NewzIntel.com

Category: Americas

  • MIL-OSI: Bel Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2025.

    First Quarter 2025 Highlights

    • Net sales of $152.2 million compared to $128.1 million in Q1-24. Excluding $32.4 million of contribution from Enercon, organic sales down 6.4% from Q1-24.
    • Gross profit margin of 38.6%, up from 37.5% in Q1-24
    • GAAP net earnings attributable to Bel shareholders of $17.9 million versus $15.9 million in Q1-24
    • Non-GAAP net earnings attributable to Bel shareholders of $16.8 million versus $17.0 million in Q1-24
    • Adjusted EBITDA of $30.9 million (20.3% of sales) as compared to $22.4 million (17.5% of sales) in Q1-24
    • Announced Farouq Tuweiq’s appointment as Bel’s President and CEO, to be effective immediately following the Company’s Annual Meeting of Shareholders (to be held in May 2025)
       

    “We are pleased with our first quarter results, which benefitted from our increased exposure within the defense and commercial aerospace industries and strength in the emerging AI end market,” said Daniel Bernstein, President and CEO. “These factors helped to mitigate the seasonality around Chinese New Year which has historically dictated the trend for our first quarter. Looking ahead at our underlying business demand, we generally expect continued strength in the defense, space and AI end markets throughout the year, which are anticipated to mitigate lower volumes going into the rail, e-Mobility and consumer markets,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Looking to the second quarter, we are operating in a highly dynamic environment and there is difficulty in predicting the moving target of tariffs and assessing the corresponding impact given ongoing and potential future changes. As Bel generally designs and manufactures its products within close geographic proximity to our customers, we estimate that approximately 75% of our global sales are not currently subject to the recent U.S. tariffs that have been imposed. We estimate that ~10% of our consolidated sales relate to product that is manufactured in China and shipped into the U.S., and this is the subset of our revenue where certain customers have requested a pause on orders while the supply chain awaits additional clarity on the longer-term tariff policy with China. Based on information available today, GAAP net sales in the second quarter of 2025 are projected to be in the range of $145 to $155 million, with gross margin in the range of 37% to 39%. This guidance for the second quarter, which is typically solely based on our underlying business demand and existing orders on hand, has been modified downward to take into account approximately $8-10 million of what we believe is a reasonable allowance for potential downside impact from China-related tariffs and a lower expected volume of intraquarter turns. The team will continue to closely monitor the evolving tariff landscape and assess potential alternatives that are within our control,” concluded Mr. Tuweiq.

    Mr. Bernstein continued, “With my upcoming transition to the role of non-executive Chairman of the Board in May, it has been a privilege to be part of Bel’s journey over the past 45 years. The success of the Company is based solely on the dedication of all of our associates, past and present, and it has been an honor to lead such a talented group of associates during my tenure as President and CEO. I am confident about Bel’s future under the leadership of Farouq and the Executive team,” concluded Mr. Bernstein.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Friday, April 25, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13753007 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the second quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about uncertainty of the evolving tariff landscape, associated difficulties in forecasting, expectations regarding future clarity on tariff policy, the Company’s estimates concerning Bel’s global sales and recently imposed tariffs, and the Company’s intention to continue to monitor the tariff landscape and assess potential alternatives; statements about anticipated continued strength in certain end markets, and views on the effects on the Company’s overall future performance; statements about the Company’s upcoming management transition; and statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel’s November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel’s products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel’s customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including Bel’s substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition of new or increased tariffs and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, the ongoing implementation and modification of tariffs, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures

    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    Net sales   $ 152,238     $ 128,090  
    Cost of sales     93,419       80,012  
    Gross profit     58,819       48,078  
    As a % of net sales     38.6 %     37.5 %
                     
    Research and development costs     7,222       5,215  
    Selling, general and administrative expenses     29,507       24,944  
    As a % of net sales     19.4 %     19.5 %
    Restructuring charges     (2,933 )     65  
    Income from operations     25,023       17,854  
    As a % of net sales     16.4 %     13.9 %
                     
    Interest expense     (4,152 )     (434 )
    Interest income     275       1,115  
    Other income, net     2,639       1,817  
    Earnings before income taxes     23,785       20,352  
                     
    Provision for income taxes     5,463       4,478  
    Effective tax rate     23.0 %     22.0 %
    Net earnings   $ 18,322     $ 15,874  
    As a % of net sales     12.0 %     12.4 %
                     
    Less: Net earnings attributable to noncontrolling interest     838       –  
    Redemption value adjustment attributable to noncontrolling interest     (390 )     –  
    Net earnings attributable to Bel Fuse Shareholders   $ 17,874     $ 15,874  
                     
    Weighted average number of shares outstanding:                
    Class A common shares – basic and diluted     2,115       2,139  
    Class B common shares – basic and diluted     10,457       10,610  
                     
    Net earnings per common share:                
    Class A common shares – basic and diluted   $ 1.36     $ 1.19  
    Class B common shares – basic and diluted     1.43     $ 1.26  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

                 
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        March 31, 2025     December 31, 2024  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 65,927     $ 68,253  
    Held to maturity U.S. Treasury securities     950       950  
    Accounts receivable, net     103,643       111,376  
    Inventories     164,815       161,370  
    Other current assets     33,090       31,581  
    Total current assets     368,425       373,530  
    Property, plant and equipment, net     47,271       47,879  
    Right-of-use assets     24,962       25,125  
    Related-party note receivable     3,270       2,937  
    Equity method investment     9,856       9,265  
    Goodwill and other intangible assets, net     436,438       439,984  
    Other assets     50,234       51,069  
    Total assets   $ 940,456     $ 949,789  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 46,110     $ 49,182  
    Operating lease liability, current     8,540       7,954  
    Other current liabilities     56,585       70,933  
    Total current liabilities     111,235       128,069  
    Long-term debt     280,000       287,500  
    Operating lease liability, long-term     17,349       17,763  
    Other liabilities     73,937       75,295  
    Total liabilities     482,521       508,627  
    Redeemable noncontrolling interests     81,034       80,586  
    Stockholders’ equity     376,901       360,576  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 940,456     $ 949,789  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    Cash flows from operating activities:                
    Net earnings   $ 18,322     $ 15,874  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     6,684       3,684  
    Stock-based compensation     1,179       804  
    Amortization of deferred financing costs     295       26  
    Deferred income taxes     (1,412 )     (1,676 )
    Net unrealized gains on foreign currency revaluation     (3,663 )     (647 )
    Other, net     (518 )     (71 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     8,220       725  
    Unbilled receivables     (601 )     3,644  
    Inventories     (2,462 )     5,688  
    Accounts payable     (3,374 )     (7,575 )
    Accrued expenses     (11,058 )     (16,440 )
    Accrued restructuring costs     (4,508 )     (1,254 )
    Income taxes payable     4,107       4,971  
    Other operating assets/liabilities, net     (3,064 )     (1,603 )
    Net cash provided by operating activities     8,147       6,150  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (2,790 )     (2,929 )
    Purchases of held to maturity U.S. Treasury securities     –       (42,726 )
    Proceeds from held to maturity securities     –       30,374  
    Investment in related party notes receivable     (333 )     (492 )
    Proceeds from sale of property, plant and equipment     58       192  
    Net cash used in investing activities     (3,065 )     (15,581 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (829 )     (837 )
    Purchases of common stock     –       (6,283 )
    Proceeds of long-term debt     5,000       –  
    Repayments of long-term debt     (12,500 )     –  
    Net cash used in financing activities     (8,329 )     (7,120 )
                     
    Effect of exchange rate changes on cash and cash equivalents     921       (1,500 )
                     
    Net decrease in cash and cash equivalents     (2,326 )     (18,051 )
    Cash and cash equivalents – beginning of period     68,253       89,371  
    Cash and cash equivalents – end of period   $ 65,927     $ 71,320  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 2,277     $ 978  
    Interest payments   $ 4,207     $ 981  
    ROU assets obtained in exchange for lease obligations   $ 637     $ 2,951  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

                 
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q1-25     Q1-24     % Change     Q1-25     Q1-24     Basis Point Change  
    Power Solutions and Protection   $ 83,054     $ 60,247       37.9 %     42.6 %     44.0 %     (140 )
    Connectivity Solutions     50,730       54,285       -6.5 %     37.9 %     36.1 %     180  
    Magnetic Solutions     18,454       13,558       36.1 %     24.7 %     16.0 %     870  
    Total   $ 152,238     $ 128,090       18.9 %     38.6 %     37.5 %     110  
                                                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    GAAP Net earnings   $ 18,322     $ 15,874  
    Provision for income taxes     5,463       4,478  
    Other income/expense, net     (2,639 )     (1,817 )
    Interest income     (275 )     (1,115 )
    Interest expense     4,152       434  
    GAAP Operating Income   $ 25,023     $ 17,854  
    Restructuring charges     (2,933 )     65  
    Amortization of inventory step-up     958       –  
    Stock-based compensation     1,179       804  
    Non-GAAP Operating Income   $ 24,227     $ 18,723  
    Depreciation and amortization     6,684       3,684  
    Adjusted EBITDA   $ 30,911     $ 22,407  
    % of net sales     20.3 %     17.5 %
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     

    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

        Three Months Ended March 31, 2025     Three Months Ended March 31, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 23,785     $ 5,463     $ 17,874     $ 1.36     $ 1.43     $ 20,352     $ 4,478     $ 15,874     $ 1.19     $ 1.26  
    Restructuring charges     (2,933 )     (371 )     (2,562 )     (0.20 )     (0.21 )     65       –       65       –       –  
    Redemption value adjustment on redeemable NCI     –       –       (390 )     (0.03 )     (0.03 )     –       –       –       –       –  
    Amortization of inventory step-up     958       220       738       0.06       0.06       –       –       –       –       –  
    Stock-based compensation     1,179       243       936       0.07       0.08       804       166       638       0.05       0.05  
    Amortization of intangibles     3,686       648       3,038       0.23       0.24       1,394       264       1,130       0.09       0.09  
    Unrealized foreign currency exchange (gains) losses     (3,663 )     (868 )     (2,795 )     (0.21 )     (0.22 )     (899 )     207       (692 )     (0.05 )     (0.05 )
    Non-GAAP measures   $ 23,012     $ 5,335     $ 16,839     $ 1.28     $ 1.35     $ 21,716     $ 5,115     $ 17,015     $ 1.27     $ 1.35  
                                                                                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

           
    Bel Fuse Inc.
    Supplementary Information    (1)
    Reconciliation of GAAP Measures to Non-GAAP Measures    (2)(4)
    (in thousands, except per share data) (unaudited)
           
        Three Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                             
    GAAP measures   $ 22,883     $ 4,077     $ 18,806     $ 1.43     $ 1.50  
    Restructuring charges     638       153       485       0.04       0.04  
    Stock-based compensation     972       200       772       0.06       0.06  
    Amortization of intangibles     1,148       239       909       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     370       80       290       0.02       0.02  
    Non-GAAP measures   $ 26,011     $ 4,749     $ 21,262     $ 1.61     $ 1.70  
        Three Months Ended September 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                             
    GAAP measures   $ 11,188     $ 3,108     $ 8,080     $ 0.61     $ 0.65  
    Restructuring charges     1,087       154       933       0.07       0.07  
    Acquisition related costs     4,292       987       3,305       0.25       0.27  
    Stock-based compensation     1,007       208       799       0.06       0.06  
    Amortization of intangibles     1,152       239       913       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     1,075       266       809       0.06       0.06  
    Non-GAAP measures   $ 19,801     $ 4,962     $ 14,839     $ 1.13     $ 1.19  
                                             

    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    The MIL Network –

  • MIL-OSI Video: Department of State Press Briefing – April 24, 2025

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on Month April 24, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=f2n37rb6kKc

    MIL OSI Video –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Strengthens Probationary Periods to Improve the Federal Service

    Source: The White House

    ENHANCING FEDERAL WORKFORCE ACCOUNTABILITY: Today, President Donald J. Trump signed an Executive Order strengthening probationary periods in the federal service.

    • The Order establishes a new Civil Service Rule XI to govern probationary and trial periods for federal employees, superseding existing civil service regulations that limited agency discretion in evaluating such employees.
    • Instead of these employees becoming tenured civil servants by default, Rule XI requires agencies to affirmatively certify that finalizing their appointment after their probationary or trial period concludes advances the public interest.
      • This fulfills a longstanding Merit Systems Protection Board recommendation.
    • The Order mandates that agencies utilize probationary and trial periods (typically one year) to assess employees’ fitness and alignment with agency needs and the public interest.
    • It creates an individualized review process, requiring a designee of agency leadership to meet with probationary employees at least 60 days before their probationary period ends to discuss their performance and continued employment.
    • The Order allows the Office of Personnel Management (OPM) Director to establish an appeals process for probationary terminations in some circumstances.
    • The Order requires agencies to identify current probationary employees and designate evaluators within 15 days, ensuring accountability from the outset.

    ENSURING A HIGH-QUALITY FEDERAL WORKFORCE: President Trump believes a meaningful probationary process is essential to maintaining a merit-based federal workforce that serves the American people.

    • Probationary periods are a critical part of the hiring process to confirm an employee’s ability to perform their duties, yet agencies have underutilized this tool, resulting in the indefinite retention of underperforming staff.
    • The Government Accountability Office has documented that agencies often fail to screen out unsuitable employees during their probationary period, contrary to congressional intent in the Civil Service Reform Act of 1978.
    • Existing OPM regulations have hindered agencies by imposing unnecessary obstacles to terminating probationary employees and failing to require certification that continued employment benefits the public interest.
    • A high-quality, efficient federal workforce, dedicated to the public interest and no larger than necessary, is vital to serving taxpayers.
    • Strengthening probationary periods ensures federal employees are held to high standards.

    DRAINING THE SWAMP: The federal workforce must work for the American people, and thanks to President Trump, the federal bureaucracy is being held accountable.

    • Taxpayers will no longer be burdened by an oversized, unaccountable federal bureaucracy that fails to prioritize the public interest.
    • Last month, President Trump signed a Presidential Memorandum clarifying federal authority to take “suitability” actions against federal employees, ensuring accountability for bad conduct and preventing security risks both before and after appointment to federal service.
    • President Trump also signed the DOGE Workforce Optimization Executive Order to make the federal workforce more efficient and effective, significantly reducing the size of government.
    • This Executive Order builds on the President’s longstanding power to create Civil Service Rules to govern probationary periods in the federal government.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Investigates Unlawful “Straw Donor” and Foreign Contributions in American Elections

    Source: The White House

    INVESTIGATING “STRAW” DONORS: Today, President Donald J. Trump signed a Presidential Memorandum to crack down on illegal “straw donor” and foreign contributions in American elections, following reports and congressional investigations regarding potentially unlawful activities through ActBlue and other online fundraising platforms.

    • The Memorandum directs the Attorney General to investigate and take appropriate action concerning allegations regarding the use of online fundraising platforms to make “straw” or “dummy” contributions and to make foreign contributions to U.S. political candidates and committees, all of which break the law.
    • Specifically, the Memorandum notes that a congressional investigation revealed significant fraud schemes using ActBlue and, over a 30-day period during the 2024 election cycle, hundreds of ActBlue donations from foreign IP addresses using prepaid cards, despite it being illegal for foreign nationals to contribute to U.S. elections.
    • It instructs the Attorney General to report the results of the investigation to the President, through the Counsel to the President. 

    PROTECTING AMERICAN DEMOCRACY: President Trump is taking action to address malign actors and foreign nationals who seek to illegally influence American elections, undermining the integrity of our electoral process.

    • Recently uncovered evidence suggests that online fundraising platforms are being used to launder excessive and prohibited contributions to political candidates and committees.
    • Bad actors have sought to evade Federal source and amount limitations by breaking down large contributions into smaller ones, often attributing them to numerous individuals without their consent or knowledge.
    • These “straw donations” are frequently made through “dummy” accounts, using methods such as gift cards or prepaid credit cards to avoid detection.
    • ActBlue has become notorious for its lax standards that enable unverified and fraudulent donations. 
    • A recent House of Representatives investigation found that ActBlue detected at least 22 “significant fraud campaigns” in recent years—nearly half of which had a foreign nexus.
      • Over a 30-day window during the 2024 election cycle, ActBlue detected 237 donations from foreign IP addresses using prepaid cards.
      • The investigation revealed that ActBlue trained employees to “look for reasons to accept contributions,” even in the face of suspicious activity.
    • Until recently, ActBlue accepted political contributions without requiring a card verification value (CVV), making it easy to contribute without identity verification.
      • Before addressing this issue in response to a congressional investigation, ActBlue tested whether this would hurt its fundraising.
    • Numerous state attorneys general have opened investigations into ActBlue over suspicious donations made through obscured identities and untraceable means.

    MAKING ELECTIONS SECURE AGAIN:  Voters deserve elections they can trust, and that confidence is being restored thanks to President Trump. 

    • President Trump is following through on his promise to secure our elections.
      • President Trump: “We’re going to fix our elections so that our elections are going to be honorable and honest.”
      • President Trump: “We will secure our elections, and they will be secure once and for all.”
    • President Trump recently signed an Executive Order to protect the integrity of American elections.
    • Unlike the Biden Administration, which prioritized political agendas over fair elections, President Trump is putting the American people back in charge.

    MIL OSI USA News –

  • MIL-OSI Global: It’s World Immunization Week. How prepared is Canada if vaccines are needed for a new pandemic?

    Source: The Conversation – Canada – By Kelley Lee, Professor and Tier 1 Canada Research Chair in Global Health Governance; Scientific Co-Director, Bridge Research Consortium, Simon Fraser University

    With the global resurgence of many vaccine-preventable diseases, World Immunization Week (April 24-30) provides a timely opportunity for Canadians to reflect on the goal of “Immunization for All.”

    The World Health Organization (WHO) raises awareness each year of the importance of equitable access to lifesaving and health-protecting vaccines. More than 154 million lives worldwide over the past 50 years have been saved by vaccines, excluding vaccines for COVID-19, malaria, influenza, human papilloma virus, and other deadly diseases.

    Immunization programs underpin 14 of the 17 United Nations Sustainable Development Goals. The global eradication of smallpox, 99 per cent reduction of wild polio cases since 1988, and 40 per cent reduction in infant mortality are why vaccines are celebrated among public health’s greatest achievements

    Continued benefits from vaccines under threat in Canada

    Supported by a universal health-care system, strong public health infrastructure, and publicly funded programs, Canada has enjoyed a century of decline in diseases such as measles, diphtheria and pertussis thanks to vaccines.

    Recent trends, however, are cause for concern. A decline in vaccine confidence, worsening since the COVID-19 pandemic, challenges of access and the inclusion of vaccines in partisan political rhetoric have led to reduced vaccine uptake.

    In 2024, 17 per cent of Canadian parents were “really against” vaccinating their children, up from four per cent in 2019. The measles outbreak in Ontario, with more than 800 cases and 61 hospitalizations, are real consequences of these choices. The Council of Canadian Academies estimated that COVID-19 misinformation cost Canada more than 2,800 lives and $300 million in additional health-care and economic losses.

    Vaccines for future pandemics

    The spectre of a new pandemic looms with the spread of highly pathogenic avian influenza (H5N1). In the United States, infections in dairy cattle and on poultry farms continue.

    With vaccination likely playing a critical role in any public health response, the dismantling of parts of the American public health infrastructure, defunding of vaccine research and ramping up of political rhetoric against vaccines is highly concerning. The United States’s withdrawal from global health, including the termination of funding to GAVI, the Vaccine Alliance and WHO, is likely to profoundly harm global immunization programs and pandemic preparedness.

    Canada must take stock of this changing landscape. Chief Public Health Officer Theresa Tam’s 2024 report, Realizing the Future of Vaccination for Public Health, sets out a clear framework for realizing the full potential of vaccination in Canada.
    In addition to major investments in new vaccine development and biomanufacturing in Canada, this public health framework is designed to support a better co-ordinated national immunization system, concerted efforts to address public trust, and efforts to improve equitable access.

    Need for a national immunization registry

    The lack of integration of Canada’s fragmented immunization data across provinces and territories makes it more challenging to plan vaccine rollouts, identify coverage gaps or rapidly track adverse events after immunization. The Canadian Public Health Association and others have long called for a comprehensive and harmonized immunization registry as essential for a modern and responsive system.

    A national framework for vaccine data collection would allow policymakers and practitioners to make evidence-informed decisions in real time.

    Supporting public trust

    Sustaining high vaccination coverage begins with public trust in science, government and public health. While most people still trust science and scientists, what constitutes trustworthy sources of information has become a serious problem.

    Insufficient transparency around vaccine development, regulation and monitoring of adverse reactions needs addressing. Concerns about the rapid pace of scientific advances, including the 100-days mission to produce an effective vaccine for a future pandemic, must be recognized.

    With so many new vaccines expected to roll out in coming years, including new frontiers in neurodegenerative disorders and vaccines for certain cancers, a harmonized vaccine schedule would foster public trust. In this context, vaccine misinformation has become a serious problem.

    Centring equitable access and design

    The COVID-19 pandemic showed how structural inequalities reduced the ability to access vaccines.

    Initiatives during the pandemic to support equitable access — such as mobile clinics, culturally appropriate information and community-led initiatives — increased uptake. These approaches need to be extended to routine vaccination.

    Moreover, building supportive environments means incorporating an “equity by design” approach, which applies regulatory tools and systems design to support vaccine equity, from discovery to rollout means that the ability to keep vaccines refridgerated cold chains or needle delivery, for example, do not contribute to disparities of access.

    Bridge Research Consortium

    The Bridge Research Consortium (BRC) is a multidisciplinary team of social scientists and humanities scholars established in 2024 to understand the social and behavioural factors that influence new vaccine uptake in Canada.

