2.39
Book value per common share	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share ⁽¹⁾		17.37			17.47			17.41			17.13			15.88

Capital Ratios: ⁽²⁾
Tier 1 leverage ratio		11.16	%		10.18	%		10.31	%		10.34	%		10.29	%
Common equity tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Total capital ratio		16.65			16.15			15.62			15.48			15.57

Asset Quality Ratios: ⁽³⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.02	%		0.02	%		0.00	%		0.19	%
Nonaccrual loans as a percent of total assets		0.06			0.01			0.01			0.00			0.18
ACL as a percent of total loans		1.30			1.28			1.29			1.40			1.36
Net charge-offs (recoveries) to average loans receivable, net		0.00			0.00			0.00			(0.02	)		(0.00	)

ACL – loans
Beginning balance	$	15,306		$	15,227		$	15,657		$	15,174		$	13,218
Beginning balance adjustment from adoption of Topic 326		–			500			–			–			–
(Recapture of provision) provision for credit losses		(200	)		(400	)		(400	)		300			1,900
Charge-offs		(41	)		(22	)		(37	)		–			(2	)
Recoveries		1			1			7			183			58
Ending balance	$	15,066		$	15,306		$	15,227		$	15,657		$	15,174

Allowance for unfunded commitments
Beginning balance	$	439		$	247		$	281		$	351		$	428
Provision (recapture of provision) for credit losses		150			192			(34	)		(70	)		(77	)
Ending balance	$	589		$	439		$	247		$	281		$	351

(Recapture of provision) provision for credit losses
ACL – loans	$	(200	)	$	(400	)	$	(400	)	$	300		$	1,900
Allowance for unfunded commitments		150			192			(34	)		(70	)		(77	)
Total	$	(50	)	$	(208	)	$	(434	)	$	230		$	1,823

⁽¹⁾ Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
⁽²⁾ Capital ratios are for First Financial Northwest Bank only.
⁽³⁾ Loans are reported net of undisbursed funds.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands)
Yields and Costs:
Yield on loans		5.87	%		5.71	%		4.69	%		4.57	%		4.69	%
Yield on investments		4.26			3.97			2.77			1.83			2.39
Yield on interest-earning deposits		5.12			5.06			1.28			0.12			0.21
Yield on FHLB stock		9.03			7.07			5.08			5.29			4.85
Yield on interest-earning assets		5.66	%		5.44	%		4.33	%		4.01	%		4.36	%

Cost of deposits		3.74	%		3.12	%		0.87	%		0.71	%		1.42	%
Cost of borrowings		2.75			2.52			1.70			1.39			1.31
Cost of interest-bearing liabilities		3.63	%		3.05	%		0.95	%		0.78	%		1.41	%

Cost of interest-bearing deposits		3.42	%		2.83	%		0.77	%		0.64	%		1.32	%
Cost of funds		3.35			2.80			0.86			0.71			1.32

Average Balances:
Loans	$	1,139,864		$	1,172,569		$	1,128,835		$	1,098,772		$	1,120,889
Investments		173,276			213,261			203,165			176,110			133,584
Interest-earning deposits		47,723			44,684			30,176			60,482			25,108
FHLB stock		6,614			6,857			6,256			6,271			6,600
Total interest-earning assets	$	1,367,477		$	1,437,371		$	1,368,432		$	1,341,635		$	1,286,181

Interest-bearing deposits	$	1,045,950		$	1,104,510		$	1,034,351		$	1,015,852		$	987,069
Borrowings		126,931			127,263			113,890			115,466			125,392
Total interest-bearing liabilities		1,172,881			1,231,773			1,148,241			1,131,318			1,112,461
Noninterest-bearing deposits		97,411			109,795			125,166			112,484			75,388
Total deposits and borrowings	$	1,270,292		$	1,341,568		$	1,273,407		$	1,243,802		$	1,187,849

Average assets	$	1,456,215		$	1,529,511		$	1,455,739		$	1,421,476		$	1,361,604
Average stockholders’ equity		161,385			160,428			158,685			160,041			155,587

Non-GAAP Financial Measures

In addition to financial results presented in accordance with generally accepted accounting principles (“GAAP”) utilized in the United States, this earnings release contains non-GAAP financial measures that include tangible equity, tangible assets, tangible book value per share, and the tangible equity-to-assets ratio. The Company believes that these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of goodwill and core deposit intangible, net and provides an alternative view of the Company’s performance over time and in comparison to the Company’s competitors. Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The following tables provide a reconciliation between the GAAP and non-GAAP measures:

	Quarter Ended
		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	160,213		$	160,693		$	160,183		$	161,660
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible equity (Non-GAAP)	$	160,371		$	158,998		$	159,447		$	158,906		$	160,352

Total assets (GAAP)	$	1,424,889		$	1,451,086		$	1,447,753		$	1,468,350		$	1,505,082
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible assets (Non-GAAP)	$	1,423,705		$	1,449,871		$	1,446,507		$	1,467,073		$	1,503,774

Common shares outstanding at period end		9,230,010			9,213,969			9,179,825			9,174,425			9,179,510

Equity-to-assets ratio (GAAP)		11.34	%		11.04	%		11.10	%		10.91	%		10.74	%
Tangible equity-to-tangible assets ratio (Non-GAAP)		11.26			10.97			11.02			10.83			10.66
Book value per common share (GAAP)	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share (Non-GAAP)		17.37			17.26			17.37			17.32			17.47

Non-GAAP Financial Measures (continued)

	Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	161,660		$	160,360		$	157,879		$	156,302
Less:
Goodwill		889			889			889			889			889
Core deposit intangible		295			419			548			684			824
Tangible equity (Non-GAAP)	$	160,371		$	160,352		$	158,923		$	156,306		$	154,589

Total assets (GAAP)		1,424,889			1,505,082			1,502,916			1,426,329			1,387,669
Less:
Goodwill		889			889			889			889			889
		295			419			548			684			824
Tangible assets (Non-GAAP)	$	1,423,705		$	1,503,774		$	1,501,479		$	1,424,756		$	1,385,956

Common shares outstanding at period end		9,230,010			9,179,510			9,127,595			9,125,759			9,736,875

Equity-to-assets ratio (GAAP)		11.34	%		10.74	%		10.67	%		11.07	%		11.26	%
Tangible equity ratio (Non-GAAP)		11.26			10.66			10.58			10.97			11.15
Book value per common share (GAAP)	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share (Non-GAAP)		17.37			17.47			17.41			17.13			15.88

For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400

MIL-OSI: ServiceTrade™ Announces Integration With The Compliance Engine™ by BRYCER to Automate AHJ Reporting

Source: GlobeNewswire (MIL-OSI)

DURHAM, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform designed to enhance business value and optimize operations for commercial mechanical and fire contractors, today announced the integration of its popular platform with The Compliance Engine by BRYCER, the market-leading platform for Authority Having Jurisdiction (AHJ) fire system inspection compliance. BRYCER partners with hundreds of AHJs, including states, counties, cities, municipalities, and fire departments across the U.S., to enable timely digital compliance reporting.

ServiceTrade Chief Product Officer Brook Bock summarized the importance of the integration: “All commercial buildings are required to comply with National Fire Protection Agency (NFPA) and local regulations for equipment inspections and safety. BRYCER leads the market with its extensive network of hundreds of AHJs nationwide, helping fire protection contractors meet the specific requirements of each jurisdiction. ServiceTrade helps contractors track inspection requirements, streamline workflows, and now simplify reporting via direct integration with The Compliance Engine. It’s a win for contractors and their clients by enabling more inspections to be scheduled, completed, and submitted to the AHJ on time. The integration makes it easier for contractors to maximize inspection revenue while eliminating manual compliance data entry to AHJs.”

Sheri Marler, Billing Supervisor at Marmic Fire & Safety, shared, “ServiceTrade and The Compliance Engine integration will transform our workflow by creating a seamless, automated system that eliminates manual uploads. This integration will not only save our team significant time, it will also enhance accuracy.” Marler continued, “The ability to track and clear deficiencies automatically is particularly important, and it will deliver both time savings and improved precision for our operations.”

The ServiceTrade platform is specifically designed for the recurring nature of inspection, testing, and maintenance (ITM) work and for reducing the inherent liability risk of the fire protection services industry. Automating inspection scheduling, generating NFPA compliance reports, and submitting them digitally to AHJs save contractors time and reduce errors. ServiceTrade’s NFPA-compliant inspection forms, inspection deficiency management workflows, recurring ITM scheduling, and reporting capabilities dramatically improve fire service contractors’ efficiency. ServiceTrade’s integration with The Compliance Engine automates interactions with AHJs and eliminates manual data entry and reporting. The results are increases in efficiency, more repair revenue through inspection deficiency management, and stronger client relationships.

“We’re proud to partner with BRYCER, the leader in the business,” continued Ms. Bock. The Compliance Engine is widely recognized as the platform with the most connections to AHJs in the U.S. It helps them track and manage inspections, testing, and maintenance for commercial fire protection systems in their jurisdiction.

Bryan Schultz, co-founder of BRYCER said, “Automating inspection reporting has been proven to increase the number of fire protection systems tested and repaired by as much as 72%. BRYCER integration with ServiceTrade will enable commercial service contractors to efficiently increase compliance through on-time safety inspections, which benefits their business, the building owner, and the AHJ.”

TO LEARN MORE ABOUT SERVICETRADE:

ABOUT SERVICETRADE:

ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300+ customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

All trademarks are the property of their respective companies.

Contact: Media@KTCMarketingandPR.com

MIL-OSI United Kingdom: Salford City Council approves plans to assess new Mayoral Development Zone

Source: City of Salford

Salford City Council has today (28 January) approved a report to explore the opportunity and benefits for the establishment of a Mayoral Development Zone (MDZ), which could pave the way for significant investment and growth in a key part of the city.

The decision was made at Cabinet with Salford City Mayor, Paul Dennett and senior elected members signing off on the proposed plans.

Councillors supported the plans for an MDZ within the wider Western Gateway area of the city. The Western Gateway refers to the west part of the city, the area surrounding the Liverpool Rd and M62 corridors and along the route of the Manchester Ship Canal.

