MIL-OSI: Solo.io Launches Agent Gateway and Introduces Agent Mesh for Unified AI Connectivity

Source: GlobeNewswire (MIL-OSI)

CAMBRIDGE, Mass., April 24, 2025 (GLOBE NEWSWIRE) — Solo.io, the leading cloud native application networking company, today announced Agent Gateway, an open source data plane optimized for agentic AI connectivity in any environment. Agent Gateway provides drop-in security, observability, and governance for agent-to-agent and agent-to-tool communication and supports leading interoperable protocols, including Agent2Agent (A2A) and Model Context Protocol (MCP).

When developing and deploying AI agents, organizations face the challenge of supporting multiple rapidly evolving protocols across fragmented teams, environments, and agent development frameworks. Agent Gateway provides a unified data plane for agent connectivity, supporting A2A and MCP, with the ability to automatically integrate an organization’s existing REST APIs as agent-native tools. A built-in developer portal provides tool providers and agent developers with a single pane of glass to discover, configure, and monitor agent-to-agent and agent-to-tool connectivity. The Agent Gateway data plane seamlessly integrates with popular agent frameworks, including LangGraph, AutoGen, Agents SDK, kagent, and Claude Desktop. It runs wherever agents run, including bare metal, virtual machines (VMs), containers, and Kubernetes.

As agent development practices mature, the industry is finding that smaller, focused agents, aligned with specific goals or tasks, perform better than a single, monolithic agent. Just like microservices created the need for a service mesh to address cross-cutting concerns at the connectivity layer, agents require an Agent Mesh to solve common security, observability, tenancy, and guardrail concerns. The release of Agent Gateway builds on the robust open source foundation of kgateway and Ambient Mesh to create an Agent Mesh architecture for AI use cases spanning LLM consumption, inferencing, tool calling, and agent-to-agent communication. Agent Mesh enables seamless security, observability, discovery, and governance across all agent interactions, regardless of how the agents are built or where they are deployed.

“Agentic AI is transforming how organizations build and deliver applications, but long-term success requires infrastructure that transcends today’s rapidly changing landscape,” said Idit Levine, founder and CEO of Solo.io. “Using industry standard protocols like A2A and MCP helps organizations future-proof their AI applications by ensuring interoperability with any LLM or agent framework. Agent Mesh brings these standards together with the leading open source gateway and mesh to form the only comprehensive AI connectivity stack for agentic applications.”

Agent Mesh seamlessly integrates Agent Gateway into the AI connectivity plane to support any MCP tool server, agent framework, LLM, and runtime environment used in an organization’s agentic architecture, providing:

Comprehensive, secure-by-default architecture with agent identity and mTLS.
Multitenant access boundaries and controls for agents and tools across teams and environments.
Standard agent connectivity with A2A and MCP, with the ability to automatically integrate existing REST APIs as MCP-native tool servers.
Automated collection and centralized reporting of agent telemetry, including metrics, tracing, and logging.
A self-service agent developer portal supporting discovery, configuration, observability, and debugging tools for agents and tools.

Resources

About Solo.io
Solo.io is a trusted partner to hundreds of companies around the world, providing industry-leading cloud native API gateway, management, and service mesh. Solo.io provides solutions helping companies to secure, scale, and simplify their application networking. Companies use Solo.io to deliver modern applications faster, and across any cloud infrastructure. Solo.io is shaping the future of cloud native computing. To learn more and see the solutions in action, visit www.solo.io.

Contact
Katie Meinders
Speakeasy Strategies for Solo.io
SoloPR@speakeasystrategies.com

The MIL Network –

April 25, 2025

MIL-OSI: West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025.

David Nelson, President and Chief Executive Officer of the Company, commented, “In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.”

David Nelson added, “One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.”

First Quarter 2025 Financial Highlights

	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024	Quarter Ended March 31, 2024
Net income (in thousands)	$7,842	$7,097	$5,809
Return on average equity	13.84%	12.24%	10.63%
Return on average assets	0.81%	0.68%	0.61%
Efficiency ratio (a non-GAAP measure)	56.37%	60.79%	62.04%
Nonperforming assets to total assets	0.00%	0.00%	0.01%

First Quarter 2025 Compared to Fourth Quarter 2024 Overview

Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans.
No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment.
The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024.
Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi^® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve’s reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024.
The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income.
The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio.

Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building.

First Quarter 2025 Compared to First Quarter 2024 Overview

Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans.
Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth.
Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed.
The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions.

The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
CONDENSED BALANCE SHEETS	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and due from banks	$	39,253		$	28,750		$	34,157		$	27,994		$	27,071
Interest-bearing deposits		171,357			214,728			123,646			121,825			120,946
Securities available for sale, at fair value		546,619			544,565			597,745			588,452			605,735
Federal Home Loan Bank stock, at cost		15,216			15,129			17,195			21,065			26,181
Loans		3,016,471			3,004,860			3,021,221			2,998,774			2,980,133
Allowance for credit losses		(30,526	)		(30,432	)		(29,419	)		(28,422	)		(28,373	)
Loans, net		2,985,945			2,974,428			2,991,802			2,970,352			2,951,760
Premises and equipment, net		110,270			109,985			106,771			101,965			95,880
Bank-owned life insurance		45,272			44,990			44,703			44,416			44,138
Other assets		72,737			82,416			72,547			89,046			90,981
Total assets	$	3,986,669		$	4,014,991		$	3,988,566		$	3,965,115		$	3,962,692

Liabilities and Stockholders’ Equity
Deposits	$	3,324,518		$	3,357,596		$	3,278,553		$	3,180,922		$	3,065,030
Federal funds purchased and other short-term borrowings		—			—			—			85,500			198,500
Other borrowings		391,445			392,629			438,814			439,998			441,183
Other liabilities		32,833			36,891			35,846			34,812			34,223
Stockholders’ equity		237,873			227,875			235,353			223,883			223,756
Total liabilities and stockholders’ equity	$	3,986,669		$	4,014,991		$	3,988,566		$	3,965,115		$	3,962,692

	For the Quarter Ended
AVERAGE BALANCES	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets	$	3,944,789		$	4,135,049		$	3,973,824		$	3,964,109		$	3,812,199
Loans		3,016,119			3,007,558			2,991,272			2,994,492			2,949,672
Deposits		3,284,394			3,434,234			3,258,669			3,123,282			2,956,635
Stockholders’ equity		229,874			230,720			227,513			219,771			219,835

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
LOANS	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Commercial	$	531,267		$	514,232		$	512,884		$	526,589		$	544,293
Real estate:
Construction, land and land development		451,230			508,147			520,516			496,864			465,247
1-4 family residential first mortgages		86,292			87,858			89,749			92,230			108,065
Home equity		21,961			19,294			17,140			15,264			14,020
Commercial		1,909,330			1,861,195			1,870,132			1,856,301			1,839,580
Consumer and other		19,323			17,287			14,261			15,234			12,844
		3,019,403			3,008,013			3,024,682			3,002,482			2,984,049
Net unamortized fees and costs		(2,932	)		(3,153	)		(3,461	)		(3,708	)		(3,916	)
Total loans	$	3,016,471		$	3,004,860		$	3,021,221		$	2,998,774		$	2,980,133
Less: allowance for credit losses		(30,526	)		(30,432	)		(29,419	)		(28,422	)		(28,373	)
Net loans	$	2,985,945		$	2,974,428		$	2,991,802		$	2,970,352		$	2,951,760

CREDIT QUALITY
Pass	$	3,011,231		$	2,999,531		$	3,016,493		$	2,994,310		$	2,983,618
Watch		7,991			8,349			7,956			7,651			142
Substandard		181			133			233			521			289
Doubtful		—			—			—			—			—
Total loans	$	3,019,403		$	3,008,013		$	3,024,682		$	3,002,482		$	2,984,049

DEPOSITS
Noninterest-bearing demand	$	519,771		$	541,053		$	525,332		$	530,441		$	521,377
Interest-bearing demand		517,409			543,855			438,402			443,658			449,946
Savings and money market – non-brokered		1,490,189			1,517,510			1,481,840			1,483,264			1,315,698
Money market – brokered		143,423			126,381			123,780			97,259			119,840
Total nonmaturity deposits		2,670,792			2,728,799			2,569,354			2,554,622			2,406,861
Time – non-brokered		461,655			488,760			407,109			353,269			381,646
Time – brokered		192,071			140,037			302,090			273,031			276,523
Total time deposits		653,726			628,797			709,199			626,300			658,169
Total deposits	$	3,324,518		$	3,357,596		$	3,278,553		$	3,180,922		$	3,065,030

BORROWINGS
Federal funds purchased and other short-term borrowings	$	—		$	—		$	—		$	85,500		$	198,500
Subordinated notes, net		79,959			79,893			79,828			79,762			79,697
Federal Home Loan Bank advances		270,000			270,000			315,000			315,000			315,000
Long-term debt		41,486			42,736			43,986			45,236			46,486
Total borrowings	$	391,445		$	392,629		$	438,814		$	525,498		$	639,683

STOCKHOLDERS’ EQUITY
Preferred stock	$	—		$	—		$	—		$	—		$	—
Common stock		3,000			3,000			3,000			3,000			3,000
Additional paid-in capital		35,072			35,619			34,960			34,322			33,685
Retained earnings		282,247			278,613			275,724			273,981			272,997
Accumulated other comprehensive loss		(82,446	)		(89,357	)		(78,331	)		(87,420	)		(85,926	)
Total stockholders’ equity	$	237,873		$	227,875		$	235,353		$	223,883		$	223,756

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOME	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Interest income:
Loans, including fees	$	40,988	$	41,822		$	42,504	$	41,700	$	40,196
Securities:
Taxable		2,788		2,959			3,261		3,394		3,416
Tax-exempt		743		795			806		808		810
Interest-bearing deposits		1,617		3,740			2,041		1,666		148
Total interest income		46,136		49,316			48,612		47,568		44,570
Interest expense:
Deposits		21,423		25,706			26,076		23,943		21,559
Federal funds purchased and other short-term borrowings		—		—			115		1,950		2,183
Subordinated notes		1,105		1,106			1,112		1,105		1,108
Federal Home Loan Bank advances		2,235		2,522			2,748		2,718		2,325
Long-term debt		518		560			601		622		645
Total interest expense		25,281		29,894			30,652		30,338		27,820
Net interest income		20,855		19,422			17,960		17,230		16,750
Credit loss expense		—		1,000			—		—		—
Net interest income after credit loss expense		20,855		18,422			17,960		17,230		16,750
Noninterest income:
Service charges on deposit accounts		471		462			459		462		460
Debit card usage fees		446		471			500		490		458
Trust services		777		1,051			828		794		776
Increase in cash value of bank-owned life insurance		282		287			287		278		274
Realized securities losses, net		—		(1,172	)		—		—		—
Other income		267		331			285		322		331
Total noninterest income		2,243		1,430			2,359		2,346		2,299
Noninterest expense:
Salaries and employee benefits		7,004		7,107			6,823		7,169		6,489
Occupancy and equipment		1,963		2,095			1,926		1,852		1,447
Data processing		617		752			771		754		714
Technology and software		786		743			722		731		700
FDIC insurance		587		699			711		631		519
Professional fees		308		301			239		244		257
Director fees		206		170			223		236		199
Other expenses		1,592		1,532			1,477		1,577		1,543
Total noninterest expense		13,063		13,399			12,892		13,194		11,868
Income before income taxes		10,035		6,453			7,427		6,382		7,181
Income taxes		2,193		(644	)		1,475		1,190		1,372
Net income	$	7,842	$	7,097		$	5,952	$	5,192	$	5,809

Basic earnings per common share	$	0.47	$	0.42		$	0.35	$	0.31	$	0.35
Diluted earnings per common share	$	0.46	$	0.42		$	0.35	$	0.31	$	0.35

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)

	As of and for the Quarter Ended
COMMON SHARE DATA	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Earnings per common share (basic)	$	0.47		$	0.42		$	0.35		$	0.31		$	0.35
Earnings per common share (diluted)		0.46			0.42			0.35			0.31			0.35
Dividends per common share		0.25			0.25			0.25			0.25			0.25
Book value per common share⁽¹⁾		14.06			13.54			13.98			13.30			13.31
Closing stock price		19.94			21.65			19.01			17.90			17.83
Market price/book value⁽²⁾		141.82	%		159.90	%		135.98	%		134.59	%		133.96	%
Price earnings ratio⁽³⁾		10.46			12.96			13.65			14.36			12.77
Annualized dividend yield⁽⁴⁾		5.02	%		4.62	%		5.26	%		5.59	%		5.61	%

REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio		12.18	%		12.11	%		11.95	%		11.85	%		11.78	%
Tier 1 risk-based capital ratio		9.59			9.51			9.39			9.30			9.23
Tier 1 leverage capital ratio		8.36			7.93			8.15			8.08			8.36
Common equity tier 1 ratio		9.02			8.95			8.83			8.74			8.67
West Bank:
Total risk-based capital ratio		12.90	%		12.86	%		12.73	%		12.66	%		12.63	%
Tier 1 risk-based capital ratio		11.99			11.96			11.86			11.79			11.76
Tier 1 leverage capital ratio		10.46			9.97			10.29			10.25			10.65
Common equity tier 1 ratio		11.99			11.96			11.86			11.79			11.76

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets⁽⁵⁾		0.81	%		0.68	%		0.60	%		0.53	%		0.61	%
Return on average equity⁽⁶⁾		13.84			12.24			10.41			9.50			10.63
Net interest margin^(7)(13)		2.28			1.98			1.91			1.86			1.88
Yield on interest-earning assets^(8)(13)		5.04			5.02			5.16			5.13			4.99
Cost of interest-bearing liabilities		3.25			3.57			3.84			3.83			3.70
Efficiency ratio^(9)(13)		56.37			60.79			63.28			67.14			62.04
Nonperforming assets to total assets⁽¹⁰⁾		0.00			0.00			0.01			0.01			0.01
ACL ratio⁽¹¹⁾		1.01			1.01			0.97			0.95			0.95
Loans/total assets		75.66			74.84			75.75			75.63			75.20
Loans/total deposits		90.73			89.49			92.15			94.27			97.23
Tangible common equity ratio⁽¹²⁾		5.97			5.68			5.90			5.65			5.65

^{(1) Includes accumulated other comprehensive loss.}
^{(2) Closing stock price divided by book value per common share.}
^{(3) Closing stock price divided by annualized earnings per common share (basic).}
^{(4) Annualized dividend divided by period end closing stock price.}
^{(5) Annualized net income divided by average assets.}
^{(6) Annualized net income divided by average stockholders’ equity.}
^{(7) Annualized tax-equivalent net interest income divided by average interest-earning assets.}
^{(8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.}
^{(9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.}
^{(10) Total nonperforming assets divided by total assets.}
^{(11) Allowance for credit losses on loans divided by total loans.}
^{(12) Common equity less intangible assets (none held) divided by tangible assets.}
^{(13) A non-GAAP measure.}

NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

(in thousands)	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)	$	20,855		$	19,422		$	17,960		$	17,230		$	16,750
Tax-equivalent adjustment ⁽¹⁾		66			16			29			55			82
Net interest income on a FTE basis (non-GAAP)		20,921			19,438			17,989			17,285			16,832
Average interest-earning assets		3,717,441			3,910,978			3,749,688			3,731,674			3,595,954
Net interest margin on a FTE basis (non-GAAP)		2.28	%		1.98	%		1.91	%		1.86	%		1.88	%

Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)	$	20,921		$	19,438		$	17,989		$	17,285		$	16,832
Noninterest income		2,243			1,430			2,359			2,346			2,299
Adjustment for realized securities losses, net		—			1,172			—			—			—
Adjustment for losses on disposal of premises and equipment, net		8			—			26			21			—
Adjusted income		23,172			22,040			20,374			19,652			19,131
Noninterest expense		13,063			13,399			12,892			13,194			11,868
Efficiency ratio on an adjusted and FTE basis (non-GAAP) ⁽²⁾		56.37	%		60.79	%		63.28	%		67.14	%		62.04	%

^{(1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.}
^{(2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.}

For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

The MIL Network –

April 25, 2025

MIL-OSI: Global Agriculture Drones Market Projected to Reach $8.03 Billion By 2029 with Significant Growth Still Expected

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Many experts see the global agriculture drones market to continue its substantial growth through this decade and maybe beyond. One such industry watcher, MarketsANDMarkets reported that: “The global agriculture drones market was projected to grow to $2.01 Billion in 2024 and reach $8.03 Billion by 2029. High adoption of aerial data collection tools in agriculture holds immense opportunity for the agriculture drones market. As farmers want to boost yields and their uses in resource optimization, precision agricultural tools are in increased demand; drones offer sensors and timely data for crop health and soil conditions. Efficiencies and accuracies increase the appealability of aerial data collection, and more farmers are adopting drone technology. Drones combined with emerging technologies in the form of machine learning and AI make them robust for position and to improve broadband agricultural data systems. Moreover, many industries use drones, and the adoption rate of tools required to collect aerial data is high in the construction, agriculture, and mining industries. Moreover, as farmers emphasize yield optimization and resource utilization more, the use of precision agriculture tools and drones increases. Drones have advanced sensors and real-time data for monitoring crop health and soil conditions. Their efficiency and accuracy appeal to more farmers who have become open to drone technology.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Draganfly Inc. (NASDAQ: DPRO), Unusual Machines, Inc. (NYSE American: UMAC), Sidus Space (NASDAQ: SIDU), AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI).

MarketsANDMarkets continued: “The cereals & grains segment is growing substantially in the agriculture drones market. Cereals like wheat, corn, and rice are staple crops that require precise management to optimize yields, which makes drones more important. Drones can perform aerial surveys, crop health monitoring, and soil condition assessment, thus supporting farmers in informed decisions that may yield maximum productivity and resource utilization. Moreover, precision agriculture development is quite useful for producing cereals and grains. Agriculture drones conduct aerial surveys; thorough data acquisition and actionable insight generation will assist farmers in undertaking focused interventions such as precise irrigation and fertilization. This is resource efficient, cost-reducing, and productivity-enhancing in absolute terms. Moreover, with environmental objectives driving this agenda, increasing the importance of sustainability works well for the cereals & grains segment, with drones monitoring inputs more efficiently for management. The rising trend of digital agriculture, whereby decisions are made based on data, also builds a case for drones in the segment. Thus, considering the above parameters, based on farm produce, the cereals & grains segment is estimated to grow at the highest CAGR during the studied period.”

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:

Draganfly Inc. (NASDAQ: DPRO), an industry-leading developer of drone solutions and systems, recently announced the formation of its Public Safety Advisory Board. This new initiative reinforces Draganfly’s commitment to delivering cutting-edge, mission-critical technologies that support enforcement and public safety agencies worldwide. Renowned global public safety expert and Homeland Security advisor Paul Goldenberg will serve as the inaugural Chair of the Board.

With more than 30 years of experience in law enforcement, global security, and national intelligence, Goldenberg brings unparalleled expertise to the role. Recently named America’s Most Influential Person in Homeland Security, he has advised U.S. Presidents, members of Congress, and international security bodies on counterterrorism, cybercrime, and public safety. As a former senior member of the U.S. Department of Homeland Security Advisory Council (HSAC), Goldenberg led pivotal initiatives, including the DHS Cybersecurity Task Force and the Countering Foreign Influence Task Force. He currently serves as Chief Advisor for Policy and International Policing at the Rutgers University Miller Center on Policing, a Distinguished Visiting Fellow for Transnational Security at the University of Ottawa, and a member of the National Sheriffs’ Association Southern Border Security Committee.

Unusual Machines, Inc. (NYSE American: UMAC), a drone and drone components manufacturer, recently announced it filed its Form 10-K with the U.S. Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2024 and provided the following letter to its shareholders from CEO Allan Evans.

Dear Shareholders, This shareholder letter follows the completion of our fiscal year 2024. This is our first year being public. It has been an excellent fourth quarter and an incredible year. We continue to see great interest in the company and receive questions from shareholders. We would like to take this opportunity to provide context and deeper insights into our operations and what these represent for Unusual Machines’ future.

Unusual Machines revenue for the fourth quarter revenue was over $2.0 million which represents a sequentially quarter over quarter increase of approximately 31%. This is our best revenue quarter of all time (again) and was done while improving gross margins slightly to 28%. With the launch of our Blue Framework products, approximately 15% of our Q4 revenue was from enterprise sales. Our total revenue of $5.65M for FY2024 exceeded our target of $5M for 2024 by 13%. This growth was achieved without customer concentration as no single customer represented more than 5% of our total revenue for 2024.

Sidus Space (NASDAQ: SIDU) recently announced the unveiling of near real-time vessel detection and classification capability to be enabled by its hybrid 3D printed LizzieSat® satellite platform. Processing data directly onboard LizzieSat® through Sidus Orlaith™ AI Ecosystem, which includes FeatherEdge™ edge computing hardware, and the OrbitfyEdge software from Little Place Labs, represents a significant advancement in space-based maritime intelligence.

In January 2025, Sidus and Little Place Labs (LPL) formed a strategic partnership and signed a Memorandum of Understanding (MOU) to develop integrated satellite solutions based on edge computing and AI applications. This collaboration aims to meet the growing needs of a global customer base and is expected to provide accurate vessel detection and classification within one hour of satellite observation.

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) recently announced significant progress in its Radical Clean Solutions (RCS) division, acquired in August 2024. The RCS division has been awarded a U.S. patent (Patent No. 17/713,959), dated today, for its design of agricultural integrated systems for Radicals Hydroxyl generation units. This innovative technology provides growers of fruits, vegetables, and other plants with a chemical-free solution for reducing mold, viruses, and volatile organic compounds (VOCs). It can be integrated into existing heating and ventilation systems or used as a standalone unit. Additionally, the system helps lower levels of gases such as ethylene, thereby slowing the ripening process and extending the shelf life of produce.

Roger M. Slotkin, founder of RCS and on behalf of our RCS division, stated: “We have applied for multiple patents related to the application of our technologies across various sectors, including agriculture. Our solutions provide businesses with a chemical-free, safe, and effective method for mitigating viruses, mold, and other pathogens—without harm to people, pets, or plants. Over the coming months, we anticipate the approval of several additional patents.”

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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 –

April 25, 2025

MIL-OSI: Ascent Solar Technologies Hosts Customer and Partner Discussions During Space Symposium

Source: GlobeNewswire (MIL-OSI)

THORNTON, Colo., April 24, 2025 (GLOBE NEWSWIRE) — Ascent Solar Technologies (“Ascent” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today reported on its in-person tours and meetings hosted during the 40th Annual Space Symposium in Colorado Springs earlier in April 2025.