    Bridging understandings across the “pipeline” for developing new vaccines and therapeutics, and the public health system, the BRC supports tailored and equity-informed strategies that enhance public trust and equitable access. We will hear directly from communities across the country, identify concerns in real-time, and co-develop approaches that reflect diverse perspectives. We plan to achieve this through demystifying how vaccines are developed and produced, holding deliberative dialogues that bring together diverse perspectives on challenging topics, and creating a travelling science exhibit. World Immunization Week is a timely reminder of the importance of this work to enable Canada to realize the potential benefits of vaccines.

    Immunity and Society is a new series from The Conversation Canada that presents new vaccine discoveries and immune-based innovations that are changing how we understand and protect human health. Through a partnership with the Bridge Research Consortium, these articles — written by academics in Canada at the forefront of immunology and biomanufacturing — explore the latest developments and their social impacts.

    Kelley Lee receives funding from the Canada’s Biomedical Research Fund, Canada Foundation for Innovation, and British Columbia Knowledge Development Fund to support the work of the Bridge Research Consortium. The BRC is one of 19 projects funded to support Canada’s Biomanufacturing and Life Sciences Strategy. She also receives funding from the Canadian Institutes of Health Research and New Frontiers in Research Fund to conduct research on pandemic preparedness and response. She currently serves as a Commissioner on the National University of Singapore-The Lancet Pandemic Readiness, Implementation, Monitoring and Evaluation (PRIME) Commission.

    Ève Dubé receives funding from the Canada’s Biomedical Research Fund, Canada Foundation for Innovation, to support the work of the Bridge Research Consortium. The BRC is one of 19 projects funded to support Canada’s Biomanufacturing and Life Sciences Strategy. She also receives funding from the Canadian Institutes of Health Research and the Fonds de recherche du Québec to conduct research on vaccine acceptance.

    Janice E. Graham receives funding from CIHR and PHAC.

    Noni MacDonald receives funding from CIHR, CIRN grants related to immunization as well as PHAC and CPHA consultation fees related to immunization. She is a member of the Canadian Paediatric Society and the International Pediatric Society, a donor to Canadian Public Health Association and WHO, and on board of the journal Vaccine.

    – ref. It’s World Immunization Week. How prepared is Canada if vaccines are needed for a new pandemic? – https://theconversation.com/its-world-immunization-week-how-prepared-is-canada-if-vaccines-are-needed-for-a-new-pandemic-254186

    MIL OSI – Global Reports –

  • MIL-OSI USA: SPC Tornado Watch 167

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL7

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 167
    NWS Storm Prediction Center Norman OK
    335 PM CDT Thu Apr 24 2025

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Oklahoma Panhandle
    Texas Panhandle and South Plains

    * Effective this Thursday afternoon and evening from 335 PM until
    1100 PM CDT.

    * Primary threats include…
    A couple tornadoes possible
    Scattered large hail and isolated very large hail events to 4
    inches in diameter likely
    Isolated damaging wind gusts to 70 mph possible

    SUMMARY…Widely scattered thunderstorms are forecast to rapidly
    develop this afternoon into the early evening. Environmental shear
    and buoyancy combinations strongly favor intense, discrete
    supercells. Large to giant hail will be probable with any
    supercell. The tornado risk will likely focus for a few hours
    during the early evening near a residual outflow boundary draped
    over parts of the Watch area.

    The tornado watch area is approximately along and 60 statute miles
    east and west of a line from 30 miles northeast of Guymon OK to 60
    miles southeast of Lubbock TX. For a complete depiction of the watch
    see the associated watch outline update (WOUS64 KWNS WOU7).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 166…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 4 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 550. Mean
    storm motion vector 29015.

    …Smith

    SEL7

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 167
    NWS Storm Prediction Center Norman OK
    335 PM CDT Thu Apr 24 2025

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Oklahoma Panhandle
    Texas Panhandle and South Plains

    * Effective this Thursday afternoon and evening from 335 PM until
    1100 PM CDT.

    * Primary threats include…
    A couple tornadoes possible
    Scattered large hail and isolated very large hail events to 4
    inches in diameter likely
    Isolated damaging wind gusts to 70 mph possible

    SUMMARY…Widely scattered thunderstorms are forecast to rapidly
    develop this afternoon into the early evening. Environmental shear
    and buoyancy combinations strongly favor intense, discrete
    supercells. Large to giant hail will be probable with any
    supercell. The tornado risk will likely focus for a few hours
    during the early evening near a residual outflow boundary draped
    over parts of the Watch area.

    The tornado watch area is approximately along and 60 statute miles
    east and west of a line from 30 miles northeast of Guymon OK to 60
    miles southeast of Lubbock TX. For a complete depiction of the watch
    see the associated watch outline update (WOUS64 KWNS WOU7).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 166…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 4 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 550. Mean
    storm motion vector 29015.

    …Smith

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW7
    WW 167 TORNADO OK TX 242035Z – 250400Z
    AXIS..60 STATUTE MILES EAST AND WEST OF LINE..
    30NE GUY/GUYMON OK/ – 60SE LBB/LUBBOCK TX/
    ..AVIATION COORDS.. 50NM E/W /8WSW LBL – 57SE LBB/
    HAIL SURFACE AND ALOFT..4 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 550. MEAN STORM MOTION VECTOR 29015.

    LAT…LON 36980003 33050005 33050212 36980220

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU7.

    Watch 167 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (40%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (20%)

    Wind

    Probability of 10 or more severe wind events

    Mod (30%)

    Probability of 1 or more wind events > 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    High (70%)

    Probability of 1 or more hailstones > 2 inches

    High (70%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI USA: Volcano Watch — Tilt, Tremor, and Lava: Remembering Mauna Loa’s 2022 Eruption Onset

    Source: US Geological Survey

    Volcano Watch is a weekly article and activity update written by U.S. Geological Survey Hawaiian Volcano Observatory scientists and affiliates.

    Interferometric Synthetic Aperture Radar (InSAR) image of Mauna Loa spanning November 16 to December 2, 2022. Concentric patterns of colored fringes indicate the complex pattern of deformation during the 2022 Mauna Loa eruption. Lava flows are shown by light red areas and summit tiltmeter site locations are shown with white circles.

    Many residents remember Mauna Loa—the largest active volcano on Earth—roaring awake after decades of slumber with a dynamic summit and Northeast Rift Zone (NERZ) eruption in late 2022. Geophysical instruments recorded many major, and even subtle, details the night of the 2022 Mauna Loa eruption onset. Here we’ll explore some of these monitoring data observations that give us clues as to what was happening beneath the surface.

    Around 10:20 p.m. HST on November 27, 2022, the USGS Hawaiian Volcano Observatory (HVO) monitoring networks detected rapid changes in Mauna Loa’s summit area. A swarm of small, shallow earthquakes occurred beneath the caldera and just south of the summit, lasting about an hour. At the same time, tiltmeters at Mauna Loa’s summit began to record significant ground deformation—a sign that magma was moving rapidly toward the surface.

    By 10:50 p.m., a tiltmeter designated MOK and located on the northeast rim of Mokuʻāweoweo (Mauna Loa’s summit caldera), measured inflationary tilt of over 100 microradians—pointing downwards to the northwest and away from the summit, which indicated that magma was continuing to rise upward from below. Tremor, a seismic signal often associated with magma movement, was also detected just minutes later.

    At 11:21 p.m. HST, the eruption began. Webcam imagery confirmed fissures had opened within Mokuʻāweoweo, and that lava was flooding the caldera floor. Almost immediately, the MOK tiltmeter showed rapid deflation, reflecting that magma from the summit reservoir was spilling out onto the surface.

    Meanwhile another tiltmeter designated SLC and located southwest of the summit—just above Mauna Loa’s Southwest Rift Zone (SWRZ)—began to show dramatic changes as well. By the early morning of November 28, the instrument had recorded over 500 microradians of tilt towards the north and northwest, and, soon after, it went off-scale because the amount of tilting was higher that it was designed to measure. The magnitude and direction of these readings were puzzling, as they weren’t exactly what would be expected if magma migrated toward the SWRZ, but any movement on this tiltmeter was concerning.  Such a scenario could result in lava flows threatening communities downslope, such as Hawaiian Ocean View Estates or others on the south Kona coast.

    However, no deformation was seen at a tiltmeter farther down the SWRZ (designated BLB), which suggested that the magma had not continued in that direction. Instead, the eruptive activity shifted northeast, and vents opened along Mauna Loa’s NERZ, feeding lava flows that mostly traveled north-northeast towards the Humuʻula Saddle. The eruption remained there until its end in mid-December. The large tilt magnitude measured at SLC was instead interpreted as a response to the summit reservoir’s extent and draining, not a sign of rift zone intrusion.

    As the eruption continued, significant deflation was recorded at summit GPS stations. Between November 27 and December 10, 2022, the summit caldera subsided nearly 40 centimeters (16 inches). This signal decreased with distance away from the summit, but even sites on Mauna Loa’s flanks measured several centimeters of subsidence. Satellite radar imagery from Interferometric Synthetic Aperture Radar (InSAR) showed additional complex patterns of ground movement, which indicate where magma either reached the surface or was very close to the surface.

    The effects of the eruption were not limited to just Mauna Loa. GPS stations on neighboring volcanoes on the Island of Hawai’i, including Kīlauea and Hualālai, recorded small but measurable motion in response to deflation of Mauna Loa during the active 2022 eruption. Some stations at Kīlauea began migrating northwest—toward Mauna Loa—within a single day of the eruption starting. This inter-volcano response illustrates how Mauna Loa’s activity can affect stress fields across the island and potentially influence other volcanic systems.

    Currently, instruments on Mauna Loa show low levels of seismicity and only minor inflation near the summit as the volcano recovers from the 2022 eruption and magma replenishes the reservoir system. Still, we know Mauna Loa will only slumber for so long, and another eruption will occur years or decades into the future. But the public can rest assured, while Kīlauea continues to erupt with its impressive lava fountains, HVO scientists are also continuing to closely monitor and study the now-quiet Mauna Loa behind the scenes as well as other volcanoes in Hawaii and American Samoa. 

    Volcano Activity Updates

    Kīlauea has been erupting episodically within the summit caldera since December 23, 2024. Its USGS Volcano Alert level is WATCH.

    The summit eruption at Kīlauea volcano that began in Halemaʻumaʻu crater on December 23 continued over the past week. Low-level precursory activity of episode 18 began the evening of April 16, and the 10-hour fountaining phase began the morning of April 22.  Episode 18 fountains from the south vent reached heights over 600 feet (200 meters) while minor activity occurred at the north vent. Since the end of episode 18, the summit region has showed inflation suggesting another episode is possible. Sulfur dioxide emission rates are elevated in the summit region during active eruption episodes. No unusual activity has been noted along Kīlauea’s East Rift Zone or Southwest Rift Zone. 

    Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.

    One earthquake was reported felt in the Hawaiian Islands during the past week: a M2.7 earthquake 3 km (1 mi) SSE of Leilani Estates at 6 km (4 mi) depth on April 17 at 8:55 p.m. HST.

    HVO continues to closely monitor Kīlauea and Mauna Loa.

    Please visit HVO’s website for past Volcano Watch articles, Kīlauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 168

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL8

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 168
    NWS Storm Prediction Center Norman OK
    400 PM CDT Thu Apr 24 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Far Southeast New Mexico
    West Texas

    * Effective this Thursday afternoon and evening from 400 PM until
    1000 PM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 3
    inches in diameter possible
    Scattered damaging wind gusts to 70 mph possible

    SUMMARY…Isolated thunderstorms are forecast to develop through the
    late afternoon and early evening. The stronger storms will likely
    become supercellular and pose mainly a threat for large to very
    large hail.

    The severe thunderstorm watch area is approximately along and 70
    statute miles east and west of a line from 65 miles north northwest
    of Big Spring TX to 25 miles west southwest of Dryden TX. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU8).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 166…WW 167…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    3 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    31015.

    …Smith

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW8
    WW 168 SEVERE TSTM NM TX 242100Z – 250300Z
    AXIS..70 STATUTE MILES EAST AND WEST OF LINE..
    65NNW BGS/BIG SPRING TX/ – 25WSW 6R6/DRYDEN TX/
    ..AVIATION COORDS.. 60NM E/W /37S LBB – 66SSE FST/
    HAIL SURFACE AND ALOFT..3 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 31015.

    LAT…LON 33080072 29900143 29900376 33080314

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU8.

    Watch 168 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low ( 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Mod (40%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (70%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI Africa: Chikunga leads SA delegation at Brazil BRICS Women Ministerial Meeting

    Source: South Africa News Agency

    Minister in the Presidency responsible for Women, Youth and Persons with Disabilities, Sindisiwe Chikunga, is leading South Africa’s delegation to the BRICS Women Ministerial Meeting at the Itamaraty Palace in Brasília, Brazil.

    The Ministerial meeting, taking place on Thursday, is one of several high-level engagements under the 2025 BRICS Presidency, led by Brazil, and is themed: “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”.

    The meeting will bring together Ministers responsible for gender and women’s affairs across BRICS member states (Brazil, Russia, India, China, and South Africa) to advance multilateral cooperation on women’s empowerment and gender-responsive governance.

    The BRICS Women Ministerial Meeting was first conceptualised during South Africa’s BRICS Presidency in 2023, when South Africa proposed the institutionalisation of a platform for Ministers responsible for women’s affairs.

    This initiative aimed to integrate gender equality and women’s empowerment more centrally into BRICS multilateralism. Since then, both Russia in 2024, and Brazil in 2025, have continued the momentum, hosting sessions that advance this collaborative agenda.

    The 2025 Ministerial will focus on three priority areas:
    •    Women, Development and Entrepreneurship,
    •    Digital Governance, Misogyny and Disinformation, and
    •    Women’s Empowerment, Climate Action and Sustainable Development.

    The Department of Women, Youth and Persons with Disabilities said Chikunga will participate in all three thematic debates scheduled for the Ministerial Meeting, where she will contribute to discussions on women’s economic empowerment, digital governance, and climate resilience.

    “Her participation underscores South Africa’s commitment to ensuring that gender equality is mainstreamed across all areas of governance, policy, and development within the BRICS framework. These themes reflect shared challenges and ambitions across the BRICS countries, particularly in the context of inclusive economic development, digital rights, and sustainability.

    “The meeting offers a strategic space for exchanging policy approaches, aligning efforts, and strengthening collective commitments to gender justice. South Africa’s participation is consistent with its broader commitment to women development, social inclusion, and multilateral solidarity,” the department said in a statement on Thursday. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: President Ramaphosa calls for comprehensive, unconditional ceasefire

    Source: South Africa News Agency

    By Dikeledi Molobela

    President Cyril Ramaphosa has called on both Ukraine and Russia to commit to a comprehensive and unconditional ceasefire, paving the way for meaningful dialogue and negotiations between the two nations. 

    The President emphasised that South Africa stands ready to continue to support all credible and inclusive multilateral efforts aimed at achieving a just, sustainable and comprehensive peace. 

    “We call upon all parties, both Russia and Ukraine, to ensure that there is a comprehensive ceasefire, an unconditional ceasefire, so that discussions and negotiations can start between the two countries. 

    “President Zelensky, as he himself would say, told me that as Ukraine, they are ready to engage in discussions and negotiations with Russia and they are also ready to have a comprehensive, unconditional ceasefire. This we believe is the best way towards ending the war between Russia and Ukraine,” he said. 

    President Ramaphosa, together with his Ukrainian counterpart, President Volodymyr Zelenskyy, addressed a media briefing at the Union Buildings following official talks on Thursday. 

    Zelenskyy, who had to cut his visit short due to an overnight attack in his country, was in South Africa on his first official visit. 

    This engagement follows President Ramaphosa’s visit to Ukraine in June 2023 as part of the African Peace Initiative, which also saw African leaders meeting with both Zelenskyy and Russian President Vladimir Putin to table a 10-point peace proposal. 

    READ | Africa’s peace mission ‘historic’ – President Ramaphosa

    President Ramaphosa emphasised that South Africa’s own journey from apartheid to democracy has taught the nation the value of engaging all parties in a conflict to achieve peaceful, just, and lasting solutions.

    “If there is one thing that our history has taught us, it is that diplomacy and dialogue are more powerful than any weapon that anyone can use. 
     
    “It is this understanding that informed South Africa’s participation in the African Peace Initiative and South Africa’s subsequent participation in the Ukraine Peace Formula,” he said. 

    Answering a question on whether Ukraine may need to cede part of its territory to Russia, President Ramaphosa said he views this as a precondition; however, the focus should be on Ukraine’s commitment to an unconditional ceasefire, which is seen as a positive step for negotiations. 

    “I think what we should focus on is that there is a willingness and a commitment from Ukraine for an unconditional ceasefire. An unconditional ceasefire sets a very good and positive tone for negotiations to commence. It is a confidence-building measure that should be a key ingredient in a negotiation process. So, I see this as great progress,” the President said.

    During the media engagement, President Ramaphosa also said he spoke to United States of America President Donald Trump this morning to discuss the peace process in Ukraine, where they both agreed that the war should end as soon as possible.
     
    “We both agreed that the war should be brought to an end as soon as possible to prevent further death and destruction. President Trump and I also agreed to meet soon to address this, and relations between South Africa and the United States. We both spoke about the need to foster good relations between our two countries,” he said. 
     
    Earlier in the week, President Ramaphosa also had a call with President Vladimir Putin, where they both committed to working together towards a peaceful resolution of the Russia-Ukraine conflict.

    In response, President Zelenskyy extended his gratitude to South Africa, adding that the shared understanding that the war needs to end as soon as possible was a key focus during discussions with President Ramaphosa. 

    “When he had been on a visit to Ukraine, I remember him saying these very important words about the need to reach a ceasefire as soon as possible — an unconditional ceasefire. I agreed to it.

    “I said that everything depends on Russia’s intention and desire because it is in Moscow where they have to make a decision on silence, making relevant orders to the Russian army,” he said. 

    President Zelenskyy said Ukraine was ready for a ceasefire but was forced to defend itself in the face of Russian attacks.

    “Unfortunately, after that, Russia renewed its assaults on the front line, the strikes against the civilian infrastructure,” Zelenskyy said.

    Zelenskyy also expressed that his country has been fighting for its freedom in this full-scale war for more than three years now.

    “We have a very fresh Russian attack this day… Unfortunately we have got losses and destruction…I decided to shorten my visit to your beautiful country,” he said. 

    However, Zelenskyy said he leaves behind his Foreign Minister to attend all the meetings that have been planned. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: Gillibrand, Schumer, Torres Push The U.S. Consumer Product Safety Commission To Swiftly Finalize Federal Regulations For Lithium-Ion Batteries; Rule Would Make E-Bikes Safer

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Rechargeable Lithium-Ion Batteries Have Caused 1,000+ Fires And 34 Deaths Since 2019 In New York City Alone

    Rulemaking Would Protect Innocent Americans From The Dangers Of Cheap And Defective Imported Lithium-Ion Batteries 

    WASHINGTON, D.C. – Today, U.S. Senator Kirsten Gillibrand, Senate Minority Leader Chuck Schumer, and Representative Ritchie Torres are pushing the U.S. Consumer Product Safety Commission (CPSC) to move forward and finalize federal regulations for lithium-ion batteries by voting in favor of the notice of proposed rulemaking (NPRM) on Wednesday, April 30. CPSC’s decision to move forward on a vote comes after the members sent a letter to CPSC earlier this week advocating for this move.

    Lithium-ion batteries, which are commonly used in e-bikes, electric scooters, and other micromobility devices, are often manufactured abroad without being subject to acceptable safety standards. As a result, they commonly cause fires that lead to property damage or loss of life. Following an indefinite postponement of the meeting to advance federal regulations, the lawmakers called on the CPSC to issue a notice of proposed rulemaking (NPRM) – an official document explaining an agency’s plan to address a particular problem – on lithium-ion batteries as soon as possible in order to protect the lives of Americans who rely on e-bikes and e-scooters. CPSC scheduled a vote on the NPRM yesterday.

    The members noted in the letter, “Last year, we led the effort in Congress to reach a bipartisan compromise that would have authorized the Commission to enact safety standards based upon generally accepted voluntary standards for the use of lithium-ion batteries in micromobility products. We will continue fighting to pass the Setting Consumer Standards for Lithium-Ion Batteries Act, but as the legislation works its way through Congress, the Commission must do all it can to save lives and protect Americans from the poorly-made batteries from China that have caused harm.”

    The full text of the letter is available here and below.

    Dear Acting Chairman Feldman:

     We write to urge the U.S. Consumer Product Safety Commission (the “Commission”) to swiftly issue a notice of proposed rulemaking (“NPRM”) moving the proposed rule to establish a new safety standard for lithium-ion batteries used in micromobility products and electrical systems of micromobility products containing such batteries, which has received bipartisan support and would save countless lives. 

     As you know, last year, we led the effort in Congress to reach a bipartisan compromise that would have authorized the Commission to enact safety standards based upon generally accepted voluntary standards for the use of lithium-ion batteries in micromobility products. We will continue fighting to pass the Setting Consumer Standards for Lithium-Ion Batteries Act but as the legislation works its way through Congress, the Commission must do all it can to save lives and protect Americans from the poorly-made batteries from China that have caused harm.

    To that end, we were pleased to see CPSC formulate proposed safety standards that would address the risk of death and injury associated with lithium-ion batteries used in micromobility product electrical systems. A decisional meeting to issue a NPRM was scheduled for January 29, 2025, but has been indefinitely postponed. Given the public safety benefits that would arise from issuance and finalization of the NPRM, we strongly urge the Commission to move forward with advancing it as soon as possible. Any delay would not only impact consumers across the country, it would also put the safety and lives of our country’s finest heroes, our law enforcement and first responders, in danger. 