The ambitious plans are part of a cross-borough approach with Greater Manchester Combined Authority (GMCA) and Trafford Council and could see thousands of job opportunities created alongside the huge economic boost that could be realised from regeneration through the MDZ.

Paul Dennett, Salford City Mayor, said: “Realising the full potential of the Western Gateway and Port Salford and driving significant growth and economic benefit has long been a key aspiration for the city council.

Across Salford and Trafford there is the potential to generate thousands of new jobs, capitalising on planned employment space, new homes, as well as leisure and retail.

Good growth is one of the cornerstones of our priorities, outlined in our corporate plan This is our Salford, and these plans represent our commitment to delivering on our ambitions to create a fairer, greener, healthier and more inclusive city.

This much needed redevelopment and subsequent growth will not happen overnight, but this step is an important and exciting one as it moves our aspirations for this area of the city closer to becoming a reality.

Now this proposal has been approved, myself, along with senior elected members and officers will now begin to develop the MDZ further and explore all the possibilities associated with this approach.”

An MDZ refers to a defined area where a mayor can seek to channel significant investment and development activity with the goal of regenerating and revitalising that specific area.

The MDZ will provide clear governance, resources and a dedicated work programme to secure investment to unlock key development sites in the Western Gateway.

The Western Gateway is one of six growth locations in Greater Manchester identified to generate significant inclusive growth and economic benefits. In order to unlock potential growth, the site is reliant on significant highway and rail infrastructure investment.

Port Salford has been a long-term component of the city’s planned future regeneration and growth for the city council, and this move brings this vision a step closer to fruition.

Port Salford Phase 1 already has consent for the construction of a multi-modal freight interchange comprising 155,000 sqm (1,600,000 sqft) of warehousing with the potential to be the only inland tri-modal port in the UK.

In 2012, Government funding was secured to part finance and deliver Part WGIS which allowed development of up to 55,000 sqm at Port Salford.

Initial development in 2017, saw the completion of 55,000sqm of warehouse space occupied by Great Bear.

By also including Port Salford Phase 2 (adopted under Places for Everyone) and development land at the City of Salford Community Stadium, these sites collectively provide an opportunity to deliver 511,000sqm of new employment floorspace, 5,790 new jobs and circa £6.4m in business rates.

Approval to explore the MDZ is a key decision and is subject to 5-day call in period. The approval of these plans follows on from the decision made by Trafford Council’s executive on Monday 27 January to approve the plans. The approval decision will then be presented to GMCA’s executive on Friday 31 January for decision.

MIL-OSI Asia-Pac: Waterpipe tobacco issue explained

Source: Hong Kong Information Services

The Health Bureau said that rather than banning waterpipe tobacco, the Government has proposed to prohibit flavours in conventional smoking products, including waterpipe tobacco.

It made the clarification following a local media report today which claimed that the Government is considering a ban on waterpipe tobacco, and that the measure will dampen the desire of tourists from the Middle East to visit Hong Kong.

In addition to expressing regret over the inaccurate information which is misleading to citizens and tourists, the bureau pointed out that in June last year, it did put forward a proposal to prohibit flavours in conventional smoking products, including waterpipe tobacco, but did not propose to ban all kinds of waterpipe tobacco.

Separately, the bureau explained that the ban on adding flavours in waterpipe tobacco will have limited impact on the experience of Muslim tourists visiting Hong Kong.

A waterpipe is a smoking device originating from regions including the Middle East, and is traditionally used without added flavour, the bureau elaborated, noting that while Islam is widely followed in the Middle East and alcohol consumption or bar patronage is not prevalent, venues offering outdoor waterpipes in Hong Kong are mostly bars.

Furthermore, the Health Bureau remarked that in other regions, eg Singapore where the import and sale of all waterpipes is banned, the number of inbound tourists from the Middle East before and after the ban remained comparable.

MIL OSI Asia Pacific News –

MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and His Family Attend New Year Gala Dinner Hosted by the Taiwanese Community in Sydney

Source: Republic Of China Taiwan 2

Director General David Cheng-Wei Wu and his family, along with the TECO Sydney team, were delighted to attend the New Year Gala Dinner of the Taiwanese community in Sydney, organized by the Association of Overseas Alumni in Australia.
In his remarks, DG Wu highlighted:

Taiwan’s resilience in 2024, standing firm against challenges and achieving remarkable progress despite threats to the rules-based international order and regional stability.
A warm welcome to OCAC Director Ms. May Chiang and Council Members Mr. Johnson Hsiung and Ms. Shirley Chen. TECO Sydney remains committed to working with our community to turn Taiwan’s achievements into global opportunities.
Australia’s role as CPTPP chair in 2025 and the hope for Taiwan’s early accession to strengthen democratic supply chains and complete the CPTPP.
Gratitude to NSW Parliament for passing PMB No. 1414, countering China’s misinterpretation of UNGA Resolution 2758—the first and only state legislature globally to do so.
The need for Taiwan and Australia to deepen cooperation and exchange ideas, talent, technology, and social initiatives for regional peace and prosperity.

Leaders in the NSW Parliament, including Rod Roberts MLC, Dr. Hugh McDermott MP, Jacqui Munro MLC, and Tania Mihailuk MLC, along with Cr Alex Yang from Burwood Council, attended the gala dinner to celebrate the Lunar New Year.
In their remarks, they praised Taiwan’s democratic and economic achievements and expressed hopes for a stronger and more dynamic TW-AU relationship in all aspects in the Year of the Snake!

MIL OSI Asia Pacific News –

MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME FEBRUARY 27, 2025

Source: GlobeNewswire (MIL-OSI)

Boston, MA, Jan. 28, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination has been postponed to 10:00 a.m., Eastern Time on Thursday, February 27, 2025. At the meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

The Special Meeting is being postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Thursday, February 27, 2025, via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination, is being extended to 5:00 p.m., Eastern time, on Tuesday, February 25, 2025.

Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

About Finnovate Acquisition Corp.

Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Forward-Looking Statements

The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information

Pubco has filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”), which includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

Participants in The Solicitation

Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

No Offer Or Solicitation

This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

INVESTOR RELATIONS CONTACT

Finnovate Acquisition Corp.
Calvin Kung
265 Franklin Street
Suite 1702
Boston, MA 02110
+1 (424) 253-0908

MIL-OSI: Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

Source: GlobeNewswire (MIL-OSI)

Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

1^stPPA in France for STMicroelectronics, aiming at 100% renewable sourcing by 2027
Power comes from 2 recent wind and solar farms of 75 MW operated by TotalEnergies

Paris, Geneva – January 28, 2025 – TotalEnergies and STMicroelectronics (NYSE:STM), a global semiconductor leader serving customers across the spectrum of electronics applications, have signed a physical¹ Power Purchase Agreement to supply renewable electricity to STMicroelectronics sites in France. This 15-year contract, started in January 2025, represents an overall volume of 1.5 TWh.

TotalEnergies will provide STMicroelectronics with the renewable power (including the guarantee of origin) produced by two recent wind and solar farms of 75 MW operated by TotalEnergies. This power comes with structuration services to transform intermittent production in a constant volume (“baseload”) of green electricity. It’s the first time in France that such a 15-year contract is provided. The positive impact of the wind and solar projects on the environment and on the communities was a key success factor in the signing of the deal.

“We are delighted to sign this agreement with STMicroelectronics, which demonstrates our ability to provide long-term and innovative clean firm power solutions tailored to our customers’ needs,” said Sophie Chevalier, Senior Vice President Flexible Power & Integration at TotalEnergies. “TotalEnergies aims to be a preferred partner to support tech industry players towards their decarbonization efforts, and this agreement showcases our commitment and capabilities.”

“This first PPA in France marks yet another important step towards ST’s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027,” said Geoff West, EVP and Chief Procurement Officer at STMicroelectronics. “PPAs will play a major role in our transition, and we have already signed several to support ST’s operations in Italy and Malaysia. Starting in 2025, this PPA with TotalEnergies will provide a significant level of renewable energy for ST’s operations in France, which includes R&D, design, sales and marketing and large-volume chip manufacturing.”

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

TotalEnergies and electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By mid-2024, TotalEnergies’ gross renewable electricity generation installed capacity reached 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

For further information, please contact:

STMicroelectronics

MEDIA RELATIONS
Alexis Breton
Corporate External Communications
Tel: +33 6 59 16 79 08
alexis.breton@st.com

INVESTOR RELATIONS
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

TotalEnergies

MEDIA RELATIONS: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

INVESTOR RELATIONS: +33 (0)1 47 44 46 46 l ir@totalenergies.com

¹ In the case of a “physical” Power Purchase Agreement (PPA), the renewable electricity and the associated guarantees of origin are delivered to the customer, as opposed to the “virtual” PPA, where only the guarantees of origin are delivered to the customer, and the electricity produced is sold to the grid.

Attachment

C3307C — Jan 28 2025 — ST_Total PPA PR_FINAL FOR PUBLICATION

MIL-OSI: Exterro Schedules First-of-Its-Kind INFORM Webinar Series to Unite Global Forensic Experts

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Ore., Jan. 28, 2025 (GLOBE NEWSWIRE) — Exterro Inc. is launching INFORM, a global webinar series designed as a premier resource for digital forensics practitioners. This virtual event will feature independent industry luminaries and experts sharing actionable insights and fostering a community of excellence.

“INFORM is an opportunity for digital forensics experts and practitioners across the globe to connect, learn, and grow,” says Harsh Behl, VP of Product for Digital Forensics at Exterro. “Participants will join an exclusive global community, gaining new ideas, sharing insights, and forging connections with peers and experts.”

Actionable Insights and Strategies for Attendees

Attendees will gain exclusive insights and strategies through deep dives with leaders who understand their biggest challenges. Each session provides real-world solutions and skills applicable immediately. From notable Organizations to leading industry voices, these trailblazers and innovators will showcase the latest in forensic investigation techniques and offer predictions that will shape the year ahead.

