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  • MIL-OSI: NBT Bancorp Inc. Announces Full Year Net Income and Declares Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    NORWICH, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2024.

    Net income for the three months ended December 31, 2024 was $36.0 million, or $0.76 per diluted common share, compared to $30.4 million, or $0.64 per diluted common share, for the three months ended December 31, 2023, and $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024. Operating diluted earnings per share(1), a non-GAAP measure was $0.77 for the fourth quarter of 2024, compared to $0.72 for the fourth quarter of 2023 and $0.80 for the third quarter of 2024.

    Net income for the year ended December 31, 2024 was $140.6 million, or $2.97 per diluted common share, compared to $118.8 million, or $2.65 per diluted common share, in the prior year.

    The Company completed the acquisition of Salisbury Bancorp, Inc. (“Salisbury”) on August 11, 2023, adding 13 banking offices, $1.18 billion in loans and $1.31 billion in deposits. The comparisons to the full year of 2023 are significantly impacted by the Salisbury acquisition.

    CEO Comments

    “Three consecutive quarters of growth in net interest income and margin along with continued strong results from our diverse mix of fee businesses drove NBT’s operating performance in the fourth quarter of 2024,” said NBT President and Chief Executive Officer Scott A. Kingsley. “In addition, we were pleased to receive regulatory approval during the fourth quarter to complete our planned merger with Evans Bancorp, Inc. Evans shareholders also demonstrated strong support for the partnership with the vote to approve the transaction in December. We continue to expect the merger to close in the second quarter of 2025 in conjunction with the core system conversion, and team members from NBT and Evans are working closely to plan a smooth transition for the customers and communities we will serve together in the Buffalo and Rochester markets.”

    Fourth Quarter 2024 Financial Highlights

    Net Income
    • Net income was $36.0 million and diluted earnings per share was $0.76
    Net Interest Income / NIM
    • Net interest income on a fully taxable equivalent (“FTE”) basis was $106.7 million, up $4.4 million from the prior quarter(1)
    • Net interest margin (“NIM”) on an FTE basis was 3.34%(1), up 7 basis points (“bps”) from the prior quarter
    • Included in FTE net interest income was $2.6 million of acquisition-related net accretion, which was consistent with the third quarter of 2024
    • Earning asset yields of 4.96% were down 5 bps from the prior quarter
    • Total cost of funds of 1.71% was down 14 bps from the prior quarter
    Noninterest Income
    • Noninterest income was $42.2 million, an increase of 11.1% from the fourth quarter of 2023, excluding net securities gains (losses)
    Loans and Credit Quality
    • Period end total loans of $9.97 billion as of December 31, 2024, up $319.2 million, or 3.3%, from December 31, 2023
    • Net charge-offs to average loans was 0.23% annualized
    • Nonperforming loans to total loans was 0.52%
    • Allowance for loan losses to total loans was 1.16%
    Deposits
    • Deposits were $11.55 billion as of December 31, 2024, up $577.8 million, or 5.3%, from December 31, 2023
    • Total cost of deposits was 1.60% for the fourth quarter of 2024, down 12 bps from the third quarter of 2024
    Capital
    • Stockholders’ equity was $1.53 billion as of December 31, 2024
    • Tangible book value per share(2) was $23.88 at December 31, 2024
    • Tangible equity to assets of 8.42%(1)
    • CET1 ratio of 11.93%; Leverage ratio of 10.24%


    Loans

    • Period end total loans were $9.97 billion at December 31, 2024, $9.91 billion at September 30, 2024 and $9.65 billion at December 31, 2023.
    • Period end total loans increased $319.2 million from December 31, 2023. Total commercial loans increased $322.0 million to $5.30 billion while total consumer loans decreased $2.8 million to $4.67 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $478.6 million, or 5.6%.
    • Commercial line of credit utilization rate was 21% at December 31, 2024, compared to 22% at September 30, 2024 and 20% at December 31, 2023.

    Deposits

    • Total deposits at December 31, 2024 were $11.55 billion, compared to $11.59 billion at September 30, 2024 and $10.97 billion at December 31, 2023. The $577.8 million increase in deposits from December 31, 2023 was primarily due to higher consumer and commercial deposit balances.
    • The loan to deposit ratio was 86.3% at December 31, 2024, compared to 88.0% at December 31, 2023.

    Net Interest Income and Net Interest Margin

    • Net interest income for the fourth quarter of 2024 was $106.1 million, an increase of $4.4 million, or 4.4%, from the third quarter of 2024 and an increase of $6.9 million, or 7.0%, from the fourth quarter of 2023. The increase in net interest income from the third quarter of 2024 resulted primarily from a decrease in the cost of deposits, an increase in average short-term interest-bearing accounts and the interest earned on those balances combined with a more favorable funding mix.
    • The NIM on an FTE basis for the fourth quarter of 2024 was 3.34%, an increase of 7 bps from the third quarter of 2024. This increase was driven by an improved funding mix with lower average balances of short-term borrowings, an increase in the average balance of noninterest-bearing demand deposit accounts and a decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 19 bps from the fourth quarter of 2023 due to higher earning asset yields and lower average balances of short-term borrowings, partially offset by the increase in the cost of interest-bearing deposits.
    • Earning asset yields for the three months ended December 31, 2024 decreased 5 bps from the prior quarter to 4.96% and increased 17 bps from the same quarter in the prior year. Loan yields for the three months ended December 31, 2024 decreased 9 bps from the prior quarter to 5.65% primarily due to the repricing of $2.1 billion in variable rate loans partly offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 17 bps from the same quarter in the prior year. Average earning assets increased $257.5 million, or 2.1%, from the third quarter of 2024 due to organic loan growth and an increase in short-term interest-bearing accounts. Average earning assets grew $140.6 million, or 1.1%, from the fourth quarter of 2023 due to organic loan growth partially offset by lower average balances of short-term interest-bearing accounts and securities.
    • Total cost of deposits, including noninterest bearing deposits, was 1.60% for the fourth quarter of 2024, a decrease of 12 bps from the prior quarter and an increase of 9 bps from the same period in the prior year.
    • Total cost of funds for the three months ended December 31, 2024 was 1.71%, a decrease of 14 bps from the prior quarter and a decrease of 1 bp from the fourth quarter of 2023.

    Asset Quality and Allowance for Loan Losses

    • Net charge-offs to total average loans for the fourth quarter of 2024 was 23 bps compared to 16 bps in the prior quarter. The increase in net charge-offs from the prior quarter was driven by two commercial real estate relationships, of which $1.7 million was previously specifically reserved for in the second quarter of 2024. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the full year.
    • Nonperforming assets to total assets was 0.38% at December 31, 2024, compared to 0.27% at September 30, 2024 and 0.28% at December 31, 2023. The increase in nonperforming assets was attributable to a commercial real estate relationship that was placed into a nonaccrual status in the fourth quarter of 2024. The relationship is being actively managed and was written-down to estimated fair value in the fourth quarter of 2024, and as such, no specific reserve has been established.
    • Provision expense for the three months ended December 31, 2024 was $2.2 million, compared to $2.9 million for the third quarter of 2024. The decrease in provision expense from the prior quarter was primarily due to the run-off of the other consumer and residential solar portfolios partially offset by a higher level of net charge-offs.
    • The allowance for loan losses was $116.0 million, or 1.16% of total loans, at December 31, 2024, compared to $119.5 million, or 1.21% of total loans, at September 30, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.
    • The reserve for unfunded loan commitments was $4.4 million at December 31, 2024, compared to $4.6 million at September 30, 2024 and $5.1 million at December 31, 2023.

    Noninterest Income

    • Total noninterest income, excluding securities gains (losses), was $42.2 million for the three months ended December 31, 2024, down $3.1 million, or 6.8%, from the seasonally high third quarter of 2024, and up $4.2 million, or 11.1%, from the fourth quarter of 2023.
    • Retirement plan administration fees were down $1.7 million from the prior quarter and increased $1.7 million from the fourth quarter of 2023. The decrease from the prior quarter, as expected, was due to higher seasonal activity-based fees in the third quarter. The increase from the fourth quarter of 2023 was driven by organic growth and higher market levels.
    • Wealth management fees were consistent with the prior quarter and increased $1.7 million from the fourth quarter of 2023. The increase from the fourth quarter of 2023 was driven by market performance and growth in new customer accounts.
    • Insurance revenues decreased $1.0 million from the third quarter, which typically has comparatively higher levels of policy renewals than the fourth quarter.

    Noninterest Expense

    • Total noninterest expense was $100.8 million for the fourth quarter of 2024, compared to $95.7 million for the third quarter of 2024 and $92.8 million for the fourth quarter of 2023. Total noninterest expense increased 4.8% compared to the previous quarter and increased 13.7% from the fourth quarter of 2023, excluding $1.0 million of acquisition expenses in the fourth quarter of 2024, $0.5 million in the third quarter of 2024 and $0.3 million in the fourth quarter of 2023, respectively, and the $4.8 million impairment of a minority interest equity investment in the fourth quarter of 2023.
    • Salaries and benefits increased 3.5% from the prior quarter driven by higher medical costs and an increase in other benefits including higher levels of incentive compensation. The increase from the fourth quarter of 2023 was driven by merit pay increases, higher levels of incentive compensation and higher medical and other benefit costs.
    • Occupancy costs were consistent with the prior quarter and increased from the fourth quarter of 2023 driven by additional expenses including seasonal maintenance, rent and equipment expense.
    • Other expense increased $2.5 million from the prior quarter and $0.4 million from the fourth quarter of 2023. The increase from the previous quarter was driven by increases in office supplies and postage, advertising and other expenses.

    Income Taxes

    • The full year effective tax rate was 21.6% for 2024 down from 22.6% for the full year of 2023.

    Capital

    • Tangible common equity to tangible assets(1) was 8.42% at December 31, 2024. Tangible book value per share(2) was $23.88 at December 31, 2024, $23.83 at September 30, 2024 and $21.72 at December 31, 2023.
    • Stockholders’ equity increased $100.5 million from December 31, 2023 driven by net income generation of $140.6 million and an $18.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $62.3 million.
    • As of December 31, 2024, CET1 capital ratio of 11.93%, leverage ratio of 10.24% and total risk-based capital ratio of 15.03%.

    Dividend

    • The Board of Directors approved a first-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per share, or 6.3%, increase over the dividend paid in the first quarter of 2024. The dividend will be paid on March 17, 2025 to stockholders of record as of March 3, 2025.

    Stock Repurchase

    • The Company purchased 7,600 shares of its common stock during 2024 at an average price of $33.02 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of December 31, 2024, there were 1,992,400 shares available for repurchase under this plan.

    Evans Bancorp, Inc. Merger

    • In December 2024, NBT announced that it had received the regulatory approval and waiver from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York necessary to complete its acquisition of Evans Bancorp, Inc. (“Evans”). Also in December 2024, the shareholders of Evans voted to approve the merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger. NBT and Evans anticipate closing the transaction in second quarter of 2025 in conjunction with the core system conversion, pending customary closing conditions. Evans had assets of $2.28 billion, deposits of $1.90 billion and net loans of $1.76 billion as of September 30, 2024.

    Conference Call and Webcast

    The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 28, 2025, to review the fourth quarter 2024 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

    Corporate Overview

    NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.79 billion at December 31, 2024. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 155 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

    Forward-Looking Statements

    This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

    The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

    Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Non-GAAP Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

    NBT Bancorp Inc. and Subsidiaries            
    Selected Financial Data            
    (unaudited, dollars in thousands except per share data)          
                 
        2024     2023    
      4th Q 3rd Q 2nd Q 1st Q 4th Q  
    Profitability (reported)            
    Diluted earnings per share $ 0.76   $ 0.80   $ 0.69   $ 0.71   $ 0.64    
    Weighted average diluted common shares outstanding   47,505,760     47,473,417     47,382,814     47,370,145     47,356,899    
    Return on average assets(3)   1.04 %   1.12 %   0.98 %   1.02 %   0.89 %  
    Return on average equity(3)   9.44 %   10.21 %   9.12 %   9.52 %   8.79 %  
    Return on average tangible common equity(1)(3)   13.36 %   14.54 %   13.23 %   13.87 %   13.08 %  
    Net interest margin(1)(3)   3.34 %   3.27 %   3.18 %   3.14 %   3.15 %  
                 
      12 Months Ended December 31,        
        2024     2023          
    Profitability (reported)            
    Diluted earnings per share $ 2.97   $ 2.65          
    Weighted average diluted common shares outstanding   47,433,174     44,770,171          
    Return on average assets   1.04 %   0.95 %        
    Return on average equity   9.57 %   9.34 %        
    Return on average tangible common equity(1)   13.75 %   13.02 %        
    Net interest margin(1)   3.23 %   3.29 %        
                 
        2024     2023    
      4th Q 3rd Q 2nd Q 1st Q 4th Q  
    Profitability (operating)            
    Diluted earnings per share(1) $ 0.77   $ 0.80   $ 0.69   $ 0.68   $ 0.72    
    Return on average assets(1)(3)   1.06 %   1.12 %   0.98 %   0.97 %   0.99 %  
    Return on average equity(1)(3)   9.60 %   10.23 %   9.14 %   9.04 %   9.79 %  
    Return on average tangible common equity(1)(3)   13.57 %   14.56 %   13.26 %   13.20 %   14.49 %  
                 
        2024     2023    
      4th Q 3rd Q 2nd Q 1st Q 4th Q  
    Balance sheet data            
    Short-term interest-bearing accounts $ 78,973   $ 231,671   $ 35,207   $ 156,632   $ 31,378    
    Securities available for sale   1,574,664     1,509,338     1,439,445     1,418,471     1,430,858    
    Securities held to maturity   842,921     854,941     878,909     890,863     905,267    
    Net loans   9,853,910     9,787,541     9,733,847     9,572,777     9,536,313    
    Total assets   13,786,666     13,839,552     13,501,909     13,439,199     13,309,040    
    Total deposits   11,546,761     11,588,278     11,271,459     11,195,289     10,968,994    
    Total borrowings   414,983     456,666     476,082     518,190     637,387    
    Total liabilities   12,260,525     12,317,572     12,039,954     11,997,784     11,883,349    
    Stockholders’ equity   1,526,141     1,521,980     1,461,955     1,441,415     1,425,691    
                 
