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Category: Americas

  • MIL-OSI Global: Gratitude comes with benefits − a social psychologist explains how to practice it when times are stressful

    Source: The Conversation – USA – By Monica Y. Bartlett, Professor of Psychology, Gonzaga University

    If the concept of journaling feels daunting, perhaps just call it a gratitude list. Karl Tapales/Moment via Getty Images

    A lot has been written about gratitude over the past two decades and how we ought to be feeling it. There is advice for journaling and a plethora of purchasing options for gratitude notebooks and diaries. And research has consistently pointed to the health and relationship benefits of the fairly simple and cost-effective practice of cultivating gratitude.

    Yet, Americans are living in a very stressful time, worried about their financial situation and the current political upheaval.

    How then do we practice gratitude during such times?

    I am a social psychologist who runs the Positive Emotion and Social Behavior Lab at Gonzaga University. I teach courses focused on resilience and human flourishing. I have researched and taught about gratitude for 18 years.

    At the best of times, awareness of the positive may require more effort than noticing the negative, let alone in times of heightened distress. There are, however, two simple ways to work on this.

    Expressions of gratitude can take many different forms.
    Lighthouse Films/DigitalVision via Getty Images

    Gratitude doesn’t always come easily

    Generally, negative information captures attention more readily than the positive. This disparity is so potent that it’s called the negativity bias. Researchers argue that this is an evolutionary adaptation: Being vigilant for life’s harms was essential for survival.

    Yet, this means that noticing the kindnesses of others or the beauty the world has to offer may go unnoticed or forgotten by the end of the day. That is to our detriment.

    Gratitude is experienced as a positive emotion. It results from noticing that others − including friends and family certainly, but also strangers, a higher power or the planet − have provided assistance or given something of value such as friendship or financial support. By definition, gratitude is focused on others’ care or on entities outside of oneself. It is not about one’s own accomplishments or luck.

    When we feel gratitude toward something or someone, it can increase well-being and happiness and relationship satisfaction, as well as lower depression.

    Thus, it may assist in counteracting the negativity bias by helping us find and remember the good that others are doing for us every day − the good that we may lose sight of in the best of times, let alone in times when Americans are deeply stressed.

    We feel gratitude more easily when we notice the good that others have brought into our lives.
    Catherine Falls Commercial/Moment via Getty Images

    How to practice gratitude

    Research has shown that some people are naturally more grateful than others.

    But it’s also clear that gratitude can be cultivated through practice. People can improve their ability to notice and feel this positive emotion.

    One way to do this is to try a gratitude journal. Or, if the idea of journaling is daunting or annoying, perhaps call it a daily list instead. If you have given this a try and dislike it, skip to the second method below.

    Gratitude lists are designed to create a habit in which you scan your day looking for the positive outcomes that others have brought into your life, no matter how small. Writing down several experiences each day that went well because of others may make these positive events more visible to you and more memorable by the end of the day − thus, boosting gratitude and its accompanying benefits.

    While the negative news − “The stock market is down again!” “How are tariffs going to affect my financial security?” − is clearly drawing attention, a gratitude list is meant to help highlight the positive so that it doesn’t go overlooked.

    The negative doesn’t need help gaining attention, but the positive might.

    A second method for practicing gratitude is expressing that gratitude to others. This can look like writing a letter of gratitude and delivering it to someone who has made a positive impact in your life.

    When my students do this exercise, it often results in touching interactions. For instance, my college students often write to high school mentors, and those adults are regularly moved to tears to learn of the positive impact they had. Expressing gratitude in work settings can boost employees’ sense of social worth.

    In a world that may currently feel bleak, a letter of gratitude may not only help the writer recognize the good of others but also let others know that they are making a beautiful difference in the world.

    Monica Y. Bartlett 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. Gratitude comes with benefits − a social psychologist explains how to practice it when times are stressful – https://theconversation.com/gratitude-comes-with-benefits-a-social-psychologist-explains-how-to-practice-it-when-times-are-stressful-250882

    MIL OSI – Global Reports –

  • MIL-OSI Global: Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence

    Source: The Conversation – USA – By Tim Weninger, Collegiate Proessor of Engineering, University of Notre Dame

    AI tools reveal how images have been manipulated. William Theisen et al.

    Imagine a country with deep political divisions, where different groups don’t trust each other and violence seems likely. Now, imagine a flood of political images, hateful memes and mocking videos from domestic and foreign sources taking over social media. What is likely to happen next?

    The widespread use of social media during times of political trouble and violence has made it harder to prevent conflict and build peace. Social media is changing, with new technologies and strategies available to influence what people think during political crises. These include new ways to promote beliefs and goals, gain support, dehumanize opponents, justify violence and create doubt or dismiss inconvenient facts.

    At the same time, the technologies themselves are becoming more sophisticated. More and more, social media campaigns use images such as memes, videos and photos – whether edited or not – that have a bigger impact on people than just text.

    It’s harder for AI systems to understand images compared with text. For example, it’s easier to track posts that say “Ukrainians are Nazis” than it is to find and understand fake images showing Ukrainian soldiers with Nazi symbols. But these kinds of images are becoming more common. Just as a picture is worth a thousand words, a meme is worth a thousand tweets.

    Our team of computer and social scientists has tackled the challenge of interpreting image content by combining artificial intelligence methods with human subject matter experts to study how visual social media posts change in high-risk situations. Our research shows that these changes in social media posts, especially those with images, serve as strong indicators of coming mass violence.

    Surge of memes

    Our recent analysis found that in the two weeks leading up to Russia’s 2022 invasion of Ukraine there was a nearly 9,000% increase in the number of posts and a more than 5,000% increase in manipulated images from Russian milbloggers. Milbloggers are bloggers who focus on current military conflicts.

    These huge increases show how intense Russia’s online propaganda campaign was and how it used social media to influence people’s opinions and justify the invasion.

    This also shows the need to better monitor and analyze visual content on social media. To conduct our analysis, we collected the entire history of posts and images from the accounts of 989 Russian milbloggers on the messaging app Telegram. This includes nearly 6 million posts and over 3 million images. Each post and image was time-stamped and categorized to facilitate detailed analysis.

    Media forensics

    We had previously developed a suite of AI tools capable of detecting image alterations and manipulations. For instance, one detected image shows a pro-Russian meme mocking anti-Putin journalist and former Russian soldier Arkady Babchenko, whose death was faked by Ukrainian security services to expose an assassination plot against him.

    The meme features the language “gamers don’t die, they respawn,” alluding to video game characters who return to life after dying. This makes light of Babchenko’s predicament and illustrates the use of manipulated images to convey political messages and influence public opinion.

    This is just one example out of millions of images that were strategically manipulated to promote various narratives. Our statistical analysis revealed a massive increase in both the number of images and the extent of their manipulations prior to the invasion.

    Political context is critical

    Although these AI systems are very good at finding fakes, they are incapable of understanding the images’ political contexts. It is therefore critical that AI scientists work closely with social scientists in order to properly interpret these findings.

    Our AI systems also categorized images by similarity, which then allowed subject experts to further analyze image clusters based on their narrative content and culturally and politically specific meanings. This is impossible to do at a large scale without AI support.

    For example, a fake image of French president Emmanuel Macron with Ukrainian governor Vitalii Kim may be meaningless to an AI scientist. But to political scientists the image appears to laud Ukrainians’ outsize courage in contrast to foreign leaders who have appeared to be afraid of Russian nuclear threats. The goal was to reinforce Ukrainian doubts about their European allies.

    This manipulated image combines French president Emmanuel Macron with Ukranian governor Vitalii Kim. It requires the expertise of political scientists to interpret the creator’s pro-Russian meaning.
    William Theisen et al.

    Meme warfare

    The shift to visual media in recent years brings a new type of data that researchers haven’t yet studied much in detail.

    Looking at images can help researchers understand how adversaries frame each other and how this can lead to political conflict. By studying visual content, researchers can see how stories and ideas are spread, which helps us understand the psychological and social factors involved.

    This is especially important for finding more advanced and subtle ways people are influenced. Projects like this also can contribute to improving early warning efforts and reduce the risks of violence and instability.

    Tim Weninger receives funding from the US Department of Defense and the US Agency for International Development.

    Ernesto Verdeja 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. Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence – https://theconversation.com/memes-and-conflict-study-shows-surge-of-imagery-and-fakes-can-precede-international-and-political-violence-233055

    MIL OSI – Global Reports –

  • MIL-OSI USA: The United States operates the world’s largest nuclear power plant fleet

    Source: US Energy Information Administration

    In-brief analysis

    April 24, 2025

    In 2024, U.S. utilities operated 94 nuclear reactors with a total net generating capacity of nearly 97 gigawatts (GW), the largest commercial nuclear power generation fleet in the world. The next three countries with the largest programs were France with 57 units (63.0 GW), China with 57 units (55.3 GW), and Russia with 36 units (28.6 GW). Nuclear power continues to account for 19% of U.S. power sector electricity generation.

    America’s nuclear reactor fleet consists of 54 power plants, each of which has one to four operating units. Plant Vogtle in Georgia is the largest nuclear power plant with four reactors and a total generating capacity of around 4.5 GW. The R.E. Ginna plant in New York is the smallest nuclear power plant with its one 0.6-GW reactor.

    After Georgia Power added one reactor in 2023 and another in 2024, Plant Vogtle became the largest U.S. nuclear power plant, with Units 3 and 4 each having a generating capacity of 1.1 GW. Before the recent addition of the reactors at Vogtle, the Palo Verde plant (3.9 GW) in Arizona was the largest nuclear facility in the United States. The two reactors at Vogtle and one reactor at Watts Bar in Tennessee are the only new nuclear reactors to come online in the United States since 1996.

    Twelve U.S. nuclear power reactors have permanently closed since 2013. However, plant operators have maintained consistently high annual capacity factors, which measure how much time units are operating. U.S. nuclear capacity factors have increased in part because of shorter refueling and maintenance outages and improved operational experience.

    Some newer policies aim to support continued operations at nuclear power plants. In January 2024, the U.S. Department of Energy provided credits to support the continued operation of the Diablo Canyon Power Plant in California. In 2024, the electricity produced at Diablo Canyon (2.2 GW) accounted for 9% of California’s total electricity generation. More recently, the U.S. Department of Energy approved a loan to support restarting the Palisades nuclear power plant in Michigan. If realized, Palisades would become the first previously retired nuclear power plant in the United States to return to operating status.

    Our Electric Power Monthly and Electric Power Annual products compile data from multiple electricity surveys of nuclear power and other electricity generation sources in the United States. Our Hourly Electric Grid Monitor provides near real-time information on the operating status of the grid in the Lower 48 states, and our Status of U.S. Nuclear Outages dashboard compiles daily information on nuclear plants’ operating status based on data reported to the Nuclear Regulatory Commission. Our Preliminary Monthly Electric Generator Inventory compiles detailed information on attributes of operating, planned, and retired utility-scale generators.

    Principal contributor: Slade Johnson

    MIL OSI USA News –

  • MIL-OSI: Global Drone Usage and Adoption Continues to Skyrocket While Largely Benefiting the Agriculture Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones are being utilized in many markets and one of the ones that is expected to continue to rise is the agriculture drones market. The need to boost agricultural productivity and the labor shortage drive the agriculture drones market growth. Traditional farming faces labor shortages, increasing the demand for advanced agriculture technologies that enhance productivity and minimize manual labor. For instance, the USDA’s 2022 Census of Agriculture revealed a loss of 141,733 farms in the US from 2017 to 2022, highlighting the urgent need for solutions to improve efficiency and promote sustainable farming practices. According to a report from MarketsAndMarkets the global agriculture drones market which grew to from USD 2.01 billion in 2024 is expected to reach a CAGR of 32.0% during the forecast period (2029). The report said: “Partnerships and the introduction of new products will present profitable prospects for industry participants in the coming five years. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players drive the usage of digital agriculture tools like drones. The US FAA’s exemptions for the use of agriculture drones are anticipated to hold several opportunities for the market. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players to drive the usage of digital agriculture tools like drones are acting as drivers for the agriculture drone market. Public-private partnerships create innovation in developing tailored solutions to known problems, especially in agriculture, which receives research and development funding from government initiatives. Extension education and training are also brought about, which educates the farmer concerning the capabilities of the drones thus making the farmer able to utilize the tools appropriately.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Corteva, Inc. (NYSE: CTVA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI), AgEagle Aerial Systems Inc. (NYSE: UAVS).

    MarketsAndMarkets concluded: “Furthermore, governments’ propensity for sustainability in environmental matters helps the cause of drones meant to stretch resources applied in terms of water and fertilizers… Simplified regulatory frameworks facilitate easier adoption, enabling farmers to implement drone technology into their operations without extensive bureaucratic hurdles. Monetary benefits, such as subsidies and tax exemptions, greatly help reduce the input costs of drones, hence enabling more farmers to adopt the technology.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Puna Bio recently announced that it had closed a new round of founding led by Corteva, Inc., Corteva, Inc. (NYSE: CTVA) through its Corteva Catalyst platform. The investment from one of the world´s leading agricultural technology companies, and other investors, will support the further development of Puna Bio’s product portfolio based on extremophile organisms.

    Unlike traditional pesticides and fertilizers, Puna Bio’s innovative products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. Their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.

    “Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive,” explains Franco Martínez Levis, Puna Bio’s CEO and co-founder. “With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about April 11, 2025, subject to the satisfaction of customary closing conditions.

    The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets is acting as the exclusive placement agent for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its SpotlightAITM OnSite (OnSite) real-time, edge-based, small object threat detection technology, has successfully completed operations in active minefields in Ukraine. This successful deployment highlights the Company’s patented capability to rapidly identify and instantly map live explosive threats including small anti-personnel cluster munitions and landmines scattered over large areas. Building on over two years of real-world battlefield testing, this milestone in the Company’s development roadmap demonstrates the ability to deliver edge-based small object threat detection reducing a soldier’s cognitive load and representing the next generation of force protection. To view a video of SpotlightAITM Onsite please click here.

    “Evolving threats like remote mining where everyday drones are strategically delivering small mines is a new critical threat profile that our edge-based system is uniquely designed to address. Our recent operational success confirmed that our AI models can reduce the cognitive load on soldiers who are already heavily tasked and may not have the time to recognize explosive threats in their path. This a significant step forward on the Edge where drone-based small object threat detection for force protection is responding to the rapidly changing modern battlefield. Building upon our unmatched real-world experience in detecting, identifying and locating small explosive threats in Ukraine, we believe OnSite can deliver a new level of enhanced situational awareness that will allow military, government and humanitarian personnel to safely conduct their critical missions with greatly enhanced safety,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “The increasing number of countries exiting the Ottawa Convention on anti-personnel landmines will likely lead to an increased proliferation of deadly anti-personnel mines and that is why we are committed to the further development and deployment of our patented technology so that we can help protect our soldiers and our allies.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the launch of its eBee VISION next generation application software featuring a variety of critical updates. Of particular note, is the capability for manual position updates with map referencing to provide precise navigation even in GNSS-denied areas where satellite signals are unavailable or unreliable due to various factors.

    AgEagle CEO Bill Irby commented, “Of the many new features provided in our latest software update, overcoming GNSS-denied shortfalls marks a significant leap forward in drone operations especially for defense personnel, public safety agencies and industrial teams working in high-stakes, GNSS-denied environments. Whether operating in dense urban centers, near critical installations, or in contested zones with active signal interference, our global eBee VISION customers can now maintain full navigational command of their drone using only the camera and map-based interface. This feature directly addresses a core challenge faced by tactical and industrial drone operators in today’s complex mission environments. Our technical team will continue to work relentlessly on refinements and ongoing advancements to ensure AgEagle remains at the forefront of UAV innovation.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI USA: Hoeven: North Dakota Awarded Nearly $28 Million Over Damages Resulting from DAPL Protests

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    04.23.25
    Lawsuit Ruling Comes in Addition to $10 Million Senator Secured to Reimburse the State
    BISMARCK, N.D. – Senator John Hoeven today issued the following statement after U.S. District Judge Daniel Traynor ruled in favor of the State of North Dakota in its lawsuit against the federal government for damages from the Dakota Access Pipeline (DAPL) protests. The state was awarded nearly $28 million to help cover emergency response costs resulting from the federal government’s negligence during the protests. This comes in addition to the $10 million that Hoeven secured in 2017 as a member of the Senate Appropriations Committee to help reimburse the state.
    “The federal government, through its negligence, allowed lawlessness to take hold on Army Corps land, resulting in months of disruption to local residents’ lives, threats to their safety and significant costs to the state,” said Hoeven. “We commend Attorney General Drew Wrigley and his team for securing today’s verdict, which recognizes the harm resulting from the Obama administration’s refusal to enforce the law and police illegal activity during the DAPL protests. This nearly $28 million award is about accountability for federal officials and, when combined with the $10 million we previously secured, making the State of North Dakota whole again.”

    MIL OSI USA News –

  • MIL-OSI Global: Pope Francis’s death reveals a hidden truth about public grief

    Source: The Conversation – UK – By Tony Milligan, Research Fellow in the Philosophy of Ethics, King’s College London

    People pay tribute to Pope Francis in the Cathedral of Se, after his death was announced by the Vatican, in Sao Paulo, Brazil, April 21, 2025. Cris Faga/Shutterstock

    When a significant international public figure like Pope Francis dies, the world seems to pause. Tributes pour in, flags lower, candles flicker in city squares. The sadness is palpable. But is this real grief, or something else entirely?

    Widespread mourning can look and feel genuine. And in many ways, it is. Most people aren’t faking their sorrow. But public grief often lacks depth and duration – it fades almost as quickly as it appears.