“The series will explore challenges and best practices of conducting investigations that investigators face in their jurisdictions, strategies for navigating diverse laws, legal frameworks, and fostering cooperation,” says Justin Tolman, the forensic evangelist and subject matter expert at Exterro. “Attendees will receive valuable insights from experts on overcoming challenges like cross-border hurdles to ensure compliance while driving effective investigative outcomes. By spanning regional perspectives, we’re offering attendees a holistic view of digital forensics that reflects the complex, global nature of today’s investigations.”

At this full-day event will, the experts will delve deeper into:

Strategies for tackling complex investigations, leveraging innovative tools and strategic collaboration to solve high-value crimes, and insights into dismantling intricate, cross-border criminal networks.

Approaches to help forensic teams focus on critical evidence, minimize review time, reduce costs, and implement best practices for refining forensic workflows to deliver results faster in complex investigations.

Advanced digital forensics techniques to identify, analyze, and mitigate insider threats and data exfiltration, including methods to uncover subtle indicators of compromise, trace unauthorized data movement, and implement robust prevention strategies.

Addressing unique cloud challenges, including multi-tenant architectures, data sovereignty, and dynamic environments, while ensuring compliance and minimizing downtime.

How police forces are reshaping their digital forensic processes through innovative cloud-based solutions, modernizing and streamlining investigations, and enhancing collaboration, scalability, and case resolution efficiency.

Challenges and considerations that digital forensic practitioners must address.

Various AI methods, such as image forensics, facial detection and recognition, and deep metadata analysis used for deepfake detection, the challenges posed by the rapid evolution of deepfake technology, and the importance of a multi-modal framework in safeguarding digital media integrity.

The interplay between eDiscovery and forensics in internal investigations, providing insights and tips for success and efficiency, including guidance on the admissibility of evidence and strategies for enhancing personal value.

INFORM will feature some of the brightest minds in digital forensics, including:

Farand C. Wasiak: Senior Special Agent at the South Carolina Law Enforcement Division (SLED), with extensive experience in cybercrime and child protection investigations.

Prof. Triveni Singh: Cybercrime expert and Superintendent of Police (SP) for Cyber Crime in Uttar Pradesh, India, presenting a comprehensive guide to incident response in cloud environments.

Rob Fried: SVP and Global Head of Forensics at Sandline Global, renowned for leadership in data collection, expert testimony, and investigative training.

David Williams: Director of Global Public Safety & Justice at Microsoft, exploring the critical fight against deepfake technologies and the need for multi-modal detection methods.

John Price KPM: Detective Sergeant with West Midlands Police, offering insights into revolutionizing case management with cloud-based forensics and digital scene triage.

Why INFORM Matters Now

The surge in cybercrime, increasing complexity of legal compliance, and rapid growth of data sources have reshaped the digital forensics landscape. As investigations grow more intricate, the need for global collaboration and knowledge-sharing has become paramount. INFORM seeks to break down silos and create a platform where forensic professionals, regardless of geography, can access the expertise they need to stay ahead of emerging threats.

True to Exterro’s mission of accessibility and community-building, INFORM is a free-to-attend event. Participants can tailor their experience by selecting sessions that align with their interests or commit to the full day to experience the complete global narrative of digital forensics innovation.

To register and view the full schedule of speakers and sessions, visit here.

About Exterro:

Exterro empowers organizations and law enforcement agencies to achieve better legal, regulatory, and investigatory outcomes, while saving money and minimizing the impact of data risk. Its data risk management software is the only comprehensive platform that leverages data discovery, automation, and workflow optimization, and one of the first to utilize responsible AI to give users insight into and control over the complex interconnections of privacy, legal operations, digital investigations, cybersecurity response, compliance, and data governance. Thousands of corporations, law firms, managed services providers, and government and law enforcement agencies trust Exterro to manage their risks and drive successful outcomes at a lower cost. For more information, visit www.exterro.com.

For media inquiries, please contact:
Anamika D. Kumar
Email – anamika.dhirendrakumar@exterro.com

MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Fourth Quarter of 2024; Highlighted by Quarterly Net Interest Margin Expansion

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, compared to net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024, and $852,000, or $0.20 per diluted share, for the fourth quarter of 2023. Pretax net income was $1.55 million in the fourth quarter compared to $1.32 million in the preceding quarter and $1.24 million in the fourth quarter of 2023. All financial results are unaudited.

Results for the fourth quarter of 2024 included a $374,000 provision for credit losses, compared to a $609,000 provision for credit losses in the third quarter of 2024, and a $181,000 provision for credit losses in the fourth quarter of 2023. Also noteworthy was the interest expense on borrowings in the past three quarters, with interest expense on borrowings of $493,000 for the third and fourth quarters of 2024, and $201,000 for the fourth quarter of 2023. The additional interest expense was associated with the recent subordinated debt issued late in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income was $1.93 million in the fourth quarter of 2024, which was unchanged compared to the preceding quarter and an increase compared to $1.41 million in the fourth quarter of 2023.

“Endeavor’s fourth quarter 2024 operating results were highlighted by strong net interest income generation and net interest margin expansion,” stated Julie Glance, CFO. “We had another year of double-digit loan and deposit growth, with net loans increasing 31.1% and deposits increasing 18.5%, compared to a year ago. In addition, our earning assets yield also increased, up 69 basis points in 2024 over 2023, which is contributing to net interest margin expansion. As we look to 2025, our primary focus is shifting to deposit gathering, with an emphasis on bringing in full client relationships to grow our core deposit base.”

“Our thoughts and prayers are with the people and communities impacted by the Southern California wildfires and straight-line winds. Our team is actively reviewing our records to determine if any clients may be affected by these tragic events,” said Dan Yates, CEO.

Income Statement
Strong fourth quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $10.8 million, an increase of $568,000 compared to the preceding quarter, while total interest expenses decreased $30,000 during the same timeframe. Net interest income was $6.5 million in the fourth quarter of 2024, which was an increase of $598,000, or 10.1% compared to the preceding quarter and a 29.8% increase compared to the fourth quarter of 2023.

“The 12 basis point increase in our net interest margin during the fourth quarter of 2024, compared to the prior quarter, was the result of strong loan growth and higher interest earning assets, in addition to improving funding costs,” said Yates.

Net interest margin (NIM) increased 12 basis points to 3.97% in the fourth quarter of 2024 compared to 3.85% in the third quarter of 2024 and increased 40 basis points compared to 3.57% in the fourth quarter of 2023. The yield on total earning assets remained strong, decreasing only seven basis points during the fourth quarter of 2024 to 6.54%, compared to 6.61% in the preceding quarter, and up from 6.00% in the fourth quarter of 2023. The cost of deposits decreased significantly to 2.76% in the fourth quarter, compared to 2.98% in the third quarter, and up from 2.62% in the fourth quarter of 2023

Non-Interest income decreased to $160,000 in the fourth quarter, compared to $217,000 in the third quarter of 2024, and increased compared to $138,000 in the fourth quarter 2023.

Non-Interest expenses increased $547,000, an increase of 13.0%, in the fourth quarter compared to the third quarter of 2024, and increased $1.0 million compared to the fourth quarter of 2023. “The increase in expenses during the fourth quarter of 2024 was primarily driven by growth-related investment in infrastructure, as well as some non-recurring expenses specific to the quarter. Also worth noting, non-interest expenses for the year were well within our budgeted operating plan,” said Glance.

The Company’s annualized return on average equity for the fourth quarter of 2024 was 9.35%, compared to 8.17% in the third quarter of 2024 and 7.99% in the fourth quarter of 2023. The annualized return on average assets for the fourth quarter of 2024 was 0.65% compared to 0.59% in the third quarter of 2024 and 0.60% in the fourth quarter of 2023.

Balance Sheet
Total assets increased $23.0 million, or 3.5%, during the fourth quarter of 2024 to $678.3 million at December 31, 2024, compared to $655.3 million at September 30, 2024, and increased $108.2 million, or 19.0%, compared to December 31, 2023. Balance sheet liquidity remains strong with cash balances of $80.5 million, which represents 11.9% of total assets as of December 31, 2024. The Company’s bond portfolio increased $5.7 million during the fourth quarter to $25.8 million as of December 31, 2024, representing only 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window exceeded $140.1 million as of quarter end.

“At a time where other banks are shrinking their balance sheet, we have remained focused on expanding. Loan growth and new loan originations remained strong during the fourth quarter of 2024, as we continue to seek out high quality lending opportunities in our markets,” said Steve Sefton, President. “In early 2024, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum and is already contributing to operating results.”

Total loans outstanding increased $33.4 million, or 6.2%, during the fourth quarter of 2024 to $571.8 million at December 31, 2024, compared to $538.4 million three months earlier, and increased $135.6 million, or 31.1%, when compared to $436.3 million a year earlier. Total non-performing loans decreased to 0.46% of the total loan portfolio as of December 31, 2024, compared to 1.22% in the prior quarter. The decrease compared to the prior quarter was due to one borrower who had been in the renewal process whose loans were successfully renewed during the fourth quarter of 2024 and are now current. The Company had no net charge offs during the fourth quarter of 2024, or in the prior quarter.

Total deposits increased $23.4 million, or 4.1%, during the quarter to $601.2 million at December 31, 2024, compared to $577.8 million three months earlier, and increased $93.4 million, up 18.5% when compared to $577.8 million a year earlier. The loan to deposit ratio was 95.1% at December 31, 2024, compared to 93.2% at September 30, 2024, and 86.0% as of December 31, 2023.

As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposit accounts maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $113.7 million at December 31, 2024, and $127.0 million as of September 30, 2024. To support the strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of December 31, 2024, total wholesale deposits, excluding the reciprocal deposits, was $60.7 million, representing 10.1% of total deposits compared to $40.7 million as of September 30, 2024, or 7.0% of total deposits.

Shareholders’ equity was $46.0 million at December 31, 2024, compared to $45.3 million at September 30, 2024, and $42.5 million at December 31, 2023. Tangible book value per share increased to $13.17 at December 31, 2024, compared to $12.97 three months earlier and $12.48 a year earlier.

Capital
The Bank’s Tier 1 leverage ratio was 10.90% as of December 31, 2024, compared to 11.38% at September 30, 2024. The Tier 1 risk-based capital ratio was 10.71% as of December 31, 2024, compared to 10.95% on September 30, 2024, and the Total risk-based capital ratio was 11.92% compared to 12.13% three months earlier, all of which were well above regulatory minimums.

On March 5, the Company completed the issuance of $12.5 million in fixed-to-floating rate subordinated notes. The subordinated debt was structured such that it qualified as Tier 2 capital at the holding company with most of the new capital down streamed to the Bank as Tier 1 capital.

About Endeavor Bancorp
Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX^® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

EDVR Shareholders
With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year.

Forward-Looking Statements
This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

SELECTED FINANCIAL DATA (In thousands of dollars, except for ratios and per share amounts) Unaudited

	Three Months Ended

	December 31, 2024			September 30, 2024			December 31, 2023
	(Consolidated)			(Consolidated)			(Consolidated)
SUMMARY OF OPERATIONS
Interest income	$	10,754		$	10,186		$	8,444
Interest expense		4,236			4,266			3,423
Net interest income		6,518			5,920			5,021
Provision for credit losses		374			609			181
Net interest income after loss provision		6,144			5,311			4,841
Non-interest income		160			217			138
Non-interest expense		4,752			4,205			3,738
Income before tax		1,552			1,323			1,241
Federal income tax expense		296			255			245
State income tax expense		171			143			143
Net income	$	1,084		$	924		$	852

Core pretax earnings*	$	1,926		$	1,932		$	1,413
*excludes taxes and provision for loan losses

PER COMMON SHARE DATA
Number of shares outstanding (000s)*		3,494			3,494			3,394
*Adjusted for May 2024 Stock Dividend
Earnings per share, basic	$	0.31		$	0.26		$	0.25
Earnings per share, diluted	$	0.25		$	0.22		$	0.20
Book Value per share	$	13.17		$	12.97		$	12.53

BALANCE SHEET DATA
Assets	$	678,332		$	655,305		$	570,176
Investments securities		25,777			20,107			7,877
Total loans, net of unearned income		571,817			538,439			436,263
Total deposits		601,219			577,781			507,557
Borrowings		26,697			26,672			16,121
Shareholders’ equity		46,009			45,308			42,526
Loan to Deposit ratio		95.11	%		93.19	%		85.95	%
Wholesale Deposits to Total Deposits		10.10	%		7.04	%

AVERAGE BALANCE SHEET DATA
Average assets	$	660,748		$	619,122			563,973
Average total loans, net of unearned income		549,340			506,469			424,435
Average total deposits		582,583			541,858		$	501,079
Average shareholders’ equity		46,117			44,990			42,344

ASSET QUALITY RATIOS
Net (charge-offs) recoveries	$	–		$	–			(800	)
Net (charge-offs) recoveries to average loans		0.00	%		0.00	%		0.20	%
Non-performing loans as a % of loans		0.46	%		1.22	%		0.07	%
Non-performing assets as a % of assets		0.38	%		1.00	%		0.05	%
Allowance for loan losses as a % of total loans		0.46	%		1.39	%		1.37	%
Allowance for loan losses as a % of non-performing loans		300.54	%		113.61	%		6.94	%

FINANCIAL RATIOSSTATISTICS
Annualized return on average equity		9.35	%		8.17	%		7.99	%
Annualized return on average assets		0.65	%		0.59	%		0.60	%
Net interest margin		3.97	%		3.85	%		3.57	%
Efficiency ratio		71.17	%		69.26	%		72.44	%

CAPITAL RATIOS
Tier 1 leverage ratio — Bank		10.90	%		11.38	%		10.14	%
Common equity tier 1 ratio — Bank		10.71	%		10.95	%		10.92	%
Tier 1 risk-based capital ratio — Bank		10.71	%		10.95	%		10.92	%
Total risk-based capital ratio –Bank		11.90	%		12.13	%		12.09	%

TCE/TA *		6.78	%		6.91	%		7.46	%
Tangible Book Value per Share	$	13.17		$	12.97			12.48	%

*Non-GAAP financial measure.
Unaudited financials 2024

Endeavor Bancorp Contact Information:
(858) 230.5185
Dan Yates, CEO
dyates@bankendeavor.com

(858) 230.4243
Steve Sefton, President
ssefton@bankendeavor.com

MIL-OSI: E Ink and Cream Guitars Debuted World’s First Color-Changing Guitar

Source: GlobeNewswire (MIL-OSI)

BILLERICA, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — E Ink (8069.TW) the originator, pioneer, and global commercial leader in ePaper technology, announced its collaboration with Cream Guitars that features the world’s first color-changing guitars. Cream Guitars integrated E Ink Prism 3 ePaper into the Voltage DaVinci design and showcased the latest models at NAMM 2025.

True tastemakers, Cream Guitars is challenging legacy manufacturers by adopting cutting-edge technology that not only inspires artists and onlookers but also pushes the boundaries of personalization and customization. The E Ink wrapped guitars feature seven colors and enables players to express themselves in unique ways.

“We had the idea to break all the rules of the traditional guitar,” said Luis Ortiz, CEO, Cream Guitars. “We’ve redesigned every part of an electric guitar to broaden and enhance the playing experience. Through our innovative collaboration with E Ink, we are providing artists a level of creativity that extends well beyond anything available in today’s market.”

E Ink Prism 3 bridges the gap between traditional static materials and digital technology with dynamically changing materials. The Prism 3 technology is known for its low power consumption, durability, and color-changing capabilities, and is disrupting industries, including automobile, fashion, architecture, and now, music.

“Cream Guitars is at the forefront of instrument design, and this collaboration marks a significant milestone in their commitment to pushing the boundaries of what is possible,” said Pete Valianatos, Senior Director of Strategic Initiatives, E Ink. “We are proud to work with them to create an instrument that not only sounds great but makes a visual statement as powerful as their music.”

Beyond the color-changing capabilities, E Ink’s technology is ultra-low power and is an energy-efficient alternative to other display technologies available. E Ink’s ePaper technology has been designated as a contributor to environmental progress by offering efficient and low-carbon displays. E Ink’s commitment to sustainability goes beyond the technology with nearly 60% of its global operations powered by renewable energy and aims to reach 65% renewable energy usage by next year. E Ink is so efficient, the company was included in the Dow Jones Sustainability World and Emerging Markets Indices for the third consecutive year.

Similarly, Cream Guitars also has a strong commitment to the environment. The company strives to ensure that the woods used in production are 100% renewable and focuses on minimizing waste at every step of the manufacturing process. This ensures that their guitars make a minimal environmental impact, while maintaining their high-quality standards.

About E Ink
E Ink Holdings Inc. (8069.TWO), based on technology from MIT’s Media Lab, provides an ideal display medium for applications spanning eReaders and eNotes, retail, home, hospital, transportation, logistics, and more, enabling customers to put displays in locations previously impossible. E Ink’s electrophoretic display products make it the worldwide leader for ePaper. Its low power displays enable customers to reach their sustainability goals, and E Ink has pledged using 100% renewable energy in 2030 and reaching net zero carbon emissions by 2040. E Ink has been recognized for their efforts by receiving, validation from Science-Based Targets (SBTi) and is listed in both the DJSI World and DJSI Emerging Indexes. Listed in Taiwan’s Taipei Exchange (TPEx) and the Luxembourg market, E Ink Holdings is now the world’s largest supplier of ePaper displays. For more information please visit www.eink.com. E Ink. We Make Surfaces Smart and Green.

Contact:
V2 Communications on behalf of E Ink
eink@v2comms.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ae74a8-6453-4337-a161-760143463043
https://www.globenewswire.com/NewsRoom/AttachmentNg/da17054c-b8dc-426d-9e83-6bd25e588244

MIL-OSI: Community Bankshares, Inc. Acquires Thomas USAF / Thomas Financial Group to Completely Revolutionize Government-Guaranteed Lending Nationwide

Source: GlobeNewswire (MIL-OSI)

LAGRANGE, Ga., Jan. 28, 2025 (GLOBE NEWSWIRE) — Community Bankshares, Inc., one of the fastest-growing financial services companies in the nation, announces its acquisition of Thomas USAF / Thomas Financial Group, a 30-year industry leader in USDA government-guaranteed commercial lending. This acquisition, coming on the heels of the recent launch of Phoenix Lender Services, underscores Community Bankshares’ bold strategy to redefine the financial services landscape and expand its leadership in innovative lending solutions for rural and underserved markets across the United States.

A Future-Focused Partnership

“This is not just an acquisition — it’s a reimagining of what’s possible in government-guaranteed lending,” said Jeremy Gilpin, Chairman of the Board of Community Bankshares, Inc. “By combining the proven track record of Thomas Financial Group as a top USDA originator and packager with the cutting-edge capabilities of Phoenix Lender Services and lending expertise of Community Bank & Trust, we’re setting a new standard for how rural and underserved markets can access capital and thrive.”

The acquisition builds on Community Bankshares’ strategic vision of redefining how lending capital is provided across America in a manner that promotes business stability and encourages community prosperity.

Jeremy Gilpin and Chris Hurn bring more than 60 years of combined experience in government-guaranteed lending. Together, they have assembled a powerhouse leadership team within the Community Bankshares companies that is certain to shake up the industry. Their shared vision, innovative strategies, and proven success in government-guaranteed lending sets the stage for a transformative era in rural economic development and business financing.

A Legacy of Leadership

Founded by visionary entrepreneur Mike Thomas, Thomas USAF / Thomas Financial Group has been a pioneer in leveraging USDA and SBA lending programs to empower small businesses and revitalize communities. Consistently ranked as one of the top originators and packagers of USDA and SBA loans in the nation, the company has facilitated over $5 billion in financing to businesses across diverse industries, helping them navigate complex lending scenarios and achieve their financial goals.

“Founding Thomas Financial was not just about lending—it was about giving rural and underserved communities a fighting chance to grow and thrive,” said Mike Thomas, Founder of Thomas Financial Group. “As I hand the reins to the brilliant Jeremy Gilpin and the exceptional leadership at Community Bankshares, I am proud of the legacy we leave behind and confident in the transformative impact this partnership will have nationwide.”