Director of Space Solutions, Julian Miller, hosted six organizations onsite at the Company’s Thornton facility, and met with several others while attending the conference. Visitors reviewed the scale of Ascent’s operations, met with its technical team to better understand its customization and features, and further discussed collaborations for future space programs with respect to both product development and direct sales. The Company is now engaging in RFP/RFQ discussions, pursuing joint manufacturing ventures, and performing feasibility testing with prospective partners and customers.

“The market feedback received at the Space Symposium speaks volumes, not just about Ascent technology, but also our manufacturing processes in the U.S. that enable our supply chain to remain strong,” said Julian Miller, Director of Space Solutions at Ascent Solar Technologies. “We will continue to engage the biggest and brightest brands in space tech and demonstrating that our product is second to none in the low earth environment.”

Ascent’s 5MW production facility currently has the capacity to ship orders in excess of 100kW this summer. Space industry discussions include the exploration of new advanced capabilities enabled by Ascent’s CIGS PV products’ combination of resiliency with mass, volume, cost and schedule efficiencies. These opportunities span across commercial, civil and defense market sectors and include emerging markets such as in-space manufacturing, distributed space power grids and Lunar surface operations, among others.

All parties interested in participating in a facility tour are encouraged to reach out via Ascent’s contact page.

About Ascent Solar Technologies, Inc.

Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.

Media Contact

Spencer Herrmann
FischTank PR
ascent@fischtankpr.com

The MIL Network –

April 25, 2025

MIL-OSI: Beeline CEO and COO to Present at Ladenburg Thalmann Technology Innovation Expo on May 21 in New York City

Source: GlobeNewswire (MIL-OSI)

Providence, RI, April 24, 2025 (GLOBE NEWSWIRE) — Beeline Holdings, Inc. (NASDAQ: BLNE), a technology-driven mortgage originator, SaaS platform, and title services provider, today announced that it will present at the Ladenburg Thalmann Technology Innovation Expo on May 21, 2025, at Convene – 101 Park Avenue, New York, NY.

Beeline is scheduled to present in Track 1 at 9:00 AM ET.

For more information or to register for the event, please visit the conference website Ladenburg Innovation Expo or contact Beeline at IR@Makeabeeline.com.

About Beeline

Beeline is a forward-thinking mortgage origination and technology company transforming home loans into a short, transparent, and easy path for millions of Americans. Using AI and proprietary technology, Beeline offers near-instant pre-approvals in as little as seven minutes, allowing borrowers to see loan options and lock their rate in one session.

The MIL Network –

April 25, 2025

MIL-OSI: Kearny Financial Corp. Announces Third Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended March 31, 2025 of $6.6 million, or $0.11 per diluted share, compared to $6.6 million, or $0.10 per diluted share, for the quarter ended December 31, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025, to stockholders of record as of May 7, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “Quarter over quarter net interest income grew by $1.4 million, resulting in eight basis points of net interest margin expansion. Contributing to this expansion was growth in net loans and deposits, coupled with a 24 basis point decrease in our cost of funds. We anticipate continued strong margin expansion into the June quarter, the final of our 2025 fiscal year.”

Mr. Montanaro continued, “Despite recent fluctuations in US Treasury rates and broader market indices, our core business continues to perform exceedingly well and we are confident in our ability to sustain and enhance our performance in spite of the volatile environment.”

Balance Sheet

Total assets were $7.73 billion at March 31, 2025, a increase of $1.8 million from December 31, 2024.
Investment securities totaled $1.13 billion at March 31, 2025, a decrease of $17.3 million, or 1.5%, from December 31, 2024.
Loans receivable totaled $5.85 billion at March 31, 2025, an increase of $54.4 million, or 0.9%, from December 31, 2024, primarily reflecting growth in non-residential mortgage loans.
Deposits were $5.71 billion at March 31, 2025, an increase of $36.3 million, or 0.6%, from December 31, 2024. This increase was primarily driven by increases in interest bearing demand deposits and consumer savings deposits, partially offset by a decrease in non-interest bearing demand deposits. The decrease in non-interest bearing deposits was primarily attributable to a $29.3 million outflow from a single depositor who used the funds to finance the construction of a building. Excluding this single account, non-interest bearing deposits increased $14.9 million, or 2.5%.
Borrowings were $1.21 billion at March 31, 2025, a decrease of $45.0 million, or 3.6%, from December 31, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) overnight borrowings.
At March 31, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.42 billion, representing 31.3% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin expanded eight basis points from the quarter ended December 31, 2024 to 1.90% for the quarter ended March 31, 2025. The increase for the quarter was driven by the paydown of borrowings resulting from growth in lower cost deposits and broad based decreases in deposit rates, partially offset by reduced yields on interest-earning assets.
For the quarter ended March 31, 2025, net interest income increased $1.4 million to $34.0 million from $32.6 million for the quarter ended December 31, 2024. Included in net interest income for the quarters ended March 31, 2025 and December 31, 2024, respectively, was purchase accounting accretion of $511,000 and $685,000, and loan prepayment penalty income of $226,000 and $288,000.

Non-Interest Income

For the quarter ended March 31, 2025, non-interest income decreased $311,000, or 6.4%, to $4.6 million from $4.9 million for the quarter ended December 31, 2024, primarily driven by decreases in gain on sale of loans and electronic banking fees and charges.
Gain on sale of loans decreased $192,000 to $112,000 for the quarter ended March 31, 2025 from $304,000 for the quarter ended December 31, 2024. The decrease largely reflected a seasonal decrease in the volume of residential mortgage loans sold during the period.
Electronic banking fees and charges decreased $102,000 to $391,000 for the quarter March 31, 2025 from $493,000 for the quarter ended December 31, 2024. The decrease largely reflected the absence of a non-recurring increase recorded in the prior period.

Non-Interest Expense

For the quarter ended March 31, 2025, non-interest expense increased $829,000, or 2.8%, to $30.4 million from $29.6 million for the quarter ended December 31, 2024, primarily driven by increases in salary and benefits, net occupancy, advertising, and other expense.
Salary and benefits expense increased $121,000 to $17.7 million primarily driven by an increase of $546,000 in payroll taxes and employee benefits associated with the start of a new calendar year, partially offset by a $427,000 non-recurring decrease in stock-based compensation.
Net occupancy expense of premises increased $244,000 to $3.1 million primarily driven by seasonally higher snow removal expenses, partially offset by a decrease in repairs and other maintenance expenses.
Advertising and marketing expense increased $298,000 to $609,000. This increase was primarily due to higher advertising expenses across various formats, driven by marketing campaigns supporting our loan and deposit growth initiatives.
Other expense increased $225,000 primarily driven by a $37,000 provision for credit losses related to off balance sheet commitments compared to a reversal for credit losses on off balance sheet commitments of $116,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Income Taxes

Income tax expense totaled $1.2 million for the quarter ended March 31, 2025 compared to $1.3 million for the quarter ended December 31, 2024, resulting in an effective tax rate of 15.3% and 16.0%, respectively.

Asset Quality

The balance of non-performing assets remained steady at $37.7 million, or 0.49% of total assets, at March 31, 2025 and December 31, 2024, respectively.
Net charge-offs totaled $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025, compared to $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024.
For the quarter ended March 31, 2025, the Company recorded a provision for credit losses of $366,000, compared to $107,000 for the quarter ended December 31, 2024. The provision for credit loss expense for the quarter ended March 31, 2025 was primarily driven by the charge-offs described above.
The ACL was $44.5 million, or 0.76% of total loans, at March 31, 2025, a decrease of $2,000 from $44.5 million, or 0.77% of total loans, at December 31, 2024.

Capital

For the quarter ended March 31, 2025, book value per share increased $0.05, or 0.4%, to $11.58 while tangible book value per share increased $0.05, or 0.5%, to $9.80.
At March 31, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $80.1 million, partially offset by after-tax unrealized gains on derivatives of $10.7 million. After-tax net unrecognized losses on securities held to maturity of $9.9 million were not reflected in total stockholders’ equity.
At March 31, 2025, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q3 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

Linked-Quarter Comparative Financial Analysis

Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	126,095		$	141,554		$	(15,459	)	-10.9	%
Securities available for sale		1,003,393			1,018,279			(14,886	)	-1.5	%
Securities held to maturity		124,859			127,266			(2,407	)	-1.9	%
Loans held-for-sale		6,187			5,695			492		8.6	%
Loans receivable		5,846,175			5,791,758			54,417		0.9	%
Less: allowance for credit losses on loans		(44,455	)		(44,457	)		(2	)	-0.0	%
Net loans receivable		5,801,720			5,747,301			54,419		0.9	%
Premises and equipment		44,192			45,127			(935	)	-2.1	%
Federal Home Loan Bank stock		62,261			64,443			(2,182	)	-3.4	%
Accrued interest receivable		28,521			27,772			749		2.7	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,554			1,679			(125	)	-7.4	%
Bank owned life insurance		303,629			301,339			2,290		0.8	%
Deferred income taxes, net		52,913			53,325			(412	)	-0.8	%
Other assets		64,292			84,080			(19,788	)	-23.5	%
Total assets	$	7,733,141		$	7,731,385		$	1,756		0.0	%

Liabilities
Deposits:
Non-interest-bearing	$	587,118		$	601,510		$	(14,392	)	-2.4	%
Interest-bearing		5,120,230			5,069,550			50,680		1.0	%
Total deposits		5,707,348			5,671,060			36,288		0.6	%
Borrowings		1,213,976			1,258,949			(44,973	)	-3.6	%
Advance payments by borrowers for taxes		19,981			17,986			1,995		11.1	%
Other liabilities		43,723			38,537			5,186		13.5	%
Total liabilities		6,985,028			6,986,532			(1,504	)	-0.0	%

Stockholders’ Equity
Common stock		646			646			—		—	%
Paid-in capital		494,131			494,092			39		0.0	%
Retained earnings		341,921			342,155			(234	)	-0.1	%
Unearned ESOP shares		(19,457	)		(19,943	)		486		2.4	%
Accumulated other comprehensive loss		(69,128	)		(72,097	)		2,969		4.1	%
Total stockholders’ equity		748,113			744,853			3,260		0.4	%
Total liabilities and stockholders’ equity	$	7,733,141		$	7,731,385		$	1,756		0.0	%

Consolidated capital ratios
Equity to assets		9.67	%		9.63	%		0.04	%
Tangible equity to tangible assets⁽¹⁾		8.31	%		8.27	%		0.04	%

Share data
Outstanding shares		64,580			64,580			—		—	%
Book value per share	$	11.58		$	11.53		$	0.05		0.4	%
Tangible book value per share⁽²⁾	$	9.80		$	9.75		$	0.05		0.5	%

_________________________

(1)	Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)	Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	64,768		$	65,408		$	(640	)	-1.0	%
Taxable investment securities		12,738			13,803			(1,065	)	-7.7	%
Tax-exempt investment securities		55			59			(4	)	-6.8	%
Other interest-earning assets		1,773			2,215			(442	)	-20.0	%
Total interest income		79,334			81,485			(2,151	)	-2.6	%

Interest expense
Deposits		34,912			36,721			(1,809	)	-4.9	%
Borrowings		10,380			12,152			(1,772	)	-14.6	%
Total interest expense		45,292			48,873			(3,581	)	-7.3	%
Net interest income		34,042			32,612			1,430		4.4	%
Provision for credit losses		366			107			259		242.1	%
Net interest income after provision for credit losses		33,676			32,505			1,171		3.6	%

Non-interest income
Fees and service charges		573			627			(54	)	-8.6	%
Gain on sale of loans		112			304			(192	)	-63.2	%
Income from bank owned life insurance		2,617			2,619			(2	)	-0.1	%
Electronic banking fees and charges		391			493			(102	)	-20.7	%
Other income		869			830			39		4.7	%
Total non-interest income		4,562			4,873			(311	)	-6.4	%

Non-interest expense
Salaries and employee benefits		17,700			17,579			121		0.7	%
Net occupancy expense of premises		3,075			2,831			244		8.6	%
Equipment and systems		3,921			3,892			29		0.7	%
Advertising and marketing		609			311			298		95.8	%
Federal deposit insurance premium		1,450			1,503			(53	)	-3.5	%
Directors’ compensation		326			361			(35	)	-9.7	%
Other expense		3,309			3,084			225		7.3	%
Total non-interest expense		30,390			29,561			829		2.8	%
Income before income taxes		7,848			7,817			31		0.4	%
Income taxes		1,200			1,251			(51	)	-4.1	%
Net income	$	6,648		$	6,566		$	82		1.2	%

Net income per common share (EPS)
Basic	$	0.11		$	0.11		$	—
Diluted	$	0.11		$	0.10		$	0.01

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,933		$	6,933		$	—
Dividend payout ratio		104.3	%		105.6	%		-1.3	%

Weighted average number of common shares outstanding
Basic		62,548			62,443			105
Diluted		62,713			62,576			137

Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	March 31, 2025			December 31, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,805,045		$	5,762,053		$	42,992		0.7	%
Taxable investment securities		1,251,612			1,285,800			(34,188	)	-2.7	%
Tax-exempt investment securities		9,135			9,711			(576	)	-5.9	%
Other interest-earning assets		110,736			116,354			(5,618	)	-4.8	%
Total interest-earning assets		7,176,528			7,173,918			2,610		0.0	%
Non-interest-earning assets		457,206			459,982			(2,776	)	-0.6	%
Total assets	$	7,633,734		$	7,633,900		$	(166	)	-0.0	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,405,974		$	2,314,378		$	91,596		4.0	%
Savings		751,243			711,801			39,442		5.5	%
Certificates of deposit (retail)		1,215,767			1,216,948			(1,181	)	-0.1	%
Certificates of deposit (brokered)		730,612			730,773			(161	)	-0.0	%
Total interest-bearing deposits		5,103,596			4,973,900			129,696		2.6	%
Borrowings:
Federal Home Loan Bank advances		1,028,958			1,085,455			(56,497	)	-5.2	%
Other borrowings		93,389			156,522			(63,133	)	-40.3	%
Total borrowings		1,122,347			1,241,977			(119,630	)	-9.6	%
Total interest-bearing liabilities		6,225,943			6,215,877			10,066		0.2	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		602,647			604,915			(2,268	)	-0.4	%
Other non-interest-bearing liabilities		59,919			65,258			(5,339	)	-8.2	%
Total non-interest-bearing liabilities		662,566			670,173			(7,607	)	-1.1	%
Total liabilities		6,888,509			6,886,050			2,459		0.0	%
Stockholders’ equity		745,225			747,850			(2,625	)	-0.4	%
Total liabilities and stockholders’ equity	$	7,633,734		$	7,633,900		$	(166	)	-0.0	%

Average interest-earning assets to average interest-bearing liabilities		115.27	%		115.41	%		-0.14	%	-0.1	%

Kearny Financial Corp. Performance Ratio Highlights (Unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.46	%	4.54	%	-0.08	%
Taxable investment securities	4.07	%	4.29	%	-0.22	%
Tax-exempt investment securities⁽¹⁾	2.43	%	2.42	%	0.01	%
Other interest-earning assets	6.40	%	7.62	%	-1.22	%
Total interest-earning assets	4.42	%	4.54	%	-0.12	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.73	%	2.96	%	-0.23	%
Savings	1.30	%	1.29	%	0.01	%
Certificates of deposit (retail)	3.73	%	4.06	%	-0.33	%
Certificates of deposit (brokered)	2.58	%	2.70	%	-0.12	%
Total interest-bearing deposits	2.74	%	2.95	%	-0.21	%
Borrowings:
Federal Home Loan Bank advances	3.63	%	3.78	%	-0.15	%
Other borrowings	4.41	%	4.88	%	-0.47	%
Total borrowings	3.70	%	3.91	%	-0.21	%
Total interest-bearing liabilities	2.91	%	3.15	%	-0.24	%

Interest rate spread⁽²⁾	1.51	%	1.39	%	0.12	%
Net interest margin⁽³⁾	1.90	%	1.82	%	0.08	%

Non-interest income to average assets (annualized)	0.24	%	0.26	%	-0.02	%
Non-interest expense to average assets (annualized)	1.59	%	1.55	%	0.04	%

Efficiency ratio⁽⁴⁾	78.72	%	78.86	%	-0.14	%

Return on average assets (annualized)	0.35	%	0.34	%	0.01	%
Return on average equity (annualized)	3.57	%	3.51	%	0.06	%
Return on average tangible equity (annualized)⁽⁵⁾	4.28	%	4.21	%	0.07	%

_________________________

(1)	The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)	Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)	Net interest income divided by average interest-earning assets.
(4)	Non-interest expense divided by the sum of net interest income and non-interest income.
(5)	Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

Five-Quarter Financial Trend Analysis

Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Audited)			(Unaudited)
Assets
Cash and cash equivalents	$	126,095		$	141,554		$	155,574		$	63,864		$	71,027
Securities available for sale		1,003,393			1,018,279			1,070,811			1,072,833			1,098,655
Securities held to maturity		124,859			127,266			132,256			135,742			139,643
Loans held-for-sale		6,187			5,695			8,866			6,036			4,117
Loans receivable		5,846,175			5,791,758			5,784,246			5,732,787			5,758,336
Less: allowance for credit losses on loans		(44,455	)		(44,457	)		(44,923	)		(44,939	)		(44,930	)
Net loans receivable		5,801,720			5,747,301			5,739,323			5,687,848			5,713,406
Premises and equipment		44,192			45,127			45,189			44,940			45,053
Federal Home Loan Bank stock		62,261			64,443			57,706			80,300			81,347
Accrued interest receivable		28,521			27,772			29,467			29,521			31,065
Goodwill		113,525			113,525			113,525			113,525			210,895
Core deposit intangible		1,554			1,679			1,805			1,931			2,057
Bank owned life insurance		303,629			301,339			300,186			297,874			296,493
Deferred income taxes, net		52,913			53,325			50,131			50,339			47,225
Other assets		64,292			84,080			67,540			98,708			100,989
Total assets	$	7,733,141		$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972

Liabilities
Deposits:
Non-interest-bearing	$	587,118		$	601,510		$	592,099		$	598,366		$	586,089
Interest-bearing		5,120,230			5,069,550			4,878,413			4,559,757			4,622,961
Total deposits		5,707,348			5,671,060			5,470,512			5,158,123			5,209,050
Borrowings		1,213,976			1,258,949			1,479,888			1,709,789			1,722,178
Advance payments by borrowers for taxes		19,981			17,986			17,824			17,409			17,387
Other liabilities		43,723			38,537			52,618			44,569			44,279
Total liabilities		6,985,028			6,986,532			7,020,842			6,929,890			6,992,894

Stockholders’ Equity
Common stock		646			646			646			644			644
Paid-in capital		494,131			494,092			493,523			493,680			493,187
Retained earnings		341,921			342,155			342,522			343,326			440,308
Unearned ESOP shares		(19,457	)		(19,943	)		(20,430	)		(20,916	)		(21,402	)
Accumulated other comprehensive loss		(69,128	)		(72,097	)		(64,724	)		(63,163	)		(63,659	)
Total stockholders’ equity		748,113			744,853			751,537			753,571			849,078
Total liabilities and stockholders’ equity	$	7,733,141		$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972

Consolidated capital ratios
Equity to assets		9.67	%		9.63	%		9.67	%		9.81	%		10.83	%
Tangible equity to tangible assets⁽¹⁾		8.31	%		8.27	%		8.31	%		8.43	%		8.34	%

Share data
Outstanding shares		64,580			64,580			64,580			64,434			64,437
Book value per share	$	11.58		$	11.53		$	11.64		$	11.70		$	13.18
Tangible book value per share⁽²⁾	$	9.80		$	9.75		$	9.85		$	9.90		$	9.87

_________________________

(1)	Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)	Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,733,406		$	2,722,623		$	2,646,187		$	2,645,851		$	2,645,195
Nonresidential mortgage		988,074			950,194			950,771			948,075			965,539
Commercial business		140,224			135,740			145,984			142,747			147,326
Construction		174,722			176,704			227,327			209,237			229,457
Total commercial loans		4,036,426			3,985,261			3,970,269			3,945,910			3,987,517
One- to four-family residential mortgage		1,761,465			1,765,160			1,768,230			1,756,051			1,741,644
Consumer loans:
Home equity loans		49,699			47,101			44,741			44,104			42,731
Other consumer		2,859			2,778			2,965			2,685			3,198
Total consumer loans		52,558			49,879			47,706			46,789			45,929
Total loans, excluding yield adjustments		5,850,449			5,800,300			5,786,205			5,748,750			5,775,090
Unaccreted yield adjustments		(4,274	)		(8,542	)		(1,959	)		(15,963	)		(16,754	)
Loans receivable, net of yield adjustments		5,846,175			5,791,758			5,784,246			5,732,787			5,758,336
Less: allowance for credit losses on loans		(44,455	)		(44,457	)		(44,923	)		(44,939	)		(44,930	)
Net loans receivable	$	5,801,720		$	5,747,301		$	5,739,323		$	5,687,848		$	5,713,406

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		37,683			37,697			39,854			39,882			39,546
Total nonperforming loans		37,683			37,697			39,854			39,882			39,546
Nonaccrual loans held-for-sale		—			—			—			—			—
Other real estate owned		—			—			—			—			—
Total nonperforming assets	$	37,683		$	37,697		$	39,854		$	39,882		$	39,546

Nonperforming loans (% total loans)		0.64	%		0.65	%		0.69	%		0.70	%		0.69	%
Nonperforming assets (% total assets)		0.49	%		0.49	%		0.51	%		0.52	%		0.50	%

Classified loans	$	125,790		$	132,216		$	119,534		$	118,700		$	115,772

Allowance for credit losses on loans (ACL):
ACL to total loans		0.76	%		0.77	%		0.78	%		0.78	%		0.78	%
ACL to nonperforming loans		117.97	%		117.93	%		112.72	%		112.68	%		113.61	%
Net charge-offs	$	368		$	573		$	124		$	3,518		$	286
Average net charge-off rate (annualized)		0.03	%		0.04	%		0.01	%		0.25	%		0.02	%

Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Funding composition:
Deposits:
Non-interest-bearing deposits	$	587,118		$	601,510		$	592,099		$	598,367		$	586,089
Interest-bearing demand		2,410,925			2,380,408			2,247,685			2,308,915			2,349,032
Savings		758,239			742,266			681,709			643,481			630,456
Certificates of deposit (retail)		1,218,479			1,213,887			1,215,746			1,199,127			1,235,261
Certificates of deposit (brokered)		732,587			732,989			733,273			408,234			408,212
Interest-bearing deposits		5,120,230			5,069,550			4,878,413			4,559,757			4,622,961
Total deposits		5,707,348			5,671,060			5,470,512			5,158,124			5,209,050