    For those who knew Francis personally, the loss will be profound and lasting. For the rest of us, we are witnesses to the passing of a beloved figure, not mourners in the intimate sense.

    The world saw this after the deaths of Princess Diana and Pope John Paul II. Both were enormously popular and the global reaction was immense. Yet, weeks after their funerals, the emotional tide began to recede.

    This time, the public response to Pope Francis feels more restrained. Less swept away by the moment. Less inclined toward what some psychologists refer to as false emotion – emotions that appear sincere but don’t reflect deep personal experience.

    Partly, this is due to Pope Francis himself. He was not one for drama. Partly, it’s a quiet recognition: feeling sad about his death is not the same as being grief-stricken.

    Still, the absence of a one-to-one relationship doesn’t necessarily make our feelings inauthentic. Millions may grieve for Francis without having met him. For devout Catholics and others inspired by his leadership, he was a symbol of hope, a voice for justice, humility and reform within an often troubled institution.

    His life carried a transformative power, and for those who pinned their hopes on him – on what he represented – his passing may leave a genuine and lasting void. That looks a lot like real grief.

    Longing and hope

    Every Catholic I’ve ever known has had a “favourite pope.” The new one rarely feels the same. That attachment, though deeply symbolic, is emotionally real.

    My father used to tell a story – likely embellished – about growing up in a Catholic neighbourhood in Bridgeton in the east end of Glasgow. When a neighbour’s home caught fire, she pleaded with firemen: “Save him! Save my darlin’!” They rushed in, expecting a person. All they found was a picture of the pope.

    Even if exaggerated, the point holds: people feel a real longing for these figures. And that’s what grief is, in essence – a yearning for the impossible return of someone we’ve lost. It’s not just sadness. It’s the ache of a love that can no longer be reciprocated.

    Priests who experience crises of faith describe something similar – a desire to return to a state of belief that now feels unreachable. It’s not just about loss; it’s about longing without resolution.

    But when the new pope is announced, the atmosphere in St Peter’s Square is not one of despair. It’s a return to hope, not an immersion in grief. People may mourn Francis, but they’re also swept up in collective emotion – a desire to be part of history, part of the moment. That sense of unity can be powerful and real, even if it isn’t grief.

    Atheists can feel it as much as believers. We sense it at funerals of people we didn’t really know. We cry because everyone else is crying. Then, days later, we carry on as if nothing happened.

    Impossible desire

    So, what makes false grief false? It’s not deception or performance – it’s the absence of impossible desire. In true grief, we yearn for what can never return. Most of us, when mourning a figure like Pope Francis, may want something – meaning, comfort, community. This is at the heart of what makes a false emotion false, rather than the real thing.

    A false emotion lacks the desire that sits at the heart of its genuine counterpart. In the case of false grief, we may desire something. We usually do. The crowds who gather in St Peter’s Square and those of us who watch events unfold on TV clearly want something. But in most cases we do not have the right kind of impossible desire for our feelings to count as grief. Even if we do think of ourselves as grief stricken, we are mistaken.

    Saying this is not at odds with Francis’s own religious tradition. In his biographical Confessions, St Augustine notoriously claimed that we always want unity with God, and we are restless until we achieve it: “Our heart is restless until it rests in you.”

    But Augustine also claimed that this longing comes disguised as a desire for all sorts of other things: fame, alcohol, intoxication and the warm pleasures of the flesh. Augustine was a little on the puritanical side about these matters, but his idea of disguised longing may be close to the truth.

    The point is that an emotion which presents misleadingly as one thing, may be a real instance of something else. In the case of Pope Francis, this may be this may be closer to spiritual longing rather than actual grief.

    And whether or not we believe in a god, and however we want to describe it, longing of this sort is a deep and familiar experience. One that shifts our attention from object to object, or from one public figure to the next, without ever being satisfied.

    In a sense, this is also the point of having a pope, or rather a succession of popes. It is easier to attach our longings onto someone human than it is to come to grips with deeper and often unmanageable desires.

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

    – ref. Pope Francis’s death reveals a hidden truth about public grief – https://theconversation.com/pope-franciss-death-reveals-a-hidden-truth-about-public-grief-255157

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Tick Safety Important Across Nova Scotia

    Source: Government of Canada regional news

    Tick populations are growing in every part of Nova Scotia, urban and rural. With the temperature above freezing, it is important for people to take the necessary steps to protect themselves, their family and pets.

    “Ticks are not just a nuisance, they carry serious diseases,” said Provincial Medical Officer of Health Dr. Jennifer Cram. “That’s why it’s important to take simple precautions like using insect repellants before you spend time outdoors and checking for ticks on your body daily.”

    Ticks like moist and humid environments and can often be found in areas of high vegetation such as tall grass, shrubs, urban parks, gardens and forests.

    There are several kinds of ticks in Nova Scotia, including the blacklegged tick, which is known to transmit diseases such as Lyme disease, anaplasmosis, babesiosis and Powassan virus infection.

    People can reduce their risk by:

    • checking their clothing and body carefully for ticks after spending time outside
    • wearing long pants and long sleeves in areas likely to have ticks
    • wearing light-coloured clothing (light colours make it easier to see ticks)
    • wearing enclosed shoes and tucking their pants into their socks
    • walking on well-travelled paths, avoiding long grass and vegetation
    • applying insect repellents approved by Health Canada to exposed skin and clothes (following directions carefully).

    People with questions or concerns about tick safety or tick-borne diseases can call 811 or the Nova Scotia Health Tick Hotline at 902-266-7199 or toll-free at 1-866-266-7199.

    Local pharmacists can assess tick bites and determine if a preventive antibiotic is needed. More information is at: https://novascotia.ca/dhw/pharmacare/healthcare-services.asp

    Quick Facts:

    • ticks can be found throughout the province as the weather begins to warm, particularly if the temperature is above 4 degrees C

    Additional Resources:

    More information, including how to remove and dispose of ticks safely, is available at: https://novascotia.ca/ticksafety/

    Tick-check poster: https://novascotia.ca/ticksafety/poster.pdf

    More information about the Nova Scotia Health Tick Hotline is available at: https://www.nshealth.ca/clinics-programs-and-services/nova-scotia-health-tick-service

    MIL OSI Canada News –

  • MIL-OSI Video: Department of State Press Briefing – April 24, 2025 – 2:00 PM

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

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on 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: https://www.state.gov/department-email-updates/

    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=qYk-DwiAkRs

    MIL OSI Video –

  • MIL-OSI Canada: Minister of Finance to hold a media callback following the G7 Finance Ministers and Central Bank Governors meeting in Washington, D.C.

    Source: Government of Canada News

    April 24, 2025

    Following a meeting of the G7 Finance Ministers and Central Bank Governors hosted by Canada, as part of its G7 presidency, the Minister of Finance, the Honourable François-Philippe Champagne, will hold a virtual callback and take questions from the media.  

    Date: April 24, 2025
    Time: 1:30 p.m. ET

    Media representatives who wish to participate are asked to pre-register by emailing mediare@fin.gc.ca. Details on how to participate will be provided upon registration.

    Contacts

    Media Relations
    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

    Stay Connected

    MIL OSI Canada News –

  • MIL-OSI: Quino Energy and Long Hill Energy Partners Awarded $10M in California Energy Commission Grant Funding to Demonstrate an 8 MWh Organic Flow Battery System

    Source: GlobeNewswire (MIL-OSI)

    SAN LEANDRO, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Quino Energy, a company developing water-based flow batteries, and Long Hill Energy Partners, a California-based clean energy developer, have been awarded $10M in grant funding through the California Energy Commission (CEC) Energy Research and Development Division’s Electric Program Investment Charge Program (EPIC). The funding will support a proposed 8 MWh flow battery energy storage project at the High Desert Regional Health Center (HDRHC) in Lancaster, CA.

    This project will be the first U.S. commercial deployment of Quino Energy’s proprietary organic flow battery technology and will demonstrate its viability in large-scale, long-duration storage in an application serving critical infrastructure. It falls within Project Group 2, which focuses on funding multiple use-case demonstrations for energy storage value stacking.

    Quino Energy and Long Hill Energy Partners will jointly develop this proposed project, with Quino leading technology development, integration, and testing and Long Hill serving as lead for project development, permitting and program management and reporting. The demonstration will be conducted in partnership with Los Angeles County, where the site is located, and the Clean Coalition Group, a community-based non-profit specializing in the development and testing of clean energy microgrids.

    Once operational, Quino Energy’s organic flow battery is expected to provide critical energy resiliency and back-up power capacity for up to 100% of HDRHC’s energy demand during peak and off-peak hours while maximizing safety due to the system’s completely non-flammable nature. Additionally, Quino’s flow battery will enable the HDRHC to save over $10 million in electricity costs over the flow battery’s estimated 20-year operating life. Further, the installation of an on-site flow battery will allow Los Angeles County to expand an existing solar carport installed at this site, dramatically increasing the percentage of clean and renewable solar power generated and consumed by the HDRHC and further reducing electricity costs.

    “Quino Energy is grateful to the CEC for its support to demonstrate the potential of scalable, reliable organic flow batteries in our home state of California,” said Eugene Beh, CEO of Quino Energy. “Our technology started as an invention at a lab at Harvard and has rapidly grown in scale by leveraging mature flow battery systems that have been proven over decades with vanadium electrolyte. Our low-cost, non-flammable, and Made in USA organic electrolyte in place of vanadium will allow flow batteries to dramatically come down in cost to be a serious alternative to lithium-ion batteries. We are very excited to work with Long Hill Energy Partners, Los Angeles County, the High Desert Regional Health Center, and the Clean Coalition to showcase our technology in a real-world setting.”

    “Long Hill is excited to partner with the CEC to scale-up and demonstrate Quino Energy’s innovative flow battery solution for LA County’s High Desert Regional Health Center,” said Ed Chiao, Managing Director of Long Hill Energy Partners. “The Clean Coalition Group, a Southern California-based non-profit energy consultancy, will lead community engagement and provide expertise in Microgrid design and implementation. Once installed, the flow battery will provide critical energy resiliency and is also projected to save up to $10 million in energy costs for LA County’s hospital.”

    “We are very pleased that Quino Energy and Long Hill Energy Partners have been awarded $10 million by the CEC,” added Masahiro Sameshima, General Partner at ANRI, a venture capital firm based in Tokyo and one of Quino Energy’s investors. “We believe this recognition reflects the high evaluation of their innovative flow battery technology and its great potential. We look forward to seeing them accelerate their R&D with this funding and contribute to the realization of a decarbonized society.”

    Project permitting is anticipated to begin in Q3 2025; the project is expected to break ground in the Fall of 2026, with the flow battery system coming online in early 2027.

    Quino Energy has previously received funding through the U.S. Department of Energy (DOE)’s Advanced Materials and Manufacturing Technologies Office (AMMTO) to support the development of its flow battery material production line as well as to demonstrate their innovative aqueous organic quinone redox flow battery (QRFB) technology in carbon steel tanks.

    About Quino Energy

    Formed in 2021, Quino Energy is a start-up company that is developing water-based flow batteries that store electrical energy in organic molecules called quinones, for commercial and grid applications. These batteries are predicted to enjoy a unique combination of low capital cost, true fire safety, rapid scalability, and local manufacturability. This is made possible by a number of technological breakthroughs, some of which were first discovered at Harvard University and later licensed by Quino Energy. Please visit quinoenergy.com for more details on the team and the technology.

    About Long Hill Energy Partners

    Long Hill Energy Partners is an energy development company which specializes in supporting the scale-up and commercialization of emerging clean energy technologies. Long Hill partners with innovative venture-stage companies to develop and demonstrate their technology at scale, proving out economic returns for real-world applications.

    Media inquiries:
    quino@fischtankpr.com

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.60 Per Share for Q1 2025; Net Interest Margin Improves For Fourth Consecutive Quarter

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., April 24, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported first quarter earnings ending March 31, 2025 of $0.60 per common share on net income of $2.4 million, compared to $0.73 per common share on net income of $3.0 million during the fourth quarter ending December 31, 2024, and $0.39 per common share on net income of $1.6 million during the first quarter ending March 31, 2024.

    PSB’s first quarter 2025 operating results reflected the following changes from the fourth quarter of 2024: (1) a stronger net interest margin as asset yields rose and funding costs declined; (2) the addition of a provision for loan losses due to loan growth; (3) higher non-interest income due to lower losses on the sale of securities and an increase in investment and insurance sale commissions; (4) higher non-interest expenses due to higher salaries and employee benefit expenses associated with commercial loan growth incentives and the addition of wealth management personnel; and (5) loan growth of 2% during the quarter.

    “We are encouraged with the steady improvements in our net interest margin while also continuing solid loan growth as customers are seeing value in our relationship. We expect operating expenses to decline in the coming quarter and are cautiously optimistic for earnings growth for the remainder of 2025,” stated Scott Cattanach, President and CEO.

    March 31, 2025, Highlights:

    • Net interest income decreased $121,000 to $10.3 million for the quarter ended March 31, 2025, from $10.4 million for the quarter ended December 31, 2024, due in part to two fewer days during the quarter. Meanwhile, asset and loan yields increased while funding costs declined slightly.
    • Noninterest income increased $589,000 to $1.9 million for the quarter ended March 31, 2025, compared to $1.3 million the prior quarter due to a smaller loss on the sale of securities and an increase in investment and insurance sales commissions.
    • Noninterest expenses increased to $967,000 to $9.0 million during the quarter ended March 31, 2025 from $8.0 million for the quarter ended December 31, 2024, reflecting higher salary and benefit expenses associated with growth incentive payments and the addition of wealth management personnel in the purchase of the Larson Financial Group, LLC.
    • Loans increased $18.2 million, or 2% in the first quarter ended March 31, 2025, to $1.10 billion largely due to new commercial & industrial, commercial real estate and construction and development loans. Allowance for credit losses was 1.12% of gross loans.
    • Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 compared to the previous quarter, from addition of commercial rental real estate units undergoing a sale process.
    • Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025 from $1.15 billion at December 31, 2024, with the decrease largely consisting of normal commercial money market deposit outflows and seasonal municipal deposit outflows.
    • Return on average tangible common equity was 9.21% for the quarter ended March 31, 2025, compared to 11.07% the prior quarter and 6.57% in the year ago quarter.
    • Tangible book value per common share was up 11.3% over the past year to $26.94 at March 31, 2025, compared to $24.21 at March 31, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $6.2 million during the first quarter to $1.46 billion at March 31, 2025, compared to $1.47 billion at December 31, 2024. Cash and cash equivalents decreased $17.8 million to $22.7 million at March 31, 2025 from $40.5 million at December 31, 2024 as funds were used to originate new loans and fund the outflow of seasonal municipal deposits and normal commercial customer treasury management operations. Cash and cash equivalents increased $6.8 million from one year earlier. Investment securities available for sale decreased $6.5 million to $182.6 million at March 31, 2025, from $189.1 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $323 million at March 31, 2025, with an additional $323 million that could be raised in a short time frame from the brokered CDs market.

    Gross loans receivable increased $19.3 million to $1.14 billion at March 31, 2025, compared to one quarter earlier, due primarily to increased commercial real estate, construction & development and commercial & industrial lending. Commercial real estate loans increased $11.3 million to $562.9 million at March 31, 2025 and gross construction and development lending increased $7.7 million to $87.1 million at March 31, 2025, compared to one quarter earlier. Commercial & industrial loans increased $7.2 million to $124.1 million at March 31, 2025. Offsetting gross loan growth, residential real estate loans decreased $3.7 million from the prior quarter to $333.7 million, municipal loans decreased $2.8 million to $12.9 million and consumer installment loans decreased $0.4 million to $4.7 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 57.2% of gross loans, followed by residential real estate loans at 29.3% of gross loans, commercial non-real estate loans at 13.1% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.12% of gross loans at March 31, 2025, from 1.13% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended March 31, 2025. Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 from 0.71% at December 31, 2024. The increase reflects a loan relationship we expect to have $1.5 million in repayment in the next 6 months as collateral undergoes a sales process. No specific reserves have been established on the loan as ample collateral currently appears available. Approximately 80% of the non-performing assets consisted of four loan relationships.

    Goodwill and other intangibles increased slightly during the quarter ended March 31, 2025 to $3.8 million from $2.7 million one quarter earlier. The increase in intangibles relates to the acquisition of Larson Financial Group, LLC in January 2025.

    Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025, from $1.15 billion at December 31, 2024. The decrease in deposits reflects a $22.9 million decrease in uninsured deposits during the first quarter composed primarily of money market deposits, consisting of normal commercial customer operation outflows, particularly with one customer accounting for $18 million of the decline who reinvested following the sale of their business in 2024. Meanwhile, brokered deposits increased $22.9 million and insured and collateralized deposits increased $5.6 million in the quarter ended March 31, 2025.

    At March 31, 2025, non-interest bearing demand deposits decreased to 21.8% of total deposits from 22.6% the prior quarter, while interest-bearing demand and savings deposits remained at 29.4% of deposits.

    FHLB advances increased $8.0 million to $170.3 million at March 31, 2025, compared to $162.3 million at December 31, 2024.

    Tangible stockholder equity as a percentage of total tangible assets increased to 8.05% at March 31, 2025, compared to 7.76% at December 31, 2024, and 7.60% at March 31, 2024.

    Tangible net book value per common share increased $2.73 to $26.94, at March 31, 2025, compared to $24.21 one year earlier, an increase of 11.3% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $25.98, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value in the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $16.7 million at March 31, 2025, compared to $19.3 million one quarter earlier.