Mike Thomas will remain actively engaged with the organization to assist with Governmental Affairs, playing a key role in shaping its strategic direction. Leveraging his decades of experience and extensive industry relationships, Mr. Thomas will focus on advocating for rural and underserved markets, as well as small businesses, to strengthen the company’s leadership in the government-guaranteed lending sector. His ongoing involvement ensures that Thomas Financial Group, along with the entire Community Bankshares family of companies, remains at the forefront of legislative initiatives, policy development, and strategic partnerships with government agencies.

“This acquisition reflects our unwavering commitment to transforming access to capital in underserved markets,” said Gilpin. “With the expertise of Thomas Financial Group and our shared values, we are building a new era of opportunity for businesses and communities nationwide.”

Community Bankshares is now positioned as a leader in addressing current challenges faced by small businesses and rural economies, particularly as they navigate a rapidly evolving financial landscape. The partnership will also ensure the continued legacy of excellence established by Thomas Financial Group, now a wholly owned subsidiary of Community Bankshares.

“We are poised to lead one of the most innovative and forward-thinking organizations in the government-guaranteed lending sector nationwide,” said Chris Hurn, President of Community Bankshares. “This collaboration not only enhances our capacity to serve businesses across the spectrum, from startups to established enterprises, but it also reaffirms our commitment to championing economic growth in rural and underserved markets. Together, we will ensure these communities remain integral to the progress and prosperity of our nation’s economy.”

For more information about Thomas Financial Group, visit www.ThomasFinancialGroup.com.

About Thomas Financial Group

Thomas Financial Group, based in Atlanta, Georgia, is now a subsidiary of Community Bankshares, Inc. and a nationally recognized leader in commercial lending solutions. Specializing in USDA and SBA programs, the company has a proven track record of empowering businesses, strengthening rural and underserved communities, and advancing government-guaranteed lending.

About Community Bankshares, Inc.

Headquartered in LaGrange, Georgia, Community Bankshares, Inc. is the parent company of Community Bank & Trust and a network of financial service subsidiaries. Phoenix Lender Services (PHX) is a subsidiary of Community Bankshares, Inc. Whose mission is redefining the way lending capital is provided across America, in a manner that promotes business stability and encourages community prosperity. The company serves a diverse clientele across the nation, fostering growth, opportunity, and collaboration.

Media Contact:

Hannah Williams
Uproar by Moburst for Community Bankshares Inc
hannah.williams@moburst.com

MIL-OSI: Applied Rating Index Year-End and Q4 2024 Released

Source: GlobeNewswire (MIL-OSI)

Toronto, ON., Jan. 28, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the year-end and fourth quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q3 2024.

For Personal Auto, all provinces experienced an increase year over year, with Alberta seeing the highest at 12.7% and the Atlantic Provinces the lowest at 9.0%. For Personal Property lines, all provinces experienced an increase in premium rate change year over year. Ontario saw the highest premium rate change at 9.0% and the Atlantic Provinces experienced the lowest at 4.4%.

Key findings for Q4 2024 include:

Personal Auto: In Q4 2024, Personal Auto premium rate change increased 11.3% versus Q4 2023. Personal Auto premium rate change increased 3.9% versus Q3 2024.

Personal Property: In Q4 2024, Personal Property premium rate change increased 7.3% versus Q4 2023. Personal Property premium rate change increased 2.1% versus Q3 2024.

Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.7%, 11.1%, 9.3% and 9.0% respectively. Relative to Q3 2024, all provinces experienced an uptrend in premium rate change. Alberta, Ontario, Quebec and the Atlantic Provinces saw significant increases in premium rate change quarter over quarter with 1.4%, 4.2%, and 5.5% and 3.3% respectively.
Personal Property lines experienced increased year-over-year premium rate change year across all provinces. Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 7.1%, 4.7%, 9.0%, 8.6%, 4.4% and 7.9% respectively. Relative to Q3 2024, Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 2.0%, 1.3%, 1.9%, 6.5%, 1.7% and 2.4% respectively.

“Coming out of the most destructive season in Canadian history for insured losses, the Q4 2024 results show that the premium rate index continues to climb for both Personal Auto and Personal Property, demonstrating sustained market conditions,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As we begin 2025, the Applied Rating Index will continue tracking premium rate changes and serving as a guide for renewal and pricing decisions.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

Access the complete quarterly report here.

# # #

Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

MIL-OSI: authID Launches PrivacyKey™, Embedding Groundbreaking Privacy and Compliance in Its Biometric Identity Authentication Platform

Source: GlobeNewswire (MIL-OSI)

The unmatched speed and accuracy of authID’s Proof and Verified identity authentication solutions now provide enterprises with care-free compliance that eliminates the issues and risks associated with biometric data storage.

DENVER, Jan. 28, 2025 (GLOBE NEWSWIRE) — authID® (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today announced the release of PrivacyKey ^™, a first-of-its-kind solution for protecting user biometric data while also avoiding all the compliance issues and risks related to biometric information storage. With the addition of PrivacyKey, authID serves as the ideal partner for organizations that previously delayed or avoided implementation of biometric solutions due to concerns over liability or potential user apprehension regarding privacy. This technology also prevents duplicate registrations without storing actual images of users’ faces.

authID’s Proof™ solution for onboarding users captures images of physical identification documents and faces, validates both for liveness and authenticity, then matches up the facial images for positive identification, all with market-leading speed and accuracy. Historically, authID has retained an encrypted hash of the calculus of each face for subsequent authentication through its Verified™ solution. With PrivacyKey, available with authID’s Proof and Verified platform Version 4.0, authID stores no biometric data whatsoever, thereby ensuring user privacy and regulatory compliance while providing authID customers absolute confidence in the security measures they implement to authenticate and verify identities.

PrivacyKey also features critical key-management capabilities that ensure the highest level of user protection and privacy. Enterprises using the platform can rotate and revoke keys with ease, ensuring the keys are accessible only to those who are authorized to access them. This offers authID customers a level of security no other biometric authentication solution can offer.

“We’ve never stored any biometric data that could be reverse-engineered into a face. Today we’re innovating even further to satisfy even the most stringent compliance concerns,” explained Rhon Daguro, CEO of authID. “By leveraging technology that retains no biometric artifact whatsoever, authID provides secure verification that enterprises can trust, all at 700ms processing speeds and with one-in-one billion false-match accuracy. Companies that use authID will have cutting-edge security and data privacy compliance because PrivacyKey™ eliminates biometric data storage.”

While biometric authentication usage is on the rise, fears of any collected biometric data being vulnerable to theft or misuse persist as the primary barrier to adoption. This leads to consumers and even employees opting out of participating in biometric systems, regardless of guarantees that their data is safe from breaches or resale. An increasing number of states and countries are also enacting laws limiting or even banning biometric data retention, meaning companies incur additional legal burdens. With the addition of PrivacyKey^™, authID provides assurance to users as well as their organizations, and broadens the market for its best-in-class biometric platform.

“Identity verification products based on personally-identifiable information are always vulnerable to data breaches, but authID’s platform subtracts that risk, allowing businesses to leverage biometric signals that can’t be breached and can’t be phished,” said Erick Soto, authID Chief Product Officer. “At time of identity proofing and onboarding, we utilize the facial biometric to create a public and private key pair. We immediately destroy the private key, and store only the public key. Each time that an onboarded user authenticates with their face, we recreate the private key, which is then matched to the public key with an encrypted message for verification. And during a search, even the keys are only matched within their organization’s ecosystem, not the universe.”

“With PrivacyKey^™, users don’t have to worry about their facial biometrics being at risk in our cloud, and our customers avoid compliance risks, since there’s nothing to steal,” added Daguro. “We provide the ultimate in data privacy protection.”

For more information and a video demonstration of PrivacyKey, click here. For additional information, visit https://authid.ai/

About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com

Investor Relations Contacts

Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
Investor-Relations@authid.ai

MIL-OSI: Usio Issues Fiscal 2025 Guidance of 14-16% in Expected Revenue Growth as Core Full Year 2024 Electronic Payments Dollars Processed Volume Jumps 33% and Transactions Processed Grow 26%

Source: GlobeNewswire (MIL-OSI)

SAN ANTONIO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a cloud-based, integrated FinTech electronic payment solutions provider, today issued guidance for full year 2025. Usio estimates that revenues should increase by 14 – 16% from full year 2024 based on strong momentum generated by both full year and fourth quarter transactions and processing volume, as reported below.

Louis Hoch, President and Chief Executive Officer of Usio, said, “I am very pleased to report another increase in our recurring revenue base, which further solidifies our foundation and supports what we expect to be top and bottom-line growth in fiscal 2025. We believe that the strength of our business is demonstrated by our ability to grow most of our operating metrics by double-digits in 2024 including replacing $12 million of 2023 revenue generated by the expired NYC Covid vaccination card program. As we grow, we continue to optimize our inherent operating leverage such that we also believe 2025 will result in increasing EBITDA¹ margins as a percentage of revenue. The results from our operating metrics that we are reporting today clearly illustrates our focus on creating value for shareholders and the value that our customers are realizing in our products and services.”

Fourth Quarter 2024 Processing Results

Card Processing, Including PayFac
	vQ4 23	vQ3 24
Credit Card Dollars Processed	+15%	+5%
Credit Card Transactions Processed	+34%	+14%

Led by PayFac, both transaction and dollar processing growth accelerated sequentially compared to the third quarter of 2024 and year-over-year and set a quarterly Card Processing record for both dollars and transactions processed.

Prepaid
	vQ4 23	vQ3 24
Prepaid Card Load Volume	-2%	-20%
Prepaid Card Transaction Volume	+36%	-24%
Prepaid Card Purchase Volume	+7%	-15%

Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads.

ACH
	vQ4 23	vQ3 24
Electronic Check Transaction Volume	+34%	+15%
Returned Check Transactions Processed	+27%	+16%
Electronic Check Dollars Processed	+44%	-6%

Electronic check transaction volume and dollars processed in the fourth quarter increased year-over-year, marking the fifth consecutive quarter of year-over-year growth.