    Further, many of these cheap and defective lithium-ion batteries are manufactured in China without being subject to effective safety standards, ultimately causing fires or other safety hazards. In New York City alone, the New York City Fire Department reports rechargeable lithium-ion batteries have caused more than 1,000 fires since 2019, resulting in 523 injuries, 34 deaths & damage to over 650 hundreds of structures. In 2024, there were 279 e-bike and e-mobility device battery fires in NYC, a dramatic increase from the 30 that occurred in 2019. While the Administration and the Commission consider policy options to address economic relations with China, it is critical that the Commission advance this rulemaking as a means of protecting innocent Americans from the dangers of cheap and defective imported lithium-ion batteries.  

    As the Commission continues its work, we stand ready to work together to address this serious public safety concern. Thank you for your prompt attention to this important issue. 

    MIL OSI USA News –

  • MIL-OSI Canada: Seizure of contraband at Saskatchewan Penitentiary 

    Source: Government of Canada News

    April 24, 2025 – Prince Albert, Saskatchewan – Correctional Service Canada

    On April 23, 2025, as a result of the vigilance of staff members, packages containing contraband were seized.at Saskatchewan Penitentiary, a multi-level security federal institution.

    The contraband items seized included methamphetamine and THC. The total estimated institutional value of these seizures is $307,500.

    The Correctional Service of Canada (CSC) uses a number of tools to prevent drugs from entering its institutions. These tools include ion scanners and drug-detector dogs to search buildings, personal property, inmates, and visitors.

    CSC has also set up a telephone tip line for all federal institutions so that it may receive additional information about activities relating to security at CSC institutions. These activities may be related to drug use or trafficking that may threaten the safety and security of visitors, inmates, and staff members working at CSC institutions.

    The toll-free number, 1‑866‑780‑3784, helps ensure that the information shared is protected and that callers remain anonymous.

    MIL OSI Canada News –

  • MIL-OSI USA: DelBene, Davis, Sánchez Introduce Child and Dependent Care Tax Credit Enhancement Act

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Representatives Suzan DelBene (WA-01) Danny Davis (IL-07), and Linda Sánchez (CA-38) introduced the Child and Dependent Care Tax Credit Enhancement Act, legislation which would permanently expand the child and dependent care tax credit. The bill would raise the maximum credit from $1,050 to $4,000 for one child, and $2,100 to $8,000 for two or more children.

    The Child and Dependent Care Tax Credit (CDCTC) is the only tax credit that helps working parents offset the rising cost of child care. In 2021, Democrats successfully enhanced both the CDCTC and the Child Tax Credit because both credits are essential to support parents’ ability to provide for their families.

    The current CDCTC fails to meet the needs of tens of millions of working families. Very few families receive meaningful benefit from the credit due to the extremely low phase-out level of $15,000, the low expense limits, the non-refundable nature, and the loss of benefit due to inflation. The Tax Policy Center estimates that only 13% of families with children claimed the CDCTC in 2022.

    The bill increases the credit amount, expands eligibility to low-income families, makes the credit available to married couples who file separately due to high student loan debt, and retains the credit’s value over time by indexing it to inflation.

    High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country. Yet, child care places a major financial burden on American families. The price of child care can range from $5,357 to $17,171 per year depending on location and type of care. Astoundingly, the cost of center-based care for two children is more than the average mortgage in 41 states and more than the average annual rent in all 50 states plus DC.

    “Access to affordable child care is one of the biggest barriers families face. Enhancing the Child and Dependent Care Tax Credit will give parents the relief they need by supporting both families and care providers,” said DelBene. “This bill is a commonsense step toward making child care more accessible and affordable for every family.” 

    “High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country,” said Davis. “I am proud to lead the Child and Dependent Care Tax Credit Enhancement Act that would restore the 2021 credit so that families can receive up to $4,000 for child care for one child or up to $8,000 for two or more children, much better than the almost $600 that the typical family receives currently. This bill would strengthen the financial well-being of families and grow our economy. It is critical that Congress acts now to help working families.”

    “Working parents shouldn’t have to choose between earning a paycheck and caring for their kids,” said Sánchez. “Expanding the child care tax credit will make child care more affordable and accessible, so parents can focus on their work knowing their kids are being cared for.”

    “For families with young children, the cost of childcare is often unaffordable and impacts their economic opportunity—the cornerstone of child and family well-being. The Child and Dependent Care Tax Credit (CDCTC) Enhancement Act of 2025 is an important effort to update the CDCTC to ensure that more families can offset their child care costs. We are grateful to Rep. Danny Davis and his longstanding efforts to support children and families in his district and across the country, and also extend that appreciation to Reps. Suzan DelBene and Linda Sanchez,” said Diana Rauner, President, Start Early.

    “Often conflated with the child tax credit, the Child and Dependent Care Tax Credit is one of the only tax incentives that helps working families with their child care expenses. As the cost of care increases, many families must contend with whether their current job pays enough to justify their child care expenses,” said Radha Mohan, Executive Director, Early Care & Education Consortium. “For families where one parent must leave the workforce because they cannot afford the cost of care, this often hurts the family from an economic standpoint in the long run. The CDCTC Enhancement Act helps ensure that families do not have to make this choice by providing a credit to offset the cost of care. When paired with programs such as the Child Care and Development Block Grant, this bill will ensure that many families will have reduced their child care costs by over 50%.”

    “As almost any working family with young children will tell you, the cost of child care is a major source of financial stress, putting immense pressure on already tight budgets,” First Five Years Fund Executive Director Sarah Rittling. “The Child and Dependent Care Tax Credit Enhancement would make essential updates to the CDCTC to ensure more parents are able to keep more of what they earn to offset the high cost of care. We are grateful to Reps. Danny Davis, Suzan DelBene, and Linda Sanchez for their leadership and commitment to supporting families with young children.”

    “Affordable child care isn’t a luxury—it’s the backbone of our economy,” said Yelena Tsilker, Senior Government Relations and Advocacy Director at ZERO TO THREE. “Parents of infants now face child care bills that top $16,000 a year—higher than in-state college tuition in many states. The Child and Dependent Care Tax Credit Enhancement Act tackles that crisis head-on by making the CDCTC fully refundable and increasing the maximum credit, so families of every income can choose the high-quality care their babies need. This relief will keep parents in the workforce and help millions of children thrive. We applaud Representatives Davis, DelBene, and Sánchez for championing legislation that hard-working families have long awaited.” 

    The bill has been endorsed by the Center for Law and Social Policy; Child Care Aware of America; Early Care and Education Consortium; First Five Years Fund; First Focus Campaign for Children; MomsRising; National Association for the Education of Young Children; National Women’s Law Center Action Fund; Save the Children; Start Early; Society for Human Resource Management (SHRM); and ZERO TO THREE.

    This bill is led by Tina Smith (MN), Ron Wyden (OR), and Patty Murray (WA) in the Senate.

    A copy of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Commissioner Kristin N. Johnson: Africa Fintech Summit 2025 Keynote Remarks

    Source: US Commodity Futures Trading Commission

    It is a privilege to join you today to kick-off the Africa Fintech Summit of 2025. Twice a year this convening serves as one of the largest gatherings of Africa’s Fintech Community—connecting entrepreneurs, investors, and regulators during the International Monetary Fund/World Bank spring meeting week in Washington, DC. and in the fall in Africa. My tremendous thanks to the organizers and hosts. 
    As you arrived this morning, I am sure you were able to appreciate the perfect spring weather and blooming cherry blossoms that we ordered for you this week. There are few places in DC that are lovelier this time of year than where we sit, here in Georgetown. 
    In my career, I have learned about entrepreneurship from mentors and clients at the world’s largest investment banks, small start-ups, and family-founded businesses. My family’s history as entrepreneurs and informal investors in community small businesses dates to the mid-1800s here in the United States. Perhaps one day, I will have the opportunity to continue this tradition and help fund the businesses of innovative founders. 
    Today, I am a Commissioner at the U.S. Commodity Futures Trading Commission, nominated by former President Biden and unanimously confirmed by the United States Senate.[1] At the CFTC, we oversee U.S. markets and market participants for derivatives contracts that reference commodities. According to a Bank for International Settlements report, the notional value of the global derivatives market is over $730 trillion.[2] In recent years, courts and Congress have indicated intentions to expand the CFTC’s mandate to include oversight of emerging technologies, including distributed digital ledger technologies commonly referred to as blockchain technologies, digital assets, including cryptocurrencies, and certain platforms within the assemblage of technologies referred to as artificial intelligence. 
    African Fintech Firms Inspire a World of Innovation
    African fintech firms demonstrate curiosity, creativity, and driven commitment to deliver first-rate fintech products and services to consumers and businesses on the continent and around the world.   
    During my time as a CFTC Commissioner, I have traveled to South Africa, Kenya, Zambia, and Ghana to meet with fintech entrepreneurs. I have witnessed first-hand the exceptional creativity and curiosity that drives African fintech entrepreneurs. As you well know from CNBC’s announcement last year, six African fintech firms are among the world’s top fintech companies PalmPay, Flutterwave, Kuda, MTN, Piggvest, and Yoco.[3] African fintech firms have emerged from every corner of the continent. 
    In various stages of development—from incubators to early stages (pre-seed) capital raising to joint ventures with Google, Microsoft, and AWS—African fintech firms enhance financial accessibility, inclusivity, and consumer empowerment. These businesses integrate the most advanced technologies available, reflect global thought leadership in the potential for emerging technologies to reshape access and opportunities for both consumer and commercial finance, and create pathways for inclusion that have inspired creative consumer finance solutions around the globe.
    As you know well, the recipe for entrepreneurial success begins with a great idea. Yet, building opportunities in fast-moving, high-tech markets requires a number of critical inputs as well as conditions to facilitate growth and development. Entrepreneurs or innovators, funders or sources of capital, and, yes, regulators all have an important role to play in promoting responsible innovation and growth. It has been my pleasure to collaborate with regulators around the continent as they consider ways to spur innovation and growth. Last year, during my keynote remarks at the South African Reserve Bank Fintech Summit in Johannesburg[4] and at the beginning of this year in Ghana, I emphasized the opportunities for African fintech firms to innovate using AI in consumer finance. 
    The Rise of AI in Fintech
    As I noted in my opening remarks at The South African Reserve Bank Fintech Summit last year,
    While our markets have long relied upon AI for a variety of risk management and predictive pricing functions, we are witnessing rapid developments beyond reinforcement learning and neural networks in generative AI.
    Increasingly, diverse industries and sectors of our economy identify opportunities to integrate aspects of the assemblage of technologies that we commonly describe as AI or AI technologies. AI enables doctors to diagnose and map diseases earlier, faster, and with greater accuracy than ever before in the history of medicine. Farmers who cultivate crops that feed [] nation[s] may integrate AI to better manage access to vital resources such as freshwater, enabling more efficient irrigation, fertilization, and crop rotation leading to more sustainable farming.
    In our markets, AI offers similar efficiencies for faster trade execution and settlement, more accurate pricing prediction, and more precise risk management oversight. Markets have witnessed increasing adoption of AI including AI-driven investment advising, trade execution, risk management, and market surveillance.[5]
    Financial services firms are fully embracing the powers of AI, making increasingly large investments in infrastructure to support AI and expanding the roster of use cases. One economist estimates that investments in AI may reach $97 billion by 2027.[6] 
    Notable Challenges for Inclusion 
    As AI adoption expands across markets, however, there are a number of notable challenges. For many, the costs of relying on large language models or agentic AI will place these technologies beyond the resources of their businesses. 
    Accessibility and Inclusivity Challenges for Global Competitors 
    The high cost of developing advanced AI technologies and the infrastructure to support their use poses significant accessibility and inclusivity barriers, particularly disadvantaging smaller competitors and institutions in emerging markets. These barriers limit the widespread adoption of AI-driven financial solutions, which can disproportionately affect underserved and economically disadvantaged populations who could most benefit from improved financial services. This can make it exceptionally hard for emerging companies to incorporate AI into their services if the infrastructure does not already exist. To that end, we are seeing private companies form partnerships to make necessary investments to scale up AI capabilities in Africa, like Cassava Technologies, a global technology leader, and their partnership with Nvidia to develop Africa’s first AI factory in South Africa.[7] 
    At the Commission, we have also explored regulatory frameworks addressing AI’s role in financial markets through an ongoing conversation with market participants.[8] The Commission has acknowledged the potential for AI-driven systems to impact consumer protection indirectly through enhanced market integrity and risk management protocols, but it has also acknowledged the dangers that consumers can face.[9] 
    I have repeatedly emphasized the need to establish robust principles-based regulatory frameworks at the Commission to combat consumer-facing issues like AI-enabled market manipulation and fraud, through my repeated emphasis on the need to promote the explainability of AI models, the implementation of data controls and measures to address bias, clear governance frameworks for accountability and testing, and the establishment of an interagency task force and an AI Fraud Task Force to tackle fraud full force.[10] In particular, firms implementing this technology in consumer-facing ways must adhere to existing laws on fairness, transparency, and privacy.
    The Financial Stability Board (FSB) has highlighted the importance of international collaboration in setting standards for responsible AI use, advocating for coordinated frameworks that ensure consumer protection, fairness, and transparency in AI-powered financial services globally.[11] International collaboration amongst regulators can aid in streamlining the growing body of international standards which can be difficult to navigate and present a significant barrier to emerging companies. Meanwhile, countries like Singapore have also made significant strides in regulating and supporting consumer-facing AI applications through initiatives like the Monetary Authority of Singapore’s regulatory sandbox framework, allowing fintech startups to test AI-driven solutions in controlled environments, balancing innovation with consumer protection.[12]
    Africa’s Embrace of AI to Promote Accessibility, Consumer Interaction, and Further Innovation
    Through strategic partnerships between AI startups, larger corporations, and governmental agencies, increased access to advanced AI technologies and traditional financial services have been more readily obtainable. Sitoyo Lopokoiyit, CEO and founder of M-Pesa, and others demonstrate how strategic partnerships, cost-effective approaches, and mobile-first innovations can significantly reduce barriers, enabling broader AI adoption and the growth of consumer inclusive financial services. M-Pesa, a mobile money services platform, which hosts millions of customers and facilitates billions in transactions per year, may be used to deposit money into an account, “store it on … cell phones, send balances using PINs secured by SMS text messages, and enable buyers and sellers of goods to redeem and access purchases as well as deposits for regular money…. M-Pesa represents the potential to develop platforms that give customers access to banking services, reduce transaction costs, and otherwise overcome the endemic frictions that have challenged access to financial services for millions.”[13] 
    M-Pesa’s business model is particularly interesting because of how effectively it has created access for individuals who have historically lacked access to basic financial services. I previously traveled to Kenya to meet with the CEO and President of M-Pesa, as well as central bankers, the governor of the Central Bank of Kenya, and deputy governors and market regulators, to discuss the uptick in retail market participation and the considerations for consumer protection that come with the increased accessibility to financial markets. 
    Conclusion
    Continued partnerships between African fintech innovators, African regulators, and U.S. regulators and institutions can help foster shared growth and technological advancement for both parties. Such collaborations offer significant opportunities, combining African innovation in financial inclusion and mobile technologies with U.S. strengths in regulatory frameworks, research, and infrastructure. These synergistic relationships can enhance global fintech capabilities, drive inclusive economic growth, and promote greater financial stability and consumer protection worldwide.
    Conferences like the one we are participating in today are of vital importance to the notion of collaboration. The issues discussed, the connections made, and the lessons shared here today can help propel markets forward in a way that not only protects the consumer but also empowers the consumer.
    Thank you again for allowing me to join you today. I look forward to hearing from each of the panels and speakers and continuing to develop great relationships with the leading voices in fintech in Africa.

    [1] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

    MIL OSI USA News –

  • MIL-OSI: Credicorp Ltd.: Credicorp’s “1Q25 quiet period”

    Source: GlobeNewswire (MIL-OSI)

    Lima, April 24, 2025 (GLOBE NEWSWIRE) — Lima, PERU, April 24th, 2025 – Credicorp Ltd. (“Credicorp”) (NYSE: BAP | BVL: BAP) announces that in accordance with its corporate disclosure policies and to prevent any leaks of financial results and ensure fairness, the Company will start the quiet period for 1Q25’s earnings release on May 1st. This period will end on the date of the release, May 15th. During the quiet period, the Company will not disclose any financial information, comment on financial results, or respond to related questions.

    About Credicorp

    Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

    For further information, please contact the IR team:

    investorrelations@credicorpperu.com

    Investor Relations
    Credicorp Ltd.

    The MIL Network –

  • MIL-OSI: NCS Multistage Holdings, Inc. Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (Nasdaq: NCSM) will host a conference call to discuss its first quarter 2025 results on Thursday, May 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its first quarter 2025 earnings release the evening prior to the conference call.

    For those participants who wish to ask questions, please dial (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international) and enter the Conference ID: 7182351. A listen-only option is also available through this link. It is recommended that participants join at least 10 minutes prior to the event start. The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Contact:
    Michael Morrison
    Chief Financial Officer
    +1 281-453-2222
    IR@ncsmultistage.com

    The MIL Network –

  • MIL-OSI: South Plains Financial, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, April 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income for the first quarter of 2025 was $12.3 million, compared to $16.5 million for the fourth quarter of 2024 and $10.9 million for the first quarter of 2024.
    • Diluted earnings per share for the first quarter of 2025 was $0.72, compared to $0.96 for the fourth quarter of 2024 and $0.64 for the first quarter of 2024.
    • Average cost of deposits for the first quarter of 2025 was 219 basis points, compared to 229 basis points for the fourth quarter of 2024 and 241 basis points for the first quarter of 2024.
    • Net interest margin, on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024.
    • Nonperforming assets to total assets were 0.16% at March 31, 2025, compared to 0.58% at December 31, 2024 and 0.10% at March 31, 2024.
    • Return on average assets for the first quarter of 2025 was 1.16%, compared to 1.53% for the fourth quarter of 2024 and 1.04% for the first quarter of 2024.
    • Tangible book value (non-GAAP) per share was $26.05 as of March 31, 2025, compared to $25.40 as of December 31, 2024 and $23.56 as of March 31, 2024.
    • The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2025 were 17.93%, 13.59%, and 12.04%, respectively.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong first quarter results highlighted by solid deposit growth, healthy margin expansion as our cost of funds continued to improve, and loan growth that was in line with our expectations. Additionally, the credit quality of our loan portfolio continued to strengthen in the quarter which is a testament to our conservative culture and proactive approach to managing credit. While the outlook is uncertain, we believe that we are in an advantageous position relative to our peers and are actively looking to expand in both our metropolitan and rural markets. We have the liquidity, capital, and team to take advantage of opportunities that come our way. While the economy may slow and businesses may reduce their risk appetites, we will be ready to meet the needs of our customers in these uncertain times. We will also continue to add experienced lenders who fit our culture and want to bring their customers to a better, more stable bank. However, we will maintain our conservative credit culture and will never sacrifice credit quality for growth as we work to maintain the strong credit quality of our loan portfolio. While we see many opportunities to continue growing the Bank, we believe our share price does not reflect the value that we are creating. As a result, we spent $8.3 million to repurchase 250,000 shares in the first quarter, leaving approximately $7 million under our previously announced share repurchase program.”

    Results of Operations, Quarter Ended March 31, 2025

    Net Interest Income

    Net interest income was $38.5 million for the first quarter of 2025, compared to $38.5 million for the fourth quarter of 2024 and $35.4 million for the first quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024. The average yield on loans was 6.67% for the first quarter of 2025, compared to 6.69% for the fourth quarter of 2024 and 6.53% for the first quarter of 2024. The average cost of deposits was 219 basis points for the first quarter of 2025, which is 10 basis points lower than the fourth quarter of 2024 and 22 basis points lower than the first quarter of 2024.

    Interest income was $59.9 million for the first quarter of 2025, compared to $61.3 million for the fourth quarter of 2024 and $58.7 million for the first quarter of 2024. Interest income decreased $1.4 million in the first quarter of 2025 from the fourth quarter of 2024, which was primarily comprised of a decrease of $692 thousand in loan interest income and a decrease of $408 thousand in interest income on other earning assets. The decline in interest income was due primarily to fewer days in the first quarter as compared to the fourth quarter of 2024. Interest income increased $1.2 million in the first quarter of 2025 compared to the first quarter of 2024. This increase was primarily due to an increase of average loans of $60.0 million and higher loan interest rates during the period, resulting in growth of $1.6 million in loan interest income.

    Interest expense was $21.4 million for the first quarter of 2025, compared to $22.8 million for the fourth quarter of 2024 and $23.4 million for the first quarter of 2024. Interest expense decreased $1.4 million compared to the fourth quarter of 2024 and decreased $2.0 million compared to the first quarter of 2024. The $1.4 million decrease was primarily as a result of a 19 basis point decline in the cost of interest-bearing deposits and fewer days in the quarter, partially offset by an increase of $50.0 million in average interest-bearing deposits in the first quarter of 2025 as compared to the fourth quarter of 2024. The $2.0 million decrease was primarily as a result of a 34 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $83.4 million in average interest-bearing deposits in the first quarter of 2025 as compared to the first quarter of 2024.

    Noninterest Income and Noninterest Expense

    Noninterest income was $10.6 million for the first quarter of 2025, compared to $13.3 million for the fourth quarter of 2024 and $11.4 million for the first quarter of 2024. The decrease from the fourth quarter of 2024 was primarily due to a decrease of $2.8 million in mortgage banking revenues, mainly as a result of a decrease of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. The decrease in noninterest income for the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to a decrease of $1.8 million in mortgage banking activities revenue mainly from a decrease of $1.6 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. This decrease in mortgage banking activities revenue was partially offset by growth in service charges on deposits revenue and bank card services and interchange revenue.