    Operations Review

    Net interest income decreased to $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, from $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, and increased from $9.3 million (on a net margin of 2.80%) for the first quarter of 2024. The lower net interest income in the current period while net margin also increased primarily relates to a lower level of earnings assets during the quarter. Meanwhile, earning asset yields increased to 5.35% during the first quarter of 2025 from 5.29% the prior period and interest bearing deposit and borrowing costs decreased four basis points to 3.02% compared to 3.06% during the fourth quarter of 2024. Relative to one year earlier, earning asset yields were up 23 basis points while interest bearing deposit and borrowing costs increased two basis points.

    The increase in earning asset yields was due to higher yields on loan originations, loan renewals, security purchases and security repricing. Loan yields increased during the first quarter of 2025 to 5.82% from 5.80% for the fourth quarter of 2024. Taxable security yields were 3.35% for the quarter ended March 31, 2025, compared to 3.16% for the quarter ended December 31, 2024, while tax-exempt security yields increased to 3.35% for the quarter ended March 31, 2025 from 3.31% the previous quarter. The increase in taxable security yields reflects some security restructuring activity from security sales in the prior quarter more fully realized in the current quarter.

    The cost of all deposits increased slightly to 2.09% for the quarter ended March 31, 2025, compared to 2.08% the prior quarter, while the overall cost of funds decreased four basis points to 3.02% from 3.06% during the same time period. Deposit costs for time deposits decreased during the first quarter with time deposits decreasing five basis points to 3.97% and money market deposits decreasing 12 basis points to 2.44%. Savings and demand deposits increased three basis points to 1.87%. FHLB advances increased one basis point to 4.41% for the quarter ended March 31, 2025.

    Total noninterest income increased $589,000 during the first quarter of 2025 to $1.9 million, from $1.3 million for the fourth quarter of 2024 due primarily to a lower net loss on sale of securities and increased investment and insurance sales commissions of $100,000. Mortgage banking income decreased to $250,000 in the first quarter from $414,000 the prior quarter while various increases in nominal revenue sources accounted for the remaining increase in noninterest income. At March 31, 2025, the Bank serviced $373.4 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses increased $967,000 to $9.0 million for the first quarter of 2025, compared to $8.0 million for the fourth quarter of 2024, and increased $644,000 from $8.3 million for the first quarter of 2024. On a linked quarter basis, December 2024 quarter salary and benefits expense was reduced from year-end final adjustments to incentive estimates, while March 2025 quarterly salary and benefits increased as commercial growth, and related incentives, were greater than budgeted. The LFG acquisition also increased wage and benefit expense. Intangible amortization increased slightly during the first quarter related to the acquisition. Occupancy and facilities costs increased $95,000, data processing and other office operation expenses increased $90,000 and various other noninterest expenses increased $177,000 during the first quarter ended March 31, 2025.

    Taxes decreased $51,000 during the first quarter to $473,000, from $524,000 one quarter earlier. The effective tax rate for the quarter ended March 31, 2025, was 15.6% compared to 14.4% for the fourth quarter ended December 31, 2024.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

     
    PSB Holdings, Inc.
    Consolidated Balance Sheets
    March 31, 2025, September 30, June 30, and March 31, 2024, unaudited, December 31, 2024 derived from audited financial statements
                 
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data)     2025     2024     2024     2024     2024  
                 
    Assets            
                 
    Cash and due from banks   $ 19,628   $ 21,414   $ 23,554   $ 16,475   $ 13,340  
    Interest-bearing deposits     702     3,724     5,126     251     105  
    Federal funds sold     2,351     15,360     58,434     69,249     2,439  
                 
    Cash and cash equivalents     22,681     40,498     87,114     85,975     15,884  
    Securities available for sale (at fair value)     182,594     189,086     174,911     165,177     165,566  
    Securities held to maturity (fair values of $77,375, $79,654, $82,389, $79,993 and $81,234 respectively)     85,373     86,748     86,847     86,825     87,104  
    Equity securities     2,847     2,782     1,752     1,661     1,474  
    Loans held for sale     734     217     –     2,268     865  
    Loans receivable, net (allowance for credit losses of $12,392, $12,342, $12,598, $12,597 and $12,494 respectively)     1,096,422     1,078,204     1,057,974     1,074,844     1,081,394  
    Accrued interest receivable     5,184     5,042     4,837     5,046     5,467  
    Foreclosed assets     300     –     –     –     –  
    Premises and equipment, net     13,522     13,805     14,065     14,048     13,427  
    Mortgage servicing rights, net     1,717     1,742     1,727     1,688     1,657  
    Federal Home Loan Bank stock (at cost)     8,825     8,825     8,825     8,825     7,006  
    Cash surrender value of bank-owned life insurance     24,897     24,732     24,565     24,401     24,242  
    Other intangibles     353     195     212     229     249  
    Goodwill     3,495     2,541     2,541     2,541     2,541  
    Other assets     10,828     11,539     10,598     12,111     11,682  
                 
    TOTAL ASSETS   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
                 
    Liabilities            
                 
    Non-interest-bearing deposits   $ 245,672   $ 259,515   $ 265,078   $ 250,435   $ 247,608  
    Interest-bearing deposits     884,364     887,834     874,035     901,886     865,744  
                 
    Total deposits     1,130,036     1,147,349     1,139,113     1,152,321     1,113,352  
                 
    Federal Home Loan Bank advances     170,250     162,250     181,250     184,900     158,250  
    Other borrowings     6,343     6,872     6,128     5,775     8,096  
    Senior subordinated notes     4,783     4,781     4,779     4,778     4,776  
    Junior subordinated debentures     13,049     13,023     12,998     12,972     12,947  
    Allowance for credit losses on unfunded commitments     672     672     477     477     477  
    Accrued expenses and other liabilities     13,554     14,723     12,850     13,069     10,247  
                 
    Total liabilities     1,338,687     1,349,670     1,357,595     1,374,292     1,308,145  
                 
    Stockholders’ equity            
                 
    Preferred stock – no par value:            
    Authorized – 30,000 shares; Issued – 7,200 shares            
    Outstanding – 7,200 shares, respectively     7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:            
    Authorized – 18,000,000 shares; Issued – 5,490,798 shares            
    Outstanding – 4,084,708, 4,092,977, 4,105,594, 4,128,382 and 4,147,649 shares, respectively     1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital     8,608     8,610     8,567     8,527     8,466  
    Retained earnings     142,277     139,838     138,142     135,276     134,271  
    Accumulated other comprehensive income (loss), net of tax     (16,692 )   (19,314 )   (15,814 )   (20,503 )   (20,775 )
    Treasury stock, at cost – 1,406,090, 1,397,821, 1,385,204, 1,362,416 and 1,343,149 shares, respectively     (22,138 )   (21,878 )   (21,552 )   (20,983 )   (20,579 )
                 
    Total stockholders’ equity     121,085     116,286     118,373     111,347     110,413  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
    PSB Holdings, Inc.
    Consolidated Statements of Income
     
        Quarter Ended  
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data – unaudited)     2025     2024     2024     2024     2024  
                 
    Interest and dividend income:            
    Loans, including fees   $ 15,782   $ 15,646   $ 15,634   $ 15,433   $ 15,109  
    Securities:            
    Taxable     1,641     1,545     1,345     1,295     1,197  
    Tax-exempt     517     522     522     521     526  
    Other interest and dividends     345     948     699     265     343  
                 
    Total interest and dividend income     18,285     18,661     18,200     17,514     17,175  
                 
    Interest expense:            
    Deposits     5,884     6,027     5,905     5,838     6,082  
    FHLB advances     1,792     1,890     2,038     1,860     1,450  
    Other borrowings     47     57     57     58     60  
    Senior subordinated notes     59     59     59     58     59  
    Junior subordinated debentures     248     252     252     255     251  
                 
    Total interest expense     8,030     8,285     8,311     8,069     7,902  
                 
    Net interest income     10,255     10,376     9,889     9,445     9,273  
    Provision for credit losses     117     –     –     100     95  
                 
    Net interest income after provision for credit losses     10,138     10,376     9,889     9,345     9,178  
                 
    Noninterest income:            
    Service fees     358     362     367     350     336  
    Mortgage banking income     250     414     433     433     308  
    Investment and insurance sales commissions     326     226     230     222     121  
    Net loss on sale of securities     (1 )   (511 )   –     –     (495 )
    Increase in cash surrender value of life insurance     163     166     165     159     157  
    Other noninterest income     770     620     648     742     617  
                 
    Total noninterest income     1,866     1,277     1,843     1,906     1,044  
                 
    Noninterest expense:            
    Salaries and employee benefits     5,302     4,691     4,771     5,167     5,123  
    Occupancy and facilities     786     691     757     733     721  
    Loss (gain) on foreclosed assets     –     –     1     –     –  
    Data processing and other office operations     1,201     1,111     1,104     1,047     1,022  
    Advertising and promotion     129     141     164     171     129  
    Amortization of intangibles     23     17     17     20     24  
    Other noninterest expenses     1,528     1,351     1,337     1,257     1,306  
                 
    Total noninterest expense     8,969     8,002     8,151     8,395     8,325  
                 
    Income before provision for income taxes     3,035     3,651     3,581     2,856     1,897  
    Provision for income taxes     473     524     593     410     169  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
    Preferred stock dividends declared   $ 122   $ 122   $ 122   $ 122   $ 122  
                 
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
    Basic earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data)   Quarter ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    Earnings and dividends:     2025     2024     2024     2024     2024  
                 
    Interest income   $ 18,285   $ 18,661   $ 18,200   $ 17,514   $ 17,175  
    Interest expense   $ 8,030   $ 8,285   $ 8,311   $ 8,069   $ 7,902  
    Net interest income   $ 10,255   $ 10,376   $ 9,889   $ 9,445   $ 9,273  
    Provision for credit losses   $ 117   $ –   $ –   $ 100   $ 95  
    Other noninterest income   $ 1,866   $ 1,277   $ 1,843   $ 1,906   $ 1,044  
    Other noninterest expense   $ 8,969   $ 8,002   $ 8,151   $ 8,395   $ 8,325  
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
                 
    Basic earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Dividends declared per common share (3)   $ –   $ 0.32   $ –   $ 0.32   $ –  
    Tangible net book value per common share (4)   $ 26.94   $ 25.98   $ 26.41   $ 24.55   $ 24.21  
                 
    Semi-annual dividend payout ratio     n/a     23.27 %   n/a     33.61 %   n/a  
    Average common shares outstanding     4,088,824     4,094,360     4,132,218     4,139,456     4,154,702  
                 
    Balance sheet – average balances:            
    Loans receivable, net of allowances for credit loss   $ 1,091,533   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936  
    Assets   $ 1,462,862   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437  
    Deposits   $ 1,140,397   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010  
    Stockholders’ equity   $ 118,576   $ 118,396   $ 114,458   $ 110,726   $ 109,473  
                 
    Performance ratios:            
    Return on average assets (1)     0.71 %   0.84 %   0.82 %   0.69 %   0.49 %
    Return on average common stockholders’ equity (1)     8.88 %   10.75 %   10.63 %   9.03 %   6.32 %
    Return on average tangible common stockholders’ equity (1)(4)     9.21 %   11.07 %   10.96 %   9.34 %   6.57 %
    Net loan charge-offs to average loans (1)     0.02 %   0.02 %   0.00 %   0.00 %   0.00 %
    Nonperforming loans to gross loans     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Nonperforming assets to total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses to gross loans     1.12 %   1.13 %   1.18 %   1.16 %   1.14 %
    Nonperforming assets to tangible equity plus the allowance for credit losses (4)     10.71 %   8.85 %   8.71 %   11.09 %   10.59 %
    Net interest rate margin (1)(2)     3.03 %   2.96 %   2.90 %   2.84 %   2.80 %
    Net interest rate spread (1)(2)     2.33 %   2.23 %   2.16 %   2.15 %   2.12 %
    Service fee revenue as a percent of average demand deposits (1)     0.58 %   0.53 %   0.56 %   0.56 %   0.54 %
    Noninterest income as a percent of gross revenue     9.26 %   6.40 %   9.20 %   9.81 %   5.73 %
    Efficiency ratio (2)     72.88 %   67.59 %   68.43 %   72.52 %   78.93 %
    Noninterest expenses to average assets (1)     2.49 %   2.15 %   2.24 %   2.35 %   2.34 %
    Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets     9.22 %   9.08 %   9.06 %   9.03 %   8.98 %
    Tangible equity to tangible assets (4)     8.05 %   7.76 %   7.85 %   7.32 %   7.60 %
                 
    Stock price information:            
                 
    High   $ 26.50   $ 27.90   $ 25.00   $ 21.40   $ 22.50  
    Low   $ 25.60   $ 25.00   $ 20.30   $ 19.75   $ 20.05  
    Last trade value at quarter-end   $ 25.70   $ 26.50   $ 25.00   $ 20.40   $ 21.25  
                 
    (1) Annualized
    (2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
    (4) Tangible stockholders’ equity excludes goodwill and other intangibles.
    PSB Holdings, Inc.
    Consolidated Statements of Comprehensive Income
                 
        Quarter Ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands – unaudited)     2025     2024     2024     2024     2024  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
                 
    Other comprehensive income, net of tax:            
                 
    Unrealized gain (loss) on securities available for sale     2,551     (3,955 )   4,738     184     (615 )
                 
    Reclassification adjustment for security loss included in net income     1     404     –     –     391  
                 
    Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19     –     (76 )   –     –     (35 )
                 
    Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity     89     90     90     89     91  
                 
    Unrealized gain (loss) on interest rate swap     (6 )   65     (101 )   39     122  
                 
    Reclassification adjustment of interest rate swap settlements included in earnings     (13 )   (27 )   (38 )   (40 )   (41 )
                 
                 
    Other comprehensive income (loss)     2,622     (3,499 )   4,689     272     (87 )
                 
    Comprehensive income (loss)   $ 5,184   $ (372 ) $ 7,677   $ 2,718   $ 1,641  
    PSB Holdings, Inc.            
    Nonperforming Assets as of:            
        Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
    (dollars in thousands)     2025     2024     2024     2024     2024  
                 
    Nonaccrual loans (excluding restructured loans)   $ 12,404   $ 10,109   $ 10,116   $ 12,184   $ 11,498  
    Nonaccrual restructured loans     17     18     25     28     30  
    Restructured loans not on nonaccrual     280     286     292     299     304  
    Accruing loans past due 90 days or more     –     –     –     –     –  
                 
    Total nonperforming loans     12,701     10,413     10,433     12,511     11,832  
    Other real estate owned     300     –     –     –     –  
                 
    Total nonperforming assets   $ 13,001   $ 10,413   $ 10,433   $ 12,511   $ 11,832  
                 
    Nonperforming loans as a % of gross loans receivable     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Total nonperforming assets as a % of total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses as a % of nonperforming loans     97.57 %   118.52 %   120.75 %   100.69 %   105.59 %
    PSB Holdings, Inc.
    Nonperforming Assets >= $500,000 net book value before specific reserves
    At March 31, 2025
    (dollars in thousands)
          Gross Specific
    Collateral Description   Asset Type Principal Reserves
             
    Real estate – Recreational Facility   Nonaccrual   4,051     148  
    Real estate – Independent Auto Repair   Nonaccrual   514     0  
    Real estate – Dealership   Nonaccrual   2,708     560  
    Real estate – Rental Units   Nonaccrual   3,077     0  
             
             
    Total listed nonperforming assets     $ 10,350   $ 708  
    Total bank wide nonperforming assets     $ 13,001   $ 1,055  
    Listed assets as a % of total nonperforming assets       80 %   67 %
    PSB Holding, Inc.            
    Loan Composition by Collateral Type            
    Quarter-ended (dollars in thousands)   Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                 
    Commercial:            
    Commercial and industrial   $ 124,074   $ 116,864   $ 115,234   $ 125,508   $ 118,821  
    Agriculture     11,632     11,568     11,203     11,480     12,081  
    Municipal     12,878     15,733     12,596     11,190     28,842  
                 
    Total Commercial     148,584     144,165     139,033     148,178     159,744  
                 
    Commercial Real Estate:            
    Commercial real estate     562,901     551,641     541,577     544,171     546,257  
    Construction and development     87,080     79,377     60,952     70,540     63,375  
                 
    Total Commercial Real Estate     649,981     631,018     602,529     614,711     609,632  
                 
    Residential real estate:            
    Residential     268,490     271,643     269,954     270,944     274,300  
    Construction and development     26,884     28,959     34,655     36,129     34,158  
    HELOC     38,364     36,887     36,734     33,838     31,357  
                 
    Total Residential Real Estate     333,738     337,489     341,343     340,911     339,815  
                 
    Consumer installment     4,683     5,060     4,770     4,423     4,867  
                 
    Subtotals – Gross loans     1,136,986     1,117,732     1,087,675     1,108,223     1,114,058  
    Loans in process of disbursement     (28,752 )   (27,791 )   (17,836 )   (21,484 )   (20,839 )
                 
    Subtotals – Disbursed loans     1,108,234     1,089,941     1,069,839     1,086,739     1,093,219  
    Net deferred loan costs     580     605     733     702     669  
    Allowance for credit losses     (12,392 )   (12,342 )   (12,598 )   (12,597 )   (12,494 )
                 
    Total loans receivable   $ 1,096,422   $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394  
    PSB Holding, Inc.
    Selected Commercial Real Estate Loans by Purpose
                   
      Mar 31, Dec 31, Sept 30, June 30, Mar 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
                         
      Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1)
    Multi Family $ 143,674 13.9 % $ 140,087 14.0 % $ 140,307 14.7 % $ 146,873 15.2 % $ 142,001 14.4 %
    Industrial and Warehousing   100,494 9.7     88,297 8.8     86,818 9.1     86,025 8.9     85,409 8.6  
    Retail   40,779 3.9     33,991 3.4     33,020 3.5     34,846 3.6     33,177 3.4  
    Hotels   30,928 3.0     31,101 3.1     31,611 3.3     34,613 3.6     35,105 3.6  
    Office   7,254 0.7     6,234 0.6     6,378 0.7     6,518 0.7     6,655 0.7  
                         
    (1) Percentage of commercial and commercial real estate portfolio and commitments.          
    PSB Holdings, Inc.
    Deposit Composition
                         
    Insured and Collateralized Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 206,562 18.3 % $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 %
    Interest-bearing demand and savings   314,957 27.9 %   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %
    Money market deposits   118,047 10.4 %   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   797,632 70.6 %   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %
    Retail and local time deposits > $250   26,750 2.3 %   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 904,713 80.0 % $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 39,110 3.5 % $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 %
    Interest-bearing demand and savings   17,262 1.5 %   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %
    Money market deposits   150,222 13.3 %   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   206,594 18.3 %   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %
    Retail and local time deposits > $250   18,729 1.7 %   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 225,323 20.0 % $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 245,672 21.8 % $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 %
    Interest-bearing demand and savings   332,219 29.4 %   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %
    Money market deposits   268,269 23.7 %   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   1,004,226 88.9 %   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %
    Retail and local time deposits > $250   45,479 4.0 %   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 1,130,036 100.0 % $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 %
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)
                           
                           
      Quarter ended March 31, 2025   Quarter ended December 31, 2024   Quarter ended March 31, 2024
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
    Loans (1)(2) $ 1,103,895   $ 15,830 5.82 %   $ 1,077,242   $ 15,693 5.80 %   $ 1,094,321   $ 15,199 5.59 %
    Taxable securities   198,426     1,641 3.35 %     194,272     1,545 3.16 %     171,788     1,197 2.80 %
    Tax-exempt securities (2)   79,282     654 3.35 %     79,475     661 3.31 %     80,434     666 3.33 %
    FHLB stock   8,825     241 11.08 %     8,825     227 10.23 %     6,499     165 10.21 %
    Other   8,960     104 4.71 %     58,405     721 4.91 %     12,885     178 5.56 %
                           
    Total (2)   1,399,388     18,470 5.35 %     1,418,219     18,847 5.29 %     1,365,927     17,405 5.12 %
                           
    Non-interest-earning assets:                          
    Cash and due from banks   16,292           15,500           17,367      
    Premises and equipment, net   13,728           14,001           13,183      
    Cash surrender value ins   24,795           24,625           24,144      
    Other assets   21,021           20,090           21,201      
    Allowance for credit losses   (12,362 )         (12,623 )         (12,385 )    
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Liabilities & stockholders’ equity                          
    Interest-bearing liabilities:                          
    Savings and demand deposits $ 339,909   $ 1,567 1.87 %   $ 319,777   $ 1,479 1.84 %   $ 350,497   $ 1,672 1.92 %
    Money market deposits   280,396     1,685 2.44 %     304,897     1,961 2.56 %     274,186     1,897 2.78 %
    Time deposits   268,821     2,632 3.97 %     256,201     2,587 4.02 %     264,657     2,513 3.82 %
    FHLB borrowings   164,968     1,792 4.41 %     170,701     1,890 4.40 %     142,926     1,450 4.08 %
    Other borrowings   6,321     47 3.02 %     6,848     57 3.31 %     8,554     60 2.82 %
    Senior sub. notes   4,782     59 5.00 %     4,780     59 4.91 %     4,775     59 4.97 %
    Junior sub. debentures   13,036     248 7.72 %     13,011     252 7.71 %     12,934     251 7.81 %
                           
    Total   1,078,233     8,030 3.02 %     1,076,215     8,285 3.06 %     1,058,529     7,902 3.00 %
                           
    Non-interest-bearing liabilities:                          
    Demand deposits   251,271           270,575           248,670      
    Other liabilities   14,782           14,626           12,765      
    Stockholders’ equity   118,576           118,396           109,473      
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Net interest income   $ 10,440       $ 10,562       $ 9,503  
    Rate spread     2.33 %       2.23 %       2.12 %
    Net yield on interest-earning assets         3.03 %       2.96 %       2.80 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

  • MIL-OSI: Smackover Lithium’s South West Arkansas Project Receives Unanimous Vote of Approval to Establish the Phase I Brine Production Unit from the Arkansas Oil and Gas Commission

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., April 24, 2025 (GLOBE NEWSWIRE) — Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:A:SLI) and Equinor, is pleased to announce that the brine production unit, now formally named the Reynolds Unit, for Phase I of its South West Arkansas (“SWA”) Project has been unanimously approved by the Arkansas Oil and Gas Commission (“AOGC”) with no objections or opposition in a hearing that was open to all stakeholders from the community.

    “We thank the AOGC for their due diligence in reviewing our application and for their swift approval,” said Standard Lithium’s President and COO, Dr. Andy Robinson, who provided testimony at the hearing. “The establishment of the Reynolds brine unit is another key milestone our team has now successfully completed as we march towards a final investment decision for the SWA Project, and also a necessary statutory requirement as we look to set a royalty for the unit in late May.”

    “Gaining regulatory approval for our first brine unit is an important step in our project timeline. We look forward to working with the AOGC and community stakeholders to establish a competitive royalty rate for this unit and continue momentum with the SWA Project,” said Allison Kennedy Thurmond, VP of US Lithium at Equinor.

    The Reynolds unit is 20,854 acres in size and is planned to produce 22,500 tonnes per year of battery-quality lithium carbonate once in full commercial production, expected in 2028. For more information about the SWA Project and Smackover Lithium, please visit www.smackoverlithium.com

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: Bitget Wallet Launches Major Upgrade to Market Tools and Alpha Interface

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, April 24, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has introduced a major upgrade to its market insight features, including advanced K-line charting, real-time token analytics, and dynamic trading overlays. The enhanced interface gives users a professional-grade monitoring experience from a simple, mobile-first wallet.

    The new interface enables users to interact with candlestick (K-line) charts using familiar gestures — drag to view historical price movements, pinch to zoom for detail, and long-press to reveal a floating window with precise data points. Users can also choose to display or hide trade-specific overlays such as buy/sell points, average price, and position size, making it easier to monitor performance without clutter.

    Each token’s detail page now includes a dedicated “Trading Activity” section, surfacing key onchain metrics like address count changes, top 10 address volumes, largest trades, and major inflow/outflow events. A new “Daily Movers” section on the market homepage highlights tokens with unusual price or volume shifts, helping users quickly identify emerging trends. Meanwhile, Bitget Wallet Alpha, previously known as MemeX, has been upgraded with a simplified layout, clearer gain multipliers, and improved stablecoin purchase options.

    While feature-rich, the upgrade remains true to Bitget Wallet’s broader design philosophy — the delivery of powerful tools through an interface that feels intuitive and easy to navigate. “Great design is about making powerful tools simple,” said Alvin Kan, COO of Bitget Wallet. “This upgrade delivers the depth that active users expect, while staying true to our vision of a wallet that anyone can use.“

    The upgraded features are now available for all Bitget Wallet users on iOS and Android, with further usability improvements set to roll out in the coming months. For more details, please visit Bitget Wallet’s official X.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, secure, and accessible for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3203f0f-c697-4c68-bf43-d35ce1fe26a7

    The MIL Network –

  • MIL-OSI USA: Judges Bring Oral Arguments to Law School Campuses

    Source: United States Courts

    Our site is experiencing technical difficulties. We anticipate the site will be back and running soon. We apologize for the inconvenience and thank you for your patience.

    This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary.

    Error code 3

    MIL OSI USA News –

  • MIL-OSI USA: ICE arrests, removes Dominican alien charged with drug crimes, assaulting a police officer in Massachusetts

    Source: US Immigration and Customs Enforcement

    BOSTON — U.S. Immigration and Customs Enforcement arrested an illegally present Dominican national charged with drug trafficking crimes and assaulting a police officer. Officers with ICE Boston arrested Daniel Encarnacion-Sanchez, 20, in Boston Feb. 7.

    “Daniel Encarnacion-Sanchez illegally entered the United States and has been charged with trafficking poison in our Massachusetts community and assaulting an officer of the law,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “He represents a significant threat to our residents that we will not tolerate. ICE Boston remains dedicated to our mission to prioritize public safety by arresting and removing criminal alien threats from New England neighborhoods.”

    U.S. Border Patrol arrested Encarnacion-Sanchez Nov. 21, 2023, after he illegally entered the United States. The Border Patrol served Encarnacion-Sanchez a notice to appear before a Department of Justice immigration judge.

    The Malden District Court arraigned Encarnacion-Sanchez Nov. 27, 2024, for trafficking a controlled substance and possession to distribute drugs.

    ICE Boston lodged an immigration detainer against Encarnacion-Sanchez Dec. 3, 2024, with the Middlesex County House of Corrections.

    The Boston Police Department arrested Encarnacion-Sanchez Feb. 6, and charged him with assault and battery on a police officer causing injury and trafficking drugs, heroin and crack. The next day, the Dorchester District Court, released Encarnacion-Sanchez on personal recognizance.

    Officers with ICE Boston arrested Encarnacion-Sanchez, after release from Dorchester District Court in Boston Feb. 7.

    ICE removed Encarnacion-Sanchez to the Dominican Republic March 16.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @EROBoston.

    MIL OSI USA News –

  • MIL-OSI Security: Memphis Man Pleads Guilty to Charges Related to 2024 Carjacking

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Memphis, TN – A Memphis man recently pled guilty to charges brought against him related to a carjacking committed in Memphis, Tennessee in May of 2024.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the guilty plea today.

    According to the information presented in court, on May 16, 2024, Jaylen Simpson, 23, hid in a Memphis resident’s backyard and confronted the resident when he was outside his home.  Simpson almost immediately shot the victim in the stomach before taking his car keys and driving off in the victim’s 2017 Kia Cadenza which had been parked in the driveway of the residence.

    After the carjacking, officers with the Memphis Police Department located Simpson and the stolen vehicle and gave chase.  Simpson eventually abandoned the Kia Cadenza and fled on foot. The MPD officers then apprehended Simpson and found a loaded semi-automatic pistol in his backpack.

    On April 15, 2025, after a day of jury selection, Simpson pled guilty to the federal crime of carjacking resulting in serious bodily injury and of the separate crime of using a firearm during a crime of violence.  He is scheduled to be sentenced on July 16, 2025 and faces a mandatory minimum sentence of 10 years for the discharge of the firearm up to life in prison.  A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    This case is part of Project Safe Neighborhoods, a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence and to make our neighborhoods safer for everyone.  On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. 

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Memphis Police Department Violent Crime Unit investigated the case.

    Trial Attorney Ashleigh Atasoy, of the Department of Justice Criminal Division’s Violent Crime and Racketeering Section, and Assistant United States Attorney Stephen Hall, of the United States Attorney’s Office for the Western District of Tennessee, prosecuted the case.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Memphis Man Sentenced to 11 Years in Prison for Possession of a Machinegun and Possession of 121 Grams of Fentanyl with the Intent to Distribute

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Memphis, TN – Christopher Young, aka Christopher Minnis, 35, has been sentenced to 132 months in federal prison followed by four years of supervised release for possession of a machinegun, possession of 121 grams of Fentanyl with the intent to distribute, and being a convicted felon in possession of a firearm.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the information presented in court, on December 9, 2021, officers with the Memphis Police Department observed the defendant near Cottonwood Road and Cherry Road driving erratically in a Black Chevrolet Corvette with fraudulent tags that had expired on October 14, 2021. When Young parked the car, the officers attempted to conduct a traffic stop, but Young fled on foot. Police gave chase, and Young was apprehended in his neighbor’s back yard. At the time of his arrest, Young had 121.81 grams of Fentanyl and a Glock 9mm caliber pistol with an extended magazine in his possession. The Glock also had an attached Machinegun Conversion Device (commonly referred to as a “switch”), which made the gun fully automatic. The gun was loaded with 1 round in the chamber and 23 rounds in the extended magazine.

    On January 6, 2025, Young pled guilty before United States District Court Judge Thomas L. Parker.  Young was sentenced on April 10, 2025 to 132 months in federal prison, to be followed by four years of supervised release.

    There is no parole in the federal system.

    Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the government.  The Memphis Police Department and the Bureau of Alcohol, Tobacco, Firearms, and Explosives investigated this case.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Video: Send it!

    Source: US Army (video statements)

    U.S. Army video by Spc. Luciano Alcala, 3rd Infantry Division

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts #Army

    https://www.youtube.com/watch?v=Np3dfIbXOK0

    MIL OSI Video –

  • MIL-OSI United Nations: 24 April 2025 Expanded use of new dual-insecticide nets offers hope for malaria control efforts in Africa

    Source: World Health Organisation

    Insecticide-treated nets (ITNs) have been a cornerstone of malaria prevention efforts over the past 2 decades, and their widespread use has been instrumental in preventing the disease and saving lives. Since 2000, the global malaria response, including through ITN distribution campaigns, has helped prevent more than 2 billion cases and nearly 13 million deaths.

    Despite progress, malaria-transmitting mosquitoes in many areas have developed resistance to the insecticides commonly used on ITNs – especially pyrethroids – reducing their impact and undermining gains in malaria prevention. This rising threat has prompted researchers to accelerate the development of new types of nets that offer more durable protection against malaria.

    In 2017, WHO recommended the first ITN designed to enhance efficacy against pyrethroid-resistant mosquitoes. While this marked an important step forward, further innovation was needed to develop dual-insecticide nets, assess their efficacy in managing resistant mosquitoes and their impact on malaria transmission, and to evaluate their cost-effectiveness.

    This photo story, published on World Malaria Day 2025, highlights the research, development and scale-up of dual-insecticide ITNs – made possible through years of collaboration among countries, communities, manufacturers, funders and a range of global, regional and national partners.

    A young girl sleeps under a dual-insecticide net in Cameroon. © The Global Fund

    Global partnership launches extensive studies to test dual-insecticide nets

    In 2018, Unitaid and the Global Fund launched the New Nets Project. Led by the Innovative Vector Control Consortium – and working closely with National Malaria Programmes and other partners such as the U.S. Presidents Malaria Initiative, the Gates Foundation and MedAccess – the project supported evidence building and pilots to rapidly accelerate the shift to dual-insecticide nets in sub-Saharan Africa to counter pyrethroid resistance.

    The nets were first deployed in 2019 in Burkina Faso, and then Benin, Mozambique, Rwanda and the United Republic of Tanzania were added in subsequent years to test how the nets performed in different settings.

    By the end of 2022, the New Nets Project, together with the Global Fund and U.S. President’s Malaria Initiative deployed more than 56 million mosquito nets in 17 countries across sub-Saharan Africa where insecticide resistance had been reported.

    Clinical trials and pilot studies found that dual-insecticide nets improved malaria control by 20–50% compared with standard pyrethroid-only nets. Additionally, clinical trials in the United Republic of Tanzania and Benin demonstrated that the pyrethroid-chlorfenapyr nets significantly reduced malaria infections in children between the ages of 6 months and 10 years.

    “The New Nets Project significantly advanced malaria control by accelerating access to dual active ingredient nets, an important tool in the fight against malaria,” said Dr Philippe Duneton, Executive Director of Unitaid. “The success of this initiative is the result of strong partnerships that helped us overcome access barriers and reach communities faster. Together with our partners, we continue working to explore and support innovations that reduce malaria transmission and save lives.”

    The New Nets Project also included research universities, such as Tulane University and the London School of Hygiene & Tropical Medicine; advocacy organizations such as PATH, Population Services International (PSI) and the Alliance for Malaria Prevention; and funding from the U.S. Agency for International Development (USAID) and the Gates Foundation.

    A mother and her 8-month-old son play in their home in Soa, Cameroon. The family sleeps under dual-insecticide mosquito nets to protect themselves from malaria. © The Global Fund/Vincent Becker.

    WHO issues recommendations for new generation nets

    With strong clinical trial and study results, WHO issued recommendations for new generation insecticide-treated nets and updated the WHO guidelines for malaria in 2023. The WHO recommendations covered 2 new classes of dual ingredient ITNs: pyrethroid-chlorfenapyr nets and pyrethroid-pyriproxyfen nets.

    Pyrethroid-chlorfenapyr nets combine a pyrethroid and a pyrrole insecticide to enhance the killing effect of the net and pyrethroid-pyriproxyfen nets combine a pyrethroid with an insect growth regulator (IGR), which disrupts mosquito growth and reproduction.

    Wider scale-up of new generation nets poised to lower disease burden

    Today, malaria-endemic countries and families are recognizing the value of new generation nets in preventing malaria and saving lives. In 2023, nearly 80% of nets delivered in sub-Saharan Africa were these more effective dual-insecticide nets, up from 59% in 2022, according to the latest World malaria report.

    “In 2019, we used to have malaria frequently before we got the nets,” says Elizabeth, a tailor and mother of two young children in the United Republic of Tanzania. “It cost us a lot of money because sometimes we used to go to private hospitals.”

    Since receiving the new generation nets, Elizabeth’s family has stayed free of malaria. “The difference now is that I don’t use the money to treat my child for malaria,” she adds. “Instead, I use the money to pay for school fees.”

    To date, dual-insecticide nets are being used and scaled up in 17 countries in Africa. The rapid scale-up of the new nets and other innovative tools, such as malaria vaccines, offer fresh hope for controlling malaria, especially in countries with the highest risk of the disease.

    “Dual-insecticide nets represent a breakthrough in malaria prevention,” notes Dr Daniel Ngamije, Director of the WHO Global Malaria Programme. “Their development and wide deployment are a testament to what can be achieved through science, sustained investment and global collaboration.”