Output Solutions
	vQ4 23	vQ3 24
Transactions/pieces processed & mailed	-10%	-6%
Electronic documents processed and delivered	+86%	+6%

Total mail pieces processed and delivered by Output Solutions in Q4 exceeded 5.4 million, and electronic only documents delivered exceeded 20 million.

Full Year 2024 Processing Results

Card Processing, Including PayFac	v2023
Credit Card Dollars Processed	+10%
Credit Card Transactions Processed	+24%

Total dollars processed for Card was $1.5 billion for the year, a new full-year record. Total transactions processed for Card exceeded 17 million and also set a new full-year record.

Prepaid
	v2023
Prepaid Card Load Volume	+35%
Prepaid Card Transaction Volume	+45%
Prepaid Card Purchase Volume	+26%

Total dollars loaded on prepaid cards exceeded $500 million in 2024, a new full-year record. Transaction volume exceeded 11 million and set a new full-year record. Purchase volume also set a new full-year record exceeding $250 million.

ACH
	v2023
Electronic Check Transaction Volume	+18%
Returned Check Transactions Processed	+17%
Electronic Check Dollars Processed	+42%

ACH performance continues to improve sequentially and is expected to sustain attractive growth characteristics in fiscal 2025.

Output Solutions
	v2023
Transactions/pieces processed & mailed	-4%
Electronic documents processed and delivered	+115%

Total pieces processed and mailed by Output Solutions in 2024 exceeded 24.5 million. Total electronic only documents, including statements, bills and other documents, processed and delivered exceeded 80.2 million which was more than double the amount of all of 2023.

All Payment Divisions Combined

For the full year 2024, total dollars processed reached $7.1 billion, a 33% increase, while total transactions processed totaled 46.8 million, reflecting 26% growth. This marks a new full-year record for transactions.

Mr. Hoch continued, “The large ERP ISV that we announced in May of last year has been very slow to implement as previously communicated, and we now know why. At the end of last week, we received a notification of the customer’s intent not to continue forward with their relationship with Usio due to the sale of their company. Financially, we recorded less than $100K in revenue and gross income of less than $7K in 2024 from the relationship. Our expectations for 2025 previously forecasted little financial contribution from this account due to their slow pace of implementation. As we look forward to 2025, I am encouraged by the backlog of both PayFac and Card signed deals expected to be implemented this year. We also have a strong pipeline of sales prospects. Output Solutions is well positioned with the addition of new, faster equipment, increased capacity and an acceleration electronic document delivery volume. This investment is expected to build on Output’s more than doubling the number of electronic documents it processed and delivered in 2024 compared to 2023.”

Guidance for Fiscal Year 2025

2025 revenues should increase 14 – 16% from full year 2024 based on strong yearly recurring transactions and processing volume and should generate 5 – 7 percentage of revenue in Adjusted EBITDA¹. Usio is a company that executes and continues to grow year-over-year, generating positive cash flows and has a very healthy balance sheet with almost no debt. 2025 should continue to build upon our previous years of success.

Usio will report fiscal year 2024 financial results on or before March 28, 2024.

¹Please see reconciliation of GAAP to Non-GAAP Financial Measures.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook^® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, as defined in Regulation G adopted by the Securities and Exchange Commission, of EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business.

The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles.
The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions.
The Company defines adjusted EBITDA margins as adjusted EBITDA, as defined above, divided by total revenues.
The Company defines adjusted operating cash flow as net cash provided by (used in) operating activities, less changes in prepaid card load obligations, customer deposits, merchant reserves and net operating lease assets and obligations. These adjustments to net cash provided by (used in) operating activities are not inclusive of any regular expense items, and only include changes in our assets and liabilities accounts on our consolidated balance sheet. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.

Management believes EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.

EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, net income, or cash provided by (used in) operating activities, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow have limitations as analytical tools and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

Contact:

Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804

MIL-OSI: BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

Source: GlobeNewswire (MIL-OSI)

BAYONNE, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 24, 2025 to common shareholders of record on February 7, 2025.

“We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

Executive Summary

Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.
Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.
- Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.
- Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.
The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.
The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.
The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.
The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.
The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.
Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

Balance Sheet Review

Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023.

Total investment securities increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

Fourth Quarter 2024 Income Statement Review

Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at December 31, 2024 and December 31, 2023.

Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

Year-to-Date Income Statement Review

Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

Asset Quality

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024, as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

About BCB Bancorp, Inc.

BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four New York branch offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels and higher interest rates concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, and supply chain disruptions.. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; the impact of any future pandemics or other natural disasters; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.


	Statements of Income – Three Months Ended,
	December 31, 2024			September 30, 2024		December 31, 2023		Dec 31, 2024 vs. Sept 30, 2024		Dec 31, 2024 vs. Dec 31, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	41,431		$	42,857	$	43,893	-3.3	%	-5.6	%
Mortgage-backed securities		473			303		293	56.1	%	61.4	%
Other investment securities		978			994		991	-1.6	%	-1.3	%
FHLB stock and other interest-earning assets		3,771			4,472		4,527	-15.7	%	-16.7	%
Total interest and dividend income		46,653			48,626		49,704	-4.1	%	-6.1	%

Interest expense:
Deposits:
Demand		5,866			5,686		5,015	3.2	%	17.0	%
Savings and club		156			146		177	6.8	%	-11.9	%
Certificates of deposit		12,218			13,670		13,308	-10.6	%	-8.2	%
		18,240			19,502		18,500	-6.5	%	-1.4	%
Borrowings		6,219			6,079		7,282	2.3	%	-14.6	%
Total interest expense		24,459			25,581		25,782	-4.4	%	-5.1	%

Net interest income		22,194			23,045		23,922	-3.7	%	-7.2	%
Provision for credit losses		4,154			2,890		1,927	43.7	%	115.6	%

Net interest income after provision for credit losses		18,040			20,155		21,995	-10.5	%	-18.0	%

Non-interest income income (loss) :
Fees and service charges		1,187			1,196		1,445	-0.8	%	-17.9	%
(Loss) gain on sales of loans		(554	)		35		11	-1682.9	%	-5136.4	%
Realized and unrealized gain (loss) on equity investments		(661	)		1,132		1,029	-158.4	%	-164.2	%
Bank-owned life insurance (“BOLI”) income		636			652		597	-2.5	%	6.5	%
Other		330			112		69	194.6	%	378.3	%
Total non-interest income		938			3,127		3,228	-70.0	%	-70.9	%

Non-interest expense:
Salaries and employee benefits		7,117			7,139		7,974	-0.3	%	-10.7	%
Occupancy and equipment		2,483			2,591		2,606	-4.2	%	-4.7	%
Data processing and communications		1,754			1,681		1,721	4.3	%	1.9	%
Professional fees		599			618		987	-3.1	%	-39.3	%
Director fees		269			351		274	-23.4	%	-1.8	%
Regulatory assessment fees		769			666		1,142	15.5	%	-32.7	%
Advertising and promotions		212			182		403	16.5	%	-47.4	%
Other real estate owned, net		–			–		4	0.0	%	-100.0	%
Other		1,164			701		1,457	66.0	%	-20.1	%
Total non-interest expense		14,367			13,929		16,568	3.1	%	-13.3	%

Income before income tax provision		4,611			9,353		8,655	-50.7	%	-46.7	%
Income tax provision		1,339			2,685		2,593	-50.1	%	-48.4	%

Net Income		3,272			6,668		6,062	-50.9	%	-46.0	%
Preferred stock dividends		475			475		182	-0.0	%	160.7	%
Net Income available to common stockholders	$	2,797		$	6,193	$	5,880	-54.8	%	-52.4	%

Net Income per common share-basic and diluted
Basic	$	0.16		$	0.36	$	0.35	-54.9	%	-52.9	%
Diluted	$	0.16		$	0.36	$	0.35	-54.9	%	-53.0	%

Weighted average number of common shares outstanding
Basic		17,056			17,039		16,876	0.1	%	1.1	%
Diluted		17,108			17,064		16,884	0.3	%	1.3	%

	Statements of Income – Twelve Months Ended,
	December 31, 2024			December 31, 2023			Dec 31, 2024 vs. Dec 31, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	172,046		$	169,559		1.5	%
Mortgage-backed securities		1,378			880		56.6	%
Other investment securities		3,953			4,226		-6.5	%
FHLB stock and other interest-earning assets		16,632			13,695		21.4	%
Total interest and dividend income		194,009			188,360		3.0	%

Interest expense:
Deposits:
Demand		22,158			16,915		31.0	%
Savings and club		620			620		0.0	%
Certificates of deposit		55,442			39,157		41.6	%
		78,220			56,692		38.0	%
Borrowings		23,768			27,606		-13.9	%
Total interest expense		101,988			84,298		21.0	%

Net interest income		92,021			104,062		-11.6	%
Provision for credit losses		11,570			6,104		89.5	%

Net interest income after provision for credit losses		80,451			97,958		-17.9	%

Non-interest income:
Fees and service charges		4,717			5,334		-11.6	%
(Loss) gain on sales of loans		(5,325	)		36		-14891.7	%
Realized and unrealized gain (loss) on equity investments		379			(3,361	)	-111.3	%
Bank-owned life insurance (“BOLI”) income		2,634			1,751		50.4	%
Other		535			251		113.1	%
Total non-interest income		2,940			4,088		-28.1	%

Non-interest expense:
Salaries and employee benefits		28,229			30,827		-8.4	%
Occupancy and equipment		10,247			10,340		-0.9	%
Data processing and communications		6,960			6,968		-0.1	%
Professional fees		2,416			2,735		-11.7	%
Director fees		1,151			1,083		6.3	%
Regulatory assessments		3,530			3,585		-1.5	%
Advertising and promotions		863			1,348		-36.0	%
Other real estate owned, net		–			7		-100.0	%
Other		3,725			3,698		0.7	%
Total non-interest expense		57,121			60,591		-5.7	%

Income before income tax provision		26,270			41,455		-36.6	%
Income tax provision		7,647			11,972		-36.1	%

Net Income		18,623			29,483		-36.8	%
Preferred stock dividends		1,832			702		160.9	%
Net Income available to common stockholders	$	16,791		$	28,781		-41.7	%