    Noninterest expense was $33.0 million for the first quarter of 2025, compared to $29.9 million for the fourth quarter of 2024 and $31.9 million for the first quarter of 2024. The $3.1 million increase from the fourth quarter of 2024 was largely the result of an increase of $2.1 million in personnel expenses, primarily from annual salary adjustments, increased health insurance costs as the fourth quarter of 2024 included annual rebates received, and increased annual incentive compensation expense. There were also increases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The increase in noninterest expense for the first quarter of 2025 as compared to the first quarter of 2024 was largely the result of an increase of $453 thousand in personnel expenses, largely a result of annual salary adjustments.

    Loan Portfolio and Composition

    Loans held for investment were $3.08 billion as of March 31, 2025, compared to $3.06 billion as of December 31, 2024 and $3.01 billion as of March 31, 2024. The increase of $20.8 million, or 2.7% annualized, during the first quarter of 2025 as compared to the fourth quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans and commercial goods and services loans, partially offset by a seasonal decrease in agricultural production loans. As of March 31, 2025, loans held for investment increased $64.1 million, or 2.1%, from March 31, 2024, primarily attributable to organic loan growth, occurring broadly across the real estate and commercial loan segments, partially offset by decreases in auto loans and other consumer loans.

    Deposits and Borrowings

    Deposits totaled $3.79 billion as of March 31, 2025, compared to $3.62 billion as of December 31, 2024 and $3.64 billion as of March 31, 2024. Deposits increased by $171.6 million, or 4.7%, in the first quarter of 2025 from December 31, 2024. Deposits increased by $153.9 million, or 4.2%, at March 31, 2025 as compared to March 31, 2024. Noninterest-bearing deposits were $966.5 million as of March 31, 2025, compared to $935.5 million as of December 31, 2024 and $974.2 million as of March 31, 2024. Noninterest-bearing deposits represented 25.5% of total deposits as of March 31, 2025. The quarterly change in total deposits was mainly due to a seasonal increase of $70.2 million in public fund deposits and strong organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the first quarter of 2025 of $420 thousand, compared to $1.2 million in the fourth quarter of 2024 and $830 thousand in the first quarter of 2024. The provision during the first quarter of 2025 was largely attributable to net charge-off activity and increased loan balances, partially offset by improved credit quality as noted below in the nonperforming assets to total assets ratio.

    The ratio of allowance for credit losses to loans held for investment was 1.40% as of March 31, 2025, compared to 1.42% as of December 31, 2024 and 1.40% as of March 31, 2024.

    The ratio of nonperforming assets to total assets was 0.16% as of March 31, 2025, compared to 0.58% as of December 31, 2024 and 0.10% as of March 31, 2024. A $19.0 million credit was placed back on accrual status at the end of the first quarter of 2025, based on sustained payment performance and improved credit structure. This credit was repaid in full subsequent to March 31, 2025. Annualized net charge-offs were 0.07% for the first quarter of 2025, compared to 0.11% for the fourth quarter of 2024 and 0.13% for the first quarter of 2024.

    Capital

    Book value per share increased to $27.33 at March 31, 2025, compared to $26.67 at December 31, 2024. The change was primarily driven by $9.8 million of net income after dividends paid and by an increase in accumulated other comprehensive income of $2.7 million, partially offset by stock repurchases of $8.3 million. The tangible common equity to tangible assets ratio (non-GAAP) decreased 28 basis points to 9.64% in the first quarter of 2025, largely due to growth of $173.0 million in tangible assets.

    Conference Call

    South Plains will host a conference call to discuss its first quarter 2025 financial results today, April 24, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
      investors@city.bank

    Source: South Plains Financial, Inc.

    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)

      As of and for the quarter ended
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Selected Income Statement Data:                            
    Interest income $ 59,922     $ 61,324     $ 61,640     $ 59,208     $ 58,727  
    Interest expense   21,395       22,776       24,346       23,320       23,359  
    Net interest income   38,527       38,548       37,294       35,888       35,368  
    Provision for credit losses   420       1,200       495       1,775       830  
    Noninterest income   10,625       13,319       10,635       12,709       11,409  
    Noninterest expense   33,030       29,948       33,128       32,572       31,930  
    Income tax expense   3,408       4,222       3,094       3,116       3,143  
    Net income   12,294       16,497       11,212       11,134       10,874  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 0.75     $ 1.01     $ 0.68     $ 0.68     $ 0.66  
    Net earnings, diluted   0.72       0.96       0.66       0.66       0.64  
    Cash dividends declared and paid   0.15       0.15       0.14       0.14       0.13  
    Book value   27.33       26.67       27.04       25.45       24.87  
    Tangible book value (non-GAAP)   26.05       25.40       25.75       24.15       23.56  
    Weighted average shares outstanding, basic   16,415,862       16,400,361       16,386,079       16,425,360       16,429,919  
    Weighted average shares outstanding, dilutive   17,065,599       17,161,646       17,056,959       16,932,077       16,938,857  
    Shares outstanding at end of period   16,235,647       16,455,826       16,386,627       16,424,021       16,431,755  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 536,300     $ 359,082     $ 471,167     $ 298,006     $ 371,939  
    Investment securities   571,527       577,240       606,889       591,031       599,869  
    Total loans held for investment   3,075,860       3,055,054       3,037,375       3,094,273       3,011,799  
    Allowance for credit losses   42,968       43,237       42,886       43,173       42,174  
    Total assets   4,405,209       4,232,239       4,337,659       4,220,936       4,218,993  
    Interest-bearing deposits   2,826,055       2,685,366       2,720,880       2,672,948       2,664,397  
    Noninterest-bearing deposits   966,464       935,510       998,480       951,565       974,174  
    Total deposits   3,792,519       3,620,876       3,719,360       3,624,513       3,638,571  
    Borrowings   110,400       110,354       110,307       110,261       110,214  
    Total stockholders’ equity   443,743       438,949       443,122       417,985       408,712  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.16 %     1.53 %     1.05 %     1.07 %     1.04 %
    Return on average equity (annualized)   11.30 %     14.88 %     10.36 %     10.83 %     10.72 %
    Net interest margin(1)   3.81 %     3.75 %     3.65 %     3.63 %     3.56 %
    Yield on loans   6.67 %     6.69 %     6.68 %     6.60 %     6.53 %
    Cost of interest-bearing deposits   2.93 %     3.12 %     3.36 %     3.33 %     3.27 %
    Efficiency ratio   66.90 %     57.50 %     68.80 %     66.72 %     67.94 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 6,467     $ 24,023     $ 24,693     $ 23,452     $ 3,380  
    Nonperforming loans to total loans held for investment   0.21 %     0.79 %     0.81 %     0.76 %     0.11 %
    Other real estate owned $ 600     $ 530     $ 973     $ 755     $ 862  
    Nonperforming assets to total assets   0.16 %     0.58 %     0.59 %     0.57 %     0.10 %
    Allowance for credit losses to total loans held for investment   1.40 %     1.42 %     1.41 %     1.40 %     1.40 %
    Net charge-offs to average loans outstanding (annualized)   0.07 %     0.11 %     0.11 %     0.10 %     0.13 %
      As of and for the quarter ended
      March 31
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.07 %     10.37 %     10.22 %     9.90 %     9.69 %
    Tangible common equity to tangible assets (non-GAAP)   9.64 %     9.92 %     9.77 %     9.44 %     9.22 %
    Common equity tier 1 to risk-weighted assets   13.59 %     13.53 %     13.25 %     12.61 %     12.67 %
    Tier 1 capital to average assets   12.04 %     12.04 %     11.76 %     11.81 %     11.51 %
    Total capital to risk-weighted assets   17.93 %     17.86 %     17.61 %     16.86 %     17.00 %

    (1)  Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)

      For the Three Months Ended
      March 31, 2025   March 31, 2024
           
      Average
    Balance    		   Interest   Yield/Rate   Average
    Balance    		   Interest   Yield/Rate
    Assets                                          
    Loans $ 3,074,568     $ 50,577       6.67 %   $ 3,014,537     $ 48,940       6.53 %
    Debt securities – taxable   510,354       4,692       3.73 %     554,081       5,511       4.00 %
    Debt securities – nontaxable   153,229       1,014       2.68 %     156,254       1,024       2.64 %
    Other interest-bearing assets   386,979       3,859       4.04 %     298,969       3,475       4.67 %
                                               
    Total interest-earning assets   4,125,130       60,142       5.91 %     4,023,841       58,950       5.89 %
    Noninterest-earning assets   171,683                     184,293                
                                               
    Total assets $ 4,296,813                   $ 4,208,134                
                                               
    Liabilities & stockholders’ equity                                          
    NOW, Savings, MMDA’s $ 2,302,344       15,511       2.73 %   $ 2,285,981       17,997       3.17 %
    Time deposits   441,895       4,316       3.96 %     374,852       3,666       3.93 %
    Short-term borrowings   3       –       0.00 %     3       –       0.00 %
    Notes payable & other long-term borrowings   –       –       0.00 %     –       –       0.00 %
    Subordinated debt   63,984       835       5.29 %     63,798       835       5.26 %
    Junior subordinated deferrable interest debentures   46,393       733       6.41 %     46,393       861       7.46 %
                                               
    Total interest-bearing liabilities   2,854,619       21,395       3.04 %     2,771,027       23,359       3.39 %
    Demand deposits   934,775                     958,334                
    Other liabilities   66,073                     70,860                
    Stockholders’ equity   441,346                     407,913                
                                               
    Total liabilities & stockholders’ equity $ 4,296,813                   $ 4,208,134                
                                               
    Net interest income         $ 38,747                   $ 35,591        
    Net interest margin(2)                   3.81 %                     3.56 %

    (1)  Average loan balances include nonaccrual loans and loans held for sale.
    (2)  Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)

      As of
      March 31,
    2025    		   December 31,
    2024
               
    Assets          
    Cash and due from banks $ 56,006     $ 54,114  
    Interest-bearing deposits in banks   480,294       304,968  
    Securities available for sale   571,527       577,240  
    Loans held for sale   13,931       20,542  
    Loans held for investment   3,075,860       3,055,054  
    Less:  Allowance for credit losses   (42,968 )     (43,237 )
    Net loans held for investment   3,032,892       3,011,817  
    Premises and equipment, net   50,873       52,951  
    Goodwill   19,315       19,315  
    Intangible assets   1,569       1,720  
    Mortgage servicing rights   24,906       26,292  
    Other assets   153,896       163,280  
    Total assets $ 4,405,209     $ 4,232,239  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 966,464     $ 935,510  
    Interest-bearing deposits   2,826,055       2,685,366  
    Total deposits   3,792,519       3,620,876  
    Subordinated debt   64,007       63,961  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   58,547       62,060  
    Total liabilities   3,961,466       3,793,290  
    Stockholders’ Equity          
    Common stock   16,236       16,456  
    Additional paid-in capital   89,799       97,287  
    Retained earnings   395,652       385,827  
    Accumulated other comprehensive income (loss)   (57,944 )     (60,621 )
    Total stockholders’ equity   443,743       438,949  
    Total liabilities and stockholders’ equity $ 4,405,209     $ 4,232,239  

    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)

      Three Months Ended
      March 31,
    2025    		   March 31,
    2024
                   
    Interest income:              
    Loans, including fees $ 50,570     $ 48,932  
    Other   9,352       9,795  
    Total interest income   59,922       58,727  
    Interest expense:              
    Deposits   19,827       21,663  
    Subordinated debt   835       835  
    Junior subordinated deferrable interest debentures   733       861  
    Other   –       –  
    Total interest expense   21,395       23,359  
    Net interest income   38,527       35,368  
    Provision for credit losses   420       830  
    Net interest income after provision for credit losses   38,107       34,538  
    Noninterest income:              
    Service charges on deposits   2,141       1,813  
    Income from insurance activities   28       34  
    Mortgage banking activities   2,113       3,945  
    Bank card services and interchange fees   3,379       3,061  
    Other   2,964       2,556  
    Total noninterest income   10,625       11,409  
    Noninterest expense:              
    Salaries and employee benefits   19,441       18,988  
    Net occupancy expense   4,027       3,920  
    Professional services   1,730       1,483  
    Marketing and development   905       754  
    Other   6,927       6,785  
    Total noninterest expense   33,030       31,930  
    Income before income taxes   15,702       14,017  
    Income tax expense   3,408       3,143  
    Net income $ 12,294     $ 10,874  

    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)

      As of
      March 31,
    2025    		   December 31,
    2024
                   
    Loans:              
    Commercial Real Estate $ 1,126,800     $ 1,119,063  
    Commercial – Specialized   366,796       388,955  
    Commercial – General   584,705       557,371  
    Consumer:              
    1-4 Family Residential   569,799       566,400  
    Auto Loans   261,629       254,474  
    Other Consumer   64,090       64,936  
    Construction   102,041       103,855  
    Total loans held for investment $ 3,075,860     $ 3,055,054  

    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)

      As of
      March 31,
    2025    		   December 31,
    2024
                   
    Deposits:              
    Noninterest-bearing deposits $ 966,464     $ 935,510  
    NOW & other transaction accounts   1,302,642       498,718  
    MMDA & other savings   1,082,596       1,741,988  
    Time deposits   440,817       444,660  
    Total deposits $ 3,792,519     $ 3,620,876  

    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)

      For the quarter ended
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Pre-tax, pre-provision income                                      
    Net income $ 12,294     $ 16,497     $ 11,212     $ 11,134     $ 10,874  
    Income tax expense   3,408       4,222       3,094       3,116       3,143  
    Provision for credit losses   420       1,200       495       1,775       830  
    Pre-tax, pre-provision income $ 16,122     $ 21,919     $ 14,801     $ 16,025     $ 14,847  
      As of
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Tangible common equity                            
    Total common stockholders’ equity $ 443,743     $ 438,949     $ 443,122     $ 417,985     $ 408,712  
    Less:  goodwill and other intangibles   (20,884 )     (21,035 )     (21,197 )     (21,379 )     (21,562 )
                                 
    Tangible common equity $ 422,859     $ 417,914     $ 421,925     $ 396,606     $ 387,150  
                                 
    Tangible assets                            
    Total assets $ 4,405,209     $ 4,232,239     $ 4,337,659     $ 4,220,936     $ 4,218,993  
    Less:  goodwill and other intangibles   (20,884 )     (21,035 )     (21,197 )     (21,379 )     (21,562 )
                                 
    Tangible assets $ 4,384,325     $ 4,211,204     $ 4,316,462     $ 4,199,557     $ 4,197,431  
                                 
    Shares outstanding   16,235,647       16,455,826       16,386,627       16,424,021       16,431,755  
                                 
    Total stockholders’ equity to total assets   10.07 %     10.37 %     10.22 %     9.90 %     9.69 %
    Tangible common equity to tangible assets   9.64 %     9.92 %     9.77 %     9.44 %     9.22 %
    Book value per share $ 27.33     $ 26.67     $ 27.04     $ 25.45     $ 24.87  
    Tangible book value per share $ 26.05     $ 25.40     $ 25.75     $ 24.15     $ 23.56  

    The MIL Network –

  • MIL-OSI: Trisura Announces Timing of First Quarter Results Release and Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of first quarter 2025 results release and earnings conference call.

    Trisura will release its first quarter 2025 results after market close on Thursday, May 1st, 2025. The company will host a conference call for analysts and investors on Friday, May 2nd, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

    To listen to the call via live audio webcast, please follow the link below:
    https://edge.media-server.com/mmc/p/tzhsg4ir

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI: Heritage Commerce Corp Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), (the “Company”), the holding company for Heritage Bank of Commerce (the “Bank”) today announced its financial results for the first quarter of 2025. All data are unaudited.

    QUARTERLY HIGHLIGHTS:

    Net Income Earnings Per Share Pre-Provision Net
    Revenue (“PPNR”)    (1)    		 Fully Tax Equivalent
    (“FTE”) Net Interest
    Margin(1)    		 Efficiency Ratio(1) Tangible Book Value
    Per Share    (1)
               
    $11.6 million $0.19 $16.6 million 3.39% 63.96% $8.48
               


    CEO COMMENTARY:
    “We delivered a solid quarter of performance with a 9% increase in our level of profitability from the prior quarter,” said Clay Jones, President and Chief Executive Officer. “While our balance sheet trends reflected the seasonally low loan demand and deposit outflows in the first quarter, we generated a higher level of profitability due to improved net interest margin, strong expense control, and an improvement in our asset quality. We also redeployed some of our excess liquidity to purchase new investment securities, which we expect will have a positive impact on our net interest income and net interest margin going forward. Our longer-term trends remain positive as well, with notable improvement in many areas compared to the first quarter of last year, including a 14% increase in net income and increases in the annualized returns on average assets and average equity.”

    “While economic uncertainty has increased over the past few months, we still expect to deliver solid financial performance in 2025 as we continue to capitalize on our market position to assist new clients that have been impacted by dislocation and disruption in our markets resulting from bank failures and acquisitions. We believe that we will continue to see positive trends in areas such as net interest margin, loan and deposit growth, and expense management, which should lead to strong financial performance for our shareholders as we move through the year,” said Mr. Jones.

    LINKED-QUARTER BASIS YEAR-OVER-YEAR
    FINANCIAL HIGHLIGHTS:
    		  
    • Net income of $11.6 million and earnings per share of $0.19, up 9% and 12%, from $10.6 million and $0.17, respectively
    • Total revenue of $46.1 million, a decrease of 1%, or $314,000, compared to a decrease in noninterest expense of 3%, or $848,000
    • PPNR(1) of $16.6 million, up $534,000 from $16.1 million
    • Effective tax rate of 28.8%, compared to 27.9%
    • Net income of $11.6 million and earnings per share of $0.19, up 14% and 12%, from $10.2 million and $0.17, respectively
    • Total revenue of $46.1 million, an increase of 9%, or $3.9 million, compared to an increase in noninterest expense of 7%, or $1.9 million
    • PPNR(1) of $16.6 million, up $2.0 million from $14.6 million
    • Effective tax rate of 28.8%, compared to 29.5%
    FINANCIAL CONDITION:  
    • Loans held-for-investment (“HFI”) remained relatively flat at $3.5 billion
    • Total deposits of $4.7 billion, down $136.8 million, or 3%
    • Loan to deposit ratio of 74.45%, up from 72.45%
    • Total shareholders’ equity of $696 million, up $6.5 million
    • Increase in loans HFI of $150.8 million, or 5%
    • Increase in total deposits of $238.6 million, or 5%
    • Loan to deposit ratio of 74.45%, down from 75.06%
    • Increase in total shareholders’ equity of $19.9 million
    CREDIT QUALITY:  
    • Nonperforming assets (“NPAs”) to total assets of 0.11%, compared to 0.14%
    • Classified assets to total assets of 0.73%, compared to 0.74%
    • NPAs to total assets of 0.11%, compared to 0.15%
    • Classified assets to total assets of 0.73%, compared to 0.67%
    KEY PERFORMANCE METRICS:  
    • FTE net interest margin(1) of 3.39%, an increase from 3.32%
    • Return on average tangible assets(1) and on tangible common equity(1) of 0.88% and 9.09%, compared to 0.78% and 8.25%, respectively
    • Efficiency ratio(1) of 63.96%, compared to 65.35%
    • Common equity tier 1 capital ratio of 13.6%, compared to 13.4%
    • Total capital ratio of 15.9%, compared to 15.6%
    • Tangible common equity ratio(1) of 9.78%, an increase of 4% from 9.43%
    • Tangible book value per share(1) of $8.48, compared to $8.41
    • FTE net interest margin(1) of 3.39%, an increase from 3.31%
    • Return on average tangible assets(1) and on tangible common equity(1) of 0.88% and 9.09%, compared to 0.82% and 8.24%, respectively
    • Efficiency ratio(1) of 63.96%, compared to 65.34%
    • Common equity tier 1 capital ratio of 13.6%, compared to 13.4%
    • Total capital ratio of 15.9%, compared to 15.6%
    • Tangible common equity ratio(1) of 9.78%, a decrease of 1% from 9.85%
    • Tangible book value per share(1) of $8.48, compared to $8.17
       

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

    Results of Operations:

    Net interest income totaled $43.4 million for the first quarter of 2025, a slight decrease of $235,000, or 1%, compared to $43.6 million for the fourth quarter of 2024. The decrease was primarily due to two fewer accrual days during the quarter from the prior linked quarter, together with a lower average balance on interest earning assets, which was largely offset by a decrease in rates paid on deposits and a decrease of higher cost deposit balances. Net interest income increased $3.9 million, or 10%, compared to $39.5 million for the first quarter of 2024. The increase was primarily due to growth in average earning asset balances, partially offset by an increase in interest-bearing deposit balances.

    The FTE net interest margin(1) was 3.39% for the first quarter of 2025, an increase over 3.32% for the fourth quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of securities and loans, and higher average yields on securities, partially offset by a decrease in the average balance of noninterest-bearing demand deposits and a lower average yield on overnight funds. The FTE net interest margin(1) increased from 3.31% for the first quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of loans, and higher average yields on securities and loans, and an increase in the average balance of deposits resulting in a higher average balance of overnight funds, partially offset by a lower average yield on overnight funds.

    We recorded a provision for credit losses on loans of $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a $184,000 provision for credit losses on loans for the first quarter of 2024.

    Total noninterest income remained relatively flat at $2.7 million for the first quarter of 2025, compared to $2.8 million for the fourth quarter of 2024, and $2.6 million for the first quarter of 2024.

    Total revenue, which is defined as net interest income before provision for credit losses on loans plus noninterest income, decreased $314,000, or 1%, to $46.1 million for the first quarter of 2025, compared to $46.4 million for the fourth quarter of 2024, and increased $3.9 million, or 9%, from $42.1 million for the first quarter of 2024.

