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Category: Business

  • MIL-OSI Economics: UK VC funding surges by 38% YoY to $4 billion in Q1 2025, finds GlobalData

    Source: GlobalData

    UK VC funding surges by 38% YoY to $4 billion in Q1 2025, finds GlobalData

    Posted in Business Fundamentals

    The venture capital (VC) funding landscape in the UK has witnessed mixed activity in the first quarter (Q1) of 2025, reflecting both resilience and challenges amid a shift in the global economic environment. While the UK remains a significant player in the global VC arena, recent trends indicate a decline in deal volume. However, there was a notable increase in deal value, suggesting a strategic pivot towards larger, more impactful investments. The total VC deal value in the UK surged by around 38% year-on-year (YoY) to $4 billion in Q1 2025, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that the UK recorded a decrease in VC deal volume by around 13% in Q1 2025 compared to the same period the previous year.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in deal volume in the UK is in line with a broader global trend where total VC deal volume has also seen a reduction. However, the growth in value tells a different story, indicating a shift in investor sentiment towards fewer, but larger funding rounds. While the decline in deal volume reflects a cautious approach from investors, the growth trend in terms of value reflects a growing preference for substantial capital infusions into startups that demonstrate proven business models and strong growth potential.”

    In the context of the global VC landscape, the UK accounted for more than 6% share of the total number of deals announced globally in Q1 2025. Interestingly, it also accounted for almost the same share of total funding value as well during the same period.

    Bose concludes: “While the initial months of 2025 have presented a mixed picture, the increase in deal value signals a robust appetite for investment in high-potential startups. As the market adjusts to evolving conditions, the focus on larger, more strategic investments may well position the UK as a resilient player in the global VC ecosystem.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics –

  • MIL-OSI Economics: Biopharma venture financing declines 20.2% YoY in Q1 2025 amid persistent investor caution, reveals GlobalData

    Source: GlobalData

    Biopharma venture financing declines 20.2% YoY in Q1 2025 amid persistent investor caution, reveals GlobalData

    Posted in Business Fundamentals

    Biopharmaceutical drug company venture financing witnessed a year-on-year (YoY) 20.2% downturn from $8.1 billion during the first quarter (Q1) of 2024 to $6.5 billion in Q1 2025. This suggests that the biopharmaceutical venture financing environment remains challenging, mirroring a similar downturn seen in 2022 and 2023, with investors continuing to favor later-stage companies with clinical data, says GlobalData, a leading data and analytics company.

    According to GlobalData’s Pharmaceutical Intelligence Center Deals Database, Phase III biopharmaceutical companies recorded the highest median deal value at $62.5 million in Q1 2025, marking a 38.9% increase from $45 million in 2021 despite a peak in overall venture financing activity that year.

    Alison Labya, Business Fundamentals Pharma Analyst at GlobalData, notes: “The higher deal values for late-stage firms underscores a distinct realignment of investor risk appetite – a trend observed since 2024. Amid the ongoing macroeconomic uncertainty, venture capitalists are favoring opportunities with clearer routes to near-term revenue and market access over longer-horizon development risks.”

    To view further insights into venture financing activity globally in Q1 2025 in the Pharma Sector, please see our Pharma Venture Capital Investment Trends – Q1 2025 report.

    Note: Includes announced and completed venture capital deals and investments made by private equity firms involving biopharmaceutical companies with drugs headquartered globally which are announced between 1 January 2021 and 31 March 2025, where a deal value has been publicly disclosed.

    MIL OSI Economics –

  • MIL-OSI USA: Investing in America’s Workforce: “Apprenticeship Infrastructure Tax Credit Act of 2025” Introduced to Combat Workforce Shortages in Critical Industries

    Source: United States House of Representatives – Representative Jake Ellzey (Texas, 6)

    Washington, D.C. — In response to the nation’s escalating labor shortages, particularly in critical infrastructure sectors, Representative Jake Ellzey (TX-6) will formally introduce the Apprenticeship Infrastructure Tax Credit Act of 2025 in the coming days. This landmark legislation offers a business-centered solution to America’s growing workforce challenges by incentivizing investments in registered apprenticeship programs.

    Currently, the U.S. faces 7.2 million job openings, with critical sectors like construction, manufacturing, and energy grappling with significant workforce shortages. By investing in our Nation’s workforce, America will experience unprecedented economic growth and prosperity resulting in energy independence.

    The “Apprenticeship Infrastructure Tax Credit Act of 2025” proposes a $3,000 annual tax credit to employers for hiring and retaining registered apprentices in key occupations critical to our nation’s infrastructure, with an enhanced credit of $6,000 for members of the national guard and reserve components of the Armed Forces, recently separated veterans, transitioning service members, and their spouses.

    Businesses will be able to claim these credits for up to two years per apprentice retained, recognizing employers’ long-term investment in their workforce. A $5 billion volume cap over ten years ensures the program remains fiscally responsible while encouraging the expansion of registered apprenticeships.

    “This bill is about rebuilding the American workforce from the ground up,” said Congressman Jake Ellzey. “We’ve got job openings in critical industries and a generation of hardworking Americans ready to step in—they just need the training and opportunity. By rewarding businesses that invest in apprenticeships, especially for our veterans and transitioning service members, we’re strengthening our infrastructure, supporting our communities, and preparing the next generation to lead.”

    In conjunction with National Apprenticeship Day on April 30, 2025, the introduction of this legislation reinforces bipartisan efforts to strengthen America’s skilled workforce. It also aligns with the President’s recent Executive Order on Preparing Americans for High-Paying, Skilled Trade Jobs of the Future, which emphasizes expanding access to registered apprenticeship programs as a critical component to equip American workers to produce world-class products and implement world-leading technologies. The legislation responds to Texas Governor Abbott’s February 2, 2025, announcement “Expanding Career Training as an Emergency Item,” addressing workforce challenges facing the state.

    MIL OSI USA News –

  • MIL-OSI USA: News 04/30/2025 Blackburn Launches Inquiry with Tech Companies on Efforts to Protect Kids Online Following Decline in Reports to CyberTipline

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) sent letters to Google, Microsoft, Discord, and X regarding the puzzling and alarming decrease in reports of child sexual abuse material, online enticement, and child sex trafficking submitted to the National Center for Missing and Exploited Children’s (NCMEC) CyberTipline in 2024.

    Last year, Senator Blackburn’s REPORT Act was signed into law, requiring platforms to submit reports of online enticement and child sex trafficking to the CyberTipline. These reports are crucial to law enforcement’s investigations of online child exploitation.  

    Reported Incidents of Suspected Child Exploitation by Several Tech Companies Have Notably and Concerningly Dropped

    “The National Center for Missing and Exploited Children’s (NCMEC) CyberTipline is the preeminent online mechanism for members of the public and electronic service providers to report incidents of suspected child exploitation. The CyberTipline has received hundreds of millions of reports of online child sexual exploitation, and federal law requires online platforms to report known incidents of child sexual abuse material (child pornography), online enticement and child sex trafficking to NCMEC. Despite this important legal obligation, there has been a notable drop in reports to the CyberTipline from several platforms.”

    Blackburn’s REPORT Act Requires Online Platforms to Report Instances of Child Sex Trafficking

    “Last year, my bipartisan legislation—the Revising Existing Procedures on Reporting via Technology (REPORT) Act… was signed into law. This critical bill supports NCMEC in its core mission to protect our children online and assists law enforcement in their investigative efforts. Importantly, the law closed a gap in federal child exploitation laws by mandating that online platforms—including yours—report instances of child sex trafficking and enticement, which was not previously required under federal law. To ensure compliance with this requirement, the REPORT Act also increases the maximum fines for providers who knowingly and willfully fail to submit these reports to NCMEC.”

    Tech Companies Must Fulfill Legal Obligation to Report Heinous Crimes Against Children

    “Despite these requirements, recent testimony by NCMEC’s President and CEO to the U.S. Senate Committee on the Judiciary, Subcommittee on Crime and Counterterrorism and data provided by NCMEC indicates that there has been a sharp decline in the number of reports that Google, [Discord, Microsoft, and X have] submitted to the CyberTipline since the passage of the REPORT Act… This notable decrease in reports to NCMEC is both puzzling and deeply troubling. It is crucial that your company fulfill its legal obligations to report these heinous crimes that occur on your platform. Our children deserve nothing less.”

    Click here to read the letter to Google.

    Click here to read the letter to Microsoft.

    Click here to read the letter to Discord.

    Click here to read the letter to X.

    MIL OSI USA News –

  • MIL-OSI USA: Luján Applauds Committee Passage of Bipartisan Bill to Combat Online Scams, Protect Consumers in the Online Ticket Marketplace

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the U.S. Senate Committee on Commerce, Science, and Transportation, applauded committee passage of his bipartisan bill that would better protect consumers in the online ticket marketplace. Senator Luján’s bipartisan Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, which he introduced with U.S. Senator Marsha Blackburn (R-Tenn.), passed in a markup in the Senate Committee on Commerce, Science, and Transportation.

    “Today, we are one step closer to ensure Americans can enjoy live entertainment without the fear of being scammed,” said Senator Luján. “Far too many Americans face excessive price-gouging for tickets from online bots and resellers. That’s why I partnered with Senator Blackburn to advance our MAIN Event Ticketing Act which will strengthen protections for consumers and artists from scammers. Now, I urge the full Senate to take up our legislation and pass this bipartisan bill to better protect consumers.”

    “As a cultural institution dedicated to making the performing arts accessible to all, the Santa Fe Opera applauds this bipartisan effort to better combat and enforce unfair ticketing practices and protect consumers and artists from exploitation,” said Santa Fe Opera General Director Robert K. Meya. “The MAIN Event Ticketing Act addresses critical challenges, ensuring that access to live performances remains fair and equitable to all audiences. We are grateful for Senator Luján and Senator Blackburn’s leadership on this important issue and fully support their efforts to enhance transparency and fairness in the online ticket marketplace.”

    “We are fully behind this legislation,” said Lensic 360 Director Jamie Lenfestey. “Enforcement of the existing law is a great approach. In high sales season we can see as many as 96,000 bot hits on our sales website daily. Any efforts in enhancing consumer protection and helping promoters and presenters best engage their audiences directly much needed step in the right direction.”

    “As a small venue owner, the health of my business relies heavily on food, beverage, and merchandise sales to complement ticket revenue. When bots and scalpers purchase tickets en masse, it not only drives up prices but also prevents true fans from attending events. This results in empty seats at my venue, leading to a significant loss—up to 75% of my projected revenue from concessions and merchandise sales,” said Jayson Wylie, President and CEO of Taos Mesa Brewing and Musich Entertainment.

    Specifically, the MAIN Event Ticketing Act would:

    • Create reporting requirements whereby online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC);
    • Create a complaint database so consumers can also share their experiences with the FTC, which in turn is required to share the information with state attorneys general;
    • Enact data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; and
    • Require a report to Congress on BOTS enforcement.  

    This legislation is endorsed by the Recording Academy, Recording Industry Association of America, Live Nation Entertainment, and the National Independent Venue Association.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Source:

    Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Washington, D.C. – Today, Congressman Russell Fry (SC-07) introduced the Comprehensive Health & Integrity in Licensing and Documentation Act (CHILD Act) of 2025, along with Congressman Jared Moskowitz (D-FL). This bill ensures that all individuals with unsupervised access to children— whether full-time employees or independent contractors—are eligible for nationwide background checks.

    The CHILD Act of 2025 aims to close a dangerous loophole created by the Child Protection Improvements Act of 2018, which inadvertently limited access to FBI background checks for contractors working in schools and other child-focused settings.

    The National Child Protection Act (NCPA) of 1993 encouraged states to use federal background checks for people working with vulnerable groups like children, the elderly, or those with disabilities. In 2018, a law was introduced that narrowed who could be checked, leaving out many contractors—including those working directly with kids. The CHILD Act of 2025 fixes this by allowing schools, afterschool programs, and similar organizations to run full federal background checks on anyone, including contractors, who may have access to children and vulnerable groups.

    In South Carolina, independent contractors who work with children are typically required to pass FBI and SLED background checks. However, some states lack the NCPA statute, and contractors can’t directly access the federal system unless they work through a state agency or local school district—leading to confusion, inconsistency, and potential risk. Other states have even weaker protections, with some relying only on name-based checks or allowing individual school districts to decide for themselves.

    “This is about consistency and accountability,” said Congressman Fry. “Parents shouldn’t have to wonder if individuals who have unsupervised contact with their kids, such as after-school tutors, nurses, school bus drivers, transportation providers, or other contracted personnel, have been fully vetted or not. The CHILD Act would fix this loophole and provide parents with peace of mind and students with a safe environment.”

    “Parents shouldn’t have any question that the teachers, staff, and other personnel taking care of their kids at school have been thoroughly vetted,” said Congressman Moskowitz. “That’s why I’m helping lead the CHILD Act, a bipartisan bill to fix an oversight in the law and ensure contractors who work with kids are subject to nationwide background checks. It’s the right thing to do for our kids and a commonsense fix to help keep our schools safe.”