Net Income per common share-basic and diluted
Basic	$	0.99		$	1.71		-42.1	%
Diluted	$	0.99		$	1.70		-42.0	%

Weighted average number of common shares outstanding
Basic		17,007			16,870		0.8	%
Diluted		17,018			16,932		0.5	%

Statements of Financial Condition	December 31, 2024			September 30, 2024			December 31, 2023			Dec 31, 2024 vs. Sept 30, 2024		Dec 31, 2024 vs. Dec 31, 2023
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	14,075		$	12,617		$	16,597		11.6	%	-15.2	%
Interest-earning deposits		303,207			230,506			262,926		31.5	%	15.3	%
Total cash and cash equivalents		317,282			243,123			279,523		30.5	%	13.5	%

Interest-earning time deposits		735			735			735		–		–
Debt securities available for sale		101,717			98,169			87,769		3.6	%	15.9	%
Equity investments		9,472			10,133			9,093		-6.5	%	4.2	%
Loans held for sale		–			250			1,287		-100.0	%	-100.0	%
Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608, respectively		2,996,259			3,087,914			3,279,708		-3.0	%	-8.6	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost		24,272			24,732			24,917		-1.9	%	-2.6	%
Premises and equipment, net		12,569			12,008			13,057		4.7	%	-3.7	%
Accrued interest receivable		15,176			16,496			16,072		-8.0	%	-5.6	%
Deferred income taxes		17,181			17,370			18,213		-1.1	%	-5.7	%
Goodwill and other intangibles		5,253			5,253			5,253		0.0	%	0.0	%
Operating lease right-of-use asset		12,686			13,438			12,935		-5.6	%	-1.9	%
Bank-owned life insurance (“BOLI”)		76,040			75,404			73,407		0.8	%	3.6	%
Other assets		10,476			8,745			10,428		19.8	%	0.5	%
Total Assets	$	3,599,118		$	3,613,770		$	3,832,397		-0.4	%	-6.1	%

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
Non-interest bearing deposits	$	520,387		$	528,089		$	536,264		-1.5	%	-3.0	%
Interest bearing deposits		2,230,471			2,196,491			2,442,816		1.5	%	-8.7	%
Total deposits		2,750,858			2,724,580			2,979,080		1.0	%	-7.7	%
FHLB advances		455,361			466,424			472,811		-2.4	%	-3.7	%
Subordinated debentures		42,961			67,042			37,624		-35.9	%	14.2	%
Operating lease liability		13,139			13,878			13,315		-5.3	%	-1.3	%
Other liabilities		12,874			13,733			15,512		-6.3	%	-17.0	%
Total Liabilities		3,275,193			3,285,657			3,518,342		-0.3	%	-6.9	%

STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		–			–			–		–		–
Additional paid-in capital preferred stock		24,723			29,763			25,043		-16.9	%	-1.3	%
Common stock: no par value, 40,000 shares authorized		–			–			–		0.0	%	0.0	%
Additional paid-in capital common stock		200,935			200,605			198,923		0.2	%	1.0	%
Retained earnings		141,853			141,770			135,927		0.1	%	4.4	%
Accumulated other comprehensive loss		(5,239	)		(5,678	)		(7,491	)	-7.7	%	-30.1	%
Treasury stock, at cost		(38,347	)		(38,347	)		(38,347	)	0.0	%	0.0	%
Total Stockholders’ Equity		323,925			328,113			314,055		-1.3	%	3.1	%

Total Liabilities and Stockholders’ Equity	$	3,599,118		$	3,613,770		$	3,832,397		-0.4	%	-6.1	%

Outstanding common shares		17,063			17,048			16,904

	Three Months Ended December 31,
		2024						2023
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)		Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable⁽⁴⁾⁽⁵⁾	$	3,081,846	$	41,431	5.38	%	$	3,311,946	$	43,893	5.30	%
Investment Securities		110,447		1,451	5.26	%		93,638		1,284	5.48	%
Other Interest-earning assets⁽⁶⁾		309,804		3,771	4.87	%		323,064		4,527	5.61	%
Total Interest-earning assets		3,502,097		46,653	5.33	%		3,728,648		49,704	5.33	%
Non-interest-earning assets		124,554						124,809
Total assets	$	3,626,651					$	3,853,457
Interest-bearing liabilities:
Interest-bearing demand accounts	$	551,971	$	2,682	1.94	%	$	578,890	$	2,184	1.51	%
Money market accounts		380,136		3,184	3.35	%		359,366		2,832	3.15	%
Savings accounts		254,093		156	0.25	%		288,108		177	0.25	%
Certificates of Deposit		1,048,341		12,218	4.66	%		1,140,656		13,307	4.67	%
Total interest-bearing deposits		2,234,541		18,240	3.27	%		2,367,020		18,500	3.13	%
Borrowed funds		508,113		6,219	4.90	%		622,860		7,282	4.68	%
Total interest-bearing liabilities		2,742,654		24,459	3.57	%		2,989,880		25,782	3.45	%
Non-interest-bearing liabilities		560,345						557,156
Total liabilities		3,302,999						3,547,036
Stockholders’ equity		323,652						306,420
Total liabilities and stockholders’ equity	$	3,626,651					$	3,853,457
Net interest income			$	22,194					$	23,922
Net interest rate spread⁽¹⁾					1.76	%					1.88	%
Net interest margin⁽²⁾					2.53	%					2.57	%

^{(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.}
^{(2) Net interest margin represents net interest income divided by average total interest-earning assets.}
^{(3) Annualized.}
^{(4) Excludes allowance for credit losses.}
^{(5) Includes non-accrual loans.}
^{(6) Includes Federal Home Loan Bank of New York Stock.}

	Year Ended December 31,
		2024						2023
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)		Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable⁽⁴⁾⁽⁵⁾	$	3,196,538	$	172,046	5.38	%	$	3,281,334	$	169,559	5.17	%
Investment Securities		99,733		5,331	5.35	%		100,000		5,106	5.11	%
Other interest-earning assets⁽⁶⁾		308,248		16,632	5.40	%		270,659		13,695	5.06	%
Total Interest-earning assets		3,604,519		194,009	5.38	%		3,651,993		188,360	5.16	%
Non-interest-earning assets		124,441						123,652
Total assets	$	3,728,960					$	3,775,645
Interest-bearing liabilities:
Interest-bearing demand accounts	$	553,013	$	9,701	1.75	%	$	658,023	$	8,426	1.28	%
Money market accounts		372,205		12,457	3.35	%		334,353		8,489	2.54	%
Savings accounts		264,430		620	0.23	%		305,778		620	0.20	%
Certificates of Deposit		1,153,235		55,442	4.81	%		980,617		39,157	3.99	%
Total interest-bearing deposits		2,342,883		78,220	3.34	%		2,278,771		56,692	2.49	%
Borrowed funds		511,916		23,768	4.64	%		594,564		27,606	4.64	%
Total interest-bearing liabilities		2,854,799		101,988	3.57	%		2,873,335		84,298	2.93	%
Non-interest-bearing liabilities		554,037						602,691
Total liabilities		3,408,836						3,476,026
Stockholders’ equity		320,124						299,618
Total liabilities and stockholders’ equity	$	3,728,960					$	3,775,644
Net interest income			$	92,021					$	104,062
Net interest rate spread⁽¹⁾					1.81	%					2.22	%
Net interest margin⁽²⁾					2.55	%					2.85	%

^{(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.}
^{(2) Net interest margin represents net interest income divided by average total interest-earning assets.}
^{(3) Annualized.}
^{(4) Excludes allowance for credit losses.}
^{(5) Includes non-accrual loans.}
^{(6) Includes Federal Home Loan Bank of New York Stock.}

	Financial Condition data by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023

	(In thousands, except book values)
Total assets	$	3,599,118		$	3,613,770		$	3,793,941		$	3,849,195		$	3,832,397
Cash and cash equivalents		317,282			243,123			326,870			352,448			279,523
Securities		111,189			108,302			94,965			96,189			96,862
Loans receivable, net		2,996,259			3,087,914			3,161,925			3,226,877			3,279,708
Deposits		2,750,858			2,724,580			2,935,239			2,991,659			2,979,080
Borrowings		498,322			533,466			510,710			510,573			510,435
Stockholders’ equity		323,925			328,113			320,732			320,131			314,055
Book value per common share¹	$	17.54		$	17.50		$	17.17		$	17.24		$	17.10
Tangible book value per common share²	$	17.23		$	17.19		$	16.86		$	16.93		$	16.79

	Operating data by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for per share amounts)
Net interest income	$	22,194		$	23,045		$	23,639		$	23,143		$	23,922
Provision for credit losses		4,154			2,890			2,438			2,088			1,927
Non-interest income (loss)		938			3,127			(3,234	)		2,109			3,228
Non-interest expense		14,367			13,929			13,987			14,838			16,568
Income tax expense		1,339			2,685			1,163			2,460			2,593
Net income	$	3,272		$	6,668		$	2,817		$	5,866		$	6,062
Net income per diluted share	$	0.16		$	0.36		$	0.14		$	0.32		$	0.35
Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16

	Financial Ratios(3)
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
Return on average assets		0.36	%		0.72	%		0.30	%		0.61	%		0.63	%
Return on average stockholders’ equity		4.04	%		8.29	%		3.52	%		7.46	%		7.91	%
Net interest margin		2.53	%		2.58	%		2.60	%		2.50	%		2.57	%
Stockholders’ equity to total assets		9.00	%		9.08	%		8.45	%		8.32	%		8.19	%
Efficiency Ratio⁴		62.11	%		53.22	%		68.55	%		58.76	%		61.02	%

	Asset Quality Ratios
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for ratio %)
Non-Accrual Loans	$	44,708		$	35,330		$	32,448		$	22,241		$	18,783
Non-Accrual Loans as a % of Total Loans		1.48	%		1.13	%		1.01	%		0.68	%		0.57	%
ACL as % of Non-Accrual Loans		77.8	%		98.2	%		108.6	%		155.4	%		178.9	%
Individually Analyzed Loans		83,399			66,048			60,798			65,731			54,019
Classified Loans		152,714			98,316			87,033			97,739			85,727

^{(1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.}
^{(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”}
^{(3) Ratios are presented on an annualized basis, where appropriate.}
^{(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”}

	Recorded Investment in Loans Receivable by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Residential one-to-four family	$	239,870		$	241,050		$	242,706		$	244,762		$	248,295
Commercial and multi-family		2,246,677			2,296,886			2,340,385			2,392,970			2,434,115
Construction		135,434			146,471			173,207			180,975			192,816
Commercial business		342,799			371,365			375,355			378,073			372,202
Home equity		66,769			67,566			66,843			65,518			66,331
Consumer		2,235			2,309			2,053			2,847			3,643
	$	3,033,784		$	3,125,647		$	3,200,549		$	3,265,145		$	3,317,402
Less:
Deferred loan fees, net		(2,736	)		(3,040	)		(3,381	)		(3,705	)		(4,086	)
Allowance for credit losses		(34,789	)		(34,693	)		(35,243	)		(34,563	)		(33,608	)

Total loans, net	$	2,996,259		$	3,087,914		$	3,161,925		$	3,226,877		$	3,279,708

	Non-Accruing Loans in Portfolio by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Residential one-to-four family	$	1,387		$	410		$	350		$	429		$	270
Commercial and multi-family		32,973			27,693			27,796			12,627			8,684
Construction		586			586			586			3,225			4,292
Commercial business		10,530			6,498			3,673			5,916			5,491
Home equity		231			123			43			44			46
Consumer		–			20			–			–			–
Total:	$	45,707		$	35,330		$	32,448		$	22,241		$	18,783

	Distribution of Deposits by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Demand:
Non-Interest Bearing	$	520,387		$	528,089		$	523,816		$	531,112		$	536,264
Interest Bearing		553,731			527,862			549,239			552,295			564,912
Money Market		395,004			366,655			371,689			361,791			370,934
Sub-total:	$	1,469,122		$	1,422,606		$	1,444,744		$	1,445,198		$	1,472,110
Savings and Club		252,491			255,115			258,680			272,051			284,273
Certificates of Deposit		1,029,245			1,046,859			1,231,815			1,274,410			1,222,697
Total Deposits:	$	2,750,858		$	2,724,580		$	2,935,239		$	2,991,659		$	2,979,080

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter

	Tangible Book Value per Share
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	323,925		$	328,113		$	320,732		$	320,131		$	314,055
Less: goodwill		5,253			5,253			5,253			5,253			5,253
Less: preferred stock		24,723			29,763			28,403			27,733			25,043
Total tangible common stockholders’ equity		293,949			293,097			287,076			287,145			283,759
Shares common shares outstanding		17,063			17,048			17,029			16,957			16,904
Book value per common share	$	17.54		$	17.50		$	17.17		$	17.24		$	17.10
Tangible book value per common share	$	17.23		$	17.19		$	16.86		$	16.93		$	16.79

	Efficiency Ratios
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for ratio %)
Net interest income	$	22,194		$	23,045		$	23,639		$	23,143		$	23,922
Non-interest income (loss)		938			3,127			(3,234	)		2,109			3,228
Total income		23,132			26,172			20,405			25,252			27,150
Non-interest expense		14,367			13,929			13,987			14,838			16,568
Efficiency Ratio		62.11	%		53.22	%		68.55	%		58.76	%		61.02	%

CONTACT:	MICHAEL SHRINER,
	PRESIDENT & CEO
	JAWAD CHAUDHRY,
	EVP & CFO
	(201) 823-0700

MIL-OSI: Locus Technologies and Sophare AI announce partnership to integrate compensation analytics into leading CSRD and ESG software platform

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, proudly announces its strategic partnership with Sophare AI to tackle one of the most complex aspects of ESG: social and pay equity. This collaboration will empower organizations worldwide to address pressing regulatory and ethical challenges through innovative technology and unparalleled domain expertise–without jumping between multiple ESG apps and platforms, which adds time and expense to the disclosure process.

As part of this partnership, Sophare will extend Locus’s ESG software platform with new capabilities designed to address three critical areas:

European Union Pay Transparency Directive Compliance: Sophare’s AI-powered tools help organizations navigate and comply with the EU’s directive, which mandates companies with 100+ employees to disclose gender pay gaps and provide transparent pay structures by 2026.
Global Gender Pay Gap Reporting: With reporting requirements spreading across the EU, UK, Australia, and beyond, Sophare centralizes reporting of multi-jurisdictional compliance and uses AI and automation to streamline reporting.
Alignment with the UN’s Sustainable Development Goal (SDG) 5: Sophare AI empowers companies to align with SDG 5 by shining a light on data related to gender equality in leadership and employee compensation.

“This partnership aligns with Locus’s track record of working with professionals who bring deep domain expertise,” said Dr. Zvonimir Dadić, head of the CSRD Practice Group for Locus Technologies Europe. “Sophare’s founding team combines technical chops with a thoughtful approach to legal compliance, and we are pleased to be able to offer our clients this streamlined path to compliance.”

Sophare AI CEO, Siena Duplan, brings a decade of experience developing pay equity algorithms as a data scientist for Salesforce, one of the world’s leading Fortune 500 companies. Sophare’s co-founder and CTO has led a distinguished career in the UK Civil Service and brings extensive engineering experience developing services in hand with legal, compliance, and policy teams. Together, Sophare AI and Locus Technologies will pursue their shared commitment to sustainability and equity, driven by data science.

“Compliance in HR is often seen as a box-ticking exercise, but it’s actually a gateway to bringing organizations into the era of AI,” said Duplan. “HR compliance in particular is a prime opportunity to tap into AI and automation for both significant productivity gains and to deliver a transparent workplace where employees can thrive. Our next-gen data solutions put social and pay equity on par with financial and environmental health.”

This partnership underscores Locus’s commitment to creating an integrated, end-to-end ESG software solution that stays ahead of a rapidly evolving regulatory landscape and helps organizations surmount the biggest obstacles to compliance. Together, Locus and Sophare are transforming the “S” in ESG into a driver for meaningful, measurable impact. To learn more about Locus’s CSRD and ESG software, including the new Sophare AI functionality, please contact us.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit https://www.locustec.com or email info@locustec.com.

About Sophare AI
Sophare AI uses advanced data analytics and machine learning to help organizations achieve lasting pay equity and comply with global pay transparency regulations. Sophare takes a thoughtful approach to legal compliance and business practices, relying on deep expertise in employment laws and regulations across different countries. The company carefully analyzes these requirements to develop the best data models and strategies to help customers meet compliance standards. Deciding how to adapt its services and operations to meet legal requirements is a core part of how Sophare operates. Sophare currently supports global gender pay gap reporting and other cross-border HR compliance requirements. Sophare AI is also seeking partners to co-develop an AI-driven workforce scenario planning tool. Sophare AI is headquartered in San Francisco, California. Please visit sophare.ai or email team@sophare.ai for more information.

Media Contact:
Brenda Mahedy
Locus Technologies
media@locustechnologies.net

MIL-OSI: 1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones

Source: GlobeNewswire (MIL-OSI)

Press Release

1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones

Deal swaps out competitors and includes Nokia Evolved Packet Core (EPC), Nokia IMS Voice Core, and Nokia NetGuard security solutions.
EPC will be deployed in eight countries, including Australia, the UK, and the US, while Nokia IMS Voice Core will be rolled out in three markets, including the Netherlands.

XX January 2025

Espoo, Finland – 1GLOBAL, a leading communications services provider and MVNO active in nine major markets across the globe, has selected Nokia core and security solutions to help the operator enhance and optimize network operations in existing markets like the UK and US, while rolling out services in new territories such as Brazil, South America’s largest telecoms market.

Hakan Koç, co-Founder & CEO of 1GLOBAL, said: “Our mission at 1Global is to offer device and communications solutions that connect people, networks, and devices instantly and at scale anywhere around the world. We are pleased to partner with Nokia to further strengthen 1GLOBAL’s network operations. This will enable us to roll out new services that elevate our network quality and the overall customer experience more quickly, securely, and flexibly. Technological excellence and delivering value to our customers are at the heart of everything we do at 1Global. Nokia shares this vision, which makes them a great partner for us as we execute the next phase of 1Global’s ambitious growth strategy.”

1GLOBAL will use several Nokia products to enhance its networks, including Nokia Evolved Packet Core, Nokia IMS Voice Core, and Nokia NetGuard security solutions. 1GLOBAL will employ Nokia Evolved Packet Core to more effectively manage data traffic running through its networks, including internet access and data calls. It will be deployed in several markets, including Australia, the Netherlands, the UK, and the US.

Nokia IMS Voice Core, a fully cloud-native architecture with flexible scaling, will improve 1GLOBAL’s time to market and provisioning of new voice, video, and messaging services. Nokia IMS Voice Core will help 1GLOBAL optimize its network management through automation while providing the company with the flexibility to choose the infrastructure of its choice, a key pillar of Nokia’s multi-cloud strategy.

1GLOBAL will also utilize NetGuard Endpoint Detection and Response (EDR) to protect against rising cyber threats. NetGuard EDR is a telco-specific threat detection product that provides real-time, automated monitoring of network infrastructure for rapid detection and mitigation of security incidents.

Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are thrilled to take this important step of providing 1GLOBAL with several Nokia solutions that will upgrade its core network infrastructure and applications to be fully cloud-native, and deliver a more advanced, secure, and reliable network experience for its subscribers.”

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.

Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

About 1 Global

1GLOBAL empowers its partners and clients with transformative technologies, strategic communications solutions and future-proof connectivity. By pioneering global connectivity solutions, 1GLOBAL leads the new generation of digital transformation with a suite of products designed to revolutionize communication and compliance across borders. Every offering reflects our unwavering commitment to excellence for Enterprise Clients, IoT Customers, Mobile Operators, Financial Institutions and many more global businesses.

Media inquiries
Nokia Press Office
Email: Press.Services@nokia.com

Follow us on social media
LinkedIn X Instagram Facebook YouTube