Borrowings:
Federal Home Loan Bank advances		1,028,976			1,028,949			1,209,888			1,534,789			1,457,178
Overnight borrowings		185,000			230,000			270,000			175,000			265,000
Total borrowings		1,213,976			1,258,949			1,479,888			1,709,789			1,722,178

Total funding	$	6,921,324		$	6,930,009		$	6,950,400		$	6,867,913		$	6,931,228

Loans as a % of deposits		101.8	%		101.4	%		105.1	%		110.4	%		109.8	%
Deposits as a % of total funding		82.5	%		81.8	%		78.7	%		75.1	%		75.2	%
Borrowings as a % of total funding		17.5	%		18.2	%		21.3	%		24.9	%		24.8	%

Uninsured deposits:
Uninsured deposits (reported)⁽¹⁾	$	1,959,070		$	1,935,607		$	1,799,726		$	1,772,623		$	1,760,740
Uninsured deposits (adjusted)⁽²⁾	$	799,238		$	797,721		$	773,375		$	764,447		$	718,026

_________________________

(1)	Uninsured deposits of Kearny Bank.
(2)	Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest income
Loans	$	64,768		$	65,408		$	66,331		$	65,819		$	64,035
Taxable investment securities		12,738			13,803			14,384			14,802			15,490
Tax-exempt investment securities		55			59			71			80			85
Other interest-earning assets		1,773			2,215			2,466			2,289			2,475
Total interest income		79,334			81,485			83,252			82,990			82,085

Interest expense
Deposits		34,912			36,721			35,018			32,187			32,320
Borrowings		10,380			12,152			15,788			17,527			15,446
Total interest expense		45,292			48,873			50,806			49,714			47,766
Net interest income		34,042			32,612			32,446			33,276			34,319
Provision for credit losses		366			107			108			3,527			349
Net interest income after provision for credit losses		33,676			32,505			32,338			29,749			33,970

Non-interest income
Fees and service charges		573			627			635			580			657
Gain (loss) on sale of loans		112			304			200			111			(712	)
Income from bank owned life insurance		2,617			2,619			2,567			3,209			3,039
Electronic banking fees and charges		391			493			391			1,130			464
Other income		869			830			833			776			755
Total non-interest income		4,562			4,873			4,626			5,806			4,203

Non-interest expense
Salaries and employee benefits		17,700			17,579			17,498			17,266			16,911
Net occupancy expense of premises		3,075			2,831			2,798			2,738			2,863
Equipment and systems		3,921			3,892			3,860			3,785			3,823
Advertising and marketing		609			311			342			480			387
Federal deposit insurance premium		1,450			1,503			1,563			1,532			1,429
Directors’ compensation		326			361			361			360			360
Goodwill impairment		—			—			—			97,370			—
Other expense		3,309			3,084			3,364			3,020			3,286
Total non-interest expense		30,390			29,561			29,786			126,551			29,059
Income (loss) before income taxes		7,848			7,817			7,178			(90,996	)		9,114
Income taxes		1,200			1,251			1,086			(917	)		1,717
Net income (loss)	$	6,648		$	6,566		$	6,092		$	(90,079	)	$	7,397

Net income (loss) per common share (EPS)
Basic	$	0.11		$	0.11		$	0.10		$	(1.45	)	$	0.12
Diluted	$	0.11		$	0.10		$	0.10		$	(1.45	)	$	0.12

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,933		$	6,933		$	6,896		$	6,903		$	6,844
Dividend payout ratio		104.3	%		105.6	%		113.2	%		-7.7	%		92.5	%

Weighted average number of common shares outstanding
Basic		62,548			62,443			62,389			62,254			62,205
Diluted		62,713			62,576			62,420			62,330			62,211

Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,805,045		$	5,762,053		$	5,761,593		$	5,743,008		$	5,752,477
Taxable investment securities		1,251,612			1,285,800			1,314,945			1,343,541			1,382,064
Tax-exempt investment securities		9,135			9,711			12,244			13,737			14,614
Other interest-earning assets		110,736			116,354			131,981			128,257			125,155
Total interest-earning assets		7,176,528			7,173,918			7,220,763			7,228,543			7,274,310
Non-interest-earning assets		457,206			459,982			467,670			466,537			577,411
Total assets	$	7,633,734		$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,405,974		$	2,314,378		$	2,282,608		$	2,310,521		$	2,378,831
Savings		751,243			711,801			668,240			631,622			635,226
Certificates of deposit (retail)		1,215,767			1,216,948			1,203,770			1,208,101			1,257,362
Certificates of deposit (brokered)		730,612			730,773			551,819			405,697			448,151
Total interest-bearing deposits		5,103,596			4,973,900			4,706,437			4,555,941			4,719,570
Borrowings:
Federal Home Loan Bank advances		1,028,958			1,085,455			1,325,583			1,507,192			1,428,801
Other borrowings		93,389			156,522			237,011			228,461			210,989
Total borrowings		1,122,347			1,241,977			1,562,594			1,735,653			1,639,790
Total interest-bearing liabilities		6,225,943			6,215,877			6,269,031			6,291,594			6,359,360
Non-interest-bearing liabilities:
Non-interest-bearing deposits		602,647			604,915			599,095			589,438			581,870
Other non-interest-bearing liabilities		59,919			65,258			69,629			62,978			65,709
Total non-interest-bearing liabilities		662,566			670,173			668,724			652,416			647,579
Total liabilities		6,888,509			6,886,050			6,937,755			6,944,010			7,006,939
Stockholders’ equity		745,225			747,850			750,678			751,070			844,782
Total liabilities and stockholders’ equity	$	7,633,734		$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721

Average interest-earning assets to average interest-bearing liabilities		115.27	%		115.41	%		115.18	%		114.89	%		114.39	%

Kearny Financial Corp. Performance Ratio Highlights

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.46	%	4.54	%	4.61	%	4.58	%	4.45	%
Taxable investment securities	4.07	%	4.29	%	4.38	%	4.41	%	4.48	%
Tax-exempt investment securities⁽¹⁾	2.43	%	2.42	%	2.32	%	2.32	%	2.32	%
Other interest-earning assets	6.40	%	7.62	%	7.47	%	7.14	%	7.91	%
Total interest-earning assets	4.42	%	4.54	%	4.61	%	4.59	%	4.51	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.73	%	2.96	%	3.13	%	3.06	%	3.08	%
Savings	1.30	%	1.29	%	1.05	%	0.63	%	0.46	%
Certificates of deposit (retail)	3.73	%	4.06	%	4.12	%	3.95	%	3.52	%
Certificates of deposit (brokered)	2.58	%	2.70	%	2.18	%	1.59	%	1.97	%
Total interest-bearing deposits	2.74	%	2.95	%	2.98	%	2.83	%	2.74	%
Borrowings:
Federal Home Loan Bank advances	3.63	%	3.78	%	3.82	%	3.86	%	3.55	%
Other borrowings	4.41	%	4.88	%	5.28	%	5.24	%	5.22	%
Total borrowings	3.70	%	3.91	%	4.04	%	4.04	%	3.77	%
Total interest-bearing liabilities	2.91	%	3.15	%	3.24	%	3.16	%	3.00	%

Interest rate spread⁽²⁾	1.51	%	1.39	%	1.37	%	1.43	%	1.51	%
Net interest margin⁽³⁾	1.90	%	1.82	%	1.80	%	1.84	%	1.89	%

Non-interest income to average assets (annualized)	0.24	%	0.26	%	0.24	%	0.30	%	0.21	%
Non-interest expense to average assets (annualized)	1.59	%	1.55	%	1.55	%	6.58	%	1.48	%

Efficiency ratio⁽⁴⁾	78.72	%	78.86	%	80.35	%	323.81	%	75.43	%

Return on average assets (annualized)	0.35	%	0.34	%	0.32	%	-4.68	%	0.38	%
Return on average equity (annualized)	3.57	%	3.51	%	3.25	%	-47.97	%	3.50	%
Return on average tangible equity (annualized)⁽⁵⁾	4.28	%	4.21	%	3.89	%	3.33	%	4.68	%

_________________________

(1)	The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)	Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)	Net interest income divided by average interest-earning assets.
(4)	Non-interest expense divided by the sum of net interest income and non-interest income.
(5)	Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted net income:
Net income (loss) (GAAP)	$	6,648		$	6,566		$	6,092		$	(90,079	)	$	7,397
Non-recurring transactions – net of tax:
Net effect of bank-owned life insurance restructure		—			—			—			392			—
Goodwill impairment		—			—			—			95,283			—
Adjusted net income	$	6,648		$	6,566		$	6,092		$	5,596		$	7,397

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,648		$	6,566		$	6,092		$	(90,079	)	$	7,397
Adjustments to net income (GAAP):
Provision for income taxes		1,200			1,251			1,086			(917	)		1,717
Provision for credit losses		366			107			108			3,527			349
Pre-tax, pre-provision net revenue (non-GAAP)	$	8,214		$	7,924		$	7,286		$	(87,469	)	$	9,463

Adjusted earnings per share:
Weighted average common shares – basic		62,548			62,443			62,389			62,254			62,205
Weighted average common shares – diluted		62,713			62,576			62,420			62,330			62,211

Earnings per share – basic (GAAP)	$	0.11		$	0.11		$	0.10		$	(1.45	)	$	0.12
Earnings per share – diluted (GAAP)	$	0.11		$	0.10		$	0.10		$	(1.45	)	$	0.12

Adjusted earnings per share – basic (non-GAAP)	$	0.11		$	0.11		$	0.10		$	0.09		$	0.12
Adjusted earnings per share – diluted (non-GAAP)	$	0.11		$	0.10		$	0.10		$	0.09		$	0.12

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.13		$	0.13		$	0.12		$	(1.41	)	$	0.15
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.13		$	0.13		$	0.12		$	(1.41	)	$	0.15

Adjusted return on average assets:
Total average assets	$	7,633,734		$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721

Return on average assets (GAAP)		0.35	%		0.34	%		0.32	%		-4.68	%		0.38	%
Adjusted return on average assets (non-GAAP)		0.35	%		0.34	%		0.32	%		0.29	%		0.38	%

Adjusted return on average equity:
Total average equity	$	745,225		$	747,850		$	750,678		$	751,070		$	844,782

Return on average equity (GAAP)		3.57	%		3.51	%		3.25	%		-47.97	%		3.50	%
Adjusted return on average equity (non-GAAP)		3.57	%		3.51	%		3.25	%		2.98	%		3.50	%

Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted return on average tangible equity:
Total average equity	$	745,225		$	747,850		$	750,678		$	751,070		$	844,782
Less: average goodwill		(113,525	)		(113,525	)		(113,525	)		(113,525	)		(210,895	)
Less: average other intangible assets		(1,636	)		(1,761	)		(1,886	)		(2,006	)		(2,138	)
Total average tangible equity	$	630,064		$	632,564		$	635,267		$	635,539		$	631,749

Return on average tangible equity (non-GAAP)		4.28	%		4.21	%		3.89	%		3.33	%		4.68	%
Adjusted return on average tangible equity (non-GAAP)		4.28	%		4.21	%		3.89	%		3.58	%		4.68	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	30,390		$	29,561		$	29,786		$	126,551		$	29,059
Non-recurring transactions:
Goodwill impairment		—			—			—			(97,370	)		—
Non-interest expense (non-GAAP)	$	30,390		$	29,561		$	29,786		$	29,181		$	29,059

Non-interest expense ratio (GAAP)		1.59	%		1.55	%		1.55	%		6.58	%		1.48	%
Adjusted non-interest expense ratio (non-GAAP)		1.59	%		1.55	%		1.55	%		1.52	%		1.48	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	30,390		$	29,561		$	29,786		$	29,181		$	29,059

Net interest income (GAAP)	$	34,042		$	32,612		$	32,446		$	33,276		$	34,319
Total non-interest income (GAAP)		4,562			4,873			4,626			5,806			4,203
Non-recurring transactions:
Net effect of bank-owned life insurance restructure		—			—			—			392			—
Total revenue (non-GAAP)	$	38,604		$	37,485		$	37,072		$	39,474		$	38,522

Efficiency ratio (GAAP)		78.72	%		78.86	%		80.35	%		323.81	%		75.43	%
Adjusted efficiency ratio (non-GAAP)		78.72	%		78.86	%		80.35	%		73.92	%		75.43	%

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

The MIL Network –

April 25, 2025

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.

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

The MIL Network –

April 25, 2025

MIL-OSI Economics: Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council

Source: ASEAN

KUCHING, Sarawak, Malaysia, 24 April 2025 – The 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council successfully concluded today. “As the ASCC Blueprint 2025 draws near to its conclusion, the ASCC has taken proactive steps in future-proofing its post-2025 future with the ASCC Strategic Plan, which presents a holistic strategy and measures anchored on sectoral priorities and people’s aspirations.” Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered this optimistic message at the opening of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council on 24 April, in Kuching, Sarawak, Malaysia.

The ASCC Council Meeting brought together Ministers and representatives of ASEAN Member States to discuss the path forward for the ASEAN Socio-Cultural Community, ensuring that it is aligned with the ASEAN Community Vision 2045. The Meeting was presided over by Dato Sri Tiong King Sing, Malaysia’s Minister of Tourism, Arts and Culture and the current chair of the ASCC Council. Representatives from Timor-Leste also joined the meeting as Observers.

In his opening message, Dr. Kao Kim Hourn spoke about the ASCC Strategic Plan’s emphasis on deepening engagement with partners and strengthening collaboration with other pillars to address urgent crosscutting challenges, especially in the areas of climate resilience, disaster risk reduction and management, and narrowing the development gaps.

Minister Tiong King Sing lauded the Ad Hoc Working Group and all the sectoral bodies who worked on the ASCC Strategic Plan and highlighted the need to support and sustain its implementation to achieve the ASEAN Community Vision 2045 of a resilient, innovative, dynamic, and people-centred ASEAN. He also reiterated Malaysia’s commitment in advancing inclusivity, creating fair opportunities for all levels of society, and ensuring that no one is left behind.

At the meeting, the ASCC Council likewise affirmed its support for key priorities under the ASCC Chairmanship of Malaysia that include the following:

(i) Cultural Heritage for Value Creation
(ii) Artificial Intelligence, Digitalisation and Green Jobs towards Future Proofing Skills and Talents for ASEAN
(iii) Healthy ASEAN Initiatives Towards a Prosperous ASEAN
(iv) Youth and Sports Potential for All to Foster Growth, Unity and Excellence
(v) Climate Action for Stewardship, Partnership and Ownership.

The ASCC Council also endorsed three outcome documents for adoption and notation at the upcoming 46th ASEAN Summit on 26 May 2025, in Kuala Lumpur, namely the ASEAN Declaration of Commitment on ASEAN Drug Security and Self-Reliance (ADSSR), Checklist for ASEAN Member State governments, labour recruiters and employers of migrant workers on fair recruitment and decent employment practices, and 33rd ASCC Council Report to the 46th ASEAN Summit, while the ASEAN Creative Economy Sustainability Framework will be endorsed via ad referendum.

The meeting concluded with the Ministers and representatives expressing their unanimous support for the ASCC Strategic Plan, and demonstrating a renewed vigour to help realise the ASEAN Community Vision 2045.

Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
The post Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council appeared first on ASEAN Main Portal.

MIL OSI Economics –

April 25, 2025

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 –

April 25, 2025

MIL-OSI: Wearable Devices Unveils Revolutionary Gesture Mapper for Mudra Link, Ushering in a New Era of Personalized Neural Control

Source: GlobeNewswire (MIL-OSI)

The new feature empowers users to customize intuitive and touchless interactions, transforming the way they control their digital world.

YOKNEAM ILLIT, ISRAEL, April 24, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced a major update to its Mudra Link product – transforming it into a personalized neural wristband controller worn on the wrist.

The new Mudra Link Gesture Mapper feature allows users to assign personalized input commands to specific gestures, enabling intuitive, touchless control across multiple compatible devices and operating systems. By customizing their interaction experience, users can streamline workflows, enhance accessibility, and enjoy more natural, hands-free operation.

The Mudra Link gesture mapper offers both computer mouse functionality and directional pad functionality. Users may configure a tap gesture to be a left or right mouse button click, and gestures like pinch and slide or double-tap to any keyboard key. This flexibility allows users to replace or augment traditional input methods, enabling more efficient, accessible, and personalized control across a wide range of devices and applications.

“The Mudra Link is heralding an era of wearable brain-computer interface, as it is an established product in the neural wristband product category for user input and interaction,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “With Gesture Mapper, we set out to make neural input as intuitive and accessible as possible. This feature not only delivers immediate value through customizable gestures but also invites a growing community to explore new ways of interacting with technology.”

A video of the new Mudra Link Gesture Mapper feature is available here: https://www.youtube.com/shorts/5H9RrflYjOY.

About Wearable Devices

Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) is a growth company pioneering human-computer interaction through its AI-powered neural input touchless technology. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s consumer products – the Mudra Band and Mudra Link – are defining the neural input category both for wrist-worn devices and for brain-computer interfaces. These products enable touch-free, intuitive control of digital devices using gestures across multiple operating systems.

Operating through a dual-channel model of direct-to-consumer sales and enterprise licensing and collaborations, Wearable Devices empowers consumers with stylish, functional wearables for enhanced experiences in gaming, productivity, and extended reality (XR). In the business sector, the Company provides enterprise partners with advanced input solutions for immersive and interactive environments, from AR/VR/XR to smart environments.

By setting the standard for neural input in the XR ecosystem, Wearable Devices is shaping the future of seamless, natural user experiences across some of the world’s fastest-growing tech markets. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq Capital Market under the symbols “WLDS” and “WLDSW,” respectively.

Forward-Looking Statements Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our products and technology, our aim to make neural input as intuitive and accessible as possible, and our future new updates. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact
Michal Efraty
IR@wearabledevices.co.il

The MIL Network –

April 25, 2025

MIL-OSI: Microchip Unveils New High-Density Power Module for AI at the Edge Applications

Source: GlobeNewswire (MIL-OSI)

CHANDLER, Ariz., April 24, 2025 (GLOBE NEWSWIRE) — AI at the edge is driving increased integration and power consumption, requiring advanced power management solutions for industrial automation and data center applications. Microchip Technology (Nasdaq: MCHP) today announces the MCPF1412, a highly efficient and fully integrated point-of-load 12A power module with a 16V V_IN buck converter and support for I²C and PMBus^® interfaces.

The MCPF1412 power module is designed to deliver superior performance and reliability, ensuring efficient power conversion and reduced energy loss. Its compact form factor of 5.8 mm × 4.9 mm × 1.6 mm and innovative Land Grid Array (LDA) package significantly reduce the required board space by over 40% compared to traditional discrete solutions. This reduction in size, coupled with enhanced reliability and minimized PCB switching and RF noise, positions the MCPF1412 as a leading industry device.

“The MCPF1412 is highly compatible with our FPGAs and PCIe^® solutions, providing a comprehensive solution for Microchip customers,” said Rudy Jaramillo, vice president of Microchip’s analog power interface division. “This innovative solution minimizes space usage by reducing chip placements when combined with other Microchip devices.”

The MCPF1412M06 is a versatile device that offers significant flexibility for configuration and system monitoring through the I²C and PMBus interfaces. Additionally, it supports standalone operation without a digital interface, allowing designers to easily configure output voltages using simple resistor divider adjustments and monitor the system via the Power Good output.

Other key features of the MCPF1412 include multiple diagnostic functions such as over-temperature, over-current and over-voltage protection for improved performance and reliability. The operating temperature range is TJ −40°C to +125°C. An on-board embedded EEPROM is available for programming the default power-up configuration.

Microchip offers a wide range of DC-DC power modules with input voltages from 5.5-70V, available in ultra-compact, rugged and thermally enhanced packaging to improve high power density. To learn more about Microchip’s power modules, visit the web page. For more information about the MCPF1412 power module, please visit the product web page.

Development Tools

The MCPF1412 is supported by the EV37R94A Evaluation Board and GUI to help developers evaluate their design.

Pricing and Availability

The MCPF1412 is available for $5.10 each in 10,000-unit quantities. For additional information and to purchase, contact a Microchip sales representative, authorized worldwide distributor or visit Microchip’s Purchasing and Client Services website, www.microchipdirect.com.

Resources

High-res images available through Flickr or editorial contact (feel free to publish):
·Application image: www.flickr.com/photos/microchiptechnology/54429465685/sizes/l

About Microchip Technology:
Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve over 100,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

The MIL Network –

April 25, 2025

MIL-OSI: ClearScale Signs New Strategic Collaboration Agreement with AWS to Empower Small and Medium-Sized Businesses to Accelerate Value in the Cloud

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 24, 2025 (GLOBE NEWSWIRE) — ClearScale, an AWS Premier Tier Services Partner and cloud consulting company, announced today it has signed a multi-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) as part of the recently introduced Small Business Acceleration Initiative (SBAI), an initiative designed to drive small and medium-sized business digital customer transformation at scale.

Through this agreement, ClearScale will partner with SBAI teams to drive innovation and propel customers who are experiencing rapid growth and dynamic business environments, to realize the value of AWS.

“We are expanding our collaboration with AWS to empower small and medium sized customers to realize and experience the benefits of building cloud native applications, retire legacy debt and harness the power of Data and Analytics to scale their rapidly growing businesses,” said Rich Janson, CRO of ClearScale. “Having led 400+ successful Migration and Modernization engagements across today’s most demanding industries, our goal is to take companies who are experiencing exponential growth and empower them to realize the value of AWS to achieve their business goals.”

ClearScale meets customers where they are on their cloud adoption journey, partnering with them through all phases—from business case creation and modernization inception to execution and optimization—aligning data, analytics, and generative AI data readiness with their desired business outcomes to drive growth.

“Through our collaboration with ClearScale, we developed a scalable, AI-powered mobile app that delivers tailored legal advice in under 30 seconds — making legal insights accessible to those who need it most. Leveraging AWS technologies like Amazon Bedrock, we created a cutting-edge solution capable of supporting up to 250,000 monthly users with room for growth,” Dave Smith, Newton’s Law CEO.

ClearScale helps SMB customers across various industries achieve their business goals through cloud adoption. Our broad service portfolio, industry knowledge, and modernization expertise enable us to accelerate their cloud journey and ensure their continued success.

For more information on ClearScale and their Migration/Modernization portfolio please visit: ClearScale

About ClearScale

ClearScale is a professional services company and an all-in AWS Premier Tier Services Partner that helps business leaders create clear business value at speed and scale. We combine our expertise in workload migrations, cloud-native systems integration, strategic consulting, application development, modernization, data, and AI to empower leaders in solving their most critical business challenges and positioning their organizations for growth.

As an industry-leading AWS Premier Tier Services Partner, ClearScale delivers award-winning experience and expertise across AWS industries and competencies. Our core service areas include AWS Foundations & Migrations, Cloud-Native Application Development, Infrastructure & DevOps Modernization, Data Modernization & Analytics, Application Modernization, Artificial Intelligence & MLOps, and Generative AI.

Contact:
Kevin Wolf
kevin@tgprllc.com

The MIL Network –

April 25, 2025

MIL-OSI: First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

First Quarter 2025 Highlights:

Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share¹of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share¹in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
The efficiency ratio totaled 54.54% for the quarter.

“The first quarter was a strong start to the year with healthy loan growth and increasing profitability,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress.”

First Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders¹ of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share¹ of $0.85 per share.

Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

¹ See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,
	2025			2024
ASSETS
Cash and due from banks	$	86,113		$	100,514
Interest-bearing deposits		331,534			410,497
Investment securities available for sale		1,378,489			1,620,213
Investment securities held to maturity, net of allowance for credit losses		2,048,632			2,163,361
Loans held for sale		23,004			15,118
Loans		13,004,905			12,465,582
Less: Allowance for credit losses – loans		(192,031	)		(204,681	)
Net loans		12,812,874			12,260,901
Premises and equipment		128,749			132,706
Federal Home Loan Bank stock		45,006			41,758
Interest receivable		88,352			92,550
Goodwill		712,002			712,002
Other intangibles		18,302			25,142
Cash surrender value of life insurance		304,918			306,028
Other real estate owned		4,966			4,886
Tax asset, deferred and receivable		87,665			101,121
Other assets		369,181			331,006
TOTAL ASSETS	$	18,439,787		$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$	2,185,057		$	2,338,364
Interest-bearing		12,276,921			12,546,220
Total Deposits		14,461,978			14,884,584
Borrowings:
Federal funds purchased		185,000			—
Securities sold under repurchase agreements		122,947			130,264
Federal Home Loan Bank advances		972,478			612,778
Subordinated debentures and other borrowings		62,619			118,612
Total Borrowings		1,343,044			861,654
Interest payable		13,304			19,262
Other liabilities		289,247			327,500
Total Liabilities		16,107,573			16,093,000
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 57,810,232 and 58,564,819 shares		7,226			7,321
Additional paid-in capital		1,183,263			1,208,447
Retained earnings		1,306,911			1,181,939
Accumulated other comprehensive loss		(190,311	)		(198,029	)
Total Stockholders’ Equity		2,332,214			2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,439,787		$	18,317,803


CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)	March 31,
	2025			2024
INTEREST INCOME
Loans:
Taxable	$	187,728		$	198,023
Tax-exempt		10,532			8,190
Investment securities:
Taxable		8,372			8,748
Tax-exempt		12,517			13,611
Deposits with financial institutions		2,372			6,493
Federal Home Loan Bank stock		997			835
Total Interest Income		222,518			235,900
INTEREST EXPENSE
Deposits		80,547			98,285
Federal funds purchased		812			—
Securities sold under repurchase agreements		742			1,032
Federal Home Loan Bank advances		9,364			6,773
Subordinated debentures and other borrowings		783			2,747
Total Interest Expense		92,248			108,837
NET INTEREST INCOME		130,270			127,063
Provision for credit losses		4,200			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,070			125,063
NONINTEREST INCOME
Service charges on deposit accounts		8,072			7,907
Fiduciary and wealth management fees		8,644			8,200
Card payment fees		4,526			4,500
Net gains and fees on sales of loans		5,022			3,254
Derivative hedge fees		404			263
Other customer fees		415			427
Earnings on cash surrender value of life insurance		2,179			1,592
Net realized losses on sales of available for sale securities		(7	)		(2	)
Other income		793			497
Total Noninterest Income		30,048			26,638
NONINTEREST EXPENSES
Salaries and employee benefits		54,982			58,293
Net occupancy		7,216			7,312
Equipment		7,008			6,226
Marketing		1,353			1,198
Outside data processing fees		5,929			6,889
Printing and office supplies		347			353
Intangible asset amortization		1,526			1,957
FDIC assessments		3,648			4,287
Other real estate owned and foreclosure expenses		600			534
Professional and other outside services		3,261			3,952
Other expenses		7,032			5,934
Total Noninterest Expenses		92,902			96,935
INCOME BEFORE INCOME TAX		63,216			54,766
Income tax expense		7,877			6,825
NET INCOME		55,339			47,941
Preferred stock dividends		469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	54,870		$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.95		$	0.80
Diluted Net Income Available to Common Stockholders	$	0.94		$	0.80
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34
Tangible Common Book Value Per Share	$	27.34		$	25.07
Average Diluted Common Shares Outstanding (in thousands)		58,242			59,273


FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended
	March 31,
	2025			2024
NET CHARGE-OFFS	$	4,926		$	2,253

AVERAGE BALANCES:
Total Assets	$	18,341,738		$	18,430,521
Total Loans		12,941,353			12,477,066
Total Earning Assets		16,960,475			17,123,851
Total Deposits		14,419,338			14,881,205
Total Stockholders’ Equity		2,340,874			2,242,139

FINANCIAL RATIOS:
Return on Average Assets		1.21	%		1.04	%
Return on Average Stockholders’ Equity		9.38			8.47
Return on Tangible Common Stockholders’ Equity		14.12			13.21
Average Earning Assets to Average Assets		92.47			92.91
Allowance for Credit Losses – Loans as % of Total Loans		1.47			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.15			0.07
Average Stockholders’ Equity to Average Assets		12.76			12.17
Tax Equivalent Yield on Average Earning Assets		5.39			5.65
Interest Expense/Average Earning Assets		2.17			2.55
Net Interest Margin (FTE) on Average Earning Assets		3.22			3.10
Efficiency Ratio		54.54			59.21


NONPERFORMING ASSETS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Nonaccrual Loans	$	81,922		$	73,773		$	59,088		$	61,906		$	62,478
Other Real Estate Owned and Repossessions		4,966			4,948			5,247			4,824			4,886
Nonperforming Assets (NPA)		86,888			78,721			64,335			66,730			67,364
90+ Days Delinquent		4,280			5,902			14,105			1,686			2,838
NPAs & 90 Day Delinquent	$	91,168		$	84,623		$	78,440		$	68,416		$	70,202

Allowance for Credit Losses – Loans	$	192,031		$	192,757		$	187,828		$	189,537		$	204,681
Quarterly Net Charge-offs		4,926			771			6,709			39,644			2,253
NPAs / Actual Assets %		0.47	%		0.43	%		0.35	%		0.36	%		0.37	%
NPAs & 90 Day / Actual Assets %		0.49	%		0.46	%		0.43	%		0.37	%		0.38	%
NPAs / Actual Loans and OREO %		0.67	%		0.61	%		0.51	%		0.53	%		0.54	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.47	%		1.50	%		1.48	%		1.50	%		1.64	%
Net Charge-offs as % of Average Loans (Annualized)		0.15	%		0.02	%		0.21	%		1.26	%		0.07	%


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	86,113		$	87,616		$	84,719		$	105,372		$	100,514
Interest-bearing deposits		331,534			298,891			359,126			168,528			410,497
Investment securities available for sale		1,378,489			1,386,475			1,553,496			1,618,893			1,620,213
Investment securities held to maturity, net of allowance for credit losses		2,048,632			2,074,220			2,108,649			2,134,195			2,163,361
Loans held for sale		23,004			18,663			40,652			32,292			15,118
Loans		13,004,905			12,854,359			12,646,808			12,639,650			12,465,582
Less: Allowance for credit losses – loans		(192,031	)		(192,757	)		(187,828	)		(189,537	)		(204,681	)
Net loans		12,812,874			12,661,602			12,458,980			12,450,113			12,260,901
Premises and equipment		128,749			129,743			129,582			133,245			132,706
Federal Home Loan Bank stock		45,006			41,690			41,716			41,738			41,758
Interest receivable		88,352			91,829			92,055			97,546			92,550
Goodwill		712,002			712,002			712,002			712,002			712,002
Other intangibles		18,302			19,828			21,599			23,371			25,142
Cash surrender value of life insurance		304,918			304,906			304,613			306,379			306,028
Other real estate owned		4,966			4,948			5,247			4,824			4,886
Tax asset, deferred and receivable		87,665			92,387			86,732			107,080			101,121
Other assets		369,181			387,169			348,384			367,845			331,006
TOTAL ASSETS	$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$	2,185,057		$	2,325,579		$	2,334,197		$	2,303,313		$	2,338,364
Interest-bearing		12,276,921			12,196,047			12,030,903			12,265,757			12,546,220
Total Deposits		14,461,978			14,521,626			14,365,100			14,569,070			14,884,584
Borrowings:
Federal funds purchased		185,000			99,226			30,000			147,229			—
Securities sold under repurchase agreements		122,947			142,876			124,894			100,451			130,264
Federal Home Loan Bank advances		972,478			822,554			832,629			832,703			612,778
Subordinated debentures and other borrowings		62,619			93,529			93,562			93,589			118,612
Total Borrowings		1,343,044			1,158,185			1,081,085			1,173,972			861,654
Deposits and other liabilities held for sale		—			—			288,476			—			—
Interest payable		13,304			16,102			18,089			18,554			19,262
Other liabilities		289,247			311,073			292,429			329,302			327,500
Total Liabilities		16,107,573			16,006,986			16,045,179			16,090,898			16,093,000
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,226			7,247			7,265			7,256			7,321
Additional paid-in capital		1,183,263			1,188,768			1,192,683			1,191,193			1,208,447
Retained earnings		1,306,911			1,272,528			1,229,125			1,200,930			1,181,939
Accumulated other comprehensive loss		(190,311	)		(188,685	)		(151,825	)		(211,979	)		(198,029	)
Total Stockholders’ Equity		2,332,214			2,304,983			2,302,373			2,212,525			2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
INTEREST INCOME
Loans:
Taxable	$	187,728		$	197,536		$	206,680		$	201,413		$	198,023
Tax-exempt		10,532			9,020			8,622			8,430			8,190
Investment securities:
Taxable		8,372			9,024			9,263			9,051			8,748
Tax-exempt		12,517			12,754			13,509			13,613			13,611
Deposits with financial institutions		2,372			5,350			2,154			2,995			6,493
Federal Home Loan Bank stock		997			958			855			879			835
Total Interest Income		222,518			234,642			241,083			236,381			235,900
INTEREST EXPENSE
Deposits		80,547			89,835			98,856			99,151			98,285
Federal funds purchased		812			26			329			126			—
Securities sold under repurchase agreements		742			680			700			645			1,032
Federal Home Loan Bank advances		9,364			8,171			8,544			6,398			6,773
Subordinated debentures and other borrowings		783			1,560			1,544			1,490			2,747
Total Interest Expense		92,248			100,272			109,973			107,810			108,837
NET INTEREST INCOME		130,270			134,370			131,110			128,571			127,063
Provision for credit losses		4,200			4,200			5,000			24,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,070			130,170			126,110			104,071			125,063
NONINTEREST INCOME
Service charges on deposit accounts		8,072			8,124			8,361			8,214			7,907
Fiduciary and wealth management fees		8,644			8,665			8,525			8,825			8,200
Card payment fees		4,526			4,957			5,121			4,739			4,500
Net gains and fees on sales of loans		5,022			5,681			6,764			5,141			3,254
Derivative hedge fees		404			1,594			736			489			263
Other customer fees		415			316			344			460			427
Earnings on cash surrender value of life insurance		2,179			2,188			2,755			1,929			1,592
Net realized losses on sales of available for sale securities		(7	)		(11,592	)		(9,114	)		(49	)		(2	)
Gain on branch sale		—			19,983			—			—			—
Other income		793			2,826			1,374			1,586			497
Total Noninterest Income		30,048			42,742			24,866			31,334			26,638
NONINTEREST EXPENSES
Salaries and employee benefits		54,982			55,437			55,223			52,214			58,293
Net occupancy		7,216			7,335			6,994			6,746			7,312
Equipment		7,008			7,028			6,949			6,599			6,226
Marketing		1,353			2,582			1,836			1,773			1,198
Outside data processing fees		5,929			6,029			7,150			7,072			6,889
Printing and office supplies		347			377			378			354			353
Intangible asset amortization		1,526			1,771			1,772			1,771			1,957
FDIC assessments		3,648			3,744			3,720			3,278			4,287
Other real estate owned and foreclosure expenses		600			227			942			373			534
Professional and other outside services		3,261			3,777			3,035			3,822			3,952
Other expenses		7,032			7,982			6,630			7,411			5,934
Total Noninterest Expenses		92,902			96,289			94,629			91,413			96,935
INCOME BEFORE INCOME TAX		63,216			76,623			56,347			43,992			54,766
Income tax expense		7,877			12,274			7,160			4,067			6,825
NET INCOME		55,339			64,349			49,187			39,925			47,941
Preferred stock dividends		469			469			468			469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.95		$	1.10		$	0.84		$	0.68		$	0.80
Diluted Net Income Available to Common Stockholders	$	0.94		$	1.10		$	0.84		$	0.68		$	0.80
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.35		$	0.35		$	0.34
Tangible Common Book Value Per Share	$	27.34		$	26.78		$	26.64		$	25.10		$	25.07
Average Diluted Common Shares Outstanding (in thousands)		58,242			58,247			58,289			58,328			59,273
FINANCIAL RATIOS:
Return on Average Assets		1.21	%		1.39	%		1.07	%		0.87	%		1.04	%
Return on Average Stockholders’ Equity		9.38			11.05			8.66			7.16			8.47
Return on Tangible Common Stockholders’ Equity		14.12			16.75			13.39			11.29			13.21
Average Earning Assets to Average Assets		92.47			92.48			92.54			92.81			92.91
Allowance for Credit Losses – Loans as % of Total Loans		1.47			1.50			1.48			1.50			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.15			0.02			0.21			1.26			0.07
Average Stockholders’ Equity to Average Assets		12.76			12.51			12.26			12.02			12.17
Tax Equivalent Yield on Average Earning Assets		5.39			5.63			5.82			5.69			5.65
Interest Expense/Average Earning Assets		2.17			2.35			2.59			2.53			2.55
Net Interest Margin (FTE) on Average Earning Assets		3.22			3.28			3.23			3.16			3.10
Efficiency Ratio		54.54			48.48			53.76			53.84			59.21


LOANS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Commercial and industrial loans	$	4,306,597		$	4,114,292		$	4,041,217		$	3,949,817		$	3,722,365
Agricultural land, production and other loans to farmers		243,864			256,312			238,743			239,926			234,431
Real estate loans:
Construction		793,175			792,144			814,704			823,267			941,726
Commercial real estate, non-owner occupied		2,177,869			2,274,016			2,251,351			2,323,533			2,368,360
Commercial real estate, owner occupied		1,214,739			1,157,944			1,152,751			1,174,195			1,137,894
Residential		2,389,852			2,374,729			2,366,943			2,370,905			2,316,490
Home equity		650,499			659,811			641,188			631,104			618,258
Individuals’ loans for household and other personal expenditures		140,954			166,028			158,480			162,089			161,459
Public finance and other commercial loans		1,087,356			1,059,083			981,431			964,814			964,599
Loans		13,004,905			12,854,359			12,646,808			12,639,650			12,465,582
Allowance for credit losses – loans		(192,031	)		(192,757	)		(187,828	)		(189,537	)		(204,681	)
NET LOANS	$	12,812,874		$	12,661,602		$	12,458,980		$	12,450,113		$	12,260,901

DEPOSITS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Demand deposits	$	7,786,554	$	7,980,061	$	7,678,510	$	7,757,679	$	7,771,976
Savings deposits		4,791,874		4,522,758		4,302,236		4,339,161		4,679,593
Certificates and other time deposits of $100,000 or more		896,143		1,043,068		1,277,833		1,415,131		1,451,443
Certificates and other time deposits of $100,000 or less		625,203		692,068		802,949		889,949		901,280
Brokered certificates of deposits¹		362,204		283,671		303,572		167,150		80,292
TOTAL DEPOSITS	$	14,461,978	$	14,521,626	$	14,365,100	$	14,569,070	$	14,884,584

^{1 –} Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	March 31, 2025						March 31, 2024
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	294,016	$	2,372	3.23	%	$	575,699	$	6,493	4.51	%
Federal Home Loan Bank stock		43,980		997	9.07			41,764		835	8.00
Investment Securities: ⁽¹⁾
Taxable		1,634,452		8,372	2.05			1,783,057		8,748	1.96
Tax-exempt ⁽²⁾		2,046,674		15,844	3.10			2,246,265		17,229	3.07
Total Investment Securities		3,681,126		24,216	2.63			4,029,322		25,977	2.58
Loans held for sale		20,965		319	6.09			21,782		328	6.02
Loans: ⁽³⁾
Commercial		8,770,282		147,772	6.74			8,598,110		159,209	7.41
Real estate mortgage		2,191,384		24,446	4.46			2,130,947		22,357	4.20
HELOC and installment		828,874		15,191	7.33			821,815		16,129	7.85
Tax-exempt ⁽²⁾		1,129,848		13,332	4.72			904,412		10,367	4.59
Total Loans		12,941,353		201,060	6.21			12,477,066		208,390	6.68
Total Earning Assets		16,960,475		228,645	5.39	%		17,123,851		241,695	5.65	%
Total Non-Earning Assets		1,381,263						1,306,670
TOTAL ASSETS	$	18,341,738					$	18,430,521
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,522,434	$	34,606	2.51	%	$	5,419,821	$	39,491	2.91	%
Money market deposits		3,437,998		25,952	3.02			3,045,478		27,383	3.60
Savings deposits		1,299,405		2,445	0.75			1,559,877		3,801	0.97
Certificates and other time deposits		1,947,854		17,544	3.60			2,427,859		27,610	4.55
Total Interest-Bearing Deposits		12,207,691		80,547	2.64			12,453,035		98,285	3.16
Borrowings		1,262,926		11,701	3.71			1,011,812		10,552	4.17
Total Interest-Bearing Liabilities		13,470,617		92,248	2.74			13,464,847		108,837	3.23
Noninterest-bearing deposits		2,211,647						2,428,170
Other liabilities		318,600						295,365
Total Liabilities		16,000,864						16,188,382
STOCKHOLDERS’ EQUITY		2,340,874						2,242,139
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,341,738		92,248			$	18,430,521		108,837
Net Interest Income (FTE)			$	136,397					$	132,858
Net Interest Spread (FTE) ⁽⁴⁾					2.65	%					2.42	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.39	%					5.65	%
Interest Expense / Average Earning Assets					2.17	%					2.55	%
Net Interest Margin (FTE) ⁽⁵⁾					3.22	%					3.10	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Net Income Available to Common Stockholders – GAAP	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Adjustments:
Net realized losses on sales of available for sale securities		7			11,592			9,114			49			2
Gain on branch sale		—			(19,983	)		—			—			—
Non-core expenses^1,2		—			762			—			—			3,481
Tax on adjustments		(2	)		1,851			(2,220	)		(12	)		(848	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	54,875		$	58,102		$	55,613		$	39,493		$	50,107

Average Diluted Common Shares Outstanding (in thousands)		58,242			58,247			58,289			58,328			59,273

Diluted Earnings Per Common Share – GAAP	$	0.94		$	1.10		$	0.84		$	0.68		$	0.80
Adjustments:
Net realized losses on sales of available for sale securities		—			0.20			0.15			—			—
Gain on branch sale		—			(0.34	)		—			—			—
Non-core expenses^1,2		—			0.01			—			—			0.06
Tax on adjustments		—			0.03			(0.04	)		—			(0.01	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	0.94		$	1.00		$	0.95		$	0.68		$	0.85

¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.


NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Net Interest Income (GAAP)	$	130,270		$	134,370		$	131,110		$	128,571		$	127,063
Fully Taxable Equivalent (“FTE”) Adjustment		6,127			5,788			5,883			5,859			5,795
Net Interest Income (FTE) (non-GAAP)	$	136,397		$	140,158		$	136,993		$	134,430		$	132,858

Average Earning Assets (GAAP)	$	16,960,475		$	17,089,198		$	16,990,358		$	17,013,984		$	17,123,851
Net Interest Margin (GAAP)		3.07	%		3.15	%		3.09	%		3.02	%		2.97	%
Net Interest Margin (FTE) (non-GAAP)		3.22	%		3.28	%		3.23	%		3.16	%		3.10	%

RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Total Average Stockholders’ Equity (GAAP)	$	2,340,874		$	2,312,270		$	2,251,547		$	2,203,361		$	2,242,139
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(726,917	)		(728,218	)		(729,581	)		(730,980	)		(732,432	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,588,832		$	1,558,927		$	1,496,841		$	1,447,256		$	1,484,582

Net Income Available to Common Stockholders (GAAP)	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Plus: Intangible Asset Amortization, Net of Tax		1,206			1,399			1,399			1,399			1,546
Tangible Net Income (Non-GAAP)	$	56,076		$	65,279		$	50,118		$	40,855		$	49,018

Return on Tangible Common Equity (Non-GAAP)		14.12	%		16.75	%		13.39	%		11.29	%		13.21	%

EFFICIENCY RATIO – NON-GAAP
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Non Interest Expense (GAAP)	$	92,902		$	96,289		$	94,629		$	91,413		$	96,935
Less: Intangible Asset Amortization		(1,526	)		(1,771	)		(1,772	)		(1,771	)		(1,957	)
Less: OREO and Foreclosure Expenses		(600	)		(227	)		(942	)		(373	)		(534	)
Adjusted Non Interest Expense (Non-GAAP)	$	90,776		$	94,291		$	91,915		$	89,269		$	94,444

Net Interest Income (GAAP)	$	130,270		$	134,370		$	131,110		$	128,571		$	127,063
Plus: Fully Taxable Equivalent Adjustment		6,127			5,788			5,883			5,859			5,795
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	136,397		$	140,158		$	136,993		$	134,430		$	132,858

Non Interest Income (GAAP)	$	30,048		$	42,742		$	24,866		$	31,334		$	26,638
Less: Investment Securities (Gains) Losses		7			11,592			9,114			49			2
Adjusted Non Interest Income (Non-GAAP)	$	30,055		$	54,334		$	33,980		$	31,383		$	26,640
Adjusted Revenue (Non-GAAP)	$	166,452		$	194,492		$	170,973		$	165,813		$	159,498
Efficiency Ratio (Non-GAAP)		54.54	%		48.48	%		53.76	%		53.84	%		59.21	%

Adjusted Non Interest Expense (Non-GAAP)	$	90,776		$	94,291		$	91,915		$	89,269		$	94,444
Less: Non-core Expenses^1,2		—			(762	)		—			—			(3,481	)
Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP)	$	90,776		$	93,529		$	91,915		$	89,269		$	90,963

Adjusted Revenue (Non-GAAP)	$	166,452		$	194,492		$	170,973		$	165,813		$	159,498
Less: Gain on Branch Sale		—			(19,983	)		—			—			—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	166,452		$	174,509		$	170,973		$	165,813		$	159,498
Adjusted Efficiency Ratio (Non-GAAP)		54.54	%		53.60	%		53.76	%		53.84	%		57.03	%
¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

April 25, 2025

MIL-OSI: Diginex and Baker Tilly Singapore Announce Strategic Alliance to Deliver diginexESG Platform to Baker Tilly ’s Clients

Source: GlobeNewswire (MIL-OSI)

LONDON, April 24, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company specializing in environmental, social, and governance (ESG) solutions, and Baker Tilly Singapore (“Baker Tilly”), a globally recognized advisory, tax, and assurance firm, today announced a strategic alliance to integrate Diginex’s innovative diginexESG platform into Baker Tilly’s client offerings. This collaboration will empower Baker Tilly’s diverse client base to streamline ESG reporting, enhance compliance, and drive sustainable growth in response to increasing global demand for transparency and accountability.