    Capital            
    Equity to assets   11.07 %   11.00 %   10.83 %   10.73 %   10.71 %  
    Tangible equity ratio(1)   8.42 %   8.36 %   8.11 %   7.98 %   7.93 %  
    Book value per share $ 32.34   $ 32.26   $ 31.00   $ 30.57   $ 30.26    
    Tangible book value per share(2) $ 23.88   $ 23.83   $ 22.54   $ 22.07   $ 21.72    
    Leverage ratio   10.24 %   10.29 %   10.16 %   10.09 %   9.71 %  
    Common equity tier 1 capital ratio   11.93 %   11.86 %   11.70 %   11.68 %   11.57 %  
    Tier 1 capital ratio   12.83 %   12.77 %   12.61 %   12.61 %   12.50 %  
    Total risk-based capital ratio   15.03 %   15.02 %   14.88 %   14.87 %   14.75 %  
    Common stock price (end of period) $ 47.76   $ 44.23   $ 38.60   $ 36.68   $ 41.91    
    NBT Bancorp Inc. and Subsidiaries          
    Asset Quality and Consolidated Loan Balances          
    (unaudited, dollars in thousands)          
               
        2024     2023  
      4th Q 3rd Q 2nd Q 1st Q 4th Q
    Asset quality          
    Nonaccrual loans $ 45,819   $ 33,338   $ 34,755   $ 35,189   $ 34,213  
    90 days past due and still accruing   5,798     3,981     3,333     2,600     3,661  
    Total nonperforming loans   51,617     37,319     38,088     37,789     37,874  
    Other real estate owned   182     127     74     –     –  
    Total nonperforming assets   51,799     37,446     38,162     37,789     37,874  
    Allowance for loan losses   116,000     119,500     120,500     115,300     114,400  
               
    Asset quality ratios          
    Allowance for loan losses to total loans   1.16 %   1.21 %   1.22 %   1.19 %   1.19 %
    Total nonperforming loans to total loans   0.52 %   0.38 %   0.39 %   0.39 %   0.39 %
    Total nonperforming assets to total assets   0.38 %   0.27 %   0.28 %   0.28 %   0.28 %
    Allowance for loan losses to total nonperforming loans   224.73 %   320.21 %   316.37 %   305.12 %   302.05 %
    Past due loans to total loans(4)   0.34 %   0.36 %   0.30 %   0.33 %   0.32 %
    Net charge-offs to average loans(3)   0.23 %   0.16 %   0.15 %   0.19 %   0.22 %
               
        2024     2023  
      4th Q 3rd Q 2nd Q 1st Q 4th Q
    Loan net charge-offs by line of business          
    Commercial $ 2,542   $ 807   $ (8 ) $ 772   $ 1,107  
    Residential real estate and home equity   (25 )   (64 )   (76 )   (32 )   11  
    Indirect auto   675     725     747     665     399  
    Residential solar   1,589     1,599     1,610     1,211     1,081  
    Other consumer   928     853     1,426     2,063     2,729  
      Total loan net charge-offs $ 5,709   $ 3,920   $ 3,699   $ 4,679   $ 5,327  
               
        2024     2023  
      4th Q 3rd Q 2nd Q 1st Q 4th Q
    Allowance for loan losses as a percentage of loans by segment        
    Commercial & industrial   0.73 %   0.73 %   0.76 %   0.79 %   0.84 %
    Commercial real estate   0.95 %   1.01 %   1.00 %   0.97 %   0.99 %
    Residential real estate   1.00 %   1.00 %   0.98 %   0.89 %   0.84 %
    Auto   0.81 %   0.83 %   0.85 %   0.81 %   0.83 %
    Residential solar   3.70 %   3.70 %   3.76 %   3.58 %   3.28 %
    Other consumer   2.65 %   3.51 %   4.09 %   4.24 %   4.70 %
      Total   1.16 %   1.21 %   1.22 %   1.19 %   1.19 %
               
        2024     2023  
      4th Q 3rd Q 2nd Q 1st Q 4th Q
    Loans by line of business          
    Commercial & industrial $ 1,426,482   $ 1,458,926   $ 1,397,935   $ 1,353,446   $ 1,354,248  
    Commercial real estate   3,876,698     3,792,498     3,784,214     3,646,739     3,626,910  
    Residential real estate   2,142,249     2,143,766     2,134,875     2,133,289     2,125,804  
    Home equity   334,268     328,687     326,556     328,673     337,214  
    Indirect auto   1,273,253     1,235,175     1,225,786     1,190,734     1,130,132  
    Residential solar   820,079     839,659     861,883     896,147     917,755  
    Other consumer   96,881     108,330     123,098     139,049     158,650  
      Total loans $ 9,969,910   $ 9,907,041   $ 9,854,347   $ 9,688,077   $ 9,650,713  
    NBT Bancorp Inc. and Subsidiaries      
    Consolidated Balance Sheets      
    (unaudited, in thousands)      
           
      December 31, December 31,  
      2024 2023  
    Assets      
    Cash and due from banks $ 205,083 $ 173,811  
    Short-term interest-bearing accounts   78,973   31,378  
    Equity securities, at fair value   42,372   37,591  
    Securities available for sale, at fair value   1,574,664   1,430,858  
    Securities held to maturity (fair value $749,945 and $814,524, respectively)   842,921   905,267  
    Federal Reserve and Federal Home Loan Bank stock   33,957   45,861  
    Loans held for sale   9,744   3,371  
    Loans   9,969,910   9,650,713  
    Less allowance for loan losses   116,000   114,400  
      Net loans $ 9,853,910 $ 9,536,313  
    Premises and equipment, net   80,840   80,675  
    Goodwill   362,663   361,851  
    Intangible assets, net   36,360   40,443  
    Bank owned life insurance   272,657   265,732  
    Other assets   392,522   395,889  
    Total assets $ 13,786,666 $ 13,309,040  
           
    Liabilities and stockholders’ equity      
    Demand (noninterest bearing) $ 3,446,068 $ 3,413,829  
    Savings, NOW and money market   6,658,188   6,230,456  
    Time   1,442,505   1,324,709  
      Total deposits $ 11,546,761 $ 10,968,994  
    Short-term borrowings   162,942   386,651  
    Long-term debt   29,644   29,796  
    Subordinated debt, net   121,201   119,744  
    Junior subordinated debt   101,196   101,196  
    Other liabilities   298,781   276,968  
      Total liabilities $ 12,260,525 $ 11,883,349  
           
    Total stockholders’ equity $ 1,526,141 $ 1,425,691  
           
    Total liabilities and stockholders’ equity $ 13,786,666 $ 13,309,040  
    NBT Bancorp Inc. and Subsidiaries          
    Consolidated Statements of Income          
    (unaudited, in thousands except per share data)          
               
      Three Months Ended Twelve Months Ended  
      December 31, December 31,  
      2024 2023 2024 2023  
    Interest, fee and dividend income          
    Interest and fees on loans $ 141,103   $ 132,738 $ 552,846   $ 462,669    
    Securities available for sale   8,773     7,208   31,274     29,812    
    Securities held to maturity   4,931     5,374   20,466     20,681    
    Other   2,930     5,594   7,084     9,627    
      Total interest, fee and dividend income $ 157,737   $ 150,914 $ 611,670   $ 522,789    
    Interest expense          
    Deposits $ 46,815   $ 42,753 $ 186,948   $ 104,641    
    Short-term borrowings   918     4,951   8,669     25,608    
    Long-term debt   293     294   1,166     925    
    Subordinated debt   1,816     1,795   7,232     6,076    
    Junior subordinated debt   1,790     1,948   7,533     7,320    
      Total interest expense $ 51,632   $ 51,741 $ 211,548   $ 144,570    
    Net interest income $ 106,105   $ 99,173 $ 400,122   $ 378,219    
    Provision for loan losses $ 2,209    $ 5,126  $ 19,607    $ 16,524    
    Provision for loan losses – acquisition day 1 non-PCD   –     –   –     8,750    
    Total provision for loan losses $ 2,209   $ 5,126 $ 19,607   $ 25,274    
      Net interest income after provision for loan losses $ 103,896   $ 94,047 $ 380,515   $ 352,945    
    Noninterest income          
    Service charges on deposit accounts $ 4,411   $ 4,165 $ 17,087   $ 15,425    
    Card services income   5,652     5,360   22,331     20,829    
    Retirement plan administration fees   12,924     11,226   56,587     47,221    
    Wealth management   10,842     9,152   41,641     34,763    
    Insurance services   3,883     3,659   17,032     15,667    
    Bank owned life insurance income   2,271     1,776   8,325     6,750    
    Net securities gains (losses)   222     507   2,789     (9,315 )  
    Other   2,221     2,643   11,032     10,838    
      Total noninterest income $ 42,426   $ 38,488 $ 176,824   $ 142,178    
    Noninterest expense          
    Salaries and employee benefits $ 61,749   $ 50,013 $ 232,487   $ 194,250    
    Technology and data services   10,220     10,174   39,139     38,163    
    Occupancy   7,786     7,175   31,309     28,408    
    Professional fees and outside services   4,843     5,115   19,132     17,601    
    Amortization of intangible assets   2,080     2,131   8,443     4,734    
    Reserve for unfunded loan commitments   (125 )   300   (705 )   30    
    Impairment of a minority interest equity investment   –     4,750   –     4,750    
    Acquisition expenses   988     254   1,531     9,978    
    Other   13,234     12,839   46,545     43,750    
      Total noninterest expense $ 100,775   $ 92,751 $ 377,881   $ 341,664    
    Income before income tax expense $ 45,547   $ 39,784 $ 179,458   $ 153,459    
    Income tax expense   9,542     9,338   38,817     34,677    
       Net income $ 36,005   $ 30,446 $ 140,641   $ 118,782    
    Earnings Per Share          
    Basic $ 0.76   $ 0.65 $ 2.98   $ 2.67    
    Diluted $ 0.76   $ 0.64 $ 2.97   $ 2.65    
    NBT Bancorp Inc. and Subsidiaries          
    Quarterly Consolidated Statements of Income          
    (unaudited, in thousands except per share data)          
               
        2024   2023
      4th Q 3rd Q 2nd Q 1st Q 4th Q
    Interest, fee and dividend income          
    Interest and fees on loans $ 141,103   $ 141,991 $ 136,606   $ 133,146   $ 132,738
    Securities available for sale   8,773     7,815   7,562     7,124     7,208
    Securities held to maturity   4,931     5,042   5,190     5,303     5,374
    Other   2,930     1,382   1,408     1,364     5,594
      Total interest, fee and dividend income $ 157,737   $ 156,230 $ 150,766   $ 146,937   $ 150,914
    Interest expense          
    Deposits $ 46,815   $ 49,106 $ 46,688   $ 44,339   $ 42,753
    Short-term borrowings   918     1,431   2,899     3,421     4,951
    Long-term debt   293     292   291     290     294
    Subordinated debt   1,816     1,810   1,806     1,800     1,795
    Junior subordinated debt   1,790     1,922   1,908     1,913     1,948
      Total interest expense $ 51,632   $ 54,561 $ 53,592   $ 51,763   $ 51,741
    Net interest income $ 106,105   $ 101,669 $ 97,174   $ 95,174   $ 99,173
    Provision for loan losses $ 2,209   $ 2,920 $ 8,899   $ 5,579   $ 5,126
    Provision for loan losses – acquisition day 1 non-PCD   –     –   –     –     –
    Total provision for loan losses $ 2,209   $ 2,920 $ 8,899   $ 5,579   $ 5,126
      Net interest income after provision for loan losses $ 103,896   $ 98,749 $ 88,275   $ 89,595   $ 94,047
    Noninterest income          
    Service charges on deposit accounts $ 4,411   $ 4,340 $ 4,219   $ 4,117   $ 4,165
    Card services income   5,652     5,897   5,587     5,195     5,360
    Retirement plan administration fees   12,924     14,578   14,798     14,287     11,226
    Wealth management   10,842     10,929   10,173     9,697     9,152
    Insurance services   3,883     4,913   3,848     4,388     3,659
    Bank owned life insurance income   2,271     1,868   1,834     2,352     1,776
    Net securities gains (losses)   222     476   (92 )   2,183     507
    Other   2,221     2,773   2,865     3,173     2,643
      Total noninterest income $ 42,426   $ 45,774 $ 43,232   $ 45,392   $ 38,488
    Noninterest expense          
    Salaries and employee benefits $ 61,749   $ 59,641 $ 55,393   $ 55,704   $ 50,013
    Technology and data services   10,220     9,920   9,249     9,750     10,174
    Occupancy   7,786     7,754   7,671     8,098     7,175
    Professional fees and outside services   4,843     4,871   4,565     4,853     5,115
    Amortization of intangible assets   2,080     2,062   2,133     2,168     2,131
    Reserve for unfunded loan commitments   (125 )   250   (380 )   (450 )   300
    Impairment of a minority interest equity investment   –     –   –     –     4,750
    Acquisition expenses   988     543   –     –     254
    Other   13,234     10,704   10,957     11,650     12,839
      Total noninterest expense $ 100,775   $ 95,745 $ 89,588   $ 91,773   $ 92,751
    Income before income tax expense $ 45,547   $ 48,778 $ 41,919   $ 43,214   $ 39,784
    Income tax expense   9,542     10,681   9,203     9,391     9,338
       Net income $ 36,005   $ 38,097 $ 32,716   $ 33,823   $ 30,446
    Earnings Per Share          
    Basic $ 0.76   $ 0.81 $ 0.69   $ 0.72   $ 0.65
    Diluted $ 0.76   $ 0.80 $ 0.69   $ 0.71   $ 0.64
    NBT Bancorp Inc. and Subsidiaries                        
    Average Quarterly Balance Sheets                        
    (unaudited, dollars in thousands)                        
                             
        Average
    Balance    		 Yield /
    Rates    		 Average
    Balance    		 Yield /
    Rates    		 Average
    Balance    		 Yield /
    Rates    		 Average
    Balance    		 Yield /
    Rates    		 Average
    Balance    		 Yield /
    Rates    		  
        Q4 – 2024 Q3 – 2024 Q2 – 2024 Q1 – 2024 Q4 – 2023  
    Assets                        
    Short-term interest-bearing accounts   $ 184,988 5.27% $ 62,210 4.87% $ 48,861 5.48% $ 47,972 4.48% $ 319,907 5.59%  
    Securities taxable(1)     2,317,034 2.10%   2,266,930 1.99%   2,280,767 1.97%   2,278,029 1.91%   2,310,409 1.88%  
    Securities tax-exempt(1)(5)     211,493 3.46%   217,251 3.47%   226,032 3.56%   230,468 3.58%   232,575 3.51%  
    FRB and FHLB stock     33,261 5.75%   35,395 6.97%   40,283 7.41%   42,296 7.89%   47,994 8.98%  
    Loans(1)(6)     9,957,879 5.65%   9,865,412 5.74%   9,772,014 5.63%   9,674,892 5.54%   9,653,191 5.47%  
    Total interest-earning assets   $ 12,704,655 4.96% $ 12,447,198 5.01% $ 12,367,957 4.92% $ 12,273,657 4.84% $ 12,564,076 4.79%  
    Other assets     1,093,419     1,072,277     1,064,487     1,055,386     1,052,024    
    Total assets   $ 13,798,074   $ 13,519,475   $ 13,432,444   $ 13,329,043   $ 13,616,100    
    Liabilities and stockholders’ equity                        
    Money market deposit accounts   $ 3,504,937 3.27% $ 3,342,845 3.68% $ 3,254,252 3.65% $ 3,129,160 3.56% $ 3,045,531 3.43%  
    NOW deposit accounts     1,664,960 0.91%   1,600,547 0.87%   1,603,695 0.78%   1,600,288 0.75%   1,645,401 0.80%  
    Savings deposits     1,561,703 0.05%   1,566,316 0.05%   1,586,753 0.05%   1,607,659 0.04%   1,666,915 0.04%  
    Time deposits     1,446,798 3.85%   1,442,424 4.00%   1,391,062 4.00%   1,352,559 4.00%   1,343,548 3.81%  
    Total interest-bearing deposits   $ 8,178,398 2.28% $ 7,952,132 2.46% $ 7,835,762 2.40% $ 7,689,666 2.32% $ 7,701,395 2.20%  
    Federal funds purchased     – –   2,609 5.34%   29,945 5.56%   19,769 5.53%   217 5.48%  
    Repurchase agreements     116,408 3.13%   98,035 2.80%   86,405 1.55%   82,419 1.55%   82,387 1.59%  
    Short-term borrowings     174 4.57%   48,875 5.74%   155,159 5.58%   213,390 5.34%   345,250 5.31%  
    Long-term debt     29,657 3.93%   29,696 3.91%   29,734 3.94%   29,772 3.92%   29,809 3.91%  
    Subordinated debt, net     120,967 5.97%   120,594 5.97%   120,239 6.04%   119,873 6.04%   119,531 5.96%  
    Junior subordinated debt     101,196 7.04%   101,196 7.56%   101,196 7.58%   101,196 7.60%   101,196 7.64%  
    Total interest-bearing liabilities   $ 8,546,800 2.40% $ 8,353,137 2.60% $ 8,358,440 2.58% $ 8,256,085 2.52% $ 8,379,785 2.45%  
    Demand deposits     3,438,194     3,389,894     3,323,906     3,356,607     3,535,815    
    Other liabilities     295,292     292,446     306,747     286,749     326,857    
    Stockholders’ equity     1,517,788     1,483,998     1,443,351     1,429,602     1,373,643    
    Total liabilities and stockholders’ equity   $ 13,798,074   $ 13,519,475   $ 13,432,444   $ 13,329,043   $ 13,616,100    
    Interest rate spread     2.56%   2.41%   2.34%   2.32%   2.34%  
    Net interest margin (FTE)(1)     3.34%   3.27%   3.18%   3.14%   3.15%  
    NBT Bancorp Inc. and Subsidiaries                
    Average Year-to-Date Balance Sheets              
    (unaudited, dollars in thousands)                
                     
        Average   Yield/ Average   Yield/  
        Balance Interest Rates Balance Interest Rates
    		 
    Twelve Months Ended December 31,     2024   2023  
    Assets                
    Short-term interest-bearing accounts   $ 86,213 $ 4,412 5.12% $ 126,765 $ 6,259 4.94%  
    Securities taxable(1)     2,285,725   45,588 1.99%   2,377,596   45,176 1.90%  
    Securities tax-exempt(1)(5)     221,273   7,788 3.52%   214,053   6,730 3.14%  
    FRB and FHLB stock     37,789   2,672 7.07%   48,641   3,368 6.92%  
    Loans(1)(6)     9,818,064   553,784 5.64%   8,803,228   463,290 5.26%  
    Total interest-earning assets   $ 12,449,064 $ 614,244 4.93% $ 11,570,283 $ 524,823 4.54%  
    Other assets     1,071,455       923,850      
    Total assets   $ 13,520,519     $ 12,494,133      
    Liabilities and stockholders’ equity                
    Money market deposit accounts   $ 3,308,433 $ 116,982 3.54% $ 2,418,450 $ 62,475 2.58%  
    NOW deposit accounts     1,617,456   13,442 0.83%   1,555,414   8,298 0.53%  
    Savings deposits     1,580,517   734 0.05%   1,715,749   650 0.04%  
    Time deposits     1,408,410   55,790 3.96%   1,006,867   33,218 3.30%  
    Total interest-bearing deposits   $ 7,914,816 $ 186,948 2.36% $ 6,696,480 $ 104,641 1.56%  
    Federal funds purchased     13,016   721 5.54%   24,575   1,269 5.16%  
    Repurchase agreements     95,879   2,255 2.35%   70,251   747 1.06%  
    Short-term borrowings     103,963   5,693 5.48%   450,377   23,592 5.24%  
    Long-term debt     29,715   1,166 3.92%   24,247   925 3.81%  
    Subordinated debt, net     120,420   7,232 6.01%   105,756   6,076 5.75%  
    Junior subordinated debt     101,196   7,533 7.44%   101,196   7,320 7.23%  
    Total interest-bearing liabilities   $ 8,379,005 $ 211,548 2.52% $ 7,472,882 $ 144,570 1.93%  
    Demand deposits     3,377,352       3,463,608      
    Other liabilities     295,301       285,310      
    Stockholders’ equity     1,468,861       1,272,333      
    Total liabilities and stockholders’ equity $ 13,520,519     $ 12,494,133      
    Net interest income (FTE)(1)     $ 402,696     $ 380,253    
    Interest rate spread       2.41%     2.61%  
    Net interest margin (FTE)(1)       3.23%     3.29%  
    Taxable equivalent adjustment     $ 2,574     $ 2,034    
    Net interest income     $ 400,122     $ 378,219    
    (1) The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:    
                   
      Non-GAAP measures            
      (unaudited, dollars in thousands except per share data)            
                   
          2024     2023    
        4th Q 3rd Q 2nd Q 1st Q 4th Q  
      Operating net income            
      Net income $ 36,005   $ 38,097   $ 32,716   $ 33,823   $ 30,446    
      Acquisition expenses   988     543     –     –     254    
      Impairment of a minority interest equity investment   –     –     –     –     4,750    
      Securities (gains) losses   (222 )   (476 )   92     (2,183 )   (507 )  
      Adjustments to net income $ 766   $ 67   $ 92   $ (2,183 ) $ 4,497    
      Adjustments to net income (net of tax) $ 604   $ 52   $ 72   $ (1,703 ) $ 3,435    
      Operating net income $ 36,609   $ 38,149   $ 32,788   $ 32,120   $ 33,881    
      Operating diluted earnings per share $ 0.77   $ 0.80   $ 0.69   $ 0.68   $ 0.72    
                   
          2024     2023    
        4th Q 3rd Q 2nd Q 1st Q 4th Q  
      FTE adjustment            
      Net interest income $ 106,105   $ 101,669   $ 97,174   $ 95,174   $ 99,173    
      Add: FTE adjustment   619     639     658     658     669    
      Net interest income (FTE) $ 106,724   $ 102,308   $ 97,832   $ 95,832   $ 99,842    
      Average earning assets $ 12,704,655   $ 12,447,198   $ 12,367,957   $ 12,273,657   $ 12,564,076    
      Net interest margin (FTE)(3)   3.34 %   3.27 %   3.18 %   3.14 %   3.15 %  
                   
        12 Months Ended December 31,        
          2024     2023          
      FTE adjustment            
      Net interest income $ 400,122   $ 378,219          
      Add: FTE adjustment   2,574     2,034          
      Net interest income (FTE) $ 402,696   $ 380,253          
      Average earning assets $ 12,449,064   $ 11,570,283          
      Net interest margin (FTE)   3.23 %   3.29 %        
                   
      Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.
    (1) The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:  
                   
      Non-GAAP measures (continued)            
      (unaudited, dollars in thousands)            
                   
          2024     2023    
        4th Q 3rd Q 2nd Q 1st Q 4th Q  
      Tangible equity to tangible assets            
      Total equity $ 1,526,141   $ 1,521,980   $ 1,461,955   $ 1,441,415   $ 1,425,691    
      Intangible assets   399,023     397,853     398,686     400,819     402,294    
      Total assets $ 13,786,666   $ 13,839,552   $ 13,501,909   $ 13,439,199   $ 13,309,040    
      Tangible equity to tangible assets   8.42 %   8.36 %   8.11 %   7.98 %   7.93 %  
                   
          2024     2023    
        4th Q 3rd Q 2nd Q 1st Q 4th Q  
      Return on average tangible common equity          
      Net income $ 36,005   $ 38,097   $ 32,716   $ 33,823   $ 30,446    
      Amortization of intangible assets (net of tax)   1,560     1,547     1,600     1,626     1,599    
      Net income, excluding intangibles amortization $ 37,565   $ 39,644   $ 34,316   $ 35,449   $ 32,045    
                   
      Average stockholders’ equity $ 1,517,788   $ 1,483,998   $ 1,443,351   $ 1,429,602   $ 1,373,643    
      Less: average goodwill and other intangibles   399,139     399,113     399,968     401,756     401,978    
      Average tangible common equity $ 1,118,649   $ 1,084,885   $ 1,043,383   $ 1,027,846   $ 971,665    
      Return on average tangible common equity(3)   13.36 %   14.54 %   13.23 %   13.87 %   13.08 %  
                   
        12 Months Ended December 31,        
          2024     2023          
      Return on average tangible common equity          
      Net income $ 140,641   $ 118,782          
      Amortization of intangible assets (net of tax)   6,332     3,551          
      Net income, excluding intangibles amortization $ 146,973   $ 122,333          
                   
      Average stockholders’ equity $ 1,468,861   $ 1,272,333          
      Less: average goodwill and other intangibles   399,989     332,667          
      Average tangible common equity $ 1,068,872   $ 939,666          
      Return on average tangible common equity   13.75 %   13.02 %        
                   
    (2) Non-GAAP measure – Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.  
    (3) Annualized.            
    (4) Total past due loans, defined as loans 30 days or more past due and in an accrual status.      
    (5) Securities are shown at average amortized cost.          
    (6) For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
    Contact: Scott A. Kingsley, President and CEO
      Annette L. Burns, Executive Vice President and CFO
      NBT Bancorp Inc.
      52 South Broad Street
      Norwich, NY 13815
      607-337-6589

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

    The MIL Network –

  • MIL-OSI: HZJL Cayman Limited Announces Entering into a Merger Agreement with Rising Dragon Acquisition Corporation

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, CHINA, Jan. 27, 2025 (GLOBE NEWSWIRE) — HZJL Cayman Limited (“HZJL”), a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Rising Dragon Acquisition Corporation (Nasdaq: RDACU, RDAC, RDACR) (“RDAC”), a publicly traded special purpose acquisition company.

    Upon consummation of the transaction contemplated by the Merger Agreement, (i) RDAC will reincorporate by merging with and into Xpand Boom Technology Inc., a Cayman Islands exempted company and wholly owned subsidiary of RDAC (“Xpand Boom Technology”), and (ii) concurrently with the reincorporation merger, Xpand Boom Solution Inc., a Cayman Islands exempted company and wholly owned subsidiary of Xpand Boom Technology, will be merged with and into HZJL, resulting in HZJL being a wholly owned subsidiary of Xpand Boom Technology (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

    HZJL Overview

    HZJL is a dynamic solution provider dedicated to empowering local lifestyle businesses such as restaurants, coffee shops, beauty salons, convenience stores, and massage centers, through innovative online social branding, software application, and supply chain services.

    HZJL’s core service offering is its online branding service, which leverages the power of social media to promote compelling success stories for both businesses and their founders. This service helps businesses build strong, authentic identities that resonate with their target audience, and enhance brand visibility and customer loyalty. In addition, HZJL offers a sophisticated online application designed to streamline operations and optimize customer relationship management. HZJL also provides comprehensive supply chain solutions, with a special focus on supporting local restaurants.

    With a mission to fuel scalable growth for business owners, HZJL combines these three key service areas that work together to drive operational excellence, customer engagement, and efficient growth strategies.

    Key Transaction Terms

    Under the terms of the Merger Agreement, RDAC’s wholly owned subsidiary, Xpand Boom Technology, will acquire HZJL, resulting in Xpand Boom Technology being a listed company on the Nasdaq Capital Market. At the effective time of the Transaction, HZJL’s shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology. In addition, certain HZJL shareholders will be entitled to receive earn-out consideration of up to an additional 20 million ordinary shares of Xpand Boom Technology, subject to HZJL meeting certain revenue targets in the two subsequent years as set forth in the Merger Agreement. The shares held by certain HZJL’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

    The Transaction, which has been unanimously approved by the boards of directors of both RDAC and HZJL, is subject to regulatory approvals, the approvals by the shareholders of RDAC and HZJL, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by RDAC with the SEC and will be available on the SEC’s website at www.sec.gov.

    Comments on HZJL

    “We are excited for the proposed Business Combination with HZJL and admire the company that Mr. Xiong Bin and the HZJL management team have built,” said Xing Lulu, Chief Executive Officer of RDAC. “I look forward to working with HZJL’s first-class management team to help them thrive as a public company while they continue to grow.”

    Xiong Bin, founder of HZJL, stated: “For several years, HZJL has been evolving with the local lifestyle business services market. Our motto, ‘Scalable Growth-Engine Empowering Local Business,’ underlines our ongoing commitment to delivering innovative solutions that foster substantial local business growth and scalability. We have garnered valuable industrial experience and know-how from assisting our customers from various industries in achieving their goals, including with respect to brand building, business operations and supply chain optimization. Our solutions specifically address the challenges faced by small and medium-sized enterprises, providing them critical assistance in overcoming marketing and management hurdles. We are excited to collaborate with RDAC, with which we share similar market visions and business strategies. We are confident that the RDAC team will play a key role in helping us achieve our aspirations and long-term success.”

    Advisors

    Loeb & Loeb LLP, Joint-Win Partners, and Maples and Calder (Hong Kong) LLP serve as legal counsel to RDAC. Han Kun Law Offices, Han Kun Law Offices LLP, and Harney Westwood & Riegels serve as legal counsel to HZJL. Chain Stone Capital Limited (CTM) serves as the financial advisor to HZJL.

    About Rising Dragon Acquisition Corporation

    Rising Dragon Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    About HZJL Cayman Limited

    HZJL is a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services. The company is dedicated to fuel the scalable growth of business owners by combining technology, customer service, and operational excellence to unlock new levels of success. The company’s innovative solutions can help small and medium-sized enterprises better leverage social platforms to build their own stories in the rapidly changing Internet era, use online applications to improve efficiency and engage new customers, and use optimized supply chain services to produce better products and services, helping these companies grow bigger and faster.

    Participants in the Solicitation

    Xpand Boom Technology Inc., Rising Dragon Acquisition Corp., and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of RDAC ordinary shares in respect of the proposed Transaction. Information about RDAC’s directors and executive officers and their ownership of RDAC’s ordinary shares is currently set forth in RDAC’s prospectus related to its initial public offering dated October 11, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of RDAC or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Important Information about the Proposed Business Combination and Where to Find It

    In connection with the Transaction, Xpand Boom Technology will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all RDAC shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of RDAC are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

    Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through RDAC through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

    Wenyi Shen
    Chief Financial Officer
    Rising Dragon Acquisition Corp.
    Email: woody.shen@hywincapital.cn

    Zhiguo Sun
    HZJL Cayman Limited
    Investor Relations Officer
    Email: ir@xpandboom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RDAC’s and HZJL’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RDAC’s and HZJL’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of RDAC or HZJL and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against RDAC or HZJL following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of RDAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that HZJL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by RDAC and Xpand Boom Technology (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by RDAC and HZJL. RDAC and HZJL caution that the foregoing list of factors is not exclusive. RDAC and HZJL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither RDAC or HZJL undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    The MIL Network –

  • MIL-OSI: Lake Shore Bancorp, Inc. Declares Fourth Quarter 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors declared a cash dividend of $0.18 per share on its outstanding common stock on January 27, 2025. The dividend is expected to be paid on February 14, 2025 to stockholders of record as of February 10, 2025. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on January 9, 2025 to pay a cash dividend of $0.18 per share to its stockholders.

    About Lake Shore
    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor
    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    The MIL Network –

  • MIL-OSI: Diginex Limited Announces Underwriters’ Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced that on January 27, 2025, the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 337,500 ordinary shares of the Company at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of ordinary shares sold by the Company in the Offering increased to 2,587,500 ordinary shares and the gross proceeds increased to $10.61 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

    The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

    Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. and Hong Kong counsel to the Company, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC and Revere Securities LLC in connection with this Offering.

    A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the Offering was filed with the SEC on January 23, 2025 and available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

    Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein, the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

    Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.74%
    • Return on beginning equity of 16.03%
    • Net interest margin (NIM) held strong at 4.06%
    • Total loans increased by $71 million or 1.3%
    • Efficiency ratio was 38.8%

    Highlights for the Year:

    • Return on average assets was 1.91%
    • Return on beginning equity of 18.80%
    • The NIM was 4.08%
    • Total loans increased by $369 million or 7.0%
    • Efficiency ratio was 31.47%

    Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

    ”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

    “Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

    “At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

    “The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

    “In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

    “We look forward to continue our consistently strong financial performance into 2025.”

    Results of Operations – Quarter

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

    Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

    Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000.   For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

    Results of Operations – Year

    The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

    Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

    Allowance for Credit Losses

    The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year.   The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

    Capitalization

    As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Quarter Ended
      December 31,   September 30,   December 31,
      2024   2024   2023
    Interest income:          
    Loans, including fees $ 111,596     $ 114,112     $ 107,709  
    Investment securities   14,013       15,032       16,973  
    Fed funds sold   249       280       282  
    Total interest income   125,858       129,424       124,964  
               
    Interest expense:          
    Interest-bearing demand   18,245       23,211       21,716  
    Savings   85       84       72  
    Time certificates   37,030       35,956       32,455  
    Subordinated debt   1,325       1,325       1,325  
    Total interest expense   56,685       60,576       55,568  
    Net interest income   69,173       68,848       69,396  
    Provision for credit losses   2,000       3,200       3,500  
    Net interest income after provision for credit losses   67,173       65,648       65,896  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   761       747       857  
    Letters of credit fee income   1,977       1,959       1,486  
    BOLI income   102       108       105  
    Net loss on called and sale of investment securities   –       –       (929 )
    Net gain on sale of loans   112       91       205  
    Other income   685       554       382  
    Total noninterest income   3,637       3,459       2,106  
               
    Noninterest expense:          
    Salary and employee benefits   13,279       13,525       12,058  
    Net occupancy expense   10,110       1,883       1,536  
    Business development and promotion expense   340       241       239  
    Professional services   1,606       1,816       1,355  
    Office supplies and equipment expense   396       435       391  
    OREO valuation allowance and related expense   155       1,915       294  
    Other   2,360       2,274       2,000  
    Total noninterest expense   28,246       22,089       17,873  
    Income before provision for income taxes   42,564       47,018       50,129  
    Income tax expense   12,343       13,635       14,290  
    Net income $ 30,221     $ 33,383     $ 35,839  
               
    Income per share available to common shareholders          
    Basic $ 2.29     $ 2.50     $ 2.63  
    Diluted $ 2.25     $ 2.46     $ 2.60  
               
    Weighted-average common shares outstanding          
    Basic   13,190,696       13,327,848       13,617,225  
    Diluted   13,442,294       13,544,273       13,804,315  
               
    Cash dividends per common share $ 0.75     $ 0.70     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Twelve Months Ended    
      December 31,   December 31,   Change
      2024   2023   %
    Interest income:          
    Loans, including fees $ 445,139     $ 412,505       7.9 %
    Investment securities   62,854       64,427       -2.4 %
    Fed funds sold   1,103       1,056       4.5 %
    Total interest income   509,096       477,988       6.5 %
               
    Interest expense:          
    Interest-bearing demand   87,951       75,417       16.6 %
    Savings   323       225       43.5 %
    Time certificates   142,894       103,853       37.6 %
    FHLB borrowings   0       3,819       -100.0 %
    Subordinated debt   5,300       5,300       0.0 %
    Total interest expense   236,468       188,614       25.4 %
    Net interest income   272,628       289,374       -5.8 %
    Provision for credit losses   12,100       10,000       21.0 %
    Net interest income after provision for credit losses   260,528       279,374       -6.7 %
               
    Noninterest income:          
    Fees & service charges on deposit accounts   3,172       3,333       -4.8 %
    Letters of credit fee income   7,188       5,798       24.0 %
    BOLI income   420       412       2.1 %
    Net loss on called and sale of investment securities   –       (5,046 )     -100.0 %
    Net gain on sale of loans   659       752       -12.4 %
    Other income   2,126       1,864       14.0 %
    Total noninterest income   13,565       7,113       90.7 %
               
    Noninterest expense:          
    Salary and employee benefits   53,648       51,314       4.5 %
    Net occupancy expense   15,420       6,049       154.9 %
    Business development and promotion expense   1,250       737       69.6 %
    Professional services   6,711       5,270       27.3 %
    Office supplies and equipment expense   1,781       1,588       12.2 %
    OREO valuation allowance and related expense   2,234       3,344       -33.2 %
    Other   9,016       8,332       8.2 %
    Total noninterest expense   90,060       76,634       17.5 %
    Income before provision for income taxes   184,033       209,853       -12.3 %
    Income tax expense   53,371       59,813       -10.8 %
    Net income $ 130,662     $ 150,040       -12.9 %
               
    Income per share available to common shareholders          
    Basic $ 9.79     $ 10.64       -8.0 %
    Diluted $ 9.64     $ 10.52       -8.4 %
               
    Weighted-average common shares outstanding          
    Basic   13,347,004       14,095,745       -5.3 %
    Diluted   13,554,266       14,261,644       -5.0 %
               
    Dividends per share $ 2.85     $ 2.35       21.3 %
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
      December 31,   December 31,
      2024   2023
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 765,515     $ 890,852  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   785,515       910,852  
           
    Securities held-to-maturity, at amortized cost   20,021       21,171  
    Securities available-for-sale, at fair value   348,706       313,842  
           
    Loans held for sale, at lower of cost or fair value   2,214       360  
           
    Loans   5,640,615       5,273,498  
    Less allowance for credit losses   (71,477 )     (78,355 )
    Less amortized deferred loan fees, net   (9,234 )     (11,079 )
    Loans, net   5,559,904       5,184,064  
           
    Other real estate owned and repossessed assets   14,991       16,716  
    Customers’ liability on acceptances   –       315  
    Bank furniture and fixtures, net   8,462       9,694  
    Bank-owned life insurance   10,433       10,632  
    Accrued interest receivable   33,561       33,892  
    Investment in affordable housing partnerships   58,346       65,276  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   47,316       48,991  
    Income tax receivable   2,281       2,391  
    Operating lease right-of-use assets   13,182       22,050  
    Other assets   3,497       4,030  
    Total assets $ 6,923,429     $ 6,659,276  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 704,859     $ 786,995  
    Interest bearing deposits:   2,026,965       2,075,156  
    Savings   30,150       29,167  
    Time certificates of $250,000 or more   1,477,931       1,317,862  
    Other time certificates   1,676,943       1,500,162  
    Total deposits   5,916,848       5,709,342  
           
    Acceptances outstanding   –       315  
    Subordinated debt issuance, net   148,469       148,232  
    Commitments to fund investment in affordable housing partnerships   21,623       30,824  
    Operating lease liabilities   16,990       19,766  
    Accrued interest payable   16,517       16,124  
    Other liabilities   39,830       39,568  
    Total liabilities   6,160,277       5,964,171  
           
    Shareholders’ equity   763,152       695,105  
    Total liabilities and shareholders’ equity   6,923,429       6,659,276  
           
    Book value per common share $ 57.86     $ 50.54  
    Number of common shares outstanding   13,188,776       13,753,246  
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
      For the Quarter Ended
      December 31, September 30, June 30, March 31, December 31,
      2024 2024 2024 2024 2023
    Unaudited historical quarterly operations data:          
    Interest income $ 125,858   $ 129,424   $ 127,294   $ 126,520   $ 124,964  
    Interest expense   56,685     60,576     61,187     58,020     55,568  
    Interest income before provision for credit losses   69,173     68,848     66,107     68,500     69,396  
    Provision for credit losses   2,000     3,200     2,500     4,400     3,500  
    Noninterest income   3,637     3,459     3,404     3,065     2,106  
    Noninterest expense   28,246     22,089     19,697     20,028     17,873  
    Income tax expense   12,343     13,635     13,722     13,671     14,290  
    Net income $ 30,221   $ 33,383   $ 33,592   $ 33,466   $ 35,839  
               
    Earnings per share          
    Basic $ 2.29   $ 2.50   $ 2.51   $ 2.48   $ 2.63  
    Diluted $ 2.25   $ 2.46   $ 2.48   $ 2.44   $ 2.60  
               
    Ratios for the period:          
    Return on average assets   1.74 %   1.95 %   1.97 %   2.00 %   2.15 %
    Return on beginning equity   16.03 %   18.37 %   19.44 %   19.36 %   21.21 %
    Net interest margin (Fully-taxable equivalent)   4.06 %   4.10 %   3.96 %   4.19 %   4.24 %
    Noninterest expense to average assets   1.62 %   1.29 %   1.15 %   1.20 %   1.07 %
    Efficiency ratio   38.79 %   30.55 %   28.34 %   27.99 %   25.00 %
    Net charge-offs to average loans (annualized)   0.47 %   -0.00 %   0.68 %   0.26 %   -0.00 %
               
    Ratios as of period end:          
    Tangible common equity ratio   11.02 %   10.92 %   10.55 %   10.35 %   10.43 %
    Tier 1 leverage capital ratio   11.33 %   11.28 %   10.89 %   10.80 %   10.85 %
    Common equity tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Total risk-based capital ratio   15.11 %   15.06 %   14.93 %   15.08 %   15.18 %
    Allowances for credit losses to loans at end of period   1.27 %   1.36 %   1.34 %   1.49 %   1.49 %
    Allowance for credit losses to non-performing loans   7.64 x   3.92 x   1.79 x   4.33 x   2.73 x
               
    Average balances:          
    Total securities $ 350,732   $ 356,590   $ 353,357   $ 348,961   $ 349,863  
    Total loans   5,542,558     5,458,613     5,320,360     5,263,562     5,126,918  
    Total earning assets   6,788,487     6,684,766     6,728,498     6,585,853     6,499,469  
    Total assets   6,920,325     6,817,979     6,863,829     6,718,018     6,627,349  
    Total time certificate of deposits   3,144,523     2,874,985     2,884,259     2,852,860     2,767,385  
    Total interest bearing deposits   5,220,655     5,124,245     5,203,034     5,004,834     4,906,947  
    Total deposits   5,905,127     5,828,227     5,901,976     5,761,488     5,689,713  
    Total interest bearing liabilities   5,369,092     5,272,617     5,351,347     5,153,089     5,055,143  
    Total equity   760,345     747,222     715,190     704,996     683,141  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
           
      For the Twelve Months Ended
      December 31,   December 31,
      2024   2023
           
    Interest income $ 509,096     $ 477,988  
    Interest expense   236,468       188,614  
    Interest income before provision for credit losses   272,628       289,374  
    Provision for credit losses   12,100       10,000  
    Noninterest income   13,565       7,113  
    Noninterest expense   90,060       76,634  
    Income tax expense   53,371       59,813  
    Net income $ 130,662     $ 150,040  
           
    Earnings per share      
    Basic $ 9.79     $ 10.64  
    Diluted $ 9.64     $ 10.52  
           
    Ratios for the period:      
    Return on average assets   1.91 %     2.28 %
    Return on beginning equity   18.80 %     23.80 %
    Net interest margin (Fully-taxable equivalent)   4.08 %     4.49 %
    Noninterest expense to average assets   1.32 %     1.17 %
    Efficiency ratio   31.47 %     25.85 %
    Net charge-off to average loans   0.35 %     0.00 %
           
    Average balances:      
    Total securities $ 352,416     $ 389,584  
    Total loans   5,396,844       5,068,486  
    Total earning assets   6,697,118       5,067,870  
    Total assets   6,830,252       6,452,661  
    Total time certificate of deposits   2,939,543       6,577,690  
    Total interest bearing deposits   5,849,300       2,570,706  
    Total deposits   5,849,300       4,678,893  
    Total interest bearing liabilities   5,849,300       5,577,155  
    Total equity   732,058       4,902,616  
           
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
            As of
            December 31,   September 30,   June 30,   March 31,   December 31,
            2024   2024   2024   2024   2023
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 785,515     $ 804,994     $ 917,677     $ 936,600     $ 910,852  
      Securities held-to-maturity, at amortized cost   20,021       20,311       20,605       20,904       21,171  
      Securities available-for-sale, at fair value   348,706       337,363       331,909       333,411       313,842  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 790,069     $ 753,453     $ 732,251     $ 724,101     $ 688,058  
          Real estate—Commercial   2,840,771       2,882,506       2,833,430       2,777,608       2,760,761  
          Total Real Estate – Mortgage   3,630,840       3,635,959       3,565,681       3,501,709       3,448,819  
        Real estate – Construction:                  
          R/E Construction — Residential   296,580       274,214       238,062       236,596       246,201  
          R/E Construction — Commercial   287,185       290,308       247,582       213,727       179,775  
          Total real estate construction loans   583,765       564,522       485,644       450,323       425,976  
        Commercial and industrial   1,418,930       1,365,550       1,371,694       1,369,529       1,394,871  
        SBA   6,833       5,424       5,463       3,914       3,469  
        Consumer and others   247       124       118       379       363  
          Gross loans   5,640,615       5,571,579       5,428,600       5,325,854       5,273,498  
      Allowance for credit losses on loans   (71,477 )     (76,051 )     (72,848 )     (79,311 )     (78,355 )
      Net deferred loan fees   (9,234 )     (10,414 )     (10,502 )     (10,460 )     (11,079 )
        Net loans, excluding loans held for sale $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083     $ 5,184,064  
      Loans held for sale $ 2,214     $ 225     $ 955     $ 605     $ 360  
        Net loans $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688     $ 5,184,424  
                             
      Other real estate owned and repossessed assets $ 14,991     $ 15,082     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,346       58,009       60,432       62,854       65,276  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   118,732       136,246       138,036       134,040       131,995  
        Total assets $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 704,859     $ 682,859     $ 675,767     $ 709,767     $ 786,995  
        Interest bearing demand   2,026,965       1,994,288       2,326,214       2,159,948       2,075,156  
        Savings   30,150       29,793       28,251       29,261       29,167  
        Time certificates of $250,000 or more   1,477,931       1,478,500       1,406,149       1,349,927       1,317,862  
        Other time certificates   1,676,943       1,682,324       1,442,381       1,552,805       1,500,162  
        Total deposits $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342  
                             
      Acceptances outstanding $ –     $ –     $ –     $ –     $ 315  
      Subordinated debt issuance, net   148,469       148,410       148,351       148,292       148,232  
      Commitments to fund investment in affordable housing partnerships   21,623       23,617       27,946       29,647       30,824  
      Other liabilities   73,337       82,436       68,394       77,008       75,458  
        Total liabilities $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171  
                             
    Equity:                    
      Net common stock, no par value $ 105,501     $ 109,928     $ 113,509     $ 115,915     $ 134,534  
      Retained earnings   685,108       664,808       640,675       616,417       592,325  
      Accumulated other comprehensive income   (27,457 )     (24,619 )     (31,057 )     (32,774 )     (31,754 )
        Total shareholders’ equity $ 763,152     $ 750,117     $ 723,127     $ 699,558     $ 695,105  
        Total liabilities and shareholders’ equity $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (unaudited)
                           
                       
      Three months ended December 31,   Three months ended September 30,   Three months ended December 31,
      2024   2024   2023
        Interest Average     Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
    Loans (1,2) $ 5,543,215   $ 111,596     8.01 %   $ 5,459,842   $ 114,112     8.31 %   $ 5,127,935   $ 107,709     8.33 %
    Investment securities (3)   350,732     3,566     4.04 %     356,590     3,610     4.03 %     349,863     3,335     3.78 %
    Federal funds sold   20,172     249     4.91 %     20,164     280     5.52 %     20,028     282     5.58 %
    Other earning assets   874,368     10,546     4.80 %     848,170     11,521     5.40 %     1,001,643     13,739     5.44 %
    Total interest earning assets   6,788,487     125,957     7.38 %     6,684,766     129,523     7.71 %     6,499,469     125,065     7.63 %
    Deferred loan fees, net   (9,808 )         (10,248 )         (10,421 )    
    Allowance for credit losses on loans   (75,474 )         (72,899 )         (74,965 )    
    Noninterest earning assets:                      
    Cash and due from banks   10,626           10,826           12,376      
    Bank furniture and fixtures   8,866           9,419           9,243      
    Right of use assets   28,570           22,496           20,338      
    Other assets   169,058           173,619           171,309      
    Total assets $ 6,920,325         $ 6,817,979         $ 6,627,349      
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
    Deposits:                      
    Interest bearing demand and savings $ 2,076,132   $ 18,330     3.51 %   $ 2,249,260   $ 23,295     4.12 %   $ 2,139,562   $ 21,788     4.04 %
    TCD $250K or more   1,481,219     17,514     4.70 %     1,412,073     17,866     5.03 %     1,294,531     15,600     4.78 %
    Other time certificates   1,663,304     19,516     4.67 %     1,462,912     18,090     4.92 %     1,472,854     16,855     4.54 %
    Total interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Short-term borrowings   3     0     3.31 %     –     –     0.00 %     2     0     6.08 %
    Subordinated debt, net   148,434     1,325     3.55 %     148,372     1,325     3.55 %     148,194     1,325     3.55 %
    Total interest bearing liabilities   5,369,092     56,685     4.20 %     5,272,617     60,576     4.57 %     5,055,143     55,568     4.36 %
    Noninterest bearing liabilities:                      
    Demand deposits   684,472           703,982           782,766      
    Lease liability   25,486           18,882           18,179      
    Other liabilities   80,930           75,276           88,120      
    Total liabilities   6,159,980           6,070,757           5,944,208      
    Shareholders’ equity   760,345           747,222           683,141      
    Total liabilities and shareholders’ equity $ 6,920,325         $ 6,817,979         $ 6,627,349      
    Net interest income   $ 69,272         $ 68,947         $ 69,497    
    Net interest spread       3.18 %         3.14 %         3.27 %
    Net interest margin       4.06 %         4.10 %         4.24 %
                           
    Cost of Deposits:                      
    Noninterest bearing demand deposits $ 684,472         $ 703,982         $ 782,766      
    Interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Total Deposits $ 5,905,127   $ 55,360     3.73 %   $ 5,828,227   $ 59,251     4.04 %   $ 5,689,713   $ 54,243     3.78 %
    (1) Includes non-accrual loans and loans held for sale    
    (2) Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations  
    (3) Yields on securities have been adjusted to a tax-equivalent basis  
         
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (unaudited)
                                           
      Twleve Months ended December 31,
      2024
    		   2023
        Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
    Loans (1,2) $ 5,398,916   $ 445,139     8.24 %   $ 5,068,486   $ 412,505     8.14 %
    Investment securities (3)   352,416     14,257     4.05 %     389,584     14,461     3.71 %
    Federal funds sold   20,397     1,103     5.41 %     20,090     1,056     5.26 %
    Other earning assets   925,389     48,994     5.29 %     974,501     50,372     5.17 %
    Total interest earning assets   6,697,118     509,493     7.61 %     6,452,661     478,394     7.41 %
    Deferred loan fees, net   (10,301 )         (10,212 )    
    Allowance for credit losses on loans   (76,448 )         (70,992 )    
    Noninterest earning assets:              
    Cash and due from banks   10,624           11,978      
    Bank furniture and fixtures   9,537           9,010      
    Right of use assets   23,997           21,417      
    Other assets   175,725           163,828      
    Total assets $ 6,830,252         $ 6,577,690      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
    Deposits:              
    Interest bearing demand/ savings $ 2,198,837   $ 88,274     4.01 %   $ 2,108,187   $ 75,642     3.59 %
    TCD $250K or more   1,403,663     69,176     4.93 %     1,267,859     53,200     4.20 %
    Other time certificates   1,535,880     73,718     4.80 %     1,302,847     50,653     3.89 %
    Total interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Short-term borrowings   1     0     2.50 %     1     0     3.06 %
    Advance from Federal Home Loan Bank   –     0     0.00 %     75,616     3,819     5.05 %
    Subordinated debt, net   148,344     5,300     3.57 %     148,106     5,300     3.58 %
    Total interest bearing liabilities   5,286,725     236,468     4.47 %     4,902,616     188,614     3.85 %
    Noninterest bearing liabilities:              
    Demand deposits   710,920           898,262      
    Lease liability   20,931           19,902      
    Other liabilities   79,618           84,449      
    Total liabilities   6,098,194           5,905,229      
    Shareholders’ equity   732,058           672,461      
    Total liabilities and shareholders’ equity $ 6,830,252         $ 6,577,690      
    Net interest income   $ 273,025         $ 289,780    
    Net interest spread       3.13 %         3.57 %
    Net interest margin       4.08 %         4.49 %
                   
    Cost of Deposits:              
    Noninterest bearing demand deposits $ 710,920         $ 898,262      
    Interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Total Deposits $ 5,849,300   $ 231,168     3.95 %   $ 5,577,155   $ 179,495     3.22 %
    (1) Includes non-accrual loans and loans held for sale  
    (2) Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis
         
    Preferred Bank
    Loan and Credit Quality Information
           
    Allowance For Credit Losses History
      Year ended
      December 31, 2024   December 31, 2023
      (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 78,355     $ 68,472  
    Charge-Offs      
    Commercial & Industrial   19,028       124  
    Total Charge-Offs   19,028       124  
           
    Recoveries      
    Commercial & Industrial   50       7  
    Total Recoveries   50       7  
           
    Net Charge-Offs   18,978       117  
    Provision for Credit Losses:   12,100       10,000  
    Balance at End of Period $ 71,477     $ 78,355  
           
    Average Loans Held for Investment $ 5,396,844     $ 5,067,870  
    Loans Held for Investment at End of Period $ 5,640,615     $ 5,273,498  
    Net Charge-Offs to Average Loans   0.35 %     0.00 %
    Allowances for Credit Losses to Loans at End of Period   1.27 %     1.49 %
           
    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       

    The MIL Network –

  • MIL-OSI: PDF Solutions to Report Fourth Quarter and Fiscal Year 2024 Financial Results on February 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, announced that it will release fourth quarter and fiscal year 2024 financial results after the market close on Thursday, February 13, 2025. John Kibarian, CEO, and Adnan Raza, CFO, will host a live teleconference on Thursday, February 13, 2025, beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the results.

    To participate on the live call, analysts and investors should pre-register at:
    https://register.vevent.com/register/BI901bfd5ff82340f4be29473c242c6655.

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

    The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

    About PDF Solutions
    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Company Contacts

    Adnan Raza
    Chief Financial Officer
    (408) 516-0237
    adnan.raza@pdf.com

    Sonia Segovia
    Investor Relations
    (408) 938-6491
    sonia.segovia@pdf.com

    The MIL Network –

  • MIL-OSI: SPS Commerce Announces Date of Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Minn., Jan. 27, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced that it will issue its financial results for the fourth quarter and year ended December 31, 2024, after the market close on Monday, February 10, 2025. SPS Commerce will host a call to discuss the results at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on the same day.

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to be joined into the SPS Commerce conference call. A live webcast of the call will be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service and accessible experts so our customers can focus on what they do best. To date, more than 120,000 companies in retail, grocery, distribution, supply, and logistics have chosen SPS as their retail network. SPS has achieved 95 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    Contact:

    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk
    Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962 

    SPS-F

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Appoints Angela J. Panzarella to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC, today announced the appointment of Angela J. Panzarella as a new independent member of the Boards of Directors of both the Company and the Bank, on January 22, 2025.

    Ms. Panzarella brings extensive business and nonprofit leadership experience, including as CEO of the YWCA of Rochester and Monroe County from 2018 to 2020 and through her 20-year tenure with Bausch + Lomb, as well as prior public company board experience. During her eight years of board service to publicly-traded Transcat, Inc., a Rochester-based calibration services and equipment provider, she served as Chair of the Compensation Committee and as a member of the Technology and Governance Committees. Ms. Panzarella’s appointment increases the size of the Company’s Board to twelve members, eleven of whom are independent and three of whom were appointed within the last four years. She will serve on the Audit and Management Development & Compensation Committees.

    “We are incredibly pleased to welcome Angela Panzarella to the Boards of Directors of both Financial Institutions, Inc. and Five Star Bank,” said Susan R. Holliday, Chair of the Boards of Directors of the Company and the Bank. “Having spent the majority of her career in the highly regulated health care industry, we expect that her experience overseeing corporate strategy, financial and business operations, business development, and more, will prove to be a tremendous asset as our Company continues to execute on its long-term strategy.”

    “Angela is not only a seasoned executive with a proven ability to develop and execute successful business strategies that drive strong financial outcomes, often on a global scale, but a respected leader in the Greater Rochester community, a key growth market for us,” said Martin K. Birmingham, President, CEO and Director of the Company and the Bank. “As we continue to grow and evolve as a company, we look forward to benefitting from her perspective and counsel.”

    Prior to joining the YWCA, Ms. Panzarella served as President of ACM Medical Laboratory, Inc., a leader in clinical and global central laboratory services. From 1988 to 2008, she held a variety of executive and legal roles at Bausch + Lomb, most recently as President of the Canada and Latin American Division and Corporate Vice President of Global Vision Care. She began her career as an attorney with Harris Beach PLLC.

    Active in the community, Ms. Panzarella previously served on the boards of directors for UR Medicine Home Care and the United Way of Greater Rochester. She earned her B.A. from St. John Fisher College and J.D. from the Albany Law School of Union University.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.2 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Safe Harbor Statement
    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “anticipate,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to the impact of a pandemic or global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd49cdb2-c77b-4d34-9745-23f9029a6398

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date January 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of January 15, 2025, short interest in 3,099 Nasdaq Global MarketSM securities totaled 12,402,417,655 shares compared with 12,137,206,474 shares in 3,085 Global Market issues reported for the prior settlement date of December 31, 2024. The mid-January short interest represents 2.56 days compared with 2.50 days for the prior reporting period.

    Short interest in 1,635 securities on The Nasdaq Capital MarketSM totaled 2,424,890,788 shares at the end of the settlement date of January 15, 2025, compared with 2,331,105,942 shares in 1,643 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,734 Nasdaq® securities totaled 14,827,308,443 shares at the January 15, 2025 settlement date, compared with 4,728 issues and 14,468,312,416 shares at the end of the previous reporting period. This is 1.82 days average daily volume, compared with an average of 1.78 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

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

    Media Contact:
    Jennifer Lawson
    jennifer.lawson@nasdaq.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d7a3942-1329-4f8e-8919-a36537776f50

    NDAQO

    The MIL Network –

  • MIL-OSI USA: News 01/27/2025 Blackburn, Luján Introduce Bill to Safeguard U.S. Communications Networks from National Security Threats

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Ben Ray Luján (D-N.M.) introduced the Removing Our Unsecure Technologies to Ensure Reliability and Security (ROUTERS) Act to safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both:
    “Tens of millions of families and small businesses across the country use wireless routers as their primary access point to the internet,” said Senator Blackburn. “Many of these routers are susceptible to infiltration by foreign actors – including China – exposing our country to serious danger. This bill will better protect U.S. communications networks and our national security.”
    “The ROUTERS Act is a crucial step in ensuring that everyday internet devices like consumer routers and modems don’t pose a risk to our national security or consumer privacy,” said Senator Luján. “Securing our broadband infrastructure is a top priority, and we must create safeguards at every point across our systems. That is why I am proud to reintroduce this critical piece of legislation to help protect the privacy and security of millions of Americans.”

    ROUTERS ACT:

    The ROUTERS Act would require the Assistant Secretary for Communications and Information at the Department of Commerce to conduct a study of the national security risks posed by routers, modems, or other devices that are designed, developed, manufactured, or supplied by persons owned, controlled, or subject to the jurisdiction of U.S. adversaries. This includes the People’s Republic of China, Russia, Iran, North Korea, Cuba, or Venezuela.

    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Wyden Joins Bipartisan Legislation to Support Firefighters with Service-Related Cancers

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    January 27, 2025
    Washington, D.C. – U.S. Senator Ron Wyden said today that he joined the reintroduction of legislation that would expand access to federal support for the families of firefighters and other first responders who died or became permanently disabled from service-related cancers. 
    The Honoring Our Fallen Heroes Act would also extend disability benefits in cases where these first responders become permanently and totally disabled due to cancer.
    “In the wake of record wildfires last year in Oregon and California’s current wildfires, we have seen firefighters and first responders work tirelessly around the clock to save lives,” Wyden said. “They put their health, safety, and lives on the line without receiving an ounce of support that comes with the long-term risks of fighting fires. Let’s give these everyday heroes and their families the help they deserve so they don’t have to shoulder these challenges alone.”
    Currently, firefighters are only eligible for support under the Public Safety Officer Benefits (PSOB) program for physical injuries sustained in the line-of-duty, or for deaths from duty-related heart attacks, strokes, mental health conditions such as post-traumatic stress disorder, and 9/11 related illnesses.
    The PSOB program provides benefits to the survivors of fire fighters; law enforcement officers; and other first responders killed as the result of injuries sustained in the line of duty. The program also provides disability benefits where first responders become permanently or totally disabled. The Public Safety Officers’ Educational Assistance (PSOEA) program, a component of the PSOB program, provides higher-education assistance to the children and spouses of public safety officers killed or permanently disabled in the line of duty. The Department of Justice’s Bureau of Justice Assistance administers the PSOB and PSOEA programs.
    In addition to Wyden, the legislation is led by U.S. Senators Amy Klobuchar, D-Minn., and Kevin Cramer, R-N.D., and cosponsored by Senators Jim Banks, R-Ind., John Barrasso, R-Wyo., Marsha Blackburn, R-Tenn., Richard Blumenthal, D-Conn., Chris Coons, D-Del., John Cornyn, R-Texas, Ted Cruz, R-Texas, Tammy Duckworth, D-Ill., Dick Durbin, D-Ill., John Fetterman, D-Pa., Deb Fischer, R-Neb., Lindsey Graham, R-S.C., Mazie Hirono, D-Hawai’i, John Hoeven, R-N.D., Jim Justice, R-W. Va., Mark Kelly, D-Ariz., Edward J. Markey, D-Mass., Alex Padilla, D-Calif., Mike Rounds, R-S.D., Adam Schiff, D-Calif., Jeanne Shaheen, D-N.H., Tim Sheehy, R-Mont., Tina Smith, D-Minn., Mark Warner, D-Va., Elizabeth Warren, D-Mass., Peter Welch, D-Vt., and Sheldon Whitehouse, D-R.I.
    The legislation is endorsed by the International Association of Fire Fighters, as well as the Association of State Criminal Investigative Agencies; Congressional Fire Services Institute; Federal Law Enforcement Officers Association; Fraternal Order of Police; International Association of Fire Chiefs; Major County Sheriffs of America; Metropolitan Fire Chiefs Association; National Association of Police Organizations; National Fallen Firefighters Foundation; National Fire Protection Association; National Narcotics Officers’ Associations’ Coalition; National Volunteer Fire Council; and Sergeants Benevolent Association of the New York Police Department. 

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Adverse consequences of imposing import duties on titanium dioxide – E-002612/2024(ASW)

    Source: European Parliament

    On 10 July 2024, the Commission adopted Implementing Regulation (EU) 2024/1923[1] imposing a provisional anti-dumping duty on imports of titanium dioxide from China.

    On 15 November 2024, the Commission submitted for a vote the draft implementing act concluding the investigation to the Trade Defence Instruments Committee. At the same time, the draft implementing act was sent to the European Parliament.

    Under the ‘Union interest’ section of the draft implementing act, the Commission assessed the impact on companies across value chains, on the basis of all the information collected during the investigation.

    The Commission acknowledged the impact the duties might have on companies in different value chains. The definitive draft implementing act thus sets the duties as a fixed amount per kilogram instead of a percentage of the value of the imported product to soften that impact.

    The prices of titanium dioxide are expected to increase, which will result in lower share of the duty in the final price of titanium dioxide. The Commission also allowed for titanium dioxide used in production of white inks for printing to be exempted from duties.

    The draft implementing act[2] was published on 9 January 2025 and will be applicable for five years. T he downstream industry also has the possibility to request the initiation of an anti-dumping investigation.

    In fact, the Commission has initiated an anti-dumping investigation into imports of decor paper from China following a complaint from EU producers which also use titanium-dioxide as a raw material.

    • [1] Commission Implementing Regulation (EU) 2024/1923 of 10 July 2024 imposing a provisional anti-dumping duty on imports of titanium dioxide originating in the People’s Republic of China, https://eur-lex.europa.eu/eli/reg_impl/2024/1923
    • [2] Commission Implementing Regulation (EU) 2025/4 of 17 December 2024 imposing a definitive anti-dumping duty and definitively collecting the provisional duty imposed on imports of titanium dioxide originating in the People’s Republic of China, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202500004
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Travel routes used by the Commission – E-000189/2025

    Source: European Parliament

    Question for written answer  E-000189/2025
    to the Commission
    Rule 144
    Martin Schirdewan (The Left)

    Since 2018, individual Members of the Commission have been expected to publish all missions they undertake, in accordance with Article 6(2) of Commission Decision C(2018)0700. However, the individual websites of the Members of the Commission do not indicate the routes taken or the cost of individual flights. In March 2023, it emerged that Henrik Hololei had taken several free business‑class flights on Qatar Airways.

    • 1.How often did President von der Leyen authorise the use of private planes in 2024 and who authorised President von der Leyen’s travel?
    • 2.On what routes were private planes used by Members of the Commission in 2024 (with a detailed list of journeys as in the answer to question P-001138/2023[1]) and what were the names of the passengers on the private aircraft?
    • 3.Which other Commission staff members (besides Henrik Hololei) and Commissioners were authorised to travel on mission in 2024 with the costs being covered by third parties, what routes were involved and, where applicable, which companies covered those costs?

    Submitted: 16.1.2025

    • [1] https://www.europarl.europa.eu/doceo/document/P-9-2023-001138-ASW_EN.html
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Suspension of shipping services in Spanish and European ports – E-000221/2025

    Source: European Parliament

    Question for written answer  E-000221/2025
    to the Commission
    Rule 144
    Juan Ignacio Zoido Álvarez (PPE), Borja Giménez Larraz (PPE)

    On 13 January 2025, the Danish shipping company Maersk announced that its MECL service, which connects the Middle East and India with the United States, will stop calling at one of the main ports in southern Europe – the port of Algeciras in Spain – and will instead call at the Moroccan port of Tanger Med. Similarly, in February 2024 the German freight shipping company Hapag-Lloyd decided to suspend calls at the port of Valencia to relocate to the other side of the Mediterranean.

    These relocations are two blatant cases of carbon leakage, as the shipping companies will be exempted from EU ETS charges which, since January 2024, apply a surcharge on shipping freight.

    I would therefore like to ask the Commission:

    • 1.Given that competitiveness is one of the pillars of the new Commission, what measures will it adopt to ensure that European ports such as Algeciras and Valencia remain attractive and relevant for the main international trade routes?
    • 2.What measures will it take to stem this carbon leakage to other ports and maintain the competitiveness of the European Union?

    Submitted: 20.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Draft agenda – Monday, 10 February 2025 – Strasbourg

    Source: European Parliament

    17 European Central Bank – annual report 2024
    Anouk Van Brug (A10-0003/2025) 
        – Amendments Wednesday, 5 February 2025, 13:00
    Texts put to the vote on Tuesday Friday, 7 February 2025, 12:00
    Texts put to the vote on Wednesday Monday, 10 February 2025, 19:00
    Texts put to the vote on Thursday Tuesday, 11 February 2025, 19:00
    Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 12 February 2025, 19:00

    MIL OSI Europe News –

  • MIL-OSI Europe: Netherlands: Samotics secures €20 million EIB financing to accelerate the transformation of industrial efficiency and reliability with AI

    Source: European Investment Bank

    • Dutch-based leader in electrical data analytics for condition and energy efficiency monitoring signs €20 million financing with European Investment Bank.
    • Samotics will use the funds to accelerate the research and development on its technology, which can boost reliability and energy efficiency in electrical motors using AI.
    • The EIB financing is supported by the European Commission under its InvestEU initiative.

    Dutch-based electrical data analytics company Samotics has signed a €20 million financing agreement with the European Investment Bank (EIB) to accelerate its research and development activities. The EIB’s investment will enhance the company’s solutions regarding the monitoring of machine health and energy efficiency, while accelerating work on its next-generation integrated solution, planned for launch this year. The funding aligns with Samotics’ mission to make industries more reliable, efficient, and sustainable.

    The EIB Group wants to accelerate digitalisation and innovation in Industry 4.0 related technology, such as artificial intelligence and microchips, as this kind of innovation is key to Europe’s green and digital transitions, and crucial in ensuring its technological and strategic autonomy. Reliability and energy efficiency are instrumental for Europe’s public and private efforts for decarbonisation and sustainability across different sectors. The EIB’s financing benefits from the backing of the “Future Tech” guarantee within the InvestEU initiative of the European Commission.

    “This is one those applications where the use of artificial intelligence can really make a difference.“ stated EIB Vice President Robert de Groot. “It highlights that modern challenges require modern solutions, and this intelligent way to pre-empting problems and optimising energy efficiency is an important element in our decarbonisation journey. As part of our commitment to supporting technology and innovations critical for Europe’s competitiveness, we are proud to back Samotics.”.

    “This funding from the EIB highlights the trust placed in our technology and its potential to revolutionise industrial reliability and sustainability. It’s a defining moment for Samotics as we further accelerate our growth and innovation journey,” said Jasper Hoogeweegen, CEO of Samotics.

    The electrical signature analysis (ESA) that Samotics technology applies, relies on the principle that subtle changes in the operational characteristics of an electrical motor, often occurring before a failure, impact the machine’s magnetic field. This affects the supply voltage and operating current, and by using various analytical techniques, ESA provides a comprehensive overview of the entire powertrain, from motor to transmission to load, to accurately predict faults.

    Samotics’ system specifically focuses on AI driven monitoring and analysis to predict malfunctioning, detect energy inefficiencies and provide actionable recommendations. The system can be installed directly in the electric cabinet, avoiding the need to access the often-inaccessible motors. The predictive analytics for malfunction detection are vital, as these motors typically support critical infrastructure where unplanned downtime is unacceptable, and the costs of complete failure are high. Additionally, identifying and correcting energy inefficiencies can significantly reduce operating costs.

    Background information:

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The Netherlands owns a 5,2% share of the EIB. It makes long-term finance available for sound investment in order to contribute towards EU policy goals and national priorities. More than 90% of its activity is in Europe. Over the last ten years, the EIB has made available more than €27 billion in financing for Dutch projects in various sectors, including research & development, sustainable mobility, drinking water, healthcare and SMEs. The EIB will announce its 2024 annual figures on January 30th 2025.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    Samotics is a leading company in electrical data analytics for condition and energy efficiency monitoring. It has developed a predictive maintenance and energy efficiency optimisation solution for industrial companies based on Electrical Signature Analysis. The company’s system specifically focuses on monitoring and analysing electric motors to detect energy inefficiencies and predict malfunctioning through Artificial Intelligence driven recommendations.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Public consultation and request for input – citizens overwhelmingly in favour of retaining the ban on the sale of seal products – E-002010/2024(ASW)

    Source: European Parliament

    The fitness check[1] of the EU legislation on trade in seal products is ongoing. The public consultation and call for evidence are only two elements of the fitness check to collect evidence, and they do not determine the final results. Additional evidence is collected through targeted consultations of stakeholders, a literature review and desk research.

    The questions in the public consultation were drafted to obtain a precise and holistic overview of the perception of the EU seal regime nowadays without prejudging the outcome of the consultation.

    The stakeholders identified for consultation throughout the fitness check include the Member States’ competent authorities, the recognised bodies in Canada and Greenland, public authorities in Norway, individual companies or trade federations, associations and unions, individual fishermen and seal hunters, environmental, conservation and animal welfare non-governmental organisations, academia/research institutions, and concerned members of the public from the EU and outside.

    For the analysis of the results of the call for evidence, a dedicated software detected responses that contained full sentences with identical wording.

    The 11 842 replies which were identified as campaigns or coordinated replies were not rejected but analysed separately from the 2 162 unique contributions.

    The fitness check findings will inform the Commission as to whether a modification to the current legal framework would be needed.

    • [1] https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14031-Trade-in-seal-products-fitness-check-of-EU-rules_en
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Funding for local authorities in the Republic of Moldova through the Growth Plan – E-002159/2024(ASW)

    Source: European Parliament

    The Commission currently supports local authorities and local communities under the Neighbourhood Development and International Cooperation Instrument — Global Europe (NDICI-GE).

    The project ‘EU4Moldova: Local Communities’, active from 2022 to 2025, helps local authorities improve governance and service delivery in rural areas, enhances local public services while empowering Local Action Groups and consolidating the National Leader Network to drive community-led development[1].

    The ‘Edinet — Insights into Tomorrow Cities’ project, running from 2021 to 2025, aims to strengthen local governance by enhancing urban development and public services through smart solutions[2].

    The Commission’s proposal for the Growth Plan[3] will provide opportunities to continue and potentially scale up such projects. The proposal on a Reform and Growth Facility for the Republic of Moldova[4] foresees EUR 285 million of non-repayable financial support funded under NDICI-GE.

    The non-repayable financial support will cover support for projects approved under the Neighbourhood Investment Platform (NIP), support to civil society organisations as well as technical assistance to facilitate the implementation of reforms.

    The support to the local dimension and to local authorities is mentioned as part of the Multiannual Indicative Programme (2021-2027)[5].

    Further support to local authorities and local communities could therefore be envisaged for the years 2025-2027, notably through the technical assistance component. Future investments under the Growth Plan may also have a local dimension.

    The financial assistance received by international donors is managed and monitored by the State Chancellery of the Government of the Republic of Moldova.

    • [1] Project description of ‘EU4Moldova: Local Communities’ available here: https://eu4moldova.eu/projects/eu-project-page/?id=1651
    • [2] Project description of ‘Edinet — Insights into tomorrow cities’ available here: https://eu4moldova.eu/projects/eu-project-page/?id=1556
    • [3] Communication on the Moldova Growth Plan, COM(2024) 470 final: https://neighbourhood-enlargement.ec.europa.eu/document/download/ff73c5dd-3fd1-4dcd-ab7d-ad04760c538c_en?filename=Growth%20Plan%20for%20Moldova%20-%20Commission%20proposal.pdf
    • [4] Proposal for a regulation on establishing the Reform and Growth Facility for the Republic of Moldova, COM(2024) 469 final: https://neighbourhood-enlargement.ec.europa.eu/document/download/029c4a4c-1586-46e8-b94e-38a4a1f6ae07_en?filename=Growth%20Plan%20for%20Moldova%20-%20Regulation.pdf
    • [5] Multiannual Indicative Programme (MIP) 2021-2027 for the Republic of Moldova: https://neighbourhood-enlargement.ec.europa.eu/document/download/ecfd53f7-c434-4b78-9d22-fce05e28b793_en
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – EU grant for building in Ciney – E-002424/2024(ASW)

    Source: European Parliament

    Renovations to improve a building’s energy performance qualify for support under the Recovery and Resilience Facility (RRF). The total estimated expenditure in energy efficiency in buildings under the RRF is EUR 81.1 billion in the EU, of which EUR 67.5 billion for renovation and EUR 13.5 billion for new construction[1]. Belgium’s Recovery and Resilience plan (BE RRP) includes investments of over EUR 1 billion in the renovation of buildings[2].

    The Commission recognises the importance of preserving cultural heritage. According to the Energy Performance of Buildings Directive[3] and the Energy Efficiency Directive[4], Member States may exempt buildings officially protected as part of a designated environment or because of their special architectural or historical merit from renovation requirements.

    A measure in the BE RRP is I-1.09 ‘Renovation of public buildings — schools’ covers light, medium and deep renovations, as well as demolitions and reconstructions.

    It is mentioned that demolition/reconstruction would apply to buildings that are in most cases prefabricated and where renovation is not possible due to their dilapidation[5].

    The BE RRP did not provide any indication regarding protected buildings as part of a designated environment or because of their special architectural or historic merit .

    The RRF is performance-based. After receiving a payment request, the Commission assesses whether the actions completed comply with the requirements of the Council Implementing Decision[6] before paying out the respective amount to the requesting Member State.

    The Commission does not give an opinion on individual projects before they start. Investment I-1.09 will be assessed under the fifth and sixth payment request by Belgium, expected in 2026.

    • [1] https://ec.europa.eu/economy_finance/recovery-and-resilience-scoreboard/assets/thematic_analysis/scoreboard_thematic_analysis_efficiency.pdf
    • [2] Council Implementing Decision on the approval of the assessment of the recovery and resilience plan for Belgium, 10161/21.
    • [3] Directive (EU) 2024/1275, Article 5(2).
    • [4] Directive (EU) 2023/1791, Article 6(2)a.
    • [5] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility/country-pages/belgiums-recovery-and-resilience-plan_en
    • [6] Council implementing Decision amending the Implementing Decision of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Belgium and Annex, 15570/23.
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Relief Still Available to West Virginia: Private Nonprofits Hit by April Storms

    Source: United States Small Business Administration

    TLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in West Virginia of the Feb. 24 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2-6, 2024. 

    The disaster declaration covers the counties of Brooke, Hancock, Marshall, Ohio, Preston, Tyler and Wetzel. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    “When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support they need to manage costs and continue moving forward.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is Feb. 24, 2025. 

    # # # 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    27 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 27.01.2025

    Espoo, Finland – On 27 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.34
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.34

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 27 January 2025 was EUR 3,786,889. After the disclosed transactions, Nokia Corporation holds 232,542,619 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Willis Aviation Services Limited and TUI Airways Forge Transformative Long-Term Base Maintenance Partnership

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announces its subsidiary, Willis Aviation Services Limited (“WASL”), a leading aircraft maintenance, repair and overhaul (“MRO”) provider, has entered into a long-term General Terms Agreement with TUI Airways (“TUI”) to provide long-term base maintenance on TUI’s narrowbody aircraft, starting with two Boeing 737NG maintenance checks. Utilizing its specialized knowledge, WASL will conduct comprehensive base maintenance services for TUI at its expanding facility located at Teesside International Airport in Northeastern England.

    “We are thrilled to collaborate with TUI Airways, a highly regarded airline recognized for its customer-centric approach and operational excellence. This partnership underscores our dedication to providing top-tier MRO solutions, supporting TUI’s fleet, and contributing to local economic growth by creating skilled job opportunities within the UK aerospace industry,” said Austin C. Willis, Chief Executive Officer of WLFC.

    Willis Lease Finance Corporation
    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing  and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    CONTACT: Lynn Mailliard Kohler
      Director, Global Corporate Communications
      (415) 328-4798
       

    The MIL Network –

  • MIL-OSI Asia-Pac: SECL’s OBR Crosses 281 MCuM, Achieving 105% of Pro-rata Target

    Source: Government of India

    Posted On: 27 JAN 2025 5:34PM by PIB Delhi

    Coal India Subsidiary, South Eastern Coalfields Limited (SECL)’s overburden removal (OBR) has crossed 281 million cubic meters (MCuM) (From April, 2024 to till date), achieving 105% of its pro-rata target and recording 19.82 McuM (7.58%) increase compared to the same period last year.

    OBR is a crucial pre-coal extraction process that involves clearing soil and rock layers to access coal reserves.

    The Chhattisgarh-based Coal India subsidiary is removing over 1.3 million cubic metres of overburden daily, setting an unprecedented pace in its operations. With this momentum, SECL is confident of surpassing its annual target and achieving an additional 40-45 million cubic metres of OBR, marking the highest-ever in the company’s history.

    Dr. Prem Sagar Mishra, Chairman-cum-Managing Director of SECL, expressed his optimism, stating, “Despite various challenges, we are confident that our dedicated efforts will not only help us meet the OBR target but also surpass it, setting new benchmarks in SECL’s journey.”

    SECL has deployed the vertical ripper technique, an environmentally friendly, blast-free method for overburden removal in its megaprojects. This approach ensures minimal environmental impact while maintaining high efficiency in operations.

    Further, SECL has accelerated its land acquisition process to support its expanding operations. In the calendar year 2024 alone, more than 880 employment opportunities have been provided to landowners whose lands were acquired, reinforcing the company’s commitment to community development and welfare.

    SECL’s focus on overburden removal not only facilitates coal production but also reflects its commitment to operational excellence and environmental sustainability. With these achievements, SECL continues to demonstrate its leadership in the mining sector.

    ****

    Shuhaib T

    (Release ID: 2096733) Visitor Counter : 28

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: THDC India Limited Marks Landmark Achievement with Commercial Operation Date (COD) of Unit #1 at 1320 MW Khurja Super Thermal Power Plant

    Source: Government of India (2)

    Posted On: 27 JAN 2025 5:07PM by PIB Delhi

    THDC India Limited, a Mini-Ratna Public Sector Enterprise, has achieved a monumental milestone in its commitment to strengthening India’s power generation capacity with the announcement of the Commercial Operation Date (COD) of the Unit#1 of 1320 MW Khurja Super Thermal Power Plant (KSTPP). Sh. R. K. Vishnoi, CMD THDCIL informed that it is a proud moment that the Commercial Operation Date (COD) of the Unit#1 of the 2×660 MW (1320 MW) of KSTPP has been declared in the midnight of 25th January 2025. He mentioned that while traditionally, THDCIL’s core Business Area had been harnessing of Hydropower, this landmark achievement marks a significant display of company’s capabilities, further also showcasing it’s excellence and expertise in the Thermal Power sector, furthering India’s journey towards Energy self-reliance. With the successful commissioning of this unit, THDCIL is poised to play an even more prominent role in powering the Nation’s growth and contributing to its Sustainable Energy future.

    He also added that the Foundation Stone of the project was laid by Hon’ble  Prime Minister of India and presently the synchronization with the grid; Full load testing (660 MW) and Trial Run for 72 Hrs on full load have already been completed. The Commercial Operation Declaration (COD) is a significant milestone as it marks the official point when the plant is considered commercially operational and capable of generating and supplying electricity to the grid. Essentially, the COD signifies that the plant has passed all necessary tests and inspections, meets the performance standards, and is ready to contribute to the electrical system in a stable and efficient manner.

    Sh. Vishnoi highlighted that the Flue Gas De-sulphurization (FGD) system which has been integrated in the Khurja STPP is unique of its kind has been completed in a record time, marking a significant achievement for the Khurja STPP project.

    COD also ensures that the plant complies with regulatory requirements and contractual obligations. After the declaration of COD, the plant can begin supplying electricity to the grid under the signed Power Purchase Agreements and the thermal power plant will be fully integrated into the grid, ensuring stability and continuous supply of electricity in the region. With this achievement the Khurja Super Thermal Power Plant (KSTPP) will start feeding reliable electricity to UP (64.7%), Rajasthan (21.3%), Uttarakhand (3.9%) and Unallocated regions(10.1%).

    Sh. Shallinder Singh, Director (Personnel) congratulated team Khurja for this remarkable success and expressed his pride in the collective efforts of the team, stating, “This achievement is a reflection of the hard work, dedication, and teamwork of all those involved in the project. Our employees have shown immense commitment in overcoming challenges to ensure the timely commissioning of the first unit. It is a proud moment for all of us as we continue to play an integral role in India’s Energy progress.”

    Sh. Bhupender Gupta, Director (Technical) who was present during the occasion of COD at Khurja project appreciated the team’s efforts and highlighted the project’s importance. He mentioned that the Flue Gas De-sulphurization (FGD) system has been integrated into the Khurja Thermal Power Plant to control emissions, specifically targeting the removal of Sulphur Di Oxide (SO₂) from flue gas. This system reduces the environmental impact of burning fossil fuels, thus improving air quality.

    Sh. Sipan Kumar Garg, Director (Finance), THDCIL also congratulated the team, emphasizing the financial and strategic importance of the milestone. He remarked, “This achievement represents the successful execution of a complex power project and also showcases our continued focus on financial discipline and Sustainable investments. This milestone is not only a reflection of our effective financial management and strategic planning but also a key driver for strengthening the financial growth of the company. As the plant contributes to the nation’s power generation, it will also improve THDCIL’s financial parameters, creating a positive ripple effect across our operations. This will help further stabilize and strengthen India’s Energy infrastructure, ensuring long-term benefits for the country’s Economic growth and Energy Security.”

    In addition to the 1320 MW Khurja Super Thermal Power Plant (STPP), THDC India Limited (THDCIL) is also overseeing the completion of several other significant projects i.e. 1000 MW Tehri Pumped Storage Plant and 444 MW Vishnugad Pipalkoti Hydro Electric Project (VPHEP). THDCIL is a holding company of NTPC Limited, India’s largest power utility.

    Sh. Kumar Sharad, ED (Project), Sh. B.K. Sahoo, GM (O&M); Sh. RM Dubey, GM (Elec.); Sh. Shailesh Dhyani, AGM; Sh. Mukul Sharma, AGM; Sh. Manoj Grover, AGM; Sh. Anil Tyagi, AGM, Sh. NK Bhatt, AGM and Sh. A. K. Vishwakarma, DGM  and other employees of KSTPP were also present during the occasion.

    ****

    JN/SK

    (Release ID: 2096725) Visitor Counter : 80

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: STRENGTHENING MARITIME TIES – INDIAN NAVY HOSTS INDONESIAN NAVY DELEGATION

    Source: Government of India (2)

    Posted On: 27 JAN 2025 4:07PM by PIB Delhi

    Admiral Muhammad Ali, Chief of Staff of the Indonesian Navy, is on an official visit to India as part of the high-level delegation accompanying his Excellency President Prabowo Subianto, the Chief Guest for the Republic Day Parade 2025. During his visit, Adm Muhammad Ali and Adm Dinesh K Tripathi, Chief of the Naval Staff, held bilateral interactions to deepen maritime cooperation and strengthen ties between the two-close maritime neighbours.

    The Key areas of discussion between the two naval leaders included advancing joint initiatives like Exercise Samudra Shakti, strengthening operational collaboration, and addressing shared maritime challenges, including piracy and other illegal activities at sea.

    The visit also includes engagements at key maritime establishments such as the Information Fusion Centre – Indian Ocean Region (IFC-IOR) and the Weapons and Electronics Systems and Engineering Establishment (WESEE), focusing on enhancing regional collaboration and maritime domain awareness. Adm Muhammad Ali also visited the BrahMos Aerospace Private Limited (BAPL) and exchanged ideas and insights on further strengthening bilateral cooperation in the area of defence and strategy.

    Adm Muhammad Ali’s engagements with the Indian Navy and defence stakeholders reflect a shared commitment to fostering regional cooperation and ensuring a secure and peaceful maritime environment.

    _____________________________________________________________

    VM/SKY                                                                                                        21/25

    (Release ID: 2096689) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI: Ethiax Successfully Obtains MSB License Certification, Strengthening Global Compliance and Platform Strength

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Jan. 27, 2025 (GLOBE NEWSWIRE) — As one of the leading digital currency trading platforms globally, Ethiax recently announced that it has successfully obtained the U.S. MSB (Money Services Business) license certification, marking a significant step forward in the platform’s global compliance and financial regulation. This certification not only enhances Ethiax’s legitimate operational status in the global market but also provides users worldwide with a safer, more transparent, and compliant trading environment.

    As a digital currency trading platform operating globally, Ethiax has always been committed to strictly adhering to global financial regulatory requirements, particularly in areas such as anti-money laundering (AML), counter-terrorism financing (CFT), and customer identity verification (KYC). By obtaining the U.S. MSB license, Ethiax has reaffirmed its leading compliance position in the industry, now meeting the stringent financial regulatory standards of the U.S. and several other international markets.

    Rebecca Lee, Chief Compliance Officer of Ethiax, stated: “Obtaining the U.S. MSB license is an important milestone for the compliance of the Ethiax platform, marking our expanding influence in the global financial market. We firmly believe that compliance and security are the cornerstones of the platform’s development. With this certification, we have not only enhanced the platform’s compliance assurances but also provided a more reliable and trustworthy trading experience for users around the world.”

    In the digital currency industry, compliance is a key factor in gaining user trust. As governments and regulatory bodies worldwide increase their regulatory requirements for the digital currency market, Ethiax has fully implemented global compliance policies to ensure the safety of every user’s funds and eliminate risks of illegal transactions. Notably, in areas like anti-money laundering and counter-terrorism financing, Ethiax has executed strict review mechanisms to ensure that trading activities on the platform fully comply with international regulations.

    Furthermore, after obtaining the MSB license, Ethiax has further enhanced the trading transparency and security of its platform. The platform’s new trading monitoring system can track every transaction in real-time, ensuring compliance with global standards. Additionally, Ethiax has launched efficient risk management tools to help users make safer investment decisions in the volatile digital currency market.

    Sarah Wang, Chief Technology Officer of Ethiax, commented: “As a global digital currency trading platform, our core mission is to provide users with a safe, transparent, and compliant trading environment. Obtaining the U.S. MSB license is just one part of our compliance strategy; we will continue to focus on enhancing the platform’s security and transparency through innovative technologies and strict compliance measures, ensuring that every user enjoys the highest level of protection on the Ethiax platform.”

    With its robust technological capabilities and outstanding compliance management, Ethiax has gained legitimate operational qualifications in several key global markets, becoming the preferred platform for an increasing number of institutional investors and individual users. The platform not only supports efficient liquidity between digital currencies and fiat currencies but also offers a range of customized services for institutional investors, including block trading, asset custody, and risk management, to meet their diverse needs.

    Ethiax will continue to promote the compliance process within the digital currency industry, maintaining a global perspective while continually enhancing the platform’s security and technological innovation to address increasingly complex market demands. By continuously optimizing its compliance framework, Ethiax aims to play a greater role in the global digital currency market, ensuring that users worldwide can engage in efficient trading on a compliant, safe, and transparent platform.

    As global regulatory scrutiny of the digital currency industry intensifies, Ethiax’s ongoing innovations and strict enforcement in compliance make it one of the most trusted trading platforms in the global digital currency market. The successful acquisition of the U.S. MSB license will undoubtedly further consolidate its leadership position in the global market, providing users with high-quality, safe, and compliant digital currency trading services.

    Media Contact
    Contact: Kate R. Cline
    Company Name: Ethiax Ltd
    Website: https://main.ethiax.com/
    Email: KateCline(at)ethiax.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Rosen Meets with Nominee for Secretary of Energy Chris Wright, Presses Him on Clean Energy Investments

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    As A Result Of Mr. Wright’s Lack Of Commitment To Support Clean Energy Investments In Nevada, Senator Rosen Has Serious Concerns About His Nomination
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) met with the nominee to be the U.S. Secretary of Energy, Chris Wright, and pressed him on President Trump’s misguided action to pause clean energy investments, delaying projects that are critical to growing our clean energy economy and reducing our reliance on China. She also asked Mr. Wright to acknowledge Yucca Mountain is dead and to commit to no new federal funding or support for it.
    “The historic investments we’ve made in clean energy are bringing good-paying jobs to Nevada and helping reduce our reliance on China, which is why I’m going to fight back against the Trump Administration’s attempt to delay and roll back investments,” said Senator Rosen. “After discussing this issue with Mr. Wright and hearing his lack of commitment to support these investments, I’m deeply concerned that the Department of Energy’s actions and future direction will hurt Nevada.”
    Senator Rosen has been a strong supporter of Nevada’s clean energy economy. She helped pass the Bipartisan Infrastructure Law and Inflation Reduction Act, which are making significant investments in Nevada’s clean energy economy and the jobs it supports. Senator Rosen has also been a strong supporter of Nevada’s solar industry, successfully leading the charge against solar tariffs that would have decimated the industry. Senator Rosen has also sent letters urging Senate appropriators to fund the Department of Energy’s Geothermal Technologies Office to support a reliable, clean energy source for the United States that would allow the country to secure its energy grid.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Trump’s Cabinet Nominees, Agenda

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, today joined Mornings With Maria on Fox Business to discuss Senate Republicans’ role in confirming President Donald Trump’s cabinet nominations and implementing his legislative agenda.

    *Click the photo above or here to watch*
    Partial Transcript
    Hagerty on the politically-motivated delay of Trump’s cabinet confirmations: “What we’ve seen is the minority is using every procedural trick in the book. They tried to slow us down dramatically. We would’ve been much further along, even in Trump’s first term, clearly in [former President Barack] Obama’s first term. In Obama’s first term, we had twelve cabinet members seated in the first fifteen days. What we saw happen back in Trump’s first term was the resistance movement unfold against us. The Democrats plied all these procedural measures, slowed us down dramatically. We returned the favor in [former President] Joe Biden’s Administration. [Senate Majority Leader] John Thune offered to move back to a more normal sequence, as we [did with] Obama. The Democrats have no interest in it—we’ve gone through massive political gyrations—but we’re going to push these nominees through. That’s why we were here, willing to go through the night and early Sunday morning. The Democrats finally came to an 11th hour agreement to let us move Scott Bessent later today. But we’re going to keep pushing these through, grinding these through. There is no reason to be slowing all of this down, particularly when you think about the national security crises that we face as a nation. The American public wants us to get to work. They expect President Trump to be on the case. The Democrats are, yet again, doing everything they can to slow things down and throw sand into the gears.”
    Hagerty on his strong support for Pam Bondi: “Pam Bondi is a top priority nominee for us. She will get confirmed; there’s no question about that. Getting Pam and getting Kash Patel into position to deal with the national security crises and threats that we face here domestically is absolutely critical. She’s high priority. She’s in this first wave that will go—she will go—and I have every reason to expect she’ll go on a bipartisan basis. We’ve just got to get the Democrats to realize this and start to work with us more closely. The American public expect it.”
    Hagerty on the reconciliation process: “What we need to do is get as many things accomplished as quickly as we possibly can. Look, the situation in Florida is urgent. It makes sense to put it on a piece of legislation that’s moving through quickly. That’s certainly going to help us bring along various Florida members. I think that should be part and parcel of this. And if you just step back for a minute and think about where America saw this country in November of this last year, seventy-five percent of Americans said we were on the wrong track as a nation. Maria, the American people voted. President Trump won every single battleground state a landslide in the electoral college. He won the popular vote. Democrats should wake up and realize the public needs us to make significant change. These are the vehicles that will allow those changes to occur, I hope we’ll get their support.”
    Hagerty on Trump’s agenda to bring back American sovereignty: “Senator Thune certainly is focused on the process that we’re going to be moving through right now, to make certain that our military is adequately funded. But I’ve had great conversations with Elon Musk about what we can do, from an operational efficiency standpoint, deploying new technologies, making certain that the most relevant technologies that are available in the private sector are being deployed in our military. The focus is going to be back on lethality and effectiveness, not on pronouns at the Pentagon. Now [Secretary] Pete [Hegseth], he has got that message loud and clear. I’m excited about what may come, in terms of deploying new technologies, new ways to make America’s warfighters the most lethal in the world. So, I think the combination of the ongoing effort that we’ve got from a legislative standpoint, plus the operational efforts that are taking place with the Department of Government Efficiency, need to come to bear, in full force, and our procurement exercises in the Department of Defense, making certain that we have our men and women in the military in as great a position as we possibly can to deliver for the American people.”
    Hagerty on the national security concerns in doing business with the CCP: “I think there’s so much that can be done regarding China accessing our capital markets. Maria, one of my pet peeves is allowing Chinese companies that have golden share arrangements to list on our capital markets. You know what golden share is? That’s a minority stake that the Chinese government, the CCP has control of, that can actually be a veto for any corporate action that one might take. They have this control over Bytedance. They have this sort of control over Tencent. It’s amazing that these companies are allowed to list here. The American public does not understand the extent of control that the Chinese Communist Party has over their champion industries, yet they’re allowed to come here, take capital from our markets, the most efficient capital markets in the world, in a situation that is entirely unfair. When you think about it from a corporate governance standpoint, there are many ways, I think, that Scott Bessent can look at these critical issues and I hope address them very quickly.”
    Hagerty on the debt ceiling: “President Trump wants the debt ceiling dealt with as quickly as possible. In the past, it’s always been used by the Democrats as a cudgel to force actually more spending. We could deal with this in a number of fashions, perhaps dealing with it alongside disaster relief for California or others. But we need to deal with it right up front, quickly and effectively, and not let this become an issue or a hurdle to get larger things accomplished.”

    MIL OSI USA News –

  • MIL-OSI USA: 01.23.2025 Cruz, Daines, Leader Thune, GOP Colleagues Introduce Bill to Give Small Businesses Permanent Tax Break

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), Steve Daines (R-Mont.), Majority Leader John Thune (R-S.D.), and 37 additional Republican Senators introduced the “Main Street Tax Certainty Act.” This bill would make the 20-percent pass-through business tax deduction permanent.
    Upon introduction, Sen. Cruz said, “Small businesses are the backbone of our economy, providing jobs and opportunities for millions of families across Texas and America. With Biden’s catastrophic inflation continuing to burden hardworking Americans, the last thing they need is a massive tax hike. Making the 20-percent pass-through deduction permanent is essential to ensuring our small businesses can prosper, expand, and keep our nation strong. I’m proud to support the ‘Main Street Tax Certainty Act’ and will continue fighting to protect small businesses.”
    Sen. Daines said, “As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing- especially as Americans are still grappling with the effects of Joe Biden’s inflation. It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I’ll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state.”
    Sen. Thune said, “Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country. This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025.”
    The legislation was also co-sponsored by Sens. John Barrasso (R-Wyo.), Shelley Moore Capito (R-W.V.), James Lankford (R-Okla.), Joni Ernst (R-Iowa), Tom Cotton (R-Ark.), Tim Scott (R-S.C.), Chuck Grassley (R-Iowa), Kevin Cramer (R-N.D.), Jerry Moran (R-Kan.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), Pete Ricketts (R-Neb.), Katie Britt (R-Ala.), Jim Risch (R-Idaho), Eric Schmitt (R-Mo.), Roger Wicker (R-Miss.), Cynthia Lummis (R-Wyo.), Cindy Hyde-Smith (R-Miss.), Tommy Tuberville (R-Ala.), John Hoeven (R-N.D.), Thom Tillis (R-N.C.), Roger Marshall (R-Kan.), Jim Justice (R-W.V.), Tim Sheehy (R-Mont.), Deb Fischer (R-Neb.), Bill Cassidy (R-La.), Ted Budd (R-N.C.), Rick Scott (R-Fla.), Bill Hagerty (R-Tenn.), Todd Young (R-Ind.), John Kennedy (R-La.) and Jim Banks (R-Ind.), John Curtis (R-Utah), Dan Sullivan (R-Alaska), Lindsey Graham (R-S.C.), Bernie Moreno (R-Ohio), John Boozman (R-Ark.).
    Read the bill text here.
    BACKGROUND
    The 20-percent small business deduction, section 199A, was created as a part of President Trump’s 2017 tax cuts to level the playing field between small businesses and corporations. Without Congressional action, it will expire at the end of 2025, causing 9 out of 10 small businesses to incur a significant tax hike. This legislation is endorsed by the National Association of Manufacturers, National Federation of Independent Business, and over 230 trade associations.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBI

    Source: Government of India (2)

    RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBI

    RDCL will facilitate growth of residential mortgage financing by providing investment avenues to long term institutional investors

    Posted On: 27 JAN 2025 8:18PM by PIB Delhi

    National Housing Bank (NHB), a statutory body under the Government of India has set up, RMBS Development Company Limited, as the single largest shareholder and supported by a strong mix of investor classes across Banks, HFC/ NBFC and Insurance company.

    RDCL has now received Certificate of Registration (CoR) to commence operations from the Reserve Bank of India (RBI) on January 23, 2025.

    The Company is envisioned to play the role of a commercially sustainable market intermediary to facilitate the growth and development of Residential Mortgage-Backed Securitisation (RMBS) market in the country. The operationalization of Company will provide investment avenues to long term institutional investors viz., Insurance Companies, Pension and Provident Funds in the RMBS market. The diverse set of investors shall instil confidence in the ecosystem and bring valuable experience in RMBS market development.

    As part of its key business activities, the Company will invest in RMBS issuances, extend second loss credit enhancements, support liquidity, promote standard process and documentation and other related activities for market development.

    A well-developed RMBS market can emerge as a reliable complement to existing sources of funding and liquidity for Primary Lending Institutions. During the last 5 years, individual housing loans outstanding have grown from ₹ 17.95 Lakh Crore as on March 31, 2019 to ₹ 33.19 Lakh Crore as on 31st March 2024 with a CAGR of 13.1% and this growth is expected to continue.

    The paid-up Capital of the Company is ₹500 crore with its Registered Office at Mumbai. The Company is expected to commence operations in March, 2025.

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    MIL OSI Asia Pacific News –