    Total noninterest expense for the first quarter of 2025 decreased to $29.5 million, compared to $30.3 million for the fourth quarter of 2024, primarily due to nonrecurring personnel related expenses and legal fees of approximately $1.1 million, and higher professional fees and homeowner association vendor payments during the fourth quarter of 2024. Total noninterest expense increased compared to $27.5 million for the first quarter of 2024, primarily due to higher salaries and employee benefits, professional fees, and information technology related expenses.

    Income tax expense was $4.7 million for the first quarter of 2025, compared to $4.1 million for the fourth quarter of 2024, and $4.3 million for the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 28.8%, compared to 27.9% for the fourth quarter of 2024, and 29.5% for the first quarter of 2024.

    Net income was $11.6 million, or $0.19 per average diluted common share, for the first quarter of 2025, compared to $10.6 million, or $0.17 per average diluted common share, for the fourth quarter of 2024, and $10.2 million, or $0.17 per average diluted common share, for the first quarter of 2024.

    For the first quarter of 2025, the Company’s PPNR(1), which is defined as total revenue less noninterest expense, was $16.6 million, compared to $16.1 million for the fourth quarter of 2024, and $14.6 million for the first quarter of 2024.

    The efficiency ratio(1) improved to 63.96% for the first quarter of 2025, compared to 65.35% for the fourth quarter of 2024, as a result of lower noninterest expense, partially offset by lower total revenue. The efficiency ratio(1) improved from 65.34% for the first quarter of 2024, primarily due to higher total revenue, partially offset by higher noninterest expense during the first quarter of 2025.

    Full time equivalent employees were 350 at March 31, 2025 compared to 355 at December 31, 2024, and 351 at March 31, 2024.

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

    Financial Condition and Capital Management:

    Total assets decreased 2% to $5.5 billion at March 31, 2025, compared to $5.6 billion at December 31, 2024, primarily due to a decrease in deposits resulting in a decrease in overnight funds. Total assets increased 5% from $5.3 billion at March 31, 2024, primarily due to an increase in deposits resulting in an increase in overnight funds, and an increase in loans.

    Investment securities available-for-sale (at fair value) totaled $371.0 million at March 31, 2025, compared to $256.3 million at December 31, 2024, and $404.5 million at March 31, 2024. The pre-tax unrealized loss on the securities available-for-sale portfolio was $3.1 million, or $2.3 million net of taxes, which equaled less than 1% of total shareholders’ equity at March 31, 2025.

    During the first quarter of 2025, the Company purchased $62.3 million of agency mortgage-backed securities, $44.8 million of collateralized mortgage obligations, and $44.7 million of U.S. Treasury securities, for total purchases of $151.8 million in the available-for-sale portfolio. Securities purchased had a book yield of 4.86% and an average life of 4.34 years.

    Investment securities held-to-maturity (at amortized cost, net of allowance for credit losses of $12,000), totaled $576.7 million at March 31, 2025, compared to $590.0 million at December 31, 2024, and $636.2 million at March 31, 2024. The fair value of the securities held-to-maturity portfolio was $496.3 million at March 31, 2025. The pre-tax unrecognized loss on the securities held-to-maturity portfolio was $80.5 million, or $56.7 million net of taxes, which equaled 8.1% of total shareholders’ equity at March 31, 2025.

    The unrealized and unrecognized losses in both the available-for-sale and held-to-maturity portfolios were due to higher interest rates at March 31, 2025 compared to when the securities were purchased. The issuers are of high credit quality and all principal amounts are expected to be repaid when the securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline.

    Loans HFI, net of deferred costs and fees, remained flat at $3.5 billion at March 31, 2025 as compared to December 31, 2024, and increased $150.8 million, or 5%, from $3.3 billion at March 31, 2024. Loans HFI, excluding residential mortgages, remained flat at $3.0 billion at March 31, 2025 as compared to December 31, 2024, and increased $175.5 million, or 6%, from $2.8 billion at March 31, 2024.

    Commercial and industrial line utilization was 31% at March 31, 2025, compared to 34% at December 31, 2024, and 28% at March 31, 2024. Commercial real estate (“CRE”) loans totaled $2.0 billion at March 31, 2025, of which 31% were owner occupied and 69% were investor CRE loans. Owner occupied CRE loans totaled 31% at December 31, 2024 and 32% at March 31, 2024. At March 31, 2025, approximately 24% of the Company’s loan portfolio consisted of floating interest rate loans, compared to 26% at both December 31, 2024 and March 31, 2024.

    At March 31, 2025, paydowns and maturities of investment securities and fixed interest rate loans maturing within one year totaled $395.6 million.

    Total deposits decreased $136.8 million, or 3%, to $4.7 billion at March 31, 2025, compared to $4.8 billion at December 31, 2024 due to deposits outflows we typically see in the first quarter, and increased $238.6 million, or 5% from $4.4 billion at March 31, 2024.

    The following table shows the Company’s deposit types as a percentage of total deposits at the dates indicated:

                       
        March 31,     December 31,     March 31,  
    DEPOSITS TYPE % TO TOTAL DEPOSITS   2025     2024     2024  
    Demand, noninterest-bearing   24 %   25 %   28 %
    Demand, interest-bearing   20 %   19 %   21 %
    Savings and money market   29 %   28 %   25 %
    Time deposits — under $250   1 %   1 %   1 %
    Time deposits — $250 and over   5 %   4 %   4 %
    ICS/CDARS — interest-bearing demand,                  
    money market and time deposits   21 %   23 %   21 %
    Total deposits   100 %   100 %   100 %
                       

    The loan to deposit ratio was 74.45% at March 31, 2025, compared to 72.45% at December 31, 2024, and 75.06% at March 31, 2024.

    The Company’s total available liquidity and borrowing capacity was $3.2 billion at March 31, 2025, compared to $3.3 billion at December 31, 2024, and $3.0 billion at March 31, 2024.

    Total shareholders’ equity was $696.2 million at March 31, 2025, compared to $689.7 million at December 31, 2024, and $676.3 million at March 31, 2024. The increase in shareholders’ equity at March 31, 2025 is primarily a function of net income and the decrease in the total accumulated other comprehensive loss, partially offset by dividends to stockholders.

    Total accumulated other comprehensive loss of $6.8 million at March 31, 2025 was comprised of unrealized losses on securities available-for-sale of $2.3 million, a split dollar insurance contracts liability of $2.4 million, a supplemental executive retirement plan liability of $2.2 million, and a $49,000 unrealized gain on interest-only strip from SBA loans.

    The Company’s consolidated capital ratios exceeded regulatory guidelines and the Bank’s capital ratios exceeded regulatory guidelines under the prompt corrective action (“PCA”) regulatory guidelines for a well-capitalized financial institution, and the Basel III minimum regulatory requirements at March 31, 2025.

    Tangible book value per share(1) was $8.48 at March 31, 2025, compared to $8.41 at December 31, 2024, and $8.17 at March 31, 2024.

    In July 2024, the Company announced that its Board of Directors adopted a share repurchase program under which the Company is authorized to repurchase up to $15 million of the Company’s shares of its issued and outstanding common stock. The Company did not repurchase any of its common stock during 2024 or the first quarter of 2025.

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

    Credit Quality:

    The provision for credit losses on loans totaled $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a provision for credit losses on loans of $184,000 for the first quarter of 2024. Net charge-offs totaled $965,000 for the first quarter of 2025, compared to $197,000 for the fourth quarter of 2024, and $254,000 for the first quarter of 2024. More than half of the net charge-offs for the first quarter of 2025 related to one commercial contractor that was previously reserved for during the fourth quarter of 2024. The remaining charge-offs were related to five different small businesses in a variety of industries. Four loans were underwritten using a scored small business product whose underwriting guidelines have been tightened since the loans were made. 

    The allowance for credit losses on loans (“ACLL”) at March 31, 2025 was $48.3 million, or 1.38% of total loans, representing 765% of total nonperforming loans. The ACLL at December 31, 2024 was $49.0 million, or 1.40% of total loans, representing 638% of total nonperforming loans. The ACLL at March 31, 2024 was $47.9 million, or 1.44% of total loans, representing 608% of total nonperforming loans. The reduction to the allowance for credit on losses on loans reflects our credit assessment and economic factors.

    NPAs were $6.3 million at March 31, 2025, compared to $7.7 million at December 31, 2024, and $7.9 million at March 31, 2024. There were no CRE loans in NPAs at March 31, 2025, December 31, 2024, or March 31, 2024. There were no foreclosed assets on the balance sheet at March 31, 2025, December 31, 2024, or March 31, 2024. There were no Shared National Credits (“SNCs”) or material purchased participations included in NPAs or total loans at March 31, 2025, December 31, 2024, or March 31, 2024.

    Classified assets totaled $40.0 million, or 0.73% of total assets, at March 31, 2025, compared to $41.7 million, or 0.74% of total assets, at December 31, 2024, and $35.4 million, or 0.67% of total assets, at March 31, 2024. The increase in classified assets from March 31, 2024 was primarily the result of one downgraded owner occupied CRE credit, and a number of residential related loans downgraded during the fourth quarter of 2024. The loans are well-collateralized and we do not anticipate to incur losses as a result of the downgrades of these loans.

    Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. The contents of our website are not incorporated into, and do not form a part of, this release or of our filings with the Securities and Exchange Commission.

    Reclassifications

    During the first quarter of 2025, we reclassified Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock dividends from interest income to noninterest income and the related average asset balances were reclassified from interest earning assets to other assets on the “Net Interest Income and Net Interest Margin” tables. The amounts for the prior periods were reclassified to conform to the current presentation. These reclassifications did not affect previously reported net income or shareholders’ equity.

    Non-GAAP Financial Measures

    Financial results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes these non-GAAP financial measures are common in the banking industry, and may enhance comparability for peer comparison purposes. These non-GAAP financial measures should be supplemental to primary GAAP financial measures and should not be read in isolation or relied upon as a substitute for primary GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is presented in the tables at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.”

    Forward-Looking Statement Disclaimer

    Certain matters discussed in this press release constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are inherently uncertain in that they reflect plans and expectations for future events. These statements may include, among other things, those relating to the Company’s future financial performance, plans and objectives regarding future events, expectations regarding changes in interest rates and market conditions, projected cash flows of our investment securities portfolio, the performance of our loan portfolio, estimated net interest income resulting from a shift in interest rates, expectation of high credit quality issuers ability to repay, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Any statements that reflect our belief about, confidence in, or expectations for future events, performance or condition should be considered forward-looking statements. Readers should not construe these statements as assurances of a given level of performance, nor as promises that we will take actions that we currently expect to take. All statements are subject to various risks and uncertainties, many of which are outside our control and some of which may fall outside our ability to predict or anticipate. Accordingly, our actual results may differ materially from our projected results, and we may take actions or experience events that we do not currently expect. Risks and uncertainties that could cause our financial performance to differ materially from our goals, plans, expectations and projections expressed in forward-looking statements include those set forth in our filings with the Securities and Exchange Commission, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and include: (i) risks of geographic concentration of our client base, our loans, and the collateral securing our loans, as those clients and assets may be particularly subject to natural disasters and to events and conditions that directly or indirectly affect those regions, including the particular risks of natural disasters (including earthquakes, fires, and flooding) and other events that disproportionately affect that region; (ii) cybersecurity risks that may affect us directly or may impact us indirectly by virtue of their effects on our clients, markets or vendors, including our ability to identify and address cybersecurity risks, including those posed by the increasing use of artificial intelligence, such as data security breaches, “denial of service” attacks, “hacking” and identity theft affecting us, our clients, and our third-party vendors and service providers; (iii) domestic, international and multinational political events that have accompanied or that may in the future accompany or result from recent political changes, particularly including sociopolitical events and conditions that result from political conflicts and law enforcement activities that may adversely affect our markets or our clients; (iv) media items and consumer confidence as those factors affect our clients’ confidence in the banking system generally and in our bank specifically; (v) adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; (vi) market, geographic and sociopolitical factors that arise by virtue of the fact that we operate primarily in the general San Francisco Bay Area of Northern California; (vii) the effects of recent wildfires affecting Southern California, which have affected certain clients and certain loans secured by mortgages in Los Angeles County, and which are affecting or may, in the future, affect other clients in those and other markets throughout California; (viii) factors that affect our liquidity and our ability to meet client demands for withdrawals from deposit accounts and undrawn lines of credit, including our cash on hand and the availability of funds from our own lines of credit; (ix) factors that affect the value and liquidity of our investment portfolios, particularly the values of securities available-for-sale; (x) our ability to estimate accurately, and to establish adequate reserves against, the risk of loss associated with our loan and lease portfolios and our factoring business; (xi) inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans to clients, whether held in the portfolio or in the secondary market; (xii) increased capital requirements for our continual growth or as imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; (xiii) operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; (xiv) events that affect our ability to attract, recruit, and retain qualified officers and other personnel to implement our strategic plan, and that enable current and future personnel to protect and develop our relationships with clients, and to promote our business, results of operations and growth prospects; (xv) the expense and uncertain resolution of litigation matters whether occurring in the ordinary course of business or otherwise, particularly including but not limited to the effects of recent and ongoing developments in California labor and employment laws, regulations and court decisions; and (xvi) our success in managing the risks involved in the foregoing factors.

    Member FDIC

    For additional information, contact:
    Debbie Reuter
    EVP, Corporate Secretary
    Direct: (408) 494-4542
    Debbie.Reuter@herbank.com

                                 
        For the Quarter Ended:   Percent Change From:  
    CONSOLIDATED INCOME STATEMENTS      March 31,       December 31,       March 31,       December 31,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024    2024   
    Interest income   $ 61,832   $ 64,043   $ 56,960   (3 ) % 9   %
    Interest expense     18,472     20,448     17,458   (10 ) % 6   %
    Net interest income before provision                            
    for credit losses on loans     43,360     43,595     39,502   (1 ) % 10   %
    Provision for credit losses on loans     274     1,331     184   (79 ) % 49   %
    Net interest income after provision                            
    for credit losses on loans     43,086     42,264     39,318   2   % 10   %
    Noninterest income:                            
    Service charges and fees on deposit                            
    accounts     892     885     877   1   % 2   %
    FHLB and FRB stock dividends     590     590     591   0   % 0   %
    Increase in cash surrender value of                            
    life insurance     538     528     518   2   % 4   %
    Gain on sales of SBA loans     98     125     178   (22 ) % (45 ) %
    Servicing income     82     77     90   6   % (9 ) %
    Termination fees     87     18     13   383   % 569   %
    Other     409     552     371   (26 ) % 10   %
    Total noninterest income     2,696     2,775     2,638   (3 ) % 2   %
    Noninterest expense:                            
    Salaries and employee benefits     16,575     16,976     15,509   (2 ) % 7   %
    Occupancy and equipment     2,534     2,495     2,443   2   % 4   %
    Professional fees     1,580     1,711     1,327   (8 ) % 19   %
    Other     8,767     9,122     8,257   (4 ) % 6   %
    Total noninterest expense     29,456     30,304     27,536   (3 ) % 7   %
    Income before income taxes     16,326     14,735     14,420   11   % 13   %
    Income tax expense     4,700     4,114     4,254   14   % 10   %
    Net income   $ 11,626   $ 10,621   $ 10,166   9   % 14   %
                                 
    PER COMMON SHARE DATA                            
    (unaudited)                              
    Basic earnings per share   $ 0.19   $ 0.17   $ 0.17   12   % 12   %
    Diluted earnings per share   $ 0.19   $ 0.17   $ 0.17   12   % 12   %
    Weighted average shares outstanding – basic     61,479,579     61,320,505     61,186,623   0   % 0   %
    Weighted average shares outstanding – diluted     61,708,361     61,679,735     61,470,552   0   % 0   %
    Common shares outstanding at period-end     61,611,121     61,348,095     61,253,625   0   % 1   %
    Dividend per share   $ 0.13   $ 0.13   $ 0.13   0   % 0   %
    Book value per share   $ 11.30   $ 11.24   $ 11.04   1   % 2   %
    Tangible book value per share(1)   $ 8.48   $ 8.41   $ 8.17   1   % 4   %
                                 
    KEY PERFORMANCE METRICS                                 
    (in $000’s, unaudited)                                 
    Annualized return on average equity     6.81 %   6.16 %   6.08 % 11   % 12   %
    Annualized return on average tangible                            
    common equity(1)     9.09 %   8.25 %   8.24 % 10   % 10   %
    Annualized return on average assets     0.85 %   0.75 %   0.79 % 13   % 8   %
    Annualized return on average tangible assets(1)     0.88 %   0.78 %   0.82 % 13   % 7   %
    Net interest margin (FTE)(1)     3.39 %   3.32 %   3.31 % 2   % 2   %
    Total revenue   $ 46,056   $ 46,370   $ 42,140   (1 ) % 9   %
    Pre-provision net revenue(1)   $ 16,600   $ 16,066   $ 14,604   3   % 14   %
    Efficiency ratio(1)     63.96 %   65.35 %   65.34 % (2 ) % (2 ) %
                                 
    AVERAGE BALANCES                                
    (in $000’s, unaudited)                                 
    Average assets   $ 5,559,896   $ 5,607,840   $ 5,178,636   (1 ) % 7   %
    Average tangible assets(1)   $ 5,386,001   $ 5,433,439   $ 5,002,597   (1 ) % 8   %
    Average earning assets   $ 5,188,317   $ 5,235,986   $ 4,810,505   (1 ) % 8   %
    Average loans held-for-sale   $ 2,290   $ 2,260   $ 2,749   1   % (17 ) %
    Average loans held-for-investment   $ 3,429,014   $ 3,388,729   $ 3,297,240   1   % 4   %
    Average deposits   $ 4,717,517   $ 4,771,491   $ 4,360,150   (1 ) % 8   %
    Average demand deposits – noninterest-bearing   $ 1,167,330   $ 1,222,393   $ 1,177,078   (5 ) % (1 ) %
    Average interest-bearing deposits   $ 3,550,187   $ 3,549,098   $ 3,183,072   0   % 12   %
    Average interest-bearing liabilities   $ 3,589,872   $ 3,588,755   $ 3,222,603   0   % 11   %
    Average equity   $ 692,733   $ 686,263   $ 672,292   1   % 3   %
    Average tangible common equity(1)   $ 518,838   $ 511,862   $ 496,253   1   % 5   %
                                 

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                     
        For the Quarter Ended:  
    CONSOLIDATED INCOME STATEMENTS      March 31,       December 31,       September 30,      June 30,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Interest income   $ 61,832   $ 64,043   $ 60,852   $ 58,489   $ 56,960  
    Interest expense     18,472     20,448     21,523     19,622     17,458  
    Net interest income before provision                                
    for credit losses on loans     43,360     43,595     39,329     38,867     39,502  
    Provision for credit losses on loans     274     1,331     153     471     184  
    Net interest income after provision                                
    for credit losses on loans     43,086     42,264     39,176     38,396     39,318  
    Noninterest income:                                
    Service charges and fees on deposit                                
    accounts     892     885     908     891     877  
    FHLB and FRB stock dividends     590     590     586     588     591  
    Increase in cash surrender value of                                
    life insurance     538     528     530     521     518  
    Gain on sales of SBA loans     98     125     94     76     178  
    Servicing income     82     77     108     90     90  
    Termination fees     87     18     46     100     13  
    Gain on proceeds from company-owned                                
    life insurance     —     —     —     219     —  
    Other     409     552     554     379     371  
    Total noninterest income     2,696     2,775     2,826     2,864     2,638  
    Noninterest expense:                                
    Salaries and employee benefits     16,575     16,976     15,673     15,794     15,509  
    Occupancy and equipment     2,534     2,495     2,599     2,689     2,443  
    Professional fees     1,580     1,711     1,306     1,072     1,327  
    Other     8,767     9,122     7,977     8,633     8,257  
    Total noninterest expense     29,456     30,304     27,555     28,188     27,536  
    Income before income taxes     16,326     14,735     14,447     13,072     14,420  
    Income tax expense     4,700     4,114     3,940     3,838     4,254  
    Net income   $ 11,626   $ 10,621   $ 10,507   $ 9,234   $ 10,166  
                                     
    PER COMMON SHARE DATA                                
    (unaudited)                                    
    Basic earnings per share   $ 0.19   $ 0.17   $ 0.17   $ 0.15   $ 0.17  
    Diluted earnings per share   $ 0.19   $ 0.17   $ 0.17   $ 0.15   $ 0.17  
    Weighted average shares outstanding – basic     61,479,579     61,320,505     61,295,877     61,279,914     61,186,623  
    Weighted average shares outstanding – diluted     61,708,361     61,679,735     61,546,157     61,438,088     61,470,552  
    Common shares outstanding at period-end     61,611,121     61,348,095     61,297,344     61,292,094     61,253,625  
    Dividend per share   $ 0.13   $ 0.13   $ 0.13   $ 0.13   $ 0.13  
    Book value per share   $ 11.30   $ 11.24   $ 11.18   $ 11.08   $ 11.04  
    Tangible book value per share(1)   $ 8.48   $ 8.41   $ 8.33   $ 8.22   $ 8.17  
                                     
    KEY PERFORMANCE METRICS                                   
    (in $000’s, unaudited)                                     
    Annualized return on average equity     6.81 %   6.16 %   6.14 %   5.50 %   6.08 %
    Annualized return on average tangible                                
    common equity(1)     9.09 %   8.25 %   8.27 %   7.43 %   8.24 %
    Annualized return on average assets     0.85 %   0.75 %   0.78 %   0.71 %   0.79 %
    Annualized return on average tangible assets(1)     0.88 %   0.78 %   0.81 %   0.74 %   0.82 %
    Net interest margin (FTE)(1)     3.39 %   3.32 %   3.15 %   3.23 %   3.31 %
    Total revenue   $ 46,056   $ 46,370   $ 42,155   $ 41,731   $ 42,140  
    Pre-provision net revenue(1)   $ 16,600   $ 16,066   $ 14,600   $ 13,543   $ 14,604  
    Efficiency ratio(1)     63.96 %   65.35 %   65.37 %   67.55 %   65.34 %
                                     
    AVERAGE BALANCES                                     
    (in $000’s, unaudited)                                     
    Average assets   $ 5,559,896   $ 5,607,840   $ 5,352,067   $ 5,213,171   $ 5,178,636  
    Average tangible assets(1)   $ 5,386,001   $ 5,433,439   $ 5,177,114   $ 5,037,673   $ 5,002,597  
    Average earning assets   $ 5,188,317   $ 5,235,986   $ 4,980,082   $ 4,840,670   $ 4,810,505  
    Average loans held-for-sale   $ 2,290   $ 2,260   $ 1,493   $ 1,503   $ 2,749  
    Average loans held-for-investment   $ 3,429,014   $ 3,388,729   $ 3,359,647   $ 3,328,358   $ 3,297,240  
    Average deposits   $ 4,717,517   $ 4,771,491   $ 4,525,946   $ 4,394,545   $ 4,360,150  
    Average demand deposits – noninterest-bearing   $ 1,167,330   $ 1,222,393   $ 1,172,304   $ 1,127,145   $ 1,177,078  
    Average interest-bearing deposits   $ 3,550,187   $ 3,549,098   $ 3,353,642   $ 3,267,400   $ 3,183,072  
    Average interest-bearing liabilities   $ 3,589,872   $ 3,588,755   $ 3,393,264   $ 3,306,972   $ 3,222,603  
    Average equity   $ 692,733   $ 686,263   $ 680,404   $ 675,108   $ 672,292  
    Average tangible common equity(1)   $ 518,838   $ 511,862   $ 505,451   $ 499,610   $ 496,253  
                                     

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                 
        End of Period:   Percent Change From:  
    CONSOLIDATED BALANCE SHEETS      March 31,       December 31,       March 31,       December 31,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024    2024   
    ASSETS                            
    Cash and due from banks   $ 44,281     $ 29,864     $ 32,543     48   % 36   %
    Other investments and interest-bearing deposits                            
    in other financial institutions     700,769       938,259       508,816     (25 ) % 38   %
    Securities available-for-sale, at fair value     370,976       256,274       404,474     45   % (8 ) %
    Securities held-to-maturity, at amortized cost     576,718       590,016       636,249     (2 ) % (9 ) %
    Loans – held-for-sale – SBA, including deferred costs     1,884       2,375       1,946     (21 ) % (3 ) %
    Loans – held-for-investment:                            
    Commercial     489,241       531,350       452,231     (8 ) % 8   %
    Real estate:                            
    CRE – owner occupied     616,825       601,636       585,031     3   % 5   %
    CRE – non-owner occupied     1,363,275       1,341,266       1,271,184     2   % 7   %
    Land and construction     136,106       127,848       129,712     6   % 5   %
    Home equity     119,138       127,963       122,794     (7 ) % (3 ) %
    Multifamily     284,510       275,490       269,263     3   % 6   %
    Residential mortgages     465,330       471,730       490,035     (1 ) % (5 ) %
    Consumer and other     12,741       14,837       16,439     (14 ) % (22 ) %
    Loans     3,487,166       3,492,120       3,336,689     0   % 5   %
    Deferred loan fees, net     (268 )     (183 )     (587 )   46   % (54 ) %
    Total loans – held-for-investment, net of deferred fees     3,486,898       3,491,937       3,336,102     0   % 5   %
    Allowance for credit losses on loans     (48,262 )     (48,953 )     (47,888 )   (1 ) % 1   %
    Loans, net     3,438,636       3,442,984       3,288,214     0   % 5   %
    Company-owned life insurance     81,749       81,211       80,007     1   % 2   %
    Premises and equipment, net     9,772       10,140       9,986     (4 ) % (2 ) %
    Goodwill     167,631       167,631       167,631     0   % 0   %
    Other intangible assets     5,986       6,439       8,074     (7 ) % (26 ) %
    Accrued interest receivable and other assets     115,853       119,813       118,134     (3 ) % (2 ) %
    Total assets   $ 5,514,255     $ 5,645,006     $ 5,256,074     (2 ) % 5   %
                                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY                            
    Liabilities:                            
    Deposits:                            
    Demand, noninterest-bearing   $ 1,128,593     $ 1,214,192     $ 1,242,059     (7 ) % (9 ) %
    Demand, interest-bearing     949,068       936,587       925,100     1   % 3   %
    Savings and money market     1,353,293       1,325,923       1,124,900     2   % 20   %
    Time deposits – under $250     37,592       38,988       38,105     (4 ) % (1 ) %
    Time deposits – $250 and over     213,357       206,755       200,739     3   % 6   %
    ICS/CDARS – interest-bearing demand, money market                            
    and time deposits     1,001,365       1,097,586       913,757     (9 ) % 10   %
    Total deposits     4,683,268       4,820,031       4,444,660     (3 ) % 5   %
    Subordinated debt, net of issuance costs     39,691       39,653       39,539     0   % 0   %
    Accrued interest payable and other liabilities     95,106       95,595       95,579     (1 ) % 0   %
    Total liabilities     4,818,065       4,955,279       4,579,778     (3 ) % 5   %
                                 
    Shareholders’ Equity:                            
    Common stock     511,596       510,070       507,578     0   % 1   %
    Retained earnings     191,401       187,762       181,306     2   % 6   %
    Accumulated other comprehensive loss     (6,807 )     (8,105 )     (12,588 )   (16 ) % (46 ) %
    Total shareholders’ equity     696,190       689,727       676,296     1   % 3   %
    Total liabilities and shareholders’ equity   $ 5,514,255     $ 5,645,006     $ 5,256,074     (2 ) % 5   %
                                 
                                   
        End of Period:
    CONSOLIDATED BALANCE SHEETS      March 31,       December 31,       September 30,      June 30,       March 31, 
    (in $000’s, unaudited)   2025   2024   2024   2024   2024
    ASSETS                              
    Cash and due from banks   $ 44,281     $ 29,864     $ 49,722     $ 37,497     $ 32,543  
    Other investments and interest-bearing deposits                              
    in other financial institutions     700,769       938,259       906,588       610,763       508,816  
    Securities available-for-sale, at fair value     370,976       256,274       237,612       273,043       404,474  
    Securities held-to-maturity, at amortized cost     576,718       590,016       604,193       621,178       636,249  
    Loans – held-for-sale – SBA, including deferred costs     1,884       2,375       1,649       1,899       1,946  
    Loans – held-for-investment:                              
    Commercial     489,241       531,350       481,266       477,929       452,231  
    Real estate:                              
    CRE – owner occupied     616,825       601,636       602,062       594,504       585,031  
    CRE – non-owner occupied     1,363,275       1,341,266       1,310,578       1,283,323       1,271,184  
    Land and construction     136,106       127,848       125,761       125,374       129,712  
    Home equity     119,138       127,963       124,090       126,562       122,794  
    Multifamily     284,510       275,490       273,103       268,968       269,263  
    Residential mortgages     465,330       471,730       479,524       484,809       490,035  
    Consumer and other     12,741       14,837       14,179       18,758       16,439  
    Loans     3,487,166       3,492,120       3,410,563       3,380,227       3,336,689  
    Deferred loan fees, net     (268 )     (183 )     (327 )     (434 )     (587 )
    Total loans – held-for-investment, net of deferred fees     3,486,898       3,491,937       3,410,236       3,379,793       3,336,102  
    Allowance for credit losses on loans     (48,262 )     (48,953 )     (47,819 )     (47,954 )     (47,888 )
    Loans, net     3,438,636       3,442,984       3,362,417       3,331,839       3,288,214  
    Company-owned life insurance     81,749       81,211       80,682       80,153       80,007  
    Premises and equipment, net     9,772       10,140       10,398       10,310       9,986  
    Goodwill     167,631       167,631       167,631       167,631       167,631  
    Other intangible assets     5,986       6,439       6,966       7,521       8,074  
    Accrued interest receivable and other assets     115,853       119,813       123,738       121,190       118,134  
    Total assets   $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024     $ 5,256,074  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY                              
    Liabilities:                              
    Deposits:                              
    Demand, noninterest-bearing   $ 1,128,593     $ 1,214,192     $ 1,272,139     $ 1,187,320     $ 1,242,059  
    Demand, interest-bearing     949,068       936,587       913,910       928,246       925,100  
    Savings and money market     1,353,293       1,325,923       1,309,676       1,126,520       1,124,900  
    Time deposits – under $250     37,592       38,988       39,060       39,046       38,105  
    Time deposits – $250 and over     213,357       206,755       196,945       203,886       200,739  
    ICS/CDARS – interest-bearing demand, money market                              
    and time deposits     1,001,365       1,097,586       997,803       959,592       913,757  
    Total deposits     4,683,268       4,820,031       4,729,533       4,444,610       4,444,660  
    Other short-term borrowings     —       —       —       —       —  
    Subordinated debt, net of issuance costs     39,691       39,653       39,615       39,577       39,539  
    Accrued interest payable and other liabilities     95,106       95,595       97,096       99,638       95,579  
    Total liabilities     4,818,065       4,955,279       4,866,244       4,583,825       4,579,778  
                                   
    Shareholders’ Equity:                              
    Common stock     511,596       510,070       509,134       508,343       507,578  
    Retained earnings     191,401       187,762       185,110       182,571       181,306  
    Accumulated other comprehensive loss     (6,807 )     (8,105 )     (8,892 )     (11,715 )     (12,588 )
    Total shareholders’ equity     696,190       689,727       685,352       679,199       676,296  
    Total liabilities and shareholders’ equity   $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024     $ 5,256,074  
                                   
                                 
        At or For the Quarter Ended:   Percent Change From:  
    CREDIT QUALITY DATA      March 31,       December 31,       March 31,       December 31,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024    2024   
    Nonaccrual loans – held-for-investment:                            
    Land and construction loans   $ 4,793   $ 5,874   $ 4,673   (18 ) % 3   %
    Home equity and other loans     927     290     120   220   % 673   %
    Commercial loans     324     1,014     1,127   (68 ) % (71 ) %
    CRE loans     —     —     —   N/A     N/A    
    Total nonaccrual loans – held-for-investment:     6,044     7,178     5,920   (16 ) % 2   %
    Loans over 90 days past due                            
    and still accruing     268     489     1,951   (45 ) % (86 ) %
    Total nonperforming loans     6,312     7,667     7,871   (18 ) % (20 ) %
    Foreclosed assets     —     —     —   N/A     N/A    
    Total nonperforming assets   $ 6,312   $ 7,667   $ 7,871   (18 ) % (20 ) %
    Net charge-offs during the quarter   $ 965   $ 197   $ 254   390   % 280   %
    Provision for credit losses on loans during the quarter   $ 274   $ 1,331   $ 184   (79 ) % 49   %
    Allowance for credit losses on loans   $ 48,262   $ 48,953   $ 47,888   (1 ) % 1   %
    Classified assets   $ 40,034   $ 41,661   $ 35,392   (4 ) % 13   %
    Allowance for credit losses on loans to total loans     1.38 %   1.40 %   1.44 % (1 ) % (4 ) %
    Allowance for credit losses on loans to total nonperforming loans     764.61 %   638.49 %   608.41 % 20   % 26   %
    Nonperforming assets to total assets     0.11 %   0.14 %   0.15 % (21 ) % (27 ) %
    Nonperforming loans to total loans     0.18 %   0.22 %   0.24 % (18 ) % (25 ) %
    Classified assets to Heritage Commerce Corp                            
    Tier 1 capital plus allowance for credit losses on loans     7 %   7 %   6 % 0   % 17   %
    Classified assets to Heritage Bank of Commerce                            
    Tier 1 capital plus allowance for credit losses on loans     7 %   7 %   6 % 0   % 17   %
                                 
    OTHER PERIOD-END STATISTICS                                 
    (in $000’s, unaudited)                                 
    Heritage Commerce Corp:                            
    Tangible common equity (1)   $ 522,573   $ 515,657   $ 500,591   1   % 4   %
    Shareholders’ equity / total assets     12.63 %   12.22 %   12.87 % 3   % (2 ) %
    Tangible common equity / tangible assets (1)     9.78 %   9.43 %   9.85 % 4   % (1 ) %
    Loan to deposit ratio     74.45 %   72.45 %   75.06 % 3   % (1 ) %
    Noninterest-bearing deposits / total deposits     24.10 %   25.19 %   27.94 % (4 ) % (14 ) %
    Total capital ratio     15.9 %   15.6 %   15.6 % 2   % 2   %
    Tier 1 capital ratio     13.6 %   13.4 %   13.4 % 1   % 1   %
    Common Equity Tier 1 capital ratio     13.6 %   13.4 %   13.4 % 1   % 1   %
    Tier 1 leverage ratio     9.8 %   9.6 %   10.2 % 2   % (4 ) %
    Heritage Bank of Commerce:                            
    Tangible common equity / tangible assets (1)     10.15 %   9.79 %   10.22 % 4   % (1 ) %
    Total capital ratio     15.4 %   15.1 %   15.1 % 2   % 2   %
    Tier 1 capital ratio     14.1 %   13.9 %   13.9 % 1   % 1   %
    Common Equity Tier 1 capital ratio     14.1 %   13.9 %   13.9 % 1   % 1   %
    Tier 1 leverage ratio     10.2 %   10.0 %   10.6 % 2   % (4 ) %
                                 

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                     
        At or For the Quarter Ended:  
    CREDIT QUALITY DATA      March 31,       December 31,       September 30,      June 30,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Nonaccrual loans – held-for-investment:                                
    Land and construction loans   $ 4,793   $ 5,874   $ 5,862   $ 4,774   $ 4,673  
    Home equity and other loans     927     290     84     108     120  
    Commercial loans     324     1,014     752     900     1,127  
    CRE loans     —     —     —     —     —  
    Total nonaccrual loans – held-for-investment:     6,044     7,178     6,698     5,782     5,920  
    Loans over 90 days past due                                
    and still accruing     268     489     460     248     1,951  
    Total nonperforming loans     6,312     7,667     7,158     6,030     7,871  
    Foreclosed assets     —     —     —     —     —  
    Total nonperforming assets   $ 6,312   $ 7,667   $ 7,158   $ 6,030   $ 7,871  
    Net charge-offs during the quarter   $ 965   $ 197   $ 288   $ 405   $ 254  
    Provision for credit losses on loans during the quarter   $ 274   $ 1,331   $ 153   $ 471   $ 184  
    Allowance for credit losses on loans   $ 48,262   $ 48,953   $ 47,819   $ 47,954   $ 47,888  
    Classified assets   $ 40,034   $ 41,661   $ 32,609   $ 33,605   $ 35,392  
    Allowance for credit losses on loans to total loans     1.38 %   1.40 %   1.40 %   1.42 %   1.44 %
    Allowance for credit losses on loans to total nonperforming loans     764.61 %   638.49 %   668.05 %   795.26 %   608.41 %
    Nonperforming assets to total assets     0.11 %   0.14 %   0.13 %   0.11 %   0.15 %
    Nonperforming loans to total loans     0.18 %   0.22 %   0.21 %   0.18 %   0.24 %
    Classified assets to Heritage Commerce Corp                                
    Tier 1 capital plus allowance for credit losses on loans     7 %   7 %   6 %   6 %   6 %
    Classified assets to Heritage Bank of Commerce                                
    Tier 1 capital plus allowance for credit losses on loans     7 %   7 %   6 %   6 %   6 %
                                     
    OTHER PERIOD-END STATISTICS                                     
    (in $000’s, unaudited)                                     
    Heritage Commerce Corp:                                
    Tangible common equity (1)   $ 522,573   $ 515,657   $ 510,755   $ 504,047   $ 500,591  
    Shareholders’ equity / total assets     12.63 %   12.22 %   12.35 %   12.91 %   12.87 %
    Tangible common equity / tangible assets (1)     9.78 %   9.43 %   9.50 %   9.91 %   9.85 %
    Loan to deposit ratio     74.45 %   72.45 %   72.11 %   76.04 %   75.06 %
    Noninterest-bearing deposits / total deposits     24.10 %   25.19 %   26.90 %   26.71 %   27.94 %
    Total capital ratio     15.9 %   15.6 %   15.6 %   15.6 %   15.6 %
    Tier 1 capital ratio     13.6 %   13.4 %   13.4 %   13.4 %   13.4 %
    Common Equity Tier 1 capital ratio     13.6 %   13.4 %   13.4 %   13.4 %   13.4 %
    Tier 1 leverage ratio     9.8 %   9.6 %   10.0 %   10.2 %   10.2 %
    Heritage Bank of Commerce:                                
    Tangible common equity / tangible assets (1)     10.15 %   9.79 %   9.86 %   10.28 %   10.22 %
    Total capital ratio     15.4 %   15.1 %   15.1 %   15.1 %   15.1 %
    Tier 1 capital ratio     14.1 %   13.9 %   13.9 %   13.9 %   13.9 %
    Common Equity Tier 1 capital ratio     14.1 %   13.9 %   13.9 %   13.9 %   13.9 %
    Tier 1 leverage ratio     10.2 %   10.0 %   10.4 %   10.6 %   10.6 %
                                     

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                       
        For the Quarter Ended   For the Quarter Ended  
        March 31, 2025   December 31, 2024  
                    Interest      Average               Interest      Average  
    NET INTEREST INCOME AND NET INTEREST MARGIN   Average   Income/   Yield/   Average   Income/   Yield/  
    (in $000’s, unaudited)   Balance   Expense   Rate   Balance   Expense   Rate  
    Assets:                                  
    Loans, core bank   $ 2,945,072       39,758     5.47 % $ 2,899,347     $ 39,852     5.47 %
    Prepayment fees     —       224     0.03 %   —       35     0.00 %
    Bay View Funding factored receivables     60,250       2,942     19.80 %   59,153       3,084     20.74 %
    Purchased residential mortgages     427,963       3,597     3.41 %   434,846       3,732     3.41 %
    Loan fair value mark / accretion     (1,981 )     181     0.02 %   (2,357 )     429     0.06 %
    Loans, gross (1)(2)     3,431,304       46,702     5.52 %   3,390,989       47,132     5.53 %
    Securities – taxable     876,092       5,559     2.57 %   800,174       4,475     2.22 %
    Securities – exempt from Federal tax (3)     30,480       275     3.66 %   30,570       274     3.57 %
    Other investments and interest-bearing deposits                                  
    in other financial institutions     850,441       9,354     4.46 %   1,014,253       12,220     4.79 %
    Total interest earning assets (3)     5,188,317       61,890     4.84 %   5,235,986       64,101     4.87 %
    Cash and due from banks     31,869                 32,569              
    Premises and equipment, net     10,007                 10,301              
    Goodwill and other intangible assets     173,895                 174,401              
    Other assets     155,808                 154,583              
    Total assets   $ 5,559,896               $ 5,607,840              
                                       
    Liabilities and shareholders’ equity:                                  
    Deposits:                                  
    Demand, noninterest-bearing   $ 1,167,330               $ 1,222,393              
                                       
    Demand, interest-bearing     944,375       1,438     0.62 %   906,581       1,452     0.64 %
    Savings and money market     1,323,038       8,073     2.47 %   1,339,397       9,090     2.70 %
    Time deposits – under $100     11,383       47     1.67 %   11,388       49     1.71 %
    Time deposits – $100 and over     234,421       2,129     3.68 %   234,446       2,310     3.92 %
    ICS/CDARS – interest-bearing demand, money market                                  
    and time deposits     1,036,970       6,248     2.44 %   1,057,286       7,009     2.64 %
    Total interest-bearing deposits     3,550,187       17,935     2.05 %   3,549,098       19,910     2.23 %
    Total deposits     4,717,517       17,935     1.54 %   4,771,491       19,910     1.66 %
                                       
    Short-term borrowings     18       —     0.00 %   28       —     0.00 %
    Subordinated debt, net of issuance costs     39,667       537     5.49 %   39,629       538     5.40 %
    Total interest-bearing liabilities     3,589,872       18,472     2.09 %   3,588,755       20,448     2.27 %
    Total interest-bearing liabilities and demand,                                  
    noninterest-bearing / cost of funds     4,757,202       18,472     1.57 %   4,811,148       20,448     1.69 %
    Other liabilities     109,961                 110,429              
    Total liabilities     4,867,163                 4,921,577              
    Shareholders’ equity     692,733                 686,263              
    Total liabilities and shareholders’ equity   $ 5,559,896               $ 5,607,840              
                                       
    Net interest income / margin (3)           43,418     3.39 %         43,653     3.32 %
    Less tax equivalent adjustment (3)           (58 )               (58 )      
    Net interest income         $ 43,360     3.39 %       $ 43,595     3.31 %
                                       

    (1)Includes loans held-for-sale. Nonaccrual loans are included in average balances.
    (2)Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $167,000 for the fourth quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $35,000 for the fourth quarter of 2024.
    (3)Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                       
        For the Quarter Ended   For the Quarter Ended  
        March 31, 2025   March 31, 2024  
                    Interest      Average               Interest      Average  
    NET INTEREST INCOME AND NET INTEREST MARGIN   Average   Income/   Yield/   Average   Income/   Yield/  
    (in $000’s, unaudited)   Balance   Expense   Rate   Balance   Expense   Rate  
    Assets:                                  
    Loans, core bank   $ 2,945,072     $ 39,758     5.47 % $ 2,795,351     $ 37,721     5.43 %
    Prepayment fees     —       224     0.03 %   —       24     0.00 %
    Bay View Funding factored receivables     60,250       2,942     19.80 %   53,511       2,838     21.33 %
    Purchased residential mortgages     427,963       3,597     3.41 %   454,240       3,788     3.35 %
    Loan fair value mark / accretion     (1,981 )     181     0.02 %   (3,113 )     229     0.03 %
    Loans, gross (1)(2)     3,431,304       46,702     5.52 %   3,299,989       44,600     5.44 %
    Securities – taxable     876,092       5,559     2.57 %   1,042,484       6,183     2.39 %
    Securities – exempt from Federal tax (3)     30,480       275     3.66 %   31,939       286     3.60 %
    Other investments and interest-bearing deposits                                  
    in other financial institutions     850,441       9,354     4.46 %   436,093       5,951     5.49 %
    Total interest earning assets (3)     5,188,317       61,890     4.84 %   4,810,505       57,020     4.77 %
    Cash and due from banks     31,869                 33,214              
    Premises and equipment, net     10,007                 10,015              
    Goodwill and other intangible assets     173,895                 176,039              
    Other assets     155,808                 148,863              
    Total assets   $ 5,559,896               $ 5,178,636              
                                       
    Liabilities and shareholders’ equity:                                  
    Deposits:                                  
    Demand, noninterest-bearing   $ 1,167,330               $ 1,177,078              
                                       
    Demand, interest-bearing     944,375       1,438     0.62 %   920,048       1,554     0.68 %
    Savings and money market     1,323,038       8,073     2.47 %   1,067,581       6,649     2.50 %
    Time deposits – under $100     11,383       47     1.67 %   10,945       42     1.54 %
    Time deposits – $100 and over     234,421       2,129     3.68 %   221,211       2,064     3.75 %
    ICS/CDARS – interest-bearing demand, money market                                  
    and time deposits     1,036,970       6,248     2.44 %   963,287       6,611     2.76 %
    Total interest-bearing deposits     3,550,187       17,935     2.05 %   3,183,072       16,920     2.14 %
    Total deposits     4,717,517       17,935     1.54 %   4,360,150       16,920     1.56 %
                                       
    Short-term borrowings     18       —     0.00 %   15       —     0.00 %
    Subordinated debt, net of issuance costs     39,667       537     5.49 %   39,516       538     5.48 %
    Total interest-bearing liabilities     3,589,872       18,472     2.09 %   3,222,603       17,458     2.18 %
    Total interest-bearing liabilities and demand,                                  
    noninterest-bearing / cost of funds     4,757,202       18,472     1.57 %   4,399,681       17,458     1.60 %
    Other liabilities     109,961                 106,663              
    Total liabilities     4,867,163                 4,506,344              
    Shareholders’ equity     692,733                 672,292              
    Total liabilities and shareholders’ equity   $ 5,559,896               $ 5,178,636              
                                       
    Net interest income / margin (3)           43,418     3.39 %         39,562     3.31 %
    Less tax equivalent adjustment (3)           (58 )               (60 )      
    Net interest income         $ 43,360     3.39 %       $ 39,502     3.30 %

    (1)Includes loans held-for-sale. Nonaccrual loans are included in average balances.
    (2)Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $160,000 for the first quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $24,000 for the first quarter of 2024.
    (3)Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    Management considers tangible book value per share as a useful measurement of the Company’s equity. The Company references the return on average tangible common equity and the return on average tangible assets as measurements of profitability.

    The following table summarizes components of the tangible book value per share at the dates indicated:

                                     
    TANGIBLE BOOK VALUE PER SHARE   March 31,    December 31,    September 30,   June 30,   March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Capital components:                                
    Total Equity (GAAP)   $ 696,190     $ 689,727     $ 685,352     $ 679,199     $ 676,296    
    Less: Preferred Stock     —       —       —       —       —    
    Total Common Equity     696,190       689,727       685,352       679,199       676,296    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (5,986 )     (6,439 )     (6,966 )     (7,521 )     (8,074 )  
    Total Tangible Common Equity (non-GAAP)   $ 522,573     $ 515,657     $ 510,755     $ 504,047     $ 500,591    
                                     
    Common shares outstanding at period-end     61,611,121       61,348,095       61,297,344       61,292,094       61,253,625    
                                     
    Tangible book value per share (non-GAAP)   $ 8.48     $ 8.41     $ 8.33     $ 8.22     $ 8.17    
                                               

    The following tables summarize components of the annualized return on average tangible common equity and the annualized return on average tangible assets for the periods indicated:

                                     
    RETURN ON AVERAGE TANGIBLE COMMON   For the Quarter Ended:  
    EQUITY AND AVERAGE TANGIBLE COMMON ASSETS   March 31,    December 31,    September 30,   June 30,   March 31,   
    (in $000’s, unaudited)   2025   2024     2024    2024   2024  
    Net income   $ 11,626     $ 10,621     $ 10,507     $ 9,234     $ 10,166    
                                     
    Average tangible common equity components:                                
    Average Equity (GAAP)   $ 692,733     $ 686,263     $ 680,404     $ 675,108     $ 672,292    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (6,264 )     (6,770 )     (7,322 )     (7,867 )     (8,408 )  
    Total Average Tangible Common Equity (non-GAAP)   $ 518,838     $ 511,862     $ 505,451     $ 499,610     $ 496,253    
                                     
    Annualized return on average tangible common equity (non-GAAP)     9.09   %   8.25   %   8.27   %   7.43   %   8.24   %
                                     
    Average tangible assets components:                                
    Average Assets (GAAP)   $ 5,559,896     $ 5,607,840     $ 5,352,067     $ 5,213,171     $ 5,178,636    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (6,264 )     (6,770 )     (7,322 )     (7,867 )     (8,408 )  
    Total Average Tangible Assets (non-GAAP)   $ 5,386,001     $ 5,433,439     $ 5,177,114     $ 5,037,673     $ 5,002,597    
                                     
    Annualized return on average tangible assets (non-GAAP)     0.88   %   0.78   %   0.81   %   0.74   %   0.82   %
                                               

    Management reviews yields on certain asset categories and the net interest margin of the Company on an FTE basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. The following tables summarize components of FTE net interest income of the Company for the periods indicated:

                                     
        For the Quarter Ended:  
        March 31,    December 31,    September 30,    June 30,    March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Net interest income before                                
    credit losses on loans (GAAP)   $ 43,360   $ 43,595   $ 39,329   $ 38,867   $ 39,502  
    Tax-equivalent adjustment on securities –                                
    exempt from Federal tax     58     58     59     60     60  
    Net interest income, FTE (non-GAAP)   $ 43,418   $ 43,653   $ 39,388   $ 38,927   $ 39,562  
                                     
    Average balance of total interest earning assets   $ 5,188,317   $ 5,235,986   $ 4,980,082   $ 4,840,670   $ 4,810,505  
                                     
    Net interest margin (annualized net interest income divided by the                                
    average balance of total interest earnings assets) (GAAP)     3.39 %   3.31 %   3.14 %   3.23 %   3.30 %
                                     
    Net interest margin, FTE (annualized net interest income, FTE,                                
    divided by the average balance of total                                
    earnings assets) (non-GAAP)     3.39 %   3.32 %   3.15 %   3.23 %   3.31 %
                                     

    Management views its non-GAAP PPNR as a key metric for assessing the Company’s earnings power. The following table summarizes the components of PPNR for the periods indicated:

                                   
        For the Quarter Ended:
        March 31,    December 31,    September 30,   June 30,   March 31, 
    (in $000’s, unaudited)   2025   2024   2024   2024   2024
                                   
                                   
    Net interest income before credit losses on loans   $ 43,360     $ 43,595     $ 39,329     $ 38,867     $ 39,502  
    Noninterest income     2,696       2,775       2,826       2,864       2,638  
    Total revenue     46,056       46,370     $ 42,155     $ 41,731     $ 42,140  
    Less: Noninterest expense     (29,456 )     (30,304 )     (27,555 )     (28,188 )     (27,536 )
    PPNR (non-GAAP)   $ 16,600     $ 16,066     $ 14,600     $ 13,543     $ 14,604  
                                             

    The efficiency ratio is a non-GAAP financial measure, which is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income), and measures how much it costs to produce one dollar of revenue. The following tables summarize components of the efficiency ratio of the Company for the periods indicated:

                                     
        For the Quarter Ended:  
        March 31,    December 31,    September 30,   June 30,   March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Noninterest expense   $ 29,456   $ 30,304   $ 27,555   $ 28,188   $ 27,536  
                                     
    Net interest income before credit losses on loans   $ 43,360   $ 43,595   $ 39,329   $ 38,867   $ 39,502  
    Noninterest income     2,696     2,775     2,826     2,864     2,638  
    Total revenue   $ 46,056   $ 46,370   $ 42,155   $ 41,731   $ 42,140  
                                     
    Efficiency ratio (noninterest expense divided                                
    by total revenue) (non-GAAP)     63.96 %   65.35 %   65.37 %   67.55 %   65.34 %
                                     

    Management considers the tangible common equity ratio as a useful measurement of the Company’s and the Bank’s equity. The following table summarizes components of the tangible common equity to tangible assets ratio of the Company at the dates indicated:

                                     
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS   March 31,    December 31,    September 30,      June 30,       March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024   
    Capital components:                                
    Total Equity (GAAP)   $ 696,190     $ 689,727     $ 685,352     $ 679,199     $ 676,296    
    Less: Preferred Stock     —       —       —       —       —    
    Total Common Equity     696,190       689,727       685,352       679,199       676,296    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (5,986 )     (6,439 )     (6,966 )     (7,521 )     (8,074 )  
    Total Tangible Common Equity (non-GAAP)   $ 522,573     $ 515,657     $ 510,755     $ 504,047     $ 500,591    
                                     
    Asset components:                                
    Total Assets (GAAP)   $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024     $ 5,256,074    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (5,986 )     (6,439 )     (6,966 )     (7,521 )     (8,074 )  
    Total Tangible Assets (non-GAAP)   $ 5,340,638     $ 5,470,936     $ 5,376,999     $ 5,087,872     $ 5,080,369    
                                     
    Tangible common equity / tangible assets (non-GAAP)     9.78   %   9.43   %   9.50   %   9.91   %   9.85   %
                                               

    The following table summarizes components of the tangible common equity to tangible assets ratio of the Bank at the dates indicated:

                                     
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS   March 31,    December 31,    September 30,      June 30,    March 31,   
    (in $000’s, unaudited)   2025   2024   2024   2024   2024  
    Capital components:                                
    Total Equity (GAAP)   $ 715,605     $ 709,379     $ 704,585     $ 697,964     $ 694,543    
    Less: Preferred Stock     —       —       —       —       —    
    Total Common Equity     715,605       709,379       704,585       697,964       694,543    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (5,986 )     (6,439 )     (6,966 )     (7,521 )     (8,074 )  
    Total Tangible Common Equity (non-GAAP)   $ 541,988     $ 535,309     $ 529,988     $ 522,812     $ 518,838    
                                     
    Asset components:                                
    Total Assets (GAAP)   $ 5,512,160     $ 5,641,646     $ 5,548,576     $ 5,260,500     $ 5,254,044    
    Less: Goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: Other Intangible Assets     (5,986 )     (6,439 )     (6,966 )     (7,521 )     (8,074 )  
    Total Tangible Assets (non-GAAP)   $ 5,338,543     $ 5,467,576     $ 5,373,979     $ 5,085,348     $ 5,078,339    
                                     
    Tangible common equity / tangible assets (non-GAAP)     10.15   %   9.79   %   9.86   %   10.28   %   10.22   %
                                               

    The MIL Network –

  • MIL-OSI USA: Senator Reverend Warnock Hosts Passport Services Day in Atlanta

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia
    Senator Reverend Warnock’s constituent services team partnered with the Atlanta Passport Agency to assist with passport renewals and first-time applicants
    The one-day-only event helped 163 Georgians receive passport services
    Event is latest effort by Senator Reverend Warnock and his office to provide quality, accessible, and personable constituent services
    Atlanta, GA – Today, U.S. Senator Reverend Raphael Warnock (D-GA) hosted an in-person Passport Services Day in Atlanta, Georgia in conjunction with the Atlanta Passport Agency. Staff from Senator Warnock’s office and the Atlanta Passport Agency assisted 163 Georgians with passport renewals, and helped first-time applicants take the needed steps to obtain a passport. 
    “As a Senator for all Georgians, providing Georgians with quality, accessible, and personable constituent services will always be a top priority for me. Georgians in need of passport services or other federal inquiries should contact my office to see how we may be of service to you,” said Senator Reverend Warnock.
    With summer travel around the corner, this event aimed to bridge the gap between federal resources and communities across the metro-Atlanta area. In May 2024, Senator Warnock hosted his inaugural Passport Services Day, helping over 100 Georgians with passport renewals or first-time applications. In 2023, amid a historic, post-pandemic spike in passport applications that caused delays and disruptions to Georgians planning to travel internationally, Senator Warnock’s office assisted over 2,800 Georgians seeking passport assistance.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Joins Federal and State Emergency Officials to Survey Pacific Palisades Fire Recovery Area; Highlights Bipartisan Legislation to Address Wildfire Risks

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Joins Federal and State Emergency Officials to Survey Pacific Palisades Fire Recovery Area; Highlights Bipartisan Legislation to Address Wildfire Risks

    WATCH: Padilla discusses importance of bipartisan solutions like the Senate Fix Our Forests Act to combat wildfire crisisLOS ANGELES, CA — Just over 100 days after the Los Angeles fires first ignited, U.S. Senator Alex Padilla (D-Calif.) and California Natural Resources Secretary Wade Crowfoot joined federal and state emergency officials for a tour today of the Pacific Palisades fire recovery area led by the Federal Emergency Management Agency (FEMA). The tour consisted of a visit to businesses and residences impacted by the Pacific Palisades fire — with officials from FEMA, the U.S. Army Corps of Engineers (USACE), CAL FIRE, and the California Governor’s Office of Emergency Services (Cal OES) — followed by a press conference at a cleared debris site where Padilla discussed his new bipartisan legislation to address wildfire risks.
    In the aftermath of the devastating Southern California fires, Padilla’s Fix Our Forests Act would help combat catastrophic wildfires, restore forest ecosystems, and make federal forest management more efficient and responsive. The comprehensive Senate bill reflects months of bipartisan Senate negotiations to find consensus on how to best improve forest management practices, accelerate processes to protect communities, advance watershed restoration, and strengthen partnerships between federal agencies, states, tribes, and private stakeholders. The Senate version of the bill would also bolster coordination efforts across agencies through a new Wildfire Intelligence Center, which would streamline the federal response and create a whole-of-government approach to combating wildfires.
    A list of Senate Fix Our Forests Act provisions particularly impactful for California is available here. A one-pager on the bill is available here.
    “As thousands of Los Angeles families look at a long road to recovery ahead, we need to do everything in our power not just to rebuild, but to prevent devastation from future wildfires,” said Senator Padilla. “That’s why with these LA communities in mind, I convened a bipartisan group of Western Senators to reassess how we prevent and respond to wildfires. Our Senate version of the Fix Our Forests Act would increase the speed and scale of our wildfire prevention and mitigation efforts by expediting the removal of hazardous fuels, building ‘fuel breaks’ to stop mega wildfires, and creating a National Wildfire Intelligence Center to streamline federal response. We’re breaking through this harsh political climate with bipartisan solutions to both fight deadly wildfires and prevent even more greenhouse gas emissions — we can’t take this opportunity for granted.”
    “The bipartisan Fix Our Forests Act removes barriers and builds on California’s progress to accelerate more work on federal lands, faster,” said California Natural Resources Secretary Wade Crowfoot. “As an all-lands, all-hands approach, it is one more tool in the arsenal against the threat of wildfires. As we enter peak fire season, reducing catastrophic wildfire risk requires everyone to do their part.”
    “Across California, we are working year-round to reduce wildfire risk and enhance prevention efforts, and we are seeing results,” said Josh Nettles, CAL FIRE Assistant Region Chief. “Now by enhancing interagency coordination and promoting fire-resistant building methods and defensible space practices, the Fix Our Forests Act will help protect communities in the wildland-urban interface and elsewhere.”
    The American West has long been prone to wildfires, but climate change, prolonged drought, and the buildup of dry fuels have increasingly intensified these fires and extended fire seasons. Wildfires today are more catastrophic — growing larger, spreading faster, and burning more land than ever before. Nationwide, total acres burned rose from 2.7 million in 2023 to nearly 9 million in 2024, a 231 percent increase.
    California averages more than 7,500 wildfires a year. Not including the recent Los Angeles fires, six of the top 10 most destructive fires, three of the top five deadliest fires, and all of the state’s nine largest fires have burned since 2017. The status quo is simply unsustainable, and responding to the scale and magnitude of the crisis on the ground is essential to keeping California communities safe.
    Additionally, wildfires release carbon dioxide and other greenhouse gas emissions that accelerate climate change. California’s 2020 fire season, the worst on record, emitted enough greenhouse gases to erase nearly two decades of progress on emissions reductions in California. Addressing this wildfire emergency is critical to ensuring that our climate progress is not undermined by the devastating impacts of these fires.
    In the aftermath of the devastating Southern California fires, Senator Padilla has introduced more than 10 bills to help prevent and respond to future disasters. In February, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Fire-Safe Electrical Corridors Act, the Wildfire Emergency Act, and the Disaster Mitigation and Tax Parity Act. In January, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience, including the Wildland Firefighter Paycheck Protection Act, the Fire Suppression and Response Funding Assurance Act, and the Disaster Housing Reform for American Families Act. Additionally, earlier this month, he introduced the FEMA Independence Act, bipartisan legislation to restore the FEMA as an independent, cabinet-level agency and improve efficiency in federal emergency response efforts.
    Senator Padilla also visited Altadena last month, joining Senator Cory Booker (D-N.J.), FEMA, local leaders, and representatives from the Small Business Administration, Environmental Protection Agency, and USACE for a tour and briefing on cleanup and recovery efforts in the aftermath of the Eaton Fire.
    Video of today’s press conference is available here, and can be downloaded here.
    Additional photos from today’s tour are available here.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Stands with Law Firm Targeted by Trump Administration

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James and a coalition of 20 other attorneys general today filed an amicus brief supporting the law firm Susman Godfrey against illegal attacks by the Trump administration. President Trump issued Executive Orders imposing severe sanctions against Susman Godfrey in retaliation for doing work disfavored by the Trump administration. Attorney General James and a coalition argue in their amicus brief submitted to the U.S. District Court for the District of Columbia that the Executive Order violates the First Amendment, disregards the right to counsel, and undermines constitutional principles like the separation of powers.

    “The Trump administration cannot dictate which clients or issues law firms represent and support,” said Attorney General James. “These vindictive Executive Orders targeting law firms are a gross abuse of power and undermine our democracy and our Constitution. I will continue to use my voice and the force of my office to defend the rule of law and support the law firms bravely challenging these unjust attacks by the Trump administration.”

    President Trump has issued Executive Orders retaliating against law firms whose advocacy, clients, and personnel he dislikes. These orders require federal officials to suspend any active security clearances held by individuals at the targeted law firms, to refuse to engage with or hire employees of these firms, and to deny the law firms’ personnel entry to federal buildings. The orders also direct federal contractors to disclose any business they do with the law firms so that agencies can terminate any contract with the firms. 

    Susman Godfrey was named in one of these retaliatory executive orders in early April. Susman obtained temporary injunctive relief earlier this month and is now asking a judge to permanently block the Executive Order against it. When granting the temporary injunctive relief, a federal judge said, “the Executive Order is based on a personal vendetta against a particular firm. And, frankly, I think the framers of our Constitution would view it as a shocking abuse of power.”

    In their amicus brief, the attorneys general argue that a fair and functioning judicial system depends on lawyers being willing to work on controversial cases or represent unpopular clients without fearing retribution by the government. The attorneys general further assert that the orders will harm the residents of their states by making it more difficult for many potential clients – especially those who currently rely on pro bono representation – to obtain legal services and vindicate their rights in court. 

    Today’s briefs are the latest efforts by Attorney General James to support the legal industry against unconstitutional attacks by the Trump administration. Earlier this month, Attorney General James and a coalition of attorneys general submitted amicus briefs in support of Jenner & Block LLP and WilmerHale LLP. In March, Attorney General James filed an amicus brief in support of the law firm Perkins Coie LLP.

    Joining Attorney General James in filing today’s amicus briefs are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, New Jersey, Oregon, Rhode Island, Vermont, Washington, and the District of Columbia.

    MIL OSI USA News –

  • MIL-OSI USA: Construction Underway on Saratoga County Roundabout

    Source: US State of New York

    overnor Kathy Hochul today announced that construction is underway on a $3.4 million project that will enhance motorist safety and improve traffic flow along an important travel route in Saratoga County and a key gateway to the historic City of Saratoga Springs. The project is reconfiguring the traditional four-way, signalized intersection of New York State Route 29, Rowland Street and Petrified Sea Gardens Road in the Town of Milton into a modern, single-lane roundabout that will reduce congestion and points of potential vehicle conflict. The intersection is less than three miles away from Saratoga Springs’ bustling downtown district.

    “New Yorkers need the best and safest roads so they can travel to work, visit their families and shop for leisure,” Governor Hochul said. “While we are transforming the infrastructure of our state and connecting our roads to ensure safer and more efficient travel, the construction of this new roundabout on State Route 29 in Saratoga County would not be possible without our roadside workers, who risk their lives every day delivering for our state and keep us moving.”

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Thanks to Governor Hochul’s leadership, New York State continues to lead the way in reimagining our infrastructure to better connect communities and get people where they need to go safely and efficiently. The transformation of this intersection along State Route 29 into a roundabout will reduce vehicle congestion along a vital travel corridor in Saratoga County and make it easier to reach one of the sparkling jewels of upstate New York, the City of Saratoga Springs.”

    State Route 29 — also known as Washington Street — is a major east-west artery that connects the Town of Milton with Saratoga Springs and its many popular attractions, including the Saratoga Race Course and the Saratoga Performing Arts Center. Rowland Street is also a key north-south local connector that provides access to local residential communities as well as the Saratoga County Airport.

    The new roundabout will improve overall traffic conditions by reducing idling time and allowing vehicles to navigate the intersection more efficiently.

    Roundabouts are engineered to maximize safety and minimize congestion. Compared to some traditional intersections, traffic flows more freely through roundabouts, cutting congestion and commute times. Crashes at roundabouts tend to be less severe because they typically occur at slower speeds. Roundabouts also eliminate the need for electric-powered traffic signals. Watch a video about how to safely navigate a roundabout.

    To minimize disruptions, the New York State Department of Transportation will maintain traffic in each direction on State Route 29 throughout construction. The project is expected to be in its final stages in early June and is not expected to impact travel to the Belmont Stakes Racing Festival, which runs from June 4 through June 8. Construction is expected to be substantially complete by late June, well before the start of the regular race season at the Saratoga Race Course.

    U.S. Senator Charles Schumer said, “The intersection of Rowland Street and Petrified Sea Gardens Road is part of one of Saratoga’s most vital routes. Thanks to $1 million in federal funding from my Bipartisan Infrastructure & Jobs Law, we are paving the way for a safer roundabout that will improve traffic flow. These improvements will make it easier for residents and visitors to reach the historic Saratoga Springs and travel throughout the Capital Region more easily and safely. I’m grateful that Governor Hochul is putting these federal dollars to good use to improve safety along this key gateway.”

    Saratoga County Administrator Steve Bulger said, “Saratoga County is pleased to see new infrastructure investments as our County continues to grow. We believe this new roundabout will improve traffic flow at a key intersection that will benefit our constituents moving forward.”

    Town of Milton Supervisor Scott Ostrander said, “Our town is one of the fastest growing towns in the County. Unfortunately, it’s growing faster than everyone has expected. I think the roundabout is a positive for our town because it will clear up the congested traffic in our town with the roundabout creating a steady flow of traffic which will hopefully take care of the congestion problem with the population continuously growing.”

    About the Department of Transportation
    It is the mission of the New York State Department of Transportation to provide a safe, reliable, equitable, and resilient transportation system that connects communities, enhances quality of life, protects the environment, and supports the economic well-being of New York State.

    Lives are on the line; slow down and move over for highway workers!

    Follow New York State DOT on Twitter: @NYSDOT and @NYSDOT_NYC. Find us on Facebook at facebook.com/NYSDOT.

    MIL OSI USA News –

  • MIL-OSI Global: Trump’s aggressive actions against free speech speak a lot louder than his words defending it

    Source: The Conversation – USA – By Daniel Hall, Professor of Justice and Community Studies & Political Science, Miami University

    Free speech in the U.S. is being curtailed by the Trump administration. Malte Mueller, fStop/Getty Images

    Harvard University took the extraordinary step of suing the Trump administration on April 21, 2025, claiming that the pressure campaign mounted on the school by the president and his Cabinet to force viewpoint diversity on campus violated the Constitution’s guarantees of free speech.

    “Defendants’ actions are unlawful,” Harvard’s lawsuit states. “The First Amendment does not permit the Government to ‘interfere with private actors’ speech to advance its own vision of ideological balance.’”

    Yet in his first term, President Donald J. Trump declared that free speech mattered.

    Trump issued the “Executive Order Restoring Free Speech and Ending Federal Censorship” on March 21, 2019. In it, he expressed the importance of free inquiry and open debate to education and directed federal officials to use the federal government’s funding of higher education to ensure that universities promote free inquiry.

    Channeling free-speech champions Benjamin Franklin and James Madison, Trump wrote that “free inquiry is an essential feature of our Nation’s democracy.”

    As a professor of constitutional, criminal and comparative law, and as a citizen who enjoys his liberty, I agree.

    Free speech is fundamental to human progress. Scientific, medical, technological and social advancements all rely on the free flow of information. Robust discussion and disagreement are equally important to maintaining a healthy constitutional republic.

    In the words of the late U.S. Supreme Court Justice Robert Jackson, “If there is any fixed star in our constitutional constellation, it is that no official, high or petty, can prescribe what shall be orthodox in politics, nationalism, religion, or other matters of opinion or force citizens to confess by word or act their faith therein.”

    The First Amendment’s free speech and press clauses protect all forms of expression – oral, print, digital and artistic – from governmental interference or punishment.

    Of the many types of speech, political speech is the most protected.

    On the first day of his second term in office, Trump issued another free speech executive order. It affirms the administration’s commitment to free speech, directs that tax money is not used to abridge free speech and instructs federal employees to “identify and take appropriate action to correct past misconduct by the Federal Government related to censorship of protected speech.”

    In a vacuum, Trump’s orders appear to bode well for free speech.

    But what is important is free speech reality, not rhetoric. Three months into his second term, where does Trump stand?

    The many interconnected orders, letters, statements and actions of Trump’s White House make an assessment of any positive effects difficult. On the other hand, the Trump administration has clearly violated and chilled free speech on many occasions.

    At his second inauguration, Donald Trump promised to ‘stop all government censorship’ and ‘bring back free speech.’

    Repression and retaliation

    Attempts to silence the president’s adversaries are developing as a pattern.

    Law firms and attorneys who have sued or prosecuted Trump, or represented his adversaries, have been targeted for retribution and concessions. It began with an executive order on March 6, 2025, directed at the U.S.-based global law firm Perkins Coie, which had once represented Trump’s opponent in the 2016 presidential race, Hillary Clinton. A second order was issued on March 14, 2025, against Paul, Weiss, Rifkind, Wharton & Garrison because it once employed an attorney who investigated Trump. Subsequently, at least six other prominent law firms were also targeted.

    Several law firms acceded to the president’s demands, agreeing to accept clients without regard to political beliefs, to eliminate DEI practices, and to perform pro bono work valued in the hundreds of millions of dollars for causes Trump supports.

    The firms that didn’t accede to the president’s demands had their security clearances removed, access to federal buildings restricted, and were banned from working for federal agencies. A few of the firms that didn’t relent have won temporary injunctions barring the administration’s actions against them.

    The nonpartisan free speech advocacy organization Foundation for Individual Rights and Expression decried the orders as threatening the foundations of justice and free speech. In one of several challenges to these orders, U.S. District Judge Beryl Howell wrote on March 12, 2025, that Trump’s order appeared motivated by “retaliatory animus” and concluded that it “runs head on into the wall of First Amendment protections.” Two other federal courts reached similar conclusions.

    In the first three months of his second term, Trump withdrew Secret Service protection of several prominent critics who are former federal government officials, including John Bolton, a former Trump national security adviser. Former Secretary of State Mike Pompeo, his top aide, Brian Hook, and former high-level health official Anthony Fauci also lost their security protection.

    It is hard to imagine that these decisions won’t have a profoundly chilling effect on potential critics of the president, especially since the revocations were publicly announced and each individual has been the subject of credible threats resulting from their governmental service.

    Targeting the press

    A similar pattern exists for journalists, where Trump is using his power to punish organizations whose reporting he doesn’t like.

    AP journalists were banned from the White House and Air Force One on Feb. 11, 2025, for refusing to refer to the Gulf of Mexico as the Gulf of America, the new name Trump had ordered for the body of water. On April 9, 2025, this ban was found to violate the First Amendment by a judge nominated by Trump during his first term.

    Denouncing CNN and MSNBC as “illegal” and claiming they are paid political operatives, Trump suggested they should be investigated during a speech at the U.S. Department of Justice.

    Trump effectively closed Voice of America, after 83 years of continuous broadcasting, for being “anti-Trump” and radical in its views. By charter, the broadcaster represents “America, not any single segment of American society,” with “accurate, objective, and comprehensive” news and “a balanced and comprehensive projection of significant American thought and institutions” through television, radio, internet, social media and satellite broadcasts to peoples around the world.

    The Federal Communications Commission has initiated regulatory actions against the licenses of several television stations for broadcasts that have been accused by the President of being anti-Trump or biased in favor of Kamala Harris. Early in the process, the outcomes of these actions are to be determined.

    Protesters in Somerville, Mass., on March 26, 2025, demand the release of Rumeysa Ozturk, a Turkish student at Tufts University, whose recent arrest by federal agents is seen as an assault on free speech.
    AP Photo/Michael Casey

    Pressuring universities and students

    Other administration actions, I believe, raise serious free speech issues.

    Harvard isn’t the only university feeling pressure.

    The administration is threatening to withhold federal money from universities as a way to coerce many of them to comply with administration policies in ways that implicate free speech and in some instances violate legal processes for the withholding of federal support.

    Some of the Trump administration’s recent immigration enforcement efforts have targeted international students who are in the U.S. lawfully but who participated in Palestinian rights protests and disagreed with Israel’s actions during the war in Gaza.

    The administration claims that some students whose visas have been revoked were either Hamas supporters or violated criminal laws. The administration has also said that many students are being deported under broad authority the secretary of state has to deport those deemed a danger to national security.

    Democracy and free speech

    In the past decade, the U.S. has fallen in press freedom, rule of law and democratic governance, resulting in the classification of a “flawed democracy” by the Economist Intelligence Unit, a democratic watchdog. Unsurprisingly, there has been a simultaneous rise in public support for authoritarianism. These changes make support for free speech increasingly important.

    On March 4, 2025, Trump declared in a speech before a joint session of Congress that he “stopped all government censorship and brought free speech back to America.”

    The record doesn’t support this claim.

    Daniel Hall 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. Trump’s aggressive actions against free speech speak a lot louder than his words defending it – https://theconversation.com/trumps-aggressive-actions-against-free-speech-speak-a-lot-louder-than-his-words-defending-it-252706

    MIL OSI – Global Reports –

  • MIL-OSI USA: Ciscomani Marked Earth Day at Santa Cruz Watershed Collaboration

    Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

    TUCSON, AZ – On Earth Day, U.S. Congressman Juan Ciscomani joined Audubon Southwest, the Theodore Roosevelt Conservation Partnership and Business for Water Stewardship, and other key local water stakeholders while visiting a desert riparian area in Pima County.  

    Ciscomani, a consistent champion of the Cooperative Watershed Management Program (CWMP), a unique federal resource administered through the Bureau of Reclamation that provides critical funding to local stakeholders for the development, planning and design of watershed management programs, has worked to secure and increase critical federal funding for the Santa Cruz Watershed Collaborative’s conservation projects.  

    “Water is our most precious resource, especially living here in the Sonoran Desert,” said Ciscomani. “In Congress, water has been a top priority for me, and I have led in several areas to secure our region and our state’s water security. Projects, like the ones the Santa Cruz Watershed Collaborative are working on to mitigate the effects of drought, are a prime example of the importance of supporting locally driven conservation efforts. I am proud to have fought for increased funding for the CWMP after several years of the program not receiving any increases.”

    The Santa Cruz Watershed Collaborative is funded by the Cooperative Watershed Management Program (CWMP), a grant program administered by the U.S. Bureau of Reclamation. The CWMP is a unique federal resource that provides critical funding to local stakeholders for the development, planning, and design of watershed management programs.  

    Congressman Ciscomani advocated for an increase in the CWMP in the Appropriations Committee, which partially funds the Santa Cruz Watershed Collaborative. On April 10th, 2023, Ciscomani testified to the Energy and Water Appropriations Subcommittee on the importance of the CWMP and the need to increase its funding. Prior to Ciscomani’s advocacy, the program was flat-funded at $5 million, and since FY24, it has received $8 million in funding from the E&W subcommittee.  

    Congressman Ciscomani is the Co-Chair of the bipartisan Colorado River Caucus with Rep Joe Neguse (D-CO-2) and was recently named the Vice-Chair of Conservative Climate Caucus.  

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Graham Applauds Trump Administration Funding I-95 Bridge Project

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) joined federal and state officials in celebrating news from the U.S. Department of Transportation (DOT) that the South Carolina Department of Transportation (SCDOT) would receive the Trump Administration’s first federal grant agreement under the Bridge Investment Program (BIP) to fund the replacement of I-95 bridges over Lake Marion.

    Last year, Senator Graham joined Governor McMaster and other South Carolina federal and state officials to celebrate the initial grant announcement. Graham led the South Carolina delegation in securing funding for this project. 

    “I am very grateful to Secretary Duffy and his team for starting to push the grant funds out the door – at the direction of President Trump – to make the I-95 bridges replacement project over Lake Marion a reality,” said Senator Graham. “This is one of the most important projects in our state. It’s been a collaborative effort and will tremendously improve quality of life and commerce in the region.”

    “President Trump tasked my Department with a clear objective: rebuild America’s aging infrastructure,” said U.S. Transportation Secretary Sean P. Duffy. “The previous administration left the nation with an unprecedented backlog of unfulfilled grant agreements and empty promises. Within 100 days of inauguration, we’re already delivering results.”

    “Thank you to Secretary Duffy for delivering this critical grant money to fund the bridge on I-95,” said U.S. Senator Tim Scott. “This common-sense investment in infrastructure is a win for every South Carolinian who commutes to work, operates a business, moves our goods, and transports their family. President Trump and Secretary Duffy are proving once again that they know how to get things done and will deliver on their promise to focus on our infrastructure without saddling Americans with unnecessary debt or wasteful political agendas.”

    “South Carolina appreciates the quick action by Secretary Duffy and the Trump administration to advance this critical grant project,” said South Carolina Secretary of Transportation Justin Powell. “The Lake Marion Bridge project will help ensure a bright future for the people of our state and the nation.  SCDOT is prepared to move forward immediately to put these dollars to work by building big, transformative infrastructure that benefits American families.”

    More information from DOT is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: 04.24.2025 ICYMI: Chairman Cruz, Chairman Carr Toured AST SpaceMobile Facilities

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    MIDLAND, TX – Yesterday, U.S. Senator Ted Cruz (R-Texas), Chairman of the Senate Commerce, Science, and Transportation Committee, and Chairman of the Federal Communications Commission Brendan Carr, toured AST SpaceMobile’s facilities in Midland and Odessa, Texas. They were briefed on the company’s mission to develop the world’s first space-based cellular broadband network capable of directly connecting to mobile phones.

    Sen. Cruz said, “AST SpaceMobile is building the future of global connectivity right here in Midland, one of the world’s most innovative and entrepreneurial cities. They’re building the largest low-earth-orbit satellites in history, and are well on the way to being able to provide high-speed broadband to every cell phone in America. Texas is leading the United States, and the world, into the next frontier of broadband and communications.”
    Chairman Carr said, “With Chairman Cruz’s leadership in the Senate, America’s space economy is booming again, including right here in Midland, Texas.  We are already seeing more jobs, investment, and manufacturing across West Texas as a result.  I was grateful for the chance to join Chairman Cruz today and visit these high-tech production facilities.”

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Colleagues Demand Trump Rescind Threat to Transfer Incarcerated U.S. Citizens to El Salvador Prison

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – U.S. Senator Tim Kaine, the Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA) and 25 of his Senate colleagues demanded in a letter to President Donald Trump that he immediately rescind the illegal and dangerous claim that he may transfer incarcerated U.S. citizens to a prison in El Salvador.

    In the letter, the senators also demanded that Trump follow U.S. law, adhere to all applicable court orders, and immediately facilitate the return to the U.S. of Kilmar Abrego Garcia. The Trump Administration illegally deported Abrego Garcia—a father in Maryland who was legally living in the U.S.—to El Salvador in direct contravention of a court order specifically prohibiting such removal.

    “Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded,” wrote the senators.

    The senators continued, “With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on ‘repeated injuries and usurpations’ by the then-King of Great Britain, including ‘transporting us beyond Seas to be tried for pretended offences’ and ‘depriving us in many cases, of the benefits of Trial by Jury.’ Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason.”

    “Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations,” wrote the senators.

    “You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend,” the senators concluded. “You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.”

    In addition to Kaine, the letter was led by U.S. Senator Dick Durbin (D-IL), the Ranking Member of the Senate Judiciary Committee, and signed by U.S. Senators Chris Van Hollen (D-MD), Mazie Hirono (D-HI), Chris Coons (D-DE), Alex Padilla (D-CA), Richard Blumenthal (D-CT), Angela Alsobrooks (D-MD), Jeff Merkley (D-OR), Adam Schiff (D-CA), Peter Welch (D-VT), Tammy Duckworth (D-IL), Amy Klobuchar (D-MN), Cory Booker (D-NJ), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Lisa Blunt Rochester (D-DE), Rev. Raphael Warnock (D-GA), John Hickenlooper (D-CO), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Ed Markey (D-MA), Tina Smith (D-MN), Patty Murray (D-WA), and Martin Heinrich (D-NM).

    A copy of letter is available here and text is below.

    Dear President Trump:

    We call on you to immediately rescind the dangerous and offensive claim that you may transfer incarcerated U.S. citizens to El Salvador. We further urge you to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom your Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded. 

    With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on “repeated injuries and usurpations” by the then-King of Great Britain, including “transporting us beyond Seas to be tried for pretended offences” and “depriving us in many cases, of the benefits of Trial by Jury.” Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason. One conservative legal scholar called your threats to deport U.S. citizens “obviously illegal and unconstitutional.”

    Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.” Throughout our nation’s history, the Supreme Court has long read the Fifth Amendment’s guarantee of due process to require that the government provide persons with certain procedural due process protections, including notice and an opportunity to be heard before any such deprivation of liberty.

    Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. In a statement accompanying the Supreme Court’s recent order for the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,” Justice Sotomayor noted that your Administration’s argument suggesting that the government is permitted to leave Mr. Abrego Garcia in the Salvadoran prison after wrongfully sending him there “implies that it could deport and incarcerate any person, including U.S. citizens, without legal consequence, so long as it does so before a court can intervene.” She went on to note that this is a “view [that] refutes itself.”

    You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him. As Judge Harvie Wilkinson, a conservative appointee of President Reagan, wrote in a unanimous Fourth Circuit opinion rejecting your Administration’s efforts to delay taking steps to bring Mr. Abrego Garcia back to the United States: 

    The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear.

    You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1) to return someone who has been  wrongfully deported, or (2) to grant individuals the due process they are owed under our laws.  As Judge Boasberg wrote in his order last week concluding that probable cause exists to find the government in criminal contempt:

    The Constitution does not tolerate willful disobedience of judicial orders—especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely “annul the judgments of the courts of the United States” would not just “destroy the rights acquired under those judgments”; it would make “a solemn mockery” of “the constitution itself.” …“So fatal a result must be deprecated by all.”

    You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin, Colleagues Demand Trump Admin Keep Social Security Field Offices Open, Stop Jeopardizing Seniors’ Benefits

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. — Today, U.S. Senator Tammy Baldwin (D-WI) joined her colleagues in demanding the Trump Administration keep Social Security field offices open so seniors can get their earned benefits amidst President Trump and Elon Musk’s Department of Government Efficiency (DOGE)’s attack on the Social Security Administration (SSA).

    “Field offices provide vital services to Social Security recipients, and beneficiaries need the opportunity to seek assistance from SSA in person,” wrote Baldwin and the lawmakers in a letter to SSA Acting Commissioner Leland Dudek. “… Closing any of these field offices will make it harder for individuals to access their benefits.”

    Multiple reports have revealed that Elon Musk’s DOGE directed SSA to close field offices across the country — only to reverse course after public backlash and deny the plans altogether. Given the lack of transparency surrounding the status of field offices nationwide, the lawmakers pressed Dudek to ensure that DOGE does not close the offices that so many Social Security beneficiaries rely on for services and assistance.

    Approximately 170,000 Americans visit a Social Security field office for assistance with Social Security benefits each day. Elon Musk’s Department of Government Efficiency (DOGE) has threatened to close dozens of these offices as part of its attack on the SSA.

    The lawmakers include a list of every SSA field office across the country and press Dudek to commit to keeping every single one of them open. 

    Earlier this month, Senator Baldwin demanded answers from Lutnik and the Trump Administration on staffing cuts at the SSA and the termination of the leases for two Social Security offices in Green Bay and Wausau. In March of this year, Senator Baldwin called on the Trump Administration to reverse course on their plan to instate in-person verification that will put up roadblocks for seniors to access their benefits, especially in Wisconsin’s rural communities. Baldwin also spoke out against Donald Trump’s plan to slash the SSA workforce, which helps seniors access their benefits.

    The letter is led by Senators Elizabeth Warren (D-MA), Ron Wyden (D-OR), Chuck Schumer (D-NY), and Kirsten Gillibrand (D-NY), and also co-signed by 36 of her Senate colleagues.

    The full letter is available here.

    MIL OSI USA News –

  • MIL-OSI Canada: Minister of Finance concludes successful G7 and G20 Finance Ministers and Central Bank Governors Meetings in Washington, D.C.

    Source: Government of Canada News (2)

    April 24, 2025 – Washington, D.C. – Department of Finance Canada

    The Minister of Finance, the Honourable François-Philippe Champagne, concluded his participation in the meetings of the G7 and G20 Finance Ministers and Central Bank Governors, this week in Washington, D.C.

    Minister Champagne and the Governor of the Bank of Canada, Tiff Macklem, co-chaired the G7 meeting, as part of Canada’s presidency of the G7 in 2025, and at a critical time when Canadian leadership at the G7 is very important. Discussions focused on the global economic outlook in the current context, which is marked by major changes in global trade policies and a high level of uncertainty, as well as the situation in Ukraine.

    Minister Champagne also joined his G20 counterparts for discussions on global macroeconomic risks and financial stability as well as issues relating to the international financial architecture and growth opportunities and challenges in Africa.

    The meetings were held on the margins of the Spring Meetings of the International Monetary Fund and the World Bank.

    MIL OSI Canada News –