The diginexESG platform, an award-winning cloud-based solution compatible with major frameworks such as GRI, SASB, and ISSB, provides end-to-end tools for topic discovery, data collection, and collaborative report publishing. Through this alliance, Baker Tilly’s clients across industries will gain access to diginexESG’s intuitive technology, supported by Baker Tilly’s deep expertise in ESG advisory, risk management, and business strategy. The strategic relationship aims to simplify the complexities of sustainability reporting while enabling clients to meet evolving regulatory requirements and investor expectations.

“We are excited to work with Baker Tilly, a trusted leader in professional services, to bring diginexESG to their clients,” said Mark Blick, CEO of Diginex. “This alliance aligns with our mission to democratize access to advanced ESG tools, helping organizations of all sizes achieve their sustainability goals while driving measurable impact.”

Joshua Ong, Managing Partner at Baker Tilly Singapore, said, “We are committed to delivering innovative solutions that add value to our clients’ businesses, while solving challenges that they may face with fragmented systems and resources. This alliance with Diginex provides a new platform that enhances our clients’ daily operations and helps them to make informed decisions in building resilient, future-ready businesses.”

“There is growing pressure in the Asia-Pacific region for companies to produce high-quality ESG data that meets global standards,” added Tina Thomas, Head of ESG & Sustainability at Baker Tilly Singapore.

The alliance comes at a critical time as businesses face heightened scrutiny from regulators, investors, and stakeholders to demonstrate robust ESG performance. Baker Tilly’s global network, combined with Diginex’s cutting-edge technology, positions both firms to set a new standard for ESG reporting and compliance.

About Diginex Limited

Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

For more information, please visit the Company’s website: https://www.diginex.com/.

About Baker Tilly Singapore
Baker Tilly Singapore is a full-service accounting and business advisory firm that offers industry-specialised services in assurance, tax and advisory. With a focus on serving entrepreneurs, family-owned businesses, not-for-profits, and listed companies, we help our clients plan for the future. Baker Tilly Singapore is an independent member of Baker Tilly International, one of the world’s 10 largest accounting and business advisory networks.

Baker Tilly Singapore offers a full suite of ESG services, including ESG assessment, strategy development, reporting and disclosure, stakeholder engagement, risk management, sustainability certification, ESG integration in investments, as well as training and education.

For more information on Baker Tilly Singapore’s services, visit www.bakertilly.sg.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

Media Contacts:

Diginex
Investor Relations
Email: ir@diginex.com

IR Contact – Europe
Anna Höffken
Phone: +49.40.609186.0
Email: diginex@kirchhoff.de

IR Contact – US
Kincade Ayers
Lambert by LLYC
Phone: +1 (616) 258-5794
Email: kincade.ayers@llyc.global

IR Contact – Asia
Shelly Cheng
Strategic Public Relations Group Ltd.
Phone: +852 2864 4857
Email: sprg_diginex@sprg.com.hk

Baker Tilly Singapore Contact
Darrick Chew
Marketing Manager
darrick.chew@bakertilly.sg

The MIL Network –

April 25, 2025

MIL-OSI: Applied Materials to Report Fiscal Second Quarter 2025 Results on May 15, 2025

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced that it will hold its fiscal second quarter 2025 earnings conference call on Thursday, May 15, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.

The call will be webcast live at: https://ir.appliedmaterials.com. A replay will be available on the same day beginning at 8:00 p.m. ET / 5:00 p.m. PT.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Liz Morali (financial community) 408.986.7977

The MIL Network –

April 25, 2025

MIL-OSI Economics: Independent Directors of Phillips 66 Issue Letter to Investors and Their Stewardship Teams

Source: Phillips

Encourages Honest, Independent Interrogation of Facts
Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company’s shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics.
In conjunction with today’s letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company’s strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term value for Phillips 66 shareholders.
The full text of the Board’s letter to investors and their stewardship teams follows:
Dear Phillips 66 Shareholders,
Due to the unique nature of shareholder engagement in 2025 and our concerns with the agenda Elliott is pushing, this letter is written directly to the stewardship teams, proxy advisers and all shareholders who prioritize strong corporate governance. This letter is intended to highlight critical areas for consideration that uniquely pertain to corporate governance, independence and transparency.
It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. Transparency allows shareholders to make informed decisions with full, complete and straight-forward information. Independence ensures that a Board is impartial, unbiased and objective in its pursuit of protecting the interests of all shareholders.
We have been surprised and concerned by the actions taken by Elliott in pursuit of its campaign to break-up Phillips 66. These actions, in our view, reveal a concerning disregard for good corporate governance, raise important questions of independence and demonstrate an alarming pattern of opaque disclosure.
There are serious questions about Elliott’s expectation of director loyalty.
Elliott is seeking to replace Bob Pease, a Board member it supported only one year ago.
Does this sudden switch in support, and Elliott’s own acknowledgment of its effort to have one-on-one conversations with Bob during the time he has been on our Board, suggest an expectation of loyalty to the activist and its thesis instead of fair evaluation of what is in the best interest of all shareholders?
Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott’s nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself.
Does this action further reveal an expectation of loyalty rather than true independence?
Elliott’s competitive interests merit careful attention.
Elliott’s subsidiary, Amber Energy, is in pursuit of a direct Phillips 66 competitor, CITGO. That pursuit has been ongoing for more than a year, and Elliott’s most recent bid for CITGO is valued meaningfully above the amount of Elliott’s investment in Phillips 66.
Elliott’s public solicitation materials do not clearly mention its pursuit of CITGO, or that multiple members of the Amber Energy leadership team have been directly involved in soliciting Phillips 66 shareholders.
On Elliott’s recent podcast episode, John Pike confirmed that the same Elliott professionals on their energy team invest in public equities and private situations. In other words, the same team that is investing in Phillips 66 is also leading the CITGO process.
At what point does pursuit of control of a company while trying influence the strategy of a direct competitor raise conflicts of interest concerns? Has Elliott adequately disclosed this competitive position to Phillips 66 shareholders? Should shareholders have legitimate concerns about how Elliott’s interests may differ from those of other Phillips 66 shareholders?
Elliott and affiliated parties have provided misleading, incomplete disclosure.
The CEO of Elliott’s Amber Energy, Gregory Goff, issued a public letter claiming to be merely an investor in Phillips 66 in support of Elliott’s campaign. The day prior to this letter, Mr. Goff had entered into an agreement with Elliott where Mr. Goff’s solicitation expenses would be paid for by Elliott. Mr. Goff’s letter does not mention Amber Energy or its ongoing pursuit of CITGO, and it does not mention this agreement with Elliott.
Why is Mr. Goff misleadingly soliciting Phillips 66 shareholders in his capacity as “a 40-year energy industry veteran and shareholder of Phillips 66” and not in his capacity as an interested Elliott employee? More importantly, why was that relationship not fully and clearly disclosed to Phillips 66 shareholders in the letter?
A number of Elliott’s nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott’s Amber Energy, these relationships call into question Elliott’s nominees’ independence.
Given Amber Energy’s role in the campaign against Phillips 66 and Mr. Goff’s highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott’s disclosures or the independence of Elliott’s nominees?
Elliott has put forth illegal corporate governance demands, masked by misleading communications.
As you know, we are fully committed to declassifying the Board so that each of our directors is up for election each year. Our last attempt to do so received approval from 73% of outstanding shares. With the attention this annual meeting is receiving, we are hoping that voter turnout will be higher than ever to achieve this important governance milestone.
But unlike Elliott, we want to do so legally, completely and without subjecting the Company to litigation and reputational harm.
Elliott is asking us to devise a slipshod workaround to declassify the Board in a de facto manner, without obtaining the required stockholder vote to do so. Put simply, if implemented, Elliott’s annual resignation proposal would contravene Delaware law, our Company’s charter and by-laws and our Board’s fiduciary duty to shareholders. Some resignation policies are acceptable, but not those with the specific purpose of evading a corporate charter. We will not establish the dangerous precedent of conveniently disregarding and circumventing our fundamental governing documents.
Don’t just take our word for it – a leading academic has said the proposal is “certainly creative; it is also, for three distinct reasons, illegal.”1We also received an advisory letter from a top Delaware law firm stating that, by implementing Elliott’s proposal, the Board would violate Delaware law and be exposed to potential claims for breaches of fiduciary duty. This leading law firm advised the Board not to implement Elliott’s proposal if passed.
Legal experts have also commented that shareholders are not accustomed to seeing proposals that violate state law because the SEC allows companies to exclude shareholder proposals submitted under Exchange Act Rule 14a-8 that would, if implemented, cause the company to violate applicable law. The difference, here, is that Elliott has included its proposal withinits ownproxy solicitation, which bypasses the SEC’s Rule 14a-8 vetting process and allows Elliott to present its proposal and the 2025 Annual Meeting. The Company never had a chance to exclude the proposal, which we believe we would have achieved under Rule 14a-8 based on the legal advice given by a leading Delaware law firm that the Company does not have the power to implement the proposal.
Do not be misled by Elliott’s claims that its mandatory resignation policy is legal because directors are already free to resign at any time, or its statements that its proposal is just voluntary. Any director canchooseto resign at any time, but a company policyrequiringsuch resignations to achieve de facto declassification is plainly illegal under well-settled Delaware law and our charter.Read for yourself – the plain text of Elliott’s proposal is arequirement, and the fact that directors can refuse to comply with it does not make it legitimate:“RESOLVED, that stockholders request that the Board adopt an annual election policy for directors, requiring each incumbent director (including directors with terms not set to expire at the next annual meeting) to deliver to the Board a letter of resignation effective at the next annual meeting of stockholders, each year prior to the nomination of director candidates for election at the annual meeting.”
Why is Elliott distracting from our actual efforts to declassify in a legal manner? Why does Elliott feel that companies should treat their governing documents as optional? Why does Elliott want shareholders to act as lawyers, rather than submitting its proposal in a manner that would have allowed the SEC to review it for illegality? What Pandora’s box would be opened if shareholders approved proposals that companies would have to breach their duties to implement?
Elliott’s lawsuit further exhibits its lack of transparency and preference for theatrics over engagement.
Do not believe Elliott’s misleading claims that this Board ever intended to reduce the size of the class standing for election. Unlike Elliott’s proposal, which treats our charter as an option, we respect our governing documents and their requirement that our classes be as nearly equal as possible.
Had Elliott waited just one more day – until March 26, the date Elliott was entitled to learn about our slate under the universal proxy rules – they would have seen that. Instead, they sought selective disclosure from us about our slate and then filed a lawsuit to compel what we were always planning to do – have four seats up for election this year.
Why did Elliott knowingly file a distracting lawsuit when it knew we would reveal our slate the next day in accordance with the universal proxy rules? Why did Elliott think it was entitled to selective disclosure?
In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions.
Sincerely,
Independent Directors of the Phillips 66 Board of Directors
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
Certain Information Regarding Participants
Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
1 Andrew Verstein, “How Not to De‑Classify a Board,” The CLS Blue Sky Blog, April 22, 2025. https://clsbluesky.law.columbia.edu/2025/04/22/how-not-to-de%E2%80%91classify-a-board/

Source: Phillips 66

MIL OSI Economics –

April 24, 2025

MIL-OSI: ConnectOne Bancorp, Inc. Reports First Quarter 2025 Results; Declares Common and Preferred Dividends

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD CLIFFS, N.J., April 24, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $18.7 million for the first quarter of 2025 compared with $18.9 million for the fourth quarter of 2024 and $15.7 million for the first quarter of 2024. Diluted earnings per share were $0.49 for the first quarter of 2025 compared with $0.49 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Return on average assets was 0.84%, 0.84% and 0.70% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Return on average tangible common equity was 8.25%, 8.27% and 7.15% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Operating net income available to common stockholders, which excludes non-operating items (primarily merger and branch closure related expenses), was $19.7 million for the first quarter of 2025, $20.2 million for the fourth quarter of 2024 and $15.9 million for the first quarter of 2024. Operating diluted earnings per share were $0.51 for the first quarter of 2025, $0.52 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Operating return on average assets was 0.88%, 0.90% and 0.71% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Operating return on average tangible common equity was 8.59%, 8.77% and 7.12% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.

Net income available to common stockholders and diluted earnings per share during the first quarter of 2025 were essentially flat when compared to the fourth quarter of 2024, reflecting modest changes in all statement of income categories. The increase of $3.0 million in net income available to common stockholders versus the first quarter of 2024 was primarily due to a $5.5 million increase in net interest income, a $0.5 million decrease in provision for credit losses and a $0.6 million increase in noninterest income, partially offset by a $2.2 million increase in noninterest expenses and a $1.3 million increase in income tax expense.

“We are pleased with ConnectOne’s solid performance to start the year, demonstrating disciplined execution across the organization,” said Frank Sorrentino, Chairman and Chief Executive Officer of ConnectOne. “We look forward to finalizing our planned merger with The First of Long Island Corporation in the second quarter- bringing together two highly compatible relationship focused institutions to create a premier New York Metro community bank, providing attractive opportunities for our combined client base and the markets we serve.”

“Our net interest margin widened meaningfully again as expected — increasing 7 basis points during the 2025 first quarter — driven by a strengthened balance sheet and favorable interest rate positioning. We anticipate this positive momentum to carry through the remainder of the year and into 2026, supporting continued margin expansion.” Mr. Sorrentino commented, “Although the loan portfolio contracted slightly since year-end, our loan pipeline is robust, backed by solid credits at attractive spreads, and continues to reflect steady, diversified growth.”

“Credit quality trends remained stable during the first quarter with nonaccrual loans decreasing to 0.61% of total loans and annualized quarterly charge-offs remaining below 0.18% for the fifth consecutive quarter,” Mr. Sorrentino added. “In addition, our tangible book value per share continues to build ahead of the merger, increasing by more than 3% since announcing the transaction, our loan to deposit ratio declined to 105.6%, and our regulatory CRE concentration ratio improved by 15 percentage points to 420%.”

Mr. Sorrentino concluded, “Although there is an increasing industry-wide focus on the impact of potential tariff policy on borrower health in various loan segments, our direct exposure to import/export-dependent segments is very limited. Our ongoing portfolio reviews have shown very limited disruption to date, and we remain confident in the stability and resilience of our credit portfolio.”

Dividend Declarations

The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on June 2, 2025, to common stockholders of record on May 15, 2025. A dividend of $0.328125 per depositary share, representing a 1/40^th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on June 2, 2025 to holders of record on May 15, 2025.

Operating Results

Fully taxable equivalent net interest income for the first quarter of 2025 was $65.8 million, an increase of $1.0 million, or 1.6%, from the fourth quarter of 2024, due to a seven basis-point widening of the net interest margin to 2.93% from 2.86%, and a 1.2% increase in average interest earning assets, partially offset by a lower day-count. The widening of the net interest margin was primarily due to a 21 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, partially offset by an 11 basis-point decline in the rate earned on interest-earning assets.

Fully taxable equivalent net interest income for the first quarter of 2025 increased by $5.5 million, or 9.0%, from the first quarter of 2024. The increase from the first quarter of 2024 resulted primarily from a 29 basis-point widening in the net interest margin to 2.93% from 2.64%. During the first quarter of 2025, average total loans decreased by $123.8 million, or 1.5% when compared to the first quarter of 2024. The widening of the net interest margin for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a 42 basis-point decrease in the average cost of total funds, including noninterest-bearing deposits, partially offset by a nine basis-point decrease in the loan portfolio yield.

Noninterest income was $4.5 million in the first quarter of 2025, $3.7 million in the fourth quarter of 2024 and $3.8 million in the first quarter of 2024. The $0.7 million increase in noninterest income for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.8 million increase in net gains on equity securities, including a $0.4 million gain on the sale of a strategic equity investment, and a $0.3 million decrease in net gains on sale of loans held-for-sale. The $0.6 million increase in noninterest income for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $0.4 million increase in deposit, loan and other income and a $0.4 million gain on the sale of a strategic equity investment, partially offset by a $0.2 million decrease in net gains on sale of loans held-for-sale.

Noninterest expenses were $39.3 million for the first quarter of 2025, $38.5 million for the fourth quarter of 2024 and $37.1 million for the first quarter of 2024. The $0.8 million increase in noninterest expenses for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.5 million increase in merger expenses, a $0.3 million increase in salaries and employee benefits and a $0.3 million bank owned life insurance (“BOLI”) restructuring charge in the first quarter of 2025, partially offset by a $0.5 million decrease in charges related to a branch closing in the fourth quarter of 2024. The $2.2 million increase in noninterest expenses for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $1.3 million increase in merger expenses, a $0.5 million increase in salaries and employee benefits and the aforementioned $0.3 million BOLI restructuring charge. The increases in merger expenses when compared to the fourth quarter of 2024 and the first quarter of 2024 are due to the planned merger with The First of Long Island Corporation.

Income tax expense was $7.2 million for the first quarter of 2025, $6.1 million for the fourth quarter of 2024 and $5.9 million for the first quarter of 2024. The effective tax rates for the first quarter of 2025, fourth quarter of 2024 and first quarter of 2024 were 26.1%, 23.0% and 25.5%, respectively. The effective tax rate for the fourth quarter of 2024 reflects year-end adjustments for the effective tax rate for the full-year 2024. The overall increase in the effective tax rate during the first quarter of 2025 when compared to the fourth quarter of 2024 and the first quarter of 2024 was due to an increase in income before income tax expense and a decrease in tax-free adjustments.

Asset Quality

The provision for credit losses was $3.5 million for the first quarter of 2025, $3.5 million for the fourth quarter of 2024 and $4.0 million for the first quarter of 2024. In each of the quarters presented, the provision for credit losses reflected net portfolio growth, charges related to individually evaluated loans, and changing economic forecasts and conditions.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $49.9 million as of March 31, 2025, $57.3 million as of December 31, 2024 and $47.4 million as of March 31, 2024. Nonperforming assets as a percentage of total assets were 0.51% as of March 31, 2025, 0.58% as of December 31, 2024 and 0.48% as of March 31, 2024. The ratio of nonaccrual loans to loans receivable was 0.61%, 0.69% and 0.57%, as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The annualized net loan charge-offs ratio was 0.17% for the first quarter of 2025, 0.16% for the fourth quarter of 2024 and 0.15% for the first quarter of 2024. The allowance for credit losses represented 1.00% of loans receivable as of March 31, 2025, December 31, 2024, and March 31, 2024. The allowance for credit losses as a percentage of nonaccrual loans was 165.3% as of March 31, 2025, 144.3% as of December 31, 2024 and 174.7% as of March 31, 2024. Criticized and classified loans as a percentage of loans receivable was 2.79% as of March 31, 2025, up slightly from 2.68% as of December 31, 2024 and up from 1.30% as of March 31, 2024. Loans delinquent 30 to 89 days were 0.18% of loans receivable as of March 31, 2025, up from 0.04% as of December 31, 2024 and up from 0.04% as of March 31, 2024. The overall credit quality metrics of the Bank’s loan portfolio are sound, reflecting charge-offs, nonaccruals, delinquencies and classified loans all remaining within historical ranges.

Selected Balance Sheet Items

The Company’s total assets were $9.759 billion as of March 31, 2025, compared to $9.880 billion as of December 31, 2024. Loans receivable were $8.201 billion as of March 31, 2025 and $8.275 billion as of December 31, 2024. Total deposits were $7.767 billion as of March 31, 2025 and $7.820 billion as of December 31, 2024.

The Company’s total stockholders’ equity was $1.253 billion as of March 31, 2025 and $1.242 billion as of December 31, 2024. The increase in total stockholders’ equity was primarily due to an increase in retained earnings of $11.8 million. As of March 31, 2025, the Company’s tangible common equity ratio and tangible book value per share were 9.73% and $24.16, respectively, compared to 9.49% and $23.92, respectively, as of December 31, 2024. Total goodwill and other intangible assets were $212.7 million as of March 31, 2025, and $213.0 million as of December 31, 2024.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

First Quarter 2025 Results Conference Call

Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 24, 2025 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 5043609. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, April 24, 2025 and ending on Thursday, May 1, 2025 by dialing 1 (609) 800-9909, access code 5043609. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

About ConnectOne Bancorp, Inc.

ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Investor Contact:
William S. Burns
Senior Executive Vice President & CFO
201.816.4474; bburns@cnob.com

Media Contact:
Shannan Weeks
MikeWorldWide
732.299.7890; sweeks@mww.com

CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(in thousands)

	March 31,			December 31,			March 31,
		2025			2024			2024
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	49,759		$	57,816		$	45,322
Interest-bearing deposits with banks		242,844			298,672			232,261
Cash and cash equivalents		292,603			356,488			277,583

Investment securities		636,806			612,847			619,397
Equity securities		18,859			20,092			19,457

Loans held-for-sale		202			743			–

Loans receivable		8,201,134			8,274,810			8,297,957
Less: Allowance for credit losses – loans		82,403			82,685			82,869
Net loans receivable		8,118,731			8,192,125			8,215,088

Investment in restricted stock, at cost		37,031			40,449			48,931
Bank premises and equipment, net		27,624			28,447			29,827
Accrued interest receivable		46,740			45,498			49,731
Bank owned life insurance		244,651			243,672			239,308
Right of use operating lease assets		13,755			14,489			11,725
Goodwill		208,372			208,372			208,372
Core deposit intangibles		4,360			4,639			5,553
Other assets		109,521			111,739			128,992
Total assets	$	9,759,255		$	9,879,600		$	9,853,964

LIABILITIES
Deposits:
Noninterest-bearing	$	1,319,196		$	1,422,044		$	1,290,523
Interest-bearing		6,448,034			6,398,070			6,298,131
Total deposits		7,767,230			7,820,114			7,588,654
Borrowings		613,053			688,064			877,568
Subordinated debentures, net		80,071			79,944			79,566
Operating lease liabilities		14,737			15,498			12,843
Other liabilities		31,225			34,276			78,724
Total liabilities		8,506,316			8,637,896			8,637,355

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock		110,927			110,927			110,927
Common stock		586,946			586,946			586,946
Additional paid-in capital		36,007			36,347			32,866
Retained earnings		643,265			631,446			600,118
Treasury stock		(76,116	)		(76,116	)		(76,116	)
Accumulated other comprehensive loss		(48,090	)		(47,846	)		(38,132	)
Total stockholders’ equity		1,252,939			1,241,704			1,216,609
Total liabilities and stockholders’ equity	$	9,759,255		$	9,879,600		$	9,853,964

CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for per share data)

	Three Months Ended
	03/31/25		12/31/24			03/31/24
Interest income
Interest and fees on loans	$	115,351	$	118,346		$	120,088
Interest and dividends on investment securities:
Taxable		4,987		4,804			4,334
Tax-exempt		1,097		1,109			1,154
Dividends		889		959			1,125
Interest on federal funds sold and other short-term investments		2,465		2,815			2,906
Total interest income		124,789		128,033			129,607
Interest expense
Deposits		53,992		58,568			60,407
Borrowings		5,041		4,754			8,900
Total interest expense		59,033		63,322			69,307

Net interest income		65,756		64,711			60,300
Provision for credit losses		3,500		3,500			4,000
Net interest income after provision for credit losses		62,256		61,211			56,300

Noninterest income
Deposit, loan and other income		2,006		1,798			1,592
Income on bank owned life insurance		1,584		1,656			1,664
Net gains on sale of loans held-for-sale		332		597			506
Net gains (losses) on equity securities		529		(307	)		86
Total noninterest income		4,451		3,744			3,848

Noninterest expenses
Salaries and employee benefits		22,578		22,244			22,131
Occupancy and equipment		2,680		2,818			3,009
FDIC insurance		1,800		1,800			1,800
Professional and consulting		2,366		2,449			1,928
Marketing and advertising		595		495			677
Information technology and communications		4,604		4,523			4,389
Merger expenses		1,320		863			–
Branch closing expenses		–		477			–
Bank owned life insurance restructuring charge		327		–			–
Amortization of core deposit intangibles		279		296			321
Other expenses		2,756		2,533			2,810
Total noninterest expenses		39,305		38,498			37,065

Income before income tax expense		27,402		26,457			23,083
Income tax expense		7,160		6,086			5,878
Net income		20,242		20,371			17,205
Preferred dividends		1,509		1,509			1,509
Net income available to common stockholders	$	18,733	$	18,862		$	15,696

Earnings per common share:
Basic	$	0.49	$	0.49		$	0.41
Diluted		0.49		0.49			0.41

ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.

CONNECTONE BANCORP, INC.
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES

	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Selected Financial Data	(dollars in thousands)
Total assets	$	9,759,255			$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964
Loans receivable:
Commercial		1,483,392			$	1,522,308			$	1,505,743			$	1,491,079			$	1,561,063
Commercial real estate		3,356,943				3,384,319				3,261,160				3,274,941				3,333,488
Multifamily		2,490,256				2,506,782				2,482,258				2,499,581				2,507,893
Commercial construction		617,593				616,246				616,087				639,168				646,593
Residential		256,555				249,691				250,249				256,786				254,214
Consumer		1,604				1,136				835				945				850
Gross loans		8,206,343				8,280,482				8,116,332				8,162,500				8,304,101
Net deferred loan fees		(5,209	)			(5,672	)			(4,356	)			(4,597	)			(6,144	)
Loans receivable		8,201,134				8,274,810				8,111,976				8,157,903				8,297,957
Loans held-for-sale		202				743				–				435				–
Total loans	$	8,201,336			$	8,275,553			$	8,111,976			$	8,158,338			$	8,297,957

Investment and equity securities	$	655,665			$	632,939			$	667,112			$	640,322			$	638,854
Goodwill and other intangible assets		212,732				213,011				213,307				213,604				213,925
Deposits:
Noninterest-bearing demand	$	1,319,196			$	1,422,044			$	1,262,568			$	1,268,882			$	1,290,523
Time deposits		2,550,223				2,557,200				2,614,187				2,593,165				2,623,391
Other interest-bearing deposits		3,897,811				3,840,870				3,647,350				3,713,967				3,674,740
Total deposits	$	7,767,230			$	7,820,114			$	7,524,105			$	7,576,014			$	7,588,654

Borrowings	$	613,053			$	688,064			$	742,133			$	756,144			$	877,568
Subordinated debentures (net of debt issuance costs)		80,071				79,944				79,818				79,692				79,566
Total stockholders’ equity		1,252,939				1,241,704				1,239,496				1,224,227				1,216,609

Quarterly Average Balances
Total assets	$	9,748,605			$	9,563,446			$	9,742,853			$	9,745,853			$	9,860,753
Loans receivable:
Commercial	$	1,488,962			$	1,487,850			$	1,485,777			$	1,517,446			$	1,552,360
Commercial real estate (including multifamily)		5,852,342				5,733,188				5,752,467				5,789,498				5,890,853
Commercial construction		610,859				631,022				628,740				652,227				637,993
Residential		256,430				250,589				252,975				254,284				252,965
Consumer		5,687				5,204				7,887				5,155				5,091
Gross loans		8,214,280				8,107,853				8,127,846				8,218,610				8,339,262
Net deferred loan fees		(5,525	)			(4,727	)			(4,513	)			(5,954	)			(6,533	)
Loans receivable		8,208,755				8,103,126				8,123,333				8,212,656				8,332,729
Loans held-for-sale		259				498				83				169				99
Total loans	$	8,209,014			$	8,103,624			$	8,123,416			$	8,212,825			$	8,332,828

Investment and equity securities	$	655,191			$	653,988			$	650,897			$	637,551			$	633,270
Goodwill and other intangible assets		212,915				213,205				213,502				213,813				214,133
Deposits:
Noninterest-bearing demand	$	1,305,722			$	1,304,699			$	1,259,912			$	1,256,251			$	1,254,201
Time deposits		2,480,990				2,478,163				2,625,329				2,587,706				2,567,767
Other interest-bearing deposits		3,888,131				3,838,575				3,747,427				3,721,167				3,696,374
Total deposits	$	7,674,843			$	7,621,437			$	7,632,668			$	7,565,124			$	7,518,342

Borrowings	$	686,391			$	648,300			$	717,586			$	787,256			$	947,003
Subordinated debentures (net of debt issuance costs)		79,988				79,862				79,735				79,609				79,483
Total stockholders’ equity		1,254,373				1,241,738				1,234,724				1,220,621				1,220,818

	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
	(dollars in thousands, except for per share data)
Net interest income	$	65,756			$	64,711			$	60,887			$	61,439			$	60,300
Provision for credit losses		3,500				3,500				3,800				2,500				4,000
Net interest income after provision for credit losses		62,256				61,211				57,087				58,939				56,300
Noninterest income
Deposit, loan and other income		2,006				1,798				1,817				1,654				1,592
Income on bank owned life insurance		1,584				1,656				2,145				1,677				1,664
Net gains on sale of loans held-for-sale		332				597				343				1,277				506
Net gains (losses) on equity securities		529				(307	)			432				(209	)			86
Total noninterest income		4,451				3,744				4,737				4,399				3,848
Noninterest expenses
Salaries and employee benefits		22,578				22,244				22,957				22,721				22,131
Occupancy and equipment		2,680				2,818				2,889				2,899				3,009
FDIC insurance		1,800				1,800				1,800				1,800				1,800
Professional and consulting		2,366				2,449				2,147				1,923				1,928
Marketing and advertising		595				495				635				613				677
Information technology and communications		4,604				4,523				4,464				4,198				4,389
Merger expenses		1,320				863				742				–				–
Branch closing expenses		–				477				–				–				–
Bank owned life insurance restructuring charge		327				–				–				–				–
Amortization of core deposit intangible		279				296				297				321				321
Other expenses		2,756				2,533				2,710				3,119				2,810
Total noninterest expenses		39,305				38,498				38,641				37,594				37,065

Income before income tax expense		27,402				26,457				23,183				25,744				23,083
Income tax expense		7,160				6,086				6,022				6,688				5,878
Net income		20,242				20,371				17,161				19,056				17,205
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income available to common stockholders	$	18,733			$	18,862			$	15,652			$	17,547			$	15,696

Weighted average diluted common shares outstanding		38,511,237				38,519,581				38,525,484				38,448,594				38,511,747
Diluted EPS	$	0.49			$	0.49			$	0.41			$	0.46			$	0.41

Reconciliation of GAAP Net Income to Operating Net Income:
Net income	$	20,242			$	20,371			$	17,161			$	19,056			$	17,205
Merger expenses		1,320				863				742				–				–
Branch closing expenses		–				477				–				–				–
Bank owned life insurance restructuring charge		327				–				–				–				–
Amortization of core deposit intangibles		279				296				297				321				321
Net (gains) losses on equity securities		(529	)			307				(432	)			209				(86	)
Tax impact of adjustments		(420	)			(585	)			(171	)			(149	)			(66	)
Operating net income	$	21,219			$	21,729			$	17,597			$	19,437			$	17,374
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	19,710			$	20,220			$	16,088			$	17,928			$	15,865

Operating diluted EPS (non-GAAP) ⁽¹⁾	$	0.51			$	0.52			$	0.42			$	0.47			$	0.41

Return on Assets Measures
Average assets	$	9,748,605			$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753
Return on avg. assets		0.84	%			0.84	%			0.70	%			0.79	%			0.70
Operating return on avg. assets (non-GAAP) ⁽²⁾		0.88				0.90				0.72				0.80				0.71

⁽¹⁾ Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
⁽²⁾ Operating net income divided by average assets.

	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,254,373			$	1,241,738			$	1,234,724			$	1,220,621			$	1,220,818
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,143,446			$	1,130,811			$	1,123,797			$	1,109,694			$	1,109,891
Less: average intangible assets		(212,915	)			(213,205	)			(213,502	)			(213,813	)			(214,133	)
Average tangible common equity	$	930,531			$	917,606			$	910,295			$	895,881			$	895,758
Return on avg. common equity (GAAP)		6.64		%		6.64		%		5.54		%		6.36		%		5.69
Operating return on avg. common equity (non-GAAP) ⁽³⁾		6.99				7.11				5.70				6.50				5.75
Return on avg. tangible common equity (non-GAAP) ⁽⁴⁾		8.25				8.27				6.93				7.98				7.15
Operating return on avg. tangible common equity (non-GAAP) ⁽⁵⁾		8.59				8.77				7.03				8.05				7.12

Efficiency Measures
Total noninterest expenses	$	39,305			$	38,498			$	38,641			$	37,594			$	37,065
Merger expenses		(1,320	)			(863	)			(742	)			–				–
Branch closing expenses		–				(477	)			–				–				–
Bank owned life insurance restructuring charge		(327	)			–				–				–				–
Amortization of core deposit intangibles		(279	)			(296	)			(297	)			(321	)			(321	)
Operating noninterest expense	$	37,379			$	36,862			$	37,602			$	37,273			$	36,744

Net interest income (tax equivalent basis)	$	66,580			$	65,593			$	61,710			$	62,255			$	61,111
Noninterest income		4,451				3,744				4,737				4,399				3,848
Net (gains) losses on equity securities		(529	)			307				(432	)			209				(86	)
Operating revenue	$	70,502			$	69,644			$	66,015			$	66,863			$	64,873

Operating efficiency ratio (non-GAAP) ⁽⁶⁾		53.0	%			52.9	%			57.0	%			55.7	%			56.6

Net Interest Margin
Average interest-earning assets	$	9,224,712			$	9,117,201			$	9,206,038			$	9,210,050			$	9,323,291
Net interest income (tax equivalent basis)		66,580				65,593				61,710				62,255				61,111
Net interest margin (GAAP)		2.93	%			2.86	%			2.67	%			2.72	%			2.64

⁽³⁾ Operating net income available to common stockholders divided by average common equity.
⁽⁴⁾ Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
⁽⁵⁾ Operating net income available to common stockholders, divided by average tangible common equity.
⁽⁶⁾ Operating noninterest expense divided by operating revenue.

	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,252,939			$	1,241,704			$	1,239,496			$	1,224,227			$	1,216,609
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,142,012			$	1,130,777			$	1,128,569			$	1,113,300			$	1,105,682
Less: intangible assets		(212,732	)			(213,011	)			(213,307	)			(213,604	)			(213,925	)
Tangible common equity	$	929,280			$	917,766			$	915,262			$	899,696			$	891,757

Total assets	$	9,759,255			$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964
Less: intangible assets		(212,732	)			(213,011	)			(213,307	)			(213,604	)			(213,925	)
Tangible assets	$	9,546,523			$	9,666,589			$	9,426,296			$	9,510,127			$	9,640,039

Common shares outstanding		38,469,975				38,370,317				38,368,217				38,365,069				38,333,053

Common equity ratio (GAAP)		11.70	%			11.45	%			11.71	%			11.45	%			11.22
Tangible common equity ratio (non-GAAP) ⁽⁷⁾		9.73				9.49				9.71				9.46				9.25

Regulatory capital ratios (Bancorp):
Leverage ratio		11.33	%			11.33	%			11.10	%			10.97	%			10.73
Common equity Tier 1 risk-based ratio		11.14				10.97				11.07				10.90				10.70
Risk-based Tier 1 capital ratio		12.46				12.29				12.42				12.25				12.03
Risk-based total capital ratio		14.29				14.11				14.29				14.10				13.88

Regulatory capital ratios (Bank):
Leverage ratio		11.67	%			11.66	%			11.43	%			11.29	%			11.10
Common equity Tier 1 risk-based ratio		12.82				12.63				12.79				12.60				12.43
Risk-based Tier 1 capital ratio		12.82				12.63				12.79				12.60				12.43
Risk-based total capital ratio		13.79				13.60				13.77				13.58				13.41

Book value per share (GAAP)	$	29.69			$	29.47			$	29.41			$	29.02			$	28.84
Tangible book value per share (non-GAAP) ⁽⁸⁾		24.16				23.92				23.85				23.45				23.26

Net Loan Charge-offs (Recoveries):
Net loan charge-offs (recoveries):
Charge-offs	$	3,555			$	3,363			$	3,559			$	3,595			$	3,185
Recoveries		(155	)			(29	)			(53	)			(324	)			(23	)
Net loan charge-offs	$	3,400			$	3,334			$	3,506			$	3,271			$	3,162
Net loan charge-offs as a % of average loans receivable (annualized)		0.17	%			0.16	%			0.17	%			0.16	%			0.15

Asset Quality
Nonaccrual loans	$	49,860			$	57,310			$	51,300			$	46,026			$	47,438
Other real estate owned		–				–				–				–				–
Nonperforming assets	$	49,860			$	57,310			$	51,300			$	46,026			$	47,438

Allowance for credit losses – loans (“ACL”)	$	82,403			$	82,685			$	82,494			$	82,077			$	82,869
Loans receivable		8,201,134				8,274,810				8,111,976				8,157,903				8,297,957

Nonaccrual loans as a % of loans receivable		0.61		%		0.69		%		0.63		%		0.56	%			0.57
Nonperforming assets as a % of total assets		0.51				0.58				0.53				0.47				0.48
ACL as a % of loans receivable		1.00				1.00				1.02				1.01				1.00
ACL as a % of nonaccrual loans		165.3				144.3				160.8				178.3				174.7

⁽⁷⁾ Tangible common equity divided by tangible assets
⁽⁸⁾ Tangible common equity divided by common shares outstanding at period-end

CONNECTONE BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)

	For the Quarter Ended
	March 31, 2025								December 31, 2024									March 31, 2024
	Average									Average									Average
Interest-earning assets:	Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾
Investment securities ^{(1) (2)}	$	745,873		$	6,375		3.47	%		$	736,131		$	6,207		3.35	%		$	720,303		$	5,794		3.24	%
Loans receivable and loans held-for-sale ^{(2) (3) (4)}		8,209,014			115,883		5.73				8,103,624			118,934		5.84				8,332,828			120,592		5.82
Federal funds sold and interest-
bearing deposits with banks		229,491			2,466		4.36				238,957			2,815		4.69				218,212			2,906		5.36
Restricted investment in bank stock		40,334			889		8.94				38,489			959		9.91				51,948			1,126		8.72
Total interest-earning assets		9,224,712			125,613		5.52				9,117,201			128,915		5.63				9,323,291			130,418		5.63
Allowance for loan losses		(84,027	)								(83,938	)								(84,005	)
Noninterest-earning assets		607,920									620,183									621,467
Total assets	$	9,748,605								$	9,653,446								$	9,860,753

Interest-bearing liabilities:
Money market deposits		1,572,287			11,287		2.91				1,642,737			12,694		3.07				1,571,640			13,191		3.38
Savings deposits		656,789			5,227		3.23				559,450			4,710		3.35				441,551			3,385		3.08
Time deposits		2,480,990			25,154		4.11				2,478,163			27,374		4.39				2,567,767			28,038		4.39
Other interest-bearing deposits		1,659,055			12,324		3.01				1,636,388			13,790		3.35				1,683,183			15,793		3.77
Total interest-bearing deposits		6,369,121			53,992		3.44				6,316,738			58,568		3.69				6,264,141			60,407		3.88

Borrowings		686,391			3,725		2.20				648,300			3,430		2.10				947,003			7,567		3.21
Subordinated debentures		79,988			1,298		6.58				79,862			1,305		6.50				79,483			1,311		6.63
Finance lease		1,210			18		6.03				1,280			19		5.91				1,483			22		5.97
Total interest-bearing liabilities		7,136,710			59,033		3.35				7,046,180			63,322		3.58				7,292,110			69,307		3.82

Noninterest-bearing demand deposits		1,305,722									1,304,699									1,254,201
Other liabilities		51,800									60,829									93,624
Total noninterest-bearing liabilities		1,357,522									1,365,528									1,347,825
Stockholders’ equity		1,254,373									1,241,738									1,220,818
Total liabilities and stockholders’ equity	$	9,748,605								$	9,653,446								$	9,860,753

Net interest income (tax equivalent basis)					66,580									65,593									61,111
Net interest spread ⁽⁵⁾							2.17	%								2.05	%								1.80	%

Net interest margin ⁽⁶⁾							2.93	%								2.86	%								2.64	%

Tax equivalent adjustment					(824	)								(882	)								(811	)
Net interest income				$	65,756								$	64,711								$	60,300

⁽¹⁾ Average balances are calculated on amortized cost.
⁽²⁾ Interest income is presented on a tax equivalent basis using 21% federal tax rate.
⁽³⁾ Includes loan fee income.
⁽⁴⁾ Loans include nonaccrual loans.
⁽⁵⁾ Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing
liabilities and is presented on a tax equivalent basis.
⁽⁶⁾ Represents net interest income on a tax equivalent basis divided by average total interest-earning
assets.
⁽⁷⁾ Rates are annualized.

The MIL Network –

April 24, 2025

MIL-OSI: Marquette National Corporation Declares a Dividend of $0.31 per Share

Source: GlobeNewswire (MIL-OSI)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.31 per share. The dividend will be payable on July 1, 2025 to shareholders of record on June 20, 2025. As of March 31, 2025, Marquette had 4,367,449 shares issued and outstanding.

Marquette National Corporation is a diversified bank holding company with total assets of $2.2 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com

Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 24, 2025

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 –

April 24, 2025

MIL-OSI: Aether Holdings Launches Alpha Edge Media™ to Expand its Financial Newsletters and Subscribers

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Aether Holdings, Inc. (Nasdaq: ATHR) (“we,” “us,” “our,” “Aether,” or the “Company”), an emerging financial technology platform company that offers proprietary research analytics, data and tools for both institutional and retail equity traders, today announced the formation of Alpha Edge Media, Inc., a wholly owned subsidiary dedicated to building and scaling a new generation of digital-first financial newsletter media content and brands.

The Alpha Edge Media newsletters will compliment Aether’s flagship trading market research platform, SentimenTrader.com, a financial technology platform providing artificial intelligence (AI)-driven insights into market sentiment through a variety of tools, reports, and strategies.

The launch is being done in collaboration with Makaira Media, a Florida-based boutique marketing and performance agency that also operates as Sundara Marketing Group. Together, Aether and Makaira will design, launch, and grow a network of high-impact digital financial newsletters and content assets aimed at capturing the attention of forward-looking investors and other business professionals at scale.

The Alpha Edge project is an outgrowth of Aether’s existing strategy to grow its marketing and distribution capabilities, either on its own through initiatives like Alpha Edge or through acquisitions of financial newsletters or content and related subscribers. Aether is implementing this strategy with proceeds from its recently completed initial public offering on the Nasdaq Stock Market.

“Digital newsletters are the new front page,” said Nicolas Lin, CEO of Aether Holdings. “With Alpha Edge Media, we’re not just launching newsletters. We’re building high-growth media assets with the real potential for monetization power. This is modern media – audience-first, data-smart, and built to scale.”

Lin added, “We believe the future of fintech AI will be driven by who owns the most specialized content and proprietary data. Our work with Makaira marks a critical first step toward expanding our financial market content ecosystem, feeding into our existing AI models, including SentimenTrader, and advancing our mission to empower investors through intelligence that’s both actionable and deeply personalized.”

Key elements of the Alpha Edge Media initiative include:

Strategic execution partner: Makaira Media brings full-stack content, growth, and performance expertise.

Modern media model: First-party data, owned audiences, and monetization will be built in from day one.

Structure built to scale: Alpha Edge Media will provide dedicated leadership, accountability, and focus that creates the potential scale in size

Makaira Media will support the initiative across end-to-end brand development, content creation, newsletter growth strategy, performance marketing, CRM development, and ongoing KPI optimization. Each new financial newsletter brand will be tracked against key benchmarks with monthly reporting and rapid iteration of products based on data.

“The most valuable media today is owned, measurable, and scalable. When you align strong content with disciplined execution, newsletters become high-performing growth channels,” said Eva Hodgens, Co-Founder and CEO of Makaira Media. “Alpha Edge Media is about building owned media ecosystems that convert into subscribers and revenue opportunities. We look forward to working with the amazing trading market expertise and newsletter experience that Aether brings to the table to drive this exciting initiative forward.”

About Aether Holdings, Inc.

Aether Holdings, Inc. (Nasdaq: ATHR) is an emerging financial technology holding company focused on transforming the way investors navigate the markets. Leveraging decades of market expertise and cutting-edge technology, Aether delivers proprietary tools, data, and research to empower traders with actionable insights and enhanced decision-making capabilities.

Aether’s flagship platform, SentimenTrader.com, is designed to serve both retail and institutional investors by offering advanced sentiment analysis through the use of machine learning (ML) and artificial intelligence (AI) capabilities. With over 20 years of sentiment data integrated into its systems, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Aether is committed to building an ecosystem that supports smarter, data-driven trading strategies, reinforcing its mission to empower the investing community and redefine excellence in fintech. By integrating advanced technologies, including artificial intelligence tools with the critical thinking and analytical abilities of its team of evidenced-based trading veterans, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Find out more about Aether Holdings at https://helloaether.com/

About Makaira Media LLC

Makaira Media is a full-service digital and print marketing firm specializing in direct-response copywriting, direct-response graphic design, direct-response focused web design, direct-response content marketing, and direct-to-consumer E-commerce ideation, creation, and advertising.

Cautionary Note Regarding Forward Looking Statements

This news release and statements of Aether’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements relate to the anticipated benefits to Aether of the launch and business plan for Alpha Edge Media as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For Aether, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to Aether’s ability to adequately market its products and services, and to develop or acquire additional products and product offerings; (ii) risks related to intense competition in the fintech and financial newsletter sector; (iii) risk related to artificial intelligence and machine learning; (iv) the inability of Aether to maintain and protect its reputation for trustworthiness and independence; (v) the inability of Aether to attract new users and subscribers and convert free users to paying subscribers; (vi) similar risks and uncertainties associated with operating a relatively small business a rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and Aether therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://investor.helloaether.com/#sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Aether Holdings, Inc. Contact
Nicolas Lin, CEO
(347) 363-0886
ir@helloaether.com

Investor Relations Contact
Matthew Abenante, IRC
President, Strategic Investor Relations, LLC
(347)-947-2093
Email: matthew@strategic-ir.com

Media Contact
Jessica Starman, MBA
media@helloaether.com

The MIL Network –

April 24, 2025

MIL-OSI: YXT.com Filed 2024 Annual Report on Form 20-F

Source: GlobeNewswire (MIL-OSI)

SUZHOU, China, April 24, 2025 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (NASDAQ: YXT) (“YXT.com” or the “Company”), a provider of AI-enabled enterprise productivity solutions, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 24, 2025 Eastern Time. The annual report can be accessed on the Company’s investor relations website at https://ir.yxt.com.

About YXT.com
YXT.com (NASDAQ: YXT) is a technology company focusing on enterprise productivity solutions. With a mission to “Empower people and organization development through technology,” The Company strives to become the supreme provider in building and boosting enterprise productivity by combining over a decade of experience in tech-enabled talent learning and development and with AI-augmented task copilots and unleashing the power of knowledge and synergy. Since its inception, YXT.com has supported and received recognition from numerous Global and China Fortune 500 companies.

YXT.com operates its business in China through “Jiangsu Radnova Intelligence Technology Co., Ltd.,” formerly known as “Jiangsu Yunxuetang Network Technology Co., Ltd.”. YXT.com has established an entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future, with the “Radnova” trademark to serve international markets.

Contact
Robin Yang
ICR, LLC
YXT.IR@icrinc.com
+1 (646) 405-4883

The MIL Network –

April 24, 2025

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 –

April 24, 2025

MIL-OSI: Šiaulių Bankas Invitation to Q1 2025 Financial Results webinar

Source: GlobeNewswire (MIL-OSI)

Šiaulių Bankas (SAB1L) invites shareholders, investors, analysts and other stakeholders to join its Investors Webinar for Q1 2025 Financial Results and highlights scheduled on 29 April, 2025 at 8:30 am (EEST). The presentation will be held online in English.

The webinar will be hosted by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division, Chief Economist Indrė Genytė–Pikčienė and Tautvydas Mėdžius, Strategy Partner, who will discuss the bank’s financial results for the first quarter of 2025, recent developments, and will take questions from participants.

Please send your questions in advance to investors@sb.lt

The Q1 2025 results will be announced in advance on 28 April after trading hours.

How to join the webinar?

To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link. The webinar will be recorded and available online for everyone at Šiaulių Bankas website www.sb.lt/en/investors

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt, +370 610 44447

The MIL Network –

April 24, 2025

MIL-OSI: Nasdaq Announces 13% Increase in Quarterly Dividend to $0.27 Per Share

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock, a 13% increase from the previous quarter. The dividend is payable on June 27, 2025 to shareholders of record at the close of business on June 13, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

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.

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, information regarding our dividend program and future payment obligations. 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, government and industry regulation, interest rate risk, U.S. and global competition, and other factors 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.

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-

The MIL Network –

April 24, 2025

MIL-OSI: Manhattan Bridge Capital, Inc. Reports First Quarter Results for 2025

Source: GlobeNewswire (MIL-OSI)

GREAT NECK, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended March 31, 2025 was approximately $1,373,000, or $0.12 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares) for the three months ended March 31, 2024, a decrease of $103,000, or 7.0%. This decrease is primarily attributable to a decrease in interest income from loans, partially offset by a decrease in interest expense.

Total revenues for the three months ended March 31, 2025 were approximately $2,274,000 compared to approximately $2,573,000 for the three months ended March 31, 2024, a decrease of $299,000, or 11.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period over period. For the three months ended March 31, 2025, approximately $1,834,000 of the Company’s revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $2,142,000 for the same period in 2024, and approximately $440,000 and $431,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

As of March 31, 2025, total shareholders’ equity was approximately $43,326,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The first quarter of 2025 began with an optimistic consensus among the real estate investor community. However, due to the delays in the reduction of interest rates and global economic uncertainty, we now sense some concerns about the likelihood of an immediate recovery of the real estate market. Again, thanks to our low leverage, strict underwriting, and strong relationships with our borrowers, we believe that we remain well-positioned to navigate these challenges.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward Looking Statements

This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses its belief that it remains well-positioned to navigate market challenges, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS

Assets	March 31, 2025 (unaudited)		December 31, 2024 (audited)
Loans receivable, net of deferred origination and other fees	$	63,672,278	$	65,405,731
Interest and other fees receivable on loans		1,618,826		1,521,033
Cash		201,363		178,012
Cash – restricted		21,769		23,750
Other assets		119,642		62,080
Right-of-use asset – operating lease, net		140,836		154,039
Deferred financing costs, net		12,706		16,171
Total assets	$	65,787,420	$	67,360,816

Liabilities and Stockholders’ Equity
Liabilities:
Line of credit	$	14,825,735	$	16,427,874
Senior secured notes (net of deferred financing costs of $78,214 and $96,985, respectively)		5,921,786		5,903,015
Accounts payable and accrued expenses		194,801		232,236
Operating lease liability		153,571		167,119
Loan holdback		50,000		50,000
Dividends payable		1,315,445		1,315,445
Total liabilities		22,461,338		24,095,689
Commitments and contingencies

Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—		—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding		11,757		11,757
Additional paid-in capital		45,565,207		45,561,941
Less: Treasury stock, at cost – 318,407 shares		(1,070,406)		(1,070,406)
Accumulated deficit		(1,180,476)		(1,238,165)
Total stockholders’ equity		43,326,082		43,265,127
Total liabilities and stockholders’ equity	$	65,787,420	$	67,360,816

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended March 31,
		2025		2024
Revenue:
Interest income from loans	$1,833,914		$2,142,487
Origination fees		439,799		430,591
Total revenue		2,273,713		2,573,078
Operating costs and expenses:
Interest and amortization of deferred financing costs		451,365		690,589
Referral fees		144		500
General and administrative expenses		453,570		410,278
Total operating costs and expenses		905,079		1,101,367

Income from operations		1,368,634		1,471,711
Other income		4,500		4,500
Net income	$1,373,134		$1,476,211

Basic and diluted net income per common share outstanding:
–Basic	$0.12		$0.13
–Diluted	$0.12		$0.13

Weighted average number of common shares outstanding:
–Basic		11,438,651		11,438,673
–Diluted		11,438,651		11,438,673

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2025

Common Shares

Additional
Paid-in
Capital

Treasury Stock

Accumulated
Deficit

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2025

11,757,058

$11,757

$45,561,941

318,407

$(1,070,406)

$(1,238,165)

$43,265,127

Non-cash compensation

3,266

Dividends declared and payable

(1,315,445)

Net income

.

1,373,134

Balance, March 31, 2025

11,757,058

$11,757

$45,565,207

318,407

$(1,070,406)

$(1,180,476)

$43,326,082

FOR THE THREE MONTHS ENDED MARCH 31, 2024

Common Shares

Additional
Paid-in
Capital

Treasury Stock

Accumulated
Deficit

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2024

11,757,058

$11,757

$45,548,876

316,407

$(1,060,606)

$(1,567,321)

$42,932,706

Non-cash compensation

3,266

Purchase of treasury shares

2,000

(9,800)

Dividends declared and payable

(1,315,445)

Net income

.

1,476,211

Balance, March 31, 2024

11,757,058

$11,757

$45,552,142

318,407

$(1,070,406)

$(1,406,555)

$43,086,938

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended March 31,
		2025		2024
Cash flows from operating activities:
Net income	$	1,373,134	$	1,476,211
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs		22,237		21,954
Adjustment to right-of-use asset – operating lease and liability		(345)		121
Depreciation		1,390		1,055
Non-cash compensation expense		3,266		3,266
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(110,915)		(231,202)
Other assets		(58,952)		(35,153)
Accounts payable and accrued expenses		(37,435)		(31,600)
Deferred origination and other fees		(11,437)		(63,996)
Net cash provided by operating activities		1,180,943		1,140,656

Cash flows from investing activities:
Issuance of short-term loans		(10,940,040)		(9,538,000)
Collections received from loans		12,698,051		10,102,525
Net cash provided by investing activities		1,758,011		564,525

Cash flows from financing activities:
Repayment of line of credit, net		(1,602,139)		(1,701,661)
Dividend paid		(1,315,445)		(1,287,073)
Purchase of treasury shares		—		(9,800
Net cash used in financing activities		(2,917,584)		(2,998,534)

Net increase (decrease) in cash		21,370		(1,293,353)
Cash and restricted cash, beginning of period⁽¹⁾		201,762		1,691,995
Cash and restricted cash, end of period⁽²⁾	$	223,132	$	398,642

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	437,993	$	667,488
Cash paid during the period for operating leases	$	15,991	$	16,370

Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,315,445	$	1,315,445

Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable	$	13,122	$	112,271

⁽¹⁾ At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
⁽²⁾ At March 31, 2025 and 2024, cash and restricted cash included $21,769 and $311,545, respectively, of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.

The MIL Network –

April 24, 2025

MIL-OSI Video: UK The UK news sector faces huge challenges says Lords committee

Source: United Kingdom UK House of Lords (video statements)

The Communications and Digital Committee found that a growing proportion of society will have limited engagement with professionally produced news and the gap is widening. It highlights that AI is making it harder for quality journalism to stay profitable, while tech firms become hugely influential.

It called on the government to support local media, champion responsible AI, address the influence of big tech in news, and ensure the BBC is meeting audiences’ needs.

Find out more: https://ukparliament.shorthandstories.com/future-of-news-comms-digital-lords-report/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• X: https://twitter.com/UKHouseofLords
• Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
• LinkedIn: https://www.linkedin.com/company/the-house-of-lords
• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament

https://www.youtube.com/watch?v=J9qoVU-fLOE

MIL OSI Video –

April 24, 2025

MIL-OSI United Kingdom: Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

Source: United Kingdom – Government Statements

Press release

Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

The Medicines and Healthcare products Regulatory Agency (MHRA) is reminding patients with asthma of the importance of using their preventer (anti-inflammatory) inhaler regularly as prescribed, and to avoid relying on their blue inhaler alone. This is because without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.

This reminder follows updates to product information and the National Institute for Health and Care Excellence (NICE) guidance for short-acting beta 2 agonists (SABAs), including salbutamol and terbutaline, which are used to relieve sudden asthma symptoms such as chest tightness, wheezing, coughing and breathlessness.

Patients are advised to continue using their daily preventer inhaler as prescribed, and to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week.

If asthma symptoms, such as chest tightness, wheezing, coughing or difficulty breathing, worsen or are not relieved by the blue inhaler, patients are advised to seek urgent medical help. Any suspected side effects should be reported to the MHRA via the Yellow Card scheme.

Dr Alison Cave, Chief Safety Officer at the MHRA, said:

“Patient safety is our top priority and we continue to monitor all medicines to ensure their benefits outweigh any risks.

“Patients should use their preventer inhaler as prescribed by their doctor, even if their asthma feels under control. Blue inhalers are important for treating symptoms during an asthma attack, but should not be used as the only treatment to manage asthma.

“We advise patients to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week. Preventer inhalers should be taken as prescribed, even when symptoms appear under control.

“If asthma symptoms worsen or are not relieved by their blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing, patients should seek urgent medical help. Any suspected side effects should be reported through our Yellow Card scheme.”

Advice for asthma patients:

Use your preventer inhaler as prescribed, even if your asthma feels under control and the blue inhaler is rarely or never needed. Without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.
If you have been prescribed a blue inhaler to use during asthma attacks, you should also be prescribed a separate preventer inhaler for daily use.
Follow your asthma action plan, or speak to your healthcare professional, if you need your blue inhaler more than twice a week – this may indicate your asthma is not well controlled.
If your blue inhaler does not have a dose counter, manually track the doses used and ensure you always have access to a spare blue inhaler before your current inhaler runs out or expires.
Seek urgent medical help if your symptoms are not relieved by your blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing.
Your healthcare professional can provide advice on recommended alternative or additional treatments (to the blue inhaler) for people over 12 years of age with poorly controlled asthma.

Notes to editors:

The MHRA has issued a Drug Safety Update for healthcare professionals to remind of the risk from overusing blue inhalers which includes a full summary of the evidence and asthma prescribing guideline changes.
NICE published updated national asthma guidance (NG245) in November 2024, which no longer recommends prescribing short-acting beta 2 agonists (SABA) alone for any age group. NICE now recommends that the majority of patients should be treated using combination inhalers containing both preventer (anti-inflammatory) and reliever medicines as Anti-inflammatory Reliever (AIR) or Maintenance and Reliever Therapy (MART).
The MHRA updated UK product information for SABAs in 2024 to strengthen warnings on the risk of asthma deterioration due to SABA overuse. These changes are reflected in the updated Summaries of Product Characteristics (SmPC) for salbutamol and terbutaline.
A December 2024 report from the UK National Child Mortality Database (NCMD) found that: 87% (47 out of 54) of children who died from asthma had 3 or more SABA inhalers dispensed in the previous year. There is a known association across all asthma severities between having 3 or more SABA prescriptions in 1 year and experiencing severe asthma exacerbations.
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
The Yellow Card scheme is the MHRA’s system of monitoring the safety of medicines in the UK and it acts as an early warning system to identify new, and strengthen existing, safety information about medicines. Yellow Cards are used alongside other scientific safety information to help the MHRA take action, if necessary, to make changes to the warnings given to people taking a medicine or review the way the medicine is used to maximise benefit and minimise the risk to the patient.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Source: Government of India

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

We are proud that today India has become the second largest steel producer in the world: PM

We have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy: PM

Government policies for the steel industry are playing an important role in making many other Indian industries globally competitive: PM

For all our Infrastructure projects the goal should be ‘Zero Import’ and ‘Net Export’: PM

Our steel sector has to be ready for new processes, new grades and new scale: PM

We have to expand and upgrade keeping the future in mind, We have to become future ready from now itself: PM

In the last 10 years, many mining reforms have been implemented, availability of iron ore has become easier: PM

Now is the time to make proper use of allotted mines and the resources of the country, Green-field mining needs to be accelerated: PM

Together, let us build a Resilient, Revolutionary and Steel-Strong India: PM

Posted On: 24 APR 2025 2:49PM by PIB Delhi

The Prime Minister Shri Narendra Modi delivered his remarks during the India Steel 2025 programme at Mumbai, via video message today. Addressing the gathering, he said that over the next two days, discussions will focus on the potential and opportunities of India’s sunrise sector—the steel industry. He remarked that this sector forms the foundation of India’s progress, strengthens the base of a developed India, and is scripting a new chapter of transformation in the country. The Prime Minister welcomed everyone to India Steel 2025 and expressed confidence that the event will serve as a launchpad for sharing new ideas, forging new partnerships, and promoting innovation. He emphasized that this event will lay the groundwork for a new chapter in the steel sector.

“Steel has played a pivotal role in modern economies, akin to a skeleton”, emphasised Shri Modi, remarking that whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story. “India is striving to achieve the goal of becoming a $5 trillion economy, with the steel sector playing a significant role in this mission”, he added, expressing pride in India being the world’s second-largest steel producer. He noted that under the National Steel Policy, India has set a target of producing 300 million tons of steel by 2030. He remarked that the current per capita steel consumption in India is approximately 98 kilograms and is expected to rise to 160 kilograms by 2030. Shri Modi emphasized that this increasing steel consumption serves as a golden standard for the country’s infrastructure and economy, adding that it is also a benchmark for the nation’s direction, as well as the government’s efficiency and effectiveness.

Underlining that the steel industry is brimming with renewed confidence about its future due to the foundation of the PM-Gati Shakti National Master Plan, the Prime Minister remarked that this initiative integrates various utility services and logistics modes. He emphasized that mine areas and steel units are being mapped for improved multi-modal connectivity. He noted that new projects are being introduced to upgrade critical infrastructure in eastern India, where most of the steel sector is concentrated. He further highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced. He remarked that large-scale efforts to transform cities into smart cities, along with unprecedented pace in the development of roads, railways, airports, ports, and pipelines, are creating fresh opportunities for the steel sector. The Prime Minister pointed out that crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission. He remarked that welfare initiatives like these are also providing new strength to the steel industry. He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.

Underscoring that steel is a primary component driving the growth of multiple sectors, Shri Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive. He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the ‘Make in India’ initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.

Noting that India was long dependent on imports for high-grade steel, which was critical for defense and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolizing India’s capability and confidence. The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasized that this is just the beginning and that there is a long road ahead. He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure, adding “India aims to manufacture modern and large ships domestically and export them to other countries”. The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace. He stressed the need for a goal of “zero imports” and a focus on net exports. “India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset. The Prime Minister underlined the vast employment generation potential of the steel industry’s growth. He called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasized collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.

Shri Modi acknowledged that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese. He emphasized the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization”, he remarked, stressing the need to enhance efforts in these areas through innovation. He expressed optimism that collaboration between global partners and Indian companies will help address these challenges more effectively and at a faster pace.

The Prime Minister remarked on the significant impact of coal imports, particularly coking coal, on both costs and the economy. He emphasized the importance of exploring alternatives to reduce this dependence. He highlighted the availability of technologies such as the DRI route and stressed efforts to promote them further. Pointing out that coal gasification can be effectively utilized to make better use of the country’s coal resources and decrease reliance on imports, he urged all stakeholders in the steel industry to actively participate in this endeavor and take the necessary steps to move forward in this direction.

Underlining the importance of addressing the issue of unused greenfield mines, Shri Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier. He stressed that it is now time to utilize the allotted mines effectively to ensure optimal use of the country’s resources. Cautioning that delays in this process would adversely impact the industry, Shri Modi urged for the acceleration of greenfield mining efforts to overcome this challenge.

The Prime Minister emphasized that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities. He emphasized that improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub. The Prime Minister highlighted that India Steel provides a platform to expand capabilities and turn ideas into actionable solutions. He concluded by expressing best wishes to all participants and called for collective efforts to build a resilient, revolutionary, and steel-strong India.

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MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

Source: Government of India

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

The rural economy has gained new momentum in the last decade: PM

The past decade has been the decade of India’s infrastructure: PM

Makhana is a superfood for the country and the world today, but in Mithila it is a part of the culture,source for prosperity here: PM

The willpower of 140 crore Indians will now break the back of the perpetrators of terror: PM

Terrorism will not go unpunished, Every effort will be made to ensure that justice is done, The entire nation is firm in this resolve: PM

Posted On: 24 APR 2025 2:11PM by PIB Delhi

The Prime Minister Shri Narendra Modi inaugurated, laid the foundation stone and dedicated to the nation multiple development projects worth over Rs 13,480 crore in Madhubani, Bihar today on the occasion of National Panchayati Raj Day. The Prime Minister appealed to everyone at the event to observe silence and pray for the departed souls in the Pahalgam attacks on 22 April 2025. Addressing the gathering on the occasion, he said that on the occasion of Panchayati Raj Day, the entire nation is connected with Mithila and Bihar. He remarked that projects worth thousands of crores of rupees, aimed at Bihar’s development, have been inaugurated and foundations laid for, emphasising that these initiatives in electricity, railways, and infrastructure will create new employment opportunities in Bihar. He paid tributes to the great poet and national icon, Ramdhari Singh Dinkar Ji, on his death anniversary.

Remarking that Bihar is the land where Mahatma Gandhi expanded the mantra of Satyagraha, Shri Modi highlighted Mahatma Gandhi’s firm belief that India’s rapid development is only possible when its villages are strong. He emphasized that the concept of Panchayati Raj was rooted in this sentiment. “Over the past decade, continuous steps have been taken to empower Panchayats. Technology has played a significant role in strengthening Panchayats, with over 2 lakh Gram Panchayats connected to the internet in the last decade”, he added. Shri Modi pointed out that more than 5.5 lakh Common Service Centers have been established in villages, underlining that the digitalization of Panchayats has brought additional benefits, such as easy access to documents like birth and death certificates, and landholding certificates. He remarked that while the nation received a new Parliament building after decades of independence, 30,000 new Panchayat Bhawans have also been constructed across the country. He also highlighted that ensuring adequate funds for Panchayats has been a priority for the government. “Over the past decade, Panchayats have received more than ₹2 lakh crore, all of which has been utilized for the development of villages”, he said.

Highlighting that one of the major issues faced by Gram Panchayats has been related to land disputes, the Prime Minister mentioned the frequent disagreements over which land is residential, agricultural, Panchayat-owned, or government-owned. He emphasized that to address this issue, the digitization of land records is being undertaken, which has helped resolve unnecessary disputes effectively.

Shri Modi underscored that Panchayats have strengthened social participation, remarking that Bihar was the first state in the country to provide 50% reservation for women in Panchayats. He emphasized that today, a significant number of women from economically weaker sections, Dalits, Mahadalits, backward, and extremely backward communities are serving as public representatives in Bihar, describing it as true social justice and genuine social participation. He underlined that democracy thrives and becomes stronger with greater participation. Reflecting this vision, Shri Modi noted that a law providing 33% reservation for women in the Lok Sabha and State Assemblies has also been enacted. He remarked that this will benefit women across all states, giving our sisters and daughters greater representation.

Emphasising that the government is working in mission mode to increase women’s income and create new opportunities for employment and self-employment, Shri Modi highlighted the transformative impact of the ‘Jeevika Didi’ program in Bihar, which has changed the lives of many women. He remarked that today, self-help groups of women in Bihar have been provided financial assistance of approximately ₹1,000 crore, noting that this will further strengthen the economic empowerment of women and contribute to the goal of creating 3 crore Lakhpati Didis across the country. He highlighted that the rural economy has gained new momentum over the past decade. He pointed out that villages have seen the construction of houses for the poor, roads, gas connections, water connections, and toilets, bringing lakhs of crores of rupees to rural areas. The Prime Minister remarked that new employment opportunities have been created, benefiting laborers, farmers, vehicle operators, and shopkeepers, providing them with new avenues for income. He emphasized that this has particularly benefited communities that have been deprived for generations. He cited the example of the PM Awas Yojana, which aims to ensure that no family in the country remains homeless and that everyone has a permanent roof over their heads. He noted that over the past decade, more than 4 crore permanent houses have been constructed under this scheme. He highlighted that in Bihar alone, 57 lakh poor families have received permanent houses. He remarked that these houses have been provided to families from economically weaker sections, Dalits, and backward and extremely backward communities like Pasmanda families. Shri Modi announced that in the coming years, 3 crore more permanent houses will be provided to the poor. He noted that today, approximately 1.5 lakh families in Bihar are moving into their new permanent homes. He said that across the country, 15 lakh poor families have been issued approval letters for the construction of new houses, including 3.5 lakh beneficiaries from Bihar. He highlighted that today, financial assistance has been sent to approximately 10 lakh poor families for their permanent houses, including 80,000 rural families and 1 lakh urban families from Bihar.

“The past decade has been a decade of infrastructure development for India”, said the Prime Minister, highlighting that this modern infrastructure is strengthening the foundation of a developed India. He noted that for the first time, over 12 crore rural families have received tap water connections in their homes, underlining that more than 2.5 crore households have been electrified, and those who never imagined cooking on gas stoves have now received gas cylinders. “Even in challenging regions like Ladakh and Siachen, where providing basic facilities is difficult, 4G and 5G mobile connections have now been established, reflecting the nation’s current priorities”, he pointed out. The Prime Minister highlighted advancements in healthcare, noting that institutions like AIIMS were once limited to major cities like Delhi. He announced that AIIMS is now being established in Darbhanga, and the number of medical colleges in the country has nearly doubled in the past decade and mentioned the construction of a new medical college in Jhanjharpur. He emphasized that to ensure quality healthcare in villages, over 1.5 lakh Ayushman Arogya Mandirs have been established across the country, including more than 10,000 in Bihar. He remarked that Jan Aushadhi Kendras have become a significant relief for the poor and middle class, offering medicines at an 80% discount. He noted that Bihar now has over 800 Jan Aushadhi Kendras, saving its people ₹2,000 crore in medical expenses. The Prime Minister highlighted that under the Ayushman Bharat scheme, lakhs of families in Bihar have received free treatment, resulting in savings of thousands of crores of rupees for these families.

“India is rapidly advancing its connectivity through infrastructure like railways, roads, and airports”, highlighted Shri Modi, noting that metro projects are underway in Patna, and over two dozen cities across the country are now connected with metro facilities. He announced the launch of the ‘Namo Bharat Rapid Rail’ service between Patna and Jaynagar, which will significantly reduce travel time between the two locations, and emphasized that this development will benefit lakhs of people from Samastipur, Darbhanga, Madhubani, and Begusarai.

The Prime Minister also mentioned the inauguration and launch of multiple new railway lines in Bihar, highlighting the commencement of the modern Amrit Bharat train service between Saharsa and Mumbai, which will greatly benefit the labor families. He remarked that the government is modernizing several railway stations in Bihar, including Madhubani and Jhanjharpur. He emphasized that air connectivity in Mithila and Bihar has improved significantly with Darbhanga Airport, and the expansion of Patna Airport is underway. “These development projects are creating new employment opportunities in Bihar”, he added.

“Farmers are the backbone of the rural economy, the stronger this backbone, the stronger the villages, and consequently, the nation”, said Shri Modi. He highlighted the persistent challenges of floods in the Mithila and Kosi regions, noting that the government is set to invest ₹11,000 crore to mitigate the impact of floods in Bihar. He said that this investment will facilitate the construction of dams on rivers such as Bagmati, Dhar, Budhi Gandak, and Kosi, adding that canals will be developed, ensuring irrigation arrangements through river water. “This initiative will not only reduce flood-related issues but will also ensure adequate water supply reaches every farmer’s field”, he added.

“Makhana, a cultural staple of Mithila, has now gained global recognition as a superfood”, highlighted Shri Modi, mentioning that makhana has been granted a GI tag, officially certifying it as a product of this region. He added that the Makhana Research Centre has been accorded national status. He also highlighted the Budget announcement of the Makhana Board, which is expected to transform the fortunes of makhana farmers, emphasising that Bihar’s makhana will now reach international markets as a superfood. He noted that the National Institute of Food Technology and Management is being established in Bihar, which will support the youth in setting up small enterprises related to food processing. He further emphasized that Bihar is making consistent progress in fisheries along with agriculture, highlighting that fishermen now have access to the benefits of the Kisan Credit Card, providing advantages to numerous families involved in fisheries. He remarked that under the PM Matsya Sampada Yojana, projects worth hundreds of crores have been executed in Bihar.

Expressing deep sorrow over the brutal killing of innocent civilians by terrorists in Pahalgam, Jammu and Kashmir, on April 22, Shri Modi remarked that the entire nation is distressed and stands in solidarity with the grieving families. He assured that every effort is being made by the government to ensure the speedy recovery of those undergoing treatment. He highlighted the profound loss suffered by families, where some lost their sons, brothers, or life partners, noting that the victims came from diverse linguistic and regional backgrounds—some spoke Bengali, Kannada, Marathi, Odia, Gujarati, and some were from Bihar. Underlining that from Kargil to Kanyakumari, the grief and outrage over this attack are shared equally across the nation, Shri Modi remarked that this attack was not just on unarmed tourists but was a brazen assault on the soul of India. “The terrorists responsible for this attack, along with those who conspired it, will face punishment beyond their imagination”, he declared in unequivocal terms, asserting that the time has come to eliminate the remaining strongholds of terrorism. “The willpower of 140 crore Indians will now break the backbone of the perpetrators of terror”, he stressed.

The Prime Minister declared from the soil of Bihar that India will identify, track, and punish every terrorist, their handlers, and their backers, emphasising that India will pursue them to the ends of the earth. “India’s spirit will never be broken by terrorism and terrorism will not go unpunished. Every effort will be made to ensure justice is served and the entire nation is firm in this resolve against terrorism”, he stressed. He further stated that everyone who believes in humanity stands with India during these times. He expressed his gratitude to the people and leaders of various countries who have supported India in these moments.

“Peace and security are the most critical prerequisites for rapid development”, said Shri Modi, remarking that a developed Bihar is essential for a developed India. He concluded by highlighting that efforts are being made to ensure development in Bihar and to extend the benefits of progress to every section and every region of the state. He expressed gratitude to everyone for joining the program on the occasion of Panchayati Raj Day.

The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Rajiv Ranjan Singh, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Chirag Paswan, Shri Nityanand Rai, Shri Ram Nath Thakur, Dr. Raj Bhushan Choudhary were present among other dignitaries at the event.

Background

Prime Minister participated in the National Panchayati Raj Day programme in Madhubani, Bihar. He also presented National Panchayat Awards, recognizing and incentivizing best-performing Panchayats on the occasion.

Prime Minister laid the foundation stone of an LPG bottling plant with rail unloading facility at Hathua in Gopalganj District of Bihar worth around Rs 340 crore. This will help in streamlining the supply chain and improving efficiency of bulk LPG transportation.

Boosting power infrastructure in the region, Prime Minister laid the foundation stone for projects worth over Rs 1,170 crore and also inaugurated multiple projects worth over Rs 5,030 crore in the power sector in Bihar under the Revamped Distribution Sector Scheme.

In line with his commitment to boost rail connectivity across the nation, Prime Minister flagged off Amrit Bharat express between Saharsa and Mumbai, Namo Bharat Rapid rail between Jaynagar and Patna and trains between Pipra and Saharsa and Saharsa and Samastipur. He also inaugurated the Supaul Pipra rail line, Hasanpur Bithan Rail line and two 2-lane Rail over bridges at Chapra and Bagaha. He dedicated to the nation the Khagaria-Alauli Rail line. These projects will improve connectivity and lead to overall socio-economic development of the region.

Prime Minister distributed benefits of around Rs 930 crore under Community Investment Fund to over 2 lakh SHGs from Bihar under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY- NRLM).

Prime Minister handed over sanction letters to 15 lakh new beneficiaries of PMAY-Gramin and released instalments to 10 lakh PMAY-G beneficiaries from across the country. He also handed over keys to some beneficiaries marking the Grih Pravesh of 1 lakh PMAY-G and 54,000 PMAY-U houses in Bihar.

बीते दशक में पंचायतों को सशक्त करने के लिए एक के बाद एक कदम उठाए गए हैं: PM @narendramodi pic.twitter.com/9QDhHcQCxw

— PMO India (@PMOIndia) April 24, 2025

मखाना, आज देश और दुनिया के लिए सुपरफूड है, लेकिन मिथिला की तो ये संस्कृति का हिस्सा है।

इसी संस्कृति को ही हम यहां की समृद्धि का भी सूत्र बना रहे हैं: PM @narendramodi pic.twitter.com/LeAiQKv5km

— PMO India (@PMOIndia) April 24, 2025

140 करोड़ भारतीयों की इच्छाशक्ति अब आतंक के आकाओं की कमर तोड़कर रहेगी: PM pic.twitter.com/kKlxlazkAU

— PMO India (@PMOIndia) April 24, 2025

Terrorism will not go unpunished.

Every effort will be made to ensure that justice is done.

The entire nation is firm in this resolve: PM pic.twitter.com/ojdN6fcEpD

— PMO India (@PMOIndia) April 24, 2025

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MJPS/SR

(Release ID: 2124029) Visitor Counter : 85

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Asia-Pac: “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Source: Government of India

Ministry of Communications

“Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

Posted On: 24 APR 2025 3:46PM by PIB Delhi

TRAI today has released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending 31^st December, 2024. This Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering 1^st October, 2024 to 31^st December, 2024 compiled mainly on the basis of information furnished by the Service Providers.

Executive Summary of the Report is enclosed. The complete Report is available on TRAI’s website (www.trai.gov.in and under the link http://www. trai.gov.in/release-publication/reports/performance-indicators-reports). Any suggestion or any clarification pertaining to this report, Shri Vijay Kumar, Advisor (F&EA), TRAI may be contacted on Tel. +91-20907773 and e-mail: advfea1@trai.gov.in.

The Indian Telecom Services Performance Indicators

October–December, 2024

Executive Summary

Total number of Internet subscribers decreased from 971.50 million at the end of Sep-24 to 970.16 million at the end of Dec-24, registering a quarterly rate of decline 0.14%. Out of 970.16 million internet subscribers, number of Wired Internet subscribers are 41.21 million and number of Wireless Internet subscribers are 928.96 million.

Composition of internet subscription

The Internet subscriber base is comprised of Broadband Internet subscriber base of 944.96 million and Narrowband Internet subscriber base of 25.20 million.
The broadband Internet subscriber base increased by 0.06% from 944.39 million at the end of Sep-24 to 944.96 million at the end of Dec-24. The narrowband Internet subscriber base decreased from 27.11 million at the end of Sep-24 to 25.20 million at the end of Dec-24.

Wireline subscribers increased from 36.93 million at the end of Sep-24 to 39.27 million at the end of Dec-24 with a quarterly rate of growth 6.32% and, on Y-O-Y basis, wireline subscriptions also increased by 23.32% at the end of QE Dec-24.
Wireline Tele-density increased from 2.63% at the end of Sep-24 to 2.79% at the end of Dec-24 with quarterly rate of growth 6.09%.
Monthly Average Revenue per User (ARPU) for wireless service increased by 5.34%, from Rs.172.57 in QE Sep-24 to Rs.181.80 in QE Dec-24. On Y-O-Y basis, monthly ARPU for wireless service increased by 19.17% in this quarter.

The ARPU per month for the pre-paid segment is Rs.180.91 and for the post-paid segment is Rs.191.51 in Q.E. Dec-2024.
On an all-India average, the overall MOU per month Increased by 3.62% from 974 in Q.E. Sep 2024 to 1009 in Q.E. Dec 2024.

Prepaid MOU per subscriber is 1053 and Postpaid MOU per subscriber per month is 526 in QE Dec-24.

Gross Revenue (GR), Applicable Gross Revenue (ApGR) and Adjusted Gross Revenue (AGR) of Telecom Service Sector for the Q.E. Dec-24 has been Rs.96,390 Crore, Rs.92,342 crore and Rs.77,934 Crore respectively. GR increased by 5.43%, ApGR increased by 4.65% and AGR increased by 3.48% in Q.E. Dec-24, as compared to previous quarter.

The Y-O-Y rate of growth in GR, ApGR and AGR in Q.E. Dec-24 over the same quarter in last year has been 14.07%, 13.86% and 14.89% respectively.

Pass Through Charges increased from Rs.12,926 Crore in QE Sep-24 to Rs.14,410 Crore in QE Dec-24 with quarterly rate of growth by 11.48%. The Y-O-Y rate of growth 7.12% has been recorded in pass-through charges for QE Dec-24.
The License Fee increased from Rs.6,023 Crore for the QE Sep-24 to Rs.6,234 Crore for the QE Dec-24. The quarterly and the Y-O-Y rates of growth in license fees are 3.50% and 14.75% respectively in this quarter.

Service-wise composition of Adjusted Gross Revenue

Access services contributed 84.35% of the total Adjusted Gross Revenue of telecom services. In Access services, Gross Revenue (GR), Applicable Gross Revenue (ApGR), Adjusted Gross Revenue (AGR), License Fee, Spectrum Usage Charges (SUC) and Pass Through Charges increased by 4.87%, 4.52%, 4.30%, 4.28%, 4.62% and 5.96% respectively in QE Dec-24.
The number of telephone subscribers in India decreased from 1,190.66 million at the end of Sep-24 to 1,189.92 million at the end of Dec-24, registering a rate of decline 0.06% over the previous quarter. This reflects Year-On-Year (Y-O-Y) rate of decline 0.03% over the same quarter of the last year. The overall Tele-density in India decreased from 84.69% as in QE Sep-24 to 84.45% as in QE Dec-24.

Trends in Telephone subscribers and Tele-density in India

Telephone subscribers in Urban areas increased from 662.15 million at the end of Sep-24 to 662.72 million at the end of Dec-24 however Urban Tele-density decreased from 131.86% to 131.37% during the same period.
Rural telephone subscribers decreased from 528.51 million at the end of Sep-24 to 527.20 million at the end of Dec-24 and Rural Tele-density also decreased from 58.48% to 58.29% during the same period.

Out of the total subscription, the share of Rural subscription decreased from 44.39% at the end of Sep-24 to 44.31% at the end of Dec-24.

Composition of Telephone Subscribers

With a net loss of 3.07 million subscribers during the quarter, the total wireless subscriber base decreased from 1153.72 million at the end of Sep-24 to 1150.66 million at the end of Dec-24, registering a rate of decline 0.27% over the previous quarter. On Y-O-Y basis, wireless subscriptions decreased at the rate of 0.68% during the year.
Wireless Tele-density decreased from 82.07% at the end of Sep-24 to 81.67% at the end of Dec-24 with quarterly rate of decline of 0.49%.

During this quarter, the following parameters in terms of QoS benchmarks have been fully complied by wireline service providers: –

1. Point of Interconnection (POI) Congestion (90th percentile value) ≤ 0.5%
During this quarter, list of QoS parameters which are fully complied by all the Access Service (Wireless) providers in all the LSAs: –

S.No.	Parameter	Benchmark
1	Percentage of significant network outage (services not available in a district for more than 4 hours) reported to the Authority within 24 hrs of start of the outage	100%
2	Point of Interconnection (POI) Congestion (90th percentile value)	≤ 0.5%
3	Latency (in 4G and 5G network)	≤ 75 msec
4	Packet Drop Rate (in 4G and 5G network)	≤ 3%
5	Billing and charging complaints	≤ 0.1%
6	Application of adjustment to customer’s account within one week from the date of resolution of billing and charging complaints or rectification of faults or rectification of significant network outage, as applicable	100%
7	Accessibility of call centre/ customer care	≥ 95%
8	Termination/ closure of service within seven working days of receipt of customer’s request	100%
9	Refund of deposits within 45 days of closure of service or non-provisioning of service	100%

A total of approximately 914 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking & downlinking.
As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3^rd March 2017, as amended, out of 904 permitted satellite TV channels which are available for downlinking in India, there are 362 satellite pay TV channels as on 31^st December, 2024. Out of 362 pay channels, 258 are SD satellite pay TV channels and 104 are HD satellite pay TV channels.
During the QE 31^st December 2024, there were 4 pay DTH service providers in the country.

Pay DTH has attained total active subscriber base of around 58.22 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has decreased from 59.91 million in September 2024 to 58.22 million in December 2024.
Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31^st December 2024, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators.

The advertisement revenue reported by FM Radio operators during the quarter ending 31^st December 2024 in respect of 388 private FM Radio channels is Rs.500.11 crore as against Rs.423.52 crore in respect of 388 private FM Radio channels for the previous quarter.

As on 31^st December, 2024, 529 Community Radio stations are operational.

SNAPSHOT

(Data as on Q.E. 31^st December, 2024)
Telecom Subscribers (Wireless+Wireline)
Total Subscribers	1189.92 Million
% change over the previous quarter	-0.06%
Urban Subscribers	662.72 Million
Rural Subscribers	527.20 Million
Market share of Private Operators	91.45%
Market share of PSU Operators	8.55%
Tele-density	84.45%
Urban Tele-density	131.37%
Rural Tele-density	58.29%
Wireless Subscribers
Total Wireless Subscribers	1,150.66 Million
% change over the previous quarter	-0.27%
Urban Subscribers	626.43 Million
Rural Subscribers	524.23 Million
Market share of Private Operators	91.92%
Market share of PSU Operators	8.08%
Tele-density	81.67%
Urban Tele-density	124.18%
Rural Tele-density	57.96%
Total Wireless Data Usage during the quarter	56,975 PB
Number of Public Mobile Radio Trunk Services (PMRTS)	65,996
Number of Very Small Aperture Terminals (VSAT)	2,52,612
Wireline Subscribers
Total Wireline Subscribers	39.27 Million
% change over the previous quarter	6.32%
Urban Subscribers	36.29 Million
Rural Subscribers	2.98 Million
Market share of PSU Operators	22.23%
Market share of Private Operators	77.77%
Tele-density	2.79%
Rural Tele-density	0.33%
Urban Tele-density	7.19%
No. of Village Public Telephones (VPT)	68,606
No. of Public Call Office (PCO)	13,442

Telecom Financial Data
Gross Revenue (GR) during the quarter	Rs. 96,390/- crore
% change in GR over the previous quarter	5.43%
Applicable Gross Revenue (ApGR) during quarter	Rs. 92,342/- crore
% change in ApGR over the previous quarter	4.65%
Adjusted Gross Revenue (AGR) during the quarter	Rs.77,934/- crore
% change in AGR over the previous quarter	3.48%
Share of Public sector undertakings in Access AGR	3.72%
Internet/Broadband Subscribers
Total Internet Subscribers	970.16 Million
% change over previous quarter	-0.14%
Narrowband subscribers	25.20 Million
Broadband subscribers	944.96 Million
Wired Internet Subscribers	41.21 Million
Wireless Internet Subscribers	928.96 Million
Urban Internet Subscribers	563.19 Million
Rural Internet Subscribers	406.97 Million M
Total Internet Subscribers per 100 population	68.86
Urban Internet Subscribers per 100 population	111.64
Rural Internet Subscribers per 100 population	44.99
Total Outgoing Minutes of Usage for Internet Telephony	87.53 Million
No. of Public Wi-Fi Hotspots	46,878
Aggregate Data Consumed (TB) for Wi-Fi Hotspots	15,714
Broadcasting & Cable Services
Number of private satellite TV channels permitted by the Ministry of I&B for uplinking only/downlinking only/both uplinking and downlinking	914
Number of Pay TV Channels as reported by broadcasters	362
Number of private FM Radio Stations (excluding All India Radio)	388
Number of total active subscribers with pay DTH operators	58.22 Million
Number of Operational Community Radio Stations	529
Number of pay DTH Operators	4
Revenue & Usage Parameters
Monthly ARPU of Wireless Service	Rs.181.80
Minutes of Usage (MOU) per subscriber per month – Wireless Service	1009
Wireless Data Usage
Average Wireless Data Usage per wireless data subscriber per month	21.52 GB
Average revenue realization per GB for wireless data usage during the quarter	Rs.9.34

****************

Samrat

(Release ID: 2124056)

MIL OSI Asia Pacific News –

April 24, 2025

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Prime Minister Shri Narendra Modi addresses the India Steel 2025 programmeSteel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj DayIn the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM