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Category: Business

  • MIL-OSI USA: FEMA Seeks Property Management Companies in Georgia for Direct Lease

    Source: US Federal Emergency Management Agency

    Headline: FEMA Seeks Property Management Companies in Georgia for Direct Lease

    FEMA Seeks Property Management Companies in Georgia for Direct Lease

    FEMA is seeking information from property management companies with ready-for-occupancy residential or rental properties in Georgia communities affected by Hurricane Helene. These units must meet local, state and federal housing regulations. Property management companies for consideration should be doing business in and around communities affected by Hurricane Helene, to include Appling, Berrien, Burke, Clinch, Coffee, Emanuel, Jeff Davis, Jefferson, Lanier, Lowndes, McDuffie and Toombs counties, as well as surrounding communities. FEMA encourages all interested property management companies to consider participating.The deadline for companies to reply to this request for information is Wednesday, Feb. 12, 2025. What is Direct Lease program? Direct Lease is a form of Direct Temporary Housing Assistance that allows FEMA to enter into contracts directly with property management companies to lease properties not generally available to the public. Properties must be available for no less than 18 months, with an option for lease extension. The properties will then be offered as temporary housing to eligible disaster survivors. This includes corporate apartments, vacation rentals, secondary homes, bank-owned properties, condominiums, townhouses and other dwellings. FEMA may use these units for eligible applicants who are unable to use rental assistance due to lack of available resources. What conditions does the property need to meet?The property must be an existing residential property not typically available to the public (i.e. corporate apartments, vacation rentals, and second homes), for use as temporary housing. Units occupied using a form of FEMA Rental Assistance cannot be combined with FEMA Direct Lease Assistance. Hotels, motels and other transient accommodations will not be acquired for Direct Lease. The property must comply with Housing Quality Standards established by the U.S. Department of Housing and Urban Development and all relevant state building and occupancy standards and regulations. All utilities, appliances, and other furnishings must be functional. Each unit must provide complete living facilities, including provisions for cooking, eating and sanitation within the unit. The property must be located within reasonable access to community and wrap-around services, such as accessible public transportation, schools, fire and emergency services, grocery stores, etc.All property management companies or owners must register to do business with FEMA through the System for Award Management (SAM) at SAM.gov.What terms or conditions are there?A provision granting FEMA exclusive use of the units and sole discretion to identify and select occupants during the term of the lease agreement.A provision granting FEMA the option of releasing the unit to the owner and ceasing all monthly payments for the unit at any time by providing 30 days’ notice.A provision allowing FEMA to make, at FEMA’s expense, reasonable modifications or improvements to the property to provide a reasonable accommodation for an eligible applicant with a disability or other access and functional needs.A provision allowing FEMA to restore the property to its original condition before any reasonable modifications or improvements as requested by the property owner.A provision incorporating a lease addendum containing FEMA’s conditions of eligibility and termination of tenancy and eviction into any lease between the property owner and the occupant.A provision agreeing to waive credit screening for eligible applicants.A provision allowing FEMA to reassign a vacated unit when eligible applicants need temporary housing assistance, and a unit becomes available before the end of the period of assistance.Property owners must provide all building maintenance services.Property owners must be current and in good standing with property mortgage payments and have a current rental license verification.What information is requested?Interested property owners should provide the following information:Name of complex, location, owner name and phone number or contact information (if not property owner).Number of vacant units containing a separate bathroom, kitchen and living space available for FEMA exclusive use and the number of bedrooms each unit contains.Number of units compliant with Uniform Federal Accessibility Standards and/or features that provide accessibility for individuals with disabilities.Confirmation the property owner is current and up to date with the property’s mortgage payments.Confirmation that the property is readily available for applicants to move in.History of the building’s use (dates used as a rental, etc.) if applicable.Utilities included in rent.Numbers of units fully furnished.Rental range for property, including any associated fees.Pet restrictions, such as type, number, or size, and applicable pet deposits; andNumber of parking spaces (including accessible and van-accessible) available for each housing unit.Where do I respond to the request for information?Interested property owners or management companies must provide responses and comments by Wednesday, Feb. 12, 2025 to fema-dr4830ga-directleaserfi@fema.dhs.gov. The email subject line should read RFI# 70FBR425I00000007.More information about this opportunity can be found at SAM.gov.The RFI does not constitute a Request for Proposal (RFP0), Invitation for Bid (IFB), or Request for Quotation (RFQ), and it is not to be construed as a commitment by the government to enter into a contract, nor will the government pay for the information submitted in response to this request. Response to this notification will be used to determine which properties meet the Direct Lease criteria and provide the most timely and cost-effective means of providing direct assistance to eligible disaster survivors. FEMA wants to obtain market information or capabilities for planning purposes. For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia. Follow FEMA Region 4 @FEMARegion4 on X or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Acting Administrator Cameron Hamilton on X @FEMA_Cam.                                                                                    ###FEMA’s mission is helping people before, during and after disasters.
    jakia.randolph
    Fri, 01/24/2025 – 20:11

    MIL OSI USA News –

  • MIL-OSI Security: Maryland Man Convicted Of Money Laundering Offenses Related To Computer Intrusions

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Maryland man was convicted yesterday for money laundering offenses related to funds that were obtained through unlawful computer intrusions that targeted a victim’s 401(k) retirement plan, Acting U.S. Attorney Vikas Khanna announced.

    Oladapo Sunday Ogunbiyi, 43, of Bowie, Maryland, was convicted of conspiracy to commit money laundering, two counts of money laundering, and two counts of engaging in monetary transactions in property derived from specified unlawful activity.  The jury returned the verdict following a three-day trial before U.S. District Judge Michael A. Shipp in Trenton federal court.

    According to documents filed in this case and statements made in court:

    Ogunbiyi conspired with others to launder funds obtained through an unlawful computer fraud scheme in which they obtained unauthorized access to a 401k account belonging to the victim. The co-conspirators then added a bank account belonging to another individual to the victim’s 401k account without the victim’s knowledge or authorization. This account was designated as the account to receive withdrawals from the victim’s 401k account. Thereafter, $246,390 was transferred to the bank account belonging to the account that had been added without the victim’s knowledge or consent.

    Ogunbiyi’s co-conspirator directed that the fraud proceeds be converted into cashier’s checks, which were provided to Ogunbiyi. Ogunbiyi then deposited the cashier’s checks into business bank accounts under his control and withdrew the funds in a series of ATM and counter withdrawals designed to conceal the source of the money, which he used for personal expenditures.

    The counts of money laundering and money laundering conspiracy carry a maximum penalty of 20 years in prison and a fine of $500,000, or twice the value of the property involved in the transaction, whichever is greater. The counts of engaging in monetary transactions in property derived from specified unlawful activity carry a maximum penalty of 10 years in prison and a fine of $250,000, or twice the value of the property involved in the transaction, whichever is greater. Sentencing is scheduled for July 7, 2025.

    Acting U.S. Attorney Khanna credited special agents of the FBI, including the FBI’s Cyber Crimes Task Force, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charges.

    The government is represented by Assistant U.S. Attorneys Lauren Kober of the Organized Crime/Gangs Unit and Peter A. Laserna of the Bank Integrity, Money Laundering, and Recovery Unit in Newark.

    25-019                                                 ###

    Defense counsel: Jason A. Seidman, Esq., Freehold, New Jersey

    MIL Security OSI –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.01.2025

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 24.01.2025

    Espoo, Finland – On 24 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 4.40
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.40

    * 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 24 January 2025 was EUR 3,835,814. After the disclosed transactions, Nokia Corporation holds 231,670,526 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 USA: Lummis, Kelly Introduce Bipartisan, Bicameral Commercial Driver’s License Reforms  

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis
    WASHINGTON, D.C. – U.S. Senators Cynthia Lummis (R-WY) and Mark Kelly (D-AZ) introduced the Licensing Individual Commercial Exam-takers Now Safely and Efficiently (LICENSE) Act to help ease supply chain challenges by increasing the number of truck drivers in the U.S. The bill builds on waivers the Federal Motor Carrier Safety Administration (FMCSA) implemented during the COVID-19 pandemic.
    “Wyoming relies on America’s truck drivers to deliver goods to folks and small businesses throughout our rural state,” said Lummis. “Streamlining commercial driver’s licensing and cutting this burdensome red tape will ensure the people in the Cowboy State can rely on deliveries so they get the resources they need. I’m proud to work with Senator Kelly to reform the licensing process for America’s truckers.”
    “Arizona’s economy relies on the commercial drivers who work hard to keep goods moving across the nation,” said Kelly. “I’m glad to work with my colleague Senator Lummis to cut red tape, support the trucking industry, and ensure the federal government is doing everything it can to strengthen our economy and lower costs for families in Arizona.” 
    “When the Federal Motor Carrier Safety Administration (FMCSA) provided flexibility on several regulatory requirements during the COVID-19 public health emergency, drivers and motor carriers gained new operational efficiencies without compromising safety,” said American Trucking Associations Senior Vice President of Regulatory & Safety Policy Dan Horvath.  “The LICENSE Act leverages the lessons learned during the pandemic and makes permanent two commonsense waivers that were reissued numerous times since 2020 to reduce administrative burdens for Americans pursuing rewarding careers in the trucking industry. The incorporation of these waivers into law by enactment of the LICENSE Act will provide certainty to the trucking industry and strengthen our supply chain by permanently removing these unnecessary bureaucratic barriers.  This represents an important step toward making it more efficient and simpler for drivers to obtain their CDLs while keeping our roadways safe.”
    “During the past several years that these waivers have been in effect, they have proven that they strike the appropriate balance between maintaining high safety standards while making it easier for aspiring truck drivers to obtain their CDLs.  That’s why DOT reissued them multiple times throughout the pandemic.  Now it is time to provide certainty to the trucking industry by making these effective waivers permanent,” said Wyoming Trucking Association President & CEO Kevin Hawley.  “The LICENSE Act would make a commonsense change to streamline the arduous process for obtaining a CDL, removing unnecessary burdens on our drivers and supply chain.  We commend Senator Lummis for once again standing up for truckers, helping more people to obtain good-paying jobs, and growing Wyoming’s economy.”
    “The LICENSE Act streamlines the CDL testing process by allowing states to test applicants regardless of their residency or training location,” said Ryan Streblow, President and CEO of the National Tank Truck Carriers. “This efficiency is a commonsense solution that aims to address tank truck workforce shortages and strengthen our supply chain.”
    “CVTA members are pleased to see swift reintroduction of the LICENSE Act,” said Danny Bradford, Chairman of the Commercial Vehicle Training Association (CVTA). “This bill reduces bureaucratic barriers that delay new drivers from receiving their Commercial Driver’s License (CDL). We urge Congress to quickly pass this bill as part of an agenda to unleash record growth in the U.S. economy.”
    The LICENSE Act will:
    Expand CDL Testing: State and third-party examiners would be authorized to administer both the CDL skills and knowledge tests, speeding up the licensing process without compromising safety.
    Provide Flexible Supervision for CLP Holders: Licensed drivers accompanying commercial learner’s permit (CLP) holders could move to the sleeper berth of the truck, recognizing that many CLP holders have already passed their road tests and are waiting on their official CDL.
    Streamline Testing Across States: States would be allowed to administer driving skills tests to applicants from other states, making it easier for future truckers to complete testing close to home.
    The LICENSE Act is endorsed by: 
    The Agricultural & Food Transporters Conference (AFTC), the American Trucking Associations (ATA), the Automobile Carriers Conference (ACC), the Commercial Vehicle Training Association (CVTA), the Government Freight Conference (GFC), the Intermodal Motor Carriers Conference (IMCC), the Moving and Storage Conference (MSC), the National Tank Truck Carriers (NTTC), and the Truckload Carriers Association (TCA)
    To read the bill, click here.

    MIL OSI USA News –

  • MIL-OSI: Lake Shore Bancorp, Inc. Announces Fourth Quarter 2024 and Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.5 million, or $0.26 per diluted share, for the fourth quarter of 2024 compared to net income of $749,000, or $0.13 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported unaudited net income of $4.9 million, or $0.88 per diluted share, as compared to $4.8 million, or $0.82 per diluted share for the year ended December 31, 2023. The Company’s 2024 financial performance was positively impacted by a decrease in non-interest expenses as a result of efforts to optimize operating expenses while reducing its reliance on wholesale funding by $41.0 million.

    “2024 was a momentous year for Lake Shore as we achieved our goal to exit early the OCC’s Consent Order, reinstituted quarterly dividend payments to shareholders and grew earnings per share,” stated Kim C. Liddell, President, CEO, and Director. “We anticipate a challenging earnings environment in 2025 and will continue efforts to steadily increase value for our shareholders.”

    Fourth Quarter 2024 and Full Year Financial Highlights:

    • Net income increased to $1.5 million during the fourth quarter of 2024, an increase of $720,000, or 96.1%, when compared to the fourth quarter of 2023. Net income was positively impacted by an increase in the credit to the provision for credit losses of $581,000, partially offset by a decrease in net interest income of $217,000, or 3.9%;
    • Net income increased to $4.9 million during the year ended December 31, 2024, an increase of $111,000, or 2.3%, when compared to the year ended December 31, 2023. Net income was positively impacted by a decrease in non-interest expense of $1.8 million, or 8.4%, and an increase in non-interest income of $669,000, or 25.4%;
    • Net interest margin increased to 3.31% during the fourth quarter of 2024, an increase of three basis points when compared to net interest margin of 3.28% during the third quarter of 2024;
    • Reduced reliance on wholesale funding by not renewing $16.0 million of brokered CDs and repaying $25.0 million of FHLBNY borrowings during the year ended December 31, 2024;
    • At December 31, 2024 and December 31, 2023, the Company’s percentage of uninsured deposits to total deposits was 13.5% and 12.8%, respectively;
    • Book value per share increased 3.3% to $15.67 per share at December 31, 2024 as compared to $15.17 per share at December 31, 2023; and
    • The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 13.83% and a Total Risk-Based Capital ratio of 18.79% at December 31, 2024.

    Net Interest Income

    Net interest income for the fourth quarter of 2024 marginally decreased by $42,000, or 0.8%, to $5.3 million as compared to $5.4 million for the third quarter of 2024 and decreased $217,000, or 3.9%, as compared to $5.6 million for the fourth quarter of 2023. Net interest margin and interest rate spread were 3.31% and 2.72%, respectively, for the fourth quarter of 2024 as compared to 3.28% and 2.67%, respectively, for the third quarter of 2024 and 3.34% and 2.83%, respectively, for the fourth quarter of 2023.

    Net interest income for the year ended December 31, 2024 decreased $3.3 million, or 13.5%, to $21.1 million as compared to $24.4 million for the year ended December 31, 2023. Net interest margin and interest rate spread were 3.21% and 2.62%, respectively, for the year ended December 31, 2024 as compared to 3.62% and 3.23%, respectively, for the year ended December 31, 2023.

    Interest income for the fourth quarter of 2024 was $8.6 million, a decrease of $261,000, or 2.9%, compared to $8.9 million for the third quarter of 2024, and a decrease of $23,000, or 0.3%, compared to $8.6 million for the fourth quarter of 2023.

    The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of $11.8 million, or 1.8%, as well as a six basis points decrease in the average yield on interest-earning assets. Interest earned on interest-earning deposits decreased by $217,000, or 30.3%, due to a 65 basis points decrease in average yield and an $11.2 million decrease in the average balance of interest-earning deposits during the fourth quarter of 2024.

    The decrease in interest income from the prior year quarter was primarily due to a $20.3 million, or 3.0%, decrease in the average balance of interest-earning assets. The decrease was partially offset by a 15 basis points increase in the average yield on interest-earning assets. During the fourth quarter of 2024 as compared to the same period in 2023, there was a $92,000 decrease in interest earned on interest-earning deposits due to a 65 basis points decrease in the average yield earned on interest earning deposits and a $51,000 decrease in interest earned on securities due to a 36 basis points decrease in the average yield on the securities portfolio. These decreases were partially offset by a $120,000 increase in interest income on loans due to a 28 basis points increase in the average yield on loans.

    Interest income for the year ended December 31, 2024 was $34.8 million, an increase of $1.0 million, or 3.1%, compared to $33.8 million for the year ended December 31, 2023. The increase was due to a 28 basis points increase in the average yield on interest-earning assets primarily due to an increase in the average interest rate earned on loans. During the year ended December 31, 2024 as compared to 2023, there was a $704,000 increase in interest income on loans due to a 32 basis points increase in the average yield on loans, partially offset by a decrease in the average balance of loans of $19.8 million, or 3.5%. Interest income on interest-earning deposits increased to $2.5 million in 2024, an increase of $655,000, or 36.3%, from $1.8 million in 2023, due to a 17 basis points increase in average yield and an $11.7 million increase in the average balance of interest-earning deposits.

    Interest expense for the fourth quarter of 2024 was $3.2 million, a decrease of $219,000, or 6.3%, from the third quarter of 2024, and an increase of $194,000, or 6.4%, from $3.1 million for the fourth quarter of 2023.

    The decrease in interest expense when compared to the previous quarter was primarily due to a $11.7 million, or 2.3%, decrease in the average balance of interest-bearing liabilities and an 11 basis points decrease in the average rate paid. During the fourth quarter of 2024 as compared to the previous quarter, interest expense on deposits decreased by $176,000, or 5.3%, due to a $1.8 million decrease in the average balance of deposits and a 13 basis points decrease in the average rate paid on deposit accounts. Average interest-bearing deposit balances were $487.5 million, a 0.4% decrease during the fourth quarter of 2024 when compared to the previous quarter due to a decrease in the average balance of all deposit categories with the exception of money market accounts. Interest expense on borrowed funds and other interest-bearing liabilities decreased by $43,000 due to a $9.8 million, or 48.0%, decrease in the average balance of borrowed funds and other interest-bearing liabilities due to the repayment of our FHLBNY borrowings during the second half of 2024.

    The increase in interest expense when compared to the prior year quarter was primarily due to a 26 basis points increase in average interest paid on interest-bearing liabilities. During the fourth quarter of 2024 as compared to the same period in 2023, there was a $324,000 increase in interest paid on time deposit accounts due to a 60 basis points increase in the average interest rate paid on time deposits. The increase in the average rate paid on time deposit accounts was primarily due to the increase in market interest rates and deposit competition. Average deposit balances increased 0.9% during the fourth quarter of 2024 from the fourth quarter of 2023, due to an increase in average money market accounts when compared to the same period of 2023. During the fourth quarter of 2024, interest expense on borrowed funds and other interest-bearing liabilities decreased by $212,000, or 66.7%, compared to the fourth quarter of 2023, primarily due to a $25.8 million decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of our FHLBNY borrowings during 2024.

    Interest expense for the year ended December 31, 2024 was $13.7 million, an increase of $4.3 million, or 46.2%, from $9.4 million for the year ended December 31, 2023. The increase in interest expense was primarily due to an 89 basis points increase in average interest paid on interest-bearing liabilities. During the year ended December 31, 2024 as compared to 2023, there was a $3.1 million increase in interest paid on time deposit accounts due to a 122 basis points increase in the average interest rate paid on time deposits along with an increase in average time deposit balances of $14.6 million, or 7.1%. The increase in the average rate paid on time deposit accounts was primarily due to the increase in market interest rates and deposit competition over the course of 2023 and into 2024. Average interest-bearing deposit balances were $491.9 million, a 1.2% increase during the year ended December 31, 2024, resulting from an increase in average time deposits and average money market accounts since December 31, 2023. During the year ended December 31, 2024, interest expense on borrowed funds and other interest-bearing liabilities decreased by $664,000, or 50.0%, compared to the year ended December 31, 2023, primarily due to a $17.2 million decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of our FHLBNY borrowings during 2024.

    Non-Interest Income

    Non-interest income was $1.1 million for the fourth quarter of 2024, an increase of $277,000, or 35.0%, as compared to $791,000 for the third quarter of 2024, and an increase of $145,000, or 15.7%, as compared to $923,000 for the fourth quarter of 2023. The increase from the prior quarter was primarily due to a $161,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter 2024, a $65,000 increase in earnings on bank-owned life insurance during the fourth quarter as the result of the recognition of a death benefit, and an increase of $51,000 in unrealized gains on equity securities held in the Bank’s investment portfolio. The increase from the prior year quarter was primarily due to a $161,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024.

    Non-interest income was $3.3 million for the year ended December 31, 2024, an increase of $669,000, or 25.4%, as compared to the year ended December 31, 2023. The increase was primarily due to a $313,000 increase in earnings on bank-owned life insurance in connection with the restructuring of bank-owned life insurance during the fourth quarter of 2023 and the recognition of death benefits during the second half of 2024, as well as a $161,000 increase in earnings on annuities purchased in the fourth quarter of 2024. The increases were partially offset by a decrease in debit card fees of $30,000, or 3.5% during the year ended December 31, 2024 when compared to the year ended December 31, 2023.

    Non-Interest Expense

    Non-interest expense was $5.3 million for the fourth quarter of 2024, an increase of $72,000, or 1.4%, as compared to $5.2 million for the fourth quarter of 2023. The increase from the prior year quarter was primarily related to an increase in salaries and wages expense of $406,000, or 14.0%, which was partially offset by all other non-interest expense categories, with the exception of postage and supplies expense.

    Non-interest expense was $20.0 million for the year ended December 31, 2024, a decrease of $1.8 million, or 8.4%, as compared to $21.8 million for the year ended December 31, 2023. The decrease primarily related to a decline in professional services expenses of $1.0 million, or 41.8%, as a result of a decrease in the use of external consultants. Advertising costs decreased by $484,000, or 83.7%, due to a decrease in marketing spending, and FDIC insurance expense decreased by $317,000, or 28.5%, during the year ended December 31, 2024 due to a decrease in premium assessments. Additionally, occupancy and equipment costs decreased by $194,000, or 6.7%, as the result of efforts to optimize operating expenses. These decreases were partially offset by an increase in salaries and employee benefits expense of $198,000, or 1.8%, as well as an increase in data processing costs of $41,000, or 2.3%, for the year ended December 31, 2024 when compared to the year ended December 31, 2023.

    Income Tax Expense

    Income tax expense was $278,000 for the fourth quarter of 2024, an increase of $20,000, or 7.8%, as compared to $258,000 for the third quarter of 2024, and a decrease of $283,000, or 50.4%, as compared to $561,000 for the fourth quarter of 2023. The increase in income tax expense from the prior quarter was primarily related to the increase in taxable income earned during the current quarter. The decrease in income tax expense from the prior year quarter was due to a restructuring of bank-owned life insurance in 2023 which resulted in additional taxable income in 2023 and an increase in non-taxable income in 2024 as the result of higher earnings on policies owned.

    Income tax expense was $935,000 for the year ended December 31, 2024, a decrease of $464,000, or 33.2%, as compared to $1.4 million for the year ended December 31, 2023. The decrease in income tax expense for the year ended December 31, 2024 when compared to the year ended December 31, 2023 was due to a restructuring of bank-owned life insurance in 2023 which resulted in additional taxable income in 2023 and an increase in non-taxable income in 2024 as the result of higher earnings on policies owned.

    Credit Quality

    The Company’s allowance for credit losses on loans was $5.1 million as of December 31, 2024 as compared to $6.5 million as of December 31, 2023. The Company’s allowance for credit losses on unfunded commitments was $314,000 as of December 31, 2024 as compared to $485,000 as of December 31, 2023. Non-performing assets as a percent of total assets increased to 0.55% at December 31, 2024 as compared to 0.47% at December 31, 2023, due to a decrease in total assets of $39.6 million, or 5.5%, and an increase in non-performing assets of $423,000, or 12.5%. The Company’s allowance for credit losses on loans as a percent of net loans was 0.93% at December 31, 2024 and 1.16% at December 31, 2023.

    The Company recorded a credit to the provision for credit losses of $613,000 for the fourth quarter of 2024 and $1.5 million for the year ended December 31, 2024. For the year ended December 31, 2024, $1.3 million of the credit to the provision for credit losses related to the loan portfolio and $171,000 related to the reserve for unfunded commitments.

    The decrease in the allowance for credit losses on loans and the corresponding credit to the provision for credit losses recognized during the year ended December 31, 2024 was the result of a decrease in the quantitative loss factors derived from historical loss rates calculated in the vintage model as well as a decrease in the qualitative loss factors derived from both current and forecasted economic trends.

    Balance Sheet Summary

    Total assets at December 31, 2024 were $685.5 million, a $39.6 million decrease, or 5.5%, as compared to $725.1 million at December 31, 2023. Cash and cash equivalents decreased by $20.6 million, or 38.3%, from $53.7 million at December 31, 2023 to $33.1 million at December 31, 2024. The decrease was primarily due to a decrease in long-term debt due to the repayment of FHLBNY borrowings of $25.0 million in 2024 and a decrease in total deposits of $17.9 million due to the non-renewal of $16.0 million of brokered CDs in 2024. The decrease in cash and cash equivalents was partially offset by a decrease in net loans of $11.2 million, or 2.0%. Securities available for sale were $56.5 million at December 31, 2024 as compared to $60.4 million at December 31, 2023 primarily due to repayments during 2024 and a decrease in the market value of the securities. Net loans receivable at December 31, 2024 and December 31, 2023 were $544.6 million and $555.8 million, respectively. Total deposits at December 31, 2024 were $573.0 million, a decrease of $17.9 million, or 3.0%, compared to $590.9 million at December 31, 2023. Total borrowings decreased to $10.3 million at December 31, 2024, a decrease of $25.0 million, or 70.9%, as compared to $35.3 million as of December 31, 2023.

    Stockholders’ equity at December 31, 2024 was $89.9 million, a $3.6 million increase, or 4.2%, as compared to $86.3 million at December 31, 2023. The increase in stockholders’ equity was primarily attributed to $4.9 million in net income earned during 2024. 

    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 http://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, 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, 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
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

       
    Selected Financial Condition Data  
       
      December 31,     December 31,  
       2024
    		      2023
    		  
        (Unaudited)  
        (Dollars in thousands)  
                   
    Total assets $   685,504     $   725,118  
    Cash and cash equivalents     33,131         53,730  
    Securities available for sale     56,495         60,442  
    Loans receivable, net     544,620         555,828  
    Deposits     572,978         590,924  
    Long-term debt     10,250         35,250  
    Stockholders’ equity     89,868         86,273  
       
    Statements of Income  
       
        Three Months Ended     Years Ended  
        December 31,     December 31,  
        2024       2023       2024       2023  
      (Unaudited)  
      (Dollars in thousands, except per share amounts)  
    Interest income $   8,590     $   8,613     $   34,804     $   33,755  
    Interest expense     3,249         3,055         13,741         9,397  
    Net interest income     5,341         5,558         21,063         24,358  
    (Credit) provision for credit losses     (613 )       (32 )       (1,479 )       (1,043 )
    Net interest income after (credit) provision for credit losses     5,954         5,590         22,542         25,401  
    Total non-interest income     1,068         923         3,304         2,635  
    Total non-interest expense     5,275         5,203         19,980         21,817  
    Income before income taxes     1,747         1,310         5,866         6,219  
    Income tax expense     278         561         935         1,399  
    Net income $   1,469     $   749     $   4,931     $   4,820  
    Basic and diluted earnings per share $   0.26     $   0.13     $   0.88     $   0.82  
                                   
    Selected Financial Ratios                              
    Return on average assets     0.85 %       0.42 %       0.70 %       0.67 %
    Return on average equity     6.52 %       3.60 %       5.62 %       5.78 %
    Average interest-earning assets to average interest-bearing liabilities     129.46 %       127.96 %       127.88 %       128.06 %
    Interest rate spread     2.72 %       2.83 %       2.62 %       3.23 %
    Net interest margin     3.31 %       3.34 %       3.21 %       3.62 %
       
    Average Balance Sheets, Interest, and Rates (Quarterly Comparison)  
       
        For the Quarter Ended     For the Quarter Ended  
        December 31, 2024     December 31, 2023  
        Average     Interest Income/     Yield/     Average     Interest Income/     Yield/  
        Balance     Expense     Rate(2)     Balance     Expense     Rate(2)  
        (Unaudited)  
        (Dollars in thousands)  
    Interest-earning assets:                                            
    Interest-earning deposits & federal funds sold   $   43,366     $   499       4.60 %   $   45,063     $   591       5.25 %
    Securities(1)       61,137         388       2.54 %       60,635         439       2.90 %
    Loans, including fees       540,376         7,703       5.70 %       559,432         7,583       5.42 %
    Total interest-earning assets       644,879         8,590       5.33 %       665,130         8,613       5.18 %
    Other assets       49,207                       47,143                
    Total assets   $   694,086                   $   712,273                
                                                 
    Interest-bearing liabilities                                            
    Demand & NOW accounts   $   64,465     $   15       0.09 %   $   72,182     $   18       0.10 %
    Money market accounts       153,407         912       2.38 %       130,813         823       2.52 %
    Savings accounts       55,451         9       0.06 %       66,115         13       0.08 %
    Time deposits       214,150         2,207       4.12 %       214,203         1,883       3.52 %
    Borrowed funds & other interest-bearing liabilities       10,641         106       3.98 %       36,476         318       3.49 %
    Total interest-bearing liabilities       498,114         3,249       2.61 %       519,789         3,055       2.35 %
    Other non-interest bearing liabilities       105,881                       109,309                
    Stockholders’ equity       90,091                       83,175                
    Total liabilities & stockholders’ equity   $   694,086                   $   712,273                
    Net interest income           $   5,341                   $   5,558        
    Interest rate spread                     2.72 %                     2.83 %
    Net interest margin                     3.31 %                     3.34 %

    (1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 2.91% and 3.80% for the three months ended December 31, 2024 and 2023, respectively.
    (2) Annualized.

       
    Average Balance Sheets, Interest, and Rates (Annual Comparison)  
       
        For the Year Ended     For the Year Ended  
        December 31, 2024     December 31, 2023  
        Average     Interest Income/     Yield/     Average     Interest Income/     Yield/  
        Balance     Expense     Rate     Balance     Expense     Rate  
        (Unaudited)  
        (Dollars in thousands)  
    Interest-earning assets:                                            
    Interest-earning deposits & federal funds sold   $   48,639     $   2,460       5.06 %   $   36,948     $   1,805       4.89 %
    Securities(1)       60,347         1,631       2.70 %       67,840         1,941       2.86 %
    Loans, including fees       547,525         30,713       5.61 %       567,319         30,009       5.29 %
    Total interest-earning assets       656,511         34,804       5.30 %       672,107         33,755       5.02 %
    Other assets       49,629                       46,057                
    Total assets   $   706,140                   $   718,164                
                                                 
    Interest-bearing liabilities                                            
    Demand & NOW accounts   $   67,023     $   64       0.10 %   $   76,495     $   75       0.10 %
    Money market accounts       144,926         3,811       2.63 %       132,816         1,914       1.44 %
    Savings accounts       59,095         40       0.07 %       70,600         47       0.07 %
    Time deposits       220,856         9,162       4.15 %       206,218         6,033       2.93 %
    Borrowed funds & other interest-bearing liabilities       21,465         664       3.09 %       38,701         1,328       3.43 %
    Total interest-bearing liabilities       513,365         13,741       2.68 %       524,830         9,397       1.79 %
    Other non-interest bearing liabilities       105,018                       109,907                
    Stockholders’ equity       87,757                       83,427                
    Total liabilities & stockholders’ equity   $   706,140                   $   718,164                
    Net interest income           $   21,063                   $   24,358        
    Interest rate spread                     2.62 %                     3.23 %
    Net interest margin                     3.21 %                     3.62 %

    (1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.08% and 3.27% for the year ended December 31, 2024 and 2023, respectively.

     
    Selected Quarterly Financial Data
     
        As of or For the Three Months Ended  
        December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		     December 31,
    2023    		  
        (Unaudited)  
        (Dollars in thousands, except per share amounts)  
    Selected Financial Condition Data                              
    Total assets   $ 685,504     $ 697,596     $ 711,042     $ 717,582     $ 725,118  
    Cash and cash equivalents     33,131       49,981       60,987       54,953       53,730  
    Securities available for sale     56,495       58,782       57,309       58,682       60,442  
    Loans receivable, net     544,620       539,005       544,337       555,455       555,828  
    Deposits     572,978       587,563       589,395       594,704       590,924  
    Long-term debt     10,250       10,250       23,250       25,250       35,250  
    Stockholders’ equity     89,868       89,877       86,932       86,510       86,273  
                                   
    Condensed Statements of Income                              
    Interest income   $ 8,590     $ 8,851     $ 8,754     $ 8,609     $ 8,613  
    Interest expense     3,249       3,468       3,548       3,476       3,055  
    Net interest income     5,341       5,383       5,206       5,133       5,558  
    (Credit) provision for credit losses     (613 )     (229 )     (285 )     (352 )     (32 )
    Net interest income after (credit) provision for credit losses     5,954       5,612       5,491       5,485       5,590  
    Total non-interest income     1,068       791       738       707       923  
    Total non-interest expense     5,275       4,813       4,897       4,995       5,203  
    Income before income taxes     1,747       1,590       1,332       1,197       1,310  
    Income tax expense     278       258       216       183       561  
    Net income   $ 1,469     $ 1,332     $ 1,116     $ 1,014     $ 749  
    Basic and diluted earnings per share   $ 0.26     $ 0.24     $ 0.19     $ 0.17     $ 0.13  
                                   
    Selected Financial Ratios                              
    Return on average assets     0.85 %     0.76 %     0.63 %     0.57 %     0.42 %
    Return on average equity     6.52 %     6.03 %     5.19 %     4.69 %     3.60 %
    Average interest-earning assets to average interest-bearing liabilities     129.46 %     128.81 %     127.00 %     126.33 %     127.96 %
    Interest rate spread     2.72 %     2.67 %     2.56 %     2.55 %     2.83 %
    Net interest margin     3.31 %     3.28 %     3.14 %     3.10 %     3.34 %
    Efficiency ratio     82.30 %     77.96 %     82.39 %     85.53 %     80.24 %
                                   
    Asset Quality Ratios:                              
    Non-performing loans as a percent of total net loans     0.80 %     0.74 %     0.73 %     0.71 %     0.60 %
    Non-performing assets as a percent of total assets     0.55 %     0.57 %     0.56 %     0.55 %     0.47 %
    Allowance for credit losses as a percent of net loans     0.93 %     1.01 %     1.08 %     1.12 %     1.16 %
    Allowance for credit losses as a percent of non-performing loans     134.91 %     137.03 %     148.20 %     159.19 %     193.09 %
                                   
    Share Information:                              
    Common stock, number of shares outstanding     5,735,226       5,737,036       5,737,036       5,684,784       5,686,288  
    Treasury stock, number of shares held     1,101,288       1,099,478       1,099,478       1,151,730       1,150,226  
    Book value per share   $ 15.67     $ 15.67     $ 15.15     $ 15.22     $ 15.17  
    Tier 1 leverage ratio     13.83 %     13.37 %     13.02 %     12.87 %     12.68 %
    Total risk-based capital ratio     18.79 %     18.85 %     18.64 %     18.13 %     17.77 %

    The MIL Network –

  • MIL-OSI: Columbus Acquisition Corp Announces Closing of $60 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, Jan. 24, 2025 (GLOBE NEWSWIRE) — Columbus Acquisition Corp (the “Company”), a blank check company incorporated in the Cayman Islands, today announced the closing of its initial public offering of 6,000,000 units at a price of $10.00 per unit for aggregate gross proceeds of $60 million. Each unit consists of one ordinary share and one right to receive one-seventh of one ordinary share upon consummation of an initial business combination.

    The units commenced trading on The Nasdaq Global Market (“NASDAQ”) under the ticker symbol “COLAU” on January 23, 2025. Once the securities comprising the units begin separate trading, the ordinary shares and rights will be listed on NASDAQ under the symbols “COLA” and “COLAR,” respectively.

    A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering. The Benchmark Company, LLC acted as the co-manager for the offering.

    The Company has granted the underwriters a 45-day option to purchase up to 900,000 units at the initial public offering price to cover over-allotments, if any.

    Robinson & Cole LLP served as the U.S. counsel to Columbus Acquisition Corp and Sichenzia Ross Ference Carmel LLP served as the U.S. counsel to the representative of the underwriters in this offering.

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 22, 2025. The offering has been made only by means of a prospectus, copies of which may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com or by visiting EDGAR on the SEC’s website at http://www.sec.gov.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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. No securities regulatory authority has either approved or disapproved of the contents of this press release.

    About Columbus Acquisition Corp

    The Company is a blank check company incorporated in the Cayman Islands, sponsored by Hercules Capital Management VII Corp, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to identify a prospective target business which will not be limited to a particular industry or geographic location.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the underwriters’ exercise of over-allotment option, the anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the initial public offering filed with the SEC. Copies are available on the SEC’s website, http://www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contacts:

    Fen Zhang
    Chairman and Chief Executive Officer
    Email: eric.zhang@hercules.global
    Tel: (+1) 949 899 1827

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Announces Fiscal 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), today announced the Company’s results for the first quarter of fiscal year 2025 ended December 31, 2024.

    The Company reported net income of $160,000, or $0.15 per basic and diluted share, for the quarter ended December 31, 2024, compared to net income of $118,000, or $0.11 per basic and diluted share, for the quarter ended December 31, 2023.

    Summary of Financial Results

    Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans and securities, and the interest we pay on our interest-bearing liabilities, consisting of savings and club accounts, NOW and money market accounts and time certificates. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges, earnings on bank owned life insurance and loan servicing fees. Non-interest expense currently consists primarily of salaries and employee benefits, directors’ fees, occupancy and data processing expense and professional fees. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

    Total assets decreased by $0.5 million or 0.25%, from $197.3 million at September 30, 2024 to $196.8 million at December 31, 2024. Securities available for sale decreased $1.8 million, or 4.00%, from $45.3 million as of September 30, 2024 to $43.5 million as of December 31, 2024 as the Bank received principal paydowns and maturities along with a decrease in the market value as market rates fluctuate. Net loans increased by $0.7 million or 0.54%, from September 30, 2024 to December 31, 2024. The Bank made a $15,000 provision for credit loss during the first quarter of fiscal 2025, a decrease from the $70,000 provision made in the same period of fiscal 2024.

    Deposits decreased $0.2 million or 0.14%, to $159.7 million at December 31, 2024 from $159.9 million at September 30, 2024 due to seasonal fluctuations. The Bank currently holds no Federal Home Loan Bank (FHLB) advances or brokered deposits.

    Shareholders’ equity was $31.7 million at December 31, 2024, representing a decrease of 3.12% from the September 30, 2024 balance of $32.8 million. The decrease in shareholders’ equity was primarily a result of a $1.1 million decrease to the market value of the securities portfolio included in accumulated other comprehensive loss. The Company declared dividends of $0.08 per share totaling $89,000 during the three months ended December 31, 2024. The Company’s book value was $28.68 per common share based on 1,107,134 shares issued and 1,106,790 shares outstanding at December 31, 2024. The Company’s book value was $29.59 per common share based on 1,107,134 shares issued and outstanding at September 30, 2024.

    Total interest income increased $38,000, or 1.79%, from $2.1 million for the quarter ended December 31, 2023 to $2.2 million for the quarter ended December 31, 2024. Interest income on loans increased $91,000, or 5.68%, from $1.6 million for the quarter ended December 31, 2023 to $1.7 million for the quarter ended December 31, 2024 due to an increase in market rates resulting in higher interest rates on loan originations and repricing.

    Total interest expense increased $77,000, or 23.77%, from $324,000 for the quarter ended December 31, 2023 to $401,000 for the quarter ended December 31, 2024. Interest expense on deposits increased $158,000, from $243,000 for the quarter ended December 31, 2023 to $401,000 for the quarter ended December 31, 2024. Interest expense on FHLB borrowings decreased $131,000 as the Bank currently holds no FHLB advances.

    Net interest spread, the difference between the rate earned on interest-earning assets and the rate paid on interest-bearing liabilities, was 3.78% for the quarter ended December 31, 2024 and 3.84% for the quarter ended December 31, 2023 as interest rates on interest bearing deposits increased faster than the interest rates on loans during fiscal 2024.

    Non-interest income increased $97,000, from $147,000 for the quarter ended December 31, 2023 to $244,000 for the quarter ended December 31, 2024. This includes the unrealized market value loss on swap agreements held with FHLBNY of $9,000 and $143,000 for the quarters ended December 31, 2024 and 2023, respectively. Other non-interest income increased $52,000 compared to the same period last year, primarily due to the recognition of additional income from a tax-related refund.

    Financial and Operational Metrics (GAAP)

      12/31/2024   09/30/2024
      (In Thousands)
      (unaudited)    
    Statement of Condition      
    Assets      
    Cash and Cash Equivalents $ 7,013   $ 6,370
    Securities Available-for-Sale   43,534     45,348
    Loans Receivable, Net of Allowance for Credit Losses and Deferred Loan Fees   124,927     124,257
    Premises and Equipment, Net   2,933     2,924
    Goodwill and Intangible Assets   5,808     5,901
    Accrued Interest Receivable and Other Assets   12,561     12,460
    Total Assets $ 196,776   $ 197,260
           
    Liabilities and Shareholders’ Equity      
    Deposits $ 159,672   $ 159,902
    Accrued Interest Payable and Other Liabilities   5,361     4,593
    Total Liabilities   165,033     164,495
           
    Common Stock (and related surplus)   6,501     6,498
    Retained Earnings   28,484     28,413
    Accumulated Other Comprehensive Loss   (2,737)     (1,606)
    Other Equity Capital Components   (505)     (540)
    Total Shareholders’ Equity   31,743     32,765
    Total Liabilities and Shareholders’ Equity $ 196,776   $ 197,260
           
           
      For the Quarter Ended
      12/31/2024   12/31/2023
      (In Thousands except per share data)
      (unaudited)
    Statement of Earnings      
    Interest Income $ 2,166   $ 2,128
    Interest Expense   401     324
    Net Interest Income   1,765     1,804
           
    Provision for Credit Loss   15     70
    Net Interest Income After Provision for Credit Loss   1,750     1,734
           
    Non-interest Income   244     147
    Non-interest Expenses   1,835     1,780
           
    Income Before Income Tax Benefit   159     101
    Income Tax Benefit   (1)     (17)
    Net Income $ 160   $ 118
           
    Performance Ratios      
    Basic and Diluted Earnings per Share $ 0.15   $ 0.11
    Annualized Return on Average Assets   0.32%     0.23%
    Annualized Return on Average Equity   1.97%     1.61%
    Net Interest Spread   3.78%     3.84%
               

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At December 31, 2024, Gouverneur Bancorp, Inc. had total assets of $196.8 million, total deposits of $159.7 million and total stockholders’ equity of $31.7 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: the ability to successfully integrate acquired entities, such as Citizens Bank of Cape Vincent, which we acquired on September 16, 2022, and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024, which is available through the SEC’s EDGAR website located at http://www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company and the Bank assume no obligation to update any forward-looking statements.

    For more information, contact Robert W. Barlow, President and Chief Executive Officer at (315) 287-2600.

    The MIL Network –

  • MIL-OSI Global: Can Trump just order new names for Denali and the Gulf of Mexico? A geographer explains who decides what goes on the map

    Source: The Conversation – USA – By Innisfree McKinnon, Associate Professor of Geography, University of Wisconsin-Stout

    Known as Mount McKinley until 2015, Denali’s current name reflects what Native Alaskans call the mountain. Arterra/Universal Images Group via Getty Images

    President Donald Trump’s executive order to rename the Gulf of Mexico and Alaska’s Denali, the tallest peak in the country, has resulted in lots of discussion. While for some, such renaming might seem less important than the big problems the country faces, there is a formal process in the United States for renaming places, and that process is taken seriously.

    Usually, so people don’t get confused, official, agreed-upon names are used by the government. In the U.S., place names are standardized by the U.S. Board on Geographic Names, which is part of the U.S. Geological Survey, the agency in charge of making maps.

    In his executive order, Trump asks the Board on Geographic Names “to honor the contributions of visionary and patriotic Americans” and change its policies and procedures to reflect that.

    Usually, renaming a place starts locally. The people in the state or county propose a name change and gather support. The process in each state is different.

    Lake Bde Maka Ska, formerly Lake Calhoun, is the largest lake in Minneapolis.
    YinYang/E+ via Getty

    How to change a place name

    Minnesota recently changed the name of a large lake in Minneapolis to Bde Maka Ska, which the Minneapolis Park Board described as “a Dakota name for the lake that has been passed down in oral history for many years.”

    The board voted to change the name and took its request to the county commissioners. When the county agreed, the request was then sent to the Minnesota Department of Natural Resources, which made it official for Minnesota. Then, the state of Minnesota sent the request to the Board on Geographic Names, which made it official for the entire U.S.

    It’s a lot of paperwork for something so seemingly minor, but people get passionate about place names. It took 40 years to rename Denali from the name established in the late 19th century, Mount McKinley.

    The state of Alaska requested the name change in 1975, but the Board on Geographic Names didn’t take action. Members of the Ohio congressional delegation – President William McKinley was from Ohio – objected over many years to requests to rename the mountain, and the board did not act on those requests.

    The president appoints the secretary of the Interior Department. The secretary works with the heads of related agencies to appoint the Board on Geographic Names. Current committee policy states, “Input from State geographic names authorities, land
    management agencies, local governments, and Tribal Governments     are actively pursued.”

    In 2015, President Barack Obama named a new leader for the Department of the Interior, Sally Jewell. Just as Obama made a trip to Alaska in late August 2015, Jewell declared the name change official under a law that allows the secretary of the Interior to change a name if the board doesn’t act on the proposal in a “reasonable” amount of time.

    “This name change recognizes the sacred status of Denali to many Alaska Natives,” Jewell said. “The name Denali has been official for use by the State of Alaska since 1975, but even more importantly, the mountain has been known as Denali for generations. With our own sense of reverence for this place, we are officially renaming the mountain Denali in recognition of the traditions of Alaska Natives and the strong support of the people of Alaska.”

    If someone objects to a name change, they could ask the courts to rule on whether the name change was made legally. Going back to Bde Maka Ska, some people objected to changing the name from Lake Calhoun, so they took the state natural resources agency to court. Eventually, the Minnesota Supreme Court ruled that the name change was done correctly.

    Alaska’s two U.S. senators and prominent state figures have strongly objected to Trump’s renaming attempt.

    How not to change a place name

    Renaming the Gulf of Mexico is a different kind of case, however, from renaming a geographic place within U.S. borders.

    The gulf is not within the territorial U.S. On the coast, the first 12 miles from shore are considered part of that country, but outside of that is international waters.

    The Board on Geographic Names could change the name to Gulf of America on official U.S. maps, but there is no international board in charge of place names. Each country decides what to call places. And there is no official way for the U.S. to make other countries change the name.

    It’s possible that the U.S. could formally ask other countries to change the name, or even impose sanctions against countries that don’t comply.

    If the names were officially changed in the U.S., the government would use the new names in official documents, signage and maps. As for all the people and companies in the world that make maps, they usually use the official names. But there is nothing that would force them to, if they believed that a certain name is more widely recognized.

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

    – ref. Can Trump just order new names for Denali and the Gulf of Mexico? A geographer explains who decides what goes on the map – https://theconversation.com/can-trump-just-order-new-names-for-denali-and-the-gulf-of-mexico-a-geographer-explains-who-decides-what-goes-on-the-map-248112

    MIL OSI – Global Reports –

  • MIL-OSI Security: 12 Indicted in Multi-Million Dollar Business Email Compromise Scheme

    Source: Office of United States Attorneys

    COLUMBIA, S.C. — A federal grand jury in Columbia returned a 12-count indictment alleging conspiracy, wire fraud, bank fraud, and money laundering against 12 individuals for defrauding multiple victims in a nationwide scheme.

    The indictment alleges that the defendants listed below were involved in a business email compromise scheme that defrauded the victims out of millions of dollars. These types of fraud target both companies and individuals.

    • Demani Jawara Bosket, 50, of Saluda
    • Nkem Ajoku 55, of Pflugerville, Texas
    • Walter Clayron Ruff Jr., 51, of Gaston
    • Tanya Lawshawn Bosket, 51, of Saluda
    • Jahbir Rolando Fowle, 45, of Charlotte, North Carolina
    • Anthony Jerome Savage, 46, of Charlotte, North Carolina
    • Micheal Raymond Bevans-Silva, 38, of Savannah, Georgia
    • Carlise Raymion Roland, 32, of Jacksonville, Florida,
    • Daniel Alexander Edwards, 51, of Jacksonville, Florida,
    • Danny Heard II, 41, of Jacksonville, Florida,
    • Raymone Tyshay Scott Sr., 48, of Jacksonville, Florida,
    • Jamian Joshaun Butler, 45, of Jacksonville, Florida,

    The perpetrators of these types of frauds typically employ the use of “spoofed” emails that appear to be the genuine email address of a legitimate business or banking institution. In reality, the email address is a slight variation of the true email address, and the victim is instead communicating with perpetuators of the scheme.

    The indictment alleges that the defendants accessed the victims’ computer systems to monitor email communications for potential financial transactions and bank transfers.  The defendants used this information to identify the victims’ points of contact, financial accounts, communications, and business practices. The defendants then used spoofed emails to impersonate internal personnel, business partners, vendors, or other interested parties. The defendants would then initiate payments or direct financial transfers to bank accounts they controlled. The defendants then shared and intermixed the stolen funds between their own bank accounts, before sending a portion of the money out of the country. The defendants are alleged to have victimized multiple individuals and businesses, including construction companies, private equity firms, title companies, and law firms in South Carolina, New Jersey, Florida, Texas, Pennsylvania, and Japan.

    The defendants face a maximum penalty of 30 years imprisonment and fines of $1,000,000. The defendants are scheduled to be arraigned on Feb. 4, 2025, at 10 a.m. before the Honorable Paige J. Gossett.

    The case was investigated by the U.S. Agency for International Development, the Internal Revenue Service Criminal Investigation, the Department of Homeland Security, and the U.S. Secret Service.  Assistant U.S. Attorneys Lothrop Morris and T. DeWayne Pearson are prosecuting the case. 

    All charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty.

    ###

    MIL Security OSI –

  • MIL-OSI: Northrim BanCorp Earns $10.9 Million, or $1.95 Per Diluted Share, in Fourth Quarter 2024, and $37.0 Million, or $6.62 Per Diluted Share, for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Jan. 24, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago. The increase in the fourth quarter of 2024 compared to the third quarter of 2024 is primarily due to an increase in purchased receivable income due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to factoring and asset-based lending in the United States, Canada, and the United Kingdom. Additionally, in the fourth quarter of 2024 the Company had an increase in mortgage banking income, primarily as a result of an increase in the fair value of a mortgage servicing portfolio that the Company purchased from another financial institution in the fourth quarter. The increase profitability in the fourth quarter of 2024 as compared to the same quarter of the prior year was largely driven by an increase in mortgage banking income and higher net interest income, as well as an increase in purchased receivable income as noted above, which was only partially offset by higher other operating expenses and an increase in the provision for credit losses.

    Net income for the full year of 2024 increased 46% to $37.0 million, or $6.62 per diluted share, compared to $25.4 million, or $4.49 per diluted share, for the full year of 2023. Increased net interest income resulting from loan and deposit growth supported 2024 earnings in the Community Banking segment but were offset by increases in other operating expenses, primarily in salaries and other personnel expense as the Company continued to expand its branch network into new markets in Alaska. An increase in mortgage originations and an increase in the fair value of mortgage servicing rights resulted in net income of $4.4 million in the Home Mortgage Lending segment in 2024 compared to a $2.5 million loss in 2023.

    Dividends per share in the fourth quarter of 2024 remained consistent with the third quarter of 2024 at $0.62 per share and increased from $0.60 per share in the fourth quarter of 2023.

    “Northrim reported record core earnings in 2024 and record earnings per share in the fourth quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We are pleased with our results as we continue to focus on profitable growth. In the last five years Northrim’s deposit market share in Alaska has increased from 11% to 16%, loans and deposits have increased by almost 100%, and net interest income has increased by 60%.”

    “2024 results were also supported by an improvement in mortgage banking income,” continued Mr. Huston. “We believe the acquisition of Sallyport in the fourth quarter will further diversify fee income and provide attractive risk-adjusted returns to Northrim shareholders.”

    Fourth Quarter 2024 Highlights:

    • Net interest income in the fourth quarter of 2024 increased 7% to $30.8 million compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023.
    • Net interest margin on a tax equivalent basis (“NIMTE”)* was 4.47% for the fourth quarter of 2024, a 12-basis point increase from the third quarter of 2024 and a 35-basis point increase compared to the fourth quarter of 2023.
    • Return on average assets (“ROAA”) was 1.43% and return on average equity (“ROAE”) was 16.32% for the fourth quarter of 2024.
    • Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgage loans originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.
    • Total deposits were $2.68 billion at December 31, 2024, up 2% from the preceding quarter, and up 8% from $2.49 billion a year ago. Noninterest bearing demand deposits represented 27% of total deposits at December 31, 2024, down from 29% at September 30, 2024 and 31% at December 31, 2023.
    • Total assets at December 31, 2024 exceeded $3 billion for the first time.
    • The average cost of interest-bearing deposits was 2.15% in the fourth quarter of 2024, down from 2.24% in the third quarter of 2024 and up from 2.00% in the fourth quarter a year ago.
    • Acquired Sallyport for approximately $53.9 million (approximately $47.9 million in cash and $6 million in an earn-out payable over 3 years) on October 31, 2024.
       
    Financial Highlights Three Months Ended
    (Dollars in thousands, except per share data) December 31,
    2024    		 September 30,
    2024    		 June 30, 2024 March 31, 2024 December 31,
    2023
    Total assets $3,041,869   $2,963,392   $2,821,668   $2,759,560   $2,807,497  
    Total portfolio loans $2,129,263   $2,007,565   $1,875,907   $1,811,135   $1,789,497  
    Total deposits $2,680,189   $2,625,567   $2,463,806   $2,434,083   $2,485,055  
    Total shareholders’ equity $267,116   $260,050   $247,200   $239,327   $234,718  
    Net income $10,927   $8,825   $9,020   $8,199   $6,613  
    Diluted earnings per share $1.95   $1.57   $1.62   $1.48   $1.19  
    Return on average assets 1.43 % 1.22 % 1.31 % 1.19 % 0.93 %
    Return on average shareholders’ equity 16.32 % 13.69 % 14.84 % 13.84 % 11.36 %
    NIM 4.41 % 4.29 % 4.24 % 4.16 % 4.06 %
    NIMTE* 4.47 % 4.35 % 4.30 % 4.22 % 4.12 %
    Efficiency ratio 66.96 % 66.11 % 68.78 % 68.93 % 72.21 %
    Total shareholders’ equity/total assets 8.78 % 8.78 % 8.76 % 8.67 % 8.36 %
    Tangible common equity/tangible assets* 7.23 % 8.28 % 8.24 % 8.14 % 7.84 %
    Book value per share $48.41   $47.27   $44.93   $43.52   $42.57  
    Tangible book value per share* $39.17   $44.36   $42.03   $40.61   $39.68  
    Dividends per share $0.62   $0.62   $0.61   $0.61   $0.60  
    Common shares outstanding 5,518,210   5,501,943   5,501,562   5,499,578   5,513,459  
                         

    * References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. Please refer to the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

    Alaska Economic Update
    (Note: sources for information in this section are listed on page 13.)

    The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in November 2024 was 4.6% compared to the U.S. rate of 4.2%. The total number of payroll jobs in Alaska, not including uniformed military, increased 2.4% or 7,700 jobs between November 2023 and November 2024.

    According to the DOL, Construction had the largest growth in new jobs in Alaska through November compared to the prior year. The Construction sector added 2,100 positions for a year over year growth rate of 12.7% in November 2024. The larger Health Care sector grew by 1,500 jobs for an annual growth rate of 3.7%. The Oil & Gas sector increased by 9.2% or 700 new direct jobs. Transportation, Warehousing and Utilities added 1,000 jobs for a 4.5% growth rate. Professional and Business Services increased 700 jobs year over year through November 2024, up 2.5%.

    The Government sector grew by 1,200 jobs for 1.5% growth, adding 100 Federal jobs, 800 State and 300 Local government positions in Alaska over the same period. Declining sectors between November 2023 and November 2024 were Manufacturing (primarily seafood processing) shrinking 500 jobs (-6.6%), Information, down 100 jobs (-2.2%), and Retail lost 100 jobs (-0.3%).

    Alaska’s Gross State Product (“GSP”) in the third quarter of 2024, exceeded $70 billion for the first time, and is estimated to be $70.1 billion in current dollars, according to the Federal Bureau of Economic Analysis (“BEA”). Alaska’s inflation adjusted “real” GSP increased 6.5% in 2023, placing Alaska fifth best of all 50 states. In the third quarter of 2024 Alaska GSP increased at an annualized rate of 2.2%, compared to the average U.S. growth rate of 3.1%. Alaska’s real GSP improvement in the third quarter of 2024 was primarily caused by growth in the Health Care, Trade, Transportation and Warehousing sectors.

    The BEA also calculated Alaska’s seasonally adjusted personal income at $55.7 billion in the third quarter of 2024. This was an annualized improvement in the third quarter of 3.3% for Alaska, compared to the national average of 3.2%. Alaska enjoyed an annual personal income improvement of 3.8% in 2023. The $445 million increase in personal income in the third quarter in Alaska came from a $310 million increase in net earnings from wages, $145 million growth in government transfer receipts (which grew in all 50 states), and a $10 million decrease in investment income.

    The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April 2024 and most recently averaged $72.50 in November 2024. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024 and is projected to increase to 467 thousand bpd in Alaska’s fiscal year 2025. The DOR expects production to continue to grow rapidly to 657 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is reportedly developing the large new Willow field. There are also a number of smaller new fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimates.

    According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $509,994, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases.

    The average sales price for single family homes in the Matanuska Susitna Borough rose 3.9% in 2024 to $412,907, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

    The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or 0.2%.

    Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: http://www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

    Review of Income Statement

    Consolidated Income Statement

    In the fourth quarter of 2024, Northrim generated a ROAA of 1.43% and a ROAE of 16.32%, compared to 1.22% and 13.69%, respectively, in the third quarter of 2024 and 0.93% and 11.36%, respectively, in the fourth quarter a year ago. For the year 2024, Northrim generated a ROAA of 1.29% and a ROAE of 14.70%, compared to 0.94% and 11.17% for 2023.

    Net Interest Income/Net Interest Margin

    Net interest income increased 7% to $30.8 million in the fourth quarter of 2024 compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023. Interest expense on deposits increased to $10.6 million in the fourth quarter compared to $10.1 million in the third quarter of 2024 and $8.7 million in the fourth quarter of 2023.

    NIMTE* was 4.47% in the fourth quarter of 2024 compared to 4.35% in the preceding quarter and 4.12% in the fourth quarter a year ago. NIMTE* increased 12 basis points in the fourth quarter of 2024 compared to the prior quarter and 35 basis points compared to the fourth quarter of 2023 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher earning-assets, and higher yields on those assets which were only partially offset by an increase in costs on interest-bearing deposits. The weighted average interest rate for new loans booked in the fourth quarter of 2024 was 7.23% compared to 7.24% in the third quarter of 2024 and 7.74% in the fourth quarter a year ago. The yield on the investment portfolio increased to 2.84% from 2.80% in the third quarter of 2024 and increased from 2.48% in the fourth quarter of 2023. “We are beginning to see improvements in our net interest margin as a result of lower deposit costs from the recent Fed interest rate cuts, in addition to the benefit of new loan volume and loan repricing driving our net interest margin to 4.47% for the fourth quarter,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE* continues to remain above the peer average of 3.16% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of September 30, 2024.

    Provision for Credit Losses

    Northrim recorded a provision for credit losses of $1.2 million in the fourth quarter of 2024, which includes a $125,000 provision for credit losses on purchased receivables, $107,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on loans of $1.2 million. This compares to a provision for credit losses of $2.1 million in the third quarter of 2024, and a provision for credit losses of $885,000 in the fourth quarter a year ago. The $1.2 million provision for credit losses in the fourth quarter of 2024 is largely attributable to increases in loan and purchased receivable balances.

    Nonperforming loans, net of government guarantees, increased during the quarter to $7.5 million at December 31, 2024, compared to $5.0 million at both September 30, 2024 and December 31, 2023.

    The allowance for credit losses was 292% of nonperforming loans, net of government guarantees, at the end of the fourth quarter of 2024, compared to 394% three months earlier and 345% a year ago.

    Other Operating Income

    In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $13.0 million, or 30% of total fourth quarter 2024 revenues, as compared to $11.6 million, or 29% of revenues in the third quarter of 2024, and $6.5 million, or 20% of revenues in the fourth quarter of 2023. The increase in other operating income in the fourth quarter of 2024 as compared to the preceding quarter and the fourth quarter of 2023 is largely the result of higher purchased receivable income due to the acquisition of Sallyport. Additionally, other operating income in the fourth quarter of 2024 as compared to the fourth quarter a year ago increased due to an increase in mortgage banking income arising from higher volume of mortgage activity and an increase in the value of mortgage servicing rights. The changes in mortgage banking are discussed further in the Home Mortgage Lending section below.

    Other Operating Expenses

    Operating expenses were $29.4 million in the fourth quarter of 2024, compared to $26.7 million in the third quarter of 2024, and $24.0 million in the fourth quarter of 2023. The increase in other operating expenses in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter a year ago is primarily due to an increase in salaries and other personnel expense, as well as increases in professional fees from one-time deal costs associated with the acquisition of Sallyport and insurance expense due to higher FDIC insurance costs due to the Company’s asset and net income growth.

    Income Tax Provision

    In the fourth quarter of 2024, Northrim recorded $2.4 million in state and federal income tax expense for an effective tax rate of 17.8%, compared to $2.8 million, or 24.2% in the third quarter of 2024 and $1.7 million, or 20.7% in the fourth quarter a year ago. For the year, Northrim recorded $10.0 million in state and federal income tax expense in 2024 for an effective tax rate of 21.3%, compared to $6.2 million, or 19.7% in 2023. The decrease in the tax rate in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago is primarily the result of increased tax benefits related to the Company’s investment in low income housing tax credits and the purchase of renewable energy tax credits.

    Community Banking

    In the most recent deposit market share data from the FDIC, Northrim’s deposit market share in Alaska increased to 15.66% of Alaska’s total deposits as of June 30, 2024 compared to 15.04% of Alaska’s total deposits as of June 30, 2023. This represents 62 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 2.3% during the same period. Northrim opened a branch in Kodiak in the first quarter of 2023, a loan production office in Homer in the second quarter of 2023, a permanent branch in Nome in the third quarter of 2023, and a branch in Homer in the first quarter of 2024. See below for further discussion regarding the Company’s deposit movement for the quarter.

    Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as “distressed or underserved non-metropolitan middle-income geographies”.

    Net interest income in the Community Banking segment totaled $27.6 million in the fourth quarter of 2024, compared to $25.9 million in the third quarter of 2024 and $24.2 million in the fourth quarter of 2023. Net interest income increased in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago mostly due to increased interest income on loans that was only partially offset by higher interest expense on deposits.

    The following table provides highlights of the Community Banking segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Net interest income $27,643   $25,928   $24,318   $24,215   $24,221  
    Provision (benefit) for credit losses 771   1,492   (184 ) 197   885  
    Other operating income 2,535   3,507   2,450   2,468   2,741  
    Other operating expense 19,116   18,723   18,068   17,177   18,158  
    Income before provision for income taxes 10,291   9,220   8,884   9,309   7,919  
    Provision for income taxes 1,474   2,133   1,786   1,966   1,604  
    Net income Community Banking segment $8,817   $7,087   $7,098   $7,343   $6,315  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,578,491  
    Diluted earnings per share $1.58   $1.26   $1.27   $1.32   $1.14  
                         
      Year Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Net interest income $102,104   $95,555  
    Provision for credit losses 2,276   3,842  
    Other operating income 10,960   9,130  
    Other operating expense 73,085   69,253  
    Income before provision for income taxes 37,703   31,590  
    Provision for income taxes 7,359   6,175  
    Net income Community Banking segment $30,344   $25,415  
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted earnings per share $5.43   $4.49  
             

    Home Mortgage Lending

    During the fourth quarter of 2024, mortgage loans funded for sale decreased to $162.5 million, of which 89% was for home purchases, compared to $210.0 million and 94% of loans funded for home purchases in the third quarter of 2024, and increased as compared to $79.7 million, of which 96% was for home purchases in the fourth quarter of 2023.

    During the fourth quarter of 2024, the Bank purchased Residential Mortgage-originated mortgage loans to hold on the Bank’s balance sheet of $23.4 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.30%, down from $38.1 million and 6.59% in the third quarter of 2024, and down from $27.1 million and 7.05% in the fourth quarter of 2023. Mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $3.3 million to total revenue in the fourth quarter of 2024, up from $2.9 million in the prior quarter, and up from $2.3 million in the fourth quarter a year ago.

    The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 19% of Residential Mortgage’s $186 million total production in the fourth quarter of 2024, 20% of the $248 million total production in the third quarter of 2024, and 11% of the $107 million in total production in the fourth quarter of 2023.

    The net change in fair value of mortgage servicing rights increased mortgage banking income by $873,000 during the fourth quarter of 2024 compared to a decrease of $968,000 for the third quarter of 2024 and a decrease of $1.0 million for the fourth quarter of 2023. In the fourth quarter of 2024, the Bank purchased an Alaska Housing Finance Corporation (AHFC) servicing portfolio from another financial institution for $2.3 million. At December 31, 2024, this servicing portfolio was valued at $3.1 million resulting in a $750,000 increase in fair value. Mortgage servicing revenue increased to $2.8 million in the fourth quarter of 2024 from $2.6 million in the prior quarter and increased from $2.2 million in the fourth quarter of 2023 due to an increase in production of AHFC mortgages, which contribute to servicing revenues at origination. In the fourth quarter of 2024, the Company’s mortgage servicing portfolio increased to $294.1 million, which includes the purchase of the AHFC servicing portfolio of $235.6 million, $86.3 million in new mortgage loans, net of amortization and payoffs of $27.8 million as compared to a net increase of $64.8 million in the third quarter of 2024 and $62.4 million in the fourth quarter of 2023.

    As of December 31, 2024, Northrim serviced 6,378 loans in its $1.46 billion home mortgage servicing portfolio, a 25% increase compared to the $1.17 billion serviced as of the end of the third quarter of 2024, and a 40% increase from the $1.04 billion serviced a year ago.

    The following table provides highlights of the Home Mortgage Lending segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Mortgage loan commitments $32,299   $77,591   $88,006   $56,208   $22,926  
               
    Mortgage loans funded for sale $162,530   $209,960   $152,339   $84,324   $79,742  
    Mortgage loans funded for investment 23,380   38,087   29,175   17,403   27,114  
    Total mortgage loans funded $185,910   $248,047   $181,514   $101,727   $106,856  
    Mortgage loan refinances to total fundings 11 % 6 % 6 % 4 % 4 %
    Mortgage loans serviced for others $1,460,720   $1,166,585   $1,101,800   $1,060,007   $1,044,516  
               
    Net realized gains on mortgage loans sold $3,747   $5,079   $3,188   $1,980   $1,462  
    Change in fair value of mortgage loan commitments, net (665 ) 60   391   386   (296 )
    Total production revenue 3,082   5,139   3,579   2,366   1,166  
    Mortgage servicing revenue 2,847   2,583   2,164   1,561   2,180  
    Change in fair value of mortgage servicing rights:          
    Due to changes in model inputs of assumptions1 1,372   (566 ) 239   289   (707 )
    Other2 (499 ) (402 ) (320 ) (314 ) (301 )
    Total mortgage servicing revenue, net 3,720   1,615   2,083   1,536   1,172  
    Other mortgage banking revenue 238   293   222   129   99  
    Total mortgage banking income $7,040   $7,047   $5,884   $4,031   $2,437  
               
    Net interest income $3,280   $2,941   $2,775   $2,232   $2,276  
    Provision (benefit) for credit losses 305   571   64   (48 ) —  
    Mortgage banking income 7,040   7,047   5,884   4,031   2,437  
    Other operating expense 7,198   7,643   6,697   6,086   5,477  
    Income before provision for income taxes 2,817   1,774   1,898   225   (764 )
    Provision for income taxes 842   497   532   63   (215 )
    Net (loss) income Home Mortgage Lending segment $1,975   $1,277   $1,366   $162   ($549 )
               
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,769,415  
    Diluted (loss) earnings per share $0.35   $0.23   $0.25   $0.03   ($0.10 )
    1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
    2Represents changes due to collection/realization of expected cash flows over time.
                         
       
      Year Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Mortgage loans funded for sale $609,153   $376,154  
    Mortgage loans funded for investment 108,045   146,258  
    Total mortgage loans funded $717,198   $522,412  
    Mortgage loan refinances to total fundings 7 % 4 %
         
    Net realized gains on mortgage loans sold $13,994   $7,828  
    Change in fair value of mortgage loan commitments, net 172   (102 )
    Total production revenue 14,166   7,726  
    Mortgage servicing revenue 9,155   7,368  
    Change in fair value of mortgage servicing rights:    
    Due to changes in model inputs of assumptions1 1,334   (922 )
    Other2 (1,535 ) (1,765 )
    Total mortgage servicing revenue, net 8,954   4,681  
    Other mortgage banking revenue 882   356  
    Total mortgage banking income $24,002   $12,763  
         
    Net interest income $11,228   $7,298  
    Provision for credit losses 892   —  
    Mortgage banking income 24,002   12,763  
    Other operating expense 27,624   23,497  
    Income before provision for income taxes 6,714   (3,436 )
    Provision for income taxes 1,934   (943 )
    Net (loss) income Home Mortgage Lending segment $4,780   ($2,493 )
         
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted (loss) earnings per share $0.86   ($0.44 )
    1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. 
    2Represents changes due to collection/realization of expected cash flows over time.
     

    Specialty Finance

    On October 31, 2024, the Company completed the acquisition of Sallyport Commercial Finance, LLC in an all cash transaction valued at approximately $53.9 million. Sallyport Commercial Finance, LLC is a leading provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom. The Company determined that a new Specialty Finance segment was appropriate for the Company upon the completion of the acquisition. The Specialty Finance segment also includes Northrim Funding Services, a division of Northrim Bank that has offered factoring solutions to small businesses since 2004. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also include interest income and other fee income.

    The acquisition of Sallyport included $1.13 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter and full year of 2024 in the tables below. Total pre-tax income for Sallyport for two months of operations, excluding transaction costs was $945,000.

    The following table provides highlights of the Specialty Finance segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Purchased receivable income $3,526   $1,033   $1,243   $1,345   $1,307  
    Other operating income (68 ) —   —   —   —  
    Interest income 407   158   170   212   235  
    Total revenue 3,865   1,191   1,413   1,557   1,542  
    Provision for credit losses 125   —   —   —   —  
    Other operating expense 3,063   362   429   374   358  
    Interest expense 489   185   210   212   —  
    Total expense 3,677   547   639   586   358  
    Income before provision for income taxes 188   644   774   971   1,184  
    Provision for income taxes 53   183   218   276   337  
    Net income Specialty Finance segment $135   $461   $556   $695   $847  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,578,491  
    Diluted earnings per share $0.02   $0.08   $0.10   $0.13   $0.15  
                         
      Year Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Purchased receivable income $7,147   $4,482  
    Other operating income (68 ) —  
    Interest income 947   403  
    Total revenue 8,026   4,885  
    Provision for credit losses 125   —  
    Other operating expense 4,228   1,431  
    Interest expense 1,096   —  
    Total expense 5,449   1,431  
    Income before provision for income taxes 2,577   3,454  
    Provision for income taxes 730   982  
    Net income Specialty Finance segment $1,847   $2,472  
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted earnings per share $0.33   $0.44  
             

    Balance Sheet Review

    Northrim’s total assets were $3.04 billion at December 31, 2024, up 3% from the preceding quarter and up 8% from a year ago. Northrim’s loan-to-deposit ratio was 79% at December 31, 2024, up from 76% at September 30, 2024, and 72% at December 31, 2023.

    At December 31, 2024, our liquid assets and investments and loans maturing within one year were $1.01 billion and our funds available for borrowing under our existing lines of credit were $566.8 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

    Average interest-earning assets were $2.79 billion in the fourth quarter of 2024, up 4% from $2.67 billion in the third quarter of 2024 and up 7% from $2.61 billion in the fourth quarter a year ago. The average yield on interest-earning assets was 6.02% in the fourth quarter of 2024, up from 5.92% in the preceding quarter and 5.51% in the fourth quarter a year ago.

    Average investment securities decreased to $565.8 million in the fourth quarter of 2024, compared to $619.0 million in the third quarter of 2024 and $690.7 million in the fourth quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.84% for the fourth quarter of 2024, up from 2.80% in the preceding quarter and up from 2.48% in the year ago quarter. The average estimated duration of the investment portfolio at December 31, 2024, was approximately 2.4 years down from approximately 2.8 years a year ago. As of December 31, 2024, $79.0 million of available for sale securities are scheduled to mature in the next six months, $55.8 million are scheduled to mature in six months to one year, and $189.3 million are scheduled to mature in the following year, representing a total of $324.0 million or 12% of earning assets that are scheduled to mature in the next 24 months.

    Total unrealized losses, net of tax, on available for sale securities increased by $678,000 in the fourth quarter of 2024 as compared to the prior quarter, and decreased by $9.1 million compared to the fourth quarter of 2023, resulting in a total unrealized loss of $8.3 million at December 31, 2024 compared to $7.6 million at September 30, 2024 and $17.4 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.5 years at the end of 2024. Total unrealized losses on held to maturity securities were $1.0 million at December 31, 2024, compared to $2.1 million at September 30, 2024, and $3.3 million a year ago.

    Average interest bearing deposits in other banks increased to $72.2 million in the fourth quarter from $28.4 million in the third quarter of 2024 due to higher deposit balances and maturing portfolio investments. Average interest bearing deposits in other banks decreased in the fourth quarter of this year compared to $126.2 million in the fourth quarter of 2023 as cash was used to fund the growing loan portfolio.

    Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.86 million at December 31, 2024, up 6% or $99.9 million from $1.76 billion in the preceding quarter and up 14% from a year ago. This increase was diversified throughout the loan portfolio including commercial real estate nonowner-occupied and multi-family loans increasing by $35.1 million, construction loans increasing by $28.7 million, commercial loans increasing $24.9 million, and commercial real estate owner-occupied loans increasing $7.2 million from the preceding quarter. Average portfolio loans in the fourth quarter of 2024 were $2.07 billion, which was up 7% from the preceding quarter and up 18% from a year ago. Yields on average portfolio loans in the fourth quarter of 2024 increased slightly to 6.93% from 6.91% in the third quarter of 2024 and increased from 6.55% in the fourth quarter of 2023. The increase in the yield on portfolio loans in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter a year ago is primarily due to loan repricing due to the increases in interest rates and new loans booked at higher rates due to changes in the interest rate environment. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.40% in the fourth quarter of 2024 as compared to 7.43% in the third quarter of 2024 and 8.07% in the fourth quarter of 2023.

    Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.68 billion at December 31, 2024, up 2% from $2.63 billion at September 30, 2024, and up 8% from $2.49 billion a year ago. “Our bankers are working hard to continue to bring over new relationships to the Bank, which is helping to magnify normal increases in deposit balances from our customers’ business cycles,” said Ballard. At December 31, 2024, 73% of total deposits were held in business accounts and 27% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $61,000 as of December 31, 2024. Northrim had 26 customers with balances over $10 million as of December 31, 2024, which accounted for $612.9 million, or 24%, of total deposits. Demand deposits decreased by 8% from the prior quarter and decreased 6% year-over-year to $706.2 million at December 31, 2024. Demand deposits decreased to 27% of total deposits at December 31, 2024 compared to 29% at September 30, 2024 and 31% of total deposits at December 31, 2023. Average interest-bearing deposits were up 9% to $1.95 billion with an average cost of 2.15% in the fourth quarter of 2024, compared to $1.80 billion and an average cost of 2.24% in the third quarter of 2024, and up 13% compared to $1.72 billion and an average cost of 2.00% in the fourth quarter of 2023. Uninsured deposits totaled $1.08 billion or 40% of total deposits as of December 31, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. As interest rates continued to increase in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

    Shareholders’ equity was $267.1 million, or $48.41 book value per share, at December 31, 2024, compared to $260.1 million, or $47.27 book value per share, at September 30, 2024 and $234.7 million, or $42.57 book value per share, a year ago. Tangible book value per share* was $39.17 at December 31, 2024, compared to $44.36 at September 30, 2024, and $39.68 per share a year ago. The increase in shareholders’ equity in the fourth quarter of 2024 as compared to the third quarter of 2024 was largely the result of earnings of $10.9 million which was partially offset by dividends paid of $3.4 million and a decrease in the fair value of the available for sale securities portfolio, which decreased $678,000, net of tax. The Company did not purchase any shares of common stock in the fourth quarter of 2024 and had 110,000 shares remaining under the current share repurchase program as of December 31, 2024. Tangible common equity to tangible assets* was 7.23% as of December 31, 2024, compared to 8.28% as of September 30, 2024 and 7.84% as of December 31, 2023. The decrease in tangible common equity to tangible assets* was primarily due to $35.0 million of Goodwill booked as part of the acquisition of Sallyport. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.76% at December 31, 2024, compared to 11.53% at September 30, 2024, and 11.43% at December 31, 2023.

    Asset Quality

    Northrim believes it has a consistent lending approach throughout the economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

    Nonperforming assets (“NPAs”) net of government guarantees were $11.6 million at December 31, 2024, up from $5.3 million at September 30, 2024 and from $5.8 million a year ago. Of the NPAs at December 31, 2024, $3.0 million, or 26% are nonaccrual loans related to three commercial relationships, $2.8 million, or 24% is related to a Sallyport nonaccrual loan, and $3.3 million, or 28% is related to one purchased receivable relationship.

    Net adversely classified loans were $9.6 million at December 31, 2024, as compared to $6.5 million at September 30, 2024, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan recoveries were $51,000 in the fourth quarter of 2024, compared to net loan recoveries of $96,000 in the third quarter of 2024, and net loan charge-offs of $96,000 in the fourth quarter of 2023.

    Northrim had $138.0 million, or 6% of total portfolio loans, in the Healthcare sector; $117.0 million, or 5% of portfolio loans, in the Tourism sector; $104.3 million, or 5% in the Accommodations sector; $87.4 million, or 4% in Retail loans; $84.6 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector; $76.5 million, or 4% in the Fishing sector; and $55.1 million, or 3% in the Restaurants and Breweries sector as of December 31, 2024.

    Northrim estimates that $99.7 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of December 31, 2024, and $1.6 million of these loans are adversely classified. As of December 31, 2024, Northrim has an additional $45.8 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

    About Northrim BanCorp

    Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

    http://www.northrim.com

    Forward-Looking Statement
    This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

    References:

    https://www.bea.gov/

    http://almis.labor.state.ak.us/

    http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

    http://www.tax.state.ak.us/

    http://www.mba.org

    https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

    https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

                 
    Income Statement            
    (Dollars in thousands, except per share data) Three Months Ended   Year-to-date
    (Unaudited) December 31, September 30, December 31,   December 31, December 31,
      2024 2024 2023   2024 2023
    Interest Income:            
    Interest and fees on loans $37,059   $34,863   $29,508     $134,739   $108,612  
    Interest on investments 3,844   4,164   4,677     16,838   18,695  
    Interest on deposits in banks 883   389   1,743     2,342   4,644  
    Total interest income 41,786   39,416   35,928     153,919   131,951  
    Interest Expense:            
    Interest expense on deposits 10,568   10,123   8,676     39,347   26,511  
    Interest expense on borrowings 377   451   520     1,389   2,184  
    Total interest expense 10,945   10,574   9,196     40,736   28,695  
    Net interest income 30,841   28,842   26,732     113,183   103,256  
                 
    Provision for credit losses 1,201   2,063   885     3,293   3,842  
    Net interest income after provision for            
    loan losses 29,640   26,779   25,847     109,890   99,414  
                 
    Other Operating Income:            
    Mortgage banking income 7,040   7,047   2,437     24,002   12,763  
    Purchased receivable income 3,526   1,033   1,307     7,146   4,482  
    Bankcard fees 1,148   1,196   946     4,366   3,862  
    Service charges on deposit accounts 622   605   532     2,348   2,044  
    Gain on sale of securities 112   —   —     112   —  
    Unrealized gain (loss) on marketable equity securities (364 ) 576   565     465   120  
    Other income 949   1,130   698     3,602   3,104  
    Total other operating income 13,033   11,587   6,485     42,041   26,375  
                 
    Other Operating Expense:            
    Salaries and other personnel expense 18,254   17,549   15,417     67,847   61,741  
    Data processing expense 3,108   2,618   2,500     10,986   9,821  
    Occupancy expense 1,893   1,911   1,783     7,609   7,394  
    Professional and outside services 1,967   903   802     4,351   3,128  
    Marketing expense 965   860   933     3,028   2,929  
    Insurance expense 894   596   675     2,961   2,519  
    OREO expense, net rental income and gains on sale 2   2   (28 )   (385 ) (794 )
    Intangible asset amortization expense —   —   6     —   17  
    Other operating expense 2,294   2,289   1,905     8,540   7,426  
    Total other operating expense 29,377   26,728   23,993     104,937   94,181  
                 
    Income before provision for income taxes 13,296   11,638   8,339     46,994   31,608  
    Provision for income taxes 2,369   2,813   1,726     10,023   6,214  
    Net income $10,927   $8,825   $6,613     $36,971   $25,394  
                 
    Basic EPS $1.99   $1.60   $1.19     $6.72   $4.53  
    Diluted EPS $1.95   $1.57   $1.19     $6.62   $4.49  
    Weighted average common shares outstanding, basic 5,509,078   5,501,943   5,513,041     5,502,797   5,601,471  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,578,491     5,583,983   5,661,460  
                           
    Balance Sheet      
    (Dollars in thousands)      
    (Unaudited) December 31, September 30, December 31,
      2024 2024 2023
           
    Assets:      
    Cash and due from banks $42,101   $42,805   $27,457  
    Interest bearing deposits in other banks 20,635   60,071   91,073  
    Investment securities available for sale, at fair value 478,617   545,210   637,936  
    Investment securities held to maturity 36,750   36,750   36,750  
    Marketable equity securities, at fair value 8,719   12,957   13,153  
    Investment in Federal Home Loan Bank stock 5,331   4,318   2,980  
    Loans held for sale 59,957   97,937   31,974  
    Portfolio loans 2,129,263   2,007,565   1,789,497  
    Allowance for credit losses, loans (22,020 ) (19,528 ) (17,270 )
    Net portfolio loans 2,107,243   1,988,037   1,772,227  
    Purchased receivables, net 74,078   23,564   36,842  
    Mortgage servicing rights, at fair value 26,439   21,570   19,564  
    Premises and equipment, net 37,757   39,625   40,693  
    Operating lease right-of-use assets 7,455   7,616   9,092  
    Goodwill and intangible assets 50,968   15,967   15,967  
    Other assets 85,819   66,965   71,789  
    Total assets $3,041,869   $2,963,392   $2,807,497  
           
    Liabilities:      
    Demand deposits $706,225   $763,595   $749,683  
    Interest-bearing demand 1,108,404   979,238   927,291  
    Savings deposits 250,900   245,043   255,338  
    Money market deposits 196,290   201,821   221,492  
    Time deposits 418,370   435,870   331,251  
    Total deposits 2,680,189   2,625,567   2,485,055  
    Other borrowings 23,045   13,354   13,675  
    Junior subordinated debentures 10,310   10,310   10,310  
    Operating lease liabilities 7,487   7,635   9,092  
    Other liabilities 53,722   46,476   54,647  
    Total liabilities 2,774,753   2,703,342   2,572,779  
           
    Shareholders’ Equity:      
    Total shareholders’ equity 267,116   260,050   234,718  
    Total liabilities and shareholders’ equity $3,041,869   $2,963,392   $2,807,497  
           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Composition of Portfolio Loans                        
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31, 2024   December 31,
    2023
      Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total
    Commercial loans $518,148   24 %   $492,414   24 %   $495,781   26 %   $475,220   26 %   $486,057   27 %
    Commercial real estate:                            
    Owner occupied properties 420,060   20 %   412,827   20 %   383,832   20 %   372,507   20 %   368,357   20 %
    Nonowner occupied and multifamily properties 619,431   29 %   584,302   31 %   551,130   30 %   529,904   30 %   519,115   30 %
    Residential real estate:                            
    1-4 family properties secured by first liens 270,535   13 %   248,514   12 %   222,026   12 %   218,552   12 %   203,534   11 %
    1-4 family properties secured by junior liens & revolving secured by first liens 48,857   2 %   45,262   2 %   41,258   2 %   35,460   2 %   33,783   2 %
    1-4 family construction 39,789   2 %   39,794   2 %   29,510   2 %   27,751   2 %   31,239   2 %
    Construction loans 214,068   10 %   185,362   9 %   154,009   8 %   153,537   8 %   149,788   8 %
    Consumer loans 7,562   — %   7,836   — %   6,679   — %   6,444   — %   6,180   — %
    Subtotal 2,138,450       2,016,311       1,884,225       1,819,375       1,798,053    
    Unearned loan fees, net (9,187 )     (8,746 )     (8,318 )     (8,240 )     (8,556 )  
    Total portfolio loans $2,129,263       $2,007,565       $1,875,907       $1,811,135       $1,789,497    
                                 
    Composition of Deposits                        
      December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
      Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total
    Demand deposits $706,225   27 %   $763,595   29 %   $704,471   29 %   $714,244   29 %   $749,683   31 %
    Interest-bearing demand 1,108,404   41 %   979,238   37 %   906,010   36 %   889,581   37 %   927,291   37 %
    Savings deposits 250,900   9 %   245,043   9 %   238,156   10 %   246,902   10 %   255,338   10 %
    Money market deposits 196,290   7 %   204,821   8 %   195,159   8 %   209,785   9 %   221,492   9 %
    Time deposits 418,370   16 %   435,870   17 %   420,010   17 %   373,571   15 %   331,251   13 %
    Total deposits $2,680,189       $2,628,567       $2,463,806       $2,434,083       $2,485,055    
                                           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Asset Quality
    		 December 31, September 30, December 31,
        2024 2024 2023
      Nonaccrual loans $7,516   $4,944   $6,069  
      Loans 90 days past due and accruing 17   17   —  
      Total nonperforming loans 7,533   4,961   6,069  
      Nonperforming loans guaranteed by government —   —   (1,067 )
      Net nonperforming loans 7,533   4,961   5,002  
      Repossessed assets 297   297   —  
      Nonperforming purchased receivables 3,768   —   808  
      Net nonperforming assets $11,598   $5,258   $5,810  
      Nonperforming loans, net of government guarantees / portfolio loans 0.35 % 0.25 % 0.28 %
      Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees 0.38 % 0.26 % 0.30 %
      Nonperforming assets, net of government guarantees / total assets 0.38 % 0.18 % 0.21 %
      Nonperforming assets, net of government guarantees / total assets net of government guarantees 0.40 % 0.19 % 0.21 %
                   
      Adversely classified loans, net of government guarantees $9,636   $6,503   $7,057  
      Special mention loans, net of government guarantees $19,769   $9,641   $6,580  
      Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans 0.03 % 0.08 % 0.03 %
      Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees 0.03 % 0.09 % 0.03 %
                   
      Allowance for credit losses – loans / portfolio loans 1.03 % 0.97 % 0.97 %
      Allowance for credit losses – loans / portfolio loans, net of government guarantees 1.10 % 1.04 % 1.02 %
      Allowance for credit losses – loans / nonperforming loans, net of government guarantees 292 % 394 % 345 %
                   
      Allowance for credit losses – purchased receivables / purchased receivables 4.69 % — % — %
      Allowance for credit losses – purchased receivables / nonperforming purchased receivables 97 % — % — %
                   
      Gross loan charge-offs for the quarter $149   $15   $281  
      Gross loan recoveries for the quarter ($200 ) ($111 ) ($185 )
      Net loan (recoveries) charge-offs for the quarter ($51 ) ($96 ) $96  
      Net loan (recoveries) charge-offs year-to-date ($215 ) ($164 ) ($38 )
      Net loan (recoveries) charge-offs for the quarter / average loans, for the quarter 0.00 % 0.00 % 0.01 %
      Net loan (recoveries) charge-offs year-to-date / average loans, year-to-date annualized (0.01 )% (0.01 )% 0.00 %
                   

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates                            
      Three Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023
        Average     Average     Average
      Average Tax
    Equivalent    		   Average Tax
    Equivalent    		   Average Tax
    Equivalent
      Balance Yield/Rate   Balance Yield/Rate   Balance Yield/Rate
    Assets              
    Interest bearing deposits in other banks $72,212   4.72 %   $28,409   5.28 %   $126,174   5.40 %
    Portfolio investments 565,785   2.84 %   619,012   2.80 %   690,659   2.48 %
    Loans held for sale 83,304   5.97 %   93,689   6.20 %   45,732   6.55 %
    Portfolio loans 2,066,216   6.93 %   1,933,181   6.91 %   1,749,732   6.55 %
    Total interest-earning assets 2,787,517   6.02 %   2,674,291   5.92 %   2,612,297   5.51 %
    Nonearning assets 251,364       196,266       214,934    
    Total assets $3,038,881       $2,870,557       $2,827,231    
                   
    Liabilities and Shareholders’ Equity              
    Interest-bearing deposits $1,954,495   2.15 %   $1,796,107   2.24 %   $1,724,409   2.00 %
    Borrowings 29,251   3.95 %   43,555   4.07 %   47,964   4.25 %
    Total interest-bearing liabilities 1,983,746   2.18 %   1,839,662   2.29 %   1,772,373   2.06 %
                   
    Noninterest-bearing demand deposits 738,911       722,000       760,566    
    Other liabilities 49,815       52,387       63,321    
    Shareholders’ equity 266,409       256,508       230,971    
    Total liabilities and shareholders’ equity $3,038,881       $2,870,557       $2,827,231    
    Net spread   3.84 %   3.63 %     3.45 %
    NIM   4.41 %   4.29 %     4.06 %
    NIMTE*   4.47 %   4.35 %     4.12 %
    Cost of funds   1.59 %   1.64 %     1.44 %
    Average portfolio loans to average interest-earning assets 74.12 %     72.29 %     66.98 %  
    Average portfolio loans to average total deposits 76.71 %     76.77 %     70.41 %  
    Average non-interest deposits to average total deposits 27.43 %     28.67 %     30.61 %  
    Average interest-earning assets to average interest-bearing liabilities 140.52 %     145.37 %     147.39 %  
                           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates          
      Year-to-date
      December 31, 2024   December 31, 2023
        Average     Average
      Average Tax Equivalent   Average Tax Equivalent
      Balance Yield/Rate   Balance Yield/Rate
    Assets          
    Interest bearing deposits in other banks $44,913   5.09 %   $91,161   5.02 %
    Portfolio investments 623,756   2.82 %   715,367   2.43 %
    Loans held for sale 68,790   6.08 %   41,769   6.19 %
    Portfolio loans 1,910,156   6.87 %   1,643,943   6.49 %
    Total interest-earning assets 2,647,615   5.86 %   2,492,240   5.36 %
    Nonearning assets 213,397       198,107    
    Total assets $2,861,012       $2,690,347    
               
    Liabilities and Shareholders’ Equity          
    Interest-bearing deposits $1,802,286   2.18 %   $1,614,386   1.64 %
    Borrowings 33,799   3.81 %   51,038   4.24 %
    Total interest-bearing liabilities 1,836,085   2.21 %   1,665,424   1.72 %
               
    Noninterest-bearing demand deposits 718,163       749,859    
    Other liabilities 55,265       47,820    
    Shareholders’ equity 251,499       227,244    
    Total liabilities and shareholders’ equity $2,861,012       $2,690,347    
    Net spread   3.65 %     3.64 %
    NIM   4.28 %     4.14 %
    NIMTE*   4.33 %     4.21 %
    Cost of funds   1.59 %     1.19 %
    Average portfolio loans to average interest-earning assets 72.15 %     65.96 %  
    Average portfolio loans to average total deposits 75.79 %     69.53 %  
    Average non-interest deposits to average total deposits 28.49 %     31.72 %  
    Average interest-earning assets to average interest-bearing liabilities 144.20 %     149.65 %  
                   

    Additional Financial Information
    (Dollars in thousands, except per share data)
    (Unaudited)

    Capital Data (At quarter end)          
      December 31,
    2024    		   September 30, 2024   December 31,
    2023
    Book value per share $48.41     $47.27     $42.57  
    Tangible book value per share* $39.17     $44.36     $39.68  
    Total shareholders’ equity/Total assets 8.78 %   8.78 %   8.36 %
    Tangible common equity/Tangible assets* 7.23 %   8.28 %   7.84 %
    Tier 1 capital / Risk adjusted assets 9.76 %   11.53 %   11.43 %
    Total capital / Risk adjusted assets 10.94 %   12.50 %   12.35 %
    Tier 1 capital / Average assets 7.68 %   9.08 %   8.72 %
    Common shares outstanding 5,518,210     5,501,943     5,513,459  
    Unrealized gain on AFS debt securities, net of income taxes ($8,295 )   ($7,617 )   ($17,415 )
    Unrealized (loss) on derivatives and hedging activities, net of income taxes $1,272     $863     $978  
                     
    Profitability Ratios                            
      December 31,
    2024    		   September
    30, 2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    For the quarter:                            
    NIM 4.41 %   4.29 %   4.24 %   4.16 %   4.06 %
    NIMTE* 4.47 %   4.35 %   4.30 %   4.22 %   4.12 %
    Efficiency ratio 66.96 %   66.11 %   68.78 %   68.93 %   72.21 %
    Return on average assets 1.43 %   1.22 %   1.31 %   1.19 %   0.93 %
    Return on average equity 16.32 %   13.69 %   14.84 %   13.84 %   11.36 %
                                 
      December 31,
    2024    		   December 31,
    2023
    Year-to-date:          
    NIM 4.28 %   4.14 %
    NIMTE* 4.33 %   4.21 %
    Efficiency ratio 67.60 %   72.64 %
    Return on average assets 1.29 %   0.94 %
    Return on average equity 14.70 %   11.17 %
               

    *Non-GAAP Financial Measures
    (Dollars and shares in thousands, except per share data)
    (Unaudited)

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

    Net interest margin on a tax equivalent basis

    Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2023 and 2022. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin.

       
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    Net interest income $30,841     $28,842     $27,053     $26,447     $26,732  
    Divided by average interest-bearing assets 2,787,517     2,674,291     2,568,266     2,558,558     2,612,297  
    Net interest margin (“NIM”)2 4.41 %   4.29 %   4.24 %   4.16 %   4.06 %
                       
    Net interest income $30,841     $28,842     $27,053     $26,447     $26,732  
    Plus: reduction in tax expense related to tax-exempt interest income 379     385     378     379     374  
      $31,220     $29,227     $27,431     $26,826     $27,106  
    Divided by average interest-bearing assets 2,787,517     2,674,291     2,568,266     2,558,558     2,612,297  
    NIMTE2 4.47 %   4.35 %   4.30 %   4.22 %   4.12 %
                                 
      Year-to-date
      December 31,
    2024    		   December 31,
    2023
    Net interest income $113,183     $103,256  
    Divided by average interest-bearing assets 2,647,615     2,492,240  
    Net interest margin (“NIM”)3 4.28 %   4.14 %
           
    Net interest income $113,183     $103,256  
    Plus: reduction in tax expense related to tax-exempt interest income 1,521     1,576  
      $114,704     $104,832  
    Divided by average interest-bearing assets 2,647,615     2,492,240  
    NIMTE3 4.33 %   4.21 %
               
    2Calculated using actual days in the quarter divided by 366 for the quarters ended in 2024 and 365 for the quarters ended in 2023, respectively.
               
    3Calculated using actual days in the year divided by 366 for year-to-date period in 2024 and 365 for year-to-date period in 2023, respectively.
               

    *Non-GAAP Financial Measures

    (Dollars and shares in thousands, except per share data)
    (Unaudited)

    Tangible Book Value

    Tangible book value is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by common shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share.

                       
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Divided by common shares outstanding 5,518     5,502     5,502     5,500     5,513  
    Book value per share $48.41     $47.26     $44.93     $43.52     $42.57  
                                 
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Less: goodwill and intangible assets 50,968     15,967     15,967     15,967     15,967  
      $216,148     $244,083     $231,233     $223,360     $218,751  
    Divided by common shares outstanding 5,518     5,502     5,502     5,500     5,513  
    Tangible book value per share $39.17     $44.36     $43.52     $40.61     $39.68  
                                 

    Tangible Common Equity to Tangible Assets

    Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets.

                       
    Northrim BanCorp, Inc. December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Total assets 3,041,869     2,963,392     2,821,668     2,759,560     2,807,497  
    Total shareholders’ equity to total assets 8.78 %   8.78 %   8.76 %   8.67 %   8.36 %
                                 
    Northrim BanCorp, Inc. December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Less: goodwill and other intangible assets, net 50,968     15,967     15,967     15,967     15,967  
    Tangible common shareholders’ equity $216,148     $244,083     $231,233     $223,360     $218,751  
                       
    Total assets $3,041,869     $2,963,392     $2,821,668     $2,759,560     $2,807,497  
    Less: goodwill and other intangible assets, net 50,968     15,967     15,967     15,967     15,967  
    Tangible assets $2,990,901     $2,947,425     $2,805,701     $2,743,593     $2,791,530  
    Tangible common equity ratio 7.23 %   8.28 %   8.24 %   8.14 %   7.84 %
                                 

    Note Transmitted on GlobeNewswire on January 24, 2025, at 12:15 pm Alaska Standard Time.

       
    Contact: Mike Huston, President, CEO, and COO
      (907) 261-8750
      Jed Ballard, Chief Financial Officer
      (907) 261-3539
       

    The MIL Network –

  • MIL-OSI: CVR Energy Commences Planned Turnaround at Coffeyville Refinery

    Source: GlobeNewswire (MIL-OSI)

    SUGAR LAND, Texas, Jan. 24, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced that it has commenced its planned turnaround at the Coffeyville, Kansas, refinery operated by one of its subsidiaries following damage sustained to its Naphtha Hydrotreater on January 21, 2025, during freezing weather conditions. The Company intends to provide further updates regarding this turnaround during its next earnings conference call.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding its Naphtha Hydrotreater and turnaround at the Coffeyville refinery including the cost, timing, duration and outcome thereof. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others): impacts of plant outages and weather conditions and events; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewables, petroleum refining and marketing business as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations
    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations
    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    The MIL Network –

  • MIL-OSI USA: Pfizer Agrees to Pay Nearly 60M to Resolve False Claims Allegations Relating to Improper Physician Payments by Subsidiary

    Source: US State of Vermont

    Note: View the settlement here.

    Pharmaceutical company Pfizer Inc. (Pfizer), on behalf of its wholly-owned subsidiary Biohaven Pharmaceutical Holding Company Ltd. (Biohaven), has agreed to pay $59,746,277 to resolve allegations that, prior to Pfizer’s acquisition of the company, Biohaven knowingly caused the submission of false claims to Medicare and other federal health care programs by paying kickbacks to health care providers to induce prescriptions of Biohaven’s drug Nurtec ODT.

    “Through this settlement and others, the government has demonstrated its commitment to ensuring that drug companies do not use kickbacks to influence physician prescribing,” said Acting Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “The department will use every tool at its disposal to prevent pharmaceutical manufacturers from undermining the objectivity of treatment decisions by health care providers.”

    The anti‑kickback statute prohibits offering or paying anything of value to induce the referral of items or services covered by Medicare, Medicaid, TRICARE, and other federal health care programs. The statute is intended to ensure that medical providers’ judgments are not compromised by improper financial incentives.

    The settlement announced today resolves allegations that from March 1, 2020, through Sept. 30, 2022, Biohaven paid improper remuneration, including in the form of speaker honoraria and meals at high end restaurants, to health care professionals to induce them to prescribe the migraine medication Nurtec ODT in violation of the anti-kickback statute. The United States alleged that Biohaven selected certain health care providers to be part of the Nurtec speaker bureau and provided them paid speaking opportunities with the intent that the speaker honoraria and meals would induce them to prescribe Nurtec ODT. The government further alleged that certain prescribers who attended multiple programs on the same topic received no educational benefit from attending repeat programs and that certain Biohaven speaker programs were attended by individuals with no educational need to attend, such as the speakers’ spouses, family members, or friends, or colleagues from the speakers’ own medical practice. The United States contends that this conduct persisted until October 2022, when Pfizer acquired Biohaven and terminated the Nurtec speaker programs.    

    “Patients deserve to know that their doctor is prescribing medications based on their doctor’s medical judgment, and not as a result of financial incentives from pharmaceutical companies,” said U.S. Attorney Trini E. Ross for the Western District of New York. “This settlement reflects our commitment to hold those who violate the laws accountable, regardless of their status or prestige.”

    “Violations of the anti-kickback statute, such as those alleged in this settlement, can unduly influence prescribers and negatively impact taxpayer-funded health care,” said Deputy Inspector General Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with law enforcement partners to ensure that providers and corporations are held accountable if they attempt to bypass laws meant to protect the integrity of federal health care programs.”

    “Investigating schemes that undermine the integrity of TRICARE, the health care system for military members and their families, is a top priority for the Department of Defense Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Special Agent in Charge Patrick J. Hegarty of the DCIS Northeast Field Office. “Today’s announcement demonstrates our commitment to work with our partner agencies and the Department of Justice to pursue corporations that attempt to corrupt the TRICARE system.”

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Patrica Frattasio, a former sales representative at Biohaven. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Patricia Frattasio v. Biohaven Pharmaceutical Holding Company Ltd., No. 6:21-CV-06539 (W.D.N.Y.). Approximately $50.2 million of the settlement constitutes the federal portion of the recovery and approximately $9.5 million constitutes a recovery for State Medicaid programs. Ms. Frattasio will receive approximately $8.4 million as her share of the federal recovery in this case.   

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch Fraud Section, and the U.S. Attorney’s Office for the Western District of New York.

    Trial Attorney Jessica Sarkis of the Justice Department’s Civil Division and Assistant U.S. Attorney David M. Coriell for the Western District of New York handled the matter.

    The investigation and resolution of this matter illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI Security: Pfizer Agrees to Pay Nearly 60M to Resolve False Claims Allegations Relating to Improper Physician Payments by Subsidiary

    Source: United States Attorneys General

    Note: View the settlement here.

    Pharmaceutical company Pfizer Inc. (Pfizer), on behalf of its wholly-owned subsidiary Biohaven Pharmaceutical Holding Company Ltd. (Biohaven), has agreed to pay $59,746,277 to resolve allegations that, prior to Pfizer’s acquisition of the company, Biohaven knowingly caused the submission of false claims to Medicare and other federal health care programs by paying kickbacks to health care providers to induce prescriptions of Biohaven’s drug Nurtec ODT.

    “Through this settlement and others, the government has demonstrated its commitment to ensuring that drug companies do not use kickbacks to influence physician prescribing,” said Acting Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “The department will use every tool at its disposal to prevent pharmaceutical manufacturers from undermining the objectivity of treatment decisions by health care providers.”

    The anti‑kickback statute prohibits offering or paying anything of value to induce the referral of items or services covered by Medicare, Medicaid, TRICARE, and other federal health care programs. The statute is intended to ensure that medical providers’ judgments are not compromised by improper financial incentives.

    The settlement announced today resolves allegations that from March 1, 2020, through Sept. 30, 2022, Biohaven paid improper remuneration, including in the form of speaker honoraria and meals at high end restaurants, to health care professionals to induce them to prescribe the migraine medication Nurtec ODT in violation of the anti-kickback statute. The United States alleged that Biohaven selected certain health care providers to be part of the Nurtec speaker bureau and provided them paid speaking opportunities with the intent that the speaker honoraria and meals would induce them to prescribe Nurtec ODT. The government further alleged that certain prescribers who attended multiple programs on the same topic received no educational benefit from attending repeat programs and that certain Biohaven speaker programs were attended by individuals with no educational need to attend, such as the speakers’ spouses, family members, or friends, or colleagues from the speakers’ own medical practice. The United States contends that this conduct persisted until October 2022, when Pfizer acquired Biohaven and terminated the Nurtec speaker programs.    

    “Patients deserve to know that their doctor is prescribing medications based on their doctor’s medical judgment, and not as a result of financial incentives from pharmaceutical companies,” said U.S. Attorney Trini E. Ross for the Western District of New York. “This settlement reflects our commitment to hold those who violate the laws accountable, regardless of their status or prestige.”

    “Violations of the anti-kickback statute, such as those alleged in this settlement, can unduly influence prescribers and negatively impact taxpayer-funded health care,” said Deputy Inspector General Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with law enforcement partners to ensure that providers and corporations are held accountable if they attempt to bypass laws meant to protect the integrity of federal health care programs.”

    “Investigating schemes that undermine the integrity of TRICARE, the health care system for military members and their families, is a top priority for the Department of Defense Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Special Agent in Charge Patrick J. Hegarty of the DCIS Northeast Field Office. “Today’s announcement demonstrates our commitment to work with our partner agencies and the Department of Justice to pursue corporations that attempt to corrupt the TRICARE system.”

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Patrica Frattasio, a former sales representative at Biohaven. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Patricia Frattasio v. Biohaven Pharmaceutical Holding Company Ltd., No. 6:21-CV-06539 (W.D.N.Y.). Approximately $50.2 million of the settlement constitutes the federal portion of the recovery and approximately $9.5 million constitutes a recovery for State Medicaid programs. Ms. Frattasio will receive approximately $8.4 million as her share of the federal recovery in this case.   

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch Fraud Section, and the U.S. Attorney’s Office for the Western District of New York.

    Trial Attorney Jessica Sarkis of the Justice Department’s Civil Division and Assistant U.S. Attorney David M. Coriell for the Western District of New York handled the matter.

    The investigation and resolution of this matter illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI USA: January 24th, 2025 Heinrich Hosts Congressional Briefing Highlighting Advancements and Job Creation in the Electric Vehicle Supply Chain

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    PHOTOS

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, hosted a congressional briefing on developments in manufacturing electric vehicles and their supply chains in the United States, from batteries to electric school buses.

    PHOTOS: U.S. Senator Martin Heinrich, Ranking Member of the Senate Energy and Natural Resources Committee, hosts a congressional briefing on the electric vehicle manufacturing supply chain, January 23, 2025.

    Panelists from the Zero Emission Transportation Association Education Fund, Impact Clean Power Technology, SA, and GreenPower Motor Company shared their perspectives on the incredible growth in EV-related investments over recent years and business partnerships that are diversifying domestic supply chains away from foreign entities of concern, including from China, driven by the Inflation Reduction Act and the Infrastructure Investments and Jobs Act.

    “For the last few years, the United States has taken industrial policy seriously. We need to do that because China and other competitors, for years and years, have been taking industrial policy seriously. If we want to control our own supply chains, we need pro-growth tax policies that support those things,” said Heinrich. “There is no question that globally, the electrification of transportation is a consistent phenomenon. The real question for us as a nation, I think, is, do we want to lead this transition? Do we want to compete with our global competitors and be successful, or are we going to cede that leadership to other spaces?”

    “In my view, when you’re winning, keep winning,” Heinrich continued. “Keep the things that are actually moving factories to the United States. What I’ve experienced in the just the few years since we created the Inflation Reduction Act is new manufacturing plants opening in the state of New Mexico and existing manufacturing plants expanding. The supply chains that everybody complained about, saying ‘we don’t have control of those supply chains,’ let’s build those supply chains here. We should be banding together with our allies to control our own supply chains and to build good jobs here and to compete effectively — not just to compete, but to win this race for the future of transportation and energy.”

    Heinrich’s Longtime Leadership on Electric Vehicles

    Heinrich is a staunch advocate for federal investments that make electric vehicles more affordable and accessible for working families as well as electric vehicle charging stations more available for New Mexicans.

    In 2022, Heinrich helped author and pass into law the landmark Inflation Reduction Act, which has created a manufacturing renaissance throughout the country and established New Mexico at the center of the nation’s clean energy future. Heinrich marked the two-year anniversary of the legislation being signed into law in August, highlighting how its incentives have expanded and spurred a number of new clean energy projects across New Mexico.

    Last August, at an event in Albuquerque, Heinrich was joined by Albuquerque Public Schools (APS) Superintendent Gabriella Duran-Blakey and Mom’s Clean Air Force – an organization dedicated to protecting children from air pollution and climate change – to announce nearly $7 million in Infrastructure Law funding to help APS replace older, diesel school buses with 20 new electric school buses. This investment comes from the EPA Clean School Bus Program, which Heinrich helped establish. The investment will help APS save money as they upgrade school bus fleets, replacing existing buses with brand new zero-emission and clean school buses.

    Last year, Heinrich and the New Mexico Congressional Delegation also welcomed nearly $68 million in competitive federal grant funding from the Bipartisan Infrastructure Law’s Charging and Fueling Infrastructure Discretionary Grant Program to build major new electric vehicle charging networks throughout New Mexico. The largest portion of that funding will allow the New Mexico Department of Transportation to contract with a private partner, TeraWatt Infrastructure, to build the I-10 Electric Corridor, which will be the nation’s first network of high-powered charging centers for heavy-duty electric trucks. As part of this network, TeraWatt will build two electric vehicle charging centers for medium-and heavy-duty commercial vehicles conducting routes along Interstate 10 (I-10), located in unincorporated Hidalgo and Doña Ana Counties, near Lordsburg and Vado, N.M. The entire route will extend along the I-10 highway from the San Pedro ports in Southern California to the El Paso, Texas border region.

    Last year, Heinrich also welcomed guidance from the Department of the Treasury and the Internal Revenue Service (IRS) that significantly expanded access to the 30C Alternative Fuel Vehicle Refueling Property Credit. The 30C Alternative Fuel Vehicle Refueling Property Credit was increased through the Inflation Reduction Act and provides billions of dollars for alternative refueling infrastructure investments such as in-home EV chargers, zero-emission truck stops, public chargers, and adding zero-emission refueling to warehouses.

    Heinrich has also led successful efforts to call on the U.S. Postal Service to substantially increase their efforts to electrify the next generation of mail delivery vehicles. With funding that Democrats delivered in the historic Inflation Reduction Act and a commitment from the Biden administration, the next generation of mail delivery vehicles in America will now be 75% battery electric vehicles, and 100% electric starting in 2026.

    MIL OSI USA News –

  • MIL-OSI USA: Warner Joins Colleagues in Introducing Bipartisan Legislation to Support First Responders with Service-Related Cancers

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) joined Sens. Amy Klobuchar (D-MN), Kevin Cramer (R-ND), and 26 of their Senate colleagues in introducing legislation to expand access to federal support for the families of firefighters and other first responders who pass away or become permanently disabled from service-related cancers. 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 Honoring our Fallen Heroes Act would expand access to federal support for the families of firefighters and first responders who pass away from cancer caused by carcinogenic exposure during their service. The bill would also extend disability benefits in cases where these first responders become permanently and totally disabled due to cancer.

    “Our first responders put their lives on the line day in and day out to keep our communities safe, and in the face of this work, are often exposed to harmful carcinogens that have led to long-term and devastating diagnoses,” Sen. Warner said. “It is wholly unacceptable that firefighters who have gotten sick due to the job do not receive the same benefits as all those who die in the line of duty. I’m proud to introduce this legislation to ensure that these heroes receive the benefits they deserve.”

    The PSOB program provides benefits to the survivors of fire fighters, law enforcement officers, and other first responders who are 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 PSOB and PSOEA programs are administered by the Department of Justice’s Bureau of Justice Assistance (BJA). The Honoring Our Fallen Heroes Act would ensure that firefighters and other first responders across the country are eligible to receive similar benefits under the federal PSOB program.

    Joining Sens. Warner, Klobuchar, and Cramer in introducing this legislation are Sens. Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Richard Blumenthal (D-CT), Chris Coons (D-DE), John Cornyn (R-TX), Ted Cruz (R-TX), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Mazie Hirono (D-HI), Jim Justice (R-WV), Mark Kelly (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Mike Rounds (R-SD), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Tim Sheehy (R-MT), Tina Smith (D-MN), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR). 

    The legislation is endorsed by the International Association of Fire Fighters (IAFF), as well as the Congressional Fire Services Institute (CFSI); Federal Law Enforcement Officers Association (FLEOA); Fraternal Order of Police (FOP); International Association of Fire Chiefs (IAFC); Major County Sheriffs of America (MCSA); Metropolitan Fire Chiefs Association (Metro Chiefs); National Association of Police Organizations (NAPO); National Fallen Firefighters Foundation (NFFF); National Fire Protection Association (NFPA); National Narcotics Officers’ Associations’ Coalition (NNOAC); National Volunteer Fire Council (NVFC); and Sergeants Benevolent Association of the NYPD.

    Text of the legislation is available here.

     

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Daines, Thune, Colleagues Reintroduce Bill to Give Small Business Permanent Tax Break

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Steve Daines (R-MT), John Thune (R-SD), and 32 Republican colleagues reintroduced the Main Street Tax Certainty Act to make the 20 percent pass-through business tax deduction permanent. Should these tax cuts expire, small businesses will face an immediate and massive tax hike.
    “The small businesses that drive our communities should have certainty about their taxes,” said Dr. Cassidy. “Passing this law makes sure they do.”
    “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,” said Senator Daines.
    “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,” said Senator Thune.
    The Main Street Tax Certainty Act is supported by the National Association of Manufactures and NFIB.
    Cassidy, Daines, and Thune were joined by U.S. Senators John Barrasso (R-WY), Shelley Moore Capito (R-WV), James Lankford (R-OK), Joni Ernst (R-IA), Tom Cotton (R-AR), Tim Scott (R-SC), Chuck Grassley (R-IA), Kevin Cramer (R-ND), Jerry Moran (R-KS), Marsha Blackburn (R-TN), Mike Rounds (R-SD), Pete Ricketts (R-NE), Katie Britt (R-AL), Jim Risch (R-ID), Eric Schmitt (R-MO), Roger Wicker (R-MS), Cynthia Lummis (R-WY), Cindy Hyde-Smith (R-MS), Tommy Tuberville (R-AL), Ted Cruz (R-TX), John Hoeven (R-ND), Thom Tillis (R-NC), Roger Marshall (R-KS), Jim Justice (R-WV), Tim Sheehy (R-MT), Deb Fischer (R-NE), Ted Budd (R-NC), Rick Scott (R-FL), Bill Hagerty (R-TN), Todd Young (R-IN), John Kennedy (R-LA), and Jim Banks (R-IN) in introducing the legislation.
    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 large corporations. Without Congressional action, 9 out of 10 small businesses will be hit with a massive tax hike when this deduction is set to expire at the end of 2025.
    Recently, a new study from Ernst and Young (EY) highlighted the economic activity supported by this small and family-owned business tax deduction, including 2.6 million jobs and $325 billion of the GDP.

    MIL OSI USA News –

  • MIL-OSI: First Capital, Inc. Reports Annual and Quarterly Earnings

    Source: GlobeNewswire (MIL-OSI)

    CORYDON, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — First Capital, Inc. (the “Company”) (NASDAQ: FCAP), the holding company for First Harrison Bank (the “Bank”), today reported net income of $11.9 million, or $3.57 per diluted share, for the year ended December 31, 2024, compared to net income of $12.8 million, or $3.82 per diluted share, for the year ended December 31, 2023.

    Results of Operations for the Years Ended December 31, 2024 and 2023

    Net interest income after provision for credit losses increased $894,000 for the year ended December 31, 2024 compared to the same period in 2023. Interest income increased $6.9 million when comparing the two periods due to an increase in the average tax-equivalent yield(1) on interest-earning assets from 3.96% for the year ended December 31, 2023 to 4.49% for the same period in 2024. Interest expense increased $5.7 million as the average cost of interest-bearing liabilities increased from 1.11% for the year ended December 31, 2023 to 1.73% for the same period in 2024, in addition to an increase in the average balance of interest-bearing liabilities from $809.2 million for the year ended December 31, 2023 to $850.0 million for the year ended December 31, 2024. As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin(1) increased from 3.16% for the year ended December 31, 2023 to 3.20% for the same period in 2024. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the year ended December 31, 2023 to the year ended December 31, 2024.

    Based on management’s analysis of the Allowance for Credit Losses (“ACL”) on loans and unfunded loan commitments, the provision for credit losses increased from $1.1 million for the year ended December 31, 2023 to $1.4 million for the year ended December 31, 2024. The increase was due to loan growth during the period, the increase in nonperforming assets during the year described later in this release, as well as management’s consideration of macroeconomic uncertainty. The Bank recognized net charge-offs of $173,000 for the year ended December 31, 2024 compared to $469,000 for the same period in 2023.  

    Noninterest income increased $24,000 for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to increases in gains on the sale of loans and service charges on deposit accounts of $133,000 and $59,000, respectively. These were partially offset by the Company recognizing a $374,000 loss on equity securities during the year ended December 31, 2024 compared to a $207,000 loss during the same period in 2023.

    Noninterest expenses increased $1.8 million for the year ended December 31, 2024 as compared to the same period in 2023. This was primarily due to increases in professional fees, compensation and benefits, and other expenses of $663,000, $536,000 and $260,000, respectively, when comparing the two periods.   The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. The increase in other expenses included a $90,000 increase in the Company’s support of local communities through sponsorships and donations, a $64,000 increase in check and debit card fraud losses, $30,000 in increased dues and subscriptions, and $25,000 in increased expenses related to employee training and education.

    Income tax expense decreased $32,000 for the year ended December 31, 2024 as compared to the same period in 2023 resulting in an effective tax rate of 15.6% for the year ended December 31, 2024, compared to 14.9% for the same period in 2023.

    Results of Operations for the Three Months Ended December 31, 2024 and 2023

    The Company’s net income was $3.3 million, or $0.97 per diluted share, for the quarter ended December 31, 2024, compared to $3.1 million, or $0.93 per diluted share, for the quarter ended December 31, 2023.

    Net interest income after provision for credit losses increased $822,000 for the quarter ended December 31, 2024 as compared to the same period in 2023. Interest income increased $1.6 million when comparing the periods due to an increase in the average tax-equivalent yield(1) on interest-earning assets from 4.20% for the fourth quarter of 2023 to 4.64% for the fourth quarter of 2024. Interest expense increased $693,000 when comparing the periods due to an increase in the average cost of interest-bearing liabilities from 1.51% for the fourth quarter of 2023 to 1.76% for the fourth quarter of 2024, in addition to an increase in the average balance of interest-bearing liabilities from $821.1 million for the fourth quarter of 2023 to $859.6 million for the fourth quarter of 2024. As a result of the changes in interest-earning assets and interest-bearing liabilities, the tax-equivalent net interest margin(1) increased from 3.11% for the quarter ended December 31, 2023 to 3.33% for the same period in 2024. Refer to the accompanying average balance sheet for more information regarding changes in the composition of the Company’s balance sheet and resulting yields and costs from the quarter ended December 31, 2023 to the quarter ended December 31, 2024.

    Based on management’s analysis of the ACL on loans and unfunded loan commitments, the provision for credit losses increased from $308,000 for the quarter ended December 31, 2023 to $346,000 for the quarter ended December 31, 2024.   The Bank recognized net charge-offs of $24,000 and $89,000 for the quarters ended December 31, 2024 and 2023, respectively.

    Noninterest income increased $103,000 for the quarter ended December 31, 2024 as compared to the same period in 2023.   The Company recognized increases in gain on sale of loans, service charges on deposit accounts, and an increase in the cash surrender value of bank owned life insurance policies of $56,000, $29,000, and $15,000, respectively, when comparing the two periods. These were partially offset by a $21,000 decrease in ATM and debit card fees. In addition, the Company recognized a $104,000 loss on equity securities during the quarter ended December 31, 2024 compared to a $121,000 loss during the same period in 2023.

    Noninterest expense increased $567,000 for the quarter ended December 31, 2024 as compared to the same period in 2023, due primarily to increases in professional fees, compensation and benefits, and occupancy and equipment expenses of $239,000, $162,000, and $66,000, respectively. The increase in professional fees is primarily due to increased costs associated with the Company’s annual audit and fees being accrued for the Company’s ongoing core contract negotiations. The increase in compensation and benefits is due to standard increases in salary and wages as well as increases in the cost of Company-provided health insurance benefits. The increase in occupancy and equipment expenses is primarily due to increased depreciation expense and facility repairs.

    Income tax expenses increased $206,000 for the fourth quarter of 2024 as compared to the fourth quarter of 2023. This was due primarily to the finalization of estimates associated with the Company’s investment in solar tax credit producing facilities during 2024. As a result, the effective tax rate for the quarter ended December 31, 2024 was 17.3% compared to 13.3% for the same period in 2023.

    Comparison of Financial Condition at December 31, 2024 and 2023

    Total assets were $1.19 billion at December 31, 2024 compared to $1.16 billion at December 31, 2023. Total cash and cash equivalents and net loans receivable increased $67.2 million and $16.8 million, respectively, from December 31, 2023 to December 31, 2024, while securities available for sale decreased $48.0 million during the same period. Deposits increased $41.2 million from $1.03 billion at December 31, 2023 to $1.07 billion at December 31, 2024.   The Bank had no borrowed funds outstanding at December 31, 2024 compared to $21.5 million in borrowings outstanding through the Federal Reserve Bank’s BTFP at December 31, 2023. Nonperforming assets (consisting of nonaccrual loans, accruing loans 90 days or more past due, and foreclosed real estate) increased from $1.8 million at December 31, 2023 to $4.5 million at December 31, 2024. The increase was primarily due to the nonaccrual classification of two commercial loan relationships totaling $2.6 million. Loans in the relationship are secured by a variety of real estate and business assets.

    The Bank currently has 18 offices in the Indiana communities of Corydon, Edwardsville, Greenville, Floyds Knobs, Palmyra, New Albany, New Salisbury, Jeffersonville, Salem, Lanesville and Charlestown and the Kentucky communities of Shepherdsville, Mt. Washington and Lebanon Junction.

    Access to First Harrison Bank accounts, including online banking and electronic bill payments, is available through the Bank’s website at http://www.firstharrison.com. For more information and financial data about the Company, please visit Investor Relations at the Bank’s aforementioned website. The Bank can also be followed on Facebook.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. Forward-looking statements are not historical facts nor guarantees of future performance; rather, they are statements based on the Company’s current beliefs, assumptions, and expectations regarding its business strategies and their intended results and its future performance.

    Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by these forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; competition; the ability of the Company to execute its business plan; legislative and regulatory changes; the quality and composition of the loan and investment portfolios; loan demand; deposit flows; changes in accounting principles and guidelines; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release, the Company’s reports, or made elsewhere from time to time by the Company or on its behalf. These forward-looking statements are made only as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements after the date of this press release.

    Contact:
    Joshua Stevens
    Chief Financial Officer
    812-738-1570

    (1) Reconciliations of the non–U.S. Generally Accepted Accounting Principles (“GAAP”) measures are set forth at the end of this press release.

     
    FIRST CAPITAL, INC. AND SUBSIDIARIES
    Consolidated Financial Highlights (Unaudited)
                   
      Three Months Ended   Year Ended
      December 31,   December 31,
    OPERATING DATA 2024   2023   2024   2023
    (Dollars in thousands, except per share data)              
                   
    Total interest income $ 13,192     $ 11,639     $ 50,471     $ 43,605  
    Total interest expense   3,784       3,091       14,681       9,017  
    Net interest income   9,408       8,548       35,790       34,588  
    Provision for credit losses   346       308       1,449       1,141  
    Net interest income after provision for credit losses   9,062       8,240       34,341       33,447  
                   
    Total non-interest income   1,934       1,831       7,656       7,632  
    Total non-interest expense   7,047       6,480       27,828       26,028  
    Income before income taxes   3,949       3,591       14,169       15,051  
    Income tax expense   684       478       2,216       2,248  
    Net income   3,265       3,113       11,953       12,803  
    Less net income attributable to the noncontrolling interest   3       3       13       13  
    Net income attributable to First Capital, Inc. $ 3,262     $ 3,110     $ 11,940     $ 12,790  
                   
    Net income per share attributable to              
    First Capital, Inc. common shareholders:              
    Basic $ 0.97     $ 0.93     $ 3.57     $ 3.82  
                   
    Diluted $ 0.97     $ 0.93     $ 3.57     $ 3.82  
                   
    Weighted average common shares outstanding:              
    Basic   3,347,043       3,345,910       3,346,161       3,347,341  
                   
    Diluted   3,347,321       3,345,910       3,346,161       3,347,341  
                   
    OTHER FINANCIAL DATA              
                   
    Cash dividends per share $ 0.29     $ 0.27     $ 1.12     $ 1.08  
    Return on average assets (annualized)   1.10 %     1.09 %     1.02 %     1.12 %
    Return on average equity (annualized)   11.33 %     13.67 %     10.97 %     14.03 %
    Net interest margin   3.26 %     3.03 %     3.14 %     3.08 %
    Net interest margin (tax-equivalent basis) (1)   3.33 %     3.11 %     3.20 %     3.16 %
    Interest rate spread   2.81 %     2.61 %     2.69 %     2.77 %
    Interest rate spread (tax-equivalent basis) (1)   2.88 %     2.69 %     2.76 %     2.85 %
    Net overhead expense as a percentage of average assets (annualized)   2.38 %     2.26 %     2.38 %     2.28 %
                   
      December 31,   December 31,        
    BALANCE SHEET INFORMATION 2024   2023        
                   
    Cash and cash equivalents $ 105,917     $ 38,670          
    Interest-bearing time deposits   2,695       3,920          
    Investment securities   396,243       444,271          
    Gross loans   640,480       622,414          
    Allowance for credit losses   9,281       8,005          
    Earning assets   1,119,944       1,083,898          
    Total assets   1,187,523       1,157,880          
    Deposits   1,066,439       1,025,211          
    Borrowed funds   –       21,500          
    Stockholders’ equity, net of noncontrolling interest   114,599       105,233          
    Allowance for credit losses as a percent of gross loans   1.45 %     1.29 %        
    Non-performing assets:              
    Nonaccrual loans   4,483       1,751          
    Accruing loans past due 90 days   –       –          
    Foreclosed real estate   –       –          
    Regulatory capital ratios (Bank only):              
    Community Bank Leverage Ratio (2)   10.57 %     9.92 %        
                   
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to the calculation of this item.
    (2) Effective March 31, 2020, the Bank opted in to the Community Bank Leverage Ratio (CBLR) framework. As such, the other regulatory ratios are no longer provided.
                   
     
    FIRST CAPITAL, INC. AND SUBSIDIARIES
    Consolidated Average Balance Sheets (Unaudited)
                     
        For the Year ended December 31,
        2024   2023
            Average
    		       Average
        Average   Yield/   Average   Yield/
        Balance Interest Cost   Balance Interest Cost
    (Dollars in thousands)                
    Interest earning assets:                
    Loans (1) (2):                
    Taxable   $ 624,193   $ 37,974   6.08 %   $ 582,465   $ 33,153   5.69 %
    Tax-exempt (3)     9,805     377   3.84 %     8,144     249   3.06 %
    Total loans     633,998     38,351   6.05 %     590,609     33,402   5.66 %
                     
    Investment securities:                
    Taxable (4)     333,195     6,918   2.08 %     358,860     5,635   1.57 %
    Tax-exempt (3)     121,947     3,329   2.73 %     147,667     4,236   2.87 %
    Total investment securities     455,142     10,247   2.25 %     506,527     9,871   1.95 %
                     
    Federal funds sold     45,563     2,357   5.17 %     19,512     989   5.07 %
    Other interest-earning assets (5)     6,473     294   4.54 %     7,078     285   4.03 %
    Total interest earning assets     1,141,176     51,249   4.49 %     1,123,726     44,547   3.96 %
                     
    Non-interest earning assets     28,479           20,140      
    Total assets   $ 1,169,655         $ 1,143,866      
                     
    Interest bearing liabilities:                
    Interest-bearing demand deposits   $ 433,495   $ 6,086   1.40 %   $ 447,895   $ 4,652   1.04 %
    Savings accounts     230,353     810   0.35 %     255,126     917   0.36 %
    Time deposits     156,534     6,331   4.04 %     91,423     2,672   2.92 %
    Total deposits     820,382     13,227   1.61 %     794,444     8,241   1.04 %
                     
    FHLB Advances     1,736     99   5.70 %     6,084     340   5.59 %
    BTFP Advances     27,918     1,355   4.85 %     8,632     436   5.05 %
    Total interest bearing liabilities     850,036     14,681   1.73 %     809,160     9,017   1.11 %
                     
    Non-interest bearing liabilities                
    Non-interest bearing deposits     203,699           236,471      
    Other liabilities     7,046           7,056      
    Total liabilities     1,060,781           1,052,687      
    Stockholders’ equity (6)     108,874           91,179      
    Total liabilities and stockholders’ equity $ 1,169,655         $ 1,143,866      
                     
    Net interest income (tax equivalent basis)   $ 36,568         $ 35,530    
    Less: tax equivalent adjustment       (778 )         (942 )  
    Net interest income     $ 35,790         $ 34,588    
                     
    Interest rate spread       2.69 %       2.77 %
    Interest rate spread (tax equivalent basis) (7)     2.76 %       2.85 %
    Net interest margin       3.14 %       3.08 %
    Net interest margin (tax equivalent basis) (7)     3.20 %       3.16 %
    Ratio of average interest earning assets to average interest bearing liabilities       134.25 %       138.88 %
                     
    (1) Interest income on loans includes fee income of $727,000 and $961,000 for the years ended December 31, 2024 and 2023, respectively.
    (2) Average loan balances include loans held for sale and nonperforming loans.
    (3) Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.
    (4) Includes taxable debt and equity securities and FHLB Stock.
    (5) Includes interest-bearing deposits with banks and interest-bearing time deposits.
    (6) Stockholders’ equity attributable to First Capital, Inc.
    (7) Reconciliations of the non-U.S. GAAP measures are set forth at the end of this press release.
                     
     
    FIRST CAPITAL, INC. AND SUBSIDIARIES
    Consolidated Average Balance Sheets (Unaudited)
                     
        For the Three Months ended December 31,
        2024   2023
            Average
    		       Average
        Average   Yield/   Average   Yield/
        Balance Interest Cost   Balance Interest Cost
    (Dollars in thousands)                
    Interest earning assets:                
    Loans (1) (2):                
    Taxable   $ 627,125   $ 9,748   6.22 %   $ 608,688   $ 9,018   5.93 %
    Tax-exempt (3)     11,339     123   4.34 %     8,079     63   3.12 %
    Total loans     638,464     9,871   6.18 %     616,767     9,081   5.89 %
                     
    Investment securities:                
    Taxable (4)     314,345     1,739   2.21 %     352,377     1,521   1.73 %
    Tax-exempt (3)     121,445     838   2.76 %     139,865     996   2.85 %
    Total investment securities     435,790     2,577   2.37 %     492,242     2,517   2.05 %
                     
    Federal funds sold     72,271     867   4.80 %     13,765     194   5.64 %
    Other interest-earning assets (5)     6,884     78   4.53 %     6,386     69   4.32 %
    Total interest earning assets     1,153,409     13,393   4.64 %     1,129,160     11,861   4.20 %
                     
    Non-interest earning assets     30,640           16,953      
    Total assets   $ 1,184,049         $ 1,146,113      
                     
    Interest bearing liabilities:                
    Interest-bearing demand deposits   $ 437,573   $ 1,535   1.40 %   $ 427,832   $ 1,413   1.32 %
    Savings accounts     224,311     159   0.28 %     239,355     146   0.24 %
    Time deposits     185,112     1,936   4.18 %     122,163     1,104   3.61 %
    Total deposits     846,996     3,630   1.71 %     789,350     2,663   1.35 %
                     
    FHLB Advances     –     –   –       16,321     232   5.69 %
    BTFP Advances     12,621     154   4.88 %     15,402     196   5.09 %
    Total interest bearing liabilities     859,617     3,784   1.76 %     821,073     3,091   1.51 %
                     
    Non-interest bearing liabilities                
    Non-interest bearing deposits     202,008           227,613      
    Other liabilities     7,294           6,415      
    Total liabilities     209,302           234,028      
    Stockholders’ equity (6)     115,130           91,012      
    Total liabilities and stockholders’ equity $ 1,184,049         $ 1,146,113      
                     
    Net interest income (tax equivalent basis)   $ 9,609         $ 8,770    
    Less: tax equivalent adjustment       (201 )         (222 )  
    Net interest income     $ 9,408         $ 8,548    
                     
    Interest rate spread       2.81 %       2.61 %
    Interest rate spread (tax-equivalent basis) (7)     2.88 %       2.69 %
    Net interest margin       3.26 %       3.03 %
    Net interest margin (tax-equivalent basis) (7)     3.33 %       3.11 %
    Ratio of average interest earning assets to average interest bearing liabilities       134.18 %       137.52 %
                     
    (1) Interest income on loans includes fee income of $210,000 and $180,000 for the three months ended December 31, 2024 and 2023, respectively.
    (2) Average loan balances include loans held for sale and nonperforming loans.
    (3) Tax-exempt income has been adjusted to a tax-equivalent basis using the federal marginal tax rate of 21%.
    (4) Includes taxable debt and equity securities and FHLB Stock.
    (5) Includes interest-bearing deposits with banks and interest-bearing time deposits.
    (6) Stockholders’ equity attributable to First Capital, Inc.
    (7) Reconciliations of the non-U.S. GAAP measures are set forth at the end of this press release.
                     
                   
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
                   
    This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes that these non-GAAP financial measures allow for better comparability with prior periods, as well as with peers in the industry who provide a similar presentation, and provide a further understanding of the Company’s ongoing operations. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                                   
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
    (Dollars in thousands)              
    Net interest income (A) $ 9,408     $ 8,548     $ 35,790     $ 34,588  
    Add: Tax-equivalent adjustment   201       222       778       942  
    Tax-equivalent net interest income (B)   9,609       8,770       36,568       35,530  
    Average interest earning assets (C)   1,153,409       1,129,160       1,141,176       1,123,726  
    Net interest margin (A)/(C)   3.26 %     3.03 %     3.14 %     3.08 %
    Net interest margin (tax-equivalent basis) (B)/(C)   3.33 %     3.11 %     3.20 %     3.16 %
                   
    Total interest income (D) $ 13,192     $ 11,639     $ 50,471     $ 43,605  
    Add: Tax-equivalent adjustment   201       222       778       942  
    Total interest income tax-equivalent basis (E)   13,393       11,861       51,249       44,547  
    Average interest earning assets (F)   1,153,409       1,129,160       1,141,176       1,123,726  
    Average yield on interest earning assets (D)/(F); (G)   4.57 %     4.12 %     4.42 %     3.88 %
    Average yield on interest earning assets tax-equivalent (E)/(F); (H)   4.64 %     4.20 %     4.49 %     3.96 %
    Average cost of interest bearing liabilities (I)   1.76 %     1.51 %     1.73 %     1.11 %
    Interest rate spread (G)-(I)   2.81 %     2.61 %     2.69 %     2.77 %
    Interest rate spread tax-equivalent (H)-(I)   2.88 %     2.69 %     2.76 %     2.85 %
                                   

    The MIL Network –

  • MIL-OSI USA: Hoeven, Colleagues Reintroduce FARM Act to Add Ag Secretary to CFIUS

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    01.24.25

    WASHINGTON – Senator John Hoeven joined Senator Tommy Tuberville (R-AL) and Senator John Fetterman (D-PA) in reintroducing the bipartisan, bicameral Foreign Adversary Risk Management (FARM) Act, to permanently add the U.S. Secretary of Agriculture to the Committee on Foreign Investment in the United States (CFIUS), the governmental body that oversees the vetting process of foreign investment and acquisition of American companies. Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses.

    “Our foreign adversaries are buying up American farmland and threatening American food security,” said Senator Hoeven. “We must have stronger supervision of foreign investments that affect the American food supply, and this bill will help achieve that by adding the Agriculture Secretary to CFIUS. This is a logical step to protect our essential food infrastructure and ensure North Dakota and our country remains a leader in agriculture.”

    “Over the last decade, we’ve seen a surge of American farmland purchases from our foreign adversaries,” said Senator Tuberville. “These foreign investments are now reaching every piece of the very large puzzle that makes up our agriculture industry, from farming and processing to packaging and shipping. Food security is national security, and we cannot allow our adversaries to have a foot in the door to our critical supply chains. We must prioritize oversight of foreign investment in our food supply chains, especially from Russia, China, North Korea, and Iran. This starts with giving the agriculture community a permanent seat at the table on CFIUS. As Alabama’s voice on the Senate Ag Committee, I will keep fighting to secure our ag supply chains so that our agriculture community can continue to put food on the table for American families.” 

    “Pennsylvania is home to about 50,000 farms and the farmers who power them already face enough challenges to stay competitive. They shouldn’t also have to compete with foreign adversaries buying up American farmland,” said Senator Fetterman. “America’s farms are critical infrastructure, and CFIUS exists to protect our critical infrastructure from foreign threats. So, adding the Secretary of Agriculture is just plain common sense. I’ve said it before, and I’ll say it again: foreign adversaries have no business owning American farmland. This bill makes that clear and I’m proud to partner with my colleague to get it done.”

      Joining Hoeven, Tuberville and Fetterman in reintroducing this legislation are Senators Roger Marshall (R-KS), Rick Scott (R-FL), Eric Schmitt (R-MO), Kevin Cramer (R-ND), Katie Britt (R-AL), Marsha Blackburn (R-TN), Deb Fischer (R-NE), Steve Daines (R-MT), Cynthia Lummis (R-WY), and Tim Sheehy (R-MT).

    MIL OSI USA News –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $4.42 Million Registered Direct Offering for its Client Houston American Energy Corp. (NYSE American: HUSA)

    Source: GlobeNewswire (MIL-OSI)

    New York, Jan. 24, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”) on January 23, 2025, for its client Houston American Energy Corp (NYSE American: HUSA) (the “Company”), an independent oil and gas company.

    Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 2,600,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at a purchase price of $1.70 per share in a registered direct offering.

    The aggregate gross proceeds to the Company was approximately $4,420,000.

    Univest Securities, LLC acted as the sole placement agent.

    The registered direct offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-282778) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 4, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC’s website at http://www.sec.gov.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: http://www.univest.us.

    About Houston American Energy Corp.

    Houston American Energy Corp., an independent oil and gas company, engages in the acquisition, exploration, exploitation, development, and production of natural gas, crude oil, and condensate. Its principal properties are located primarily in the Texas Permian Basin, the South American country of Colombia, and the onshore Louisiana Gulf Coast region. The company is based in Houston, Texas.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:
    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI: Interfield Global Software Inc. Announces Completion of Funding for Implementation of Proposed Joint Venture With Abhi

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 24, 2025 (GLOBE NEWSWIRE) — Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions” or “Borrower”) has secured the financing necessary to implement its previously announced joint venture with Abhi (the “Abhi JV”) and to restructure the business of the Company in preparation for the Abhi JV.

    The financing comprises an unsecured one year term (“Term”) loan of US$500,000 (“Loan”) from an arms-length private investor (“Lender”), with non-compounded interest payable at 5% per year. Repayment of the Loan together with accrued interest is due upon expiry of the Term and may be in cash (“Cash Payment”), or at the option of the Borrower, by the issuance and transfer to the Lender, or its nominee, of a six percent (6%) equity interest in the Borrower (“Equity Payment”).

    At any time during the Term, the Lender has the option to increase the loan amount by a further US$500,000 upon the same terms and conditions. Should the Lender exercise its right to do so, the amount of interest payable will be adjusted accordingly and the Equity Payment will be increased from 6% to 13%.

    In further preparation for the implementation of the Abhi JV, the board of directors of the Company is evaluating further strategic alternatives, which may involve a migration of its current listing to a growth equity market, subject to the Company receiving necessary approvals. No definitive decisions have been reached regarding strategic alternatives and there is no assurance if or when such alternatives may be implemented. The Company will provide further updates, as necessary, at the appropriate time.

    About Abhi

    Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

    About Interfield Global Software Inc.

    The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS) and operates out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Solutions.

    Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

    For more information about the Company, please refer to the Company’s profile on SEDAR+ at http://www.sedarplus.ca.

    ON BEHALF OF THE BOARD OF DIRECTORS

    “Harold Hemmerich”

    Harold Hemmerich, Chief Executive Officer & Director
    Phone: +971 50 558 8349

    Bruce Nurse, Investor Relations
    Phone: +1 303 919 2913

    Forward-Looking Statements Disclaimer and Reader Advisory

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward looking statements in this release include: (i) the anticipated implementation of Abhi JV and restructuring in preparation for the Abhi JV; (ii) the anticipated use of the proceeds from the Loan; and (iii) the anticipated strategic alternatives involving a migration to a growth equity market.

    Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

    Neither Cboe Canada Exchange nor its Regulation Services Provider (as that term is defined in the policies of Cboe Canada Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    The MIL Network –

  • MIL-OSI: Symphony Floating Rate Senior Loan Fund Announces Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — (TSX: SSF.UN) – Brompton Funds (the “Manager”) announces monthly distributions for record dates from January to March 2025 for the class A units (the “Class A Units”) and class U units (the “Class U Units”) of Symphony Floating Rate Senior Loan Fund (the “Fund”):

      Ticker Amount Per
    Class A Unit
    Symphony Floating Rate Senior Loan Fund (Class A Unit) SSF.UN $0.045
         

    Record Dates and Payment Dates are as follows:

    Record Date Payment Date
    January 31, 2025 February 14, 2025
    February 28, 2025 March 14, 2025
    March 31, 2025 April 14, 2025
       

    The new distribution rate for the Class A Units of the Fund amounts to $0.54 per annum, or a 7.8% yield based on the TSX closing price of $6.95 on January 23, 2025. The Manager believes that the new distribution level is still very attractive and better reflects the current environment for senior loans and fixed income more broadly. Income earned from senior loans in the Fund’s portfolio is impacted by changes to the secured overnight financing rate (SOFR), a reference rate for interest payments on floating rate senior loans, which has declined by 1.03% from 5.38% on September 16, 2024 to 4.35% on January 23, 2025.

    The Fund announces a distribution in the amount of US$0.045 per Class U Unit for the above noted record and payment dates, representing a distribution rate of 7.7% of net asset value (“NAV”) per annum based on a NAV of US$7.04 on January 23, 2025.

    Senior loans continue to deliver high levels of current income while insulating investors from traditional interest rate risk. In 2024, the Class A Units returned 11.5%, and the Class U Units returned 11.8% outperforming the Credit Suisse Leveraged Loan Index by 2.4% and 2.7%, respectively.

    The Class A Units have paid 158 consecutive monthly distributions since inception on November 1, 2011 for total distributions of $8.07 per Class A Unit. The Class U Units have paid 158 consecutive monthly distributions since inception on November 1, 2011 for total distributions of US$7.99 per Class U Unit. Unitholders are reminded that the Fund offers a distribution reinvestment plan (“DRIP”) on the Class A Units and Class U Units which provide unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in a DRIP program by contacting their investment advisor.

    About Brompton Funds
    Founded in 2000, Brompton is an experienced investment fund manager with income and growth focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at http://www.bromptongroup.com.

    Annual Compound Returns

    1-year

    3-year

    5-year

    10-year

    		 Since
    Inception
    Symphony Floating Rate Senior Loan Fund – Class A Units 11.5% 5.0% 4.8% 4.4% 5.3%
    Symphony Floating Rate Senior Loan Fund – Class U Units 11.8% 5.2% 5.0% 4.6% 5.3%
    Credit Suisse Leveraged Loan Index 9.1% 6.8% 5.7% 5.1% 5.2%
               

    Returns are for the periods ended December 31, 2024 and are unaudited.   Inception date November 1, 2011. The table shows the Fund’s compound return for each period indicated compared with the Credit Suisse Leveraged Loan Index (“Loan Index”). The Loan Index is an appropriate benchmark as it is designed to mirror the investable universe of US dollar denominated leveraged loan market in which the Fund also invests. The Loan Index is not leveraged, whereas the Fund employs leverage. The Fund is actively managed; therefore, its performance is not expected to mirror that of the Loan Index. Furthermore, the Loan Index’s performance is calculated without the deduction of fees, fund expenses and trading commissions. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information shown is based on net asset value per Class A and Class U unit and assumes that cash distributions made by the Fund during the periods shown were reinvested at net asset value per Class A and Class U unit in additional units of the Fund.

    You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in the public filings available at http://www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in the unit value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns.  Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The amount of distributions may fluctuate from month to month and there can be no assurance that the Fund will make any distribution in any particular month.  

    Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

    The MIL Network –

  • MIL-OSI USA: Lee Introduces Pro Life Legislation for March for Life

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    Bills would ban federal tax dollars from subsidizing abortion at home and abroad, repeal law used to target Pro Life activists
    WASHINGTON – Senator Mike Lee (R-UT) has introduced a trio of bills to prevent federal tax dollars from funding or subsidizing abortions in the United States and across the world, in honor of the 2025 March for Life in Washington, DC and state capitals around the country: the Abortion is not Health Care Act, the Protecting Life in Health Savings Accounts Act, the Protecting Life in Foreign Assistance Act, and a repeal of the FACE Act.
    “In our quest to build a society where every precious human life is protected, we cannot allow the tax dollars of American families to be used against the most vulnerable people in our country and across the word: the unborn.” said Senator Lee. “I am also introducing legislation to repeal the FACE Act, which was used by Joe Biden to imprison Pro Life activists, now officially pardoned by President Trump.”
    The Abortion is not Health Care Act would end the tax deductibility of abortions and clarify that this gruesome practice is not health care. Currently, the IRS categorizes an abortion as “medical care” and allows tax benefits to flow to this practice, subsidizing the killing of hundreds of thousands of unborn children each year. This bill would amend Section 213 of the Internal Revenue Code to prohibit elective abortion expenses from being considered eligible for a medical expense deduction.
    Cosponsors include Sens. Hagerty (R-TN), Daines (R-MT), Cramer (R-ND), Blackburn (R-TN), Hawley (R-MO), and Hyde-Smith (R-MS).
    Supporting groups include Students for Life Action, Concerned Women for America, Eagle Forum, Heritage Action
    For a one-pager, click HERE.For bill text, click HERE.
    The Protecting Life in Health Savings Accounts would end the preferential tax treatment of abortion in health savings accounts. Current law allows individuals to use tax-advantaged funds from health savings accounts (HSAs), flexible savings accounts (FSAs), health reimbursement arrangements (HRAs), Archer medical savings accounts (MSAs), and retiree health accounts for the “medical expense” of abortion. This legislation would amend the Internal Revenue Code to explicitly prevent abortions from getting a special tax advantage through the use of these accounts.
    Cosponsors include Sens. Hagerty (R-TN), Daines (R-MT), Cramer (R-ND), Blackburn (R-TN), Hawley (R-MO), and Hyde-Smith (R-MS).
    Supporting groups include Students for Life Action, Concerned Women for America, Eagle Forum
    For a one-pager, click HERE.For bill text, click HERE.
    The Protecting Life in Foreign Assistance Act would ensure that our foreign aid is not funding or promoting abortions overseas. In 1984, President Ronald Reagan first instituted the Mexico City Policy, prohibiting the availability of family planning foreign assistance funds to organizations that provide or promote abortions or advocate to change abortion laws in a foreign country. Since then, the policy has been alternately rescinded and reinstated with changing administrations.
    The Trump Administration rebranded this policy as the Protecting Life in Global Health Assistance (PLGHA) policy and applied it to all global health assistance, foreign nonprofits, and NGOs. This bill would permanently codify an expanded version of the PLGHA policy into law, capturing all assistance provided to foreign or domestic nonprofits, NGOs, and multilateral organizations. With President Biden having rescinded the Protecting Life in Global Health Assistance policy in 2021, American citizens may be complicit in overseas abortions under the guise of “foreign assistance.” Congress must ensure this cannot be the case now or ever again. Doing so would affirm the dignity of unborn human lives everywhere and save countless lives across the globe.
    Cosponsors include Sens. Blackburn (R-TN), Tim Scott (R-SC), Budd (R-NC), Cramer (R-ND), Kennedy (R-LA), Johnson (R-WI), Young (R-IN), Fischer (R-NE), Ricketts (R-NE), Cornyn (R-TX), Banks (R-IN), and Tuberville (R-AL).
    Supporting groups include CatholicVote and Susan B. Anthony Pro-Life America.
    For a one-pager, click HERE.For bill text, click HERE.
    The FACE ACT is a federal law designed to protect access to abortion facilities. While FACE also includes protections for churches, these are duplicative of other federal and state laws and have never been enforced. President Biden’s weaponized Department of Justice used the FACE Act to legally harass peaceful pro-life activists while simultaneously stonewalling good faith efforts by members of Congress to conduct even elementary oversight of the law. While President Trump has pardoned activists imprisoned by the Biden administration, a full repeal of the FACE Act will prevent future administrations from unjustly using this law for the purpose of political persecution.
    Cosponsors include Sens. Hawley (R-MO) & Wicker (R-MS)
    Supporting organizations include Thomas More Society, Family Research Council, Students for Life Action, Catholic Vote, Susan B. Anthony List, Live Action, and Citizens for Renewing America.
    For one-pager, bill text, click HERE.For bill text, click HERE.

    MIL OSI USA News –

  • MIL-OSI: Linkage Global Inc Announces Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TOKYO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Linkage Global Inc (“Linkage Cayman”, or the “Company”), a cross-border e-commerce integrated services provider headquartered in Japan, today announced its financial results for the fiscal year ended September 30, 2024.

    Fiscal Year 2024 Financial Highlights

    • Total revenues decreased by approximately 19.19% from USD12.73 million for the fiscal year ended September 30, 2023 to USD10.29 million for the fiscal year ended September 30, 2024.
    • Our new fully managed e-commerce operation services that was launched in April 2024, generated USD3.28 million in revenue.
    • Gross profit increased by approximately USD2.31 million, or 123.91%, from USD1.86 million for the fiscal year ended September 30, 2023 to USD4.17 million for the fiscal year ended September 30, 2024.
    • Net loss decreased by USD0.21 million, or 32.69%, from USD0.65 million for the fiscal year ended September 30, 2023 to USD0.44 million for the fiscal year ended September 30, 2024.

    Mr. Zhihua Wu, Chairman and CEO of the Company, commented: “For the fiscal year ended September 30, 2024, total revenues decreased by about 19.19% from USD12.73 million in 2023 to USD10.29 million, primarily attributable to the decrease of cross-border sales. Specifically, cross-border revenues fell by USD4.11 million, with our Japanese subsidiary experiencing a 53.12% decline. This was largely driven by yen depreciation, which raised prices in Japan and resulted in a decline in consumers’ purchasing power. It was also exacerbated by the depreciation of the Japanese yen against U.S. dollars.”

    “Our integrated e-commerce services saw a rise of USD1.67 million, thanks to our new fully managed e-commerce operation services, which generated USD3.28 million in revenue. However, digital marketing revenues plummeted from USD1.53 million to USD0.31 million because Google updated agreements with more stringent criteria for incentives. In order to cope with the change of policies from Google, we actively engaged in direct and indirect cooperations with other social platforms, such as TikTok and Facebook.”

    “Our gross profit increased by USD2.31 million or 123.91% to USD 4.17 million, largely due to the new business fully managed e-commerce operation services with gross profit of USD2.94 million and gross profit margin of 89.62%.”

    “Looking ahead, while we faced challenges in fiscal year of 2024, our expansion in integrated e-commerce positions us for future growth. We remain committed to enhancing partnerships, optimizing operations, and exploring new market opportunities. These strategies will help us navigate market fluctuations and achieve sustainable growth in the coming years.”

    Fiscal Year 2024 Financial Results

    Revenues

    Total revenues decreased by approximately USD2.44million, or 19.19%, from approximately USD12.73 million for the year ended September 30, 2023 to approximately USD10.29 million for the year ended September 30, 2024, primarily attributable to the decrease of cross-border sales.

    Our breakdown of revenues by revenue streams for the years ended September 30, 2024 and 2023 is summarized below:

        For the Years Ended September 30,
    		  
        2024     2023  
        USD     USD  
    Cross border Sales     6,476,939       10,587,053  
    Integrated E-commerce services     3,812,742       2,146,286  
    Fully managed e-commerce operation services     3,280,002       —  
    Digital marketing services     312,180       1,527,247  
    Others     220,560       619,039  
    Total revenues     10,289,681       12,733,339  
     

    Our breakdown of revenues by geographic areas for the years ended September 30, 2024, and 2023 is summarized below:

        For the Years Ended September 30,
    		  
        2024     2023
    		  
        USD     USD
    		  
    Japan     4,101,865       8,749,200  
    Hong Kong     3,612,126       1,987,182  
    China     2,575,690       1,996,957  
    Total revenues     10,289,681       12,733,339  
     

    Revenues from cross-border sales fell by USD 4.11 million, or 38.82%, from USD10.59 million in 2023 to USD6.48 million in 2024. Our Japanese subsidiary, EXTEND, accounted for USD 4.10 million or 39.86% of total revenues, but saw a 53.12% decline. This drop was primarily due to the yen’s depreciation, which increased prices and reduced consumer purchasing power for non-essential 3C electronic products. The decrease was also exacerbated by the depreciation of the Japanese yen against U.S. dollars. The average exchange rate also worsened, dropping from $1=¥138.93 in 2023 to $1=¥150.33 in 2024, respectively, resulting in a decrease of 8.20%.

    Revenues from integrated e-commerce services rose by USD1.67 million or 77.64%, from USD2.15 million to USD3.81 million, driven by a new fully managed e-commerce operation generating USD3.28 million.

    Revenues from digital marketing services dropped to USD0.31 million due to stricter Google incentive policies and a 40.76% decline in merchant numbers. To adapt, we are partnering with platforms like TikTok and Facebook while expanding our e-commerce services.

    Revenues from training, consulting, and TikTok agent services decreased by USD0.40 million or 64.37%, from USD 0.62 million to USD 0.22 million.

    Cost of Revenues

    Cost of revenues decreased by 43.68% from approximately USD10.87 million for the year ended September 30, 2023 to approximately USD6.12 million for the year ended September 30, 2024.

    Gross Profit

    Gross profit increased by approximately USD2.31 million, or 123.91%, from USD1.86 million for the year ended September 30, 2023 to USD4.17 million for the year ended September 30, 2024. The increase was primarily attributable by the new business fully managed e-commerce operation services with gross profit of USD2.94 million and gross profit margin of 89.62%. The high gross profit margin is mainly due to the low cost, which was mainly composed of the salaries of the operation personnel.

    Gross profit margin of cross-border sales increased from 7.82% for the year ended September 30, 2023 to 13.99% for the year ended September 30, 2024. The decrease was mainly due to that the depreciation of the Japanese yen has led to a rise in prices of goods in Japan.

    Gross profit margin of integrated e-commerce related services increased from 48.10% for the year ended September 30, 2023 to 85.52% for the year ended September 30, 2024. The increase was primarily attributable by the new business fully managed e-commerce operation services with gross profit of USD2.94 million and gross profit margin of 89.62%.

    Operating Expenses

    Operating expenses increased from USD2.43 million for the year ended September 30, 2023 to USD4.24 million for the year ended September 30, 2024, representing a year-on-year increase of 74.49%. This increase was primarily attributable to the increases in our general and administrative expenses, offsetting the decreases in selling and marketing expenses and research and development expenses.

    Other income/(expenses), net

    Other non-operating income increased from USD0.01 million for the year ended September 30, 2023 to USD0.02 million for the year ended September 30, 2024. Investment income increased by 2003.35% from USD2,119 for the year ended September 30, 2023 to approximately USD44,570 for the year ended September 30, 2024.

    Income taxes

    Income tax (expenses) /benefits decreased by USD0.65 million, from USD0.06 million of tax benefit for the year ended September 30, 2023 to USD0.59 million of tax expenses for the year ended September 30, 2024. This decrease was primarily attributable to net profit for the year ended September 30, 2024, and the valuation allowance for deferred tax assets.

    Net (loss)

    As a result of the foregoing, net loss decreased by USD0.21 million, or 32.69%, from USD0.65 million for the year ended September 30, 2023 to USD0.44 million for the year ended September 30, 2024.

    About Linkage Global Inc

    Linkage Global Inc is a holding company incorporated in the Cayman Islands with no operations of its own. Linkage Cayman conducts its operations through its operating subsidiaries in Japan, Hong Kong, and mainland China. As a cross-border e-commerce integrated services provider headquartered in Japan, through its operating subsidiaries, the Company has developed a comprehensive service system comprised of two lines of business complementary to each other, including (i) cross-border sales and (ii) integrated e-commerce services. For more information, please visit http://www.linkagecc.com.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or 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 annual reports on Form 20-F and other filings with the U.S. Securities and Exchange Commission.

    For more information, please contact:

    Investor Relations
    WFS Investor Relations Inc.
    Connie Kang, Partner
    Email: ckang@wealthfsllc.com

    Linkage Global Inc
    CONSOLIDATED BALANCE SHEETS
    AS OF SEPTEMBER 30, 2024 AND 2023
    (In U.S. dollars, except for share and per share data, or otherwise noted)
     
        As of September 30,  
        2024       2023  
        USD  
    ASSETS            
    Current assets            
    Cash and cash equivalents     2,000,732         1,107,480  
    Accounts receivable, net     6,302,696         2,011,047  
    Inventories, net     66,331         679,732  
    Deferred offering costs     —         1,076,253  
    Deposits paid to media platforms     482,650         3,717,773  
    Prepaid expenses and other current assets, net     2,689,581         1,053,687  
    Short-term loan to third party     410,000         —  
    Total current assets     11,951,990         9,645,972  
                     
    Non-current assets                
    Property and equipment, net     85,807         158,642  
    Deferred tax assets     —         149,129  
    Right-of-use assets, net     653,730         624,945  
    Other non-current assets     —         54,825  
    Total non-current assets     739,537         987,541  
    TOTAL ASSETS     12,691,527         10,633,513  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Current liabilities                
    Accounts payable     624,723         1,142,667  
    Accrued expenses and other current liabilities     236,813         309,986  
    Short-term debts     32,810         —  
    Current portion of long-term debts     428,702         535,226  
    Contract liabilities     533,625         530,488  
    Amounts due to related parties     314,544         1,413,604  
    Lease liabilities – current     231,978         187,214  
    Convertible bonds     964,865         —  
    Income tax payable     1,017,619         581,235  
    Total current liabilities     4,385,679         4,700,420  
                     
    Non-current liabilities                
    Long-term debts     839,560         1,996,326  
    Lease liabilities – noncurrent     441,504         439,854  
    Total non-current liabilities     1,281,064         2,436,180  
    Total liabilities     5,666,743         7,136,600  
                     
    Commitments and contingencies (Note 22)                
                     
    Shareholders’ equity                
    Ordinary shares (par value of US$0.00025 per share; 200,000,000 ordinary shares authorized, 21,500,000 and 20,000,000 ordinary shares issued and outstanding as of September 30, 2024 and 2023, respectively) *     5,375         5,000  
    Additional paid in capital     5,591,596         1,549,913  
    Statutory reserve     11,348         11,348  
    Retained earnings     1,613,217         2,052,553  
    Accumulated other comprehensive loss     (196,752 )       (121,901 )
    Total shareholders’ equity     7,024,784         3,496,913  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY     12,691,527         10,633,513  
     
    Linkage Global Inc
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
    FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022
    (In U.S. dollars, except for share and per share data, or otherwise noted)
     
        For the years ended
    September 30,    		  
        2024     2023     2022  
        USD  
    Revenues     10,289,681       12,733,339       22,028,303  
    Cost of revenues     (6,123,025 )     (10,872,484 )     (18,323,802 )
    Gross profit     4,166,656       1,860,855       3,704,501  
                             
    Operating expenses                        
    General and administrative expenses     (3,506,075 )      (1,373,695 )     (1,047,552 )
    Selling and marketing expenses     (434,856 )      (595,804 )     (812,062 )
    Research and development expenses     (302,280 )      (588,108 )     (628,350 )
    Gain from disposal of property and equipment     —       125,804       193,191  
    Total operating expenses     (4,243,211 )     (2,431,803 )     (2,294,773 )
    Operating (loss)/profit     (76,555 )      (570,948 )     1,409,728  
                             
    Other income/(expenses)                        
    Investment income     44,570       2,119       8,402  
    Impairment loss from equity investment     —       (60,046 )     —  
    Interest income/(expenses), net     160,685       (102,360 )     (79,455 )
    Other non-operating income     21,644       14,557       113,658  
    Total other income/(expenses), net     226,899       (145,730 )     42,605  
                             
    Income/(loss) before income taxes     150,344       (716,678 )     1,452,333  
    Income tax (provision)/ benefit     (589,680 )     63,950       (385,958 )
    Net (loss)/income     (439,336 )     (652,728 )     1,066,375  
                             
    Net (loss)/income     (439,336 )     (652,728 )     1,066,375  
    Other comprehensive income                        
    Foreign currency translation adjustment     (74,851 )     (15,524 )     (57,722 )
    Total comprehensive (loss) /income attributable to the Company’s ordinary shareholders     (514,187 )     (668,252 )     1,008,653  
                             
    Earnings per ordinary share attributable to ordinary shareholders                        
    Basic and Diluted*     (0.02 )     (0.03 )     0.05  
    Weighted average number of ordinary shares outstanding                        
    Basic and Diluted*     21,175,342       20,000,000       20,000,000  
    Linkage Global Inc
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022
    (In U.S. dollars, except for share and per share data, or otherwise noted)
     
        For the years ended
    September 30,    		  
        2024     2023     2022  
        USD  
    CASH FLOWS FROM OPERATING ACTIVITIES:                  
    Net (loss)/income     (439,336 )     (652,728 )     1,066,375  
                             
    Adjustments to reconcile net (loss)/income to net cash (used in) /provided by operating activities:                        
    Effect of exchange rate changes     (226,846 )     —       —  
    Allowance for credit loss     958,584       116,428       —  
    Depreciation and amortization     86,911       83,226       81,625  
    Amortization of lease right-of-use assets     224,451       180,464       —  
    Share of profit from long-term investment     —       (2,119 )     (8,402 )
    Disposal gain from property and equipment     —       (125,804 )     (193,191 )
    Inventory write-downs     11,858       19,981       21,282  
    Deferred tax expenses/(benefits)     148,239       (160,402 )     80,519  
    Long-term investment impairment     —       60,046       —  
    Changes in operating assets and liabilities:                        
    Accounts receivable, net     (5,023,387 )     36,738       (910,221 )
    Other non-current assets     —       —       (61,039 )
    Prepaid expenses and other current asset, net     1,870,567       (3,871,930 )     (520,377 )
    Inventories, net     601,543       (359,859 )     (78,455 )
    Accounts payable     (517,944 )     624,347       (11,703 )
    Contract liabilities     3,137       84,680       371,639  
    Accrued expenses and other current liabilities     (37,987 )     (25,816 )     152,448  
    Amounts due from related parties     —       34,552       (40,098 )
    Amounts due to related parties     446,469       139,772       946,379  
    Tax payable     436,384       113,597       272,148  
    Operating lease liabilities     (178,037 )     (178,341 )     —  
    Net cash (used in)/provided by operating activities     (1,635,394 )     (3,883,168 )     1,168,928  
                             
    Cash flow from investing activities                        
    Purchase of property and equipment     —       (12,137 )     (481,391 )
    Proceeds from disposal of property and equipment     —       1,745,094       1,265,217  
    Proceed from withdrawal of long-term investment     44,570       93,574       —  
    Provide short-term loan to third party     (410,000 )     —       —  
    Purchase of long-term investments     —       —       (40,098 )
    Net cash (used in)/provided by investing activities     (365,430 )     1,826,531       743,728  
                             
    Cash flow from financing activities                        
    Proceeds from issuance of Class A ordinary shares upon the completion of IPO     5,356,417       —       —  
    Proceeds from issuance of convertible bonds     999,957       —       —  
    Payment of service fees for convertible bonds     (351,000 )     —       —  
    Proceeds from short-term debts     133,044       —       160,391  
    Proceeds from long-term debts     —       1,238,592       1,167,861  
    Repayments of short-term debts     (101,778 )     (107,963 )     (280,692 )
    Repayments of long-term debts     (1,325,703 )     (1,918,181 )     (1,001,815 )
    Proceed of interest-free loan from related parties     3,031,467       —       —  
    Repayments of loans to a related party     (4,593,092 )     —       —  
    Capital contribution from shareholder     —       1,430,612       —  
    Payments for deferred offering costs     (273,287 )     (1,041,447 )     —  
    Net cash provided by/(used in) financing activities     2,876,025       (398,387 )     45,745  
    Effect of exchange rate changes     18,051       (123,887 )     (51,067 )
    Net change in cash and cash equivalents     893,252       (2,578,911 )     1,907,334  
    Cash and cash equivalents, beginning of the year     1,107,480       3,686,391       1,779,057  
    Cash and cash equivalents, end of the year     2,000,732       1,107,480       3,686,391  
                             
    Supplemental disclosures of cash flow information:                        
    Income tax paid     2,050       150,124       33,291  
    Interest expense paid     48,607       65,901       57,776  
                             
    Supplemental disclosures of non-cash activities:                        
    Obtaining right-of-use assets in exchange for operating lease liabilities     209,652       805,409       N/A  

    The MIL Network –

  • MIL-OSI: CORRECTION: XCHG Limited

    Source: GlobeNewswire (MIL-OSI)

    HAMBURG, Germany, Jan. 24, 2025 (GLOBE NEWSWIRE) — In a release issued on January 21, 2025 by XCHG Limited (NASDAQ: XCHG), please note that an incorrect version of the release was distributed. The corrected release follows:

    XCHG Limited (“XCharge” or the “Company”), (NASDAQ: XCH), a global leader in integrated EV charging solutions, today announced a collaboration with a leader in the rental car space to upgrade its EV charging offerings at US airport rental facilities. XCharge has completed charging station construction at the rental company’s sites in several major East Coast airports and has secured a pipeline of future projects at the rental company’s additional airport locations along the eastern seaboard.

    XCharge’s high-speed chargers and efficient installation process have rapidly strengthened the rental company’s airport charging infrastructure, helping it meet its service standards and goals for expanding its EV rental fleet. Given their relatively small footprint and utility grid constraints, U.S. airport rental car locations face unique challenges in EV adoption. XCharge’s comprehensive solutions are designed to work within these boundaries, offering fast, simple installation without the need for intensive site upgrades, maximizing efficiency and reducing the complexity of construction.

    Furthermore, XCharge’s Level-3 charging stations empower shorter charging cycles compared with the Level-2 solutions commonly used in existing airport locations, resolving rental car service bottlenecks and enhancing customer satisfaction. At the Company’s initial airport project for the rental company, XCharge’s simultaneous charging technology significantly reduced the average charging time, improving charging speed by more than tenfold.      

    Aatish Patel, President of XCharge, said, “We’re thrilled by the positive outcomes of this collaboration. The results underscore our commitment to being more than just a hardware supplier – we want to resolve our partners’ most pressing concerns as efficiently as possible, whether that is site design, operational efficiency, or even EV charging education. By focusing on the broader needs of those we work with, we have created turnkey solutions that address key challenges effectively. We look forward to expanding this cooperation and bringing our high-quality charging services to more customers nationwide.”

    With charging anxiety remaining a top concern for EV drivers, especially first-timers, XCharge will continue to strategically elevate its presence in locations with substantial organic consumer traffic to introduce its convenient, high-speed charging services to a broader audience.

    About XCharge

    XCharge (NASDAQ: XCH), founded in 2015, is a global leader in integrated EV charging solutions. The company offers comprehensive EV charging solutions, which primarily include DC fast chargers and advanced battery-integrated DC fast chargers as well as their accompanying services. Through the combination of XCharge’s proprietary charging technology, energy storage system technology and accompanying services, the Company enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working toward establishing a global green future that is critical to long-term growth and development.

    Safe harbor statement

    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and the company does not undertake any duty to update such information, except as required under applicable law.

    For investor and media inquiries, please contact:

    XCharge

    IR Department

    Email: ir@xcharge.com

    Piacente Financial Communications

    Brandi Piacente

    Tel: +1-212-481-2050

    Jenny Cai

    Tel: +86 (10) 6508-0677

    Email: XCharge@tpg-ir.com

    The MIL Network –

  • MIL-OSI USA: CBS News: Big banks hiked interest rates on borrowers but not for savers, senators say

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    January 23, 2025

    As interest rates climbed, major banks charged borrowers more for mortgages and auto loans, yet never increased payouts to savers, despite telling lawmakers they would do so, say two U.S. senators in letters to seven CEOs, shared exclusively with CBS News.

    In March 2022, the Federal Reserve started raising the federal funds rate, with banks following suit by hiking rates for mortgages, auto loans and credit cards. But those increases were not matched with high interest rate payouts on savings accounts at banks including Bank of America, Citibank, JPMorgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo, according to the lawmakers.

    “This tactic — charging borrowers more, paying savers a little, and pocketing interest paid by the Federal Reserve — has enabled U.S. banks to rake in record profits of $1 trillion and JPMorgan alone to make record profits of $49.6 billion in 2023,” according to Sens. Elizabeth Warren (D-Massachusetts) and Jack Reed (D-Rhode Island), the authors of the letters. Meanwhile, “savers have struggled to keep up with inflation,” they added.

    JPMorgan CEO Jamie Dimon and his counterparts at half a dozen other financial institutions testified before the Senate Banking Committee in September of 2022 that their respective banks expected to increase rates for savers, albeit at a slower pace. While interest rates on the accounts JPMorgan keeps at the Fed rose from 3.15% to 4.65%, JPMorgan’s customers continue to earn .01% on their savings, the lawmakers stated. 

    …

    Read the full article here.

    By:  Kate Gibson
    Source: CBS News

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of NARI, DFS, LBRDA, CCRN to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Inari Medical, Inc. (Nasdaq: NARI), relating to the proposed merger with Stryker. Under the terms of the agreement, Stryker will acquire all of the issued and outstanding shares of common stock of Inari Medical for $80 per share in cash.

    ACT NOW. The Tender Offer expires on February 18, 2025.

    Click here for more https://monteverdelaw.com/case/inari-medical-inc-nari/. It is free and there is no cost or obligation to you.

    • Discover Financial Services (NYSE: DFS), relating to its proposed merger with Capital One Financial Corp. Under the terms of the agreement, DFS shareholders are expected to receive 1.0192 shares of Capital One per share they own.

    ACT NOW. The Shareholder Vote is scheduled for February 18, 2025.

    Click here for more information: https://www.monteverdelaw.com/case/discover-financial-services. It is free and there is no cost or obligation to you.

    • Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP), relating to the proposed merger with Charter Communications, Inc. Under the terms of the agreement, Liberty Broadband common stockholders will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 26, 2025.

    Click here for more information https://monteverdelaw.com/case/liberty-broadband-corporation-lbrda-lbrdk-lbrdp/. It is free and there is no cost or obligation to you.

    • Cross Country Healthcare, Inc. (NASDAQ: CCRN), relating to the proposed merger with Aya Healthcare. Under the terms of the agreement, shares of Cross Country will be converted into the right to receive $18.61 in cash.

    ACT NOW. The Shareholder Vote is scheduled for February 28, 2025.

    Click here for more https://monteverdelaw.com/case/cross-country-healthcare-inc-ccrn/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of NARI, DFS, LBRDA, CCRN to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Inari Medical, Inc. (Nasdaq: NARI), relating to the proposed merger with Stryker. Under the terms of the agreement, Stryker will acquire all of the issued and outstanding shares of common stock of Inari Medical for $80 per share in cash.

    ACT NOW. The Tender Offer expires on February 18, 2025.

    Click here for more https://monteverdelaw.com/case/inari-medical-inc-nari/. It is free and there is no cost or obligation to you.

    • Discover Financial Services (NYSE: DFS), relating to its proposed merger with Capital One Financial Corp. Under the terms of the agreement, DFS shareholders are expected to receive 1.0192 shares of Capital One per share they own.

    ACT NOW. The Shareholder Vote is scheduled for February 18, 2025.

    Click here for more information: https://www.monteverdelaw.com/case/discover-financial-services. It is free and there is no cost or obligation to you.

    • Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP), relating to the proposed merger with Charter Communications, Inc. Under the terms of the agreement, Liberty Broadband common stockholders will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 26, 2025.

    Click here for more information https://monteverdelaw.com/case/liberty-broadband-corporation-lbrda-lbrdk-lbrdp/. It is free and there is no cost or obligation to you.

    • Cross Country Healthcare, Inc. (NASDAQ: CCRN), relating to the proposed merger with Aya Healthcare. Under the terms of the agreement, shares of Cross Country will be converted into the right to receive $18.61 in cash.

    ACT NOW. The Shareholder Vote is scheduled for February 28, 2025.

    Click here for more https://monteverdelaw.com/case/cross-country-healthcare-inc-ccrn/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Shareholders of SASR, ROIC, ATSG, CTV to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Sandy Spring Bancorp, Inc. (NASDAQ: SASR), relating to a proposed merger with Atlantic Union Bankshares Corp. Under the terms of the agreement, all Sandy Spring shares will automatically be converted into the right to receive 0.900 Atlantic Union shares, and cash in lieu of fractional shares.

    ACT NOW. The Shareholder Vote is scheduled for February 5, 2025.

    Click here for more information https://monteverdelaw.com/case/sandy-spring-bancorp-inc/. It is free and there is no cost or obligation to you.

    • Retail Opportunity Investments Corp. (Nasdaq: ROIC), relating to its proposed merger with Blackstone. Under the terms of the agreement, Blackstone Real Estate Partners X will acquire all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction.

    ACT NOW. The Shareholder Vote is scheduled for February 7, 2025.

    Click here for more information https://monteverdelaw.com/case/retail-opportunity-investments-roic/. It is free and there is no cost or obligation to you.

    • Air Transport Services Group, Inc. (Nasdaq: ATSG), relating to a proposed merger with Stonepeak Nile Parent LLC. Under the terms of the agreement, Air Transport Services Group shareholders will receive $22.50 per share of Air Transport Services Group Common Stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 10, 2025.

    Click here for more information https://monteverdelaw.com/case/air-transport-services-group-inc-atsg/. It is free and there is no cost or obligation to you.

    • Innovid Corp. (NYSE: CTV), relating to the proposed merger with Mediaocean LLC. Under the terms of the agreement, Mediaocean will acquire Innovid at a price of $3.15 per share of common stock.

    ACT NOW. The Shareholder Vote is scheduled for February 11, 2025.

    Click here for more https://monteverdelaw.com/case/innovid-corp-ctv/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Shareholders of SASR, ROIC, ATSG, CTV to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Sandy Spring Bancorp, Inc. (NASDAQ: SASR), relating to a proposed merger with Atlantic Union Bankshares Corp. Under the terms of the agreement, all Sandy Spring shares will automatically be converted into the right to receive 0.900 Atlantic Union shares, and cash in lieu of fractional shares.

    ACT NOW. The Shareholder Vote is scheduled for February 5, 2025.

    Click here for more information https://monteverdelaw.com/case/sandy-spring-bancorp-inc/. It is free and there is no cost or obligation to you.

    • Retail Opportunity Investments Corp. (Nasdaq: ROIC), relating to its proposed merger with Blackstone. Under the terms of the agreement, Blackstone Real Estate Partners X will acquire all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction.

    ACT NOW. The Shareholder Vote is scheduled for February 7, 2025.

    Click here for more information https://monteverdelaw.com/case/retail-opportunity-investments-roic/. It is free and there is no cost or obligation to you.

    • Air Transport Services Group, Inc. (Nasdaq: ATSG), relating to a proposed merger with Stonepeak Nile Parent LLC. Under the terms of the agreement, Air Transport Services Group shareholders will receive $22.50 per share of Air Transport Services Group Common Stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 10, 2025.

    Click here for more information https://monteverdelaw.com/case/air-transport-services-group-inc-atsg/. It is free and there is no cost or obligation to you.

    • Innovid Corp. (NYSE: CTV), relating to the proposed merger with Mediaocean LLC. Under the terms of the agreement, Mediaocean will acquire Innovid at a price of $3.15 per share of common stock.

    ACT NOW. The Shareholder Vote is scheduled for February 11, 2025.

    Click here for more https://monteverdelaw.com/case/innovid-corp-ctv/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – CYTH, ALVR, WMPN, OMC

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Cyclo Therapeutics, Inc. (Nasdaq: CYTH), relating to its proposed merger with Rafael Holdings, Inc. Under the terms of the agreement, Cyclo common stock will automatically be converted into the right to receive shares of Rafael common stock.

    Click here for more information https://monteverdelaw.com/case/cyclo-therapeutics-inc/. It is free and there is no cost or obligation to you.

    • AlloVir, Inc. (NASDAQ: ALVR), relating to its proposed merger with Kalaris Therapeutics. Under the terms of the agreement, AlloVir will acquire 100% of the outstanding equity interest of Kalaris. Upon completion of the Merger, pre-Merger AlloVir stockholders are expected to own approximately 25.05% of the combined company and pre-Merger Kalaris stockholders are expected to own approximately 74.95% of the combined company.

    Click here for more information https://monteverdelaw.com/case/allovir-inc-alvr/. It is free and there is no cost or obligation to you.

    • William Penn Bancorporation (Nasdaq: WMPN), relating to its proposed merger with Mid Penn Bancorp, Inc. Under the terms of the agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. The implied transaction value is approximately $13.58 per William Penn share.

    Click here for more information https://monteverdelaw.com/case/william-penn-bancorporation-wmpn/. It is free and there is no cost or obligation to you.

    • Omnicom Group Inc. (NYSE: OMC), relating to the proposed merger with The Interpublic Group of Companies, Inc. Under the terms of the agreement, Omnicom shareholders will own 60.6% of the combined company.

    Click here for more https://monteverdelaw.com/case/omnicom-group-inc-omc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
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