    This is the House companion bill to legislation introduced in the Senate by the Chairman of the Senate Judiciary Committee Chuck Grassley (R-IA) and Ranking Member Dick Durbin (D-IL).

    “Parents should feel more confident that every individual who works with their children has been properly and thoroughly vetted,” said Senator Grassley. “My bipartisan legislation with Senator Durbin would amend the Child Protection Improvements Act to help ensure all child care workers, including contractors, undergo nationwide background checks,” Grassley said. “Our legislative fix will help keep kids safe and give parents greater peace of mind.”

    “When parents drop their kids off at school, they shouldn’t have to worry if their children are safe in the care of the school’s faculty,” said Senator Durbin. “While the Child Protection Improvements Act was passed with the intent of keeping children safe, it created an inadvertent complication in securing nationwide background checks for all personnel with unsupervised access to children, namely contractors hired by schools. Schools often rely on contractors for a number of services geared toward children, including providing safe transportation. Today, I’m introducing bipartisan legislation with Senator Grassley to correct the current patchwork approach to securing nationwide background checks for those who work with children.”

    The CHILD Act of 2025 is supported by HopSkipDrive, the National District Attorneys Association, Students Against Destructive Decisions, Student Transportation & Education Equity, Roundtable, Parents Helping Parents, Inc., National Diversity Coalition, RaisingHOPE, Inc., National Center on Adoption and Permanency, and Streets Are For Everyone (SAFE).

    “Safety has always been, and will always be, our top priority at HopSkipDrive and background checks are an integral component of our 15-step certification process,” said Joanna McFarland, Co-Founder and CEO of HopSkipDrive. “We are proud to support the bipartisan CHILD Act to amend the National Child Protection Act and enhance access to safe, reliable student transportation. This crucial amendment will help ensure the highest standards of safety are met nationwide, and we extend our gratitude to the bill sponsors for their leadership on this important issue.”

    “NDAA is happy to support the CHILD Act of 2025, which safeguards our most vulnerable populations by allowing businesses and organizations to conduct thorough background checks of individuals that are under contract with a qualified entity,” said Nelson Bunn, Executive Director of the National District Attorneys Association.

    The supporting organizations also submitted this letter.

    Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.

    MIL OSI USA News –

  • MIL-OSI Australia: Screen Australia empowers 100+ distinctive Australian narratives

    Source: AMP Limited

    01 05 2025 – Media release

    All The Boys Are Here writer/director Goran Stolevski and It’s All Going Very Well No Problems At All writer/director/producer/star Tilda Cobham-Hervey (Tilda photo credit Matt Loxton).  
    Screen Australia has today announced a significant investment for local scripted projects, reflecting the agency’s commitment to rich Australian narrative content and meaningful creator pathways.
    Across feature film, television and online, $7.6 million has been shared across more than 100 projects, contributing a substantial amount to the overall direct production and development funding provided in the 24/25 financial year so far. The mix of projects showcases a wide range of themes and formats, speaking to the evolving scripted landscape and highlighting the importance of reaching Australian audiences where they are watching.
    Among the projects is the debut feature film from writer/director/producer/star Tilda Cobham-Hervey set in an aged care home, It’s All Going Very Well No Problems At All; animated children’s series Jidoo & Ibis, about the relationship between a grumpy Grandpa and Australia’s beloved bin chicken; comedy series for TikTok CEEBS about two friends on a mission to save their local youth centre from imminent closure; and a series inspired by a true story, DIVA, about 21-year-old Elly who balances his strict, religious Samoan life with ambitions of becoming a professional wrestler in drag.
    Screen Australia Director of Narrative Content Louise Gough said, “Screen Australia is uniquely positioned to support a thriving pipeline of Australian stories that connect with audiences across multiple platforms and genres. This funding reflects our commitment to both emerging and established creatives, reinforcing the strength and diversity of our industry.”
    “Demand on Screen Australia funding remains high, and our recent survey was a reminder of the value that the sector places on our direct funding. In an ever-changing landscape, one thing remains constant – Australian screen storytelling is a vital cultural force that continues to resonate with audiences here at home and across the world. We’re proud to back this extensive collection of distinct and ambitious projects,” said Gough.
    Screen Australia has also supported 11 major television series for production to be announced in coming months, sharing in $12 million of direct funding and with a total production value of over $117 million. The agency has recently supported Stan Original Series’ He Had it Coming and comedy-horror Gnomes. Also recently announced is Bus Stop Films’ first feature film Boss Cat, beginning production in June and starring Olivia Hargroder, Penny Downie and Julia Savage.
    The supported projects include:

    It’s All Going Very Well No Problems At All: This drama is the debut feature film from writer/director Tilda Cobham-Hervey (A Field Guide to Being a 12 Year Old Girl, I am Woman) and is produced by Liam Heyen (Jimpa, Latecomers), Dev Patel (Lion, Monkey Man), Jomon Thomas (Hotel Mumbai, Monkey Man) and Cobham-Hervey, with Natalya Pavchinskaya and Cyna Strachan executive producing. The film follows Audrey (Cobham-Hervey), a young artist teetering on the edge of a quiet collapse, who finds solace and understanding through a profound connection with Harold, an elderly resident at the care home where she works. Major production investment from Screen Australia and S’ya Concept in association with the South Australian Film Corporation, with support from the Adelaide Film Festival Investment Fund. Local distribution by Kismet. The film is a Mad Ones and Minor Realm production.
    Jidoo & Ibis: Inspired by the real-life shenanigans between the creator’s father and the hungry bin chickens who flock to his garden, Jidoo & Ibis is from writer/producer Wendy Hanna (Beep & Mort) with writers Michael Drake (Beep & Mort) and Clare Madsen (Little J & Big Cuz). It is a 40-part animated series in development for young pre-schoolers about unexpected problems and unexpected friendships – told through the relationship between grumpy Grandpa Jidoo and an all too familiar larrikin, Ibis.
    CEEBS: This 18-part comedy for TikTok is from director Harry Lloyd (Rock Island Mysteries) and writers Betiel Beyin and Leigh Lule, some of the team behind Turn up the Volume. Nikki Tran (Girl, Interpreted) and Amie Batalibasi (Blackbird) are producing. CEEBS follows recent high-school graduates, Zion and Ruby, as they run for ‘Youth President’ to save their local youth centre from imminent closure – all while trying to ensure their lifelong friendship doesn’t get caught in the crossfire. It has received principal production funding from Screen Australia in association with VicScreen.
    DIVA: Inspired by a true story, DIVA is created by producer Jessica Magro (Bad Ancestors) and executive producer Jason Dewhurst, working alongside producer Lauren Brown (Thou Shalt Not Steal) and writer Nick Coyle (Bump, It’s Fine, I’m Fine). It is also executive produced by Charlie Aspinwall and Daley Pearson. This eight-part series in development from Ludo Studio and Purple Carrot Entertainment follows 21-year-old Elly as he attempts to balance his strict, religious Samoan life and his secret queer identity as a professional wrestler in drag.
    Dreamboat: A feature comedy in development celebrating the enduring power of BFFs, second chances, and embracing life’s next chapter, from writer Joan Sauers (Ladies in Black, Wakefield), producers Courtney Botfield and Kate Riedl, script editor Megan Simpson Huberman and script consultant Zoë Coombs Marr. In Dreamboat, Suzy’s plans for a cruisy retirement are capsized when best friend, Val, takes her on a cruise to Antarctica.
    All The Boys Are Here: From Causeway Films (Talk to Me), this queer romance feature film is created by writer/director Goran Stolevski (Of An Age, You Won’t Be Alone) and produced by Kristina Ceyton and Samantha Jennings of Talk to Me. It is about a New York novelist who, while attending a family funeral in Vienna, discovers a German relative’s illicit queer love affair with a Jewish man during WW2 – sending him on a journey through the past that changes his future. It has received major production investment from Screen Australia in association with the Polish Film Institute, with Maslow Entertainment distributing and New Europe Film Sales and Charades managing international sales.
    A Model Family: A 10-part comedy in development for the whole family from some of the team behind The Disposables, including creator/writers Keir Wilkins and Sonia Whiteman, creator/writer/producer Renny Wijeyamohan, creator/producer/executive producer Karen Radzyner, producer Linda Micsko (The Office Australia) and executive producer Oliver Lawrance, with Guy Edmonds (Spooky Files) and Emmanuelle Mattana (Fwends) attached as writers. In A Model Family, five ultra-lifelike AIs have escaped from a secret research facility in the Australian countryside and must pass for a human ‘nuclear’ family to survive.
    Fear is the Rider: This horror-thriller is from the team behind The Forgiven, including writer/director/producer John Michael McDonagh, producers Elizabeth Eves, Kate Glover, Nick Gordon and Trevor Matthews, and executive producer Natalie Coleman. In Fear is the Rider, a lone woman searching for her missing mother is pursued into the Australian Outback by a terrifying family of cannibalistic serial killers, with only an ex-con and a young girl willing to help her. Major production investment from Screen Australia and financed with support from Screen NSW’s Made in NSW Fund. Local distribution by Umbrella Entertainment, with international sales by Film Constellation and CAA.
    After All: From writer/director/producer Jess Murray (Moments of Clarity) and writers Tom Ward and Declan O’Byrne-Inglis, After All is a six-part comedic adult YouTube animation set against a post-apocalyptic wasteland. After living in a bunker for most of their lives, mutant filmmakers Flynn and Marshall venture out to make “the best movie ever made”, but quickly realise that stardom is not as important as friendship. It has received principal production funding from Screen Australia and financed with assistance from Screen Tasmania.
    Bluebottle: A thriller-comedy feature film from director Jim Weir and writer/director Jack Clark of Birdeater, producers Gal Greenspan (Moja Vesna), Rachel Forbes (Strange Creatures) and Ryan Bartecki (The Novice), and executive producers Joel Edgerton (Boy Swallows Universe), Ari Harrison (Lesbian Space Princess, The Moogai) and Jane Badler. During the final night of ‘Schoolies’ in an isolated coastal town, three local dropouts battle three handsome older men for the affection of three private school girls – tackling social issues of class, consent and identity. Major production investment from Screen Australia, with Co Created Media co-financing and Umbrella Entertainment distributing locally.

    CEEBS
    For the list of announced projects funded across the Narrative Content Department this financial year, visit:

    For more information about Screen Australia funding and to apply, click here.
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    + 61 2 8113 5915  | [email protected]
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    MIL OSI News –

  • MIL-OSI USA: Senator Murray’s Bill to Reauthorize Northwest Straits Commission Passes Through Senate Science Committee

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senator Murray has worked tirelessly to fund the Northwest Straits Commission every single year since 1998

    ICYMI: Senator Murray, Cantwell, and Rep. Larsen Reintroduce Legislation to Permanently Reauthorize Northwest Straits Commission

    Washington, D.C. — Today, Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation Committee and senior member of the Senate Finance Committee, announced that the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 passed out of the Senate Commerce, Science and Transportation Committee. The legislation would reauthorize the Northwest Straits Commission in the Puget Sound, and fund it at $3 million each fiscal year for the next five years, through Fiscal Year 2031.

    Murray and Cantwell’s bill will now have to pass through the full Senate and the House before it can be signed into law.

    The Northwest Straits Commission is a community-led effort to restore marine habitats in the Northwest Straits region and address local threats to marine environments with projects such as restoring shellfish populations, protecting vulnerable ecosystems, and promoting growth for native water and shore-based plants. The Northwest Straits Commission provides funding, training, and support to seven county-based Marine Resources Committees (MRCs). The Commission advises local officials on how to best carry out environmental projects and provides expertise to community organizations to help them be partners in their work by, for example, training volunteers to identify forage fish spawning sites. Senator Murray led the authorization of the Northwest Straits Commission in 1998 and has secured federal funding for the Commission every single year in the decades since.

    “I first established the Northwest Straits Commission with bipartisan support in 1998, to ensure our rich marine resources in the Northwest Straits stay healthy—which in Washington state is critical for our local communities, Tribes, and economy,” said Senator Murray. “This legislation would help provide a strong and consistent funding stream for the Commission and ensure partners on the ground can expand their efforts to protect our marine species and habitats and support our outdoor recreation economy. I am proud to continue leading the charge to authorize the Northwest Straits Commission, and I will keep fighting to secure federal funding for this effort as I have done since I first helped establish the commission.”

    “The Puget Sound and the Straits are [among the busiest] waterways in the nation, and just happen to intersect with also some of the most beautiful habitat and species in the nation as well,” Sen. Cantwell said. “Having the Straits Commission continue to do their work is very important.”

    The Northwest Straits Commission is supported by a wide range of stakeholders, including state and federal agencies, elected leaders, and Tribal partners throughout the Puget Sound Region.

    The Northwest Straits Commission was established following the bipartisan partnership of Senator Murray and former Congressman Jack Metcalf. Murray and Metcalf released a report in 1998 that laid the groundwork for the Northwest Straits Commission and its work protecting marine habitats, and later that year, Senator Murray successfully authorized the Northwest Straits Commission for a six-year period. Over the years, Senator Murray has helped secure tens of millions of dollars in federal funding for the Northwest Straits Commission’s restoration work and research—part of Senator Murray’s longtime, steadfast commitment to salmon recovery in the Pacific Northwest.

    Last year, as Chair of the Senate Appropriations Committee, Senator Murray secured $1 million for the Northwest Straits Initiative through programmatic funding in the appropriations bills she wrote and passed into law in March 2024—this was the first time Northwest Straits received programmatic funding since the original authorization expired in 2004, and is significant in helping to ensure the Commission is funded. In the appropriations bills for Fiscal Years 2022 and 2023, Senator Murray secured a total of $6 million in Congressionally Directed Spending (CDS) funding for the Northwest Straits Commission; that funding was essential to the removal of the “Windjammer” sailboat that had been partially submerged near the Kukutali Preserve since 2009 on Swinomish Tribal tideland. Prior to the return of Congressionally Directed Spending in Fiscal Year 2022, Murray ensured the Northwest Straits Commission received annual funding through the EPA’s Puget Sound Geographic Program. Prior to that, Murray secured CDS funding for the Northwest Straits Commission after the original authorization for the Commission expired in 2004.

    The text of the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Pressley Applauds Release of Mohsen Mahdawi, Renews Call for Release of Rümeysa Öztürk, Mahmoud Khalil, and Others

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Yesterday, Pressley Rallied With Colleagues at State Dept. to Demand Mahdawi’s Release and Due Process for All

    Pressley Recently Met with Constituent Rümeysa Öztürk, Mahmoud Khalil at ICE Detention Centers in Louisiana

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement applauding the release of Mohsen Mahdawi, Columbia University student and lawful permanent resident who was detained on April 14 after his naturalization interview in Vermont. Yesterday, at a rally outside the State Department, Congresswoman Pressleyjoined Congresswoman Becca Balint (VT-AL)and their colleagues to call for Mahdawi’s immediate release and demand due process for all. Congresswoman Pressley recently met with constituent Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.

    “Mohsen’s release is an encouraging step in the fight to defend our democracy and the constitutional rights that Donald Trump is working overtime to rip away,” said Rep. Ayanna Pressley. “Due process and free speech are fundamental rights. I am relieved and encouraged that Mohsen was released from detention today, and I continue to demand the immediate release of my constituent Rümeysa Öztürk, as well as Mahmoud Khalil, and the residents across the nation who may not have made headlines but similarly have been unjustly detained by this hostile administration. We have not forgotten about you and we will fight for your rights daily.”

    Mahdawi, a Vermont permanent resident for the last ten years, was abruptly arrested earlier this month by masked, hooded ICE agents without being charged with a crime. In response to his arrest, Rep. Balint, Rep. Pressley, and 66 other House Democrats demanded to know the Administration’s alleged reason for his arrest from Secretaries Rubio and Noem and received no response. 

    A full transcript of her remarks at yesterday’s rally is available below and video is available here.

    Transcript: Pressley Colleagues Demand Due Process for All at “Free Mohsen Mahdawi” Rally
    U.S. State Department
    April 29, 2025

    We keep using the word shame, and this is a shame that we find ourselves here. 

    And it is also a sham. 

    These extremist acts to disappear people from society have nothing to do with immigration. They have nothing to do with law and order. They have everything to do with power.

    And Donald Trump is abusing power. That is what dictators do. Dictators mean to silence any dissenting voices – and the only way to beat a dictator is with defiance, and that’s what brings us all here today. 

    I’m so glad that you all are awake. The other side wants you to be asleep. They’re anti-woke because they want a citizenry that is ignorant and uninformed, that is indifferent to the suffering of their neighbors, and that is inactive. 

    So you’re already winning, and you give me hope and make it easier to practice the discipline of hope – because you could have been anywhere else today, but you chose to be here to say that these abuses of power will not go unchecked.

    I know that I am speaking to the choir as I go to refer to my notes and enumerate these facts, but I preach to the choir for one reason, because I need the choir to sing. 

    When you leave here, I need you to sing about these injustices. I need you to sing about the fact that this is not about whether or not we can weather the next four years, that this is about shaping the next one hundred.

    I need you to sing about the fact that this is the moment and the opportunity to be better ancestors than descendants. 

    Who is Mohsen?

    Mohsen was raised in a Palestinian refugee camp in the occupied West Bank. He is a man who loves and is loved, who is connected to family, who is connected to community.

    Mohsen is a green card holder and lawful permanent resident of the United States.

    Mohsen is a scholar, a senior at Columbia University and co-founder of Columbia’s Palestinian Student Union.

    And now, shamefully, Mohsen is a political prisoner. 

    Instead of celebrating his graduation and preparing for his Master’s program in the fall, he was on the verge of becoming a US citizen, after 10 years of living and learning and contributing in the United States. 

    Instead, his life has been upended, and he is awaiting his future from the confines of a detention center. Shameful.

    In Donald Trump’s America, Mohsen’s story is becoming shamefully all too familiar to all of us. 

    He was whisked away and disappeared off of the streets, just like my constituent, Somerville resident and PhD student, Rümeysa Öztürk.

    Make no mistake, these abductions are not isolated. 

    They are part and parcel of Trump’s precise, intentional, and coordinated attack on our democracy and our constitutional rights. 

    They serve no purpose other than to silence dissent, restrict due process, and to sow fear in our communities – which is exactly how a dictator operates. 

    But again, we will not allow these abuses of power to go unchecked or unanswered. 

    Last week, I went to conduct some real-time oversight. I visited our sister Rümeysa Öztürk and our brother Mahmoud Khalil in Louisiana at the ICE detention facilities where they are being held. 

    Allow me to digress for a moment to remind people that this is a for-profit carceral system, and the same way that there are billionaire corporations that benefit from for-profit prisons and mass incarceration, the same billionaire corporations are benefiting from for-profit detention centers and the disappearing of immigrants. These things are all connected. 

    So if someone at home is saying, “Why should I care about this?”

    If you care about mass incarceration, you need to care about mass deportation. If you care about mass deportation, you need to care about mass incarceration. 

    So last week, I went for a wellness check, which also again, was real-time congressional oversight. What I saw and heard from Rümeysa and Mahmoud was harrowing, heartbreaking, and infuriating. 

    Mahmoud spoke of growing up in Syria under Assad. He said, “I know what an authoritarian regime looks like – and this is it.”

    Rümeysa thanked me for being there, along with my colleagues in our CODEL and said the women at this detention facility have questioned if God has forgotten about us, if the world has forgotten about us.

    They are being denied proper medical care, deprived of sleep. They’re not receiving nutritious meals, no religious accommodation. A nurse, without consent, removed Rümeysa’s hijab.

    The cruelty is the point. 

    Look family, what’s happening to Mohsen, Rümeysa, Mahmoud and so many others is a damning injustice. They’ve been charged with no crimes, and are being detained simply for exercising their right to free speech, for speaking out about the Israeli government’s genocide in Gaza. 

    Now let me be clear, regardless of your position on that issue or any other, this should outrage everyone and anyone with a moral conscience. 

    I do not journey to rural Louisiana because I am a Democrat. I journeyed to rural Louisiana because I’m a human being who gives a damn about other human beings. 

    In America we have a fundamental right to freedom of speech, and that’s what makes us who we are. So this blatant, flagrant violation of our First Amendment rights through these abductions should outrage everyone, regardless of your personal beliefs. 

    And as I close, because our freedoms and our destinies are tied, in his letter to Angela Y. Davis, James Baldwin wrote, “If they take you in the morning, dear sister, they will surely be coming for us that night.” And that is the truth. 

    Today, it is Mohsen, it is Rümeysa, it is Mahmoud, and tomorrow it could be you. 

    It could be you for reading a banned book. It could be you for suffering a miscarriage. It could be you for practicing Diversity Equity and Inclusion. 

    So today, we refuse to accept these abuses as inevitable. We demand due process and accountability for all, and we will keep working to protect our Constitution and everyone who calls this country home. 

    Free Mohsen Mahdawi. Free Rümeysa Öztürk. Free Mahmoud Khalil. Save our democracy.

    This is not about weathering the next four years. This is about shaping the next one hundred.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Questions Trump’s Nominee to lead Customs and Border Protection: “I hope you can find a way to be really respectful of the long-term traditions that have been very beneficial for Vermonters.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) questioned Rodney Scott, President Trump’s nominee to be the Commissioner of U.S. Customs and Border Protection in a Senate Finance Committee hearing today.  
    Senator Welch asked how Mr. Scott plans to balance public safety while respecting migrants’ contributions to their communities and our agriculture industry, specifically discussing the recent arrests and detention of eight migrant farmworkers. Senator Welch also pushed the nominee on CBP’s limited hours at Land Ports of Entry between Vermont and Canada, as well as how CBP will work with northern border communities to protect shared traditions and institutions, like the Haskell Free Library and Opera House.  
    Watch the exchange between Senator Welch and Rodney Scott, President Trump’s pick to lead U.S. Customs and Border Protection: 

    Read excerpts of Senator Welch’s questioning below: 
    Sen. Welch: You’ve got a big responsibility, obviously, to have the border secure, criminals to be deported. But there’s also an element where the overreach in the power of prosecution and in the power of law enforcement—as you know better than anyone—is immense, can have some harmful consequences.  
    We’ve got folks working on dairy farms, and we just had one of our most prominent dairy farms—there was an incident there. That farm, by the way, has extremely good relations with CBP folks. These farmers understand the importance of the job. But there was apparently an ‘anonymous tip’ about somebody with a backpack that led to eight farmworkers being arrested—they’re now in detention. We’ve got to milk our cows. We’ve got to have access to labor. None of these folks have any criminal record, and really this is a question about priorities.  
    I’m all with my colleagues here on securing the border. I’m all with my colleagues on deporting criminals. But my goodness, we need farmworkers. How are you going to balance the aggressive efforts of the Trump Administration on the border and make distinctions between where you best can act in order to protect the public and not harm agriculture? 
    Scott: Thank you. So, Customs and Border Protection’s role is a little bit unique in that we’re focused on the interdiction aspect. So, we’re focused on people coming into the United States illegally at the borders or an international border, we’re not doing the interior enforcement aspects. But I will highlight that I don’t support asking law enforcement officers to not enforce the law that’s in front of them. And that’s kind of the challenge. I like highlighting the fact that we have a visa process now where it may not be the easiest on the planet, but it’s not as hard for employers to actually get guestworkers to come in—not a guestworker, but an HB1V… 
    Sen. Welch: This farm did that. But there’s always a dispute and there’s always a suspicion. These people, I spoke to the farmer, none of them have any criminal records, they’re all valued members of the community. And by the way, the economy—this is Franklin County in northern Vermont—has really benefited, obviously, by the wages that are paid, by the money that’s spent, and by maintaining these farms. I mean, these are real-world consequences for real people in Vermont. And I suspect, real people in many other states, especially along the northern border. 
    Scott: If confirmed as Commissioner, I’ll ensure that we enforce all of the laws that CBP enforces—immigration and customs—with humanity and respect and work with the communities. But I can’t apologize for actually enforcing the laws that Congress enacted and put on the books and asked us to enforce. 
    Sen. Welch: I’m not asking you to apologize. And you do have a point, because it’s on Congress that we don’t have a sensible policy on ag workers. That is on us. But you know what? We’ve got to do something about it. It’s horrible, what just happened to this farm—really terrible. These are all good people that are working there, and they’ve been separated from their families.  
    Land ports of entry in Vermont: We have a library that literally—you know about this—is between the border between Canada and in Vermont. And this is one of the challenges you face. Canadians come in the back door, which is on the Canadian side, and Vermonters go in the front door, which is on the Vermont side. And now we’re getting hassled about being able to maintain something that has served that community for 120 years. So, I get it that you’ve got to ‘enforce the law,’ but is it a real issue about Canadians coming into the Canadian side of a Vermont library to get a book? 
    Scott: So, I’m somewhat familiar with that library. I have not visited, but I’ve heard the challenges in both perspectives. The community, the history, the interaction, and then how like many times when we unintentionally create a vulnerability, how criminal elements will exploit it. 
    Sen. Welch: But there’s no criminal elements going to the Haskell Library to check out a book.  
    Scott: Well, they go in there, but it’s not to check out a book, I would agree. But my commitment to you is if confirmed, I will sit down and talk through issues like that. That we’re not going to make decisions in a vacuum. 
    Sen. Welch: I appreciate that. 

    MIL OSI USA News –

  • MIL-OSI USA: Kelly, Panetta introduce bipartisan bill to boost retirement security through ESOPs

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — Today, U.S. Representatives Mike Kelly (R-PA), Chairman of the Ways & Means Subcommittee on Tax, and Jimmy Panetta (D-CA) introduced The Promotion and Expansion of Private Employee Ownership Act of 2025, legislation to grow and promote employee ownership through private ESOPs (Employee Stock Ownership Plans), a proven way to create stable jobs, build retirement wealth, and promote business growth.

    “By expanding Employee Stock Ownership Plans (ESOPs), we can put more hardworking Americans on the path to financial prosperity and a secure retirement,” said Rep. Kelly. “This bipartisan, bicameral plan is a win-win for workers and businesses: it allows businesses to include employee ownership in the compensation package, and ESOPs often retain more employees as a result. This is great legislation for both the employer and employee alike!”

    “Too many hardworking Americans are approaching retirement without financial security and peace of mind,” said Rep. Panetta. “By helping businesses become employee-owned through their retirement plans, this bipartisan bill would give workers a stake in their company and a stronger path to build savings. When employees have ownership, businesses do better, communities grow stronger, and our economy becomes more resilient.”

    “Employee Stock Ownership Plans (ESOPs) empower hardworking Americans to achieve financial prosperity and secure their retirement while helping their companies grow and thrive,” said Stephanie Silverman, President and CEO of the Employee-Owned S Corporations of America (ESCA). “With job stability and economic growth a top priority for all workers, creating additional employee ownership opportunities is one way Congress can help more Americans retire with confidence and weather economic uncertainty.” 

    The Promotion and Expansion of Private Employee Ownership Act of 2025 would encourage S corporation business owners to form an ESOP, especially when looking to transition ownership.

    BACKGROUND

    Additionally, the bill would:

    • Provide needed technical assistance for companies that may be interested in forming an ESOP;
    • Ensure small businesses that become ESOP-owned retain their SBA certification;
    • Create an Advocate for Employee Ownership at the U.S. Department of Labor.

    At introduction, Representatives Kelly and Panetta were joined by six original cosponsors on the House Ways & Means Committee: Reps. Ron Estes (R-KS), Brad Schneider (D-IL), Carol Miller (R-WV), Danny Davis (D-IL), Blake Moore (R-UT) and Terri Sewell (D-AL).

    MIL OSI USA News –

  • MIL-OSI: Anoto publishes its annual report for 2024 and corrects for changes in the results as reported in the year-end report

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 30 April 2025 – Anoto Group AB (publ) (“Anoto”) today publishes its annual report for 2024 and corrects for changes in the results as reported in the year-end report published on 28 February 2025. The annual report is available on the Company’s website, www.anoto.com.

    Compared to previously communicated results in the year-end report for 2024, Anoto reports a change in the results in the annual report. The corrections result in an improvement of our total comprehensive income for the year of 299 KSEK (-49,206 KSEK to -48,907 KSEK), which stems from an increase of 299 KSEK (29,770 KSEK to 30,069 KSEK) in net sales previously not considered.

    The Group also reports changes to classifications of costs: a one-time write down of components in inventory from operating expenses to cost of goods sold, the categorization of intercompany interest from other income to financial items and revising the presentation of the undeposited funds from the share issue completed in 2024, from cash and cash equivalents to other current receivables.

    These classification changes do not change our overall results for the year but affect individual line items within our financial statements.

    The Group also reports a change in the results of the parent company, these changes have no impact on the Group’s consolidated results. The changes to the parent company results are from a write-down of participation and loan receivables in subsidiaries. As a result of updated impairment testing done on subsidiaries, the parent company has elected to write down 40.1 MSEK on the value of the parent company’s participation in Anoto AB. In addition, the parent company has elected to write down an additional 125.3 MSEK in receivables from subsidiaries: 7.3 MSEK from Anoto Korea, 104.5 MSEK from Anoto AB, and 13.5 MSEK from Anoto Ltd. These changes have been updated in the annual report for 2024, with no impact on the Group’s consolidated results.

    Adrian Weller was not a member of the board during the reporting period covered by the annual report for the year 2024. As such, he is unable to verify the accuracy of the financial statements and management reports from personal experience or knowledge. His approval of the annual report is based entirely on the representations made by management and the auditor’s report

    For further information contact:

    Kevin Adeson, Chairman of the Board of Directors

    For more information about Anoto, visit www.anoto.com or email ir@anoto.com

    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, 116 74 Stockholm

    This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person above for publication on 30 April 2025 at 23:30 CEST.

    About Anoto Group

    Anoto Group AB (Nasdaq Stockholm: ANOT) is a publicly held Swedish technology company and the original inventor of the digital pen and dot pattern technology. Anoto develops intelligent pens, paper and software that seamlessly bridge handwritten input and the digital world. Its core business lines include ‘inq’ and ‘Livescribe’ retail products as well as enterprise workflow solutions. Anoto’s smartpens are used globally by students, professionals, and organizations to enhance productivity, creativity, and data capture. With a renewed focus on high-quality design, software innovation, and customer experience, Anoto is driving the next generation of digital writing.

    Attachments

    The MIL Network –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., April 30, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $456 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2025, as compared to $2.1 million, or $0.49 per diluted share for the quarter ended December 31, 2024, and as compared to $9.3 million or $2.17 per diluted share for the quarter ended March 31, 2024. Selected performance metrics are as follows for the periods presented:

    Finward Bancorp
    Quarterly Financial Report
                               
    Performance Ratios   Quarter ended,
    (unaudited)          March 31,   December 31,   September 30,   June 30,   March 31,
              2025   2024   2024   2024   2024
    Return on equity   1.17 %   5.39 %   1.60 %   0.39 %   24.97 %
    Return on assets   0.09 %   0.41 %   0.12 %   0.03 %   1.77 %
    Tax adjusted net interest margin (Non-GAAP) 2.95 %   2.79 %   2.66 %   2.67 %   2.57 %
    Noninterest income / average assets   0.43 %   0.72 %   0.55 %   0.50 %   2.57 %
    Noninterest expense / average assets   2.81 %   2.75 %   2.80 %   2.79 %   2.86 %
    Efficiency ratio     93.11 %   87.20 %   97.32 %   98.56 %   59.41 %
                                     

    “Margin continued to expand in the first quarter as deposits repriced lower, continuing the trend we have seen over the past year. With economic uncertainty potentially increasing, we are maintaining our focus on capital and credit quality. Non-performing loans improved in the first quarter, and our Provision for Credit Loss was driven by model-related factors that reflect the broader trends we see in the economy. Seasonal and timing factors impacted operating expense and non-interest income, and we see opportunity in both areas as the year moves forward,” said Benjamin Bochnowski, CEO. “Our team remains focused on continued improvement in operating results, and on serving our customers and communities.”  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the quarter ended March 31, 2025, was 2.81%, compared to 2.65% for the quarter ended December 31, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2025, was 2.95%, compared to 2.79% for the quarter ended December 31, 2024. The increased net interest margin for the three months ended March 31, 2025 compared to December 31, 2024 is primarily the result of reduced deposit and borrowing costs as a result of the Federal Reserve’s reduction of federal funds rates during the last four months of 2024. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of March 31 2025, deposits totaled $1.8 billion, a decrease of $10.2 million, or 0.6% compared to December 31, 2024, which also totaled $1.8 billion. As of March 31, 2025, non-interest-bearing deposits totaled $281.5 million, an increase of $18.1 million or 6.9%, compared to December 31, 2024. Core deposits totaled $1.2 billion at both March 31, 2025 and December 31, 2024. Core deposits include checking, savings, and money market accounts and represented 68.9% of the Bancorp’s total deposits at March 31, 2025. As of March 31, 2025, balances for certificates of deposit totaled $544.8 million, compared to $560.3 million on December 31, 2024, a decrease of $15.5 million or 2.8%. The decline in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The increase in non-interest-bearing deposits is primarily attributable to inflows of business-related checking deposits after year-end. In addition, as of March 31, 2025, borrowings and repurchase agreements totaled $101.7 million, a decrease of $3.4 million or 3.2%, compared to December 31, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of March 31, 2025, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of March 31, 2025, the Bancorp had available liquidity of $697 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $3.5 million to $330.1 million as of March 31, 2025, compared to $333.6 million as of December 31, 2024. The decrease in securities available for sale was primarily due to continued portfolio runoff. Accumulated other comprehensive loss (“AOCL”) was $58.2 million as of March 31, 2025, compared to $58.1 million on December 31, 2024, a decline of $160.4 thousand, or 0.3%. The yield on the securities portfolio increased to 2.38% for the three months ended March 31, 2025 from 2.34% for the three months ended December 31, 2024. Management did not execute any securities sale transactions during the quarter.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, the Bank originated $36.7 million in new commercial loans, compared to $25.0 million during the three months ended December 31, 2024. The loan portfolio represents 79.1% of earning assets and is comprised of 62.6% commercial-related credits. At March 31, 2025, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner-occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $40.4 million or 2.7% of total loan balances.
    • Asset Quality – At March 31, 2025, non-performing loans totaled $12.5 million, compared to $13.7 million at December 31, 2024, a decrease of $1.3 million or 9.1%. The Bank’s ratio of non-performing loans to total loans was 0.84% at March 31, 2025, compared to 0.91% at December 31, 2024. The Bank’s ratio of non-performing assets to total assets was 0.69% at March 31, 2025, compared to 0.74% at December 31, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $17.9 million at March 31, 2025, or 1.20% of total loans receivable, compared to $16.9 million at December 31, 2024, or 1.12% of total loans receivable, an increase of $1 million or 6.2%. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.1 million at March 31, 2025, compared to $2.7 million at December 31, 2024, a decrease of $622 thousand or 22.7%. 

      For the quarter ended March 31, 2025, the Bank recorded a net provision for credit loss expense totaling $454 thousand based on historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The first quarter’s provision expense consisted of a $1.1 million provision for credit losses on loans, and a $623 thousand reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to lower loss rates. For the quarter ended March 31, 2025, net charge-offs, totaled $32.7 thousand, compared to $2.2 million for the quarter ended December 31, 2024, a decrease of $2.1 million, or a decline of 97.2%. The ACL as a percentage of non-performing loans, or coverage ratio, was 143.8% at March 31, 2025 compared to 123.1% at December 31, 2024.  

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.81% for the quarter ended March 31, 2025, as compared to 2.75% for the quarter ended December 31, 2024. The increase in non-interest expenses quarter over quarter was primarily attributable to increased compensation and benefit expenses offset by reduced data processing and marketing expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 3.7% for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to annual merit-based salary increases during the quarter ended March 31, 2025.
    • Capital Adequacy – As of March 31, 2025, the Bank’s tier 1 capital to adjusted average assets ratio was 8.48%, an improvement of 0.01% compared to 8.47% at December 31, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.55 at March 31, 2025, up from $29.48 as of December 31, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.26% at March 31, 2025, up from 6.17% as of December 31, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $43.02 as of March 31, 2025, from $42.94 as of December 31, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: changes in domestic and international trade policies, including tariffs and other non-tariff barriers, and the effects of such changes on the Bank and its customers; the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
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    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios Quarter ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Return on equity  1.17%     5.39%     1.60%     0.39%     24.97%  
    Return on assets  0.09%     0.41%     0.12%     0.03%     1.77%  
    Yield on loans  5.25%     5.27%     5.22%     5.11%     5.02%  
    Yield on security investments  2.38%     2.34%     2.37%     2.43%     2.37%  
    Total yield on earning assets  4.71%     4.74%     4.70%     4.64%     4.52%  
    Cost of interest-bearing deposits 2.17%     2.41%     2.47%     2.37%     2.36%  
    Cost of repurchase agreements 3.35%     3.65%     4.04%     3.86%     3.88%  
    Cost of borrowed funds 4.12%     4.31%     4.56%     4.95%     4.62%  
    Total cost of interest-bearing liabilities 2.28%     2.53%     2.63%     2.55%     2.53%  
    Tax adjusted net interest margin1 2.95%     2.79%     2.66%     2.67%     2.57%  
    Noninterest income / average assets 0.43%     0.72%     0.55%     0.50%     2.57%  
    Noninterest expense / average assets 2.81%     2.75%     2.80%     2.79%     2.86%  
    Efficiency ratio 93.11%     87.20%     97.32%     98.56%     59.41%  
                                 
    Non-performing assets to total assets  0.69%     0.74%     0.73%     0.61%     0.64%  
    Non-performing loans to total loans 0.84%     0.91%     0.92%     0.75%     0.78%  
    Allowance for credit losses to non-performing loans 143.84%     123.10%     134.12%     161.17%     159.12%  
    Allowance for credit losses to loans receivable 1.20%     1.12%     1.23%     1.22%     1.25%  
                                 
    Basic earnings per share $0.11     $0.49     $0.14     $0.03     $2.18  
    Diluted earnings per share  $0.11     $0.49     $0.14     $0.03     $2.17  
    Stockholders’ equity / total assets 7.44%     7.35%     7.69%     7.16%     7.32%  
    Book value per share  $35.10     $35.10     $36.99     $34.45     $35.17  
    Closing stock price $29.10     $28.11     $31.98     $24.52     $24.60  
    Price to earnings per share ratio 68.08     14.25     56.21     182.60     2.82  
    Dividends declared per common share $0.12     $0.12     $0.12     $0.12     $0.12  
                                 
                                 
    Non-GAAP Performance Ratios Quarter ended,
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    Net interest margin – tax equivalent  2.95%     2.79%     2.66%     2.67%     2.57%  
    Tangible book value per diluted share $29.55     $29.48     $31.28     $28.67     $29.30  
    Tangible book value per diluted share adjusted for AOCL $43.02     $42.94     $42.47     $42.33     $42.36  
    Tangible common equity to total assets 6.26%     6.17%     6.51%     5.95%     6.09%  
    Tangible common equity to total assets adjusted for AOCL 9.12%     8.99%     8.83%     8.79%     8.81%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
                             
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) March 31, 2025   December 31, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 53,553     $ 540   4.03   $ 50,271     $ 650   5.17  
    Federal funds sold   1,375       12   3.49     891       9   4.04  
    Securities available-for-sale   336,060       1,998   2.38     343,411       2,011   2.34  
    Loans receivable   1,498,312       19,655   5.25     1,504,233       19,802   5.27  
    Federal Home Loan Bank stock   6,547       136   8.31     6,547       123   7.51  
    Total interest earning assets   1,895,847     $ 22,341   4.71     1,905,353     $ 22,595   4.74  
    Cash and non-interest bearing deposits in other financial institutions   27,919               27,360            
    Allowance for credit losses   (16,946 )             (18,110 )          
    Other noninterest bearing assets   153,148               154,707            
    Total assets $ 2,059,968             $ 2,069,310            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,481,377     $ 8,044   2.17   $ 1,465,198     $ 8,811   2.41  
    Repurchase agreements   41,631       349   3.35     43,372       396   3.65  
    Borrowed funds   61,613       635   4.12     72,536       781   4.31  
    Total interest bearing liabilities   1,584,621     $ 9,028   2.28     1,581,106     $ 9,988   2.53  
    Non-interest bearing deposits   279,013               289,467            
    Other noninterest bearing liabilities   40,923               42,944            
    Total liabilities   1,904,557               1,913,517            
    Total stockholders’ equity   155,411               155,793            
    Total liabilities and stockholders’ equity $ 2,059,968             $ 2,069,310            
                             
    Net interest income     $ 13,313           $ 12,607      
    Return on average assets   0.09 %             0.41 %          
    Return on average equity   1.17 %             5.39 %          
    Net interest margin (average earning assets)   2.81 %             2.65 %          
    Net interest margin (average earning assets) – tax equivalent   2.95 %             2.79 %          
    Net interest spread   2.43 %             2.21 %          
    Ratio of interest-earning assets to interest-bearing liabilities 1.20x           1.21x          
                             
    Finward Bancorp
    Quarterly Financial Report
                                 
    Balance Sheet Data                            
    (Dollars in thousands)                            
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    ASSETS                            
                                 
    Cash and non-interest bearing deposits in other financial institutions $         18,563     $         17,883     $         23,071     $         19,061     $         16,418  
    Interest bearing deposits in other financial institutions 52,829     52,047     48,025     63,439     54,755  
    Federal funds sold 975     654     553     707     607  
                                 
    Total cash and cash equivalents 72,367     70,584     71,649     83,207     71,780  
                                 
    Securities available-for-sale 330,127     333,554     350,027     339,585     346,233  
    Loans held-for-sale 2,849     1,253     2,567     1,185     667  
    Loans receivable, net of deferred fees and costs 1,491,696     1,508,976     1,508,242     1,506,398     1,508,251  
    Less: allowance for credit losses (17,955 )   (16,911 )   (18,516 )   (18,330 )   (18,805 )
    Net loans receivable 1,473,741     1,492,065     1,489,726     1,488,068     1,489,446  
    Federal Home Loan Bank stock 6,547     6,547     6,547     6,547     6,547  
    Accrued interest receivable 7,821     7,721     7,442     7,695     7,583  
    Premises and equipment 46,680     47,259     47,912     48,696     47,795  
    Foreclosed real estate –     –     –     –     71  
    Cash value of bank owned life insurance 33,712     33,514     33,312     33,107     32,895  
    Goodwill 22,395     22,395     22,395     22,395     22,395  
    Other intangible assets 1,635     1,860     2,203     2,555     2,911  
    Other assets 41,840     43,947     40,882     44,027     43,459  
                                 
    Total assets $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY                            
                                 
    Deposits:                            
    Non-interest bearing $       281,461     $       263,324     $       285,157     $       286,784     $       296,959  
    Interest bearing 1,468,923     1,497,242     1,463,653     1,469,970     1,450,519  
    Total 1,750,384     1,760,566     1,748,810     1,756,754     1,747,478  
    Repurchase agreements 45,053     40,116     43,038     42,973     41,137  
    Borrowed funds 56,657     65,000     85,000     85,000     90,000  
    Accrued expenses and other liabilities 35,813     43,603     38,259     43,709     41,586  
                                 
    Total liabilities 1,887,907     1,909,285     1,915,107     1,928,436     1,920,201  
                                 
    Commitments and contingencies                            
                                 
    Stockholders’ Equity:                            
                                 
    Preferred stock, no par or stated value;
        10,000,000 shares authorized, none outstanding    		 –     –     –     –     –  
    Common stock, no par or stated value; 10,000,000 shares authorized; 
       shares issued and outstanding:  March 31, 2025 – 4,324,485
                                    December 31, 2024 – 4,313,698    		 –     –     –     –     –  
                                                                     
    Additional paid-in capital 70,132     70,034     69,916     69,778     69,727  
    Accumulated other comprehensive loss (58,244 )   (58,084 )   (48,241 )   (58,939 )   (56,313 )
    Retained earnings 139,919     139,464     137,880     137,792     138,167  
                                 
    Total stockholders’ equity 151,807     151,414     159,555     148,631     151,581  
                                 
    Total liabilities and stockholders’ equity $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    Finward Bancorp
    Quarterly Financial Report
                                 
    Consolidated Statements of Income                                
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Interest income:                            
      Loans $ 19,655     $ 19,802     $ 19,660     $ 19,174     $ 18,879  
      Securities & short-term investments 2,686     2,793     2,812     2,953     3,105  
      Total interest income 22,341     22,595     22,472     22,127     21,984  
    Interest expense:                            
      Deposits 8,045     8,812     8,946     8,610     8,794  
      Borrowings 983     1,176     1,520     1,463     1,410  
      Total interest expense 9,028     9,988     10,466     10,073     10,204  
    Net interest income 13,313     12,607     12,006     12,054     11,780  
    Provision for credit losses 454     (579 )   –     76     –  
    Net interest income after provision for credit losses 12,859     13,186     12,006     11,978     11,780  
    Noninterest income:                            
      Fees and service charges 1,109     1,439     1,463     1,257     1,153  
      Wealth management operations 619     728     731     763     633  
      Gain on tax credit investment 67     1,236     –     –     –  
      Gain on sale of loans held-for-sale, net 230     328     338     320     152  
      Increase in cash value of bank owned life insurance 198     202     205     212     193  
      Gain (loss) on sale of real estate –     (212 )   –     15     11,858  
      Loss on sale of securities, net –     –     –     –     (531 )
      Other 6     11     130     6     17  
      Total noninterest income 2,229     3,732     2,867     2,573     13,475  
    Noninterest expense:                            
      Compensation and benefits 7,372     6,628     6,963     7,037     7,109  
      Occupancy and equipment 2,111     2,045     2,181     2,116     1,908  
      Data processing 1,039     1,202     1,165     1,135     1,170  
      Federal deposit insurance premiums 433     457     435     397     501  
      Marketing 86     220     209     212     158  
      Professional and outside services 1,260     1,341     1,251     1,257     1,557  
      Technology 454     509     602     507     625  
      Other 1,716     1,845     1,668     1,756     1,976  
      Total noninterest expense 14,471     14,247     14,474     14,417     15,004  
    Income before income taxes 617     2,671     399     134     10,251  
    Income tax expenses (benefit) 161     569     (207 )   (9 )   972  
    Net income $ 456     $ 2,102     $ 606     $ 143     $ 9,279  
                                 
    Earnings per common share:                            
      Basic $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.18  
      Diluted $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.17  
                                 
                       
    Finward Bancorp
    Quarterly Financial Report
                       
    Asset Quality                  
    (Dollars in thousands)                  
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccruing loans $ 12,483     $ 13,738     $ 13,806     $ 11,079     $ 11,603  
    Accruing loans delinquent more than 90 days –     –     –     294     215  
    Securities in non-accrual 1,630     1,419     1,440     1,371     1,442  
    Foreclosed real estate –     –     –     –     71  
    Total nonperforming assets $ 14,113     $ 15,157     $ 15,246     $ 12,744     $ 13,331  
                       
    Allowance for credit losses (ACL):                  
    ACL specific allowances for collateral dependent loans $ 259     $ 284     $ 1,821     $ 1,327     $ 1,455  
    ACL general allowances for loan portfolio 17,696     16,627     16,695     17,003     17,351  
    Total ACL $ 17,955     $ 16,911     $ 18,516     $ 18,330     $ 18,806  
                       
    (Dollars in thousands)                       Minimum Required To Be
    (unaudited)             Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    March 31, 2025   Amount Ratio   Amount Ratio   Amount Ratio
    Common equity tier 1 capital to risk-weighted assets   $178,036   11.02%     $72,679   4.50%     $104,981   6.50%  
    Tier 1 capital to risk-weighted assets   $178,036   11.02%     $96,906   6.00%     $129,207   8.00%  
    Total capital to risk-weighted assets   $198,107   12.27%     $129,207   8.00%     $161,509   10.00%  
    Tier 1 capital to adjusted average assets   $178,036   8.48%     $84,019   4.00%     $105,023   5.00%  
    Table 1 – Reconciliation of the Non-GAAP Performance Measures         
                       
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Calculation of tangible common equity         
    Total stockholder’s equity $ 151,807     $ 151,414     $ 159,555     $ 148,631     $ 151,581  
    Goodwill (22,395 )   (22,395 )   (22,395 )   (22,395 )   (22,395 )
    Other intangibles (1,635 )   (1,860 )   (2,203 )   (2,555 )   (2,911 )
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
                       
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Accumulated other comprehensive loss 58,244     58,084     48,241     58,939     56,313  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
                       
    Calculation of tangible book value per share         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share $ 29.55     $ 29.48     $ 31.28     $ 28.67     $ 29.30  
                       
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 43.02     $ 42.94     $ 42.47     $ 42.33     $ 42.36  
                       
    Calculation of tangible common equity to total assets         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets 6.26%   6.17%   6.51%   5.95%   6.09%
                       
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss 9.12%   8.99%   8.83%   8.79%   8.81%
                       
    Calculation of tax adjusted net interest margin         
    Net interest income $ 13,313     $ 12,607     $ 12,006     $ 12,054     $ 11,780  
    Tax adjusted interest on securities and loans 670     674     678     677     699  
    Adjusted net interest income $ 13,983     13,281     12,684     12,731     $ 12,479  
    Total average earning assets 1,895,847     1,905,353     1,910,731     1,906,998     1,945,501  
    Tax adjusted net interest margin 2.95%   2.79%   2.66%   2.67%   2.57%
                       
    Efficiency ratio                  
    Total non-interest expense $ 14,471     $ 14,247     $ 14,474     $ 14,417     $ 15,004  
    Total revenue 15,542     16,339     14,873     14,627     25,255  
    Efficiency ratio 93.11%   87.20%   97.32%   98.56%   59.41%

    The MIL Network –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Are side hustles really a way to escape the rat race, or just passion projects for a privileged few?

    Source: The Conversation (Au and NZ) – By David Farrugia, ARC Future Fellow, School of Education, Deakin University

    PeopleImages.com – Yuri A/Shutterstock

    Is a “side hustle” really the only thing separating you from the life you desire? Listening to some influencers on social media could certainly have you thinking so.

    Side hustles encompass a range of self-directed entrepreneurial activities undertaken while also working a job. For young people with limited access to capital, they’re the most accessible opportunity to engage in entrepreneurship.

    Yet, we still know very little about who takes them on and why, and what kind of impact they have on working life in economies like Australia.

    Our new report – Side Hustles – How Young People Are Redefining Work – presents the first wave of findings from an ongoing three-year, mixed-methods study that seeks to answer these questions.

    In our first year of data collection, we surveyed 1,497 side hustlers aged 18-34 and interviewed a further 68. Our findings raise questions about the merits of entrepreneurship as a solution to youth unemployment or a pathway to financial freedom.

    What makes a side hustle?

    To be included in our project, a young person had to be employed, but also carrying out some form of entrepreneurship.

    We defined entrepreneurship as self-directed economic activity, where the side hustler has some measure of control over when they work, who they work for and what they charge.

    The most popular side hustle among participants was selling goods (42.9%). Others included:

    • services such as gardening, dog-walking or moving furniture (29.2%)
    • creating media content (16.5%)
    • creative work such as graphic design or photography (11.3%).

    Side hustling could include some “gig work” through online platforms, but only when these platforms allow workers to negotiate prices with clients and make choices about their work. As such, we excluded rideshare and food delivery drivers from the project.

    Gardening services were one common side hustle.
    Ultraskrip/Shutterstock

    Projects for the privileged

    While some people may assume that young people start a side hustle out of financial stress, we found side hustlers are actually a relatively privileged cohort.

    They are a well-educated group. Almost two-thirds of our sample had university degrees and many of the remainder were studying. They also generally report their financial wellbeing as comfortable.

    Why is this? Side hustles often don’t make much money, cost money to set up, and carry risk – all of the hallmarks of entrepreneurship.

    Median hourly earnings from their side hustles are less than what they would make working in retail or hospitality, and on average they are about 50% what they make in their main job.

    As one e-commerce side-hustler put it:

    If I really put my time and energy into the consideration, I would say we’re not making much money at all […] It’s just something I enjoy doing in my free time.

    Their side-hustle earnings are also uncertain: 65% say they are unsure what their earnings will look like in three months.

    In other words, you need to be financially secure already to even contemplate a side hustle.

    Passion over pay

    Side hustles don’t make enough to help someone who is really financially struggling, and they are unlikely to be a pathway out of the employment “rat race”.

    Despite this, our participants are overwhelmingly satisfied with their side hustles and say they have good work-life balance. So what motivates them?

    Side hustlers often earned less than they would taking on a second job.
    BAZA Production/

    The top motivation reported in our study is passion and enjoyment. Side hustlers say they want work that relates to their interests and enjoy the autonomy and flexibility that a side hustle allows.

    Even though side hustles are often less profitable than a second job, the second-highest motivation was still money.

    That’s likely because they offer a way of making some supplementary income in a way that is flexible and autonomous.

    They’re often a source of “play money”. One 33-year-old man with an e-commerce side hustle told us:

    If I was to pick up a second job, like […] Uber driving at night time, I won’t be happy, I’ll be tired, I’ll be stressed out trying to do that

    Whereas, I think because I’ve got the passion for it here, I’m happy to do it because, like I said, I’m doing it at my own pace.

    Pressure to be productive

    Our research suggests that rather than being a pathway out of unemployment, side hustles actually represent a broader social and economic trend: more and more of young people’s lives are being encompassed by work.

    Interviewees frequently talked about feeling like they needed to make their time outside of work productive in some way. For some, it was as though they could not justify leisure time unless it was financially profitable.

    One participant told us:

    You obviously want to enjoy life and have a bit of a chill time, but some days you just go like, “What am I doing? Just sitting at home and just relaxing watching Netflix or whatever. I should probably be out there making more money”.

    Blurring work life boundaries?

    Most participants were also not very concerned about growing their side hustles into businesses.

    Instead, they aspired for balanced working lives with a side hustle offering passion, flexibility and autonomous work, and paid employment supporting them financially and offering the option of a traditional career.

    They also did not necessarily see the time spent on their side hustles as work, being much more personally invested and self-directed in their side hustles than in their paid jobs.

    But this means that much of their “leisure” time looks very much like work, and more and more of their lives are dedicated to being productive.

    David Farrugia receives funding from the Australian Research Council.

    Brendan Churchill receives funding from the Australian Research Council.

    Kim Allen receives funding from the ESRC

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

    – ref. Are side hustles really a way to escape the rat race, or just passion projects for a privileged few? – https://theconversation.com/are-side-hustles-really-a-way-to-escape-the-rat-race-or-just-passion-projects-for-a-privileged-few-255002

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Before they vote: How schools shape young citizens

    Source:

    01 May 2025

    Politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas and concerns.

    As politicians continue the campaign trail with carefully scripted messages and media spin, researchers from the University of South Australia say young people are watching – and learning the wrong lessons about democracy.

    With children and teens already engaging with political issues on social media, the election period is a critical opportunity to shape how they understand democratic participation.

    The call follows recommendations from the Australian Parliament’s report for a nationally consistent approach to civics and citizenship in education, with a focus on digital literacy to help young people decipher misinformation through social media.

    UniSA’s Associate Professor Joel Windle says politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas, concerns and capacities for civic engagement.

    “Australia’s democracy depends on citizens being informed and engaged, especially in a system of compulsory voting. Yet rising misinformation, disengagement, and distrust pose serious challenges,” Assoc Prof Joel Windle says.

    “For young people and children, election campaigns present a master class in deflecting questions, talking to pre-set points, controlling and shutting down debates and, at all costs, avoiding controversy.

    “So rather than arming voters and young people with valuable information upon which to base decisions, politicians are demonstrating the exact opposite.”

    The researchers say that to engage young people and encourage children to grow into active, connected citizens, we need to model, not undermine, democratic values.

    “Civics is also often under-prioritised, outdated, and disconnected from students’ lives, with many teachers lacking the confidence to address contemporary or controversial issues,” Assoc Prof Windle says.

    “From our research, we know that upper-primary school children are more than capable of tackling complex social and political topics. And, with the right support, can investigate anything from local concerns such as unsafe streets, to global challenges like climate change.

    “We also know that they are excellent producers of podcasts and digital content. Blend these together, and you get students who can research, reflect, and represent issues in balanced, thoughtful ways, while navigating and filtering digital content. That’s the essence of democratic citizenship.

    “With the federal election highlighting the gap between political practice and civic ideals, it’s more urgent than ever to ensure young people learn that democracy is about dialogue, accountability and action – starting in the classroom.”

    The UniSA team’s new book – Being Heard: Remixing Critical Literacy for Active Citizenship – offers practical, research-backed strategies for teachers to build student voice and agency in the primary classroom.

    The research team includes: Assoc Prof Joel Windle, Assoc Prof David Caldwell, Assoc Prof Melanie Baak and Dr Aidan Windle.

    …………………………………………………………………………………………………………………………

    Contact for interview:  Assoc Prof Joel Windle M: +61 414 577 454 E: Joel.Windle@unisa.edu.au
    Media contact: Annabel Mansfield E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: 2025 North Dakota Governor’s Photo Contest Winners Celebrate State’s Beauty and Diversity

    Source: US State of North Dakota

    Gov. Kelly Armstrong along with North Dakota Commerce Tourism and Marketing Director Sara Otte Coleman and North Dakota Council on the Arts Rhea Beto, presented the winning entries from the 21st annual North Dakota Governor’s Photo Contest during the North Dakota Travel Industry Conference in Minot.

    There were 732 submissions from 136 photographers celebrating the beauty of North Dakota’s four seasons and unique experiences through the lens of talented artists.

    “This year’s Governor’s Photo Contest brilliantly captures North Dakota’s year-round beauty and vibrant experiences,” Armstrong said. “The exceptional talent displayed in these submissions will be invaluable in showcasing our state as a premier travel destination.”

    The 2025 contest embraced the state’s diverse climate and activities by introducing new categories based on seasons. Winners were chosen for stunning scenery across all four seasons (Fall, Spring, Summer, Winter) as well as captivating activities for each (Fall Activities, Spring Events, Summer Activities, Winter Activities).

    2025 Governor’s Photo Contest Winners:

    Marshall Lipp won the Best in Show award for his photo “Storm Passing in a July Morning Sunrise” which captures Sweet Briar Lake in rural Morton County as the sun breaks through the clouds after a summer storm passes.

    Fall Category Winners:

    Fall Scenery: Clint Fleckenstein, Bismarck, N.D. – “A Brilliant Autumn Tree Over an Earth Lodge Village”

    • Honorable Mention: Kayla Gilberston, Jamestown, N.D. – “The Buffalo’s View”
    • Honorable Mention: Warren Abrahamson, Jamestown, N.D. – “Hay There, North Dakota”

    Fall Activities: Sashay Schettler, Bismarck, N.D. – ” “Early Fall Ride on the Lewis and Clark Riverboat

    • Honorable Mention Grant Lannoye, Cando, N.D. – “Eyes on Irvine”
    • Honorable Mention: Chad martin Olson, Minot, N.D. – “Linus with a Pheasant After a Hunt”
    Spring Category Winners:

    Spring Scenery: Jessica Schmidt, Mandan, N.D. – “God’s Grace Overlooking the Missouri River”

    • Honorable Mention: Casey Helling, Golden Valley, N.D. – “Sproutin”
    • Honorable Mention: Corey Serr, Minot, N.D. – “Badlands Sunrise”

    Spring Activities: Chad Martin Olson, Minot, N.D. – “Western Meadowlark Singing its Prairie Song”

    • Honorable Mention: Miranda Lindstrom, Amenia, N.D. – “Baby Robins Awaiting Food”
    • Honorable Mention: Kayli Richards, Bismarck, N.D. – “Grandpa Teaching Granddaughter How to Fish”
    Summer Category Winners:

    Summer Scenery: Marshall Lipp, Mandan, N.D. – ” “Storm Passing in a July Morning Sunrise”

    • Honorable Mention: Candance Berg, Devils Lake, N.D. – ” “Double the Sunshine”
    • Honorable Mention: Rebecca Raber, Bismarck, N.D. – “Wait up, Mom” 

    Summer Activities: Miranda Lindstrom, Amenia, N.D. – “Checking out the Post Cemetery”

    • Honorable Mention: Christian Cairy, Jamestown, N.D. – “Firing the Cannon at Fort Seward”
    • Honorable Mention: Christian Cairy, Jamestown, N.D. – “American Nights at the Rodeo”
    Winter Category Winners:

    Winter Scenery: Melissa Bingham, Dickinson, N.D. – “Wild horses”

    • Honorable Mention: Chad Martin Olson, Minot, N.D. – “Running Pheasant”
    • Honorable Mention: Grant Kraft, Fargo, N.D. – “Winter Theatrics”

    Winter Activities: Marshall Lipp, Mandan, N.D. – “A Selfie Under the Northern Lights”

    • Honorable Mention: Christian Cairy, Jamestown, N.D. – “Walking up the Snowy Hill for More Winter Fun”

    These prints will be on display at the North Dakota State Capitol, 18th floor, for the month of May. We’d also like to express our gratitude to the American Automobile Association (AAA) for their continued support as a partner in the Governor’s Photo Contest.

    Find descriptions of all winners and honorable mentions along with the complete gallery at https://belegendary.link/GovernorsPhotoContest. 

    MIL OSI USA News –

  • MIL-OSI USA: 2025 Governor’s Travel and Tourism Award Winners Announced

    Source: US State of North Dakota

    Gov. Kelly Armstrong along with Commerce Tourism and Marketing Director Sara Otte Coleman and DMAND president Julie Rygg presented seven Governor’s Travel and Tourism Awards today during the North Dakota Travel Industry Conference in Minot.

    The Governor’s Travel and Tourism Awards recognize the passion and dedication of North Dakotans who have contributed to the growth of travel and tourism in North Dakota.

    “Tourism is a vital part of North Dakota’s economy, and we are honored to celebrate these exceptional leaders who work tirelessly to promote and enhance our legendary state,” Armstrong said. “Their creativity and dedication are key to attracting millions of visitors each year. We owe much to the more than 3,000 businesses and over 45,000 individuals in the travel industry who make North Dakota unique, create unforgettable experiences and contribute to our economic diversity.”

    2025 Award Winners:

    Heritage Award for a Front-line Tourism Employee

    Kelly Sorge
    Indian Hills Resort

    Kelly represents the third generation of family ownership, building a reputation for exceptional service at Lake Sakakawea. Her dedication to the tourism industry and ability to enhance visitor experiences have left a lasting impression on guests for over four decades. Kelly’s proactive approach to solving problems and developing resort amenities ensures guests have access to well-maintained facilities. Her community engagement and efforts to promote the Lake Sakakawea area have contributed to the overall growth of tourism. Her natural ability to connect with guests and her passion for service make her a trusted resource for visitors. Kelly’s exceptional dedication and unwavering commitment to ensuring every guest has a memorable experience make her a standout figure in the tourism industry.

    Sakakawea Award for a Behind-the-Scenes Tourism Employee

    Deanne Cunningham
    North Dakota Dept of Commerce

    As Commerce’s Visitor Sales and Services Manager, Deanne has made a profound impact on the state’s tourism industry over her 26-year career. Known for her dedication and expertise in group travel, Deanne has developed meticulous itineraries and facilitated FAM tours, building strong partnerships with local tourism entities. During her 26 years at North Dakota tourism, Deanne has provided trip planning assistance to thousands and worked with hundreds of tour operators on itineraries throughout our great state. Her focus on exceptional customer service has driven longer stays and increased visitor spending. Deanne’s “can-do” attitude and genuine friendliness are integral to North Dakota’s welcoming image. Her contributions have significantly shaped the tourism landscape, encouraging all to “Be Legendary”!

    Amplifier Award for Marketing Excellence

    Brock White
    Marketing Campaign for Watford City

    Brock has been a driving force in elevating Watford City’s profile through innovative marketing and communication strategies. His creative initiatives, such as the Living in McKenzie County Podcast, The Watford Minute, and the Watford City YouTube Channel, have significantly increased the city’s visibility and fostered a strong sense of community. Brock’s efforts have attracted new residents and visitors while strengthening local pride and engagement. His strategic marketing for Fox Hills Golf Course and the Rough Rider Center has further highlighted Watford City as a vibrant destination. Brock’s use of digital media has effectively connected the community and showcased the city’s unique charm and growth. His dedication to enhancing community identity and driving action has established Watford City as a new standard for marketing excellence in North Dakota.

    Flint Firestarter Award for a Tourism Development Project

    Jeff and Jennifer Gooss
    Wheelchairs and Walleyes

    The mission to make outdoor lake recreation accessible for everyone, regardless of physical ability, began in Beulah, North Dakota. Jeff and Jennifer Gooss led this initiative, resulting in the construction of the most inclusive wheelchair ramp and lift in the state at Beulah Bay Campground on Lake Sakakawea. This milestone was celebrated with the first-ever Wheelchairs & Walleyes charity tournament and a Children’s Mobility Awareness Day Festival on July 25, 2024. The impact was immediate, inspiring requests for similar projects across the region. Jeff and Jennifer’s goal is to ensure every disabled individual can experience the joy of lake life. They are now partnering with Devils Lake leaders to bring an ADA-accessible ramp and chair lift to Lakewood Park, with future expansions planned for Hazen Bay, on Lake Sakakawea. 

    Trailblazer Award for Tourism Innovation

    Joe Weigand
    Theodore Roosevelt Reprisor

    Joe Wiegand, the world’s best Theodore Roosevelt reprisor, has significantly boosted awareness and visitation to North Dakota, contributing to the state’s tourism growth. His portrayal of President Theodore Roosevelt across all fifty U.S. states highlights North Dakota’s historical and cultural richness. Performances at prestigious venues, including the White House and on the History Channel, extend the state’s brand image nationally. Regular appearances in Medora have made him synonymous with Roosevelt, drawing over 6,000 visits per year to his Teddy Roosevelt Show. With a tireless travel schedule hosting over 100 events annually, he positions himself as a key ambassador for North Dakota. His efforts include engaging with K-12 education and children’s hospitals, promoting North Dakota’s heritage. Dedication to connecting with tourists and fostering community pride makes him a vital figure in North Dakota’s tourism industry.

    Legend Award for Travel & Tourism Industry Leadership

    Stephanie Schoenrock
    Visit Minot

    Stephanie Schoenrock has demonstrated exceptional leadership in the tourism industry. With 20 years of experience in tourism marketing at KK Bold, the state fair, and Visit Minot, Stephanie has gained valuable public and private sector insights. As the director of Visit Minot, she has shown problem-solving skills and collaboration, packaging and cross promoting the Highway 2 corridor and leading multiple projects in downtown Minot. Stephanie’s efforts have made downtown Minot a destination, and she has also worked on the Union Silos Project, Norsk Høstfest, the North Dakota State Fair, and launched a new website. Her innovative and resilient planning for this year’s Travel Industry Conference and leadership in merging DMAND and TAP have created a more impactful voice for North Dakota’s travel and tourism industry. Stephanie’s dedication and vision have significantly contributed to the growth and success of tourism in the region.

    Wade Westin Award

    Darian Morsette
    MHA Tourism

    Darian Morsette, who served as the MHA Tribal Tourism Director and President of the North Dakota Native Tourism Alliance (NDNTA), was a visionary leader whose work transformed tourism in North Dakota. In 2016, Darian co-founded the NDNTA, uniting representatives from the five tribes that share geography with North Dakota to promote and preserve their culture and history. His leadership brought significant economic benefits to tribal communities and increased awareness of native cultures, stories and traditions. Darian’s numerous accomplishments included establishing the first Indian Relays, developing statewide and regional tours, and building strong relationships with neighboring communities. His dedication to his work and genuine care for those around him made him a beloved colleague and friend. Even in his final days, Darian remained committed to preparing his team for the future of tribal tourism. His legacy will continue to inspire and guide those who were fortunate enough to work with him.

    To learn more about the 2025 Governor’s Travel and Tourism Award Winners visit www.commerce.nd.gov/tourism-marketing/travel-industry-conference/governors-travel-and-tourism-award.

    MIL OSI USA News –

  • MIL-OSI: Trupanion Publishes 2024 Annual Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 30, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, has published its 2024 annual shareholder letter from CEO and President, Margi Tooth. The letter is now available on the Company’s Investor Relations website here.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI USA: Crapo, Wyden Introduce Legislation to Modernize Short Line and Regional Railroad Tax Credit

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today reintroduced bipartisan legislation to expand the Short Line Railroad Tax Credit that would help equip operators with essential resources to provide regional communities with safe, reliable rail infrastructure.

    “Short line railroads are critical infrastructure that connect Idaho’s farmers, ranchers and manufacturers to national and global markets, supporting local jobs and driving economic growth in rural Idaho,” said Crapo.  “Modernizing the Short Line Railroad Tax Credit will provide railroads with necessary certainty and resources to invest in safety, efficiency and long-term infrastructure improvements in our regional areas.” 

    “Short line and regional railroads are not just a mode of transportation, but they are also a vital economic tool that connects local businesses with Oregonians and other people all across the nation,” said Wyden.  “For years, Senator Crapo and I worked together to make railroad tax credits permanent, and the next step is to make these tax credits better for our operators.  Our bipartisan bill will provide railroads with much needed resources to make vital upgrades that will bring our rural, suburban and urban communities and their local economies together.”

    The legislation (S. 1532) would:

    • Increase the per mile credit cap from $3,500 to $6,100;
    • Index the per mile credit cap for inflation; and
    • Update the track eligible for the credit to match modern maps.

    Crapo and Wyden have a proven track record of supporting short line railroad service, having previously secured a permanent extension of the tax credit for short line track maintenance, which had previously been a temporary credit, hampering long-term investments. 

    Find the legislative text here.

    Representatives Mike Kelly (R-Pennsylvania) and Mike Thompson (D-California) introduced companion legislation (H.R. 516) in the U.S. House of Representatives.

    MIL OSI USA News –

  • MIL-OSI Security: Wethersfield Woman Admits Role in Scheme that Defrauded Connecticut’s Medicaid Program of More Than $1.8 Million

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that SUHAIL APONTE, 38, of Wethersfield, waived her right to be indicted and pleaded guilty today before U.S. District Judge Stefan R. Underhill in Bridgeport to a health care fraud offense related to a Medicaid fraud scheme.

    The Connecticut Medical Assistance Program (CTMAP) is a Connecticut Department of Social Services-administered program that provides medical assistance to low income persons.  CTMAP’s benefit packages, referred to as “HUSKY” or “Connecticut Medicaid,” are jointly funded by the State of Connecticut and the federal government.

    According to court documents and statements made in court, Aponte was the sole principal and registered agent of Minds Cornerstone LLC, dba Minds Cornerstone Behavior Therapy Services (“Minds Cornerstone”), an Autism Specialist Group, which was registered with the State of Connecticut in June 2021.  Beginning in approximately November 2021, Aponte, who is not a licensed provider, was involved in a scheme in which she and a co-conspirator used Minds Cornerstone to defraud the Connecticut Medicaid Program by submitting fraudulent claims for applied behavior analysis (“ABA”) services to children diagnosed with Autism Spectrum Disorder (“ASD”).  The scheme involved billing for Medicaid for services purportedly rendered to patients when company payroll records indicate employees were not compensated for the associated services; direct supervision services purportedly provided by a Board Certified Behavior Analyst (“BCBA”) of a behavioral technician, when the corresponding procedure code for behavioral technician services was not billed; services purportedly rendered to patients who were actually in an inpatient hospital; and services purportedly rendered when parents of patients and former employees of Minds Cornerstone confirmed those services did not occur.

    Between November 2021 and January 2025, Aponte and her co-conspirator submitted or caused to be submitted to Medicaid fraudulent claims that resulted in a loss of approximately $1,876,617 to the Connecticut Department of Social Services.

    From approximately May 2022 until November 2024, Aponte was also employed by the State of Connecticut in the Office of Policy and Management.

    Aponte pleaded guilty to conspiracy to commit health care fraud, which carries a maximum term of imprisonment of 10 years.

    As part of her plea, Aponte has agreed to the forfeiture of approximately $459,000 in funds seized from various bank accounts she controlled, as well as her interest in additional bank accounts and two parcels of land in Hartford.

    Judge Underhill scheduled sentencing for July 30.

    Aponte has been released on a $100,000 bond since her arrest on January 16, 2025.

    This investigation is being conducted by the Federal Bureau of Investigation, the U.S. Department of Health and Human Services, Office of the Inspector General (HHS-OIG), and the Medicaid Fraud Control Unit of the Connecticut Chief State’s Attorney’s Office, with the assistance of the Connecticut Department of Social Services.  The case is being prosecuted by Assistant U.S. Attorney David T. Huang.

    MIL Security OSI –

  • MIL-OSI: Digital Ascension Group’s Digital Fusion Summit 2025 Concludes, Brings Elite Family Offices and Blockchain Leaders Together

    Source: GlobeNewswire (MIL-OSI)

    Dallas, Texas, April 30, 2025 (GLOBE NEWSWIRE) — The exclusive Digital Fusion Summit successfully concluded at the prestigious Altitude Center on the 33rd floor in Dallas, Texas. Hosted by Digital Wealth Partners and Digital Ascension Group, the invitation-only gathering brought together an exceptional roster of family offices, institutional investors, and industry luminaries to explore the convergence of traditional finance and emerging digital technologies.

    Digital Fusion Summit 2025 | Jake Claver, Managing Director – Digital Ascension Group, speaking on technical aspects of digital assets

    The summit, which took place on April 24th, featured an impressive lineup of panels covering critical topics in the digital asset landscape, from innovative DeFi strategies and institutional adoption to cybersecurity, regulatory frameworks, and technical infrastructure. The carefully curated event provided attendees with actionable insights while fostering meaningful connections in an intimate setting.

    “The Digital Fusion Summit represents exactly what the institutional investment community needs right now – a trusted environment where family offices and sophisticated investors can gain legitimate education about digital asset utilization and distributed ledger technology,” said Max Avery, Chief Business Development Officer of Digital Ascension Group. “By bringing together traditional funding experts with institutional service providers, we’ve created a powerful resource that bridges knowledge gaps and opens new avenues for multigenerational wealth creation.”

    The summit was made possible through the support of title sponsor Anchorage Digital, alongside Algoz, Compliers, and The Texas BlockchainCouncil. These leading organizations demonstrated their commitment to advancing institutional adoption of digital assets through educational initiatives.

    Throughout the evening, attendees engaged with thought leaders across six meticulously crafted panel discussions:

    • How to Make Your Digital Assets Work – Providing actionable insights on leveraging DeFi for portfolio optimization and passive yield generation
    • Tax Reform For a Web3 World – Clarifying evolving tax policies to help investors maximize returns while maintaining compliance
    • Legal & Policy – Navigating the rapidly changing regulatory landscape with strategies for institutional adoption
    • Cybersecurity, Fraud Mitigation & Digital Privacy – Exploring powerful approaches to mitigate risks while enhancing blockchain security
    • The Convergence of Institutions & DeFi – Examining investment strategies for bridging institutional capital with retail-driven DeFi opportunities
    • Technical Discussion – Deep diving into the mechanics of blockchain infrastructure with world-renowned developers

    The summit also featured a keynote address from Ben Hurn of Anchorage Digital, highlighting institutional-grade custody solutions and their pivotal role in securing digital assets for sophisticated investors.

    Panelists included distinguished experts such as Matthew Snider, CIO of Digital Wealth Partners and author of “Warren Buffet in a Web3 World”; Charles Finfrock, former CIA Officer who managed Tesla’s global information security team; Cameron McDougal, Supervisory Intelligence Analyst at the Department of Homeland Security; Ken “KC” Chapman, Head of US at XDC Network; John Wingate, Founder/CEO of BankSocial and lecturer at Harvard; and Ben Jorgensen, Founder & CEO of Constellation Network, among many other industry leaders.

    “What made this summit truly exceptional was the caliber of both speakers and attendees,” added Avery. “The conversations happening in the room represented a genuine meeting of traditional financial expertise and blockchain innovation—precisely the intersection where substantial opportunity lies for forward-thinking family offices.”

    Digital Wealth Partners and Digital Ascension Group plan to host additional exclusive gatherings throughout 2025, with the next summit tentatively scheduled for fall. Family offices and qualified investors interested in attending future events are encouraged to reach out directly for consideration.

    Digital Fusion Summit 2025

    About Digital Ascension Group

    Digital Ascension Group is a forward-thinking multi-family office specializing in digital assets (crypto / blockchain). Our mission is to empower High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) individuals, as well as Family Offices, to confidently navigate the rapidly evolving digital asset landscape. We provide a comprehensive suite of services designed to address the unique needs and opportunities in this dynamic sector. From investment strategy and risk management to regulatory compliance and custody solutions, Digital Ascension Group delivers tailored strategies that prioritize sustainable wealth protection and growth. With a deep understanding of blockchain technology, cryptocurrency markets, and tokenized assets, we bridge the gap between traditional wealth management and the cutting-edge world of digital finance. Our expert team ensures that our clients remain at the forefront of innovation while maintaining the security and stability their wealth demands.

    Press inquiries

    Digital Ascension Group
    https://www.digitalfamilyoffice.io
    Max Avery
    max@digitalfamilyoffice.io
    307-243-3711
    9100 John W Carpenter Fwy
    Dallas, Texas 75247

    The MIL Network –

  • MIL-OSI: Oak Woods Acquisition Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

    Source: GlobeNewswire (MIL-OSI)

    New York, April 30, 2025 (GLOBE NEWSWIRE) — Oak Woods Acquisition Corporation. (Nasdaq: OAKU) (the “Company”) today announced it received a delinquency notification letter from Nasdaq on April 24, 2025, which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company’s Annual Report on Form 10-K for the period ended December 31, 2024 (the “Annual Report”). The Nasdaq Listing Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.

    The Notice states that the Company has 60 calendar days to submit a plan to regain compliance and if the Nasdaq accepts such plan, the Nasdaq can grant an exception of up to 180 calendar days from the Annual Report’s due date, or until October 13, 2025 (the “Compliance Date”), to regain compliance. The Notification Letter does not impact the Company’s listing on The Nasdaq Capital Market at this time.

    The Company is currently in the final stages of completing the audit of its financial statements for the fiscal year ended December 31, 2024. While the Company has not yet filed its Annual Report on Form 10-K, it is working diligently with its independent registered public accounting firm to complete the remaining audit procedures. The delay in filing is not due to any disagreement with the Company’s auditors and the Company expects to file the Form 10-K promptly upon completion of the audit review process.

    About Oak Woods Acquisition

    Oak Woods Acquisition Corporation is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities. On August 11, 2023, Oak Woods Acquisition Corporation, a Cayman Islands corporation (“Oak Woods”), entered into a Merger Agreement and Plan of Reorganization (the “Merger Agreement”) with Oak Woods Merger Sub, Inc., a Cayman Islands corporation and a wholly owned subsidiary of Oak Woods (“Merger Sub”), Huajin (China) Holdings Limited, a Cayman Islands corporation (“Huajin”) and Xuehong Li, in his capacity as the representative of the Huajin shareholde (“Shareholders’ Representative”), as amended by its agreement to extend the date by which a Business Combination is required to be completed to June 28, 2024, dated March 23, 2024, and subsequently by the First Amendment to the Merger Agreement entered into by Oak Woods, Huajin, Merger Sub, and the Shareholders’ Representative on June 26, 2024 extending the time to complete its business combination to September 28, 2024.

    On October 1, 2024 the Company announced that, as approved by the shareholders of the Company at the Extraordinary General Meeting adjourned from September 25, 2024 and held on September 26, 2024 (the “September EGM”), the following proposals were approved thereby amending the Amended and Restated Articles and Memorandum of Association of the Company to give the Company the right to extend the date by which the Company has to complete a business combination from September 28, 2024 to March 28, 2025, by depositing into the Trust Account $172,500 per for each one-month extension, on or prior to the date of the applicable deadline, for up to six (6) times.

    On March 26, 2025 the Company announced that, as approved by the shareholders of the Company at the Extraordinary General Meeting held on March 20, 2025 (the “March EGM”), the following proposals were approved thereby amending the Amended and Restated Articles and memorandum of Association to give the Company the right to extend the date by which the Company has to complete a business combination from March 28, 2025 to September 28, 2025, by depositing into the Trust Account $172,500 per for each one-month extension, on or prior to the date of the applicable deadline, for up to six (6) times. 

    Forward Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Contact:

    Lixin Zheng
    Chief Executive Officer
    Oak Woods Acquisition Corporation
    (+1) 403-561-7750

    The MIL Network –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: NVIDIA Sets Conference Call for First-Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Written CFO Commentary to Be Provided Ahead of Call

    SANTA CLARA, Calif., April 30, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, May 28, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2026, which ended April 27, 2025.

    The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a Q&A session, which will be limited to questions from financial analysts and institutional investors.

    Ahead of the call, NVIDIA will provide written commentary on its first-quarter results from Colette Kress, the company’s executive vice president and chief financial officer. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.

    The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its second quarter of fiscal year 2026.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

    The MIL Network –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

    Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

    Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due. 

    Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

    Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

    Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

    In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

    Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

    Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits.  The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

    Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes. 

    Liquidity

    Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 67,555     $ 38,330  
    Investment securities available-for-sale, at fair value   615,350       624,779  
                   
    Loans:              
    Commercial and industrial   134,095       136,732  
    Secured by real estate:              
    Commercial mortgages   1,929,881       1,963,107  
    Residential mortgages   1,065,380       1,084,090  
    Home equity lines   33,452       36,468  
    Consumer and other   1,126       1,210  
        3,163,934       3,221,607  
    Allowance for credit losses   (28,308 )     (28,331 )
        3,135,626       3,193,276  
                   
    Restricted stock, at cost   24,329       27,712  
    Bank premises and equipment, net   28,411       29,135  
    Right-of-use asset – operating leases   18,358       18,951  
    Bank-owned life insurance   117,471       117,075  
    Pension plan assets, net   11,693       11,806  
    Deferred income tax benefit   35,022       36,192  
    Other assets   22,491       22,080  
      $ 4,076,306     $ 4,119,336  
    Liabilities:              
    Deposits:              
    Checking $ 1,072,766     $ 1,074,671  
    Savings, NOW and money market   1,587,030       1,574,160  
    Time   635,789       616,027  
        3,295,585       3,264,858  
                   
    Overnight advances   —       —  
    Other borrowings   360,000       435,000  
    Operating lease liability   20,348       21,964  
    Accrued expenses and other liabilities   17,533       18,648  
        3,693,466       3,740,470  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,635,724 and 22,595,349 shares   2,264       2,260  
    Surplus   79,866       79,731  
    Retained earnings   353,043       354,051  
        435,173       436,042  
    Accumulated other comprehensive loss, net of tax   (52,333 )     (57,176 )
        382,840       378,866  
      $ 4,076,306     $ 4,119,336  
                   
                   
         
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
         
      Three Months Ended  
      3/31/2025     3/31/2024  
      (dollars in thousands)  
    Interest and dividend income:              
    Loans $ 33,785     $ 33,543  
    Investment securities:              
    Taxable   5,374       6,993  
    Nontaxable   956       960  
        40,115       41,496  
    Interest expense:              
    Savings, NOW and money market deposits   10,318       10,083  
    Time deposits   6,403       6,977  
    Overnight advances   71       263  
    Other borrowings   4,501       6,012  
        21,293       23,335  
    Net interest income   18,822       18,161  
    Provision for credit losses   168       —  
    Net interest income after provision for credit losses   18,654       18,161  
                   
    Noninterest income:              
    Bank-owned life insurance   912       840  
    Service charges on deposit accounts   829       880  
    Net loss on sales of securities   —       —  
    Other   976       1,054  
        2,717       2,774  
    Noninterest expense:              
    Salaries and employee benefits   9,711       9,974  
    Occupancy and equipment   3,233       3,214  
    Merger expenses   230       —  
    Other   3,954       3,018  
        17,128       16,206  
    Income before income taxes   4,243       4,729  
    Income tax expense   487       294  
    Net income $ 3,756     $ 4,435  
                   
    Share and Per Share Data:              
    Weighted Average Common Shares   22,625,117       22,520,568  
    Dilutive restricted stock units   86,270       73,827  
    Dilutive weighted average common shares   22,711,387       22,594,395  
                   
    Basic EPS $ 0.17     $ 0.20  
    Diluted EPS   0.17       0.20  
    Cash Dividends Declared per share   0.21       0.21  
                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.37 %     0.42 %
    ROE   3.98       4.72  
    Net Interest Margin   1.91       1.79  
                   
                   
               
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 419     $ 421  
    Past due 30 through 89 days   7,452       270  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   3,510       3,229  
        11,381       3,920  
    Other real estate owned   —       —  
      $ 11,381     $ 3,920  
                   
    Allowance for credit losses $ 28,308     $ 28,331  
    Allowance for credit losses as a percentage of total loans   0.89 %     0.88 %
    Allowance for credit losses as a multiple of nonaccrual loans   8.1 x     8.8 x
                   
                   
         
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
      Average     Interest/   Average     Average     Interest/   Average  
    (dollars in thousands) Balance     Dividends   Rate     Balance     Dividends   Rate  
    Assets:                                      
    Interest-earning bank balances $ 28,537     $ 313   4.45 %   $ 55,117     $ 751   5.48 %
    Investment securities:                                      
    Taxable (1)   568,162       5,061   3.56       638,857       6,242   3.91  
    Nontaxable (1) (2)   151,745       1,210   3.19       153,417       1,215   3.17  
    Loans (1)   3,185,771       33,785   4.24       3,243,445       33,543   4.14  
    Total interest-earning assets   3,934,215       40,369   4.10       4,090,836       41,751   4.08  
    Allowance for credit losses   (28,399 )                 (28,947 )            
    Net interest-earning assets   3,905,816                   4,061,889              
    Cash and due from banks   28,197                   31,703              
    Premises and equipment, net   28,912                   31,257              
    Other assets   130,528                   120,884              
      $ 4,093,453                 $ 4,245,733              
    Liabilities and Stockholders’ Equity:                                      
    Savings, NOW & money market deposits $ 1,572,109       10,318   2.66     $ 1,534,081       10,083   2.64  
    Time deposits   612,730       6,403   4.24       643,854       6,977   4.36  
    Total interest-bearing deposits   2,184,839       16,721   3.10       2,177,935       17,060   3.15  
    Overnight advances   6,322       71   4.55       18,846       263   5.61  
    Other borrowings   416,944       4,501   4.38       504,258       6,012   4.80  
    Total interest-bearing liabilities   2,608,105       21,293   3.31       2,701,039       23,335   3.47  
    Checking deposits   1,067,804                   1,126,593              
    Other liabilities   35,260                   40,014              
        3,711,169                   3,867,646              
    Stockholders’ equity   382,284                   378,087              
      $ 4,093,453                 $ 4,245,733              
                                           
    Net interest income (2)         $ 19,076                 $ 18,416      
    Net interest spread (2)               0.79 %                 0.61 %
    Net interest margin (2)               1.91 %                 1.79 %
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Atlas One Capital Corporation Releases Annual Financial Statements for FYE 2024

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Ontario, April 30, 2025 (GLOBE NEWSWIRE) — Atlas One Capital Corporation (TSXV: ACAP.P) (the “Corporation” or “Atlas One”), a capital pool company listed on the TSX Venture Exchange, has released its audited financial statements and management discussion and analysis (collectively, the “Annual Filings”) for the year ended December 31, 2024.

    For further information please refer to the Annual Filings which are available to the public under the Company’s profile on SEDAR+ at www.sedarplus.com.

    For further information, please contact:

    David Rosenkrantz, Chief Executive Officer at (416) 865- 0123.

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

    The MIL Network –

  • MIL-OSI: AGF Investments Announces Fee Reductions and Risk Rating Changes for Certain Funds

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) is pleased to announce today lower management and administration fees and risk ratings for certain funds. These changes build on the firm’s commitment to continually reviewing its product line-up to ensure its offerings are responsive to market trends and competitively priced.

    Management Fee Changes

    AGF Investments is reducing management fees on the following funds/series effective May 1.

    Fund Series Current
    Management Fee    		 Updated
    Management Fee
    AGF Equity Income Fund F 0.85 0.80
    AGF European Equity Class MF 2.50 1.90
    AGF European Equity Class T 2.50 1.90
    AGF European Equity Class F 1.00 0.90
    AGF Global Strategic Income Fund MF 2.25 2.00
    AGF Global Strategic Income Fund T 2.25 2.00
    AGF Global Strategic Income Fund V 2.25 2.00
           

    Fixed Administration Fee Changes

    AGF Investments is reducing administration fees on the following funds/series effective May 1.

    Fund Series Current
    Admin     Fee    		 Updated
    Admin Fee
    AGF European Equity Class MF 0.38 0.17
    AGF European Equity Class T 0.38 0.17
    AGF European Equity Class F 0.32 0.02
           

    Risk Rating Changes

    The following risk rating changes are effective today.  

    Fund Current Risk Rating Updated Risk Rating
    AGF European Equity Class Medium-High Medium
    AGF European Equity Fund Medium-High Medium
         

    These risk rating changes are the result of an annual review conducted by AGF Investments using the prescribed risk classification methodology. No material changes have been made to the investment objectives, strategies or management of AGF European Equity Class/Fund.

    Further information about the AGF Funds can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –