Category: Australia

  • MIL-OSI: CDPQ to sell 2,061,000 common shares of WSP

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    MONTREAL, April 24, 2025 (GLOBE NEWSWIRE) — CDPQ announced today its intention to sell 2,061,000 common shares of WSP Global Inc. (TSX: WSP), representing approximately 1.6% of WSP’s issued and outstanding common shares as of April 23, 2025.

    The common shares will be sold at a gross price per share of $242.70 in a block trade underwritten by BMO Capital Markets and National Bank Financial Inc. (the “underwriters”). CDPQ expects to receive gross cash proceeds of approximately $500 million from this transaction.

    This transaction is part of CDPQ’s periodic portfolio rebalancing. Once completed, CDPQ will still hold around 14.2% of WSP Global’s issued and outstanding common shares.

    “Since 2011, CDPQ has played a key role in supporting WSP Global through eight major acquisitions, propelling the company into a global leader in its sector. CDPQ is now seeking to monetize part of its investment while remaining a principal shareholder. This capital may be reinvested in Québec companies, including WSP Global, to support and accelerate the growth of local companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

    “CDPQ is a longstanding partner that has been by our side as we’ve grown into one of the largest professional services firms in the world. Following this transaction, CDPQ remains our largest shareholder as we begin executing our new 2025–2027 global strategic action plan to drive change for dynamic growth. Guided by our renewed ambitions, we remain confident in our ability to continue creating sustainable value for our shareholders,” said Alexandre L’Heureux, President and CEO of WSP Global. 

    ABOUT CDPQ

    At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information about CDPQ, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

    CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. 

    For more information
    MEDIA CONTACT
    1 514 847 5493
    medias@cdpq.com

    The MIL Network

  • MIL-OSI USA: SPC Tornado Watch 167

    Source: US National Oceanic and Atmospheric Administration

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

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

    The NWS Storm Prediction Center has issued a

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

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

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

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

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

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 166…

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

    …Smith

    SEL7

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

    The NWS Storm Prediction Center has issued a

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

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

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

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

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

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 166…

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

    …Smith

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

    LAT…LON 36980003 33050005 33050212 36980220

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

    Watch 167 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (40%)

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

    Low (20%)

    Wind

    Probability of 10 or more severe wind events

    Mod (30%)

    Probability of 1 or more wind events > 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    High (70%)

    Probability of 1 or more hailstones > 2 inches

    High (70%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

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

    MIL OSI USA News

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 168

    Source: US National Oceanic and Atmospheric Administration

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

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

    The NWS Storm Prediction Center has issued a

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

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

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

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

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

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

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

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

    …Smith

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

    LAT…LON 33080072 29900143 29900376 33080314

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

    Watch 168 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

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

    Low ( 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Mod (40%)

    Probability of 1 or more hailstones > 2 inches

    Mod (40%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (70%)

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

    MIL OSI USA News

  • MIL-OSI: Ring Energy Updates Second Quarter 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, April 24, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided updated guidance for the second quarter of 2025, which included reaffirming its previous outlook for oil and total sales volumes despite a significant reduction in the Company’s capital spending guidance, which was lowered in response to the recent decline in oil prices.

    KEY Q2 UPDATED GUIDANCE HIGHLIGHTS

    • Reduced capital spending guidance range with a midpoint decrease of over 50% to $18 million;
    • Reaffirmed guidance range for both oil and total sales volumes with midpoints of 14,200 barrels of oil per day (“Bo/d”) and 21,500 barrels of oil equivalent per day (“Boe/d”) respectively and;
    • Reaffirmed Lease Operating Expense (“LOE”) range with a midpoint of $12.00 per Boe.

    Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “In the past we have discussed the benefits of our value-focused proven strategy designed to maximize cash flow generation and effectively navigate the volatility of commodity prices to strengthen the balance sheet. The better-than-expected performance of our first quarter drilling program, underlying PDP assets, and recently acquired Lime Rock assets provided us the opportunity to quickly respond to lower oil prices by reducing our second quarter capital spending by more than 50% while maintaining our sales volumes guidance. Although our breakeven costs are well below the current price of oil, we believe emphasizing debt reduction during this time better positions the Company to manage the potential risks of an extended period of low oil prices. We also believe this change is warranted considering the uncertainty of future oil prices and is in the best interests of our stockholders. Regarding the rest of the year, we intend to provide updated guidance when we report our first quarter results in early May.”

    Q2 UPDATED GUIDANCE TABLE

        Sales Volumes  
    Total (Bo/d) 13,700 – 14,700
    Mid Point (Bo/d) 14,200
    Total (Boe/d) 20,500 – 22,500
    Mid Point (Boe/d) 21,500
    – Oil (%) 66%
    – NGLs (%) 18%
    – Gas (%) 16%
    Capital Program  
    Capital Spending1 (millions)   $14 – $22
    Mid Point (millions) $18
    Operating Expenses  
    LOE (per Boe) $11.50 – $12.50
    Mid Point (per Boe) $12.00

    (1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, well reactivations and leasing acreage. Also included is anticipated spending for non-operated drilling, completions, capital workovers, and facility improvements.

    ABOUT RING ENERGY, INC.

    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

    SAFE HARBOR STATEMENT

    This 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects, including: expected second quarter 2025 sales volumes and capital spending levels; the potential impact of and the Company’s efforts to manage commodity price volatility through targeted contracting, hedging and other Company-directed strategies; and, the expected benefits afforded by the recent completion of the recent Lime Rock acquisition. The forward-looking statements include the Company’s ability to keep operating costs low while maintaining production targets and generally to execute its proven strategy designed to further position the Company for long-term success. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

    CONTACT INFORMATION

    Al Petrie Advisors
    Al Petrie, Senior Partner
    Phone: 281-975-2146
    Email: apetrie@ringenergy.com

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

    The MIL Network

  • MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter ended March 31, 2025.

    Net income attributable to common stockholders per diluted share of common stock was $0.16 for the quarter ended March 31, 2025. Distributable Earnings per diluted share of common stock (a non-GAAP financial measure defined below) was $0.24 for the quarter ended March 31, 2025.

    Commenting on first quarter 2025 performance, Stuart Rothstein, Chief Executive Officer and President of the Company, said:

    “ARI’s first quarter earnings reflect the impact of elevated repayments at the end of fourth quarter of 2024 and the timing of our first quarter capital deployment, which totaled $650 million,” said Stuart Rothstein, Chief Executive Officer and President of ARI. “We continue to make progress with our focus assets and remain focused on redeploying the capital into newly originated loans.”

    ARI issued a detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

    Conference Call and Webcast
    The Company will hold a conference call to review first quarter results on April 25, 2025 at 10am ET. To register for the call, please use the following link:      

    https://register-conf.media-server.com/register/BI9d454c5338474977930d8dafd9ec06d9

    After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

    Distributable Earnings
    “Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for current expected credit losses.

    As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

    The Company believes it is useful to its investors to also present Distributable Earnings prior to net realized loss on investments, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to net realized loss on investments or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

    During the three months ended March 31, 2025, the Company recorded no realized losses in the consolidated statement of operations.

    A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

    A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

    About Apollo Commercial Real Estate Finance, Inc.
    Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $751 billion of assets under management at December 31, 2024.

    Additional information can be found on the Company’s website at www.apollocref.com.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    CONTACT: Hilary Ginsberg
      Investor Relations
      (212) 822-0767

    The MIL Network

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    1st Quarter 2025 Highlights:

    • Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.
    • Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.
    • Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.
    • The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
    • The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.
    • The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.

    Financial Summary  

      At or for the Three Months ended
    (Dollars in thousands, except per share and market data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Operating results          
    Net income $ 54,568     61,754     32,627  
    Basic earnings per share $ 0.48     0.54     0.29  
    Diluted earnings per share $ 0.48     0.54     0.29  
    Dividends declared per share $ 0.33     0.33     0.33  
    Market value per share          
    Closing $ 44.22     50.22     40.28  
    High $ 52.81     60.67     42.75  
    Low $ 43.18     43.70     34.74  
    Selected ratios and other data          
    Number of common stock shares outstanding   113,517,944     113,401,955     113,388,590  
    Average outstanding shares – basic   113,451,199     113,398,213     112,492,142  
    Average outstanding shares – diluted   113,546,365     113,541,026     112,554,402  
    Return on average assets (annualized)   0.80 %   0.87 %   0.47 %
    Return on average equity (annualized)   6.77 %   7.62 %   4.25 %
    Efficiency ratio   65.49 %   60.50 %   74.41 %
    Loan to deposit ratio   83.64 %   84.17 %   82.04 %
    Number of full time equivalent employees   3,457     3,441     3,438  
    Number of locations   227     227     232  
    Number of ATMs   286     284     285  
                       

    KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.”

    On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.

    Asset Summary

                  $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Cash and cash equivalents $ 981,485     848,408     788,660     133,077     192,825  
    Debt securities, available-for-sale   4,172,312     4,245,205     4,629,073     (72,893 )   (456,761 )
    Debt securities, held-to-maturity   3,261,575     3,294,847     3,451,583     (33,272 )   (190,008 )
    Total debt securities   7,433,887     7,540,052     8,080,656     (106,165 )   (646,769 )
    Loans receivable                  
    Residential real estate   1,850,079     1,858,929     1,752,514     (8,850 )   97,565  
    Commercial real estate   10,952,809     10,963,713     10,672,269     (10,904 )   280,540  
    Other commercial   3,121,477     3,119,535     3,030,608     1,942     90,869  
    Home equity   920,132     930,994     883,062     (10,862 )   37,070  
    Other consumer   374,021     388,678     394,049     (14,657 )   (20,028 )
    Loans receivable   17,218,518     17,261,849     16,732,502     (43,331 )   486,016  
    Allowance for credit losses   (210,400 )   (206,041 )   (198,779 )   (4,359 )   (11,621 )
    Loans receivable, net   17,008,118     17,055,808     16,533,723     (47,690 )   474,395  
    Other assets   2,435,389     2,458,719     2,419,131     (23,330 )   16,258  
    Total assets $ 27,858,879     27,902,987     27,822,170     (44,108 )   36,709  
                                   

    The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.

    The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.

    Credit Quality Summary

      At or for the
    Three Months ended
      At or for the
    Year ended
      At or for the
    Three Months ended
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Allowance for credit losses          
    Balance at beginning of period $ 206,041     192,757     192,757  
    Acquisitions       3     3  
    Provision for credit losses   6,154     27,179     9,091  
    Charge-offs   (3,897 )   (18,626 )   (4,295 )
    Recoveries   2,102     4,728     1,223  
    Balance at end of period $ 210,400     206,041     198,779  
    Provision for credit losses          
    Loan portfolio $ 6,154     27,179     9,091  
    Unfunded loan commitments   1,660     1,127     (842 )
    Total provision for credit losses $ 7,814     28,306     8,249  
    Other real estate owned $ 1,085     1,085     432  
    Other foreclosed assets   68     79     459  
    Accruing loans 90 days or more past due   5,289     6,177     3,796  
    Non-accrual loans   32,896     20,445     20,738  
    Total non-performing assets $ 39,338     27,786     25,425  
    Non-performing assets as a percentage of subsidiary assets   0.14 %   0.10 %   0.09 %
    Allowance for credit losses as a percentage of non-performing loans   551 %   774 %   810 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.01 %   0.08 %   0.02 %
    Accruing loans 30-89 days past due $ 46,458     32,228     62,423  
    U.S. government guarantees included in non-performing assets $ 685     748     1,490  
                       

    Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.

    The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for
    Credit Losses Loans
      Net Charge-Offs   ACL
    as a Percent
    of Loans
      Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans
      Non-Performing
    Assets to
    Total Subsidiary
    Assets
    First quarter 2025 $ 6,154   $ 1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
    Second quarter 2023   5,254     2,473   1.19 %   0.16 %   0.12 %
                                 

    Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                  $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Deposits                  
    Non-interest bearing deposits $ 6,100,548   6,136,709   6,055,069   (36,161 )   45,479  
    NOW and DDA accounts   5,676,177   5,543,512   5,376,605   132,665     299,572  
    Savings accounts   2,896,378   2,845,124   2,949,908   51,254     (53,530 )
    Money market deposit accounts   2,816,874   2,878,213   3,002,942   (61,339 )   (186,068 )
    Certificate accounts   3,140,333   3,139,821   3,039,190   512     101,143  
    Core deposits, total   20,630,310   20,543,379   20,423,714   86,931     206,596  
    Wholesale deposits   3,740   3,615   3,809   125     (69 )
    Deposits, total   20,634,050   20,546,994   20,427,523   87,056     206,527  
    Repurchase agreements   1,849,070   1,777,475   1,540,008   71,595     309,062  
    Deposits and repurchase agreements, total   22,483,120   22,324,469   21,967,531   158,651     515,589  
    Federal Home Loan Bank advances   1,520,000   1,800,000   2,140,157   (280,000 )   (620,157 )
    Other borrowed funds   82,443   83,341   88,814   (898 )   (6,371 )
    Subordinated debentures   133,145   133,105   132,984   40     161  
    Other liabilities   352,563   338,218   381,977   14,345     (29,414 )
    Total liabilities $ 24,571,271   24,679,133   24,711,463   (107,862 )   (140,192 )
                             

    Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.

    Stockholders’ Equity Summary

                  $ Change from
    (Dollars in thousands, except per share data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Common equity $ 3,550,719     3,533,150     3,483,012     17,569   67,707  
    Accumulated other comprehensive loss   (263,111 )   (309,296 )   (372,305 )   46,185   109,194  
    Total stockholders’ equity   3,287,608     3,223,854     3,110,707     63,754   176,901  
    Goodwill and intangibles, net   (1,099,229 )   (1,102,500 )   (1,069,808 )   3,271   (29,421 )
    Tangible stockholders’ equity $ 2,188,379     2,121,354     2,040,899     67,025   147,480  
    Stockholders’ equity to total assets   11.80 %   11.55 %   11.18 %          
    Tangible stockholders’ equity to total tangible assets   8.18 %   7.92 %   7.63 %          
    Book value per common share $ 28.96     28.43     27.43     0.53   1.53  
    Tangible book value per common share $ 19.28     18.71     18.00      0.57   1.28  
                                 

    Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.

    Cash Dividends
    On March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended March 31, 2025 
    Compared to December 31, 2024, and March 31, 2024

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Net interest income                  
    Interest income $ 289,925     297,036     279,402     (7,111 )   10,523  
    Interest expense   99,946     105,593     112,922     (5,647 )   (12,976 )
    Total net interest income   189,979     191,443     166,480     (1,464 )   23,499  
                       
    Non-interest income                  
    Service charges and other fees   18,818     20,322     18,563     (1,504 )   255  
    Miscellaneous loan fees and charges   4,664     4,541     4,362     123     302  
    Gain on sale of loans   4,311     3,926     3,362     385     949  
    Gain on sale of securities           16         (16 )
    Other income   4,849     2,760     3,686     2,089     1,163  
    Total non-interest income   32,642     31,549     29,989     1,093     2,653  
    Total income $ 222,621     222,992     196,469     (371 )   26,152  
    Net interest margin (tax-equivalent)   3.04 %   2.97 %   2.59 %        
                               

    Net Interest Income
    Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.

    The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.”

    Non-interest Income
    Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Compensation and employee benefits $ 91,443   81,600   85,789   9,843     5,654  
    Occupancy and equipment   12,294   11,589   11,883   705     411  
    Advertising and promotions   4,144   3,725   3,983   419     161  
    Data processing   9,138   9,145   9,159   (7 )   (21 )
    Other real estate owned and foreclosed assets   63   30   25   33     38  
    Regulatory assessments and insurance   5,534   5,890   7,761   (356 )   (2,227 )
    Intangibles amortization   3,270   3,613   2,760   (343 )   510  
    Other expenses   25,432   25,373   30,483   59     (5,051 )
    Total non-interest expense $ 151,318   140,965   151,843   10,353     (525 )
                             

    Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.

    Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.

    Federal and State Income Tax Expense

    Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.

    Efficiency Ratio
    The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income.

    Forward-Looking Statements  
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
               
    (Dollars in thousands, except per share data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Assets          
    Cash on hand and in banks $ 322,253     268,746     232,064  
    Interest bearing cash deposits   659,232     579,662     556,596  
    Cash and cash equivalents   981,485     848,408     788,660  
    Debt securities, available-for-sale   4,172,312     4,245,205     4,629,073  
    Debt securities, held-to-maturity   3,261,575     3,294,847     3,451,583  
    Total debt securities   7,433,887     7,540,052     8,080,656  
    Loans held for sale, at fair value   40,523     33,060     27,035  
    Loans receivable   17,218,518     17,261,849     16,732,502  
    Allowance for credit losses   (210,400 )   (206,041 )   (198,779 )
    Loans receivable, net   17,008,118     17,055,808     16,533,723  
    Premises and equipment, net   411,095     411,968     379,826  
    Right-of-use assets, net   54,441     56,252     63,447  
    Other real estate owned and foreclosed assets   1,153     1,164     891  
    Accrued interest receivable   103,992     99,262     106,063  
    Deferred tax asset   122,942     138,955     161,327  
    Intangibles, net   47,911     51,182     46,046  
    Goodwill   1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   88,134     99,669     111,129  
    Bank-owned life insurance   191,044     189,849     186,625  
    Other assets   322,836     326,040     312,980  
    Total assets $ 27,858,879     27,902,987     27,822,170  
    Liabilities          
    Non-interest bearing deposits $ 6,100,548     6,136,709     6,055,069  
    Interest bearing deposits   14,533,502     14,410,285     14,372,454  
    Securities sold under agreements to repurchase   1,849,070     1,777,475     1,540,008  
    FHLB advances   1,520,000     1,800,000     2,140,157  
    Other borrowed funds   82,443     83,341     88,814  
    Subordinated debentures   133,145     133,105     132,984  
    Accrued interest payable   30,231     33,626     32,584  
    Other liabilities   322,332     304,592     349,393  
    Total liabilities   24,571,271     24,679,133     24,711,463  
    Commitments and Contingent Liabilities            
    Stockholders’ Equity          
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding            
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,135     1,134     1,134  
    Paid-in capital   2,449,311     2,448,758     2,443,584  
    Retained earnings – substantially restricted   1,100,273     1,083,258     1,038,294  
    Accumulated other comprehensive loss   (263,111 )   (309,296 )   (372,305 )
    Total stockholders’ equity   3,287,608     3,223,854     3,110,707  
    Total liabilities and stockholders’ equity $ 27,858,879     27,902,987     27,822,170  
                       
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Interest Income          
    Investment securities $ 45,646   50,381   56,218
    Residential real estate loans   24,275   23,960   20,764
    Commercial loans   197,388   199,260   181,472
    Consumer and other loans   22,616   23,435   20,948
    Total interest income   289,925   297,036   279,402
    Interest Expense          
    Deposits   62,865   67,079   67,196
    Securities sold under agreements to repurchase   13,733   14,822   12,598
    Federal Home Loan Bank advances   20,719   21,848   4,249
    FRB Bank Term Funding       27,097
    Other borrowed funds   402   348   344
    Subordinated debentures   2,227   1,496   1,438
    Total interest expense   99,946   105,593   112,922
    Net Interest Income   189,979   191,443   166,480
    Provision for credit losses   7,814   8,534   8,249
    Net interest income after provision for credit losses   182,165   182,909   158,231
    Non-Interest Income          
    Service charges and other fees   18,818   20,322   18,563
    Miscellaneous loan fees and charges   4,664   4,541   4,362
    Gain on sale of loans   4,311   3,926   3,362
    Gain on sale of securities       16
    Other income   4,849   2,760   3,686
    Total non-interest income   32,642   31,549   29,989
    Non-Interest Expense          
    Compensation and employee benefits   91,443   81,600   85,789
    Occupancy and equipment   12,294   11,589   11,883
    Advertising and promotions   4,144   3,725   3,983
    Data processing   9,138   9,145   9,159
    Other real estate owned and foreclosed assets   63   30   25
    Regulatory assessments and insurance   5,534   5,890   7,761
    Intangibles amortization   3,270   3,613   2,760
    Other expenses   25,432   25,373   30,483
    Total non-interest expense   151,318   140,965   151,843
    Income Before Income Taxes   63,489   73,493   36,377
    Federal and state income tax expense   8,921   11,739   3,750
    Net Income $ 54,568   61,754   32,627
                 
    Glacier Bancorp, Inc.
    Average Balance Sheets
       
      Three Months ended
      March 31, 2025   December 31, 2024
    (Dollars in thousands) Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
      Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,885,497   $ 24,275   5.15 %   $ 1,885,146   $ 23,960   5.08 %
    Commercial loans 1   14,091,210     198,921   5.73 %     14,059,864     200,956   5.69 %
    Consumer and other loans   1,302,687     22,616   7.04 %     1,324,341     23,435   7.04 %
    Total loans 2   17,279,394     245,812   5.77 %     17,269,351     248,351   5.72 %
    Tax-exempt debt securities 3   1,604,851     13,936   3.47 %     1,615,474     14,501   3.59 %
    Taxable debt securities 4, 5   6,946,562     33,598   1.93 %     7,314,265     38,189   2.09 %
    Total earning assets   25,830,807     293,346   4.61 %     26,199,090     301,041   4.57 %
    Goodwill and intangibles   1,100,801             1,104,362        
    Non-earning assets   847,855             888,404        
    Total assets $ 27,779,463           $ 28,191,856        
    Liabilities                      
    Non-interest bearing deposits $ 5,989,490   $   %   $ 6,343,443   $   %
    NOW and DDA accounts   5,525,976     15,065   1.11 %     5,491,451     15,768   1.14 %
    Savings accounts   2,861,675     5,159   0.73 %     2,824,126     5,316   0.75 %
    Money market deposit accounts   2,849,470     13,526   1.93 %     2,878,415     14,232   1.97 %
    Certificate accounts   3,152,198     29,075   3.74 %     3,174,923     31,716   3.97 %
    Total core deposits   20,378,809     62,825   1.25 %     20,712,358     67,032   1.29 %
    Wholesale deposits 6   3,600     40   4.53 %     3,654     47   4.95 %
    Repurchase agreements   1,842,773     13,733   3.02 %     1,866,705     14,821   3.16 %
    FHLB advances   1,744,000     20,719   4.75 %     1,800,000     21,848   4.75 %
    Subordinated debentures and other borrowed funds   216,073     2,629   4.94 %     216,874     1,845   3.38 %
    Total funding liabilities   24,185,255     99,946   1.68 %     24,599,591     105,593   1.71 %
    Other liabilities   326,764             369,700        
    Total liabilities   24,512,019             24,969,291        
    Stockholders’ Equity                      
    Stockholders’ equity   3,267,444             3,222,565        
    Total liabilities and stockholders’ equity $ 27,779,463           $ 28,191,856        
    Net interest income (tax-equivalent)     $ 193,400           $ 195,448    
    Net interest spread (tax-equivalent)         2.93 %           2.86 %
    Net interest margin (tax-equivalent)         3.04 %           2.97 %

    ______________________________

    1 Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively.
    4 Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
    5 Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
       
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
       
      Three Months ended
      March 31, 2025   March 31, 2024
    (Dollars in thousands) Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
      Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,885,497   $ 24,275   5.15 %   $ 1,747,184   $ 20,764   4.75 %
    Commercial loans 1   14,091,210     198,921   5.73 %     13,513,426     183,045   5.45 %
    Consumer and other loans   1,302,687     22,616   7.04 %     1,283,388     20,948   6.56 %
    Total loans 2   17,279,394     245,812   5.77 %     16,543,998     224,757   5.46 %
    Tax-exempt debt securities 3   1,604,851     13,936   3.47 %     1,720,370     15,157   3.52 %
    Taxable debt securities 4, 5   6,946,562     33,598   1.93 %     8,176,974     43,477   2.13 %
    Total earning assets   25,830,807     293,346   4.61 %     26,441,342     283,391   4.31 %
    Goodwill and intangibles   1,100,801             1,051,954        
    Non-earning assets   847,855             611,550        
    Total assets $ 27,779,463           $ 28,104,846        
    Liabilities                      
    Non-interest bearing deposits $ 5,989,490   $   %   $ 5,966,546   $   %
    NOW and DDA accounts   5,525,976     15,065   1.11 %     5,275,703     15,918   1.21 %
    Savings accounts   2,861,675     5,159   0.73 %     2,900,649     5,655   0.78 %
    Money market deposit accounts   2,849,470     13,526   1.93 %     2,948,294     14,393   1.96 %
    Certificate accounts   3,152,198     29,075   3.74 %     3,000,713     31,175   4.18 %
    Total core deposits   20,378,809     62,825   1.25 %     20,091,905     67,141   1.34 %
    Wholesale deposits 6   3,600     40   4.53 %     3,965     55   5.50 %
    Repurchase agreements   1,842,773     13,733   3.02 %     1,513,397     12,598   3.35 %
    FHLB advances   1,744,000     20,719   4.75 %     350,754     4,249   4.79 %
    FRB Bank Term Funding         %     2,483,077     27,097   4.39 %
    Subordinated debentures and other borrowed funds   216,073     2,629   4.94 %     218,271     1,782   3.28 %
    Total funding liabilities   24,185,255     99,946   1.68 %     24,661,369     112,922   1.84 %
    Other liabilities   326,764             356,554        
    Total liabilities   24,512,019             25,017,923        
    Stockholders’ Equity                      
    Stockholders’ equity   3,267,444             3,086,923        
    Total liabilities and stockholders’ equity $ 27,779,463           $ 28,104,846        
    Net interest income (tax-equivalent)     $ 193,400           $ 170,469    
    Net interest spread (tax-equivalent)         2.93 %           2.47 %
    Net interest margin (tax-equivalent)         3.04 %           2.59 %

    ______________________________

    1 Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively.
    4 Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively.
    5 Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
       

    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification

      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Custom and owner occupied construction $ 233,584     $ 242,844     $ 273,835     (4)%   (15)%
    Pre-sold and spec construction   200,921       191,926       223,294     5 %   (10)%
    Total residential construction   434,505       434,770       497,129     %   (13)%
    Land development   177,448       197,369       215,828     (10)%   (18)%
    Consumer land or lots   197,553       187,024       188,635     6 %   5 %
    Unimproved land   115,528       113,532       103,032     2 %   12 %
    Developed lots for operative builders   64,782       61,661       47,591     5 %   36 %
    Commercial lots   95,574       99,243       92,748     (4)%   3 %
    Other construction   714,151       693,461       915,782     3 %   (22)%
    Total land, lot, and other construction   1,365,036       1,352,290       1,563,616     1 %   (13)%
    Owner occupied   3,182,589       3,197,138       3,057,348     %   4 %
    Non-owner occupied   4,054,107       4,053,996       3,920,696     %   3 %
    Total commercial real estate   7,236,696       7,251,134       6,978,044     %   4 %
    Commercial and industrial   1,392,365       1,395,997       1,371,201     %   2 %
    Agriculture   1,016,081       1,024,520       929,420     (1)%   9 %
    First lien   2,499,494       2,481,918       2,276,638     1 %   10 %
    Junior lien   85,343       76,303       51,579     12 %   65 %
    Total 1-4 family   2,584,837       2,558,221       2,328,217     1 %   11 %
    Multifamily residential   874,071       895,242       881,117     (2)%   (1)%
    Home equity lines of credit   989,043       1,005,783       947,652     (2)%   4 %
    Other consumer   188,388       209,457       223,566     (10)%   (16)%
    Total consumer   1,177,431       1,215,240       1,171,218     (3)%   1 %
    States and political subdivisions   1,001,058       983,601       848,454     2 %   18 %
    Other   176,961       183,894       191,121     (4)%   (7)%
    Total loans receivable, including loans held for sale   17,259,041       17,294,909       16,759,537     %   3 %
    Less loans held for sale 1   (40,523 )     (33,060 )     (27,035 )   23 %   50 %
    Total loans receivable $ 17,218,518     $ 17,261,849     $ 16,732,502     %   3 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
       
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
                   
       

    Non-performing Assets, by Loan Type

      Non-
    Accrual
    Loans
      Accruing
    Loans 90
    Days
    or More Past
    Due
      Other real estate
    owned and foreclosed assets
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Mar 31,
    2025
      Mar 31,
    2025
      Mar 31,
    2025
    Custom and owner occupied construction $ 194   198   210   194    
    Pre-sold and spec construction   2,896   2,132   1,049   2,133   763  
    Total residential construction   3,090   2,330   1,259   2,327   763  
    Land development   935   966   28   935    
    Consumer land or lots   173   78   144   173    
    Developed lots for operative builders   531   531   608     531  
    Commercial lots   47   47   2,205     47  
    Total land, lot and other construction   1,686   1,622   2,985   1,108   578  
    Owner occupied   3,601   2,979   1,501   3,073   96   432
    Non-owner occupied   2,235   2,235   8,853   1,582     653
    Total commercial real estate   5,836   5,214   10,354   4,655   96   1,085
    Commercial and Industrial   12,367   2,069   1,698   11,640   727  
    Agriculture   2,382   2,335   2,855   2,090   292  
    First lien   8,752   9,053   2,930   6,796   1,956  
    Junior lien   296   315   69   296    
    Total 1-4 family   9,048   9,368   2,999   7,092   1,956  
    Multifamily residential   400   389   395   400    
    Home equity lines of credit   3,479   3,465   1,892   2,726   753  
    Other consumer   1,003   955   927   858   77   68
    Total consumer   4,482   4,420   2,819   3,584   830   68
    Other   47   39   61     47  
    Total $ 39,338   27,786   25,425   32,896   5,289   1,153
                             

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)

      Accruing 30-89 Days Delinquent Loans,  by Loan Type   % Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Custom and owner occupied construction $ 786   $ 969   $ 4,784   (19)%   (84)%
    Pre-sold and spec construction       564     1,181   (100)%   (100)%
    Total residential construction   786     1,533     5,965   (49)%   (87)%
    Land development       1,450     59   (100)%   (100)%
    Consumer land or lots   1,026     402     332   155 %   209 %
    Unimproved land   32     36     575   (11)%   (94)%
    Developed lots for operative builders       214       (100)%   n/m
    Commercial lots   189         1,225   n/m   (85)%
    Other construction           1,248   n/m   (100)%
    Total land, lot and other construction   1,247     2,102     3,439   (41)%   (64)%
    Owner occupied   3,786     2,867     2,991   32 %   27 %
    Non-owner occupied   346     5,037     18,118   (93)%   (98)%
    Total commercial real estate   4,132     7,904     21,109   (48)%   (80)%
    Commercial and industrial   5,358     6,194     14,806   (13)%   (64)%
    Agriculture   5,731     744     3,922   670 %   46 %
    First lien   14,826     6,326     5,626   134 %   164 %
    Junior lien   1,023     214     145   378 %   606 %
    Total 1-4 family   15,849     6,540     5,771   142 %   175 %
    Home equity lines of credit   6,993     3,731     3,668   87 %   91 %
    Other consumer   1,824     1,775     1,948   3 %   (6)%
    Total consumer   8,817     5,506     5,616   60 %   57 %
    States and political subdivisions   3,220           n/m   n/m
    Other   1,318     1,705     1,795   (23)%   (27)%
    Total $ 46,458   $ 32,228   $ 62,423   44 %   (26)%

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
               
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type
      Charge-Offs   Recoveries
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Mar 31,
    2025
      Mar 31,
    2025
    Pre-sold and spec construction $     (4 )   (4 )    
    Pre-sold and spec construction $     (4 )   (4 )    
    Land development   (341 )   1,095     (1 )     341
    Consumer land or lots   (3 )   (22 )   (1 )     3
    Unimproved land       1,338          
    Commercial lots       319          
    Total land, lot and other construction   (344 )   2,730     (2 )     344
    Owner occupied   (1 )   (73 )   (3 )     1
    Non-owner occupied   (6 )   2     (1 )     6
    Total commercial real estate   (7 )   (71 )   (4 )     7
    Commercial and industrial   92     1,422     328     421   329
    Agriculture   (1 )   64     68       1
    First lien   (69 )   32     (4 )     69
    Junior lien   (5 )   (65 )   (5 )     5
    Total 1-4 family   (74 )   (33 )   (9 )     74
    Home equity lines of credit   (20 )   69     5       20
    Other consumer   276     1,078     251     331   55
    Total consumer   256     1,147     256     331   75
    Other   1,873     8,643     2,439     3,145   1,272
    Total $ 1,795     13,898     3,072     3,897   2,102
                               

    Visit our website at www.glacierbancorp.com 

    The MIL Network

  • MIL-OSI Australia: Fatal crash – Berry Springs

    Source: Northern Territory Police and Fire Services

    A 44-year-old man has died in a single vehicle crash in Darwin’s rural area.

    At 4:33pm the Joint Emergency Services Communications Centre received a report of a single vehicle crash on Hopewell Road, Berry Springs.

    It was reported that a vehicle had hit a power pole and the only

    occupant, the driver, was trapped inside.

    Power lines were also reportedly damaged and fuel was leaking from the vehicle.

    Humpty Doo and Palmerston General duties Police attended the scene with St John Ambulance and NT Fire and Emergency Services members.

    Power and Water staff also attended and isolated electricity in the area.

    Upon arrival at the scene St John Ambulance members confirmed the driver was deceased.

    A crime scene was declared and Hopewell Road between Kentish and Old Bynoe roads is expected to remain closed until late tonight.

    Anyone who may have witnessed the crash or who has dashcam footage is urged to reach out to NT Police on 131 444 and quote reference number P25112590.

    MIL OSI News

  • MIL-OSI: AXIS Completes Previously Announced Transaction With Enstar

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, April 24, 2025 (GLOBE NEWSWIRE) — AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) and Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that they have completed a loss portfolio transfer (“LPT”) transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years.

    The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75% ground-up quota share, with AXIS retroceding $2.3 billion of reinsurance segment reserves to Enstar.

    The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Limited, which has S&P and AM Best ‘A’ financial strength ratings.

    Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

    About AXIS Capital
    AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders’ equity of $6.1 billion at September 30, 2024, and locations in Bermuda, the United States, Europe, Singapore, and Canada. Its operating subsidiaries have been assigned a financial strength rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

    About Enstar

    Enstar is a NASDAQ-listed global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Australia, Lichtenstein and Belgium. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.

    The MIL Network

  • MIL-OSI: Canadian General Investments: Report of Voting Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Canada, April 24, 2025 (GLOBE NEWSWIRE) — This report is filed under section 16.3 of National Instrument 81-106 Investment Fund Continuous Disclosure in respect of the annual general meeting of shareholders of Canadian General Investments, Limited (the “Corporation”) held on April 24, 2025 (the “Meeting”).

    There were 14,252,740 common shares represented in person or by proxy at the Meeting (equal to 68.32% of the issued and outstanding common shares).

    Each of the seven nominees proposed by management for election as a director of the Corporation, as listed in the management information circular dated February 28, 2025, was elected as a director of the Corporation by votes cast at the Meeting. The detailed results of the vote for the election of each director are set out below.

    Name of director Votes for
    appointment to
    the Board of
    Directors
    Votes for
    as a % of
    votes cast
    Votes
    withheld
    Votes withheld
    as a % of
    votes cast
             
    Marcia Lewis Brown 13,188,533 99.70 39,211 0.30
    A. Michelle Lally 13,114,833 99.15 112,911 0.85
    Jonathan A. Morgan 12,888,759 97.44 338,985 2.56
    Vanessa L. Morgan 12,889,575 97.44 338,169 2.56
    Sanjay Nakra 13,182,356 99.66 45,388 0.34
    Clive W. Robinson 12,972,529 98.07 255,215 1.93
    Michael C. Walke 13,190,027 99.71 37,717 0.29
             

    In addition, PricewaterhouseCoopers LLP was reappointed as auditor of the Corporation and the directors authorized to fix its remuneration by way of votes cast at the Meeting.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Canadian General Investments, Limited
    Jonathan A. Morgan
    President & CEO
    Phone: (416) 366-2931
    Fax: (416) 366-2729
    e-mail: cgifund@mmainvestments.com
    website: www.canadiangeneralinvestments.ca

    The MIL Network

  • MIL-OSI Security: Brooklyn, NY Woman Sentenced to 4 Years for Aiding and Abetting Armed Robbery of Hyde County Family Dollar Store

    Source: Office of United States Attorneys

    NEW BERN, N.C. – A Brooklyn, NY woman was sentenced Wednesday to 4 years in prison for aiding and abetting in the armed robbery of a Family Dollar in Swan Quarter. On November 13, 2024, Victoria Michelle Cyren Clarke, 32, pled guilty to interference with commerce by robbery and aiding and abetting.

    According to court documents and other information presented in court, on Sunday, June 4, 2023, at approximately 9:00 p.m., Hyde County Sheriff’s Office (HCSO) received a call about an armed robbery at the Family Dollar, located at 13065 US Highway 264 in Swan Quarter. Two individuals entered the store brandishing firearms while demanding money. After retrieving over $2000 in cash from the store, the two individuals left and got into a car being driven by Clarke. A deputy with HCSO attempted to initiate a traffic stop on the vehicle after it was observed leaving the area at a high rate of speed. A high-speed chase ensued for approximately 18 miles with speeds in excess of 100 mph before the vehicle was finally stopped. In addition to the two armed robbers and Clarke, two children were unrestrained in the vehicle. Subsequent investigation revealed that Clarke bought both firearms used in the robbery and rented the get-away car.

    “The Hyde County Sheriff’s Office is committed to ensuring the safety of our residents and businesses,” said Sheriff Guire Cahoon. “The armed robbery at the Family Dollar in Swan Quarter was a serious crime that put innocent lives at risk, and we are grateful for the quick response of our deputies which resulted in the apprehension of the individuals involved, and we are grateful for the assistance of the FBI and the U.S. Attorney’s Office for their work on the case. Violent crime has no place in our community, and we will continue working tirelessly to protect the people of Hyde County.”

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge Louise W. Flanagan. Hyde County Sheriff’s Office and the Federal Bureau of Investigation investigated the case and Assistant U.S. Attorney Julie A. Childress  prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 4:24-CR-12-FL-RJ-3.

    ###

    MIL Security OSI

  • MIL-OSI: Quick Custom Intelligence Joins Theo Awards as Silver Sponsor, Expanding Support of Casino DMA’s Mission

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 24, 2025 (GLOBE NEWSWIRE) — Casino Direct Marketing Association (Casino DMA), a 501(c)(3) nonprofit organization dedicated to advancing casino marketing through education and connection, is proud to announce that Quick Custom Intelligence (QCI) has signed on as a Silver Sponsor of the upcoming Theo Awards. This new sponsorship marks an exciting expansion of QCI’s support for Casino DMA’s mission and programs.

    “Marketing for casinos is a unique challenge, blending creative artistry with data science,” said Dr. Ralph Thomas, Chief Executive Officer at QCI. “We’re grateful to Casino DMA for the opportunity to sponsor this event and eager to hear the stories that emerge. It’s this kind of sharing that makes our industry stronger.”

    “We’re thrilled to welcome QCI as a sponsor,” said Steven Paci, president of Casino DMA. “Their commitment to innovation and excellence in casino marketing perfectly aligns with our goal of elevating and celebrating the work of our industry’s brightest minds.”

    For more information about the Theo Awards or Casino DMA sponsorship opportunities, visit casinodma.com.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming and hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Dr. Ralph Thomas
    Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network

  • MIL-OSI Security: FBI-Led Operation in Nigeria Leads to Sextortion Arrests

    Source: Federal Bureau of Investigation FBI Crime News (b)

    In early 2023, a unit in the FBI’s Criminal Division that focuses on child exploitation sifted through terabytes of communications and uncovered thousands of digital breadcrumbs that led to Nigeria. The Child Exploitation Operational Unit assembled priority lists of subjects to locate and interview in the West African country, including some of the cases that involved suicides.

    The FBI, through the legal attaché office in Nigeria, coordinated all this with Nigeria’s Economic and Financial Crimes Commission (EFCC), the country’s lead agency for investigating financial crimes. Other partners included federal agencies in Australia, Canada, and the United Kingdom that had similar sextortion cases resolving to Nigeria.

    In late summer 2023, a team of FBI special agents, analysts, and forensic examiners—along with criminal investigators from the Australian Federal Police (AFP) and the Royal Canadian Mounted Police (RCMP)—set up a discreet temporary command post in the city of Lagos. The operation was dubbed Artemis after the Greek goddess who protects youths. In Nigeria, the teams worked in shifts for weeks at a time exchanging information with EFCC investigators to facilitate the arrests and interviews of Nigerians whose digital footprints appeared to connect them to some of the most appalling cases in the U.S.

    “Everybody was equally invested in making this one goal happen,” said Special Agent Karen R., who managed the Bureau’s coordination of the sextortion cases that led up to the weeks-long operation in Nigeria. While Canada and Australia are well-known partners for the FBI, Karen pointed out that Nigeria’s EFCC has a uniquely strong track record of working with the Bureau, particularly on sprawling financial crimes that both countries are trying to stamp out.

    “They are just as invested as we are in trying to make this problem go away,” she said. “We all know Nigerian prince scams. We know all of the scams that are traditionally done there. They’re aware of it, too, and don’t like that their country is known for that type of activity.”

    Indeed, as everyone set out in the summer of 2023 to find and arrest the criminals and bring them to justice, Nigerian authorities were on a parallel mission of trying to dissuade would-be scammers in their own country from taking up sextortion and other financial crimes as an easy way to make money.

    Poverty is widespread in Nigeria, and jobs and opportunities are scarce. Smart, tech-savvy, college-aged individuals with a phone, nude images scraped from the internet, and a script for duping faraway boys might view sextortion as a viable trade with little risk or downside. 

    MIL Security OSI

  • MIL-OSI: New Digital Platform Offers Comprehensive IP Support to B.C. Businesses

    Source: GlobeNewswire (MIL-OSI)

    Innovate BC’s new IP Hub is a one-stop-shop for innovators to access tailored education and resources that will help them protect and leverage their intellectual property

    VANCOUVER, British Columbia, April 24, 2025 (GLOBE NEWSWIRE) — Launched today, Innovate BC’s new IP Hub digital platform supports B.C. entrepreneurs in developing their understanding of intellectual property (IP) to support the building and implementing of an effective IP strategy to help grow their business.

    Developed as part of the Province of British Columbia’s Intellectual Property Strategy, the free-to-use IP Hub offers a tailored experience that will connect users with information and resources based on an assessment of their current IP competency.

    “B.C.’s Intellectual Property Strategy is about supporting our local businesses by giving them the tools they need to protect, grow and profit from what they create,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “The launch of the IP Hub is a key part of that—helping entrepreneurs, researchers, startups and our high potential businesses fully understand their IP, scale their businesses, and keep their talent right here at home in British Columbia.”

    The strategic management of IP is essential for companies developing innovative products or solutions, playing a crucial role in commercialization, increasing revenue, and competitiveness. The IP Hub offers relevant and timely resources that meet the user’s current level of IP comprehension and will provide them with ongoing support to build, implement and expand their own IP strategy.

    Once assessed, users will have access to a wide range of supports that are available within B.C. and across Canada, aligned to their business stage, sector, size, and other characteristics that inform IP strategy. Resources include access to localized IP programming, a calendar of relevant and upcoming IP-focussed events, education materials, and more.

    “Having a clear and proactive intellectual property strategy isn’t just a competitive advantage — it’s a necessity,” said Peter Cowan, President and CEO of Innovate BC. “For innovators and tech companies, IP is often their most valuable asset, protecting innovation, attracting investment, and enabling growth. By bolstering IP capacities here in British Columbia, we’re empowering our startups and scale-ups to thrive, strengthening our innovation ecosystem, and unlocking long-term economic prosperity for communities and industries across the province.”

    The IP Hub is a part of Innovate BC’s suite of IP programs and resources for B.C. companies, which includes AccelerateIP, a program delivered by New Ventures BC that provides innovators with IP-related education, funding, and strategy development.

    To learn more about the IP Hub and to access the platform, visit https://bcip.ca/

    Additional Quotes

    Faisal Khan, Founder + CEO, FMRK Diagnostic Technologies

    “A dynamic IP strategy is the life blood of any 21st century business. It allows you to secure investment capital, protect yourself in the market, recoup your R&D investments and so much more. Companies can never reach their full potential without one.”

    Annie Dahan, Founder at Seacork Studio

    “Developing a robust and actionable IP strategy has been essential to our growth, credibility and our ability to navigate the market.”

    About Innovate BC

    A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.

    MEDIA CONTACT:

    Michael Gleboff
    Communications + Community Manager
    mgleboff@innovatebc.ca
    604602-5210

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc76dd29-16d4-414a-bac4-73c4ba5af5df

    The MIL Network

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces First Quarter 2025 Operating Highlights and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, April 24, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter ended March 31, 2025. All numbers reported below for the first quarter of 2025 are approximate until the Bank announces unaudited financial results in its Form 10-Q, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about May 9, 2025.

    Operating Results for the First Quarter of 2025

    • Net interest income for the first quarter of 2025 was $207 million, a decrease of $47 million, compared to net interest income of $254 million for the same period in 2024. The decrease in net interest income was primarily due to a decrease in interest rates and a decrease in average advance balances during the first quarter of 2025 compared to the same period in 2024. Net income for the first quarter of 2025 was $143 million, a decrease of $51 million, compared to net income of $194 million for the same period in 2024. The decrease in net income was primarily due to the decrease in net interest income.
    • For the first quarter of 2025, the Bank continued to meet members’ liquidity demand and average advance balances were $97.1 billion, compared to average advance balances of $103.0 billion for the same period in 2024.
    • The net yield on interest-earning assets for the first quarter of 2025 was 56 basis points, compared to 66 basis points for the same period in 2024. Many of the Bank’s assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the first quarter of 2025 was 4.33 percent compared to 5.31 percent for the same period in 2024.
    • The Bank’s first quarter 2025 performance resulted in an annualized return on average equity (ROE) of 6.82 percent as compared to 9.24 percent for the same period in 2024. The decrease in ROE was primarily due to the decreased net income for the first quarter of 2025 compared to the same period in 2024.

    Financial Condition Highlights

    • Total assets were $146.2 billion as of March 31, 2025, a decrease of $858 million from December 31, 2024.
    • Advances outstanding were $85.7 billion as of March 31, 2025, a decrease of $157 million from December 31, 2024.
    • Total capital was $8.0 billion as of March 31, 2025, an increase of $56 million from December 31, 2024. Retained earnings were $2.8 billion as of March 31, 2025, an increase of $43 million from December 31, 2024.
    • As of March 31, 2025, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.

    Reliable Source of Liquidity

    • During the first quarter of 2025, the Bank originated a total of $75.5 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.

    Commitment to Affordable Housing and Community Development

    • The Bank commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $77 million for the 2024 statutory Affordable Housing Program (AHP) assessment available for funding in 2025. As of March 31, 2025, the Bank has accrued $16 million to its AHP pool of funds that will be available to the Bank’s members and their communities in 2026 for funding of eligible projects.
    • The Bank has committed to voluntarily contribute, at a minimum, an additional 50 percent of its prior year statutory AHP assessment to affordable housing. For 2025, the Bank authorized $41 million in voluntary housing contributions consisting of $9 million in voluntary non-statutory AHP contributions and $32 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2025.
    • Since the inception of its AHP in 1990, the Bank has awarded more than $1.2 billion in AHP funds, assisting more than 177,000 households.

    Dividends

    • On April 24, 2025, the board of directors of the Bank approved a quarterly cash dividend at an annualized rate of 6.85 percent.  
    • “As we began 2025, the Bank focused on fulfilling our mission by providing significant liquidity to members as well as remaining a reliable partner during a time of economic volatility,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. “We are pleased to return a strong dividend to members and appreciate their ongoing trust in FHLBank Atlanta.”
    • The dividend payout will be calculated based on members’ capital stock held during the first quarter of 2025 and will be credited to members’ daily investment accounts at the close of business on April 29, 2025.

    Federal Home Loan Bank of Atlanta
    Financial Highlights
    (Preliminary and unaudited)
    (Dollars in millions)

    Statements of Condition As of March 31, 2025   As of December 31, 2024
      Advances $ 85,672     $ 85,829  
      Investments   59,326       60,084  
      Mortgage loans held for portfolio, net   87       89  
      Total assets   146,233       147,091  
      Total consolidated obligations, net   135,022       135,851  
      Total capital stock   5,164       5,148  
      Retained earnings   2,828       2,785  
      Accumulated other comprehensive loss   (3 )      
      Total capital   7,989       7,933  
      Capital-to-assets ratio (GAAP)   5.46 %     5.39 %
      Capital-to-assets ratio (Regulatory)   5.47 %     5.39 %
        Three Months Ended March 31,
    Operating Results and Performance Ratios   2025       2024  
      Net interest income $ 207     $ 254  
      Standby letters of credit fees   4       4  
      Other income   1       2  
      Total noninterest expense (1)   53       44  
      Affordable Housing Program assessment   16       22  
      Net income   143       194  
      Return on average assets   0.38 %     0.50 %
      Return on average equity   6.82 %     9.24 %

    __________
    (1) Total noninterest expense includes voluntary housing and community investment contributions of $11 million and $5 million for the first quarter of 2025 and 2024, respectively.

    The selected financial data above should be read in conjunction with the financial statements and notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Bank’s First Quarter 2025 Form 10-Q expected to be filed with the SEC on or about May 9, 2025, which will be available at www.fhlbatl.com and on www.sec.gov.

    About Federal Home Loan Bank of Atlanta

    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System). Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank’s financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; changes to economic, liquidity and market conditions; changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, climate, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; changes to the Bank’s voluntary housing program and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank’s results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

    The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com
    404.716.4296

    The MIL Network

  • MIL-OSI Video: Joint Operation Targets Sextortion Suspects in Nigeria

    Source: Federal Bureau of Investigation (FBI) (video statements)

    The FBI and law enforcement partners from Canada, Australia, and Nigeria conducted a first-of-its kind operation in Summer 2023 that resulted in charges against some of the most egregious perpetrators of financially motivated sextortion.

    More at: www.fbi.gov/news/stories/fbi-operation-in-nigeria-targeted-perpetrators-of-online-extortion-schemes-that-prey-on-teens
    —————————————————
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    https://www.youtube.com/watch?v=Jd6GHxPqJo4

    MIL OSI Video

  • MIL-OSI: XRP News: XRP Community Goes Wild As Rush To Join XenDex’s $XDX Presale Intensifies

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, Australia, April 24, 2025 (GLOBE NEWSWIRE) — The buzz is undeniable as XenDex officially ignites a new wave of excitement on the XRP Ledger. Just days after launching, the first all-in-one decentralized exchange on XRP Ledger is already making headlines, with thousands of users flooding into its community channels and early participants racing to secure their place in the project’s rapidly moving XDX presale.

    With lending & borrowing, AI-powered copy trading, staking, and cross-chain functionality, XenDex is delivering what the XRP ecosystem has long been missing. And crypto investors are taking notice.

    Buy $XDX Now!

    According to XenDex’s spokesperson, “People aren’t just supporting XenDex, they’re becoming obsessed with it. This is XRP’s DeFi moment, and the entire community knows it,

    The $XDX token presale is officially live and demand is soaring.

    The exchange rate for the XenDex presale is set at 1 XRP for 10 XDX tokens. To participate, the minimum purchase amount is 150 XRP, which gives buyers 1,500 XDX. The project has established a soft cap of 30,000 XRP to ensure strong initial liquidity and market traction.

    Early buyers are rushing in to take advantage of the low entry point before price pressure sets in. As the presale fills, $XDX becomes increasingly scarce and valuable, fueling even more demand.

    Purchase XDX Now at The Lowest Price

    Why Do Investors Love XenDex?

    Unlike anything built on XRP before, XenDex offers:

    • Real utility with low fees and lightning speed
    • Lending & borrowing without intermediaries
    • AI-assisted trading tools that mirror pro strategies
    • Governance, staking, and yield farming — all in one app
    • A clean, fast UI that even Web2 onborders love

    The result? A growing legion of XRP holders who are not just using XenDex, investors are rallying around it.

    Thousands have already joined the XenDex community across Telegram and Twitter. And with features rolling out and listings on the horizon, FOMO is building by the minute.

    Participate in XDX Presale

    The clock is ticking. The presale is live. The community is growing fast. Don’t wait to watch it happen — be part of it.

    Website: https://xendex.net
    Buy $XDX Presale: https://xendex.net/presale/
    Telegram: https://t.me/XenDexCommunity
    Twitter: https://x.com/XenDex_XRP
    XDX Doc: https://xdxdoc.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8fbb673f-6267-40c0-8d0a-c022ae0c486f

    The MIL Network

  • MIL-OSI Global: How growing and foraging food can become a common part of cities

    Source: The Conversation – UK – By May East, MSc Supervisor, Urban Planning & Education, University of Edinburgh

    The early morning light spills over the raised beds of a thriving community garden in Harlem, New York. It’s a Saturday, and people of all ages move among the plants – harvesting collard greens, making compost and packing bags of fresh vegetables.

    A community initiative called Harlem Grown began in 2011 as a single urban farm on an abandoned neighbourhood lot. It has since become a lifeline for the people who live there.

    The project combats food insecurity, provides fresh produce to local families – 150,000 servings of food in 2023 alone – and teaches the next generation how to nourish themselves and their communities. As one long-term female volunteer told me: “Healthy habits start young.” That’s why their programmes involve schoolchildren as young as five.

    Across the boroughs of New York City, a lively ecosystem of urban farmers, non-profit leaders, dietitians and chefs work together to localise food systems. This helps communities to become more self-sufficient and less reliant on ultra-processed foods, all while ensuring support reaches the most vulnerable.

    While healthy food options are readily available in affluent areas such as in upper east side Manhattan, lower-income neighbourhoods – dominated by fast-food establishments – face a far greater need. In the Bronx, residents are establishing community gardens to encourage access to fresh, organic produce that people would otherwise require to travel outside the borough to find.

    Some young, female urban farmers from minority communities in New York believe that “like fashion, farming is political too”. Some have built their capacity through courses at the Farm School NYC, which provides them with the tools needed to become effective leaders in the food justice movement.

    Localising food systems involves growing and foraging for food in urban settings to reduce food miles and reclaim diverse, locally rooted food traditions long-displaced by industrial systems. This is one of the key lines of work explored by women in my book, What if Women Designed the City?

    I’ve been investigating how women as experts of their neighbourhoods engage with local food movements – organising community gardens, coordinating cooperatives and managing farmers markets – viewed through a transatlantic lens that connects efforts in North America with those alive in the UK.

    My research adopts a regenerative perspective on urban development, viewed through the eyes of women from diverse backgrounds who uncover untapped potential rooted in the uniqueness of their neighbourhoods. For instance, I conducted walking interviews with 274 women from both affluent and hard-to-reach areas in three Scottish cities: Glasgow, Edinburgh and Perth.

    A participant from the modernist housing estate of Wester Hailes in Edinburgh observed that locals often favour convenience foods: “People in this area like hamburgers, pizzas, mashed potatoes and stuff like that.” In her view, encouraging more community gardens could provide healthier alternatives while also reconnecting residents with fresh, seasonal produce.

    Another resident recognised the social benefits such spaces could bring, helping to counter isolation. Regular meals at the Murrayburn and Hailes Neighbourhood Garden, for instance, attract people who live alone, providing a welcoming space – even for those who don’t feel like talking. As one participant put it, these meals are especially “good for people who are slightly depressed”.

    Research suggests that getting our hands into the soil stimulates the release of serotonin, a natural antidepressant, triggered by the soil bacterium Mycobacterium vaccae, which can help people to feel more relaxed and happier. This aligns with compelling evidence on the benefits of “green care” – including social and therapeutic horticulture, care farming and environmental conservation – which has been shown to reduce anxiety, stress, and depression.

    Growing native

    At the heart of this community-led food justice movement is the belief that both herbalists and everyday gardeners should prioritise cultivating native plants that naturally thrive in their surroundings, rather than relying on plants from distant regions, that require harvesting, processing and transportation over long distances using fossil fuel energy.

    This ethos underpins the work of a growing network of women from the Grass Roots Remedies workers cooperative, who meet regularly at the community-led Calders Garden in Edinburgh to exchange experiences while growing, foraging and making their own herbal medicines.

    The vital role of communities as growers and foragers in urban resilience has largely been overlooked by city officials, urban planners and developers. Yet, these community-led efforts are bringing more life and vitality to urban spaces, fostering biodiversity, regenerating soil health and reducing the carbon footprint embedded in industrial food systems.

    Several of the women I interviewed believe that being thoughtful consumers involves also taking part in producing what they eat, while reducing food waste at all stages of production. Women are also leading the way by repurposing vacant lots and development sites for community gardening and herbal medicine kitchens while integrating local food production into urban planning and building codes.

    Regulatory measures that tie planning approval of new developments to the provision of open space for garden cultivation – either on-site or within the neighbouring area – can ensure that urban agriculture becomes an integral part of city planning. In cities, growing and foraging together deepens social links, encourages more diversified diets, reduces food miles and fosters a regenerative approach to community healthcare.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


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

    ref. How growing and foraging food can become a common part of cities – https://theconversation.com/how-growing-and-foraging-food-can-become-a-common-part-of-cities-253868

    MIL OSI – Global Reports

  • MIL-OSI: Coface SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on April 14 to April 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made
    on April 14 to April 17, 2025

    Paris, April 24, 2025 – 17.45

    Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse1

    The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2024 Universal Registration Document.

    Trading session
    of (Date)
    Number
    of shares
    Weighted
    average price
    Gross amount MIC Code Purpose
    of buyback
    14/04/2025 10,000 16.4054 € 164,054 € XPAR LTIP
    15/04/2025 10,000 16.7280 € 167,280 € XPAR LTIP
    16/04/2025 10,000 16.9585 € 169,585 € XPAR LTIP
    17/04/2025 10,000 16.9946 € 169,946 € XPAR LTIP
    Total 14/04/2025 – 17/04/2025 40,000 16.7716 € 670,865 €   LTIP

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA


    1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

    Attachment

    The MIL Network

  • MIL-OSI Video: Australian Federal Police Investigator Kevin Mulroney Discusses Sextortion

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Kevin Mulroney, detective leading senior constable, Australian Federal Police, discusses a financially motivated sextortion operation in Nigeria. The joint international operation targeted suspects whose crimes occurred in at least three countries and led to multiple deaths by suicides, including more than 20 in the U.S. since 2021.

    More at: https://www.fbi.gov/news/stories/fbi-operation-in-nigeria-targeted-perpetrators-of-online-extortion-schemes-that-prey-on-teens
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
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    More ways to follow us: https://inside-the-fbi.transistor.fm/…

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    https://www.youtube.com/watch?v=4UozxbUewZ8

    MIL OSI Video

  • MIL-OSI USA: Remarks by Vice President Vance on the U.S. and India’s Shared Economic Priorities

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>Rajasthan International CenterJaipur, India
      3:17 P.M. IST
         THE VICE PRESIDENT:  Hello.  Good to see everybody.  How we doing? 
    AUDIENCE:  Good. 
         THE VICE PRESIDENT:  Good.  Good. 
         Well, it’s an amazing privilege to be here in Jaipur.  I’m thrilled to address the Ananta Centre’s India-U.S. Forum, and I’m thrilled to have you all here with me.  Thanks to all of you, the business leaders, decision-makers, and, of course, the students for being here.  And thanks to our great team at the U.S. embassy for everything that you guys do for our country.
         In the United States, we’re proud of the deep connection between our nations — between India and the United States.  Prime Minister Modi, as most of you probably know, was one of the first visitors welcomed into the Oval Office during President Trump’s second term.  And like President Trump, the prime minister inspires remarkable loyalty because of the strength of his belief in his people and in his country. 
         Now, we’re so grateful for Prime Minister Modi’s hospitality, as well as the reception that he and everyone else in this country have given us on this first trip for me to India.  This is my first time visiting the birthplace of my wife’s parents, and she’s, of course, in the front row there.  There you are, Usha.  (Applause.) 
         You — she’s a bit of a celebrity, it turns out, in India.  I think more so than her husband.  But I haven’t been here long, but already I’ve been fortunate enough to visit the Akshardham Temple — did I pronounce that right, honey? — I did okay? — all right — with my family this morning, as a matter of fact.  And last night, Prime Minister Modi welcomed me, Usha, and our three small children at his beautiful home. 
         I’ve been amazed by the ancient beauty of the architecture of India, by the richness of India’s history and traditions, but also by India’s laser-like focus on the future.  And those things, I think — this appreciation for history and tradition, and this focus on the future — is very much something that I think animates this country in 2025.
         Now, in other countries I visited, it sometimes feels like there’s a flatness, a sameness, a desire to just be like everyone else in the world.  But it’s different here.  There’s a vitality to India, a sense of infinite possibility, of new homes to be built, new skylines to be raised, and lives to be enriched.  And there’s a pride in being Indian, a feeling of excitement about the days that lie ahead. 
         Now, it’s a striking contrast with too many in the West, where some in our leadership class seem stricken by self-doubt and even fear of the future.  To them, humanity is always one bad decision away from catastrophe.  The world will soon end, they tell us, because we’re burning too much fuel or making too many things or having too many children.  And so, rather than invest in the future, they too often retreat from it. 
         Some of them pass laws that force their nations to use less power.  They cancel nuclear and other energy generation facilities, even as their choices — the choices of these leaders — lead to more dependence on foreign adversaries.  Meanwhile, their message to their friends, to countries like India, is to tell them that they are not allowed to grow. 
         Well, President Trump rejects these failed ideas.  He wants America to grow.  He wants India to grow, and he wants to build the future with our partners all over the globe.  (Applause.)
         And when I look at this audience or when I visit this incredible country over these last couple of days, I see a people that will not be held back. 
         Now, the most profound responsibility I believe that all of us have is not to ourselves but to the next generation, to make sure we leave them with a better society than the one that our parents and our grandparents gave us.  And this is the world that America seeks to create with you. 
         We want to build a bright new world, one that’s constantly innovating, one that’s helping people to form families, making it easier to build, invest, and trade together in pursuit of common goals. 
         Now, I believe that our nations have much to offer one another, and that’s why we come to you as partners looking to strengthen our relationship. 
         Now, we’re not here to preach that you do things any one particular way.  Too often, in the past, Washington approached Prime Minister Modi with an attitude of preachiness or even one of condescension.  Prior administrations saw India as a source of low-cost labor on the one hand, even as they criticized the prime minister’s government — arguably the most popular in the democratic world.  And as I told Prime Minister Modi last night, he’s got approval ratings that would make me jealous.  (Laughter and applause.) 
         But it wasn’t just India.  This attitude captured too much of our economic relationship with the rest of the world, so we shipped countless jobs overseas and, with them, our capacity to make things — from furniture, appliances, and even weapons of war.  We traded hard power for soft power, because with economic integration, we were told, would also come peace through sameness.  Over time, we’d all assume the same sort of bland, secular, universal values no matter where you lived.  The world was flat after all.  That was the thesis, and that was what they told us. 
         And when that thesis proved false or at least incomplete, leaders in the West took it upon themselves to flatten it by any means necessary.  But many people across the world — and I think your country counts among them — they did not want to be flattened.  Many were proud of where they came from: their way of life, the kind of jobs they worked, and the kind of jobs their parents worked before them.  And that very much includes people in my own country, the United States of America. 
         Now, some of you are aware of my own background.  I actually didn’t plan to talk about my background at all until last night at dinner, while my children mostly behaved — we gave them A-minus for behavior with the prime minister — the prime minister said, “I have one request.  I want you to talk a little bit about your background.”  And so, I wanted to do that — for those of you who don’t know anything about me, I wanted to talk about it. 
         I come from — and I’m biased — the greatest state in the Union, the state of Ohio: a longtime manufacturing powerhouse in the United States of America.  My home, specifically, is a place called Middletown.  Now, it’s not a massive city by any means — it’s not Jaipur — but it’s a decent-sized town and a place where people make things, which has been a point of pride in Middletown for generations. 
    It’s filled with families like my own, some of whom called us “hillbillies” — Americans who came down from the surrounding hills and mountains of West Virginia, Tennessee, and Kentucky to cities like Middletown in pursuit of the manufacturing jobs that were creating widespread prosperity for families all across America.  They came to Middletown in search of what we call back home “the American dream.”
         In Middletown, my parents raised me, my grandparents raised me.  They taught us to work hard.  They taught me to study hard, and they taught me to love God and my country and always be good to your own. 
         My granddad, who I called “Papaw” growing up, he typified that.  Late into life, he worked as a steelmaker at the local mill, and I know India has a lot of those.  Papaw’s job gave him a good wage, stable hours, and a generous pension.  All that allowed him to support not just him and my grandmother but his own daughter and grandkids with him.  Now, by the time I came around, money was awfully tight, but he worked hard to make a good living for all of us. 
         Now, I know Papaw and Mamaw were grateful for the way of life their country made possible.  Their generation bore witness to the formation of America’s great middle class, and by creating an economy centered around production, around workers who build things, and around the value of their labor, our nation’s leaders then transformed their country and made thousands of little Middletowns possible. 
         The government supported its labor force.  We created incentives for productive industries to take root and struck good deals with international partners to sell the goods made in the United States of America. 
         But as America settled in to world historic prosperity it generated, our leaders began to take that very prosperity and what created it for granted.  They forgot the importance of building, of supporting productive industry, of striking fair deals, and of supporting our workers and their families. 
    And as time went on, we saw the consequences.  In my hometown, factories left, jobs evaporated.  America’s Middletowns ceased to be the lifeblood of our nation’s economy.  And the United States — as it became transformed, those very people — the working class, the background of the United States of America — were dismissed as backwards for holding on to the values their people had held dear for generations. 
    Now, Middletown’s story is my story, but it’s hardly unusual in the United States of America.  There are tens of millions of Americans who, over the last 20 or so years, have woken up to what’s happening in our nation.  But I believe they woke up well before it’s too late. 
    Now, like you, we want to appreciate our history, our culture, our religion.  We want to do commerce and strike good deals with our friends.  We want to found our vision of the future upon the proud recognition of our heritage, rather than self-loathing and fear. 
    I work for a president who has long understood all of this.  Whether through fighting those who seek to erase American history or in support of fairer trade deals abroad, he has been consistent on these issues for decades.  And as a result, under the Trump Administration, America now has a government that has learned from the mistakes of the past. 
    It’s why President Trump cares so deeply about protecting the manufacturing economy that is the lifeblood of American prosperity and making sure America’s workers have opportunities for good jobs.
    As we saw earlier this month, he will go to extraordinary lengths to protect and expand those opportunities for all Americans. 
    And so, today, I come here with a simple message: Our administration seeks trade partners on the basis of fairness and of shared national interests. 
    We want to build relationships with our foreign partners who respect their workers, who don’t suppress their wages to boost exports but respect the value of their labor. 
    We want partners that are committed to working with America to build things, not just allowing themselves to become a conduit for transshipping others goods. 
    And finally, we want to partner with people and countries who recognize the historic nature of the moment we’re in, of the need to come together and build something truly new — a system of global trade that is balanced, one that is open, and one that is stable and fair. 
    Now, I want to be clear: America’s partners need not look exactly like America, nor must our governments do everything exactly the same way, but we should have some common goals.  And I believe, here in India, we do in both o- — economics and in national security. 
    And that’s why we’re so excited.  That’s why I’m so excited to be here today.  In India, America has a friend, and we seek to strengthen the warm bonds our great nations already share. 
    Now, critics have attacked my president, President Trump, for starting a trade war in an effort to bring back the jobs of the past, but nothing could be further from the truth.  He seeks to rebalance global trade so that America, with friends like India, can build a future worth having for all of our people together. 
    And when President Trump and Prime Minister Modi announced in February that our countries aim to more than double our bilateral trade to $500 billion by the end of the decade, I know that both of them meant it, and I’m encouraged by everything our nations are doing to get us there. 
    As many of you are aware, both of our governments are hard at work on a trade agreement built on shared priorities, like creating new jobs, building durable supply chains, and achieving prosperity for our workers.
    In our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points, and we are especially excited to formally announce that America and India have officially finalized the terms of reference for the trade negotiation.  I think this is a vital step.  (Applause.)  Thank you.  I believe this is a vital step toward realizing President Trump’s and Prime Minister Modi’s vision because it sets a roadmap toward a final deal between our nations. 
    I believe there is much that America and India can accomplish together.  And on that note, I want to talk about a few areas of collaboration today, how India and the United States can work together: first, perhaps most importantly, to protect our nations; second, to build great things; and finally, to innovate the cutting-edge technologies both our countries will need in the years to come. 
    Now, on defense, our countries already enjoy a close relationship — one of the closest relationships in the world.  America does more military exercises with India than we do with any other nation on Earth. 
    The U.S.-India COMPACT that President Trump and Prime Minister Modi announced in February will lay the foundation for even closer collaboration between our countries.  From Javelins to Stryker combat vehicles, our nations will coproduce many of the munitions and equipment that we’ll need to deter foreign aggressors — not because we seek war, but because we seek peace, and we believe the best path to peace is through mutual strength.  And the — launching the joint Autonomous Systems Industry Alliance will enable America and India to develop the most state-of-the-art maritime systems needed for victory. 
    It’s fitting that India, this year, is hosting the Quad Leaders’ Summit this fall.  Our interests in a free, open, peaceful, and prosperous Indo-Pacific are in full alignment.  Both of us know that the region must remain safe from any hostile powers that seek to dominate it. 
    Growing relations between our countries over the last decade are part of what led America to designate India a Major Defense Partner — the first of that class.  This designation means that India now shares, with the UAE, a defense and technology infrastructure and partnership with the United States on par with America’s closest allies and friends.
    But we actually feel that Indir- — India has much more to gain from its continued defense partnership with the United States, and let me sketch that out a little bit. 
    We, of course, want to collaborate more.  We want to work together more.  And we want your nation to buy more of our military equipment, which, of course, we believe is the best in class. 
    American fifth-generation F-35s, for example, would give the Indian Air Force the ability to defend your air space and protect your people like never before.  And I’ve met a lot of great people from the Indian Air Force just in the last couple of days. 
    India, like America, wants to build, and that will mean that we have to produce more energy.  That’s more energy production and more energy consumption.  And it’s one of the many reasons why I think our nations have so much to gain by strengthening our energy ties. 
    As President Trump is fond of saying, America has once again begun to “drill, baby drill.”  And we think that will inure to the benefit of Americans but it will also benefit India as well.
    Past administrations in the United States of America, I — I think motifated [motivated] by a fear of the future, have tied our hands and restricted American investments in oil and natural gas production.  This administration recognizes that cheap, dependable energy en- — is an essential part of making things and is an essential part of economic independence for both of our nations. 
    Of course, America is blessed with vast natural resources and an unusual capacity to generate energy, so much that we want to be able to sell it to our friends, like India.  Well, we believe your nation will benefit from American energy exports and expanding those exports.  You’ll be able to build more, make more, and grow more, but at much lower energy costs. 
    We also want to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies.  We have the capacity and we have the desire to help.  Moreover, we think energy coproduction will help beat unfair competitors in other foreign markets. 
    But India, we believe, can go a long way to enhance energy ties between our nations.  And one suggestion I have is maybe consider dropping some of the nontariff barriers for American access to the Indian market.
         Now, I’ve talked about this, of course, with Prime Minister Modi.  And, look, President Trump and I know that Prime Minister Modi is a tough negotiator.  He drives a hard bargain.  It’s one of the reasons why we respect him.  (Applause.) 
         And — and we don’t blame Prime Minister Modi for fighting for India’s industry, but we do blame American leaders of the past for failing to do the same for our workers, and we believe that we can fix that to the mutual benefit of both the United States and India.
         Let me give an example.  American ethanol, we believe, made from the finest corn in the world, can play a tremendous role in enhancing our partnership.  And I know our farmers would be delighted to support India’s energy security ambitions.
         We welcome the Modi government’s budget announcement to amend India’s civil nuclear liability laws, which currently prevent U.S. producers from exporting small modular reactors and building larger U.S.-designed reactors in India.
         There’s much that we can create, much that we can do together.
         We believe that American energy can help realize India’s nuclear power production goals — and this is very important — as well as its AI ambitions.  Because, as the United States knows well and I know that India knows well, there is no AI future without energy security and energy dominance.
         And that brings me to my final point of collaboration.  I believe that the technological collaboration between our countries is going to extend well beyond defense and energy.
         The U.S.-India TRUST initiative that President Trump and Prime Minister Modi have launched will be a cornerstone of the partnership in the future.  It’ll build on billions of dollars of planned investments that American companies have already announced across India.
         In the years to come, we’re going to see data centers, pharmaceuticals, undersea cables, and countless other critical goods being developed and being built because of the American and Indian economic partnership.
         And I’ll say it again, I think that our nations have so much to gain by investing in one another: America investing in India and, of course, India investing in the United States of America.
         And I know that Americans, our people are excited about that prospect and that President Trump and I are looking forward to stronger ties. 
         Americans want further access to Indian markets.  This is a great place to do business, and we want to give our people more access to this country.  And Indians, we believe, will thrive from greater commerce from the United States.  This is very much a win-win partnership and certainly will be far into the future.
         And as I know this audience knows better than most, neither Americans nor Indians are alone in looking to scale up their manufacturing capacity.  The competition extends well beyond cheap consumer goods and into munitions, energy infrastructure, and all sorts of other cutting-edge technologies.  I believe that if our nations fail to keep pace, the consequences for the Indo-Pacific, but really the consequences for the entire world, will be quite dire.
         And this, again, is where India and the United States have so much to offer one another.  We’ve got great hardware — the leading artificial intelligence hardware in the world.  You have one of the most exciting start-up technology infrastructures anywhere in the world.
         There’s a lot to be gained by working together, and this is why President Trump and I both welcome India’s leadership in a number of diplomatic organizations, but, of course, in the Quad.
         We believe a stronger India means greater economic prosperity but also greater stability across the Indo-Pacific, which is, of course, a shared goal for all of us in this room and is a shared goal for both of our countries.
         I want to close with — with one last story, or maybe a couple of stories.  So, you know, my — my son Ewan is seven years old.  He’s our firstborn son.  And yesterday, after we — we had dinner at the prime minister’s house, the food was so good and the prime minister was so kind to our three children that Ewan came up to me afterwards, and he said, “Dad, you know, I think maybe I could live in India.”  (Laughter and applause.) 
         And — but I think after about 90 minutes in the Jaipur sun today at the great palace — (laughter) — he suggested that maybe we should move to England.  (Laughter.)  So, you take the — the good with the bad here.
         But I — I want to talk about Prime Minister Modi because I think he’s a special person.  I first met Prime Minister Modi at the AI Action Summit in February, and we had a lot of important discussions on AI and other policies to prepare for. 
         The prime minister also managed to figure out that my son Vivek was actually turning five years old on the trip.  This was in Paris just a couple of months ago.
         So, think about this.  Amid a huge international policy conference, he took the time to stop by where I was staying; wish our second son, Vivek, a happy birthday; and even bring him a gift.  Usha and I were both genuinely touched by his graciousness, and we have been even more impressed by his warmth since we arrived in India.
         Now, it’s interesting.  Some of you may know that when you’re a politician, your kids spend almost as much time in the limelight as you do.  And the — the great things about kids is they are brutally honest.  They’re brutally honest with everybody, whether you want them to be or not. 
         And our seven-year-old, our five-year-old, and then our — our three-year-old baby girl, Mirabel — it’s interesting.  They have only really been — they’ve only really attached themselves to; they’ve only really liked, I should say; they’ve only really built a rapport with — with two world leaders. 
         The fors- — first, of course, is President Trump.  He just has a certain energy about them — about him.  But Prime Minister Modi, it’s the exact same thing. Our kids just like him.  And I think that because kids are such good strong [judge] of characters, I just like Prime Minister Modi too, and I think it’s a great foundation for the future of our relationship.  (Applause.)
         I could tell then — I could tell when Prime Minister Modi came over a couple of months ago and I believe today that he is a serious leader who has thought deeply about India’s future prosperity and security, not just for the rest of his time in office but over the next century.
         And I want to end by making a simple overarching point.  We are now officially one quarter into the 21st century — 25 years in, 75 years to go.  And I really believe that the future of the 21st century is going to be determined by the strength of the United States-India partnership.  I believe — (applause) — thank you.
         I believe that if India and the United States work together successfully, we are going to see a 21st century that is prosperous and peaceful.  But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity. 
         So, I want to say, it’s — it’s clear to me, as it is to most observers, that President Trump, of course, intends to rebalance America’s economic relationship with the rest of the world.  That’s going to cause — fundamentally will cause profound changes within our borders in the United States, but, of course, with other countries as well.
         But I believe that this rebalancing is going to produce great benefits for American workers, it’s going to produce great benefits for the people of India, and because our partnership is so important to the future of the world, I believe President Trump’s efforts, joined, of course, by the whole country of India and Prime Minister Modi, will make the 21st century the best century in human history.  Let’s do it together.
         God bless you.  And thank you for having me.  (Applause.)
                                 END                3:42 P.M. IST

    MIL OSI USA News

  • MIL-OSI Russia: BIMAC 2025 discussed TIM as a generator of integration of technologies, data, organizations and specialists

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Elena Kolosova, Victoria Vinogradova and Alexander Ladygin

    The speakers of the BIMAC plenary session considered information modeling technologies (IMT) as a driving force for the integration of technologies, data, organizations and specialists. The moderators – General Director of Roseko-Stroyproekt Alexander Ladygin and Deputy Director of the Center for Digital Competences of SPbGASU Denis Nizhegorodtsev noted: this topic is in the center of attention of all industry participants and specialized educational institutions, since everyone understands that this integration is necessary.

    TIM as a pattern

    Advisor to the Minister of Digital Development, Communications and Mass Media of Russia, Deputy General Director of Renga Software (part of the company “ASCON”) Maxim Nechiporenko recalled that the company, together with the market, studied and automated everyday tasks for a quarter of a century and assessed the prospects in the construction sector. Therefore, it was ready for digitalization.

    “From process automation, software creation to mechanisms that allowed integrating three-dimensional models, we approached the development of new products, so there was no doubt about the need for TIM. After the departure of foreign vendors, there were quite a lot of companies developing various software on the domestic market. We had a whole set of products with different functionality, implementation methods, so we began to study with partners how these products can interact with each other, how the customer will use them. But in practice, nuances still arise, and our task is to adapt them at customer enterprises taking into account their activities, planned deadlines for the implementation of production work, assigned resources, and existing competencies. We agree with developers on a more complex technological meaning and simpler interaction for users,” noted Maksim Nechiporenko.

    He added that there is a need to improve the system of design documentation for construction (SPDS). During the study, ASCON analysts found that its founder is the temporary instruction on the composition and design of construction working drawings of 1974. The expert believes that it would be good to return to it as a laconic and simple document that helped in work better than modern regulations.

    Operational data is the key to success on construction sites

    Elena Kolosova, Development Director of K4 LLC, noted that the entire construction process can be stopped due to documentation that is not prepared on time and is late for the construction site, or materials are not delivered on time. Due to such nuances, downtime occurs, and as a result, maintaining one worker at the construction site costs the company up to a million rubles per month. “TIM will be widely used when builders appreciate its advantages, efficiency, and want to implement it. While they are hesitating, designers are torn apart, processes are delayed, and the builders themselves do not receive value from the implementation. As a result, the situation is: the data has not reached the construction site, and the team is idle. How to avoid this? Provide the construction site with complete data. The designer can give the builder almost all the information. Therefore, the designer can either organize the construction or kill it. In order to prevent the latter, he must provide the construction in advance. With the highest organization of processes, this requires at least a quarter.

    Designing “on the fly” leads to failure. What prevents us from building a data system in which everyone will use the same information collected from different sources? We need to encode information so as not to re-enter data, rewriting it from documents sent in different formats, for example, PDF. As a result, documentation takes more time than production work. All these problems are solved by an information model, in which all participants in the construction process see the information in real time. Models do not operate with words, so the encoding system is important here,” said Elena Kolosova.

    Reference books, classification, identification

    Kira Besprozvannaya, Head of the BIM Department at ASCON-North-West LLC and a graduate of St. Petersburg State University of Architecture and Civil Engineering, agreed that TIM is, first and foremost, information, and for it to bring value, the entire process needs to be automated: competencies, interaction with other information systems, libraries, and model export settings are important.

    “It is important to implement technologies not by obligation, but by choice. We begin our work with the customer by finding out what software products they work with, with whom and how they exchange data, we are interested in the scenario and goals of implementation, we study the standards of their activities. Then the technologies are adapted, and the implementation is effective. Then we provide training and support to the customer. This approach leads us to the creation of successful cases,” said Kira Besprozvannaya.

    Kirill Voytyuk, Development Director of Aibim LLC, confirmed that when implementing information systems, it is necessary to bring reference books to a common form, and the company is doing this successfully.

    “TIM should be implemented to solve specific problems. Today, there are planning tools, but the construction schedule printed on wallpaper still lives on. It’s strange. We work out the model with clients before construction, conduct scenario analysis, thus we conduct optimization, which, in turn, can be absolutely different, and its effectiveness is confirmed in practice. We have a product that allows you to check all collisions,” said Kirill Voytyuk.

    Technical expert of Tangle LLC Alla Zemlyanskaya reminded that data is a connecting component of processes, people, regulations, rules and technologies themselves. But here it is necessary to differentiate the concept of data and information.

    “Data is a set of facts, observations, numbers, presented in raw form. Information is processed structured data that is useful. To identify data, you need to designate its specific characteristics and purpose. Automation is needed to process it faster. We do this for specific requests for specific specialists, so that the data is a working tool. Throughout their life cycle, they must be handled correctly, so we are working on integration,” Alla Zemlyanskaya clarified.

    She cited real cases as examples that have proven their effectiveness in practice.

    Estimators advocate for innovation

    Maxim Gorinsky, President of the Association for the Development of Digital Solutions in Cost Engineering, Pricing and Information Modeling Technologies, Vice President of the Union of Cost Engineers for Regional Development, Director of Galaktika IT LLC, Editor-in-Chief of the Telegram channel “Just about Estimates,” clarified that today in our country there are three areas of the industry: the register of requirements, digitalization, and pricing. “The interest of experts and banks in this will help spur the transition to TIM, since we are talking about transparency and volumes. The more companies start working on TIM, the more feedback there will be and the faster these digital products will develop. Today, everyone wants to do it cheaply first, and then well and quickly. Meanwhile, process automation is an aid in decision making. If an estimator picks up standards with his eyes from morning to night or recalculates a project in a rush, then obviously there will be no increase in personnel. We need to try to transform the industry, including by changing processes innovatively, in order to attract young people who prefer to work where there are projects that are interesting to them,” noted Maxim Gorinsky.

    According to him, an Association for the Development of Information Modeling Technologies will be created, and a practical course with assignments for teachers will be launched, which can be used for teaching students.

    Interaction between industry and education

    Director of programs for developing interaction with educational and scientific organizations of Nanosoft Development LLC Oleg Egorychev emphasized that any software or toolkit during digitalization is impossible without specialists with the relevant competencies. Therefore, the interaction of educational organizations and vendors is the basis for the transition to the use of TIM.

    “Our company’s interaction with educational institutions is based on one main goal – to prepare and attract highly qualified personnel with modern competencies to the industry. For our part, we provide educational institutions with licenses for our products to conduct educational activities in any quantity, conduct training for faculty, help in developing educational programs for academic disciplines, integrate our products as tools and provide teaching aids for them. We provide all this free of charge. The integration and implementation of TIM in the first and second years of basic education is going well, but there is still a lot of work to do in this direction at graduating and specialized departments,” Oleg Egorychev noted.

    According to him, free online courses, advanced training, and student project competitions in which winning students and their mentors are awarded prizes are in demand.

    Maksym Nechyporenko confirmed that interaction with universities is a good example of combining efforts to promote TIM. Future and already working designers need to be given knowledge on how to use these tools, how to achieve maximum effect.

    “Summer schools are proving their effectiveness in this area. An important synergistic effect occurs when developers, users and educational institutions unite,” concluded Maksym Nechyporenko.

    Vice-Rector for Continuing Education at SPbGASU Victoria Vinogradova reported that given the digital transformation of the construction industry, it is important to develop digital competencies, including in TIM technologies and artificial intelligence, at all levels of education, so the university launched TIM classes in schools. The project is aimed at attracting motivated applicants who will subsequently grow into highly qualified specialists.

    “The educational organization is the contractor, it fulfills industry orders. In order to minimize the difference between the requirements of the labor market and educational programs, our university has created an Educational and Methodological Council, which also includes experts from the industry community. All our educational programs and projects are practice-oriented. TIM classes opened in schools have proven their demand: the growth of students has doubled. Next year, we plan to transform them into digital classes, since, in addition to TIM, we will include classes on artificial intelligence. We also plan to expand the geography through regional operators, which can be any organization. We will provide everything necessary. The educational process is based on two points: we impart knowledge and test it in practice. The school TIM championship, the digital GTO show the demand for all projects in this area, and the projects themselves are organized in close cooperation with industry companies,” noted Victoria Vinogradova.

    She also noted the demand for additional education programs implemented by the university.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: Dmitry Chernyshenko: To achieve technological leadership, it is necessary to develop priority areas in personnel training

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Dmitry Chernyshenko held a meeting of the Commission on Scientific and Technological Development (S&TD).

    It was attended by Deputy Chairperson of the State Duma Victoria Abramchenko, Deputy Ministers of Science and Higher Education Denis Sekirinsky and Andrey Omelchuk, President of the Russian Academy of Sciences Gennady Krasnikov, Head of the Federal Medical and Biological Agency Veronika Skvortsova, Governor of Krasnoyarsk Krai Mikhail Kotyukov, Head of Rospatent Yuri Zubov, representatives of other ministries and organizations, heads of regions and deputy heads of subjects responsible for scientific and technological development of industries and regions.

    The meeting discussed the main measures and instruments of state policy in the field of scientific and technological development, including the results of the implementation of the state program “Scientific and Technological Development of the Russian Federation”, the indicators of which were fully met by the end of 2024.

    In particular, the Russian Federation ranks 8th in the world in terms of volume of scientific research and development, including through the creation of an effective system of higher education. The final assessment of the effectiveness of the implementation of all state programs will be carried out by the Ministry of Economic Development.

    The meeting also noted the successful completion of the national project “Science and Universities” in 2024, with all its indicators achieved. Over 5 years, it covered 76 regions, 991 universities, 1,584 research organizations, attracted 340 scientists and 4.17 million students. The implementation of the national project has become a key factor in achieving development goals and in determining new priorities, including technological leadership and increasing domestic research spending to 2% of GDP.

    Over the past 2 years, we have managed to overcome the negative trend in the reduction of the number of personnel employed in research and development. In 2024, 500 postgraduate students became winners of the presidential scholarship competition, the amount of which is 75 thousand rubles per month.

    More than 200 laboratories have been created under the leadership of young scientists, including 30 in new regions. In total, more than 940 laboratories are currently operating in Russia.

    An important area of state policy is the development of scientific infrastructure. Efforts are focused on the development of megascience class installations, such as the SKIF synchrotron, created using domestic equipment.

    Over the past 6 years, about 300 universities and research organizations have updated their equipment base, and about 30 thousand units of equipment have been purchased. This has allowed the technical base to be updated by more than 60%. An important step was the approval of the Strategy for Scientific and Technological Development of the Union State of Russia and Belarus. The development of the “Science” domain and the involvement of regions in scientific projects continues.

    Dmitry Chernyshenko also instructed that work on the formation of a single list of priority professions and specialties to ensure scientific and technological development be carried out as soon as possible.

    “President Vladimir Putin has set a national goal – technological leadership, which requires an influx of qualified personnel into strategically important industries. We need to determine priority areas of training, attract motivated students and stimulate them. Thus, it is planned to distribute at least 50% of budget places through government procurement, provide preferential educational loans for students who have chosen priority specialties,” the Deputy Prime Minister said.

    At the end of the commission meeting, Dmitry Chernyshenko announced the creation of an interdepartmental working group (IWG) on issues of developing secondary vocational education (SVE). The decision to create the IWG was made earlier following the commission’s instructions and during government hour in the State Duma on the initiative of its Chairman Vyacheslav Volodin.

    The Deputy Prime Minister noted that when choosing the head of the International Working Group, the opinion of Vyacheslav Volodin was taken into account: the leadership of the group was entrusted to Deputy Chairman of the State Duma Victoria Abramchenko.

    “The key task of the IWG will be to build effective interaction with the regions and coordinate their efforts in the field of secondary vocational education. Particular attention will be paid to the analysis of the needs of each entity for personnel and resources for the secondary vocational education system, including production sites, plans of state corporations, the number of students, equipment of colleges and training of teachers,” emphasized Dmitry Chernyshenko.

    He added that the IWG will have to develop specific solutions to support secondary vocational education, including teacher retraining programs.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Video: Breaking the ice to keep trade flowing.

    Source: US Coast Guard (video statements)

    Join the crew of the USCGC Hawser, a 65-foot icebreaking harbor tug, and learn about their experiences underway working to keep US trade flowing on the rivers of America during the 2024 and 2025 icebreaking season. The Coast Guard’s icebreaking operations are instrumental in facilitating the flow of maritime commerce, strengthening our Marine Transportation System, and ensuring economic prosperity and economic security.

    The Coast Guard Cutter Hawser, is homeported in Bayonne, New Jersey. (U.S. Coast Guard video by Petty Officer 2nd Class Sydney Phoenix)

    #Icebreaking #Ice #River #USCG #MaritimeTransportation #CGMTS2025

    https://www.youtube.com/watch?v=QNR34Y9qaus

    MIL OSI Video

  • MIL-OSI Global: The hidden history of Philadelphia’s window-box gardens and their role in urban reform

    Source: The Conversation – USA – By Sonja Dümpelmann, Professor of Environmental Humanities, Ludwig Maximilian University of Munich

    Window-box gardening has been a Philly tradition since the 1800s. Sonja Dümpelmann, CC BY-SA

    It’s that time of year when Philadelphia row home owners with a green thumb fastidiously attend to their window boxes – selecting new plants to design an artful blend of colors, shapes and textures.

    Sonja Dümpelmann is a historian of landscapes and the built environment who lived in Philly from 2019 to 2023. During this time, she researched how female reformers and activists in Philadelphia in the 19th and 20th centuries tended to window-box gardens both for charity and to spur urban renewal in rundown neighborhoods.

    Dümpelmann recently published an article on this history in the architectural journal Buildings & Landscapes. She spoke with The Conversation U.S. about what she learned.

    Some homeowners change out their plants throughout the year.
    Sonja Dümpelmann, CC BY-SA

    How did you become interested in window boxes?

    When I first moved to Philadelphia from Cambridge, Massachusetts, in August 2019, I was immediately struck by the window boxes. The lushness and freshness of the plants in many of the boxes, and sometimes in sidewalk planters, made walking more pleasant and interesting. This was especially the case in the hot summer months when I would often see plants from subtropical and tropical climates in the Rittenhouse Square, Fitler Square and Graduate Hospital neighborhoods.

    I noticed that there were three categories of window boxes. Many were visibly cared for, often freshly planted and decorated several times a year in accordance with the changing seasons. Some were derelict and had spontaneous growth of saplings and different grasses. And a third category were boxes outfitted with plastic plants, perhaps signaling absentee owners or landlords who seek to simulate care.

    What makes them landscape architecture?

    Window boxes – especially the planted boxes, but also painted boxes that are empty – change outdoor space and building exteriors. They make them more colorful and interesting, and they break up plain vertical walls by protruding from the facade.

    You could say that the window boxes “greet” passersby. They connect private indoor space with the public realm of the street. As one early window-box promoter observed in 1903, “The man in the street gets as much enjoyment out of them as its owner.”

    Gardens in a box,” as they were also referred to by early promoters, can make homes and entire neighborhoods look and feel different. They forge distinct identities with their plant selection and the style and color of the boxes.

    Window gardens are a way to greet passersby on the street.
    Sonja Dümpelmann, CC BY-SA

    How did window gardening begin?

    Window gardening became popular in Victorian England and continental Europe in the 19th century. It began as an indoor activity and was practiced especially by women, but it soon also moved outdoors. There it became part of what American women in the late 19th century called “municipal housekeeping.” It extended their conventional female roles as housekeepers and mothers into the larger “household” of the community.

    Window gardening became a means of female social reform during the Progressive Era. During this period in the late 19th and early 20th centuries, when industries and cities were growing fast, women sought to improve education, public health and living conditions, especially for poor and immigrant communities. By offering plants, flowers and entire window boxes, the women supported homemakers of lesser means.

    However, these boxes were also a way to make sure that order in and outside of homes was maintained. Window gardens became cultural symbols of cleanliness and good housekeeping. Furthermore, reformers considered window gardening as a practice that could help immigrants assimilate into American society.

    When did they become political?

    In Philadelphia there were two big window-gardening movements. The first occurred in the late 19th and early 20th centuries, and I describe it as window-box charity. The second, which I call window-box activism, began in the 1950s.

    Window-box charity was carried out primarily by white philanthropists and social workers who would distribute plants and goods sent from outside the city to the urban poor and sick, especially immigrants and Black Americans. Sometimes the window boxes were ready to be installed outside the windows. Other times recipients built and planted boxes themselves.

    The Neighborhood Garden Association, the organization that pioneered window-box activism, at work near the now-closed Alexander Wilson School in West Philadelphia in 1955.
    Courtesy of the McLean Library and Archives, Pennsylvania Horticultural Society, Philadelphia, Pennsylvania

    Several decades later, in the mid-20th-century, plants became a vehicle for white suburban garden club ladies and Black inner-city residents to counter urban decay resulting from racism and public disinvestment. On annual planting days, the garden club ladies brought plants into the city and joined residents in planting and installing window boxes to brighten up their neighborhood blocks.

    Plants were key in both window-box charity and window-box activism. People came together to care for plants, creating friendships among neighbors and ties between low-income and wealthy neighborhoods. The women used plants and window boxes to protect private space and increase the safety of public space. In the 1960s, the Philadelphia police reported less crime on streets with window boxes.

    Of course, window boxes and plants alone could not solve larger urban social problems such as poor housing conditions and racial discrimination. So while they could be catalysts of neighborhood change, they also helped to camouflage and quite literally naturalize larger social problems that required political responses.

    Are they still linked to urban renewal?

    Like a smaller version of public parks, community gardens and street trees, window gardens can contribute to green gentrification. This occurs when the construction of parks or the planting of trees contributes to an increase in property values that leads to the displacement of long-term residents in low-income neighborhoods.

    Window gardening did help save some of Philly’s old row house neighborhoods from demolition during urban renewal beginning in the 1950s. However, quite a few of these neighborhoods – such as Washington Square West and Graduate Hospital – have since been gentrified, and families who once window gardened to turn their neighborhoods into more beautiful and safer places could no longer afford to live there.

    The 20th century window-box activism drew the attention of sociologists and other national and international observers, especially because it brought white and Black residents together during the tensions of the Civil Rights Movement. It also raised public awareness about unequal access to urban green spaces.

    Window boxes on Delancey Street in Philadelphia.
    Photo by R. Kennedy for Visit Philadelphia, CC BY-SA

    Yet despite the movement’s good intentions and positive effects, racial segregation remains a persistent problem in Philadelphia.

    In gentrified parts of Center City today, new and restored row houses often include fixtures and built-in irrigation pipes for window boxes. Many owners outsource window-box planting and maintenance to paid service providers.

    But for lower-income residents, the costs in both time and money to install and maintain window gardens can be prohibitive.

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

    ref. The hidden history of Philadelphia’s window-box gardens and their role in urban reform – https://theconversation.com/the-hidden-history-of-philadelphias-window-box-gardens-and-their-role-in-urban-reform-254361

    MIL OSI – Global Reports

  • MIL-OSI Global: Alaska, rich in petroleum, faces an energy shortage

    Source: The Conversation – USA – By Brett Watson, Assistant Professor of Applied and Natural Resource Economics, University of Alaska Anchorage

    The Trans-Alaska Pipeline crosses underneath the Dalton Highway, carrying crude oil from the North Slope to a port in Valdez. Lance King/Getty Images

    In the state with the fourth-largest proven reserves of oil and gas in the U.S., there is a looming energy shortage.

    Above the Arctic Circle, oil producers on Alaska’s North Slope send an average of 465,000 barrels of crude oil south each day for shipping to refineries and users around the country and the world.

    But in south-central Alaska – Anchorage and the surrounding region, home to 63% of the state’s population – utility companies are warning they may not have enough natural gas from current sources to keep the power and heat on without interruption.

    As a professor at the University of Alaska Anchorage who studies the economics of natural resources, I can see this apparent contradiction has a straightforward cause but no simple solution.

    Oil facilities in Prudhoe Bay on the North Slope, photographed March 28, 2002.
    Simon Bruty/Anychance/Getty Images

    Declining oil production

    The North Slope region once produced nearly 2 million barrels of oil per day at its peak in the 1980s. Every barrel is transported via the 800-mile Trans-Alaska Pipeline System to the port of Valdez, where it is loaded onto tanker ships.

    The state government collects significant taxes and royalties on oil production. For decades, oil revenue allowed the state to fund all government spending without imposing broad-based income, sales or property taxes. At the height of the oil boom, there was so much money that Alaska established a wealth fund, now valued at over US$80 billion, and began distributing dividends to every resident.

    But the Trans-Alaska Pipeline is designed to carry oil, not natural gas. A state law prevents producers from burning off excess gas, or flaring, as happens in many fields. With nowhere to send it, gas extracted from Alaska’s oil fields is reinjected into the ground to boost well pressure and push more oil out.

    Significant natural gas potential

    Alaska’s gas reserves are significant. State estimates suggest the North Slope has about 35 trillion cubic feet of proven reserves. That’s almost as much natural gas as the U.S. as a whole produced in 2023.

    But that is just the beginning: The North Slope also has the potential for another 200 trillion cubic feet that remains undiscovered. And improving technologies and techniques may be able to extract another 590 trillion cubic feet, according to the Alaska Gasline Development Corp., a company owned by the state of Alaska that is trying develop a project to extract and sell the state’s natural gas.

    As oil production declines and prices remain uncertain, selling gas could provide a different stream of revenue for the state, potentially providing billions of dollars.

    The 800-mile problem

    For decades, there have been numerous proposals to develop Alaska’s gas. State agencies and the petroleum industry have collectively spent hundreds of millions of dollars on this effort.

    The concept that’s closest to reality is Alaska Gasline Development Corp.’s proposal to build a plant on the North Slope to remove gas impurities, a liquefaction plant near Anchorage that could export 20 million tons of liquefied gas each year – around a trillion cubic feet – and an 807-mile pipeline to connect the two.

    The cost is expected to be significant: The corporation’s own estimate is that it would cost $44 billion. But that number was developed before the construction sector saw significant inflation in 2022. An engineering study due for release in late 2025 will provide a more updated figure. Alaskans remember that the Trans-Alaska Pipeline ended up costing 25% more than projected.

    Since his first day in office, President Donald Trump has touted this pipeline as part of efforts to expand the nation’s production of fossil fuels. He told a joint session of Congress it was a near-ready project, with Japan and South Korea ready to invest “trillions of dollars each.” In February 2025, he stood alongside Japanese Prime Minister Shigeru Ishiba to announce a “joint venture” to develop the pipeline project, but no specific details have been announced.

    Winter in Alaska means deep cold and lots of snow.
    AP Photo/Mark Thiessen

    2 expensive options

    There is a growing need to address Alaska’s domestic energy shortfall.

    South-central Alaska relies on natural gas for more than 70% of its electric and heating needs. But the gas reserves closest to Anchorage, in the Cook Inlet, which have provided energy to the area since the 1960s, are dwindling, and prices are rising. In 2005, wholesale gas prices were $3.75 per 1,000 cubic feet of natural gas. By 2024, the price had more than doubled, to $8.75. By contrast, the rest of the U.S. has seen natural gas prices cut in half over that period, thanks in part to horizontal drilling and hydraulic fracturing, also known as fracking.

    In 2022, Hilcorp, the company responsible for roughly 85% of the Cook Inlet gas production, reported that by 2027 it might not be able to supply enough gas for utilities that serve the region.

    Solutions other than the pipeline are also slow and expensive. Local utilities estimate that improving energy efficiency and developing renewable power could reduce gas demand by around 10% over the next several years and by as much as 15% after a decade. But retrofitting the area’s aging and energy-inefficient homes will not be fast or cheap.

    More than just economics

    What remains for Alaska are two main options: get gas from the North Slope to Anchorage, or import liquefied gas from the global market.

    Building the pipeline could both meet the needs of Alaska’s people and bring in money from global sales – though how much revenue depends on how global gas markets change over time and how competitive Alaska gas prices would be relative to other suppliers.

    Any delays from financial, legal, technical or environmental challenges would balloon costs. But if it succeeded, Anchorage-area customers could see prices drop as low as $2.23 per 1,000 cubic feet – a 75% drop from current prices and 40% lower than in 2005. The savings could significantly bolster the region’s economy.

    Importing is a costly option. A study commissioned by the Alaska Legislature found that imported gas would cost $13.72 per 1,000 cubic feet. That’s 60% more than current prices and especially burdensome for Alaska families and businesses, which already pay far higher energy bills than typical American customers.

    Beyond the economic questions, there’s something symbolic at stake: the state’s identity. Could a state synonymous with energy production become an energy importer? Many Alaskans see the prospect as an embarrassing paradox – akin to Hawaii importing pineapples or New Mexico importing green chiles.

    Independence and globalization

    Alaska is not alone in grappling with the tension between energy self-sufficiency and economic efficiency.

    Across the U.S., states rich in resources have wrestled with the question of whether to prioritize local production or integrate into global markets. Texas produces more oil than any other state, yet it continues to import crude oil due to mismatches between its production and refining capacity.

    Shaped by globalization, few regions can truly isolate themselves from market forces. Energy production and consumption are increasingly interconnected, meaning pursuit of local self-sufficiency comes at a steep economic cost. That’s the question facing Alaska: whether to invest in domestic infrastructure to maintain energy independence, or embrace the flexibility – and potentially lower cost – of global markets.

    Brett Watson receives funding from First National Bank Alaska to conduct research on the Alaska economy, including energy issues. He has previously received funding from Power the Future for work on Alaska mineral issues.

    ref. Alaska, rich in petroleum, faces an energy shortage – https://theconversation.com/alaska-rich-in-petroleum-faces-an-energy-shortage-254903

    MIL OSI – Global Reports

  • MIL-OSI Global: WH Smith once shaped the travel experience – and now it’s returning to its roots

    Source: The Conversation – UK – By Marrisa Joseph, Associate Professor of Organisation Studies & Business History, University of Reading

    Not just a British icon – a WHSmith outlet in an airport in Doha, Qatar. TY Lim/Shutterstock

    After 124 years as a familiar fixture to generations of customers, there will no longer be a place for WH Smith on UK high streets.

    Modella Capital – a specialist retail investment company – is the new owner of the chain’s high street locations. For a purchase price of £76 million, it will take over 480 stores in retail parks, shopping centres and high streets. It is also expected to retain its 5,000 staff.

    Initially, ten stores will close with a further ten to be announced later. Importantly, the WH Smith brand is not being sold.

    The high street stores will be rebranded as TJ Jones, a nostalgic and not so subtle nod to its predecessor. There is clearly an understanding that a family brand still means something to consumers.

    WH Smith is recognised globally due to its rapidly growing presence in airports. Its travel divisions is set to remain in train stations, airports and hospitals.

    These 1,200 stores in 32 countries account for around 85% of group profits. The strategy is to focus on key travel markets, as air passenger numbers are forecast to more than double globally by 2050.

    Interestingly, by prioritising travel customers, WH Smith has gone full circle – returning to its Victorian roots as the main retailer of books and newspapers in railway stations. I have researched the history of the British publishing industry – passengers picking up a newspaper or the latest bestseller at travel hubs is a practice that was pioneered by the brand that would go on to become WH Smith.

    In 1792, newsagent Henry Walton Smith with his wife Anna started a small retailing business in Little Grosvenor Street in the west end of London. Their son William Henry took over the family firm in 1812. He expanded to include a “coach trade” of London daily papers to the regional provinces outside the capital.

    William took advantage of the revolution in the British publishing industry that came with the industrial age. From its introduction in 1814, the steam-powered printing press brought down the cost of printing newspapers and books, opening more opportunities for literature.

    In under 50 years, the sale of newspapers quadrupled, rising from 16 million a year in 1801 to more than 78 million by 1849. Increased literacy among adults and children created a market for new material, and as railways enabled new distribution networks there were even more opportunities to sell printed products.

    The development of railway stations provided a surge in travel that was a novelty for many Victorians, who needed entertainment to keep them occupied during long journeys.

    Broadening horizons

    In 1848, Smith and his son secured an exclusive agreement to sell books and newspapers at railway stations owned by the London and North Western Railway. The first bookstall opened in Euston station in November that year, and by the end of the 1860s they operated more than 500 bookstalls along Britain’s railways.

    This contract led to WH Smith dominating a large part of the book trade by the end of the 19th century. It continued to expand, and the first town shop opened in Gosport, Hampshire in 1901.

    The historic WH Smith brand will disappear from UK high streets after its sale.
    cktravels.com/Shutterstock

    In 1850, Smith and son also made a deal with publisher George Routledge to supply and stock their railway outlets with his cheap series of reprints. These were known as “yellowbacks” as the prints were bound in thin yellow card with eye-catching artwork.

    These were a precursor to the paperback, designed to be read on the train and then discarded. Selling at roughly half the price of a novel at the time, they were mass-market products that provided significant revenue for WH Smith – just as paperbacks do today.

    Building on the opportunity of the growing travel market, the company broadened its offering to the public by partnering with Charles Edward Mudie, who founded Britain’s largest circulating library in 1842. At one point Mudie’s flagship location in New Oxford Street in London held more than 960,000 titles.

    By 1859, Mudie had an agreement with WH Smith to supply the bookstall at Birmingham station – essentially creating a library department in the bookstall. Mudie supplied popular titles from London allowing “passengers to exchange books daily at the subscriber’s pleasure”.

    For more than 170 years, WH Smith has grown from its origins as a retailer at railway stations to becoming a familiar presence in town and city centres across the UK. More recently it has been the butt of jokes online for its disorganised and messy stores.

    But the decision to offload its high street premises underscores the fact that, just as in the Victorian era, travellers seeking entertainment for the journey will still turn to that old trusted brand.

    Marrisa Joseph works for the University of Reading.

    ref. WH Smith once shaped the travel experience – and now it’s returning to its roots – https://theconversation.com/wh-smith-once-shaped-the-travel-experience-and-now-its-returning-to-its-roots-254858

    MIL OSI – Global Reports

  • MIL-OSI Security: Defense News: Naval Special Warfare Honors Fallen Operator Gage Ingram With Posthumous Medal

    Source: United States Navy

    IMPERIAL BEACH, Calif.- On a serene spring day, as a gentle breeze danced across the terrace and the sun broke through the clouds, a collective silence enveloped the Silver Strand Training Complex in Imperial Beach, Calif. Naval Special Warfare (NSW) Gold Star families, distinguished guests, NSW members, their families, and friends gathered to honor the unparalleled bravery and selflessness of Naval Special Warfare Operator 1st Class Nathan Gage Ingram.

    MIL Security OSI

  • MIL-OSI: Northern Horizon Capital AS 2024 Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The general meeting of shareholders of Northern Horizon Capital AS, the management company of Baltic Horizon Fund, has approved the management company’s audited annual report of year 2024. The report, together with the independent auditors’ report is available on the Baltic Horizon Fund webpage.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, FacebookX and YouTube.

    The MIL Network

  • MIL-OSI: CALIFORNIA BANCORP REPORTS NET INCOME OF $16.9 MILLION FOR THE FIRST QUARTER OF 2025

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., April 24, 2025 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2025.

    The Company reported net income of $16.9 million, or $0.52 per diluted share, for the first quarter of 2025, compared to $16.8 million, or $0.51 per diluted share for the fourth quarter of 2024, and net income of $4.9 million, or $0.26 per diluted share for the first quarter of 2024.

    “I’m pleased to report our strong first quarter earnings of $16.9 million, the second strong quarter of combined financial results since the close of our merger last July,” said David Rainer, Executive Chairman of the Company and Bank. “We continue to execute on our strategy of derisking the consolidated balance sheet through decreasing our exposure in the Sponsor Finance portfolio, and reducing our reliance on brokered deposits. We remain focused on building tangible book value, which increased to $12.29 per common share in the first quarter, up $0.58 from the prior quarter and $1.37 in the eight months since the merger closed.”

    “We continue with our successful integration, as demonstrated by the strong performance achieved in our first two quarters of combined operations,” said Steven Shelton, CEO of the Company and Bank. “Markets have been volatile lately with the recent changes in tariff policies and given the fluid dynamics of the situation we are reaching out to our clients to assess the potential impact of these changing policies on their businesses. As always, we continue to focus on providing them the highest level of outstanding service, and on building shareholder value.”

    First Quarter 2025 Highlights

      Net income of $16.9 million or $0.52 diluted earnings per share for the first quarter.
      Net interest margin of 4.65%, compared with 4.61% in the prior quarter; average total loan yield of 6.61% compared with 6.84% in the prior quarter.
      Reversal of credit losses of $3.8 million for the first quarter, compared with $3.8 million for the prior quarter.
      Return on average assets of 1.71%, compared with 1.60% in the prior quarter.
      Return on average common equity of 13.18%, compared with 13.21% in the prior quarter.
      Efficiency ratio (non-GAAP1) of 55.6% compared with 57.4% in the prior quarter; excluding merger related expenses the efficiency ratio was 55.6%, compared with 55.9% in the prior quarter.
      Tangible book value per common share (non-GAAP1) of $12.29 at March 31, 2025, up $0.58 from $11.71 at December 31, 2024.
      Total assets of $3.98 billion at March 31, 2025, compared with $4.03 billion at December 31, 2024.
      Total loans, including loans held for sale of $3.07 billion at March 31, 2025, compared with $3.16 billion at December 31, 2024.
      Nonperforming assets to total assets ratio of 0.68% at March 31, 2025, compared with 0.76% at December 31, 2024.
      Allowance for credit losses (“ACL”) was 1.57% of total loans held for investment at March 31, 2025; allowance for loan losses (“ALL”) was 1.49% of total loans held for investment at March 31, 2025.
      Total deposits of $3.34 billion at March 31, 2025, decreased $56.3 million or 1.7% compared with $3.40 billion at December 31, 2024.
      Noninterest-bearing demand deposits of $1.29 billion at March 31, 2025, an increase of $35.7 million or 2.8% from December 31, 2024; noninterest bearing deposits represented 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024.
      Total brokered deposits of $13.8 million, a decrease of $107.4 million from December 31, 2024.
      Cost of deposits was 1.59%, compared with 1.87% in the prior quarter.
      Cost of funds was 1.72%, compared with 1.99% in the prior quarter.
      The Company’s preliminary capital ratios at March 31, 2025 exceed the minimums required to be “well-capitalized, the highest regulatory capital category.
         

    First Quarter Operating Results

    Net Income

    Net income for the first quarter of 2025 was $16.9 million, or $0.52 per diluted share, compared to $16.8 million, or $0.51 per diluted share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, an increase of $481 thousand from the prior quarter. Excluding the merger and related expenses, the adjusted pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, a decrease of $162 thousand from the prior quarter. The net income and diluted earnings per share increases were largely driven by the merger with predecessor California BanCorp (the “Merger”) and the operating results since the closing date of the Merger.

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $42.3 million, compared with $44.5 million in the prior quarter. The decrease in net interest income was primarily due to a $5.7 million decrease in total interest and dividend income, partially offset by a $3.4 million decrease in total interest expense in the first quarter of 2025, as compared to the prior quarter. During the first quarter of 2025, loan interest income decreased by $4.1 million, including a decrease of $421 thousand of accretion income from the net purchase accounting discounts on acquired loans, total debt securities income decreased $174 thousand, and interest and dividend income from other financial institutions decreased $1.5 million. The decrease in interest income was mainly due to decreases in average loan balances and average deposits in other financial institutions. Average total interest-earning assets decreased $160.8 million in the first quarter of 2025, the result of a $75.2 million decrease in average total loans, a $8.5 million decrease in average total debt securities, a $105.5 million decrease in average deposits in other financial institutions, partially offset by a $27.1 million increase in average Fed funds sold/resale agreements and a $1.3 million increase in average restricted stock investments and other bank stock. The decrease in interest expense for the first quarter of 2025 was primarily due to a $3.4 million decrease in interest expense on interest-bearing deposits, the result of a $151.1 million decrease in average interest-bearing deposits and a 39 basis point decrease in average interest-bearing deposit costs in the first quarter of 2025.

    Net interest margin for the first quarter of 2025 was 4.65%, compared with 4.61% in the prior quarter. The increase was primarily related to a 27 basis point decrease in the cost of funds, partially offset by a 22 basis point decrease in the total interest-earning assets yield. The yield on total average interest-earning assets in the first quarter of 2025 was 6.26%, compared with 6.48% in the prior quarter. The yield on average total loans in the first quarter of 2025 was 6.61%, a decrease of 23 basis points from 6.84% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $5.7 million, increasing the yield on average total loans by 62 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $526 thousand, the combination of which increased the net interest margin by 57 basis points in the first quarter of 2025. In the prior quarter, accretion income from the net purchase accounting discounts on acquired loans was $6.1 million, increasing the yield on average total loans by 76 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $467 thousand, the combination of which increased the net interest margin by 58 basis points.

    Cost of funds for the first quarter of 2025 was 1.72%, a decrease of 27 basis points from 1.99% in the prior quarter. The decrease was primarily driven by a 39 basis point decrease in the cost of average interest-bearing deposits, partially offset by an increase of 9 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $559 thousand from the purchase accounting discounts on acquired subordinated debt which increased the cost on total borrowings by 7 basis points. Average noninterest-bearing demand deposits decreased $27.7 million to $1.26 billion and represented 37.4% of total average deposits for the first quarter of 2025, compared with $1.28 billion and 36.3%, respectively, in the prior quarter; average interest-bearing deposits decreased $151.1 million to $2.10 billion during the first quarter of 2025. The total cost of deposits in the first quarter of 2025 was 1.59%, a decrease of 28 basis points from 1.87% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and the ongoing pay off of high cost brokered deposits in the first quarter of 2025.

    Average total borrowings increased $607 thousand to $70.0 million in the first quarter of 2025, primarily due to the amortization related to the purchase accounting discounts on acquired subordinated debt. The average cost of total borrowings was 8.06% for the first quarter of 2025, up from 7.97% in the prior quarter.

    Reversal of Credit Losses

    The Company recorded a reversal of credit losses of $3.8 million in both the first quarter of 2025 and the prior quarter. Total net charge-offs were $1.5 million in the first quarter of 2025, which included $273 thousand from an acquired consumer solar loan portfolio, $1.2 million from commercial and industrial dental loans acquired from the Merger and $1.7 million from a purchase credit deteriorated (“PCD”) commercial real-estate loan, partially offset by a $1.6 million recovery from a PCD commercial and industrial loan. The reversal of credit losses in the first quarter of 2025 included a $618 thousand reversal of credit losses for unfunded loan commitments related to the decrease in unfunded loan commitments during the first quarter of 2025, coupled with lower loss rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments decreased $33.2 million to $892.1 million at March 31, 2025, compared to $925.3 million in unfunded loan commitments at December 31, 2024.

    The reversal of credit losses for loans held for investment in the first quarter of 2025 was $3.2 million, an increase of $291 thousand from a reversal of credit losses of $2.9 million in the prior quarter. The increase was driven primarily by changes in the composition of the loans held for investment portfolio, coupled with changes in qualitative factors and the reasonable and supportable forecast, primarily related to the economic outlook for California. The Company’s management continues to monitor macroeconomic variables related to changes in interest rates and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

    Noninterest Income

    The Company recorded noninterest income of $2.6 million in the first quarter of 2025, an increase of $1.6 million compared to $1.0 million in the fourth quarter of 2024. The Company reported a gain on sale of loans of $577 thousand from SBA 7A loan sales, in the first quarter of 2025, compared to a loss on sale of loans of $1.1 million related to the sale of certain Sponsor Finance loans in the prior quarter. Service charges and fees on deposit accounts of $1.2 million in the first quarter of 2025 increased $275 thousand from the prior quarter, related to the one-time waiver of analysis charges for certain deposit accounts in light of the core system conversion in the prior quarter. Bank owned life insurance income of $463 thousand in the first quarter of 2025 decreased $360 thousand from the prior quarter, primarily related to a $368 thousand death benefit income recorded in the prior quarter. No comparable death benefit income was recorded in the first quarter of 2025.

    Noninterest Expense

    Total noninterest expense for the first quarter of 2025 was $24.9 million, a decrease of $1.2 million from total noninterest expense of $26.1 million in the prior quarter, which was largely due to the decrease in merger related expenses.

    Salaries and employee benefits decreased $210 thousand during the quarter to $15.9 million. The decrease in salaries and employee benefits was primarily related to the decrease in average headcount. There were no merger related expenses in the first quarter of 2025, compared to $643 thousand in the prior quarter. Regulatory assessments of $722 thousand increased $286 thousand due to an increase in the FDIC assessment rates. Other real estate owned expense of $68 thousand in the first quarter of 2025 decreased by $152 thousand, due primarily to lower receivership expenses and property tax. Other expenses of $2.0 million in the first quarter of 2025 decreased by $175 thousand, due primarily to lower loan related expenses, customer service related expenses, travel expenses and insurance expenses.

    Efficiency ratio (non-GAAP1) for the first quarter of 2025 was 55.6%, compared to 57.4% in the prior quarter. Excluding the merger and related expenses of zero and $643 thousand, the efficiency ratio (non-GAAP1) for the first quarter of 2025 and fourth quarter of 2024 would have been 55.6% and 55.9%, respectively.

    Income Tax

    In the first quarter of 2025, the Company’s income tax expense was $6.8 million, compared with $6.5 million in the fourth quarter of 2024. The effective rate was 28.8% for the first quarter of 2025 and 27.9% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter of 2025 was primarily attributable to the impact of the non-tax deductible portion of the merger expenses and the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, partially offset by the impact of the tax on the excess executive compensation.

    Balance Sheet

    Assets

    Total assets at March 31, 2025 were $3.98 billion, a decrease of $48.6 million or 1.2% from December 31, 2024. The decrease in total assets from the prior quarter was primarily related to a decrease in loans, including loans held for sale, of $82.9 million, partially offset by an increase in cash and cash equivalents of $51.1 million as compared to the prior quarter. The decrease in assets primarily relates to the decreases in wholesale funding sources and loan sales and payoffs.

    Loans

    Total loans held for investment were $3.07 billion at March 31, 2025, a decrease of $70.4 million, compared to December 31, 2024. During the first quarter of 2025, there were new originations of $69.4 million, offset by net paydowns of $21.5 million, loan sales and payoffs of $115.1 million, and the partial charge-offs of loans in the amount of $3.2 million. Total loans secured by real estate decreased by $30.7 million, of which construction and land development loans decreased by $5.9 million, commercial real estate and other loans decreased by $11.8 million, 1-4 family residential loans decreased by $7.0 million and multifamily loans decreased by $6.1 million. Commercial and industrial loans decreased by $38.5 million, and consumer loans decreased by $1.2 million. The Company had $4.6 million in loans held for sale at March 31, 2025, compared to $17.2 million at December 31, 2024.

    Deposits

    Total deposits at March 31, 2025 were $3.34 billion, a decrease of $56.3 million from December 31, 2024. The decrease primarily consisted of $107.4 million of brokered time deposits, partially offset by a $35.7 million increase in noninterest-bearing demand deposits, $10.9 million in interest-bearing non-maturity deposits, and $4.5 million of non-brokered time deposits. Noninterest-bearing demand deposits at March 31, 2025, were $1.29 billion, or 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024. At March 31, 2025, total interest-bearing deposits were $2.05 billion, compared to $2.14 billion at December 31, 2024. At March 31, 2025, total brokered time deposits were $13.8 million, compared to $121.1 million at December 31, 2024. The Company offers the Insured Cash Sweep (ICS) product, Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, all of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At March 31, 2025, total reciprocal deposits were $763.6 million, or 22.8% of total deposits at March 31, 2025, compared to $754.4 million, or 22.2% of total deposits at December 31, 2024.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    At March 31, 2025 and December 31, 2024, the Company had no overnight FHLB borrowings. There were no outstanding Federal Reserve Discount Window borrowings at March 31, 2025 or December 31, 2024.

    At March 31, 2025, the Company had available borrowing capacity from an FHLB secured line of credit of approximately $687.8 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $353.0 million. The Company also had available borrowing capacity from four unsecured credit lines from correspondent banks of approximately $90.5 million at March 31, 2025, with no outstanding borrowings. Total available borrowing capacity was $1.13 billion at March 31, 2025. Additionally, the Company had unpledged liquid securities at fair value of approximately $118.5 million and cash and cash equivalents of $439.2 million at March 31, 2025.

    Asset Quality

    Total non-performing assets decreased to $26.9 million, or 0.68% of total assets at March 31, 2025, compared with $30.6 million, or 0.76% of total assets at December 31, 2024. Total non-performing loans decreased to $22.8 million, or 0.74% of total loans held for investment at March 31, 2025, compared with $26.5 million, or 0.85% of total loans held for investment at December 31, 2024.

    There were four loans totaling $6.8 million downgraded to nonaccrual, partially offset by one 1-4 family residential loan of $2.9 million upgraded to accrual status and one commercial real estate loan of $7.2 million sold with an additional charge-off of $1.7 million during the first quarter of 2025. Non-performing assets in the first quarter of 2025 included OREO, net of valuation allowance, of $4.1 million related to a multifamily building, the same balance as the prior quarter.

    Special mention loans increased by $5.1 million during the first quarter of 2025 to $74.4 million at March 31, 2025. The increase in the special mention loans was due mostly to $18.9 million in downgrades from Pass loans and $8.6 million in net advances, partially offset by $15.9 million in downgrades to substandard loans, $2.1 million upgrades to Pass loans, and $4.5 million in payoffs. Substandard loans decreased by $5.8 million during the first quarter of 2025 to $111.8 million at March 31, 2025. The decrease in the substandard loans was due primarily to a 1-4 family residential loan and a commercial real estate nonaccrual PCD loan totaling $11.6 million that were both sold, $16.0 million in paydowns and payoffs, and $1.2 million in net charge-offs, partially offset by $7.2 million in downgrades from Pass loans, and $15.9 million in downgrades from special mention loans.

    The Company had $45 thousand in consumer solar loans that were over 90 days past due and still accruing interest at March 31, 2025, compared to $150 thousand in such delinquencies at December 31, 2024.

    There were $5.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at March 31, 2025, compared to $12.1 million in such loan delinquencies at December 31, 2024.

    The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $48.3 million at March 31, 2025, compared to $53.6 million at December 31, 2024. The decrease in the allowance for credit losses included a $3.2 million and $618 thousand reversal of provision for credit losses for the loan portfolio and reserve for unfunded loan commitments, respectively, coupled with total net charge-offs of $1.5 million for the quarter ended March 31, 2025.

    The ALL was $45.8 million, or 1.49% of total loans held for investment at March 31, 2025, compared with $50.5 million, or 1.61% at December 31, 2024.

    Capital

    Tangible book value per common share (non-GAAP1) at March 31, 2025, was $12.29, compared with $11.71 at December 31, 2024. In the first quarter of 2025, tangible book value was primarily impacted by net income of $16.9 million for the first quarter, stock-based compensation expense, coupled with a decrease in net of tax unrealized losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $2.2 million to $4.4 million at March 31, 2025, from $6.6 million at December 31, 2024. The decrease in the net of tax unrealized losses on available-for-sale debt securities was attributable to non-credit related factors, including an increase in bond prices at the long end of the yield curve and the general interest rate environment. Tangible common equity (non-GAAP1) as a percentage of total tangible assets (non-GAAP1) at March 31, 2025, increased to 10.34% from 9.69% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1) at March 31, 2025 decreased to 1.1% from 1.8% in the prior quarter.

    The Company’s preliminary capital ratios exceed the minimums required to be “well-capitalized” at March 31, 2025.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Merger, as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to the Merger, including the risks that cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended
     
        March 31,
    2025
        December 31,
    2024
        March 31,
    2024
     
        ($ in thousands except share and per share data)  
    EARNINGS                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Reversal of credit losses   $ (3,776 )   $ (3,835 )   $ (331 )
    Noninterest income   $ 2,566     $ 1,004     $ 1,413  
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Income tax expense   $ 6,824     $ 6,483     $ 2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Pre-tax pre-provision income (1)   $ 19,901     $ 19,420     $ 6,926  
    Adjusted pre-tax pre-provision income (1)   $ 19,901     $ 20,063     $ 7,475  
    Diluted earnings per share   $ 0.52     $ 0.51     $ 0.26  
    Shares outstanding at period end     32,402,140       32,265,935       18,527,178  
                             
    PERFORMANCE RATIOS                        
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (1)     1.71 %     1.64 %     0.95 %
    Return on average common equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average common equity (1)     13.18 %     13.57 %     7.61 %
    Yield on total loans     6.61 %     6.84 %     6.02 %
    Yield on interest earning assets     6.26 %     6.48 %     5.79 %
    Cost of deposits     1.59 %     1.87 %     2.05 %
    Cost of funds     1.72 %     1.99 %     2.17 %
    Net interest margin     4.65 %     4.61 %     3.80 %
    Efficiency ratio (1)     55.60 %     57.36 %     68.38 %
    Adjusted efficiency ratio (1)     55.60 %     55.95 %     65.88 %
        As of  
        March 31,
    2025
        December 31,
    2024
     
        ($ in thousands except share and per share data)  
    CAPITAL                
    Tangible equity to tangible assets (1)     10.34 %     9.69 %
    Book value (BV) per common share   $ 16.40     $ 15.86  
    Tangible BV per common share (1)   $ 12.29     $ 11.71  
                     
    ASSET QUALITY                
    Allowance for loan losses (ALL)   $ 45,839     $ 50,540  
    Reserve for unfunded loan commitments   $ 2,485     $ 3,103  
    Allowance for credit losses (ACL)   $ 48,324     $ 53,643  
    Allowance for loan losses to nonperforming loans     2.01 x     1.90 x
    ALL to total loans held for investment     1.49 %     1.61 %
    ACL to total loans held for investment     1.57 %     1.71 %
    30-89 days past due, excluding nonaccrual loans   $ 5,103     $ 12,082  
    Over 90 days past due, excluding nonaccrual loans   $ 45     $ 150  
    Special mention loans   $ 74,421     $ 69,339  
    Special mention loans to total loans held for investment     2.43 %     2.21 %
    Substandard loans   $ 111,786     $ 117,598  
    Substandard loans to total loans held for investment     3.64 %     3.75 %
    Nonperforming loans   $ 22,825     $ 26,536  
    Nonperforming loans to total loans held for investment     0.74 %     0.85 %
    Other real estate owned, net   $ 4,083     $ 4,083  
    Nonperforming assets   $ 26,908     $ 30,619  
    Nonperforming assets to total assets     0.68 %     0.76 %
                     
    END OF PERIOD BALANCES                
    Total loans, including loans held for sale   $ 3,073,399     $ 3,156,345  
    Total assets   $ 3,983,090     $ 4,031,654  
    Deposits   $ 3,342,503     $ 3,398,760  
    Loans to deposits     91.9 %     92.9 %
    Shareholders’ equity   $ 531,384     $ 511,836  


    (1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

        At or for the
    Three Months Ended
     
    ALLOWANCE for CREDIT LOSSES   March 31,
    2025
        December 31,
    2024
        March 31,
    2024
     
        ($ in thousands)  
    Allowance for loan losses                        
    Balance at beginning of period   $ 50,540     $ 53,552     $ 22,569  
    Reversal of credit losses     (3,158 )     (2,867 )     (314 )
    Charge-offs     (3,159 )     (154 )     (1 )
    Recoveries     1,616       9        
    Net charge-offs     (1,543 )     (145 )     (1 )
    Balance, end of period   $ 45,839     $ 50,540     $ 22,254  
    Reserve for unfunded loan commitments (1)                        
    Balance, beginning of period   $ 3,103     $ 4,071     $ 933  
    Reversal of credit losses     (618 )     (968 )     (17 )
    Balance, end of period     2,485       3,103       916  
    Allowance for credit losses   $ 48,324     $ 53,643     $ 23,170  
                             
    ALL to total loans held for investment     1.49 %     1.61 %     1.18 %
    ACL to total loans held for investment     1.57 %     1.71 %     1.23 %
    Net charge-offs to average total loans     (0.20 )%     (0.02 )%     0.00 %


    (1)
    Included in “Accrued interest and other liabilities” on the consolidated balance sheet.

    California BanCorp and Subsidiary
    Balance Sheets (Unaudited)

        March 31,
    2025
        December 31,
    2024
     
        ($ in thousands)  
    ASSETS                
    Cash and due from banks   $ 80,441     $ 60,471  
    Federal funds sold & interest-bearing balances     358,800       327,691  
    Total cash and cash equivalents     439,241       388,162  
                     
    Debt securities available-for-sale, at fair value (amortized cost of $137,855, and $151,429 at March 31, 2025 and December 31, 2024)     131,593       142,001  
    Debt securities held-to-maturity, at cost (fair value of $47,329 and $47,823 at March 31, 2025 and December 31, 2024)     53,194       53,280  
    Loans held for sale     4,625       17,180  
    Loans held for investment:                
    Construction & land development     221,437       227,325  
    1-4 family residential     157,442       164,401  
    Multifamily     237,896       243,993  
    Other commercial real estate     1,755,962       1,767,727  
    Commercial & industrial     672,468       710,970  
    Other consumer     23,569       24,749  
    Total loans held for investment     3,068,774       3,139,165  
    Allowance for credit losses – loans     (45,839 )     (50,540 )
    Total loans held for investment, net     3,022,935       3,088,625  
                     
    Restricted stock at cost     30,845       30,829  
    Premises and equipment     13,154       13,595  
    Right of use asset     13,384       14,350  
    Other real estate owned, net     4,083       4,083  
    Goodwill     111,780       111,787  
    Intangible assets     21,323       22,271  
    Bank owned life insurance     66,867       66,636  
    Deferred taxes, net     36,473       43,127  
    Accrued interest and other assets     33,593       35,728  
    Total assets   $ 3,983,090     $ 4,031,654  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Deposits:                
    Noninterest-bearing demand   $ 1,292,689     $ 1,257,007  
    Interest-bearing NOW accounts     674,460       673,589  
    Money market and savings accounts     1,192,960       1,182,927  
    Time deposits     182,394       285,237  
    Total deposits     3,342,503       3,398,760  
                     
    Borrowings     70,308       69,725  
    Operating lease liability     17,142       18,310  
    Accrued interest and other liabilities     21,753       33,023  
    Total liabilities     3,451,706       3,519,818  
                     
    Shareholders’ Equity:                
    Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,402,140 and 32,265,935 at March 31, 2025 and December 31, 2024     442,934       442,469  
    Retained earnings     92,861       76,008  
    Accumulated other comprehensive loss – net of taxes     (4,411 )     (6,641 )
    Total shareholders’ equity     531,384       511,836  
    Total liabilities and shareholders’ equity   $ 3,983,090     $ 4,031,654  

    California BanCorp and Subsidiary
    Income Statements – Quarterly and Year-to-Date (Unaudited)

        Three Months Ended  
        March 31,
    2025
        December 31,
    2024
        March 31,
    2024
     
        ($ in thousands except share and per share data)  
    INTEREST AND DIVIDEND INCOME                        
    Interest and fees on loans   $ 50,686     $ 54,791     $ 28,584  
    Interest on debt securities     1,524       1,698       1,213  
    Interest on tax-exempted debt securities     305       305       306  
    Interest and dividends from other institutions     4,310       5,764       1,161  
    Total interest and dividend income     56,825       62,558       31,264  
                             
    INTEREST EXPENSE                        
    Interest on NOW, savings, and money market accounts     11,116       12,447       6,770  
    Interest on time deposits     2,063       4,179       3,021  
    Interest on borrowings     1,391       1,391       979  
    Total interest expense     14,570       18,017       10,770  
    Net interest income     42,255       44,541       20,494  
    Reversal of credit losses (1)     (3,776 )     (3,835 )     (331 )
    Net interest income after reversal of credit losses     46,031       48,376       20,825  
                             
    NONINTEREST INCOME                        
    Service charges and fees on deposit accounts     1,186       911       525  
    Gain (loss) on sale of loans     577       (1,095 )     415  
    Bank owned life insurance income     463       823       261  
    Servicing and related income on loans     142       157       73  
    Other charges and fees     199       208       139  
    Total noninterest income     2,566       1,004       1,413  
                             
    NONINTEREST EXPENSE                        
    Salaries and employee benefits     15,864       16,074       9,610  
    Occupancy and equipment expenses     2,152       2,314       1,452  
    Data processing     1,935       1,960       1,150  
    Legal, audit and professional     859       817       516  
    Regulatory assessments     722       436       387  
    Director and shareholder expenses     404       458       203  
    Merger and related expenses           643       549  
    Intangible assets amortization     948       1,060       65  
    Other real estate owned expense     68       220       88  
    Other expense     1,968       2,143       961  
    Total noninterest expense     24,920       26,125       14,981  
    Income before income taxes     23,677       23,255       7,257  
    Income tax expense     6,824       6,483       2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
                             
    Net income per share – basic   $ 0.52     $ 0.52     $ 0.27  
    Net income per share – diluted   $ 0.52     $ 0.51     $ 0.26  
    Weighted average common shares-diluted     32,698,227       32,698,714       18,801,716  
    Pre-tax, pre-provision income (2)   $ 19,901     $ 19,420     $ 6,926  


    (1) Included reversal of credit losses on unfunded loan commitments of $618 thousand, $968.0 thousand and $17 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

    (2) Non-GAAP measure. See — GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
        Average Balance     Income/
    Expense
        Yield/
    Cost
        Average Balance     Income/
    Expense
        Yield/
    Cost
        Average Balance     Income/
    Expense
        Yield/
    Cost
     
        ($ in thousands)  
    Assets                                                                        
    Interest-earning assets:                                                                        
    Total loans   $ 3,109,722     $ 50,686       6.61 %   $ 3,184,918     $ 54,791       6.84 %   $ 1,909,271     $ 28,584       6.02 %
    Taxable debt securities     139,481       1,524       4.43 %     147,895       1,698       4.57 %     126,803       1,213       3.85 %
    Tax-exempt debt securities (1)     53,522       305       2.93 %     53,607       305       2.87 %     53,842       306       2.89 %
    Deposits in other financial institutions     316,582       3,468       4.44 %     422,032       5,123       4.83 %     54,056       716       5.33 %
    Fed funds sold/resale agreements     30,413       335       4.47 %     3,353       38       4.51 %     9,771       134       5.52 %
    Restricted stock investments and other bank stock     31,657       507       6.50 %     30,341       603       7.91 %     16,412       311       7.62 %
    Total interest-earning assets     3,681,377       56,825       6.26 %     3,842,146       62,558       6.48 %     2,170,155       31,264       5.79 %
    Total noninterest-earning assets     318,132                       326,601                       139,672                  
    Total assets   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Liabilities and Shareholders’ Equity                                                                        
    Interest-bearing liabilities:                                                                        
    Interest-bearing NOW accounts   $ 735,209     $ 3,366       1.86 %   $ 704,017     $ 3,784       2.14 %   $ 359,784     $ 2,045       2.29 %
    Money market and savings accounts     1,161,960       7,750       2.70 %     1,192,692       8,663       2.89 %     648,640       4,725       2.93 %
    Time deposits     207,519       2,063       4.03 %     359,111       4,179       4.63 %     255,474       3,021       4.76 %
    Total interest-bearing deposits     2,104,688       13,179       2.54 %     2,255,820       16,626       2.93 %     1,263,898       9,791       3.12 %
    Borrowings:                                                                        
    FHLB advances                 %                 %     50,593       708       5.63 %
    Subordinated debt     70,027       1,391       8.06 %     69,420       1,391       7.97 %     17,878       271       6.10 %
    Total borrowings     70,027       1,391       8.06 %     69,420       1,391       7.97 %     68,471       979       5.75 %
    Total interest-bearing liabilities     2,174,715       14,570       2.72 %     2,325,240       18,017       3.08 %     1,332,369       10,770       3.25 %
                                                                             
    Noninterest-bearing liabilities:                                                                        
    Noninterest-bearing deposits (2)     1,255,883                       1,283,591                       661,265                  
    Other liabilities     50,368                       55,007                       26,430                  
    Shareholders’ equity     518,543                       504,909                       289,763                  
    Total Liabilities and Shareholders’ Equity   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Net interest spread                     3.54 %                     3.40 %                     2.54 %
    Net interest income and margin           $ 42,255       4.65 %           $ 44,541       4.61 %           $ 20,494       3.80 %
    Cost of deposits   $ 3,360,571     $ 13,179       1.59 %   $ 3,539,411     $ 16,626       1.87 %   $ 1,925,163     $ 9,791       2.05 %
    Cost of funds   $ 3,430,598     $ 14,570       1.72 %   $ 3,608,831     $ 18,017       1.99 %   $ 1,993,634     $ 10,770       2.17 %


    (1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.

    (2) Average noninterest-bearing deposits represent 37.37%, 36.27% and 34.35% of average total deposits for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    California BanCorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income (loss), (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per common share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        Three Months Ended  
        March 31,
    2025
        December 31,
    2024
        March 31,
    2024
     
        ($ in thousands)  
    Adjusted net income                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Add: After-tax merger and related expenses (1)           453       547  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Efficiency Ratio                        
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Deduct: Merger and related expenses           643       549  
    Adjusted noninterest expense     24,920       25,482       14,432  
                             
    Net interest income     42,255       44,541       20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income   $ 44,821     $ 45,545     $ 21,907  
    Efficiency ratio (non-GAAP)     55.6 %     57.4 %     68.4 %
    Adjusted efficiency ratio (non-GAAP)     55.6 %     55.9 %     65.9 %
                             
    Pre-tax pre-provision income                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income     44,821       45,545       21,907  
    Less: Noninterest expense     24,920       26,125       14,981  
    Pre-tax pre-provision income (non-GAAP)     19,901       19,420       6,926  
    Add: Merger and related expenses           643       549  
    Adjusted pre-tax pre-provision income (non-GAAP)   $ 19,901     $ 20,063     $ 7,475  


    (1) After-tax merger and related expenses are presented using a 29.56% tax rate.

    Return on Average Assets, Equity, and Tangible Equity                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Average assets   $ 3,999,509     $ 4,168,747     $ 2,309,827  
    Average shareholders’ equity     518,543       504,909       289,763  
    Less: Average intangible assets     133,567       135,064       38,964  
    Average tangible common equity (non-GAAP)   $ 384,976     $ 369,845     $ 250,799  
                             
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (non-GAAP)     1.71 %     1.64 %     0.95 %
    Return on average equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average equity (non-GAAP)     13.18 %     13.57 %     7.61 %
    Return on average tangible common equity (non-GAAP)     17.75 %     18.04 %     7.91 %
    Adjusted return on average tangible common equity (non-GAAP)     17.75 %     18.53 %     8.79 %
        March 31,
    2025
        December 31,
    2024
     
        ($ in thousands except share and per share data)  
    Tangible Common Equity Ratio/Tangible Book Value Per Share                
    Shareholders’ equity   $ 531,384     $ 511,836  
    Less: Intangible assets     133,103       134,058  
    Tangible common equity (non-GAAP)   $ 398,281     $ 377,778  
                     
    Total assets   $ 3,983,090     $ 4,031,654  
    Less: Intangible assets     133,103       134,058  
    Tangible assets (non-GAAP)   $ 3,849,987     $ 3,897,596  
                     
    Equity to asset ratio     13.34 %     12.70 %
    Tangible common equity to tangible asset ratio (non-GAAP)     10.34 %     9.69 %
    Book value per share   $ 16.40     $ 15.86  
    Tangible book value per share (non-GAAP)   $ 12.29     $ 11.71  
    Shares outstanding     32,402,140       32,265,935  


    INVESTOR RELATIONS CONTACT

    Kevin Mc Cabe
    California Bank of Commerce, N.A.
    kmccabe@bankcbc.com
    818.637.7065 

    The MIL Network

  • MIL-OSI: Thomas Barnes Joins Monarch Private Capital’s #Bestinclass Renewable Energy Team

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, April 24, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to welcome Thomas Barnes as Manager, Renewable Energy.

    In this newly-created role, Barnes will facilitate all aspects of investment execution, including onboarding, investment alignment, fund documentation, underwriting/closing, and subsequent fundings. He serves as a key liaison between Monarch’s investors and developer partners, working with internal placement, project management, operations, and asset management teams—ensuring a seamless and #bestinclass transaction process.

    Barnes brings extensive tax credit structuring and legal experience to Monarch. Prior to joining the firm, he held several roles within the renewable energy division at U.S. Bank, most recently serving as Syndications Project Manager. In that role, he led investor communications and due diligence efforts, negotiated transaction documents, and facilitated the closing of tax credit investments. Earlier in his tenure at U.S. Bank, Barnes served as an Asset Manager, overseeing a portfolio of renewable energy investments and supporting risk mitigation efforts across legal, tax, and credit functions. Before transitioning into renewable energy finance, Barnes practiced law for nearly a decade, focusing on corporate transactions and contract negotiation for a wide range of clients and industries.

    “Thomas brings a rare combination of legal acumen and transaction execution experience to our already strong team,” said Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital. “His ability to manage complexity, collaborate across functions, and drive high-quality outcomes for our investors will undoubtably enhance our #everbetter, #bestinclass execution process.”

    In addition to his transaction responsibilities, Barnes will contribute to process innovation, cross-functional collaboration, and risk management strategies across Monarch’s clean energy portfolio.

    “Monarch is known for its thoughtful, high-performing culture, and I’m excited to be a part of a team that prioritizes excellence and investor success,” said Barnes. “I look forward to contributing to a strong foundation that enables the firm to continue scaling with impact.”

    Barnes earned his Juris Doctor from the University of Minnesota Law School and a Bachelor of Arts in English from the University of St. Thomas. Committed to giving back, he has volunteered with organizations including Catholic Charities, Feed the Children, and Project Offstreets, and has mentored and coached youth in both Minneapolis and Denver.

    For more information about Monarch Private Capital, visit www.monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    CONTACT
    Jane Rafeedie
    Monarch Private Capital
    Jrafeedie@monarchprivate.com
    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11639d57-4ef6-4162-9d83-aa2972dbe120

    The MIL Network