    Sustained investment in innovations critical to curbing malaria

    Strengthening surveillance, monitoring and management of biological threats – such as insecticide resistance, invasive species and changing vector behaviour – will be essential to curb and, ultimately, eliminate malaria transmission. At the same time, investment in innovative tools to address these evolving challenges remains equally critical.

    Scaling up the deployment and monitoring of next-generation nets, vaccines and other innovations will require sustained investment in malaria control and elimination programmes. This includes securing successful replenishments for the Global Fund and Gavi, the Vaccine Alliance.

    In addition to new nets, researchers are pursuing a range of innovative vector control products, such as spatial repellents, lethal house lures (eaves tubes) and genetic engineering of mosquitoes.

    MIL OSI United Nations News –

  • MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

    Dear Fellow Shareholders,

    Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

    Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

    Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

    Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

    We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

    I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

    Sincerely,
    Gary Seaton
    Chairman and Chief Executive Officer

    About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Amarjeet Singh, CFO
    Email: amarjeet.s@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network –

  • MIL-OSI USA: Disaster Recovery Centers Reduce Hours on April 14

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Reduce Hours on April 14

    Disaster Recovery Centers Reduce Hours on April 14

    LOS ANGELES–Beginning Monday, April 14, Los Angeles County Disaster Recovery Centers (DRCs) will have reduced hours
    New hours for the DRCs will be as follows:Monday – Friday, 9 am–6 pm
    PTSaturday, 9 am–4 pm
    PTDRCs will remain closed on Sundays
    Visitors can meet in person with FEMA representatives at both DRC locations to receive updates on existing applications
    Representatives from local, state and other federal agencies are also available for additional assistance at these sites
    DRCs are located at:

    UCLA Research Park West 10850 West Pico Blvd
    Los Angeles, CA90064

    Altadena Disaster Recovery Center 540 West Woodbury Rd Altadena, CA 91001All

    Disaster Recovery Centers are physically accessible to people with disabilities and those with access and functional needs
    They are equipped with assistive technology and other resources to help ensure all applicants can access resources
    Visiting a DRC is just one way to receive assistance
    You can also update your application online at DisasterAssistance
    gov or by using the FEMA app
    You may also call the FEMA Helpline at 1-800-621-3362
    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account
    For preparedness information follow the Ready Campaign on X at @Ready
    gov, on Instagram @Ready
    gov or on the Ready Facebook page California is committed to supporting residents impacted by the Los Angeles Hurricane-Force Firestorm as they navigate the recovery process
    Visit CA gov/LAFires for up-to-date information on disaster recovery programs, important deadlines, and how to apply for assistance

    alberto
    pillot
    Wed, 04/23/2025 – 20:26

    MIL OSI USA News –

  • MIL-OSI USA: Statement on Jury’s Verdict in Trial of Cutter Financial Group LLC and Jeffrey Cutter

    Source: Securities and Exchange Commission

    Yesterday, after a seven day trial and just over 5 hours of deliberation, a jury in the U.S. District Court for the District of Massachusetts found investment adviser Jeffrey Cutter and his advisory firm, Cutter Financial Group, LLC, liable for violating Section 206(2) of the Investment Advisers Act of 1940, which prohibits “engag[ing] in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client.” The jury found for the defendants on claims the SEC alleged under Sections 206(1) and (4) of the Act. The jury found that Cutter and his firm, who marketed his services to current and future retirees, failed to disclose to their clients significant upfront commissions, among other conflicts of interest.

    Statement of SEC Division of Enforcement Acting Director Samuel J. Waldon:

    “We are pleased with the jury verdict holding Jeffrey Cutter and Cutter Financial Group, LLC accountable for breaching their fiduciary duties to their clients. As the hard work of the SEC team demonstrates, we will continue to hold investment advisers responsible when they engage in wrongdoing.” 

    MIL OSI USA News –

  • MIL-OSI: Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience

    As part of the modernization blueprint, Nasdaq is introducing a new brand for its complete suite of next generation marketplace technology solutions, Nasdaq Eqlipse, delivering cloud-ready capabilities and data intelligence across the full trade lifecycle

    Nasdaq’s Nordic markets first to adopt the blueprint alongside expanded modernization partnerships with Johannesburg Stock Exchange and Mexico’s Grupo BMV

    NEW YORK, SEATTLE, STOCKHOLM, JOHANNESBURG, and MEXICO CITY, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.

    Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.

    The new blueprint, proven through Nasdaq’s successful market modernization with AWS, drives industry standards, dynamic and sustainable operations while promoting a more resilient financial ecosystem. In the long term, the blueprint can enhance investor confidence and connect capital, previously confined locally due to technological complexity, to global investment opportunities.

    “Local economies flourish when capital markets are robust, and global investors can confidently channel capital across borders. Conversely, a strong global economy is reliant on local markets that are highly dynamic, where innovators can scale, and capital can seamlessly connect. Powering both creates a virtuous cycle of value creation, driving economic growth and wealth generation,” said Adena Friedman, Chair and Chief Executive Officer, Nasdaq. “The unique combination of Nasdaq’s technology expertise and AWS’s advanced infrastructure enables us to solve the industry’s most complex challenges that have hampered the growth and scalability of markets around the world. By reducing complicatedness, friction, and fragmentation we are fortifying the financial system with greater connectivity and resilience and enabling a new era of economic growth and prosperity.”

    “Building on our 15-year partnership, Nasdaq and AWS are furthering our shared vision to develop technology that simplifies and streamlines capital markets,” said Matt Garman, CEO at AWS. “Together, we are helping market operators provide seamless connectivity for markets and investors anywhere in the world, with a blueprint for modernization and innovation, and the ability to unlock new opportunities for innovation and growth in capital markets.”

    A blueprint for the next generation of markets with resilience and optionality

    The blueprint empowers market operators to execute their modernization strategies by optimizing their resource investments while focusing on operational excellence, enhancing competitive differentiation, satisfying their regulatory obligations, and driving innovation within their markets. The first three key components of the blueprint include:

    • Bringing together AWS, exchange, and trading participant infrastructure in close proximity to power global capital markets: Building on AWS’s high-performing, scalable infrastructure, as well as its deep expertise in operating cloud infrastructure, Nasdaq and AWS are offering a new solution for market operators that addresses resilience, security, proximity and latency demands by positioning AWS services, exchange and trading participant systems in a common location. For the first time, global market participants will have access to industry-leading compute services from AWS in close proximity to the core exchange complex and their own co-located trading systems. In addition, AWS will provide connectivity between this infrastructure and AWS’s Global Regions via the AWS Direct Connect service and the AWS global network, to provide low-latency, high bandwidth connectivity for global applications; all while enabling operators to retain overall control of their data.
    • Nasdaq Eqlipse, a next generation marketplace technology platform: Nasdaq Eqlipse seamlessly integrates client community feedback and Nasdaq’s development investments, including platform capabilities, application architecture, APIs and product integration. The solutions feature cloud-ready applications and globally standardized APIs with proven interoperability across the full trade lifecycle. Nasdaq’s marketplace technology solutions are already used by over 135 market infrastructure providers around the world for multi-asset trading, clearing, central securities depository and surveillance. Nasdaq Eqlipse will also include a new solution – Nasdaq Eqlipse Intelligence – designed to unlock the full potential of market operators’ data with modern, cloud-based data management, analytics and reporting capabilities that are specific to market operators’ workflows. These capabilities address the industry-wide opportunity to deploy AI at greater scale, recognizing its potential to transform how marketplaces operate.
    • A services deployment model: The modernization blueprint brings together the expertise and experience of Nasdaq and AWS through a new services deployment model. This provides market operators with access to both companies’ deep capital markets expertise to help reduce operational heavy lifting. Ultimately the services deployment model powered by AWS is designed to help market operators reduce transformation risks, allowing them to focus technology resources toward a growth-driven capital allocation strategy. Market operators will be able to augment and accelerate their path to modernization, while improving time-to-market for new releases and enhancing overall resilience.

    The blueprint delivers key benefits to market operators so that they can drive innovation; specifically:

    • Accelerate and de-risk modernization strategies for market operators by delivering an agile technology stack and globally standardized services and workflows that empower the market operators to focus on attracting liquidity from global investors.
    • Provide greater flexibility for both innovation and monetization for market operators by leveraging modern technology infrastructure to capitalize on the potential of AI, enhance their data and insight-based services, and develop new products and functionality to the benefit of all market participants.
    • Promote transparency, enhance liquidity and protect market integrity by strengthening trading, clearing, and settlement operations and reducing barriers for local, regional and global investors with secure access.

    The blueprint plans to use AWS’s global network and low-latency traffic routing to support frictionless, high-speed connections for markets and investors around the world. This connectivity will allow market participants to interact seamlessly and transparently across global exchanges with minimal latency, fostering globally inter-connected markets built on a common data lake architecture.

    Johannesburg Stock Exchange, Grupo BMV and Nasdaq’s Nordic markets modernize their ecosystems

    Nasdaq has expanded its modernization partnership with both Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV. Additionally, Nasdaq’s Nordic markets have today announced their intention to modernize their infrastructure in line with the blueprint.

    The JSE is collaborating with Nasdaq around the development of services for colocation, data intelligence and insights, and client interactions. The blueprint service deployment model will support the South African bourse’s technology enablement journey to modernize its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies.

    Leila Fourie, Group CEO of the JSE, said: “This strategic collaboration is an extension of the long-standing relationship the JSE has with Nasdaq. The market infrastructure developed in partnership with Nasdaq and AWS will open the door to greater global market interconnectivity with minimal latency, which will support increased liquidity and capital flows between the US and South African capital markets. We will be setting new standards for the industry through innovation and technology that creates value for market participants.”

    Building on the market modernization efforts with Nasdaq, Grupo BMV is analyzing how it can build on its existing technology partnership across its clearing and central securities depository platforms by leveraging the services deployment model. They are also evaluating the long-term potential for cloud infrastructure in Mexico and its ability to create a robust, high-integrity ecosystem that reduces barriers to market participation, enhances operational efficiency, and accelerates the adoption of emerging technologies across the Mexican financial landscape.

    Jorge Alegría, Chief Executive Officer, Grupo BMV, said: “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look toward the next decade. We are committed to driving innovation, enhancing operational efficiency and proactively addressing the evolving needs of our local and international customers.”

    In line with the blueprint, Nasdaq plans to incorporate the managed infrastructure model within its Nordic markets. Starting with the Nordic derivatives market, Nasdaq will be able to provide additional services to clients, powered by AWS infrastructure which allows Nasdaq’s clients to rapidly scale their GPU usage within Nasdaq’s own data center in Väsby, Sweden and harness cloud services to innovate faster.

    Roland Chai, President of European Market Services, Nasdaq, said: “The success of Nasdaq’s Nordic markets has demonstrated the extraordinary power of modern market infrastructure to attract international sources of capital. Incorporating AWS’s advanced cloud infrastructure is expected to elevate our markets on the global stage and help to power the next generation of growth across Europe.”

    These advancements will be made in close consultation with the respective regulatory authorities and are subject to relevant approvals.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    About Amazon Web Services

    Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 114 Availability Zones within 36 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in New Zealand, the Kingdom of Saudi Arabia, Taiwan, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

    About Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

    About the Johannesburg Stock Exchange

    The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

    The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalization, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za

    About Grupo BMV

    The Mexican Stock Exchange (BMV: BOLSAA) is a fully integrated group with more than 130 years of experience, enabling Mexico’s securities and derivatives markets. It consists of a network of leading companies providing services in capital markets, derivatives, debt, post-trade solutions, data and analytics, as well as a range of value-added services. For more details, visit www.bmv.com.mx.

    Media Contacts

    Nasdaq: Emily Pan; Emily.Pan@nasdaq.com; +1 646 637 3964
    AWS: Naomi Little; njlittle@amazon.com; +1 771 233 2089
    JSE: Pheliswa Mayekiso; pheliswam@jse.co.za; +27 84 4860502
    Grupo BMV: Alberto Maya; amaya@grupobmv.com.mx; +52-55-5342-9000

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of products and services delivered in line with the modernization blueprint, application and availability of products and services in regulated environments, and Nasdaq’s partnership with AWS. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    – NDAQF-

    The MIL Network –

  • MIL-OSI: Matador Technologies Announces Investor Relations and Marketing Partnerships

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB:MTDTF), a Bitcoin Ecosystem company, is pleased to announce that it has engaged two strategic partners to support its investor relations, marketing, and business development initiatives, including Alpha Nine Ventures Ltd. (“A9V”) and Outside The Box Capital (“OTB”).

    Alpha Nine Ventures (A9V)

    Matador has engaged Alpha Nine Ventures, a Nevada-based consulting firm, to assist with investor relations, business development, and capital markets advisory. A9V will provide strategic introductions to financial media professionals, institutional investors, and industry influencers. Additionally, A9V will support the refinement of Matador’s marketing materials and investor communications. The engagement was signed on March 17, 2025, and is for a term of March 17, 2025 – March 17, 2026, with compensation of USD$200,000. This is the total compensation for the arrangement and is paid in advance for the services provided.

    Outside The Box Capital (OTB)

    Matador has also engaged Outside The Box Capital, a Toronto-based firm specializing in digital marketing and retail investor engagement, to enhance its marketing presence in Canada. OTB will support Matador with digital media campaigns, social media outreach, and influencer engagement to increase visibility within the Canadian investment community. The engagement was signed on March 15, 2025, and is for a term of March 15, 2025 – September 15, 2025, with compensation of CAD$150,000. This is the total compensation for the arrangement and is paid in advance for the services provided.

    “We are excited to work with Alpha Nine Ventures and Outside The Box Capital to expand Matador’s visibility across key investor markets. These partnerships will help us effectively communicate our vision and growth strategy to a global audience,” said Deven Soni, CEO of Matador Technologies.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network
    Phone: 647-932-2668

    About Matador Technologies Inc.
    Matador Technologies Inc. leverages blockchain technology to digitize real-world assets like gold. Focused on building innovative financial solutions, Matador is at the forefront of integrating blockchain technology to preserve and grow value. Matador’s digital gold platform aims to democratize the gold buying experience, combining the best of modern technology and time-proven assets, to create a platform that will allow users to buy, sell, and store gold 24/7 in a convenient and engaging way.

    Cautionary Statement Regarding Forward-Looking Information

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

    Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

    The MIL Network –

  • MIL-OSI: First Northwest Bancorp Reports First Quarter 2025 Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., April 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported net income of $1.5 million for the first quarter of 2025, compared to a net loss of $2.8 million for the fourth quarter of 2024 and net income of $396,000 for the first quarter of 2024. Basic and diluted income per share were $0.17 for the first quarter of 2025, compared to basic and diluted loss per share of $0.32 for the fourth quarter of 2024 and basic and diluted income per share of $0.04 for the first quarter of 2024.

    In the first quarter of 2025, the Company recorded adjusted pre-tax, pre-provision net revenue (“PPNR”)(1) of $1.5 million, compared to $1.4 million for the preceding quarter and $1.2 million for the first quarter of 2024.

    The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on May 23, 2025, to shareholders of record as of the close of business on May 9, 2025.

    Quote from First Northwest President and CEO, Matthew P. Deines:
    “We were pleased to see improved profitability in the first quarter of 2025, which helped grow capital levels and tangible book value. We saw improvement on our asset quality metrics, with nonperforming loans 14% lower than the prior quarter, and remain focused on continued asset quality improvement over the balance of 2025. Core commercial and consumer customer growth was positive during the first quarter, with lower net loans and deposits largely the result of a decrease in funding to one large wholesale relationship and reduced brokered deposit balances. We expect better core growth and asset quality trends, combined with ongoing expense discipline and modest margin improvement, will continue to improve profitability and capital in future quarters. With improved profitability, we are evaluating the potential for future stock buybacks.”

    Key Points for First Quarter and Going Forward

    Positive Balance Sheet Trends:

    • A favorable deposit mix shift included a $45.0 million decrease in brokered deposits while core customer deposits grew $23.0 million. The loan-to-deposit ratio was stable at 99.9% compared to 99.3% in the fourth quarter of 2024.
    • The Company reduced borrowings by $28.9 million. The total cost of funds decreased to 2.67% compared to 2.80% in the fourth quarter of 2024.

    Update on provision for credit losses:

    • The Company recorded a $1.6 million provision for credit losses on loans in the first quarter of 2025, primarily due to $1.4 million of charge-offs related to three commercial business loans, one commercial construction loan and a small number of consumer loans. This compares to loan credit loss provisions of $3.8 million for the preceding quarter and $1.2 million for the first quarter of 2024.
    • We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers and expect further improvement in nonperforming loans over the course of 2025.

    Other significant events:

    • First Fed Bank’s (“First Fed” or the “Bank”) balance sheet restructuring continued with the remaining bank-owned life insurance policy (“BOLI”) surrender transaction recorded in the first quarter of 2025, with $266,000 of tax and penalties recorded in the provision for income tax. The surrendered policy value was reinvested in the second quarter of 2025. We expect to receive the return of the surrendered funds early in the third quarter of 2025.
    • We sadly lost a former Bank employee in the first quarter of 2025, resulting in a $1.1 million BOLI death benefit gain.
    • The Company recorded a $846,000 gain on extinguishment of debt related to repurchasing $5.0 million of subordinated debt at a discount during the first quarter of 2025. In addition to the current quarter gain, the future cost related to interest expense on the subordinated debt will be reduced.
    • The Company also recognized a $315,000 gain on the conversion of a commercial business loan receivable into a Series A equity investment during the first quarter of 2025.

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    Selected Quarterly Financial Ratios:

        As of or For the Quarter Ended  
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Performance ratios: (1)                                        
    Return on average assets     0.28 %     -0.51 %     -0.36 %     -0.40 %     0.07 %
    Adjusted PPNR return on average assets (2)     0.27       0.26       0.17       0.10       0.22  
    Return on average equity     3.92       -6.92       -4.91       -5.47       0.98  
    Net interest margin (3)     2.76       2.73       2.70       2.76       2.76  
    Efficiency ratio (4)     79.4       92.2       100.3       72.3       88.8  
    Equity to total assets     7.22       6.89       7.13       7.17       7.17  
    Book value per common share   $ 16.63     $ 16.45     $ 17.17     $ 16.81     $ 17.00  
    Tangible performance ratios: (1)                                        
    Tangible common equity to tangible assets (2)     7.15 %     6.83 %     7.06 %     7.10 %     7.10 %
    Return on average tangible common equity (2)     3.96       -6.99       -4.96       -5.53       0.99  
    Tangible book value per common share (2)   $ 16.48     $ 16.29     $ 17.00     $ 16.64     $ 16.83  
    Capital ratios (First Fed): (5)                                        
    Tier 1 leverage     9.5 %     9.4 %     9.4 %     9.4 %     9.7 %
    Common equity Tier 1 capital     12.7       12.4       12.2       12.4       12.6  
    Total risk-based     13.9       13.6       13.4       13.5       13.6  
    (1 ) Performance ratios are annualized, where appropriate.
    (2 ) See reconciliation of Non-GAAP Financial Measures later in this release.
    (3 ) Net interest income divided by average interest-earning assets.
    (4 ) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (5 ) Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.


    Adjusted Pre-tax, Pre-Provision Net Revenue     (1)

    Adjusted PPNR for the first quarter of 2025 increased $40,000 to $1.5 million, compared to $1.4 million for the preceding quarter, and increased $308,000 from $1.2 million in the first quarter one year ago.

        For the Quarter Ended  
    (Dollars in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Net interest income   $ 13,847     $ 14,137     $ 14,020     $ 14,235     $ 13,928  
    Total noninterest income     4,092       1,300       1,779       7,347       2,188  
    Total revenue     17,939       15,437       15,799       21,582       16,116  
    Total noninterest expense     14,249       14,233       15,848       15,609       14,303  
    PPNR (1)     3,690       1,204       (49 )     5,973       1,813  
    Less selected nonrecurring adjustments to PPNR:                                        
    BOLI death benefit     1,059       1,536       —       —       —  
    Gain on extinguishment of subordinated debt included in other income     846       —       —       —       —  
    Gain on conversion of loan receivable into Series A equity investment     315       —       —       —       —  
    Equity investment repricing adjustment     —       (1,762 )     —       —       651  
    One-time compensation payouts related to reduction in force     —       —       (996 )     —       —  
    Net gain on sale of premises and equipment     —       —       —       7,919       —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —       —       —       (359 )     —  
    Net gain on sale of investment securities     —       —       —       (2,117 )     —  
    Adjusted PPNR (1)   $ 1,470     $ 1,430     $ 947     $ 530     $ 1,162  

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    • Total interest income decreased $1.4 million to $26.8 million for the first quarter of 2025, compared to $28.2 million for the previous quarter, and decreased $503,000 compared to $27.3 million in the first quarter of 2024. Interest income decreased in the first quarter of 2025 primarily due to a decrease in the income earned on loans receivable and reduced interest income received on Company deposit accounts as both yields earned and average volumes decreased. Average loan balances and related interest income were impacted by a significant decrease in the Northpointe Bank Mortgage Purchase Program (“Northpointe Bank MPP”) of $24.7 million and $461,000, respectively. Variable-rate yields on loans and investments were impacted by the cumulative 100 basis points Federal Reserve rate cuts which occurred between September and December 2024.
    • Total interest expense decreased $1.1 million to $13.0 million for the first quarter of 2025, compared to $14.1 million for the previous quarter, and decreased $422,000 compared to $13.4 million in the first quarter of 2024. Interest expense decreased in the first quarter of 2025 primarily due to decreases in interest paid on brokered certificates of deposit (“CDs”), money market accounts and customer CDs.
    • The net interest margin increased to 2.76% for the first quarter of 2025, from 2.73% for the prior quarter, and was flat compared to the first quarter of 2024. The Company reported reduced rates and declining volumes of CDs and money market accounts during the first quarter of 2025 which lowered costs; however, these savings were partially offset by a decrease in interest earned on loans and an increase in cost due to higher average borrowings.
    • Noninterest income included a $1.1 million BOLI death benefit payment received due to the passing of a former employee, a $846,000 gain on extinguishment of debt and a $315,000 gain on the conversion of a loan receivable into an equity investment during the current quarter.
    • Noninterest expense was relatively unchanged at $14.3 million for the first quarter of 2025, compared to the previous quarter and the first quarter of 2024.

    Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

    The allowance for credit losses on loans (“ACLL”) increased $176,000 to $20.6 million at March 31, 2025, from $20.5 million at December 31, 2024. The ACLL as a percentage of total loans was 1.24% at March 31, 2025, an increase from 1.21% at December 31, 2024, and an increase from 1.05% one year earlier. The small increase to the pooled loan reserve combined with charge-offs totaling $1.4 million resulted in a provision expense of $1.6 million for the quarter ended March 31, 2025.

    Nonperforming loans totaled $26.4 million at March 31, 2025, a decrease of $4.1 million, or 13.5%, from December 31, 2024. ACLL to nonperforming loans increased to 78% at March 31, 2025, from 67% at December 31, 2024, and decreased from 92% at March 31, 2024. This ratio increased during the first quarter as principal payments and charge-offs decreased balances on loans that were already adequately reserved.

    Classified loans decreased $4.7 million to $37.9 million at March 31, 2025, from $42.5 million at December 31, 2024, primarily due to $3.9 million in principal payments received on two commercial construction loans and charge-offs totaling $825,000 on two commercial business loans and one commercial construction loan during the first quarter. An $8.1 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; a $7.2 million commercial construction loan relationship, which became classified in the second quarter of 2024; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 57% of the classified loan balance at March 31, 2025. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 16 loans totaling $1.7 million included in classified loans at March 31, 2025, and an additional seven loans totaling $2.4 million included in the special mention risk grading category.

        For the Quarter Ended  
    ACLL ($ in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Balance at beginning of period   $ 20,449     $ 21,970     $ 19,343     $ 17,958     $ 17,510  
    Charge-offs:                                        
    Construction and land     (374 )     (411 )     —       (3,978 )     —  
    Auto and other consumer     (243 )     (364 )     (492 )     (832 )     (806 )
    Commercial business     (811 )     (4,596 )     (24 )     (2,643 )     (33 )
    Total charge-offs     (1,428 )     (5,371 )     (516 )     (7,453 )     (839 )
    Recoveries:                                        
    One-to-four family     —       —       42       —       2  
    Commercial real estate     6       2       —       —       —  
    Auto and other consumer     43       52       24       198       46  
    Commercial business     2       36       —       —       —  
    Total recoveries     51       90       66       198       48  
    Net loan charge-offs     (1,377 )     (5,281 )     (450 )     (7,255 )     (791 )
    Provision for credit losses     1,553       3,760       3,077       8,640       1,239  
    Balance at end of period   $ 20,625     $ 20,449     $ 21,970     $ 19,343     $ 17,958  
                                             
    Average total loans     1,662,164       1,708,232       1,718,402       1,717,830       1,678,656  
    Annualized net charge-offs to average outstanding loans     0.34 %     1.23 %     0.10 %     1.70 %     0.19 %
    Asset Quality ($ in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Nonaccrual loans:                                        
    One-to-four family   $ 1,404     $ 1,477     $ 1,631     $ 1,750     $ 1,237  
    Multi-family     —       —       —       708       708  
    Commercial real estate     5,574       5,598       5,634       14       22  
    Construction and land     15,280       19,544       19,382       19,292       14,440  
    Home equity     54       55       116       118       121  
    Auto and other consumer     710       700       894       746       1,012  
    Commercial business     3,365       3,141       2,719       1,003       1,941  
    Total nonaccrual loans     26,387       30,515       30,376       23,631       19,481  
    Other real estate owned     —       —       —       —       —  
    Total nonperforming assets   $ 26,387     $ 30,515     $ 30,376     $ 23,631     $ 19,481  
                                             
    Nonaccrual loans as a % of total loans (1)     1.59 %     1.80 %     1.75 %     1.39 %     1.14 %
    Nonperforming assets as a % of total assets (2)     1.21       1.37       1.35       1.07       0.87  
    ACLL as a % of total loans     1.24       1.21       1.27       1.14       1.05  
    ACLL as a % of nonaccrual loans     78.16       67.01       72.33       81.85       92.18  
    Total past due loans to total loans     1.74       1.98       1.92       1.45       1.91  
    (1 ) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
    (2 ) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.


    Financial Condition and Capital

    Investment securities decreased $24.9 million, or 7.3%, to $315.4 million at March 31, 2025, compared to $340.3 million three months earlier, and decreased $10.5 million compared to $326.0 million at March 31, 2024. The market value of the portfolio increased $3.1 million during the first quarter of 2025. The estimated average life of the securities portfolio was approximately 6.9 years at March 31, 2025, 6.9 years at the prior quarter end and 7.8 years at the end of the first quarter of 2024. The effective duration of the portfolio was approximately 4.3 years at March 31, 2025, compared to 3.9 years at the prior quarter end and 4.4 years at the end of the first quarter of 2024. The MBS non-agency portfolio decreased $20.2 million due to early redemptions and maturities and $2.4 million from regular repayment activity during the most recent quarter.
     

    Investment Securities ($ in thousands)     March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		       Three Month
    % Change    		       One Year
    % Change    		  
    Available for Sale at Fair Value                                        
    Municipal bonds   $ 78,295     $ 77,876     $ 87,004       0.5 %     -10.0 %
    U.S. government agency issued asset-backed securities (ABS agency)     12,643       12,876       14,822       -1.8       -14.7  
    Corporate issued asset-backed securities (ABS corporate)     15,671       16,122       13,929       -2.8       12.5  
    Corporate issued debt securities (Corporate debt)     55,067       54,491       53,031       1.1       3.8  
    U.S. Small Business Administration securities (SBA)     8,061       8,666       7,911       -7.0       1.9  
    Mortgage-backed securities:                                        
    U.S. government agency issued mortgage-backed securities (MBS agency)     96,642       98,697       83,271       -2.1       16.1  
    Non-agency issued mortgage-backed securities (MBS non-agency)     49,054       71,616       65,987       -31.5       -25.7  
    Total securities available for sale   $ 315,433     $ 340,344     $ 325,955       -7.3       -3.2  

    Net loans, excluding loans held for sale, decreased $31.4 million, or 1.9%, to $1.64 billion at March 31, 2025, from $1.68 billion at December 31, 2024, and decreased $49.0 million, or 2.9%, from $1.69 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $13.3 million. Loan payoffs of $71.0 million, regular payments of $29.4 million and charge-offs totaling $1.4 million outpaced new loan funding totaling $45.3 million and draws on existing loans totaling $23.3 million. The large decrease in commercial business loans was due to the change in funding needs of the Northpointe Bank MPP, which dropped $36.2 million compared to the prior quarter.

    Loans ($ in thousands)     March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		       Three Month
    % Change    		       One Year
    % Change    		  
    Real Estate:                                        
    One-to-four family   $ 394,428     $ 395,315     $ 383,905       -0.2 %     2.7 %
    Multi-family     338,147       332,596       339,538       1.7       -0.4  
    Commercial real estate     392,882       390,379       385,130       0.6       2.0  
    Construction and land     64,877       78,110       125,347       -16.9       -48.2  
    Total real estate loans     1,190,334       1,196,400       1,233,920       -0.5       -3.5  
    Consumer:                                        
    Home equity     79,151       79,054       72,391       0.1       9.3  
    Auto and other consumer     273,878       268,876       268,834       1.9       1.9  
    Total consumer loans     353,029       347,930       341,225       1.5       3.5  
    Commercial business     120,486       151,493       136,297       -20.5       -11.6  
    Total loans receivable     1,663,849       1,695,823       1,711,442       -1.9       -2.8  
    Less:                                        
    Derivative basis adjustment     (566 )     188       710       -401.1       -179.7  
    Allowance for credit losses on loans     20,625       20,449       17,958       0.9       14.9  
    Total loans receivable, net   $ 1,643,790     $ 1,675,186     $ 1,692,774       -1.9       -2.9  

    Total deposits decreased $22.0 million to $1.67 billion at March 31, 2025, compared to $1.69 billion at December 31, 2024, and was relatively unchanged compared to one year prior. During the first quarter of 2025, total customer deposit balances increased $23.0 million and brokered deposit balances decreased $45.0 million. Overall, the current rate environment continues to contribute to greater competition for deposits leading to higher rates paid on interest-bearing demand deposits and savings accounts during the current quarter. The deposit mix compared to March 31, 2024, also reflects a shift to higher demand and money market account balances with increased rates paid on those accounts while rates paid on certificate and savings accounts decreased.

    Deposits ($ in thousands)     March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		       Three Month
    % Change    		       One Year
    % Change    		  
    Noninterest-bearing demand deposits   $ 247,890     $ 256,416     $ 252,761       -3.3 %     -1.9 %
    Interest-bearing demand deposits     169,912       164,891       170,729       3.0       -0.5  
    Money market accounts     424,469       413,822       395,480       2.6       7.3  
    Savings accounts     235,188       205,055       236,550       14.7       -0.6  
    Certificates of deposit, customer     450,663       464,928       418,904       -3.1       7.6  
    Certificates of deposit, brokered     137,946       182,914       192,200       -24.6       -28.2  
    Total deposits   $ 1,666,068     $ 1,688,026     $ 1,666,624       -1.3       0.0  

    Total shareholders’ equity increased to $157.0 million at March 31, 2025, compared to $153.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $2.4 million and net income of $1.5 million, partially offset by dividends declared of $656,000 and a decrease in the after-tax fair market values of derivatives of $425,000.

    Capital levels for both the Company and the Bank remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at March 31, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at March 31, 2025, were 12.7% and 13.9%, respectively.

    First Northwest continued to return capital to our shareholders through cash dividends during the first quarter of 2025. The Company paid cash dividends totaling $649,000 in the first quarter of 2025. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended March 31, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

    We recommend reading this earnings release in conjunction with the First Quarter 2025 Investor Presentation, located at http://investor.ourfirstfed.com/quarterly-reports and included as an exhibit to our April 24, 2025, Current Report on Form 8-K.

    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    Forward-Looking Statements
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Matthew P. Deines, President and Chief Executive Officer
    Phyllis Nomura, EVP and Chief Financial Officer
    IRGroup@ourfirstfed.com
    360-457-0461

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)
     
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    ASSETS                                        
    Cash and due from banks   $ 18,911     $ 16,811     $ 17,953     $ 19,184     $ 15,562  
    Interest-earning deposits in banks     51,412       55,637       64,769       63,995       61,784  
    Investment securities available for sale, at fair value     315,433       340,344       310,860       306,714       325,955  
    Loans held for sale     2,940       472       378       1,086       988  
    Loans receivable (net of allowance for credit losses
         on loans $20,625, $20,449, $21,970, $19,343,
         and $17,958)    		     1,643,790       1,675,186       1,714,416       1,677,764       1,692,774  
    Federal Home Loan Bank (FHLB) stock, at cost     13,106       14,435       14,435       13,086       15,876  
    Accrued interest receivable     8,319       8,159       8,939       9,466       8,909  
    Premises held for sale, net     —       —       —       —       6,751  
    Premises and equipment, net     9,870       10,129       10,436       10,714       11,028  
    Servicing rights on sold loans, at fair value     3,301       3,281       3,584       3,740       3,820  
    Bank-owned life insurance, net     31,786       41,150       41,429       41,113       34,681  
    Equity and partnership investments     15,026       13,229       14,912       15,085       15,121  
    Goodwill and other intangible assets, net     1,082       1,082       1,083       1,084       1,085  
    Deferred tax asset, net     13,179       13,738       10,802       12,216       12,704  
    Right-of-use (“ROU”) asset, net     16,687       17,001       17,315       17,627       5,841  
    Prepaid expenses and other assets     31,588       21,352       24,175       23,088       27,141  
    Total assets   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
                                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
    Deposits   $ 1,666,068     $ 1,688,026     $ 1,711,641     $ 1,708,288     $ 1,666,624  
    Borrowings     307,091       336,014       334,994       302,575       371,455  
    Accrued interest payable     2,163       3,295       2,153       3,143       2,830  
    Lease liability, net     17,266       17,535       17,799       18,054       6,227  
    Accrued expenses and other liabilities     24,217       31,770       25,625       23,717       29,980  
    Advances from borrowers for taxes and insurance     2,583       1,484       2,485       1,304       2,398  
    Total liabilities     2,019,388       2,078,124       2,094,697       2,057,081       2,079,514  
                                             
    Shareholders’ Equity                                        
    Preferred stock, $0.01 par value, authorized
         5,000,000 shares, no shares issued or outstanding    		     —       —       —       —       —  
    Common stock, $0.01 par value, 75,000,000
         shares authorized; issued and outstanding at
         each period end: 9,440,618; 9,353,348;
         9,365,979; 9,453,247; and 9,442,796    		     94       93       94       94       94  
    Additional paid-in capital     93,450       93,357       93,218       93,985       93,763  
    Retained earnings     98,056       97,198       100,660       103,322       106,202  
    Accumulated other comprehensive loss, net of tax     (28,129 )     (30,172 )     (26,424 )     (31,597 )     (32,465 )
    Unearned employee stock ownership plan (ESOP) shares     (6,429 )     (6,594 )     (6,759 )     (6,923 )     (7,088 )
    Total shareholders’ equity     157,042       153,882       160,789       158,881       160,506  
    Total liabilities and shareholders’ equity   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)
     
        For the Quarter Ended  
        March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    INTEREST INCOME                                        
    Interest and fees on loans receivable   $ 22,231     $ 23,716     $ 23,536     $ 23,733     $ 22,767  
    Interest on investment securities     3,803       3,658       3,786       3,949       3,632  
    Interest on deposits in banks     482       550       582       571       645  
    FHLB dividends     307       273       302       358       282  
    Total interest income     26,823       28,197       28,206       28,611       27,326  
    INTEREST EXPENSE                                        
    Deposits     9,737       11,175       10,960       10,180       10,112  
    Borrowings     3,239       2,885       3,226       4,196       3,286  
    Total interest expense     12,976       14,060       14,186       14,376       13,398  
       Net interest income     13,847       14,137       14,020       14,235       13,928  
    PROVISION FOR CREDIT LOSSES                                        
    Provision for credit losses on loans     1,553       3,760       3,077       8,640       1,239  
    Provision for (recapture of) credit losses on unfunded commitments     15       (105 )     57       99       (269 )
    Provision for credit losses     1,568       3,655       3,134       8,739       970  
        Net interest income after provision for credit losses     12,279       10,482       10,886       5,496       12,958  
    NONINTEREST INCOME                                        
    Loan and deposit service fees     1,106       1,054       1,059       1,076       1,102  
    Sold loan servicing fees and servicing rights mark-to-market     195       (115 )     10       74       219  
    Net gain on sale of loans     11       52       58       150       52  
    Net gain on sale of investment securities     —       —       —       (2,117 )     —  
    Net gain on sale of premises and equipment     —       —       —       7,919       —  
    Increase in cash surrender value of bank-owned life insurance     372       328       315       293       243  
    Income from death benefit on bank-owned life insurance, net     1,059       1,536       —       —       —  
    Other income (loss)     1,349       (1,555 )     337       (48 )     572  
    Total noninterest income     4,092       1,300       1,779       7,347       2,188  
    NONINTEREST EXPENSE                                        
    Compensation and benefits     7,715       7,367       8,582       8,588       8,128  
    Data processing     2,011       2,065       2,085       2,008       1,944  
    Occupancy and equipment     1,592       1,559       1,553       1,799       1,240  
    Supplies, postage, and telephone     298       296       360       317       293  
    Regulatory assessments and state taxes     479       460       548       457       513  
    Advertising     265       362       409       377       309  
    Professional fees     777       813       698       684       910  
    FDIC insurance premium     434       491       533       473       386  
    Other expense     678       820       1,080       906       580  
    Total noninterest expense     14,249       14,233       15,848       15,609       14,303  
       Income (loss) before provision for income taxes     2,122       (2,451 )     (3,183 )     (2,766 )     843  
    Provision for income taxes     608       359       (1,203 )     (547 )     447  
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
                                             
    Basic and diluted earnings (loss) per common share   $ 0.17     $ (0.32 )   $ (0.23 )   $ (0.25 )   $ 0.04  
                                             
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Selected Loan Detail   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Construction and land loans breakout                                        
    1-4 Family construction   $ 42,371     $ 39,319     $ 43,125     $ 56,514     $ 69,075  
    Multifamily construction     9,223       15,407       29,109       43,341       45,776  
    Nonresidential construction     7,229       16,857       17,500       1,015       3,374  
    Land and development     6,054       6,527       5,975       6,403       7,122  
    Total construction and land loans   $ 64,877     $ 78,110     $ 95,709     $ 107,273     $ 125,347  
                                             
    Auto and other consumer loans breakout                                        
    Triad Manufactured Home loans   $ 134,740     $ 128,231     $ 129,600     $ 110,510     $ 119,309  
    Woodside auto loans     118,972       117,968       126,129       131,151       128,072  
    First Help auto loans     13,012       14,283       15,971       17,427       8,326  
    Other auto loans     1,313       1,647       2,064       2,690       3,313  
    Other consumer loans     5,841       6,747       7,434       23,845       9,814  
    Total auto and other consumer loans   $ 273,878     $ 268,876     $ 281,198     $ 285,623     $ 268,834  
                                             
    Commercial business loans breakout                                        
    Northpointe Bank MPP   $ –     $ 36,230     $ 38,155     $ 9,150     $ 15,047  
    Secured lines of credit     39,986       35,701       37,686       28,862       41,014  
    Unsecured lines of credit     2,030       1,717       1,571       1,133       1,001  
    SBA loans     6,889       7,044       7,219       7,146       8,944  
    Other commercial business loans     71,581       70,801       70,696       70,803       70,291  
    Total commercial business loans   $ 120,486     $ 151,493     $ 155,327     $ 117,094     $ 136,297  
    Loans by Collateral and Unfunded Commitments   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    One-to-four family construction   $ 38,221     $ 44,468     $ 51,607     $ 49,440     $ 70,100  
    All other construction and land     30,947       34,290       45,166       58,346       55,286  
    One-to-four family first mortgage     428,081       466,046       469,053       434,840       436,543  
    One-to-four family junior liens     15,155       15,090       14,701       13,706       12,608  
    One-to-four family revolving open-end     51,832       51,481       48,459       44,803       45,536  
    Commercial real estate, owner occupied:                                        
    Health care     29,386       29,129       29,407       29,678       29,946  
    Office     19,363       17,756       17,901       19,215       17,951  
    Warehouse     14,843       14,948       11,645       14,613       14,683  
    Other     74,915       78,170       64,535       56,292       55,063  
    Commercial real estate, non-owner occupied:                                        
    Office     41,885       49,417       49,770       50,158       53,099  
    Retail     50,737       49,591       49,717       50,101       50,478  
    Hospitality     62,226       61,919       62,282       62,628       66,982  
    Other     93,549       81,640       82,573       84,428       93,040  
    Multi-family residential     339,217       333,419       354,118       350,382       339,907  
    Commercial business loans     76,330       77,381       86,904       79,055       90,781  
    Commercial agriculture and fishing loans     22,914       21,833       15,369       14,411       10,200  
    State and political subdivision obligations     369       369       404       405       405  
    Consumer automobile loans     133,209       133,789       144,036       151,121       139,524  
    Consumer loans secured by other assets     137,619       131,429       132,749       129,293       122,895  
    Consumer loans unsecured     3,051       3,658       4,411       5,209       6,415  
    Total loans   $ 1,663,849     $ 1,695,823     $ 1,734,807     $ 1,698,124     $ 1,711,442  
                                             
    Unfunded commitments under lines of credit or existing loans   $ 172,260     $ 163,827     $ 166,446     $ 155,005     $ 148,736  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    NET INTEREST MARGIN ANALYSIS
    (Dollars in thousands) (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
        Average     Interest             Average     Interest          
        Balance     Earned/     Yield/     Balance     Earned/     Yield/  
        Outstanding     Paid     Rate     Outstanding     Paid     Rate  
        (Dollars in thousands)  
    Interest-earning assets:                                                
    Loans receivable, net (1) (2)   $ 1,642,007     $ 22,231       5.49 %   $ 1,661,420     $ 22,767       5.51 %
    Investment securities     333,208       3,803       4.63       307,490       3,632       4.75  
    FHLB dividends     13,609       307       9.15       12,328       282       9.20  
    Interest-earning deposits in banks     42,917       482       4.55       46,583       645       5.57  
    Total interest-earning assets (3)     2,031,741       26,823       5.35       2,027,821       27,326       5.42  
    Noninterest-earning assets     143,033                       138,366                  
    Total average assets   $ 2,174,774                     $ 2,166,187                  
    Interest-bearing liabilities:                                                
    Interest-bearing demand deposits   $ 168,414     $ 260       0.63     $ 165,379     $ 187       0.45  
    Money market accounts     414,425       2,345       2.29       377,505       1,949       2.08  
    Savings accounts     216,499       783       1.47       235,784       953       1.63  
    Certificates of deposit, customer     451,936       4,522       4.06       437,525       4,494       4.13  
    Certificates of deposit, brokered     158,269       1,827       4.68       205,923       2,529       4.94  
    Total interest-bearing deposits (4)     1,409,543       9,737       2.80       1,422,116       10,112       2.86  
    Advances     279,500       2,796       4.06       252,912       2,892       4.60  
    Subordinated debt     38,370       443       4.68       39,446       394       4.02  
    Total interest-bearing liabilities     1,727,413       12,976       3.05       1,714,474       13,398       3.14  
    Noninterest-bearing deposits (4)     243,569                       249,283                  
    Other noninterest-bearing liabilities     47,238                       40,563                  
    Total average liabilities     2,018,220                       2,004,320                  
    Average equity     156,554                       161,867                  
    Total average liabilities and equity   $ 2,174,774                     $ 2,166,187                  
                                                     
    Net interest income           $ 13,847                     $ 13,928          
    Net interest rate spread                     2.30                       2.28  
    Net earning assets   $ 304,328                     $ 313,347                  
    Net interest margin (5)                     2.76                       2.76  
    Average interest-earning assets to average interest-bearing liabilities     117.6 %                     118.3 %                
    (1) The average loans receivable, net balances include nonaccrual loans.
    (2) Interest earned on loans receivable includes net deferred costs of ($338,000) and ($171,000) for the three months ended March 31, 2025 and 2024, respectively.
    (3) Includes interest-earning deposits (cash) at other financial institutions.
    (4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.39% and 2.43% for the three months ended March 31, 2025 and 2024, respectively.
    (5) Net interest income divided by average interest-earning assets.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)


    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculations Based on PPNR and Adjusted PPNR:

        For the Quarter Ended  
    (Dollars in thousands)   March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
    Plus: provision for credit losses     1,568       3,655       3,134       8,739       970  
    Provision for income taxes     608       359       (1,203 )     (547 )     447  
    PPNR (1)     3,690       1,204       (49 )     5,973       1,813  
    Less selected nonrecurring adjustments to PPNR:                                        
    BOLI death benefit     1,059       1,536       —       —       —  
    Gain on extinguishment of subordinated debt included in other income     846       —       —       —       —  
    Gain on conversion of loan receivable into Series A equity investment     315       —       —       —       —  
    Equity investment repricing adjustment     —       (1,762 )     —       —       651  
    One-time compensation payouts related to reduction in force     —       —       (996 )     —       —  
    Net gain on sale of premises and equipment     —       —       —       7,919       —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —       —       —       (359 )     —  
    Net gain on sale of investment securities     —       —       —       (2,117 )     —  
    Adjusted PPNR (1)   $ 1,470     $ 1,430     $ 947     $ 530     $ 1,162  
                                             
    Average total assets   $ 2,174,774     $ 2,205,502     $ 2,209,333     $ 2,219,370     $ 2,166,187  
    Return on average assets (GAAP)     0.28 %     -0.51 %     -0.36 %     -0.40 %     0.07 %
    PPNR return on average assets (Non-GAAP) (1)     0.69 %     0.22 %     -0.01 %     1.08 %     0.34 %
    Adjusted PPNR return on average assets (Non-GAAP) (1)     0.27 %     0.26 %     0.17 %     0.10 %     0.22 %
    (1) PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Calculations Based on Tangible Common Equity:
     
        For the Quarter Ended  
    (Dollars in thousands, except per share data)     March 31,
    2025    		       December 31,
    2024    		       September 30,
    2024    		       June 30,
    2024    		       March 31,
    2024    		  
    Total shareholders’ equity   $ 157,042     $ 153,882     $ 160,789     $ 158,881     $ 160,506  
    Less: Goodwill and other intangible assets     1,082       1,082       1,083       1,084       1,085  
    Disallowed non-mortgage loan servicing rights     415       423       489       517       489  
    Total tangible common equity   $ 155,545     $ 152,377     $ 159,217     $ 157,280     $ 158,932  
                                             
    Total assets   $ 2,176,430     $ 2,232,006     $ 2,255,486     $ 2,215,962     $ 2,240,020  
    Less: Goodwill and other intangible assets     1,082       1,082       1,083       1,084       1,085  
    Disallowed non-mortgage loan servicing rights     415       423       489       517       489  
    Total tangible assets   $ 2,174,933     $ 2,230,501     $ 2,253,914     $ 2,214,361     $ 2,238,446  
                                             
    Average shareholders’ equity   $ 156,554     $ 161,560     $ 160,479     $ 163,079     $ 161,867  
    Less: Average goodwill and other intangible assets     1,082       1,083       1,084       1,085       1,085  
    Average disallowed non-mortgage loan servicing rights     423       489       517       489       481  
    Total average tangible common equity   $ 155,049     $ 159,988     $ 158,878     $ 161,505     $ 160,301  
                                             
    Net income (loss)   $ 1,514     $ (2,810 )   $ (1,980 )   $ (2,219 )   $ 396  
    Common shares outstanding     9,440,618       9,353,348       9,365,979       9,453,247       9,442,796  
    GAAP Ratios:                                        
    Equity to total assets     7.22 %     6.89 %     7.13 %     7.17 %     7.17 %
    Return on average equity     3.92 %     -6.92 %     -4.91 %     -5.47 %     0.98 %
    Book value per common share   $ 16.63     $ 16.45     $ 17.17     $ 16.81     $ 17.00  
    Non-GAAP Ratios:                                        
    Tangible common equity to tangible assets (1)     7.15 %     6.83 %     7.06 %     7.10 %     7.10 %
    Return on average tangible common equity (1)     3.96 %     -6.99 %     -4.96 %     -5.53 %     0.99 %
    Tangible book value per common share (1)   $ 16.48     $ 16.29     $ 17.00     $ 16.64     $ 16.83  
    (1 ) We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d5c93711-67c1-4664-a49c-37df22040147

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4a3584b1-1204-464b-8080-7fcc46d66470

    https://www.globenewswire.com/NewsRoom/AttachmentNg/37ce187a-5662-457d-bd13-66e409ac2710

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4b958691-2f11-4ceb-a89a-ab88b1b1d702

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7207465f-e4fb-4f05-8218-e87558fb913c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1c8a4efe-4d1b-4b02-bdac-6fd686314c0b

    The MIL Network –

  • MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

    • First quarter 2025 net revenue1 was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted2 basis. This included Solutions3 revenue growing 9%, or up 11% on an adjusted basis.
    • Annualized Recurring Revenue (ARR)4 of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
    • Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
    • Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
    • GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP5 diluted earnings per share grew 24% in the first quarter of 2025.
    • In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

    First Quarter 2025 Highlights

    (US$ millions, except per share) 1Q25 YoY change % Adjusted YoY
    change %    		 Organic6YoY
    change %
    Solutions revenue $947 9% 11% 9%
    Market Services net revenue $281 19% 19% 19%
    Net revenue $1,237 11% 12% 11%
    Non-GAAP operating income $682 15% 17% 14%
    ARR $2,831 8% 9% 9%
    GAAP diluted EPS $0.68 69%    
    Non-GAAP diluted EPS $0.79 24%   24%

    Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

    As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

    We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

    FINANCIAL REVIEW

    • First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
    • Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
    • First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
    • First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

    • The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
      • Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
      • Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
      • Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
    • Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
    • Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
    • Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages8 in a day.
    • Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
    • Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
    • Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
      • Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
      • Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

    ____________
    1 Represents revenue less transaction-based expenses.
    2Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
    3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    6 Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
    7 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    8 Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact
    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi.@Nasdaq.com

    Investor Relations Contact
    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
           
      Three Months Ended
      March 31,   March 31,
        2025       2024  
             
    Revenues:      
    Capital Access Platforms $ 515     $ 479  
    Financial Technology   432       392  
    Market Services   1,134       794  
    Other Revenues   9       9  
      Total revenues   2,090       1,674  
    Transaction-based expenses:      
    Transaction rebates   (579 )     (481 )
    Brokerage, clearance and exchange fees   (274 )     (76 )
    Revenues less transaction-based expenses   1,237       1,117  
           
    Operating Expenses:      
    Compensation and benefits   329       340  
    Professional and contract services   36       34  
    Technology and communication infrastructure   77       67  
    Occupancy   28       28  
    General, administrative and other   6       28  
    Marketing and advertising   14       11  
    Depreciation and amortization   156       155  
    Regulatory   15       9  
    Merger and strategic initiatives   24       9  
    Restructuring charges   5       26  
      Total operating expenses   690       707  
    Operating income   547       410  
    Interest income   11       6  
    Interest expense   (96 )     (108 )
    Other income (loss)   (1 )     1  
    Net income from unconsolidated investees   27       3  
    Income before income taxes   488       312  
    Income tax provision   93       79  
    Net income   395       233  
    Net loss attributable to noncontrolling interests   —       1  
    Net income attributable to Nasdaq $ 395     $ 234  
           
    Per share information:      
    Basic earnings per share $ 0.69     $ 0.41  
    Diluted earnings per share $ 0.68     $ 0.40  
    Cash dividends declared per common share $ 0.24     $ 0.22  
           
    Weighted-average common shares outstanding      
    for earnings per share:      
    Basic   575.0       575.4  
    Diluted   580.0       578.9  
             
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                 
            Three Months Ended
            March 31,   March 31,
              2025       2024  
                 
    CAPITAL ACCESS PLATFORMS      
      Data and Listing Services revenues $ 192     $ 186  
      Index revenues   193       168  
      Workflow and Insights revenues   130       125  
        Total Capital Access Platforms revenues   515       479  
                 
    FINANCIAL TECHNOLOGY      
      Financial Crime Management Technology revenues   77       64  
      Regulatory Technology revenues   101       90  
      Capital Markets Technology revenues   254       238  
        Total Financial Technology revenues   432       392  
                 
    MARKET SERVICES      
      Market Services revenues   1,134       794  
      Transaction-based expenses:      
          Transaction rebates   (579 )     (481 )
          Brokerage, clearance and exchange fees   (274 )     (76 )
        Total Market Services revenues, net   281       237  
                 
    OTHER REVENUES   9       9  
                 
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,237     $ 1,117  
                 
                 
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
             
        March 31,   December 31,
          2025       2024  
    Assets (unaudited)    
    Current assets:      
      Cash and cash equivalents $ 690     $ 592  
      Restricted cash and cash equivalents   18       31  
      Default funds and margin deposits   5,686       5,664  
      Financial investments   201       184  
      Receivables, net   986       1,022  
      Other current assets   237       293  
    Total current assets   7,818       7,786  
    Property and equipment, net   621       593  
    Goodwill   14,179       13,957  
    Intangible assets, net   6,830       6,905  
    Operating lease assets   381       375  
    Other non-current assets   818       779  
    Total assets $ 30,647     $ 30,395  
             
    Liabilities      
    Current liabilities:      
      Accounts payable and accrued expenses $ 255     $ 269  
      Section 31 fees payable to SEC   264       319  
      Accrued personnel costs   198       325  
      Deferred revenue   981       711  
      Other current liabilities   187       215  
      Default funds and margin deposits   5,686       5,664  
      Short-term debt   400       399  
    Total current liabilities   7,971       7,902  
    Long-term debt   8,926       9,081  
    Deferred tax liabilities, net   1,586       1,594  
    Operating lease liabilities   393       388  
    Other non-current liabilities   216       230  
    Total liabilities   19,092       19,195  
           
    Commitments and contingencies      
    Equity      
    Nasdaq stockholders’ equity:      
      Common stock   6       6  
      Additional paid-in capital   5,450       5,530  
      Common stock in treasury, at cost   (672 )     (647 )
      Accumulated other comprehensive loss   (1,896 )     (2,099 )
      Retained earnings   8,658       8,401  
    Total Nasdaq stockholders’ equity   11,546       11,191  
      Noncontrolling interests   9       9  
    Total equity   11,555       11,200  
    Total liabilities and equity $ 30,647     $ 30,395  
             
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
             
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP net income attributable to Nasdaq $ 395     $ 234  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Net income from unconsolidated investees (4)   (27 )     (3 )
      Gain from extinguishment of debt (5)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (6)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   108       180  
      Non-GAAP adjustment to the income tax provision (7)   (47 )     (47 )
      Total non-GAAP adjustments, net of tax   61       133  
    Non-GAAP net income attributable to Nasdaq $ 456     $ 367  
             
    U.S. GAAP diluted earnings per share $ 0.68     $ 0.40  
      Total adjustments from non-GAAP net income above   0.11       0.23  
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63  
             
    Weighted-average diluted common shares outstanding for earnings per share:   580.0       578.9  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
             
    (5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating income $ 547     $ 410  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Gain from extinguishment of debt (4)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (5)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   135       183  
    Non-GAAP operating income $ 682     $ 593  
           
    Revenues less transaction-based expenses $ 1,237     $ 1,117  
             
    U.S. GAAP operating margin (6)   44 %     37 %
             
    Non-GAAP operating margin (7)   55 %     53 %
             
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
             
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
             
    (7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating expenses $ 690     $ 707  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   (122 )     (123 )
      Merger and strategic initiatives expense (2)   (24 )     (9 )
      Restructuring charges (3)   (5 )     (26 )
      Gain from extinguishment of debt (4)   19       —  
      Legal and regulatory matters   (2 )     (2 )
      Pension settlement charge (5)   —       (23 )
      Other loss   (1 )     —  
      Total non-GAAP adjustments   (135 )     (183 )
    Non-GAAP operating expenses $ 555     $ 524  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                     
      Three Months Ended                  
      As Reported   Adenza   Adjusted (1)   Total Variance   FX & Other (2)   Adjusted YoY
      March 31, 2025   March 31, 2024   March 31, 2024   March 31, 2024   $   %   $   $ %
    CAPITAL ACCESS PLATFORMS                                
    Data and Listing Services revenues $ 192     $ 186     $ —   $ 186     $ 6     3 %   $ (1 )   $ 7   4 %
    Index revenues   193       168       —     168       25     14 %     (16 )     41   26 %
    Workflow and insights revenues   130       125       —     125       5     4 %     —       5   4 %
    Total Capital Access Platforms revenues   515       479       —     479       36     7 %     (17 )     53   11 %
                                     
    FINANCIAL TECHNOLOGY                                
    Financial Crime Management Technology revenues   77       64       —     64       13     21 %     —       13   21 %
    Regulatory Technology revenues   101       90       3     93       8     8 %     (1 )     9   10 %
    Capital Markets Technology revenues   254       238       —     238       16     7 %     (1 )     17   7 %
    Total Financial Technology revenues   432       392       3     395       37     9 %     (2 )     39   10 %
                                     
    Solutions revenues (3)   947       871       3     874       73     8 %     (19 )     92   11 %
                                     
    Market Services, net revenues   281       237       —     237       44     19 %     (2 )     46   19 %
    Other revenues   9       9       —     9       —     (6 )%     —       —   (4 )%
    Revenues less transaction-based expenses   1,237       1,117       3     1,120       117     10 %     (21 )     138   12 %
                                     
    Non-GAAP operating expenses   555       524       —     524       31     6 %     (6 )     37   7 %
    Non-GAAP operating income $ 682     $ 593     $ 3   $ 596     $ 86     14 %   $ (15 )   $ 101   17 %
    Non-GAAP operating margin   55%      53%          53%                   
                                     
                                     
    (1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                     
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Organic Impact (2)
      March 31, 2025   March 31, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192     $ 186     $ 6     3 %   $ (1 )   (1 )%   $ 7     4 %
    Index revenues   193       168       25     14 %     —     — %     25     14 %
    Workflow and Insights revenues   130       125       5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   515       479       36     7 %     (1 )   — %     37     8 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   77       64       13     21 %     —     — %     13     21 %
    Regulatory Technology revenues   101       90       11     12 %     2     2 %     9     10 %
    Capital Markets Technology revenues   254       238       16     7 %     (1 )   — %     17     7 %
    Total Financial Technology revenues   432       392       40     10 %     1     — %     39     10 %
                                   
    Solutions revenues (3)   947       871       76     9 %     —     — %     76     9 %
                                   
    Market Services, net revenues   281       237       44     19 %     (2 )   (1 )%     46     19 %
                                   
    Other revenues   9       9       —     (6 )%     —     (2 )%     —     (4 )%
                                   
    Revenues less transaction-based expenses $ 1,237     $ 1,117     $ 120     11 %   $ (2 )   — %   $ 122     11 %
                                   
    Non-GAAP Operating Expenses $ 555     $ 524     $ 31     6 %   $ (6 )   (1 )%   $ 37     7 %
                                   
    Non-GAAP Operating Income $ 682     $ 593     $ 89     15 %   $ 4     1 %   $ 85     14 %
                                   
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63     $ 0.16     24 %   $ —     — %   $ 0.16     24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
    (2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
             
        Three Months Ended
        March 31,   March 31,
          2025       2024  
    Capital Access Platforms      
      Annualized recurring revenues (in millions) (1) $ 1,281     $ 1,220  
      Initial public offerings      
      The Nasdaq Stock Market (2)   63       27  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   4       1  
      Total new listings      
      The Nasdaq Stock Market (2)   170       79  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   9       2  
      Number of listed companies      
      The Nasdaq Stock Market (4)   4,139       4,020  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,160       1,203  
      Index      
      Number of licensed exchange traded products (6)   418       362  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 622     $ 519  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 662     $ 492  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 86     $ 46  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 17     $ 124  
             
    Financial Technology      
      Annualized recurring revenues (in millions) (1)      
      Financial Crime Management Technology $ 295     $ 243  
      Regulatory Technology   362       328  
      Capital Markets Technology   893       821  
      Total Financial Technology $ 1,550     $ 1,392  
             
    Market Services      
      Equity Derivative Trading and Clearing      
      U.S. equity options      
      Total industry average daily volume (in millions)   53.6       43.3  
      Nasdaq PHLX matched market share   9.1 %     10.3 %
      The Nasdaq Options Market matched market share   5.1 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.2 %
      Nasdaq ISE Options matched market share   6.8 %     6.3 %
      Nasdaq GEMX Options matched market share   3.6 %     2.5 %
      Nasdaq MRX Options matched market share   2.8 %     2.5 %
      Total matched market share executed on Nasdaq’s exchanges   29.1 %     29.2 %
      Nasdaq Nordic and Nasdaq Baltic options and futures      
      Total average daily volume of options and futures contracts   256,009       241,665  
             
      Cash Equity Trading      
      Total U.S.-listed securities      
      Total industry average daily share volume (in billions)   15.7       11.8  
      Matched share volume (in billions)   137.6       116.7  
      The Nasdaq Stock Market matched market share   14.2 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   14.6 %     16.3 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   48.1 %     41.4 %
      Total market share (8)   62.7 %     57.7 %
      Nasdaq Nordic and Nasdaq Baltic securities      
      Average daily number of equity trades executed on Nasdaq’s exchanges   789,103       666,408  
      Total average daily value of shares traded (in billions) $ 5.4     $ 4.7  
      Total market share executed on Nasdaq’s exchanges   69.9 %     71.7 %
             
      Fixed Income and Commodities Trading and Clearing      
      Fixed Income      
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   83,864       92,070  
             
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

    The MIL Network –

  • MIL-OSI USA: Statement from Matt Hartman on the CVE Program

    News In Brief – Source: US Computer Emergency Readiness Team

    The CVE Program is an invaluable public resource relied upon by network defenders and software developers alike. As the nation’s cyber defense agency, it is a foundational priority for CISA. Recent public reporting inaccurately implied the program was at risk due to a lack of funding. To set the record straight, there was no funding issue, but rather a contract administration issue that was resolved prior to a contract lapse. There has been no interruption to the CVE program and CISA is fully committed to sustaining and improving this critical cyber infrastructure. 

    CISA is proud to be the sponsor for the CVE program, a role we have held for decades. During this time, the CVE Program has gone through many evolutions, and this opportunity is no exception. MITRE, CISA, and the CVE Board have transformed this program into a federated capability with 453 CVE Numbering Authorities (CNAs). This growth has enabled faster and more distributed CVE identification, providing valuable vulnerability information to the public and enabling defenders to take quick action to protect themselves. We have historically been and remain very open to reevaluating the strategy to support the continued efficacy and value of the program.  

    We also recognize that significant work lies ahead. CISA, in coordination with MITRE and the CVE Board, is committed to actively seeking and incorporating community feedback into our stewardship of the CVE Program. We are committed to fostering inclusivity, active participation, and meaningful collaboration between the private sector and international governments to deliver the requisite stability and innovation to the CVE Program. And we are committed to achieving these goals together.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Astronaut to Answer Questions from Students in California

    Source: NASA

    Students from Santa Monica, California, will connect with NASA astronaut Jonny Kim as he answers prerecorded science, technology, engineering, and mathematics-related questions aboard the International Space Station.
    Watch the 20-minute space-to-Earth call at 12:10 p.m. EDT on Tuesday, April 29, on the NASA STEM YouTube Channel.
    Media interested in covering the event must RSVP by 5 p.m., Friday, April 25, to Esmi Careaga at: ecareaga@smmusd.org or 805-651-3204 x71582.
    The event is hosted by Santa Monica High School, Kim’s alma mater, and includes students from Roosevelt Elementary School and Lincoln Middle School in Santa Monica. The schools hope to inspire students to follow their dreams and explore their passions through curiosity, service, and interest in learning.
    For more than 24 years, astronauts have continuously lived and worked aboard the space station, testing technologies, performing science, and developing skills needed to explore farther from Earth. Astronauts aboard the orbiting laboratory communicate with NASA’s Mission Control Center in Houston 24 hours a day through SCaN’s (Space Communications and Navigation) Near Space Network.
    Important research and technology investigations taking place aboard the space station benefit people on Earth and lays the groundwork for other agency missions. As part of NASA’s Artemis campaign, the agency will send astronauts to the Moon to prepare for future human exploration of Mars, inspiring Artemis Generation explorers and ensuring the United States continues to lead in space exploration and discovery.
    See videos highlighting space station research at:
    https://www.nasa.gov/stemonstation
    -end-
    Gerelle DodsonHeadquarters, Washington202-358-1600gerelle.q.dodson@nasa.gov
    Sandra JonesJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 4.23.25

    Source: US State of California 2

    Apr 23, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Annabelle Hopkins, of Sacramento, has been appointed Deputy Director of Government Affairs at the California Public Advocates Office. Hopkins has been Government Relations Manager at RWE Offshore Wind since 2024. She was Legislative Director at the Office of Assemblymember Jim Wood in the California State Assembly from 2022 to 2023. Hopkins held multiple positions in the Office of Senator Dave Min in the California State Senate from 2021 to 2022, including Legislative Director and Legislative Aide. She was a Senate Fellow in the Office of Senator Mike McGuire in the California State Senate from 2019 to 2020. Hopkins was the Finance Director/Policy Advisor for Audrey Denney for Congress from 2018 to 2019. She is a Board Member of FemDems and Young Professionals in Energy, Sacramento. Hopkins earned a Bachelor of Arts degree in Political Science and History from College of Wooster. This position does not require Senate confirmation, and compensation is $153,000. Hopkins is a Democrat.

    Mandi Posner, of Gold River, has been appointed Deputy Director of the Center for Health Care Quality at the California Department of Public Health. Posner has been Chief of Field Operations for the South Division of the Center for Health Care Quality at the California Department of Public Health since 2021, where she has held multiple positions since 2016, including Branch Chief of Field Operations for the South Division, Los Angeles County Contract Manager, Staff Services Manager for Fiscal Operations, and Associate Governmental Program Analyst. Posner is a Member and California Representative of the Association of Health Facility Survey Agencies. She earned a Bachelor of Science degree in Recreation Administration from California State University, Chico. This position does not require Senate confirmation, and the compensation is $183,840. Posner is a Democrat.

    Yang Lee, of Sacramento, has been appointed Chief of Data Analytics and Strategy at the California Department of Developmental Services. Lee has been Deputy Director and Chief Financial Officer at the California Department of Social Services since 2022, where he was previously Assistant Director from 2020 to 2022. He held multiple positions at the California Department of Finance from 2008 to 2020, including Principal Program Budget and Finance Budget Analyst. Lee was a Legislative Assistant in the Office of Assemblymember Loni Hancock in the California State Assembly from 2006 to 2008. Lee earned a Master of Public Policy Analysis degree and a Bachelor of Arts degree in Ethnic Studies from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $198,660. Lee is a Democrat. 

    Heather Leslie, of Sacramento, has been appointed Chief Counsel at the California Office of Energy Infrastructure Safety. Leslie has been the Assistant General Counsel at the California Natural Resources Agency since 2021. She was a Deputy Attorney General at the California Department of Justice, Office of the Attorney General from 2015 to 2021. Leslie earned a Juris Doctor degree from University of California, Los Angeles School of Law and a Bachelor of Arts degree in Political Science from University of California, Berkeley. This position does not require Senate confirmation, and compensation is $198,000. Leslie is a Democrat.

    Cindy Gustafson, of Tahoe City, has been appointed to the State Board of Fire Services. Gustafson has been the District Five County Supervisor for the County of Placer since 2019. She was the Chief Executive Officer of the North Lake Tahoe Resort Association from 2017 to 2018. Gustafson held multiple positions at the Tahoe City Public Utility District from 1991 to 2017, including Director of Resource Development and Community Relations, Assistant General Manager, and General Manager. She was a Commissioner at the California Fish and Game Commission from 2005 to 2009. Gustafson is a Member of Tahoe Fund. She earned a Bachelor of Arts degree in History from Gustavus Adolphus College. This position does not require Senate Confirmation and there is no compensation. Gustafson is registered without party preference.

    Hampus Idsater, of Thousand Oaks, has been appointed to the Boating and Waterways Commission. Idsater has been an Investment Manager at Suntex Marina Investors since 2022. He was a Finance and Business Development Director at Hamner, Jewell & Associates from 2020 to 2022. Idsater was a Vice President at Eight Roads from 2015 to 2020. He was an Investment Manager at Fosun International from 2013 to 2015. Idsater was an Analyst at Morgan Stanley from 2011 to 2013. He is a Member of the Marine Recreation Association and Toastmasters International. Idsater earned a Master of Arts degree in Economics from University of Oxford. This position requires Senate confirmation, and the compensation is $100 per diem. Idsater is a Democrat.

    Press Releases, Recent News

    Recent news

    Apr 23, 2025

    News What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world. SACRAMENTO — Governor Gavin Newsom today announced…

    Apr 23, 2025

    News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

    Apr 23, 2025

    News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

    MIL OSI USA News –

  • MIL-OSI USA: California is now the 4th largest economy in the world 

    Source: US State of California 2

    Apr 23, 2025

    What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world.

    SACRAMENTO — Governor Gavin Newsom today announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).

    “California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”

    Governor Gavin Newsom

    According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.

    Outperforming the nation

    California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.

    California is the backbone of the nation’s economy 

    With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.

    The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians. 

    The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.
     

    Protecting California’s economy

    Governor Gavin Newsom is protecting California’s economy, and last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

    Recent news

    Apr 23, 2025

    News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

    Apr 23, 2025

    News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

    Apr 23, 2025

    News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

    MIL OSI USA News –