NewzIntel.com

Category: Canada

  • MIL-OSI Global: Ambitious changes to Canadian conservation law are needed to reverse the decline in biodiversity

    Source: The Conversation – Canada – By Trevor Swerdfager, Practitioner-In-Residence, Faculty of Environment, University of Waterloo, University of Waterloo

    Canada’s biodiversity is in decline. Globally, climate change, urbanization, overexploitation of resources and habitat loss are combining to drive biodiversity loss across all ecosystems.

    The recent biodiversity assessment of the Americas, from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services, documents these trends. Domestically, the 2024 State of Canada’s Birds Report points to falling bird populations over time, while a 2020 World Wildlife Fund report emphasized similar declines across the full range of plants, animals and other living organisms in Canada.

    Put simply, Canada’s efforts to reverse this decline are not succeeding.

    The State of Canada’s Birds Report 2024 shows that some bird populations have declined dramatically.
    (Government of Canada/Birds Canada)

    Laws protecting biodiversity

    There is a foundational reason for our subpar progress in conserving biodiversity: the poor state of biodiversity law in Canada.

    Laws matter. They codify societal values and priorities, define acceptable behaviours and establish the government programs and institutions needed to tackle complex problems. Canadian biodiversity law is neither meeting today’s challenges nor positioning us for the future.

    Federally, biodiversity laws include: the Fisheries Act (1868); Migratory Birds Convention Act (1917); Canada National Parks Act (CNPA, 1930); Canada Wildlife Act (1973); Forestry Act (1985); Wild Animal and Plant Protection and Regulation of International and Inter-provincial Trade Act (1992); Oceans Act (1997); Canada National Marine Conservation Areas Act (2002); and the Species At Risk Act (2002).

    Over the years, important additions to these acts include habitat and sustainability provisions to the Fisheries Act in 1977 and 2019 respectively, and a 2011 amendment to the CNPA, requiring that National Parks be managed to ensure their “ecological integrity.”

    Nevertheless, several of the laws are pre-date the Second World War and all pre-date the internet, climate change and current biodiversity science.

    Whooping cranes are considered endangered, and are protected under the Species at Risk Act.
    (Shutterstock)

    Disconnected approach

    Canadian biodiversity laws evolved through multiple unconnected legislative events over 150 years. They legislatively fragment the environment into separate components and fracture accountability into multiple agencies. They entrench program silos fostering conflicting departmental priorities and operational inefficiencies.

    They establish no biodiversity goals, reporting mechanisms or mandates for biodiversity science. Their structures impedes public data sharing and transparency, dissuades Indigenous engagement and consistently sparks federal-provincial tensions.

    They contain no mechanisms for translating Canada’s commitments under the Kunming-Montreal Global Biodiversity Framework into legal or programmatic action.

    Nothing on the horizon suggests that these shortcomings will be addressed through new leadership, new policy or plain old good luck. On the contrary, these laws seem destined to yield the same sub-optimal outcomes.

    The Jefferson salamander is listed as endangered by both federal and provincial legislation.
    (iNaturalist/evangrimes), CC BY

    Meeting the challenge

    If we are to meet current and future biodiversity conservation challenges, we must develop a new legislative approach. This approach should support the creation of modern biodiversity programs and institutions and drive integrated, transparent and inclusive decision-making.

    Our work suggests that we need a single unified law for biodiversity: a Canadian Biodiversity Conservation and Protection Act (CBCPA). A new act of this kind would replace the existing nine laws and could usefully include:

    1. Principles requiring — not just encouraging — nature-positive programs emphasizing biodiversity, science, ecosystems, transparency, accountability and inclusivity.

    2. Mandated biodiversity target and objective setting, including those of the Global Biodiversity Framework. This should also include reporting measures that offer actionable insights into program effectiveness and delivery improvement opportunities.

    3. Requirements for the use and public documentation of science in decision-making, including the requirement that all government biodiversity data should be made available to the public.

    4. Establishment of governance arrangements embracing Indigenous rights and interests, as well as mechanisms to bring conservation communities together around collective actions, facilitated by a new Biodiversity Conservation Fund.

    5. Creation of a Biodiversity Conservation Agency to fuse the existing four agencies into one, and establish clear ministerial accountability and a stronger voice for biodiversity in Cabinet.

    6. Operational elements governing the establishment and operation of protected areas, the management of fish and migratory birds, and the protection and recovery of species at risk in a cohesive and mutually reinforcing manner.

    A CBCPA would dramatically improve policy and regulatory certainty for industry. It would drive program cohesion and efficiency, build trust in government decision-making and facilitate intra- and inter-governmental collaboration. It would remove key obstacles to biodiversity conservation success and create the societal conditions so urgently needed to reverse biodiversity decline in Canada.

    This would obviously be an ambitious legislative project replete with substantive policy and political challenges. But the importance of biodiversity to Canada’s ecological, economic and social well-being is difficult to overstate. Maintaining the legislative status quo or adopting minimalist incrementalism is unwise.

    As we transform our economic and trade systems in Canada to grapple with climate change, a fundamental shift in how we conserve and protect biodiversity is equally vital. This is a time for ambition, not apathy.

    Derek Armitage has received funding from the Social Sciences and Humanities Research Council of Canada

    Trevor Swerdfager 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. Ambitious changes to Canadian conservation law are needed to reverse the decline in biodiversity – https://theconversation.com/ambitious-changes-to-canadian-conservation-law-are-needed-to-reverse-the-decline-in-biodiversity-252781

    MIL OSI – Global Reports –

  • MIL-OSI: Admiral Group agrees to sell its U.S. motor business to JC Flowers

    Source: GlobeNewswire (MIL-OSI)

    Admiral Group agrees to sell its U.S. motor business to JC Flowers

    Admiral Group plc announces that it has entered into an agreement to sell its U.S. motor insurance business, including Elephant Insurance Company and Elephant Insurance Services (“Elephant”), to J.C. Flowers & Co. (“J.C. Flowers”), a global private investment firm dedicated to investing in the financial services industry, for an undisclosed cash consideration (before customary adjustments and transaction and related expenses) representing approximately the net asset value of Elephant. The transaction is subject to regulatory approval and is expected to close in Q4 2025.

    Headquartered in Richmond, Virginia, Elephant Insurance offers U.S. customers simple and affordable car insurance. The company’s tools allow customers to find the best protection for their needs and budget, with tools that are easy to use and understand.

    Costantino Moretti, Head of International Insurance, Admiral Group said: 
    “In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success. J.C. Flowers and Elephant have a shared ambition for generating growth and value. This partnership will allow the business to continue to deliver the high-quality insurance products and services that US motorists need.”

    “This is a good outcome not only for Elephant and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe.”

    Eric Rahe, Managing Director and Co-President, J.C. Flowers said:
    “J.C. Flowers has a long, distinguished history of investing in the insurance industry, and we will leverage our experience to help Elephant Insurance generate new opportunities as a standalone company. We are excited to partner with the Elephant team as the business enters this new stage of development.”

    Alberto Schiavon, CEO of Elephant Insurance said: “We are very excited to be joining forces with J.C. Flowers. This partnership will enable us to benefit from their extensive expertise which will play a critical role for the next phase of our growth strategy and add value for our customers, whilst maintaining our distinctive culture.”

    ENDS

    Notes to Editors
    Admiral’s corporate broker, BofA Securities, is acting as exclusive financial advisor and Sidley Austin LLP as legal advisor to Admiral Group in connection with this transaction. Keefe, Bruyette & Woods, A Stifel Company, is acting as exclusive financial advisor and Debevoise & Plimpton LLP as legal advisor to J.C. Flowers in connection with this transaction.

    Enquiries

    Media:
    For Admiral:
    Addy Frederick
    addy.frederick@admiralgroup.co.uk
    +44 (0) 7500 171 810

    Analysts and investors:
    Diane Michelberger
    diane.michelberger@admiralgroup.co.uk
    +44 (0) 7881 305 063

    For J.C. Flowers:
    Jennifer Hurson
    Lambert by LLYC
    jhurson@lambert.com

    About Admiral Group
    Admiral Group plc is a leading FTSE 100 Financial Services company offering motor, household, travel and pet insurance as well as personal lending products. Established in 1993 in the UK, the Group now has offices in Canada, France, Gibraltar, India, Italy, Spain, and the US.

    About J.C. Flowers & Co
    J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $18 billion of capital, including co-investment, in 67 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, specialty finance, business and insurance services, wealth management and capital markets, payments and software. With approximately $4 billion of assets under management, J.C. Flowers has offices in New York, London and Palm Beach. For more information, please visit www.jcfco.com.

    The MIL Network –

  • MIL-OSI Economics: Moody’s Corporation Reports Results for First Quarter 2025

    Source: Moody’s

    Headline: Moody’s Corporation Reports Results for First Quarter 2025

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) today announced results for the first quarter 2025 and updated select metrics within its outlook for full year 2025.

    The First Quarter 2025 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

    “Moody’s delivered a very strong quarter across both our businesses, including a record quarter for our Ratings franchise,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “It is in times of uncertainty when the clarity and transparency we provide matter the most. Though we are facing a period of increased volatility, we run our business across market cycles, harnessing the strength and breadth of our portfolio to deliver value to our stakeholders over the long-term.”

    Teleconference Details:

    Date and Time

    April 22, 2025, at 9:00 a.m. ET

    Webcast

    The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.

    Dial In

    U.S. and Canada

    +1-888-596-4144

    Other callers

    +1-646-968-2525

    Passcode

    515 6491

    Dial In Replay

    A replay will be available immediately after the call on April 22, 2025 and until April 29, 2025.

    U.S. and Canada

    +1-800-770-2030

    Other callers

    +1-609-800-9909

    Confirmation code

    515 6491

    For further information, please contact Investor Relations at ir@moodys.com.

    ABOUT Moody’s

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI: Next Hydrogen receives $5M working capital debt financing

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, April 22, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (“Next Hydrogen” or “Company”) (TSXV:NXH, OTC:NXHSF) is pleased to announce it has received a $5M working capital debt facility from Export Development Canada (“EDC”).

    “We are grateful for this very meaningful support from EDC to help support our growth opportunities. We have a world class electrolyser design with a revolutionary cell architecture which enables highly efficient, large scale and low-cost green hydrogen production,” said Raveel Afzaal, President & CEO of Next Hydrogen. “With 75% of the world GDP having policies to grow the hydrogen economy, EDC is providing us with the opportunity to make a global impact to decarbonize hard-to-abate sectors.”

    “EDC is thrilled to support Next Hydrogen’s ambitions for large scale adoption of green hydrogen solutions,” said Tushar Handiekar, group head and VP, Structured and Project Finance at EDC. “The deployment of its innovative electrolyser, combined with Next Hydrogen’s technical expertise and global partnerships can position the company as leader of Canadian innovation on the global stage, and EDC views this as the beginning of an important strategic relationship.”

    About Next Hydrogen Solutions Inc.
    Founded in 2007, Next Hydrogen Solutions Inc. is a designer and manufacturer of innovative water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or a green industrial feedstock. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors. For further information: www.nexthydrogen.com

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620
    www.nexthydrogen.com

    Cautionary Statements
    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

  • MIL-OSI: Athene Survey Finds Sandwich Generation’s Retirement Plans Affected by Intergenerational Caregiving

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa , April 22, 2025 (GLOBE NEWSWIRE) — A new survey conducted by Athene of the Sandwich Generation, defined as people aged 40-59 who provide financial or caregiving support to both adult children and elderly relatives, found that nearly three quarters (73%) of respondents have adjusted their retirement goals to support their adult children or aging relatives, including:1

    • Delaying retirement (34%)
    • Using retirement assets to support their family (22%)
    • Not planning to retire at all (9%)

    “As the retirement age population in the U.S. grows, the Sandwich Generation represents the next wave in America’s retirement crisis, with potential long-term implications for individuals, families and the economy,” said Mike Downing, Athene Chief Operating Officer.

    Although the Sandwich Generation’s average age of expected retirement is 65, only 24% of respondents have a written retirement plan and 30% indicate they are concerned about having to rely on their children for financial support in retirement.

    “Many retirees don’t have the luxury of assuming that the traditional ‘three legs’ of the retirement stool – social security, savings and investments, and workplace pensions – will fully secure their retirement,” said Downing. “Early preparation has never been more important.”

    Among respondents who support older family members who have an income source, 83% say those family members depend on Social Security, which often doesn’t provide sufficient retirement income to cover a retiree’s full expenses. Only 14% have an annuity, which provides guaranteed income in retirement.

    Guaranteed Income Can Support Financial Confidence

    Among respondents who say they are not completely confident in their ability to provide support to family, approximately two-thirds (66%) say that increased income would improve their confidence, outweighing other factors including:

    • Increased savings and investments (43%)
    • Support from other family members (42%)
    • Lower debt (38%)

    Guaranteed income is one tool available through a financial professional that can help the Sandwich Generation manage the financial aspects of caregiving and plan for retirement. Importantly, respondents who had already incorporated guaranteed income into their financial strategies tended to have higher incomes, and reported more confidence, less stress and greater preparedness for retirement.

    “As Americans face the financial responsibility of supporting their families, strategies to diversify their sources of income in retirement are more critical than ever,” said Downing. “Understanding your options and creating a plan are the most effective steps to balance the dual responsibilities of supporting family and securing your retirement.”

    Significant Caregiving Impact on Women

    Athene’s survey found that caregiving for adult children and elderly relatives affected women in the Sandwich Generation disproportionately, with women surveyed reporting higher levels of financial strain than men (53% vs. 40%). Women were also less likely than men to proactively plan their finances across a number of measures, putting them at an additional disadvantage when preparing for retirement:

    • Seek advice from a financial professional (36% vs. 57%)
    • Have a written retirement plan (19% vs. 30%)
    • Discuss financial planning with elderly relatives (57% vs. 68%)

    Financial Professional Support Critical

    A trusted financial professional can help devise solutions. An overwhelming majority (90%) of respondents already working with a financial professional say that their relationship had a positive impact on their financial future.

    Although the majority of respondents (53%) say they are concerned about maintaining their standard of living in retirement, those respondents not currently working with a financial professional were more likely to be worried about not having enough assets to retire (47% vs. 30%).

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Alyssa Castelli
    Director, External Relations
    +1 (646) 768-7304
    Alyssa.castelli@athene.com

    1 Athene contracted Harris Poll to survey 1,024 adults aged 40-59 who provide financial support to at least one adult child (aged 18 and out of high school) living in their home without significantly contributing to household expenses, and who provide financial or caregiving support to at least one elderly relative. The survey was conducted between January 2, 2025 and January 19, 2025.

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Confirms Search for New Independent Director and Announces Timing of First Quarter Release

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) — The Board of Directors (the “Board”) of Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today confirmed that, consistent with good corporate governance, it intends to initiate a search this year for a qualified independent director. The Board also announced that it is committed to achieve at least 30% gender diversity on the Board on or before the Company’s 2026 annual meeting.

    Q1 Earnings Release

    Enerflex plans to release its financial results and operating highlights for the three months ended March 31, 2025, prior to market open on Thursday, May 8, 2025. Results will be communicated by news release and will be available on the Company’s website at www.enerflex.com and under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    Investors, analysts, members of the media, and other interested parties, are invited to listen to or participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    Those wishing to listen or participate may register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “intend”, “may”, “plan”, “will”, and similar expressions, are intended to identify FLI. In particular, this news release includes (without limitation) FLI and statements pertaining to the intention and ability of the Company to achieve at least 30% gender diversity on the Board on or before the Company’s 2026 annual meeting and the Company’s expectation to release its financial results and operating highlights for the three months ended March 31, 2025, prior to market open on Thursday, May 8, 2025.

    FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends including that the Company will be successful in recruiting a qualified independent director within the stipulated timeframe. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    ABOUT ENERFLEX
    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

  • MIL-OSI: Purpose Investments Announces Risk Rating Change for Purpose Global Innovators Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 21, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose” or “Purpose Investments”) announced today that it has changed the risk rating for Purpose Global Innovators Fund (TSX: PINV, the “Fund”) from “medium” to “medium-to-high.” This change is a result of the risk rating methodology mandated by the Canadian Securities Administrators and the periodic review by Purpose to determine the risk level of its publicly offered mutual funds.

    No material changes have been made to the investment objective, strategies, or management of the Fund as a result. The change in the risk rating will be reflected in the Fund’s offering documents, which will be completed in accordance with applicable securities laws.

    About Purpose Investments

    Purpose Investments Inc. is an asset management company with over $22 billion in assets under management, focused on client-centric innovation across ETFs and investment funds. Purpose is a division of Purpose Unlimited, an independent financial technology company led by entrepreneur Som Seif.

    For further information, please email us at: info@purposeinvest.com

    Media inquiries:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Senators Hassan, Lankford Reintroduce Bipartisan Bill to Disrupt Cartel Operations by Increasing Southbound Border Inspections

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and James Lankford (R-OK), both members of the Senate Homeland Security and Governmental Affairs Committee, reintroduced bipartisan legislation to increase inspections of traffic going from the U.S. to Mexico, which would help combat the flow of illicit firearms and money that fuel drug cartels. 

    “Dismantling drug cartels requires cutting off the flow of illegal firearms and cartel money moving from the U.S. into Mexico, which help give cartels the resources to continue to operate and flood our communities with deadly drugs,” said Senator Hassan. “This bipartisan legislation significantly enhances our southbound inspection capabilities, which will help disrupt cartel operations and reduce the trafficking of fentanyl, which has devastated communities across New Hampshire and nationwide.” 

    “With border crossings at a record low, the results speak for themselves. President Trump’s leadership is making America safer; the southern border is much more secure than it was a year ago,” Lankford said. “But US Customs and Border Protection still doesn’t have the resources they need to stop gun smuggling to the criminal cartels in Mexico. We need to ensure border law enforcement has the personnel and technology to crack down on criminal activity that puts Americans at risk.”

    Specifically, the bipartisan Enhancing Southbound Inspections to Combat Cartels Act would: 

    • Require that at least 10 percent of southbound vehicles are inspected, to the extent practicable 
    • Authorize at least 100 additional Homeland Security Investigations agents to investigate the smuggling of guns and money from the U.S. into Mexico
    • Authorize at least 100 additional Homeland Security Investigations agents to investigate drug smuggling, human trafficking, child trafficking, and unauthorized entries from Mexico into the U.S.
    • Authorize 50 additional x-ray inspection systems for southbound inspections 

    This legislation is part of Senator Hassan’s ongoing efforts to support border security. Last year, the Senate Homeland Security Committee advanced bipartisan legislation introduced by Senator Hassan to allow U.S. and Canadian personnel to jointly patrol both sides of the Northern border on aircraft, helping better combat drug smuggling and other illegal cross-border activities. In March, Senator Hassan’s bipartisan bill to permanently classify fentanyl-related substances as Schedule I drugs under the Controlled Substances Act, passed the Senate. Additionally, in December, Senator Hassan worked with her colleagues to pass into law her bipartisan legislation to ensure that the Department of Homeland Security and its contractors are operating as effectively as possible at the Southern border.

    MIL OSI USA News –

  • MIL-OSI: Smackover Lithium’s South West Arkansas Project Receives Special Designation as a Priority Transparency Critical Mineral Project From the Trump Administration

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., April 21, 2025 (GLOBE NEWSWIRE) — Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:A:SLI) and Equinor, is proud to announce that its South West Arkansas (“SWA”) Project has been selected as one of the first critical mineral production projects to be advanced under Executive Order 14241, Immediate Measures to Increase American Mineral Production, issued on March 20, 2025, by President Trump. This prestigious designation, announced by the Federal Permitting Improvement Steering Council at the recommendation of the National Energy Dominance Council, underscores the project’s strategic importance to national security, economic prosperity, and energy independence.

    The SWA Project, a cornerstone of Smackover Lithium’s mission to bolster domestic lithium production, has been included on the Federal Permitting Dashboard as a transparency project. This designation ensures increased transparency, accountability, and predictability in the permitting review process, aligning with President Trump’s directive to expedite domestic critical mineral projects. The support from the White House signals strong federal backing for the project, reinforcing its role in reducing U.S. reliance on China. The SWA Project is one of only three domestic lithium projects and the sole Direct Lithium Extraction (“DLE”) initiative to be included on the initial selected projects list. Additionally, it is the first project supported by the DOE’s Office of Manufacturing and Energy Supply Chains to be accepted into the Transparency Program.

    “We are honored by the Trump Administration’s recognition of the SWA Project as a priority project for American mineral production,” said Standard Lithium’s CEO, David Park. “This designation is a testament to the project’s economic viability and potential to strengthen national security, create high-quality jobs, and fuel economic growth in Arkansas and beyond. The streamlined permitting process, combined with federal support, reinforces our project development timeline and positions us well to deliver a low cost, sustainable, and domestic source of lithium critical to advanced energy technologies.”

    Smackover Lithium remains committed to environmentally responsible development, community engagement, and innovation as it advances the SWA Project. The JV looks forward to collaborating with federal, state, and local stakeholders to ensure the project’s success and to contribute to America’s leadership in the critical minerals sector.

    For more information about the SWA Project and Smackover Lithium, please visit www.smackoverlithium.com.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the 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. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI Security: Albanian National Charged with Conspiring to Smuggle Illegal Aliens into the United States

    Source: Office of United States Attorneys

    Earlier today, in federal court in Brooklyn, an indictment was unsealed charging Fatjon Shytani, an Albanian national and resident of the Bronx, New York, with a scheme to smuggle illegal aliens from Canada into the United States for financial gain.  Shytani was arrested yesterday morning and was arraigned this afternoon before United States Magistrate Judge Lois Bloom.

    John J. Durham, United States Attorney for the Eastern District of New York, and Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the arrest and indictment.

    “As alleged, Shytani conspired to smuggle illegal aliens into the United States to benefit himself financially, but was thwarted by the outstanding work of our law enforcement partners,” stated United States Attorney Durham.  “These types of schemes represent a significant threat to our national security and will not be tolerated.  This case demonstrates our Office’s continued dedication to protect our border security and the integrity of the immigration process.”

    Mr. Durham also thanked U.S. Customs and Border Protection, the Department of Justice’s Office of International Affairs, the New York City Police Department, the Royal Canadian Mounted Police and the Albanian State Police for their valuable assistance during the investigation.

    Fatjon Shytani, an Albanian national, allegedly facilitated the illegal entry of foreign nationals into the United States in exchange for cash payments.  This alleged conspiracy established unauthorized border access designed to circumvent proper protocols and evade authorities.  The FBI remains dedicated to apprehending any individual who profits from violating the borders and security of our nation.

    As alleged in court filings, Shytani and his co-defendants conspired to smuggle foreign nationals from to enter the United States via illegal border crossing at the U.S. border with Canada.  During the course of the investigation, Shytani accepted cash from an undercover agent (UC-1) in exchange for arranging to have the agent’s significant other, who purportedly was from the Republic of Kosovo, smuggled across the Canadian border into the United States.  In reality, the agent’s significant other was another undercover law enforcement agent (UC-2).  Between March 12, 2024 and March 13, 2024, Shytani and UC-1 exchanged phone calls and text messages during which they agreed to meet in person on March 14, 2024, at a coffee shop on Long Island, New York.  On March 14, 2024, Shytani met UC-1 at the agreed-upon location where they discussed details regarding UC-2’s illegal crossing from Canada into the United States. At the conclusion of the meeting, UC-1 paid Shytani $14,000 in cash for the planned smuggling service.  On March 16, 2024, Shytani’s co-conspirators then attempted to smuggle UC-2 and two other aliens from Canada into the United States before being apprehended and later released by Canadian law enforcement.

    The charges in the indictment are allegations, and the defendant is presumed innocent unless and until proven guilty.  If convicted of alien smuggling and transportation conspiracy, Shytani faces up to 10 years’ imprisonment.

    Assistant United States  Attorneys Andrew Roddin, Stephanie Pak, and Kate Mathews are in charge of the prosecution.  This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and other transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Project Safe Neighborhood.

    The Defendant:

    FATJON SHYTANI (also known as “Fati”)
    Age:  41
    Bronx, New York

    E.D.N.Y. Docket No. 25-CR-133 (SJB)

    MIL Security OSI –

  • MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

    Source: GlobeNewswire (MIL-OSI)

    ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

    Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

    Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

    Highlights of the first quarter of 2025:
    Comparative information to the fourth quarter of 2024, unless otherwise noted

    • Total loans increased by $653 million, or 6% annualized.
    • Total deposits increased by approximately $1.1 billion, or 8% annualized.
    • Total assets increased by $1.0 billion, or 6% annualized.
    • Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.        
      • Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
    • Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
      • Net gains on investment securities totaled $3.2 million.
      • Macatawa Bank acquisition-related costs were $2.7 million.
    • Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
    • Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

    Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

    Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

    In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

    The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

    Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

    SUMMARY OF RESULTS:

    BALANCE SHEET

    Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

    Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

    For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

    NET INTEREST INCOME

    For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

    Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

    For more information regarding net interest income, see Table 4 through Table 7 in this report.

    ASSET QUALITY

    The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

    Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

    Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

    The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

    Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

    NON-INTEREST INCOME

    Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

    Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

    Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

    The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

    The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

    For more information regarding non-interest income, see Table 14 in this report.

    NON-INTEREST EXPENSE

    Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

    Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

    Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

    Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

    Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

    The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

    For more information regarding non-interest expense, see Table 16 in this report.

    INCOME TAXES

    The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

    BUSINESS SUMMARY

    Community Banking

    Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

    Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

    Specialty Finance

    Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

    Wealth Management

    Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

    ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

    Business Combination

    On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

    Division Sale

    In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

    WINTRUST FINANCIAL CORPORATION
    Key Operating Measures

    Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

                  % or (1)basis point (bp) change  from
    4th Quarter
    2024    		   % or basis point (bp) change from
    1st Quarter
    2024
        Three Months Ended  
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Mar 31, 2024  
    Net income   $ 189,039     $ 185,362     $ 187,294   2   %   1   %
    Pre-tax income, excluding provision for credit losses (non-GAAP) (2)     277,018       270,060       271,629   3       2    
    Net income per common share – Diluted     2.69       2.63       2.89   2       (7 )  
    Cash dividends declared per common share     0.50       0.45       0.45   11       11    
    Net revenue (3)     643,108       638,599       604,774   1       6    
    Net interest income     526,474       525,148       464,194   0       13    
    Net interest margin     3.54 %     3.49 %     3.57 % 5   bps   (3 ) bps
    Net interest margin – fully taxable-equivalent (non-GAAP) (2)     3.56       3.51       3.59   5       (3 )  
    Net overhead ratio (4)     1.58       1.60       1.39   (2 )     19    
    Return on average assets     1.20       1.16       1.35   4       (15 )  
    Return on average common equity     12.21       11.82       14.42   39       (221 )  
    Return on average tangible common equity (non-GAAP) (2)     14.72       14.29       16.75   43       (203 )  
    At end of period                      
    Total assets   $ 65,870,066     $ 64,879,668     $ 57,576,933   6   %   14   %
    Total loans (5)     48,708,390       48,055,037       43,230,706   6       13    
    Total deposits     53,570,038       52,512,349       46,448,858   8       15    
    Total shareholders’ equity     6,600,537       6,344,297       5,436,400   16       21    

    (1)   Period-end balance sheet percentage changes are annualized.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (3)   Net revenue is net interest income plus non-interest income.
    (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
    (5)   Excludes mortgage loans held-for-sale.

    Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”


    WINTRUST FINANCIAL CORPORATION
    Selected Financial Highlights

        Three Months Ended
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
    Selected Financial Condition Data (at end of period):
    Total assets   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Total loans (1)     48,708,390       48,055,037       47,067,447       44,675,531       43,230,706  
    Total deposits     53,570,038       52,512,349       51,404,966       48,049,026       46,448,858  
    Total shareholders’ equity     6,600,537       6,344,297       6,399,714       5,536,628       5,436,400  
    Selected Statements of Income Data:                    
    Net interest income   $ 526,474     $ 525,148     $ 502,583     $ 470,610     $ 464,194  
    Net revenue (2)     643,108       638,599       615,730       591,757       604,774  
    Net income     189,039       185,362       170,001       152,388       187,294  
    Pre-tax income, excluding provision for credit losses (non-GAAP) (3)     277,018       270,060       255,043       251,404       271,629  
    Net income per common share – Basic     2.73       2.68       2.51       2.35       2.93  
    Net income per common share – Diluted     2.69       2.63       2.47       2.32       2.89  
    Cash dividends declared per common share     0.50       0.45       0.45       0.45       0.45  
    Selected Financial Ratios and Other Data:                    
    Performance Ratios:                    
    Net interest margin     3.54 %     3.49 %     3.49 %     3.50 %     3.57 %
    Net interest margin – fully taxable-equivalent (non-GAAP) (3)     3.56       3.51       3.51       3.52       3.59  
    Non-interest income to average assets     0.74       0.71       0.74       0.85       1.02  
    Non-interest expense to average assets     2.32       2.31       2.36       2.38       2.41  
    Net overhead ratio (4)     1.58       1.60       1.62       1.53       1.39  
    Return on average assets     1.20       1.16       1.11       1.07       1.35  
    Return on average common equity     12.21       11.82       11.63       11.61       14.42  
    Return on average tangible common equity (non-GAAP) (3)     14.72       14.29       13.92       13.49       16.75  
    Average total assets   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
    Average total shareholders’ equity     6,460,941       6,418,403       5,990,429       5,450,173       5,440,457  
    Average loans to average deposits ratio     92.3 %     91.9 %     93.8 %     95.1 %     94.5 %
    Period-end loans to deposits ratio     90.9       91.5       91.6       93.0       93.1  
    Common Share Data at end of period:                    
    Market price per common share   $ 112.46     $ 124.71     $ 108.53     $ 98.56     $ 104.39  
    Book value per common share     92.47       89.21       90.06       82.97       81.38  
    Tangible book value per common share (non-GAAP) (3)     78.83       75.39       76.15       72.01       70.40  
    Common shares outstanding     66,919,325       66,495,227       66,481,543       61,760,139       61,736,715  
    Other Data at end of period:                    
    Common equity to assets ratio     9.4 %     9.1 %     9.4 %     8.6 %     8.7 %
    Tangible common equity ratio (non-GAAP) (3)     8.1       7.8       8.1       7.5       7.6  
    Tier 1 leverage ratio (5)     9.6       9.4       9.6       9.3       9.4  
    Risk-based capital ratios:                    
    Tier 1 capital ratio (5)     10.8       10.7       10.6       10.3       10.3  
    Common equity tier 1 capital ratio (5)     10.1       9.9       9.8       9.5       9.5  
    Total capital ratio (5)     12.5       12.3       12.2       12.1       12.2  
    Allowance for credit losses (6)   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  
    Allowance for loan and unfunded lending-related commitment losses to total loans     0.92 %     0.91 %     0.93 %     0.98 %     0.99 %
    Number of:                    
    Bank subsidiaries     16       16       16       15       15  
    Banking offices     208       205       203       177       176  

    (1)   Excludes mortgage loans held-for-sale.
    (2)   Net revenue is net interest income plus non-interest income.
    (3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
    (5)   Capital ratios for current quarter-end are estimated.
    (6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.


    WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CONDITION

        (Unaudited)       (Unaudited)   (Unaudited)   (Unaudited)
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Assets                    
    Cash and due from banks   $ 616,216     $ 452,017     $ 725,465     $ 415,462     $ 379,825  
    Federal funds sold and securities purchased under resale agreements     63       6,519       5,663       62       61  
    Interest-bearing deposits with banks     4,238,237       4,409,753       3,648,117       2,824,314       2,131,077  
    Available-for-sale securities, at fair value     4,220,305       4,141,482       3,912,232       4,329,957       4,387,598  
    Held-to-maturity securities, at amortized cost     3,564,490       3,613,263       3,677,420       3,755,924       3,810,015  
    Trading account securities     —       4,072       3,472       4,134       2,184  
    Equity securities with readily determinable fair value     270,442       215,412       125,310       112,173       119,777  
    Federal Home Loan Bank and Federal Reserve Bank stock     281,893       281,407       266,908       256,495       224,657  
    Brokerage customer receivables     —       18,102       16,662       13,682       13,382  
    Mortgage loans held-for-sale, at fair value     316,804       331,261       461,067       411,851       339,884  
    Loans, net of unearned income     48,708,390       48,055,037       47,067,447       44,675,531       43,230,706  
    Allowance for loan losses     (378,207 )     (364,017 )     (360,279 )     (363,719 )     (348,612 )
    Net loans     48,330,183       47,691,020       46,707,168       44,311,812       42,882,094  
    Premises, software and equipment, net     776,679       779,130       772,002       722,295       744,769  
    Lease investments, net     280,472       278,264       270,171       275,459       283,557  
    Accrued interest receivable and other assets     1,598,255       1,739,334       1,721,090       1,671,334       1,580,142  
    Trade date securities receivable     463,023       —       551,031       —       —  
    Goodwill     796,932       796,942       800,780       655,955       656,181  
    Other acquisition-related intangible assets     116,072       121,690       123,866       20,607       21,730  
    Total assets   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Liabilities and Shareholders’ Equity                    
    Deposits:                    
    Non-interest-bearing   $ 11,201,859     $ 11,410,018     $ 10,739,132     $ 10,031,440     $ 9,908,183  
    Interest-bearing     42,368,179       41,102,331       40,665,834       38,017,586       36,540,675  
    Total deposits     53,570,038       52,512,349       51,404,966       48,049,026       46,448,858  
    Federal Home Loan Bank advances     3,151,309       3,151,309       3,171,309       3,176,309       2,676,751  
    Other borrowings     529,269       534,803       647,043       606,579       575,408  
    Subordinated notes     298,360       298,283       298,188       298,113       437,965  
    Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566  
    Accrued interest payable and other liabilities     1,466,987       1,785,061       1,613,638       1,861,295       1,747,985  
    Total liabilities     59,269,529       58,535,371       57,388,710       54,244,888       52,140,533  
    Shareholders’ Equity:                    
    Preferred stock     412,500       412,500       412,500       412,500       412,500  
    Common stock     67,007       66,560       66,546       61,825       61,798  
    Surplus     2,494,347       2,482,561       2,470,228       1,964,645       1,954,532  
    Treasury stock     (9,156 )     (6,153 )     (6,098 )     (5,760 )     (5,757 )
    Retained earnings     4,045,854       3,897,164       3,748,715       3,615,616       3,498,475  
    Accumulated other comprehensive loss     (410,015 )     (508,335 )     (292,177 )     (512,198 )     (485,148 )
    Total shareholders’ equity     6,600,537       6,344,297       6,399,714       5,536,628       5,436,400  
    Total liabilities and shareholders’ equity   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  

    WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

      Three Months Ended
    (Dollars in thousands, except per share data) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Interest income                  
    Interest and fees on loans $ 768,362     $ 789,038     $ 794,163     $ 749,812     $ 710,341  
    Mortgage loans held-for-sale   4,246       5,623       6,233       5,434       4,146  
    Interest-bearing deposits with banks   36,766       46,256       32,608       19,731       16,658  
    Federal funds sold and securities purchased under resale agreements   179       53       277       17       19  
    Investment securities   72,016       67,066       69,592       69,779       69,678  
    Trading account securities   11       6       11       13       18  
    Federal Home Loan Bank and Federal Reserve Bank stock   5,307       5,157       5,451       4,974       4,478  
    Brokerage customer receivables   78       302       269       219       175  
    Total interest income   886,965       913,501       908,604       849,979       805,513  
    Interest expense                  
    Interest on deposits   320,233       346,388       362,019       335,703       299,532  
    Interest on Federal Home Loan Bank advances   25,441       26,050       26,254       24,797       22,048  
    Interest on other borrowings   6,792       7,519       9,013       8,700       9,248  
    Interest on subordinated notes   3,714       3,733       3,712       5,185       5,487  
    Interest on junior subordinated debentures   4,311       4,663       5,023       4,984       5,004  
    Total interest expense   360,491       388,353       406,021       379,369       341,319  
    Net interest income   526,474       525,148       502,583       470,610       464,194  
    Provision for credit losses   23,963       16,979       22,334       40,061       21,673  
    Net interest income after provision for credit losses   502,511       508,169       480,249       430,549       442,521  
    Non-interest income                  
    Wealth management   34,042       38,775       37,224       35,413       34,815  
    Mortgage banking   20,529       20,452       15,974       29,124       27,663  
    Service charges on deposit accounts   19,362       18,864       16,430       15,546       14,811  
    Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326  
    Fees from covered call options   3,446       2,305       988       2,056       4,847  
    Trading (losses) gains, net   (64 )     (113 )     (130 )     70       677  
    Operating lease income, net   15,287       15,327       15,335       13,938       14,110  
    Other   20,836       20,676       24,137       29,282       42,331  
    Total non-interest income   116,634       113,451       113,147       121,147       140,580  
    Non-interest expense                  
    Salaries and employee benefits   211,526       212,133       211,261       198,541       195,173  
    Software and equipment   34,717       34,258       31,574       29,231       27,731  
    Operating lease equipment   10,471       10,263       10,518       10,834       10,683  
    Occupancy, net   20,778       20,597       19,945       19,585       19,086  
    Data processing   11,274       10,957       9,984       9,503       9,292  
    Advertising and marketing   12,272       13,097       18,239       17,436       13,040  
    Professional fees   9,044       11,334       9,783       9,967       9,553  
    Amortization of other acquisition-related intangible assets   5,618       5,773       4,042       1,122       1,158  
    FDIC insurance   10,926       10,640       10,512       10,429       14,537  
    OREO expenses, net   643       397       (938 )     (259 )     392  
    Other   38,821       39,090       35,767       33,964       32,500  
    Total non-interest expense   366,090       368,539       360,687       340,353       333,145  
    Income before taxes   253,055       253,081       232,709       211,343       249,956  
    Income tax expense   64,016       67,719       62,708       58,955       62,662  
    Net income $ 189,039     $ 185,362     $ 170,001     $ 152,388     $ 187,294  
    Preferred stock dividends   6,991       6,991       6,991       6,991       6,991  
    Net income applicable to common shares $ 182,048     $ 178,371     $ 163,010     $ 145,397     $ 180,303  
    Net income per common share – Basic $ 2.73     $ 2.68     $ 2.51     $ 2.35     $ 2.93  
    Net income per common share – Diluted $ 2.69     $ 2.63     $ 2.47     $ 2.32     $ 2.89  
    Cash dividends declared per common share $ 0.50     $ 0.45     $ 0.45     $ 0.45     $ 0.45  
    Weighted average common shares outstanding   66,726       66,491       64,888       61,839       61,481  
    Dilutive potential common shares   923       1,233       1,053       926       928  
    Average common shares and dilutive common shares   67,649       67,724       65,941       62,765       62,409  

    TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

                        % Growth From
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		 Dec 31,
    2024 (1)    		   Mar 31,
    2024
    Balance:                        
    Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies $ 181,580     $ 189,774     $ 314,693     $ 281,103     $ 193,064   (18 )%   (6 )%
    Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies   135,224       141,487       146,374       130,748       146,820   (18 )   (8 )
    Total mortgage loans held-for-sale $ 316,804     $ 331,261     $ 461,067     $ 411,851     $ 339,884   (18 )%   (7 )%
                             
    Core loans:                        
    Commercial                        
    Commercial and industrial $ 6,871,206     $ 6,867,422     $ 6,774,683     $ 6,236,290     $ 6,117,004   0 %   12 %
    Asset-based lending   1,701,962       1,611,001       1,709,685       1,465,867       1,355,255   23     26  
    Municipal   798,646       826,653       827,125       747,357       721,526   (14 )   11  
    Leases   2,680,943       2,537,325       2,443,721       2,439,128       2,344,295   23     14  
    Commercial real estate                        
    Residential construction   55,849       48,617       73,088       55,019       57,558   60     (3 )
    Commercial construction   2,086,797       2,065,775       1,984,240       1,866,701       1,748,607   4     19  
    Land   306,235       319,689       346,362       338,831       344,149   (17 )   (11 )
    Office   1,641,555       1,656,109       1,675,286       1,585,312       1,566,748   (4 )   5  
    Industrial   2,677,555       2,628,576       2,527,932       2,307,455       2,190,200   8     22  
    Retail   1,402,837       1,374,655       1,404,586       1,365,753       1,366,415   8     3  
    Multi-family   3,091,314       3,125,505       3,193,339       2,988,940       2,922,432   (4 )   6  
    Mixed use and other   1,652,759       1,685,018       1,588,584       1,439,186       1,437,328   (8 )   15  
    Home equity   455,683       445,028       427,043       356,313       340,349   10     34  
    Residential real estate                        
    Residential real estate loans for investment   3,561,417       3,456,009       3,252,649       2,933,157       2,746,916   12     30  
    Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies   86,952       114,985       92,355       88,503       90,911   (99 )   (4 )
    Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies   36,790       41,771       43,034       45,675       52,439   (48 )   (30 )
    Total core loans $ 29,108,500     $ 28,804,138     $ 28,363,712     $ 26,259,487     $ 25,402,132   4 %   15 %
                             
    Niche loans:                        
    Commercial                        
    Franchise $ 1,262,555     $ 1,268,521     $ 1,191,686     $ 1,150,460     $ 1,122,302   (2 )%   12 %
    Mortgage warehouse lines of credit   1,019,543       893,854       750,462       593,519       403,245   57     NM
    Community Advantage – homeowners association   525,492       525,446       501,645       491,722       475,832   0     10  
    Insurance agency lending   1,070,979       1,044,329       1,048,686       1,030,119       964,022   10     11  
    Premium Finance receivables                        
    U.S. property & casualty insurance   6,486,663       6,447,625       6,253,271       6,142,654       6,113,993   2     6  
    Canada property & casualty insurance   753,199       824,417       878,410       958,099       826,026   (35 )   (9 )
    Life insurance   8,365,140       8,147,145       7,996,899       7,962,115       7,872,033   11     6  
    Consumer and other   116,319       99,562       82,676       87,356       51,121   68     NM
    Total niche loans $ 19,599,890     $ 19,250,899     $ 18,703,735     $ 18,416,044     $ 17,828,574   7 %   10 %
                             
    Total loans, net of unearned income $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706   6 %   13 %

    (1)   Annualized.


    TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

                        % Growth From
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		 Dec 31,
    2024 (1)    		   Mar 31, 2024
    Balance:                        
    Non-interest-bearing $ 11,201,859     $ 11,410,018     $ 10,739,132     $ 10,031,440     $ 9,908,183   (7 )%   13 %
    NOW and interest-bearing demand deposits   6,340,168       5,865,546       5,466,932       5,053,909       5,720,947   33     11  
    Wealth management deposits (2)   1,408,790       1,469,064       1,303,354       1,490,711       1,347,817   (17 )   5  
    Money market   18,074,733       17,975,191       17,713,726       16,320,017       15,617,717   2     16  
    Savings   6,576,251       6,372,499       6,183,249       5,882,179       5,959,774   13     10  
    Time certificates of deposit   9,968,237       9,420,031       9,998,573       9,270,770       7,894,420   24     26  
    Total deposits $ 53,570,038     $ 52,512,349     $ 51,404,966     $ 48,049,026     $ 46,448,858   8 %   15 %
    Mix:                        
    Non-interest-bearing   21 %     22 %     21 %     21 %     21 %      
    NOW and interest-bearing demand deposits   12       11       11       11       12        
    Wealth management deposits (2)   3       3       3       3       3        
    Money market   34       34       34       34       34        
    Savings   12       12       12       12       13        
    Time certificates of deposit   18       18       19       19       17        
    Total deposits   100 %     100 %     100 %     100 %     100 %      

    (1)   Annualized.
    (2)   Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.


    TABLE 3    : TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
    As of March 31, 2025

    (Dollars in thousands)   Total Time
    Certificates of
    Deposit    		   Weighted-Average
    Rate of Maturing
    Time Certificates
    of Deposit
    1-3 months   $ 3,845,120     4.34 %
    4-6 months     2,345,184     3.81  
    7-9 months     2,694,739     3.72  
    10-12 months     711,206     3.62  
    13-18 months     210,063     3.03  
    19-24 months     87,336     2.72  
    24+ months     74,589     2.47  
    Total   $ 9,968,237     3.94 %

    TABLE 4: QUARTERLY AVERAGE BALANCES

        Average Balance for three months ended,
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)   $ 3,520,048     $ 3,934,016     $ 2,413,728     $ 1,485,481     $ 1,254,332  
    Investment securities (2)     8,409,735       8,090,271       8,276,576       8,203,764       8,349,796  
    FHLB and FRB stock     281,702       271,825       263,707       253,614       230,648  
    Liquidity management assets (3)   $ 12,211,485     $ 12,296,112     $ 10,954,011     $ 9,942,859     $ 9,834,776  
    Other earning assets (3)(4)     13,140       20,528       17,542       15,257       15,081  
    Mortgage loans held-for-sale     286,710       378,707       376,251       347,236       290,275  
    Loans, net of unearned income (3)(5)     47,833,380       47,153,014       45,920,586       43,819,354       42,129,893  
    Total earning assets (3)   $ 60,344,715     $ 59,848,361     $ 57,268,390     $ 54,124,706     $ 52,270,025  
    Allowance for loan and investment security losses     (375,371 )     (367,238 )     (383,736 )     (360,504 )     (361,734 )
    Cash and due from banks     476,423       470,033       467,333       434,916       450,267  
    Other assets     3,661,275       3,642,949       3,563,296       3,294,066       3,244,137  
    Total assets   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
                         
    NOW and interest-bearing demand deposits   $ 6,046,189     $ 5,601,672     $ 5,174,673     $ 4,985,306     $ 5,680,265  
    Wealth management deposits     1,574,480       1,430,163       1,362,747       1,531,865       1,510,203  
    Money market accounts     17,581,141       17,579,395       16,436,111       15,272,126       14,474,492  
    Savings accounts     6,479,444       6,288,727       6,096,746       5,878,844       5,792,118  
    Time deposits     9,406,126       9,702,948       9,598,109       8,546,172       7,148,456  
    Interest-bearing deposits   $ 41,087,380     $ 40,602,905     $ 38,668,386     $ 36,214,313     $ 34,605,534  
    Federal Home Loan Bank advances     3,151,309       3,160,658       3,178,973       3,096,920       2,728,849  
    Other borrowings     582,139       577,786       622,792       587,262       627,711  
    Subordinated notes     298,306       298,225       298,135       410,331       437,893  
    Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566  
    Total interest-bearing liabilities   $ 45,372,700     $ 44,893,140     $ 43,021,852     $ 40,562,392     $ 38,653,553  
    Non-interest-bearing deposits     10,732,156       10,718,738       10,271,613       9,879,134       9,972,646  
    Other liabilities     1,541,245       1,563,824       1,631,389       1,601,485       1,536,039  
    Equity     6,460,941       6,418,403       5,990,429       5,450,173       5,440,457  
    Total liabilities and shareholders’ equity   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
                         
    Net free funds/contribution (6)   $ 14,972,015     $ 14,955,221     $ 14,246,538     $ 13,562,314     $ 13,616,472  

    (1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
    (2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
    (3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (4)   Other earning assets include brokerage customer receivables and trading account securities.
    (5)   Loans, net of unearned income, include non-accrual loans.
    (6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


    TABLE 5: QUARTERLY NET INTEREST INCOME

        Net Interest Income for three months ended,
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Interest income:                    
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   $ 36,945     $ 46,308     $ 32,885     $ 19,748     $ 16,677  
    Investment securities     72,706       67,783       70,260       70,346       70,228  
    FHLB and FRB stock     5,307       5,157       5,451       4,974       4,478  
    Liquidity management assets (1)   $ 114,958     $ 119,248     $ 108,596     $ 95,068     $ 91,383  
    Other earning assets (1)     92       310       282       235       198  
    Mortgage loans held-for-sale     4,246       5,623       6,233       5,434       4,146  
    Loans, net of unearned income (1)     770,568       791,390       796,637       752,117       712,587  
    Total interest income   $ 889,864     $ 916,571     $ 911,748     $ 852,854     $ 808,314  
                         
    Interest expense:                    
    NOW and interest-bearing demand deposits   $ 33,600     $ 31,695     $ 30,971     $ 32,719     $ 34,896  
    Wealth management deposits     8,606       9,412       10,158       10,294       10,461  
    Money market accounts     146,374       159,945       167,382       155,100       137,984  
    Savings accounts     35,923       38,402       42,892       41,063       39,071  
    Time deposits     95,730       106,934       110,616       96,527       77,120  
    Interest-bearing deposits   $ 320,233     $ 346,388     $ 362,019     $ 335,703     $ 299,532  
    Federal Home Loan Bank advances     25,441       26,050       26,254       24,797       22,048  
    Other borrowings     6,792       7,519       9,013       8,700       9,248  
    Subordinated notes     3,714       3,733       3,712       5,185       5,487  
    Junior subordinated debentures     4,311       4,663       5,023       4,984       5,004  
    Total interest expense   $ 360,491     $ 388,353     $ 406,021     $ 379,369     $ 341,319  
                         
    Less: Fully taxable-equivalent adjustment     (2,899 )     (3,070 )     (3,144 )     (2,875 )     (2,801 )
    Net interest income (GAAP) (2)     526,474       525,148       502,583       470,610       464,194  
    Fully taxable-equivalent adjustment     2,899       3,070       3,144       2,875       2,801  
    Net interest income, fully taxable-equivalent (non-GAAP) (2)   $ 529,373     $ 528,218     $ 505,727     $ 473,485     $ 466,995  

    (1)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.


    TABLE 6: QUARTERLY NET INTEREST MARGIN

        Net Interest Margin for three months ended,
        Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Yield earned on:                    
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   4.26 %   4.68 %   5.42 %   5.35 %   5.35 %
    Investment securities   3.51     3.33     3.38     3.45     3.38  
    FHLB and FRB stock   7.64     7.55     8.22     7.89     7.81  
    Liquidity management assets   3.82 %   3.86 %   3.94 %   3.85 %   3.74 %
    Other earning assets   2.84     6.01     6.38     6.23     5.25  
    Mortgage loans held-for-sale   6.01     5.91     6.59     6.29     5.74  
    Loans, net of unearned income   6.53     6.68     6.90     6.90     6.80  
    Total earning assets   5.98 %   6.09 %   6.33 %   6.34 %   6.22 %
                         
    Rate paid on:                    
    NOW and interest-bearing demand deposits   2.25 %   2.25 %   2.38 %   2.64 %   2.47 %
    Wealth management deposits   2.22     2.62     2.97     2.70     2.79  
    Money market accounts   3.38     3.62     4.05     4.08     3.83  
    Savings accounts   2.25     2.43     2.80     2.81     2.71  
    Time deposits   4.13     4.38     4.58     4.54     4.34  
    Interest-bearing deposits   3.16 %   3.39 %   3.72 %   3.73 %   3.48 %
    Federal Home Loan Bank advances   3.27     3.28     3.29     3.22     3.25  
    Other borrowings   4.73     5.18     5.76     5.96     5.92  
    Subordinated notes   5.05     4.98     4.95     5.08     5.04  
    Junior subordinated debentures   6.90     7.32     7.88     7.91     7.94  
    Total interest-bearing liabilities   3.22 %   3.44 %   3.75 %   3.76 %   3.55 %
                         
    Interest rate spread (1)(2)   2.76 %   2.65 %   2.58 %   2.58 %   2.67 %
    Less: Fully taxable-equivalent adjustment   (0.02 )   (0.02 )   (0.02 )   (0.02 )   (0.02 )
    Net free funds/contribution (3)   0.80     0.86     0.93     0.94     0.92  
    Net interest margin (GAAP) (2)   3.54 %   3.49 %   3.49 %   3.50 %   3.57 %
    Fully taxable-equivalent adjustment   0.02     0.02     0.02     0.02     0.02  
    Net interest margin, fully taxable-equivalent (non-GAAP) (2)   3.56 %   3.51 %   3.51 %   3.52 %   3.59 %

    (1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


    TABLE 7    : INTEREST RATE SENSITIVITY

    As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

    The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

    Static Shock Scenario   +200 Basis
    Points    		   +100 Basis
    Points    		   -100 Basis
    Points    		   -200 Basis
    Points
    Mar 31, 2025   (1.8 )%   (0.6 )%   (0.2 )%   (1.2 )%
    Dec 31, 2024   (1.6 )   (0.6 )   (0.3 )   (1.5 )
    Sep 30, 2024   1.2     1.1     0.4     (0.9 )
    Jun 30, 2024   1.5     1.0     0.6     (0.0 )
    Mar 31, 2024   1.9     1.4     1.5     1.6  
    Ramp Scenario +200 Basis
    Points    		   +100 Basis
    Points    		   -100 Basis
    Points    		     -200 Basis
    Points
    Mar 31, 2025 0.2 %   0.2 %   (0.1 )%   (0.5 )%
    Dec 31, 2024 (0.2 )   (0.0 )   0.0     (0.3 )
    Sep 30, 2024 1.6     1.2     0.7     0.5  
    Jun 30, 2024 1.2     1.0     0.9     1.0  
    Mar 31, 2024 0.8     0.6     1.3     2.0  

    As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.


    TABLE 8    : MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

      Loans repricing or contractual maturity period
    As of March 31, 2025
    (In thousands)
    		 One year or
    less    		   From one to
    five years    		   From five to fifteen years   After fifteen years   Total
    Commercial                  
    Fixed rate $ 405,736     $ 3,600,171     $ 2,122,563     $ 20,444     $ 6,148,914  
    Variable rate   9,781,709       703       —       —       9,782,412  
    Total commercial $ 10,187,445     $ 3,600,874     $ 2,122,563     $ 20,444     $ 15,931,326  
    Commercial real estate                  
    Fixed rate $ 658,413     $ 2,762,221     $ 365,181     $ 63,593     $ 3,849,408  
    Variable rate   9,054,583       10,843       67       —       9,065,493  
    Total commercial real estate $ 9,712,996     $ 2,773,064     $ 365,248     $ 63,593     $ 12,914,901  
    Home equity                  
    Fixed rate $ 8,881     $ 838     $ —     $ 17     $ 9,736  
    Variable rate   445,947       —       —       —       445,947  
    Total home equity $ 454,828     $ 838     $ —     $ 17     $ 455,683  
    Residential real estate                  
    Fixed rate $ 13,336     $ 4,473     $ 74,883     $ 1,055,143     $ 1,147,835  
    Variable rate   97,815       623,879       1,815,630       —       2,537,324  
    Total residential real estate $ 111,151     $ 628,352     $ 1,890,513     $ 1,055,143     $ 3,685,159  
    Premium finance receivables – property & casualty                  
    Fixed rate $ 7,135,963     $ 103,899     $ —     $ —     $ 7,239,862  
    Variable rate   —       —       —       —       —  
    Total premium finance receivables – property & casualty $ 7,135,963     $ 103,899     $ —     $ —     $ 7,239,862  
    Premium finance receivables – life insurance                  
    Fixed rate $ 350,802     $ 207,832     $ 4,000     $ 4,248     $ 566,882  
    Variable rate   7,798,258       —       —       —       7,798,258  
    Total premium finance receivables – life insurance $ 8,149,060     $ 207,832     $ 4,000     $ 4,248     $ 8,365,140  
    Consumer and other                  
    Fixed rate $ 44,731     $ 7,937     $ 883     $ 914     $ 54,465  
    Variable rate   61,854       —       —       —       61,854  
    Total consumer and other $ 106,585     $ 7,937     $ 883     $ 914     $ 116,319  
                       
    Total per category                  
    Fixed rate $ 8,617,862     $ 6,687,371     $ 2,567,510     $ 1,144,359     $ 19,017,102  
    Variable rate   27,240,166       635,425       1,815,697       —       29,691,288  
    Total loans, net of unearned income $ 35,858,028     $ 7,322,796     $ 4,383,207     $ 1,144,359     $ 48,708,390  
    Less: Existing cash flow hedging derivatives (1)   (6,700,000 )                
    Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity $ 29,158,028                  
                       
    Variable Rate Loan Pricing by Index:                  
    SOFR tenors (2)                 $ 18,328,835  
    12- month CMT (3)                   6,722,305  
    Prime                   3,420,624  
    Fed Funds                   819,437  
    Other U.S. Treasury tenors                   190,187  
    Other                   209,900  
    Total variable rate                 $ 29,691,288  

    (1)   Excludes cash flow hedges with future effective starting dates.
    (2)   SOFR – Secured Overnight Financing Rate.
    (3)   CMT – Constant Maturity Treasury Rate.

    Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

    Source: Bloomberg

    As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

        Basis Point (bp) Change in
        1-month
    SOFR    		   12- month CMT   Prime  
    First Quarter 2025   (1 ) bps (13 ) bps 0   bps
    Fourth Quarter 2024   (52 )   18     (50 )  
    Third Quarter 2024   (49 )   (111 )   (50 )  
    Second Quarter 2024   1     6     0    
    First Quarter 2024   (2 )   24     0    

    TABLE 9: ALLOWANCE FOR CREDIT LOSSES

        Three Months Ended
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)     2025       2024       2024       2024       2024  
    Allowance for credit losses at beginning of period   $ 437,060     $ 436,193     $ 437,560     $ 427,504     $ 427,612  
    Provision for credit losses – Other     23,963       16,979       6,787       40,061       21,673  
    Provision for credit losses – Day 1 on non-PCD assets acquired during the period     —       —       15,547       —       —  
    Initial allowance for credit losses recognized on PCD assets acquired during the period     —       —       3,004       —       —  
    Other adjustments     4       (187 )     30       (19 )     (31 )
    Charge-offs:                    
    Commercial     9,722       5,090       22,975       9,584       11,215  
    Commercial real estate     454       1,037       95       15,526       5,469  
    Home equity     —       —       —       —       74  
    Residential real estate     —       114       —       23       38  
    Premium finance receivables – property & casualty     7,114       13,301       7,790       9,486       6,938  
    Premium finance receivables – life insurance     12       —       4       —       —  
    Consumer and other     147       189       154       137       107  
    Total charge-offs     17,449       19,731       31,018       34,756       23,841  
    Recoveries:                    
    Commercial     929       775       649       950       479  
    Commercial real estate     12       172       30       90       31  
    Home equity     216       194       101       35       29  
    Residential real estate     136       0       5       8       2  
    Premium finance receivables – property & casualty     3,487       2,646       3,436       3,658       1,519  
    Premium finance receivables – life insurance     —       —       41       5       8  
    Consumer and other     29       19       21       24       23  
    Total recoveries     4,809       3,806       4,283       4,770       2,091  
    Net charge-offs     (12,640 )     (15,925 )     (26,735 )     (29,986 )     (21,750 )
    Allowance for credit losses at period end   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  
                         
    Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
    Commercial     0.23 %     0.11 %     0.61 %     0.25 %     0.33 %
    Commercial real estate     0.01       0.03       0.00       0.53       0.19  
    Home equity     (0.20 )     (0.18 )     (0.10 )     (0.04 )     0.05  
    Residential real estate     (0.02 )     0.01       0.00       0.00       0.01  
    Premium finance receivables – property & casualty     0.20       0.59       0.24       0.33       0.32  
    Premium finance receivables – life insurance     0.00       —       (0.00 )     (0.00 )     (0.00 )
    Consumer and other     0.45       0.63       0.63       0.56       0.42  
    Total loans, net of unearned income     0.11 %     0.13 %     0.23 %     0.28 %     0.21 %
                         
    Loans at period end   $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706  
    Allowance for loan losses as a percentage of loans at period end     0.78 %     0.76 %     0.77 %     0.81 %     0.81 %
    Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end     0.92       0.91       0.93       0.98       0.99  

    PCD – Purchase Credit Deteriorated


    TABLE 10    : ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

        Three Months Ended
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Provision for loan losses – Other   $ 26,826     $ 19,852     $ 6,782     $ 45,111     $ 26,159  
    Provision for credit losses – Day 1 on non-PCD assets acquired during the period     —       —       15,547       —       —  
    Provision for unfunded lending-related commitments losses – Other     (2,852 )     (2,851 )     17       (5,212 )     (4,468 )
    Provision for held-to-maturity securities losses     (11 )     (22 )     (12 )     162       (18 )
    Provision for credit losses   $ 23,963     $ 16,979     $ 22,334     $ 40,061     $ 21,673  
                         
    Allowance for loan losses   $ 378,207     $ 364,017     $ 360,279     $ 363,719     $ 348,612  
    Allowance for unfunded lending-related commitments losses     69,734       72,586       75,435       73,350       78,563  
    Allowance for loan losses and unfunded lending-related commitments losses     447,941       436,603       435,714       437,069       427,175  
    Allowance for held-to-maturity securities losses     446       457       479       491       329  
    Allowance for credit losses   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  

    PCD – Purchase Credit Deteriorated 


    TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

    The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

      As of Mar 31, 2025 As of Dec 31, 2024 As of Sep 30, 2024
    (Dollars in thousands) Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance    		 Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance    		 Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance
    Commercial:                              
    Commercial, industrial and other $ 15,931,326   $ 201,183   1.26 % $ 15,574,551   $ 175,837   1.13 % $ 15,247,693   $ 171,598   1.13 %
    Commercial real estate:                              
    Construction and development   2,448,881     71,388   2.92     2,434,081     87,236   3.58     2,403,690     97,949   4.07  
    Non-construction   10,466,020     138,622   1.32     10,469,863     135,620   1.30     10,389,727     133,195   1.28  
    Total commercial real estate $ 12,914,901   $ 210,010   1.63 % $ 12,903,944   $ 222,856   1.73 % $ 12,793,417   $ 231,144   1.81 %
    Total commercial and commercial real estate $ 28,846,227   $ 411,193   1.43 % $ 28,478,495   $ 398,693   1.40 % $ 28,041,110   $ 402,742   1.44 %
    Home equity   455,683     9,139   2.01     445,028     8,943   2.01     427,043     8,823   2.07  
    Residential real estate   3,685,159     10,652   0.29     3,612,765     10,335   0.29     3,388,038     9,745   0.29  
    Premium finance receivables                              
    Property and casualty insurance   7,239,862     15,310   0.21     7,272,042     17,111   0.24     7,131,681     13,045   0.18  
    Life insurance   8,365,140     729   0.01     8,147,145     709   0.01     7,996,899     698   0.01  
    Consumer and other   116,319     918   0.79     99,562     812   0.82     82,676     661   0.80  
    Total loans, net of unearned income $ 48,708,390   $ 447,941   0.92 % $ 48,055,037   $ 436,603   0.91 % $ 47,067,447   $ 435,714   0.93 %
                                   
    Total core loans (1) $ 29,108,500   $ 397,664   1.37 % $ 28,804,138   $ 392,319   1.36 % $ 28,363,712   $ 396,394   1.40 %
    Total niche loans (1)   19,599,890     50,277   0.26     19,250,899     44,284   0.23     18,703,735     39,320   0.21  

    (1)   See Table 1 for additional detail on core and niche loans.


    TABLE 12    : LOAN PORTFOLIO AGING

    (In thousands)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
    Loan Balances:                    
    Commercial                    
    Nonaccrual   $ 70,560     $ 73,490     $ 63,826     $ 51,087     $ 31,740  
    90+ days and still accruing     46       104       20       304       27  
    60-89 days past due     15,243       54,844       32,560       16,485       30,248  
    30-59 days past due     97,397       92,551       46,057       36,358       77,715  
    Current     15,748,080       15,353,562       15,105,230       14,050,228       13,363,751  
    Total commercial   $ 15,931,326     $ 15,574,551     $ 15,247,693     $ 14,154,462     $ 13,503,481  
    Commercial real estate                    
    Nonaccrual   $ 26,187     $ 21,042     $ 42,071     $ 48,289     $ 39,262  
    90+ days and still accruing     —       —       225       —       —  
    60-89 days past due     6,995       10,521       13,439       6,555       16,713  
    30-59 days past due     83,653       30,766       48,346       38,065       32,998  
    Current     12,798,066       12,841,615       12,689,336       11,854,288       11,544,464  
    Total commercial real estate   $ 12,914,901     $ 12,903,944     $ 12,793,417     $ 11,947,197     $ 11,633,437  
    Home equity                    
    Nonaccrual   $ 2,070     $ 1,117     $ 1,122     $ 1,100     $ 838  
    90+ days and still accruing     —       —       —       —       —  
    60-89 days past due     984       1,233       1,035       275       212  
    30-59 days past due     3,403       2,148       2,580       1,229       1,617  
    Current     449,226       440,530       422,306       353,709       337,682  
    Total home equity   $ 455,683     $ 445,028     $ 427,043     $ 356,313     $ 340,349  
    Residential real estate                    
    Early buy-out loans guaranteed by U.S. government agencies (1)   $ 123,742     $ 156,756     $ 135,389     $ 134,178     $ 143,350  
    Nonaccrual     22,522       23,762       17,959       18,198       17,901  
    90+ days and still accruing     —       —       —       —       —  
    60-89 days past due     1,351       5,708       6,364       1,977       —  
    30-59 days past due     38,943       18,917       2,160       130       24,523  
    Current     3,498,601       3,407,622       3,226,166       2,912,852       2,704,492  
    Total residential real estate   $ 3,685,159     $ 3,612,765     $ 3,388,038     $ 3,067,335     $ 2,890,266  
    Premium finance receivables – property & casualty                    
    Nonaccrual   $ 29,846     $ 28,797     $ 36,079     $ 32,722     $ 32,648  
    90+ days and still accruing     18,081       16,031       18,235       22,427       25,877  
    60-89 days past due     19,717       19,042       18,740       29,925       15,274  
    30-59 days past due     39,459       68,219       30,204       45,927       59,729  
    Current     7,132,759       7,139,953       7,028,423       6,969,752       6,806,491  
    Total Premium finance receivables – property & casualty   $ 7,239,862     $ 7,272,042     $ 7,131,681     $ 7,100,753     $ 6,940,019  
    Premium finance receivables – life insurance                    
    Nonaccrual   $ —     $ 6,431     $ —     $ —     $ —  
    90+ days and still accruing     2,962       —       —       —       —  
    60-89 days past due     10,587       72,963       10,902       4,118       32,482  
    30-59 days past due     29,924       36,405       74,432       17,693       100,137  
    Current     8,321,667       8,031,346       7,911,565       7,940,304       7,739,414  
    Total Premium finance receivables – life insurance   $ 8,365,140     $ 8,147,145     $ 7,996,899     $ 7,962,115     $ 7,872,033  
    Consumer and other                    
    Nonaccrual   $ 18     $ 2     $ 2     $ 3     $ 19  
    90+ days and still accruing     98       47       148       121       47  
    60-89 days past due     162       59       22       81       16  
    30-59 days past due     542       882       264       366       210  
    Current     115,499       98,572       82,240       86,785       50,829  
    Total consumer and other   $ 116,319     $ 99,562     $ 82,676     $ 87,356     $ 51,121  
    Total loans, net of unearned income                    
    Early buy-out loans guaranteed by U.S. government agencies (1)   $ 123,742     $ 156,756     $ 135,389     $ 134,178     $ 143,350  
    Nonaccrual     151,203       154,641       161,059       151,399       122,408  
    90+ days and still accruing     21,187       16,182       18,628       22,852       25,951  
    60-89 days past due     55,039       164,370       83,062       59,416       94,945  
    30-59 days past due     293,321       249,888       204,043       139,768       296,929  
    Current     48,063,898       47,313,200       46,465,266       44,167,918       42,547,123  
    Total loans, net of unearned income   $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706  

    (1)   Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.


    TABLE 13:     NON-PERFORMING ASSETS(1)

      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024  
    Loans past due greater than 90 days and still accruing:                  
    Commercial $ 46     $ 104     $ 20     $ 304     $ 27  
    Commercial real estate   —       —       225       —       —  
    Home equity   —       —       —       —       —  
    Residential real estate   —       —       —       —       —  
    Premium finance receivables – property & casualty   18,081       16,031       18,235       22,427       25,877  
    Premium finance receivables – life insurance   2,962       —       —       —       —  
    Consumer and other   98       47       148       121       47  
    Total loans past due greater than 90 days and still accruing   21,187       16,182       18,628       22,852       25,951  
    Non-accrual loans:                  
    Commercial   70,560       73,490       63,826       51,087       31,740  
    Commercial real estate   26,187       21,042       42,071       48,289       39,262  
    Home equity   2,070       1,117       1,122       1,100       838  
    Residential real estate   22,522       23,762       17,959       18,198       17,901  
    Premium finance receivables – property & casualty   29,846       28,797       36,079       32,722       32,648  
    Premium finance receivables – life insurance   —       6,431       —       —       —  
    Consumer and other   18       2       2       3       19  
    Total non-accrual loans   151,203       154,641       161,059       151,399       122,408  
    Total non-performing loans:                  
    Commercial   70,606       73,594       63,846       51,391       31,767  
    Commercial real estate   26,187       21,042       42,296       48,289       39,262  
    Home equity   2,070       1,117       1,122       1,100       838  
    Residential real estate   22,522       23,762       17,959       18,198       17,901  
    Premium finance receivables – property & casualty   47,927       44,828       54,314       55,149       58,525  
    Premium finance receivables – life insurance   2,962       6,431       —       —       —  
    Consumer and other   116       49       150       124       66  
    Total non-performing loans $ 172,390     $ 170,823     $ 179,687     $ 174,251     $ 148,359  
    Other real estate owned   22,625       23,116       13,682       19,731       14,538  
    Total non-performing assets $ 195,015     $ 193,939     $ 193,369     $ 193,982     $ 162,897  
    Total non-performing loans by category as a percent of its own respective category’s period-end balance:                  
    Commercial   0.44 %     0.47 %     0.42 %     0.36 %     0.24 %
    Commercial real estate   0.20       0.16       0.33       0.40       0.34  
    Home equity   0.45       0.25       0.26       0.31       0.25  
    Residential real estate   0.61       0.66       0.53       0.59       0.62  
    Premium finance receivables – property & casualty   0.66       0.62       0.76       0.78       0.84  
    Premium finance receivables – life insurance   0.04       0.08       —       —       —  
    Consumer and other   0.10       0.05       0.18       0.14       0.13  
    Total loans, net of unearned income   0.35 %     0.36 %     0.38 %     0.39 %     0.34 %
    Total non-performing assets as a percentage of total assets   0.30 %     0.30 %     0.30 %     0.32 %     0.28 %
    Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans   296.25 %     282.33 %     270.53 %     288.69 %     348.98 %
                       

    (1)   Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

    Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)   2025       2024       2024       2024       2024  
                       
    Balance at beginning of period $ 170,823     $ 179,687     $ 174,251     $ 148,359     $ 139,030  
    Additions from becoming non-performing in the respective period   27,721       30,931       42,335       54,376       23,142  
    Additions from assets acquired in the respective period   —       —       189       —       —  
    Return to performing status   (1,207 )     (1,108 )     (362 )     (912 )     (490 )
    Payments received   (15,965 )     (12,219 )     (10,894 )     (9,611 )     (8,336 )
    Transfer to OREO and other repossessed assets   —       (17,897 )     (3,680 )     (6,945 )     (1,381 )
    Charge-offs, net   (8,600 )     (5,612 )     (21,211 )     (7,673 )     (14,810 )
    Net change for premium finance receivables   (382 )     (2,959 )     (941 )     (3,343 )     11,204  
    Balance at end of period $ 172,390     $ 170,823     $ 179,687     $ 174,251     $ 148,359  


    Other Real Estate Owned

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)   2025       2024       2024       2024       2024  
    Balance at beginning of period $ 23,116     $ 13,682     $ 19,731     $ 14,538     $ 13,309  
    Disposals/resolved   —       (8,545 )     (9,729 )     (1,752 )     —  
    Transfers in at fair value, less costs to sell   —       17,979       3,680       6,945       1,436  
    Fair value adjustments   (491 )     —       —       —       (207 )
    Balance at end of period $ 22,625     $ 23,116     $ 13,682     $ 19,731     $ 14,538  
                       
      Period End
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Balance by Property Type:   2025       2024       2024       2024       2024  
    Residential real estate $ —     $ —     $ —     $ 161     $ 1,146  
    Commercial real estate   22,625       23,116       13,682       19,570       13,392  
    Total $ 22,625     $ 23,116     $ 13,682     $ 19,731     $ 14,538  

    TABLE 14: NON-INTEREST INCOME

      Three Months Ended Q1 2025 compared to
    Q4 2024    		 Q1 2025 compared to
    Q1 2024
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024   $ Change   % Change $ Change   % Change
    Brokerage $ 4,757     $ 5,328     $ 6,139     $ 5,588     $ 5,556   $ (571 )   (11 )% $ (799 )   (14 )%
    Trust and asset management   29,285       33,447       31,085       29,825       29,259     (4,162 )   (12 )   26     0  
    Total wealth management   34,042       38,775       37,224       35,413       34,815     (4,733 )   (12 )   (773 )   (2 )
    Mortgage banking   20,529       20,452       15,974       29,124       27,663     77     0     (7,134 )   (26 )
    Service charges on deposit accounts   19,362       18,864       16,430       15,546       14,811     498     3     4,551     31  
    Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326     6,031     NM   1,870     NM
    Fees from covered call options   3,446       2,305       988       2,056       4,847     1,141     50     (1,401 )   (29 )
    Trading (losses) gains, net   (64 )     (113 )     (130 )     70       677     49     (43 )   (741 )   NM
    Operating lease income, net   15,287       15,327       15,335       13,938       14,110     (40 )   (0 )   1,177     8  
    Other:                              
    Interest rate swap fees   2,269       3,360       2,914       3,392       2,828     (1,091 )   (32 )   (559 )   (20 )
    BOLI   796       1,236       1,517       1,351       1,651     (440 )   (36 )   (855 )   (52 )
    Administrative services   1,393       1,347       1,450       1,322       1,217     46     3     176     14  
    Foreign currency remeasurement (losses) gains   (183 )     (682 )     696       (145 )     (1,171 )   499     (73 )   988     (84 )
    Changes in fair value on EBOs and loans held-for-investment   383       129       518       604       (439 )   254     NM   822     NM
    Early pay-offs of capital leases   768       514       532       393       430     254     49     338     79  
    Miscellaneous   15,410       14,772       16,510       22,365       37,815     638     4     (22,405 )   (59 )
    Total Other   20,836       20,676       24,137       29,282       42,331     160     1     (21,495 )   (51 )
    Total Non-Interest Income $ 116,634     $ 113,451     $ 113,147     $ 121,147     $ 140,580   $ 3,183     3 % $ (23,946 )   (17 )%

    NM – Not meaningful.
    BOLI- Bank-owned life insurance.
    EBO- Early buy-out.


    TABLE 15: MORTGAGE BANKING

      Three Months Ended
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Originations:                  
    Retail originations $ 348,468     $ 483,424     $ 527,408     $ 544,394     $ 331,504  
    Veterans First originations   111,985       176,914       239,369       177,792       144,109  
    Total originations for sale (A) $ 460,453     $ 660,338     $ 766,777     $ 722,186     $ 475,613  
    Originations for investment   217,177       355,119       218,984       275,331       169,246  
    Total originations $ 677,630     $ 1,015,457     $ 985,761     $ 997,517     $ 644,859  
    As a percentage of originations for sale:                  
    Retail originations   76 %     73 %     69 %     75 %     70 %
    Veterans First originations   24       27       31       25       30  
    Purchases   77 %     65 %     72 %     83 %     75 %
    Refinances   23       35       28       17       25  
    Production Margin:                  
    Production revenue (B) (1) $ 9,941     $ 6,993     $ 13,113     $ 14,990     $ 13,435  
    Total originations for sale (A) $ 460,453     $ 660,338     $ 766,777     $ 722,186     $ 475,613  
    Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)   197,297       103,946       272,072       222,738       207,775  
    Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)   103,946       272,072       222,738       207,775       119,624  
    Total mortgage production volume (C) $ 553,804     $ 492,212     $ 816,111     $ 737,149     $ 563,764  
    Production margin (B / C)   1.80 %     1.42 %     1.61 %     2.03 %     2.38 %
    Mortgage Servicing:                  
    Loans serviced for others (D) $ 12,402,352     $ 12,400,913     $ 12,253,361     $ 12,211,027     $ 12,051,392  
    Mortgage Servicing Rights (“MSR”), at fair value (E)   196,307       203,788       186,308       204,610       201,044  
    Percentage of MSRs to loans serviced for others (E / D)   1.58 %     1.64 %     1.52 %     1.68 %     1.67 %
    Servicing income $ 10,611     $ 10,731     $ 10,809     $ 10,586     $ 10,498  
    MSR Fair Value Asset Activity                  
    MSR – FV at Beginning of Period $ 203,788     $ 186,308     $ 204,610     $ 201,044     $ 192,456  
    MSR – current period capitalization   4,669       10,010       6,357       8,223       5,379  
    MSR – collection of expected cash flows – paydowns   (1,590 )     (1,463 )     (1,598 )     (1,504 )     (1,444 )
    MSR – collection of expected cash flows – payoffs and repurchases   (3,046 )     (4,315 )     (5,730 )     (4,030 )     (2,942 )
    MSR – changes in fair value model assumptions   (7,514 )     13,248       (17,331 )     877       7,595  
    MSR Fair Value at end of period $ 196,307     $ 203,788     $ 186,308     $ 204,610     $ 201,044  
    Summary of Mortgage Banking Revenue:                
    Operational:                  
    Production revenue (1) $ 9,941     $ 6,993     $ 13,113     $ 14,990     $ 13,435  
    MSR – Current period capitalization   4,669       10,010       6,357       8,223       5,379  
    MSR – Collection of expected cash flows – paydowns   (1,590 )     (1,463 )     (1,598 )     (1,504 )     (1,444 )
    MSR – Collection of expected cash flows – pay offs   (3,046 )     (4,315 )     (5,730 )     (4,030 )     (2,942 )
    Servicing Income   10,611       10,731       10,809       10,586       10,498  
    Other Revenue   (172 )     (51 )     (67 )     112       (91 )
    Total operational mortgage banking revenue $ 20,413     $ 21,905     $ 22,884     $ 28,377     $ 24,835  
    Fair Value:                  
    MSR – changes in fair value model assumptions $ (7,514 )   $ 13,248     $ (17,331 )   $ 877     $ 7,595  
    Gain (loss) on derivative contract held as an economic hedge, net   4,897       (11,452 )     6,892       (772 )     (2,577 )
    Changes in FV on early buy-out loans guaranteed by US Govt (HFS)   2,733       (3,249 )     3,529       642       (2,190 )
    Total fair value mortgage banking revenue $ 116     $ (1,453 )   $ (6,910 )   $ 747     $ 2,828  
    Total mortgage banking revenue $ 20,529     $ 20,452     $ 15,974     $ 29,124     $ 27,663  

    (1)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
    (2)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.


    TABLE 16    : NON-INTEREST EXPENSE

      Three Months Ended Q1 2025 compared to
    Q4 2024    		 Q1 2025 compared to
    Q1 2024
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024   $ Change   % Change $ Change   % Change
    Salaries and employee benefits:                              
    Salaries $ 123,917     $ 120,969     $ 118,971     $ 113,860     $ 112,172   $ 2,948     2 % $ 11,745     10 %
    Commissions and incentive compensation   52,536       54,792       57,575       52,151       51,001     (2,256 )   (4 )   1,535     3  
    Benefits   35,073       36,372       34,715       32,530       32,000     (1,299 )   (4 )   3,073     10  
    Total salaries and employee benefits   211,526       212,133       211,261       198,541       195,173     (607 )   (0 )   16,353     8  
    Software and equipment   34,717       34,258       31,574       29,231       27,731     459     1     6,986     25  
    Operating lease equipment   10,471       10,263       10,518       10,834       10,683     208     2     (212 )   (2 )
    Occupancy, net   20,778       20,597       19,945       19,585       19,086     181     1     1,692     9  
    Data processing   11,274       10,957       9,984       9,503       9,292     317     3     1,982     21  
    Advertising and marketing   12,272       13,097       18,239       17,436       13,040     (825 )   (6 )   (768 )   (6 )
    Professional fees   9,044       11,334       9,783       9,967       9,553     (2,290 )   (20 )   (509 )   (5 )
    Amortization of other acquisition-related intangible assets   5,618       5,773       4,042       1,122       1,158     (155 )   (3 )   4,460     NM
    FDIC insurance   10,926       10,640       10,512       10,429       9,381     286     3     1,545     16  
    FDIC insurance – special assessment   —       —       —       —       5,156     —     —     (5,156 )   (100 )
    OREO expense, net   643       397       (938 )     (259 )     392     246     62     251     64  
    Other:                              
    Lending expenses, net of deferred origination costs   5,866       6,448       4,995       5,335       5,078     (582 )   (9 )   788     16  
    Travel and entertainment   5,270       8,140       5,364       5,340       4,597     (2,870 )   (35 )   673     15  
    Miscellaneous   27,685       24,502       25,408       23,289       22,825     3,183     13     4,860     21  
    Total other   38,821       39,090       35,767       33,964       32,500     (269 )   (1 )   6,321     19  
    Total Non-Interest Expense $ 366,090     $ 368,539     $ 360,687     $ 340,353     $ 333,145   $ (2,449 )   (1 )% $ 32,945     10 %

    NM – Not meaningful.


    TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

    The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

    Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars and shares in thousands) 2025   2024   2024   2024   2024
    Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
    (A) Interest Income (GAAP) $ 886,965     $ 913,501     $ 908,604     $ 849,979     $ 805,513  
    Taxable-equivalent adjustment:                  
    – Loans   2,206       2,352       2,474       2,305       2,246  
    – Liquidity Management Assets   690       716       668       567       550  
    – Other Earning Assets   3       2       2       3       5  
    (B) Interest Income (non-GAAP) $ 889,864     $ 916,571     $ 911,748     $ 852,854     $ 808,314  
    (C) Interest Expense (GAAP)   360,491       388,353       406,021       379,369       341,319  
    (D) Net Interest Income (GAAP) (A minus C) $ 526,474     $ 525,148     $ 502,583     $ 470,610     $ 464,194  
    (E) Net Interest Income (non-GAAP) (B minus C) $ 529,373     $ 528,218     $ 505,727     $ 473,485     $ 466,995  
    Net interest margin (GAAP)   3.54 %     3.49 %     3.49 %     3.50 %     3.57 %
    Net interest margin, fully taxable-equivalent (non-GAAP)   3.56       3.51       3.51       3.52       3.59  
    (F) Non-interest income $ 116,634     $ 113,451     $ 113,147     $ 121,147     $ 140,580  
    (G) Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326  
    (H) Non-interest expense   366,090       368,539       360,687       340,353       333,145  
    Efficiency ratio (H/(D+F-G))   57.21 %     57.46 %     58.88 %     57.10 %     55.21 %
    Efficiency ratio (non-GAAP) (H/(E+F-G))   56.95       57.18       58.58       56.83       54.95  
      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars and shares in thousands) 2025   2024   2024   2024   2024
    Reconciliation of Non-GAAP Tangible Common Equity Ratio:
    Total shareholders’ equity (GAAP) $ 6,600,537     $ 6,344,297     $ 6,399,714     $ 5,536,628     $ 5,436,400  
    Less: Non-convertible preferred stock (GAAP)   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    Less: Intangible assets (GAAP)   (913,004 )     (918,632 )     (924,646 )     (676,562 )     (677,911 )
    (I) Total tangible common shareholders’ equity (non-GAAP) $ 5,275,033     $ 5,013,165     $ 5,062,568     $ 4,447,566     $ 4,345,989  
    (J) Total assets (GAAP) $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Less: Intangible assets (GAAP)   (913,004 )     (918,632 )     (924,646 )     (676,562 )     (677,911 )
    (K) Total tangible assets (non-GAAP) $ 64,957,062     $ 63,961,036     $ 62,863,778     $ 59,104,954     $ 56,899,022  
    Common equity to assets ratio (GAAP) (L/J)   9.4 %     9.1 %     9.4 %     8.6 %     8.7 %
    Tangible common equity ratio (non-GAAP) (I/K)   8.1       7.8       8.1       7.5       7.6  
    Reconciliation of Non-GAAP Tangible Book Value per Common Share:
    Total shareholders’ equity $ 6,600,537     $ 6,344,297     $ 6,399,714     $ 5,536,628     $ 5,436,400  
    Less: Preferred stock   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    (L) Total common equity $ 6,188,037     $ 5,931,797     $ 5,987,214     $ 5,124,128     $ 5,023,900  
    (M) Actual common shares outstanding   66,919       66,495       66,482       61,760       61,737  
    Book value per common share (L/M) $ 92.47     $ 89.21     $ 90.06     $ 82.97     $ 81.38  
    Tangible book value per common share (non-GAAP) (I/M)   78.83       75.39       76.15       72.01       70.40  
                       
    Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
    (N) Net income applicable to common shares $ 182,048     $ 178,371     $ 163,010     $ 145,397     $ 180,303  
    Add: Intangible asset amortization   5,618       5,773       4,042       1,122       1,158  
    Less: Tax effect of intangible asset amortization   (1,421 )     (1,547 )     (1,087 )     (311 )     (291 )
    After-tax intangible asset amortization $ 4,197     $ 4,226     $ 2,955     $ 811     $ 867  
    (O) Tangible net income applicable to common shares (non-GAAP) $ 186,245     $ 182,597     $ 165,965     $ 146,208     $ 181,170  
    Total average shareholders’ equity $ 6,460,941     $ 6,418,403     $ 5,990,429     $ 5,450,173     $ 5,440,457  
    Less: Average preferred stock   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    (P) Total average common shareholders’ equity $ 6,048,441     $ 6,005,903     $ 5,577,929     $ 5,037,673     $ 5,027,957  
    Less: Average intangible assets   (916,069 )     (921,438 )     (833,574 )     (677,207 )     (678,731 )
    (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 5,132,372     $ 5,084,465     $ 4,744,355     $ 4,360,466     $ 4,349,226  
    Return on average common equity, annualized (N/P)   12.21 %     11.82 %     11.63 %     11.61 %     14.42 %
    Return on average tangible common equity, annualized (non-GAAP) (O/Q)   14.72       14.29       13.92       13.49       16.75  
                       
    Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:    
    Income before taxes $ 253,055     $ 253,081     $ 232,709     $ 211,343     $ 249,956  
    Add: Provision for credit losses   23,963       16,979       22,334       40,061       21,673  
    Pre-tax income, excluding provision for credit losses (non-GAAP) $ 277,018     $ 270,060     $ 255,043     $ 251,404     $ 271,629  

    WINTRUST SUBSIDIARIES

    Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

    Additionally, the Company operates various non-bank businesses:

    • FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
    • First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
    • Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
    • Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
    • Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
    • Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
    • Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
    • Wintrust Asset Finance offers direct leasing opportunities.
    • CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

    FORWARD-LOOKING STATEMENTS

    This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

    • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
    • negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
    • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
    • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
    • the financial success and economic viability of the borrowers of our commercial loans;
    • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
    • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
    • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
    • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
    • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
    • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
    • failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
    • unexpected difficulties and losses related to FDIC-assisted acquisitions;
    • harm to the Company’s reputation;
    • any negative perception of the Company’s financial strength;
    • ability of the Company to raise additional capital on acceptable terms when needed;
    • disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
    • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
    • failure or breaches of our security systems or infrastructure, or those of third parties;
    • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
    • adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
    • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
    • increased costs as a result of protecting our customers from the impact of stolen debit card information;
    • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
    • ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
    • environmental liability risk associated with lending activities;
    • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
    • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
    • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
    • the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
    • the expenses and delayed returns inherent in opening new branches and de novo banks;
    • liabilities, potential customer loss or reputational harm related to closings of existing branches;
    • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
    • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
    • the ability of the Company to receive dividends from its subsidiaries;
    • the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
    • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
    • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
    • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
    • a lowering of our credit rating;
    • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
    • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
    • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
    • the impact of heightened capital requirements;
    • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
    • delinquencies or fraud with respect to the Company’s premium finance business;
    • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
    • the Company’s ability to comply with covenants under its credit facility;
    • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
    • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

    Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

    CONFERENCE CALL, WEBCAST AND REPLAY

    The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

    FOR MORE INFORMATION CONTACT:
    Timothy S. Crane, President & Chief Executive Officer
    David A. Dykstra, Vice Chairman & Chief Operating Officer
    (847) 939-9000
    Web site address: www.wintrust.com

    The MIL Network –

  • MIL-OSI: Zero Downtime, Full Transparency: UCFX Markets Raises the Industry Standard

    Source: GlobeNewswire (MIL-OSI)

    London, UK, April 21, 2025 (GLOBE NEWSWIRE) — In a time when traders are demanding clarity, performance, and accountability, UCFX Markets has emerged as a beacon of trust, efficiency, and modern trading architecture. With its recent announcement of zero system downtime and full trade transparency, the platform is drawing praise from analysts, high-volume traders, and everyday investors alike.

    This dual milestone—infrastructure reliability and complete visibility into trades, pricing, and fees—has elevated UCFX Markets into a category of its own, especially as global platforms continue to suffer from lag, withdrawal delays, and policy confusion. As noted in a series of recent independent UCFXMarkets reviews, the company is delivering not just promises, but measurable performance.

    Technology That Doesn’t Sleep

    Since the beginning of 2025, UCFX Markets has achieved and maintained 100% operational uptime, a metric that few competitors can match. During major market events—including January’s unexpected altcoin surge and March’s Bitcoin correction—the platform experienced no outages or slowdowns, enabling traders to enter, manage, and exit positions in real time without risk of system-related loss.

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    This commitment to consistency has sparked a surge in UCFXMarkets reviews, particularly from traders who have grown frustrated with unreliable platforms that freeze or disconnect during peak demand hours.

    Full Transparency: From Fees to Execution

    Beyond stability, UCFX Markets is also setting the bar for transparency. Clients now have access to:

    • Live trade audit logs
    • Real-time spread visibility
    • Instant fee breakdowns
    • AI-generated trade rationale reports

    This level of openness has resonated with both retail and professional traders, many of whom have spent years navigating platforms with hidden charges or unclear execution histories.

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    According to one recent financial report, over 78% of new clients cited transparency and system stability as the key reasons for moving to the platform. This has led to an influx of glowing UCFXMarkets reviews from users across Europe, Australia, and Asia.

    What Traders Are Saying

    Below are four real-world testimonials from verified clients now actively trading with UCFX Markets:

    Liam H. – Manchester, UK
    “I’ve used at least six trading platforms in the past five years. None come close to the stability and transparency of UCFX Markets. I don’t have to guess what’s happening with my orders. Everything’s logged and clear. I’ve already written multiple UCFXMarkets reviews because they earned it.”

    Amelia W. – Sydney, Australia
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    Jonas L. – Berlin, Germany
    “As someone managing multiple accounts, transparency is non-negotiable. I’ve had platforms lock me out, delay withdrawals, or hide spreads. With UCFX Markets, it’s all laid out. Nothing hidden. My team and I now manage all of our trades here.”

    Rachel T. – Toronto, Canada
    “It’s the only platform I’ve used where everything works exactly as promised. From deposits to withdrawals to reporting—it’s seamless. I’ve shared UCFXMarkets reviews with friends and colleagues because people deserve better options in crypto trading.”

    The Industry Takes Notice

    UCFX Markets’ consistent execution and operational integrity have not gone unnoticed. Independent rating firms and fintech publications are beginning to highlight the platform as a rising force in crypto and forex, especially among self-managed traders, portfolio managers, and regulated institutional desks.

    The company is also gaining attention for its no-nonsense approach to compliance, offering streamlined KYC processes that meet international standards without unnecessary delays or hurdles. Combined with its real-time trade audit tools, UCFX Markets is positioning itself as a regulation-ready alternative for both individual and enterprise clients.

    Looking Ahead: Smarter, Safer, Faster

    UCFX Markets’ roadmap for 2025 includes:

    • Advanced AI-driven trade strategy modeling
    • Multilingual, around-the-clock support based in EU and APAC
    • Custom dashboard environments for fund managers and quant traders
    • Launch of smart trading alerts integrated with mobile apps

    These innovations are expected to further boost user satisfaction and enhance already glowing UCFXMarkets reviews seen across fintech communities and trust platforms.

    Conclusion

    In a market flooded with short-lived platforms and empty promises, UCFX Markets is raising the bar through performance, clarity, and total reliability. With zero downtime and fully transparent operations, it offers a clear path forward for traders who demand both trust and results.

    The MIL Network –

  • MIL-OSI: TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Bank-wide financial results:
      • Key metrics for the first quarter 2025:
        • Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024
        • Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024
        • Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024
        • Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024
    • Capital position and key ratios:
      • Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024
      • Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024
      • Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock
    • Trustco Financial Services and Wealth Management income:
      • Fees increased to $2.1 million or 16.7% compared to first quarter 2024
      • Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024

    GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of $14.3 million and boosted all return metrics significantly year-over-year. Credit quality remains exceptional, with non-performing loans holding steady at a negligible 0.37%. The Bank also grew capital and thus maintains its position of strength. Based upon what we have seen in the first quarter, we anticipate that good things are likely in the future.”

    Details

    Average loans were up $104.7 million, or 2.1%, in the first quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $26.2 million, or 0.6%, and $61.0 million, or 17.3%, respectively, in the first quarter 2025 over the same period in 2024. Average commercial loans also increased $20.7 million, or 7.5%, in the first quarter 2025 over the same period in 2024. This uptick reflects a strong local economy and increased demand for credit. Average deposits were up $103.3 million, or 1.9%, for the first quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the Bank’s competitive deposit offerings. As we move forward, despite a complex economic environment, we believe that our strategic focus on relationship banking and solid financial practices has positioned us for continued success.

    During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately 5% of TrustCo’s current outstanding shares of common stock. This repurchase initiative is part of the Bank’s broader capital management strategy and is intended to enhance shareholder value while maintaining flexibility to support future growth. As of March 31, 2025, our equity to asset ratio was 10.85%, compared to 10.51% as of March 31, 2024. Book value per share as of March 31, 2025 was $36.16, up 6.0% compared to $34.12 a year earlier.  

    Net interest income was $40.4 million for the first quarter 2025, an increase of $3.8 million, or 10.4%, compared to the first quarter of 2024, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the first quarter 2025 was 2.64%, up 20 basis points from 2.44% in the first quarter of 2024. The yield on interest earnings assets increased to 4.13% in the first quarter of 2025, up 14 basis points from 3.99% in the first quarter of 2024. The cost of interest bearing liabilities decreased to 1.92% in the first quarter 2025, down from 1.99% in the first quarter 2024. As the Federal Reserve signals potential interest rate reductions in 2025, the Bank is proactively preparing to navigate the evolving rate environment. In this context, the Bank anticipates that a lower interest rate environment will provide opportunities to manage deposit costs more effectively, thereby supporting net interest margin. The Bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities’ banking needs.

    Non-interest income increased to $5.0 million as compared to $4.8 million for the first quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 16.7% to $2.1 million, driven by strong client demand and higher assets under management. These revenues now represent 42.6% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $1.4 million over the first quarter of 2024 due to increases in several areas of expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $300 thousand in the first quarter of 2025, which is the result of a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.98% as of March 31, 2025 and 2024, respectively. The allowance for credit losses on loans was $50.6 million as of March 31, 2025, compared to $49.2 million as of March 31, 2024. Nonperforming loans (NPLs) were $18.8 million as of March 31, 2025, compared to $18.3 million as of March 31, 2024. NPLs were 0.37% of total loans as of March 31, 2025 and 2024. The coverage ratio, or allowance for credit losses on loans to NPLs, was 269.8% as of March 31, 2025, compared to 269.3% as of March 31, 2024. Nonperforming assets (NPAs) were $20.9 million as of March 31, 2025, compared to $20.6 million as of March 31, 2024.  

    A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2025.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    TRUSTCO BANK CORP NY  
    GLENVILLE, NY  
       
    FINANCIAL HIGHLIGHTS  
       
    (dollars in thousands, except per share data)  
    (Unaudited)  
      Three months ended  
      3/31/2025   12/31/2024   3/31/2024  
    Summary of operations            
    Net interest income $ 40,373   $ 38,902   $ 36,578  
    Provision for credit losses   300     400     600  
    Noninterest income   4,974     4,409     4,843  
    Noninterest expense   26,329     28,165     24,903  
    Net income   14,275     11,281     12,126  
                 
    Per share            
    Net income per share:            
    – Basic $ 0.75   $ 0.59   $ 0.64  
    – Diluted   0.75     0.59     0.64  
    Cash dividends   0.36     0.36     0.36  
    Book value at period end   36.16     35.56     34.12  
    Market price at period end   30.48     33.31     28.16  
                 
    At period end            
    Full time equivalent employees   740     737     761  
    Full service banking offices   136     136     140  
                 
    Performance ratios            
    Return on average assets   0.93 %   0.73 %   0.80 %
    Return on average equity   8.49     6.70     7.54  
    Efficiency ratio (GAAP)   58.06     65.03     59.94  
    Adjusted Efficiency ratio (1)   58.00     63.93     59.94  
    Net interest spread   2.21     2.15     2.00  
    Net interest margin   2.64     2.60     2.44  
    Dividend payout ratio 47.97     60.70     56.48  
                 
    Capital ratios at period end            
    Consolidated equity to assets   10.85 %   10.84 %   10.51 %
    Consolidated tangible equity to tangible assets (1)   10.84 %   10.83 %   10.50 %
                 
    Asset quality analysis at period end            
    Nonperforming loans to total loans   0.37 %   0.37 %   0.37 %
    Nonperforming assets to total assets   0.33     0.34     0.33  
    Allowance for credit losses on loans to total loans   0.99     0.99     0.98  
    Coverage ratio (2) 2.7x   2.7x   2.7x  
                 
                 
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
    (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.            
                 
                       
    CONSOLIDATED STATEMENTS OF INCOME
                       
    (dollars in thousands, except per share data)                  
    (Unaudited)                  
       Three months ended
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
    Interest and dividend income:                  
    Interest and fees on loans $ 53,450   $ 53,024   $ 52,112   $ 50,660   $ 49,804
    Interest and dividends on securities available for sale:                  
    U. S. government sponsored enterprises   596     680     718     909     906
    State and political subdivisions   –     –     –     1     –
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   1,483     1,418     1,397     1,451     1,494
    Corporate bonds   260     358     361     362     476
    Small Business Administration – guaranteed                  
    participation securities   81     84     90     94     100
    Other securities   7     6     2     2     3
    Total interest and dividends on securities available for sale   2,427     2,546     2,568     2,819     2,979
                       
    Interest on held to maturity securities:                  
    obligations – residential   57     59     62     65     68
    Total interest on held to maturity securities   57     59     62     65     68
                       
    Federal Home Loan Bank stock   151     152     153     147     152
                       
    Interest on federal funds sold and other short-term investments   6,732     6,128     6,174     6,894     6,750
    Total interest income   62,817     61,909     61,069     60,585     59,753
                       
    Interest expense:                  
    Interest on deposits:                  
    Interest-bearing checking   558     397     311     288     240
    Savings   734     719     770     675     712
    Money market deposit accounts   1,989     2,024     2,154     2,228     2,342
    Time deposits   18,983     19,680     18,969     19,400     19,677
    Interest on short-term borrowings   180     187     194     206     204
    Total interest expense   22,444     23,007     22,398     22,797     23,175
                       
    Net interest income   40,373     38,902     38,671     37,788     36,578
                       
    Less: Provision for credit losses   300     400     500     500     600
    Net interest income after provision for credit losses   40,073     38,502     38,171     37,288     35,978
                       
    Noninterest income:                  
    Trustco Financial Services income   2,120     1,778     2,044     1,609     1,816
    Fees for services to customers   2,645     2,226     2,482     2,399     2,745
    Net gains on equity securities   –     –     23     1,360     –
    Other   209     405     382     283     282
    Total noninterest income   4,974     4,409     4,931     5,651     4,843
                       
    Noninterest expenses:                  
    Salaries and employee benefits   11,894     12,068     12,134     12,520     11,427
    Net occupancy expense   4,554     4,563     4,271     4,375     4,611
    Equipment expense   1,944     2,404     1,757     1,990     1,738
    Professional services   1,726     1,782     1,863     1,570     1,460
    Outsourced services   2,700     3,051     2,551     2,755     2,501
    Advertising expense   361     590     339     466     408
    FDIC and other insurance   1,188     1,113     1,112     797     1,094
    Other real estate expense, net   28     476     204     16     74
    Other   1,934     2,118     1,969     1,970     1,590
    Total noninterest expenses   26,329     28,165     26,200     26,459     24,903
                       
    Income before taxes   18,718     14,746     16,902     16,480     15,918
    Income taxes   4,443     3,465     4,027     3,929     3,792
                       
    Net income $ 14,275   $ 11,281   $ 12,875   $ 12,551   $ 12,126
                       
    Net income per common share:                  
    – Basic $ 0.75   $ 0.59   $ 0.68   $ 0.66   $ 0.64
                       
    – Diluted   0.75     0.59     0.68     0.66     0.64
                       
    Average basic shares (in thousands)   19,020     19,015     19,010     19,022     19,024
    Average diluted shares (in thousands)   19,044     19,045     19,036     19,033     19,032
                       
               
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
      3/31/2025 12/31/2024 9/30/2024 6/30/3024   3/31/2024  
    ASSETS:          
               
    Cash and due from banks $ 48,782   $ 47,364   $ 49,659   $ 42,193   $ 44,868  
    Federal funds sold and other short term investments   707,355     594,448     473,306     493,920     564,815  
    Total cash and cash equivalents   756,137     641,812     522,965     536,113     609,683  
               
    Securities available for sale:          
    U. S. government sponsored enterprises   65,942     85,617     90,588     106,796     128,854  
    States and political subdivisions   18     18     26     26     26  
    Mortgage-backed securities and collateralized mortgage          
    obligations – residential   219,333     213,128     222,841     218,311     227,078  
    Small Business Administration – guaranteed          
    participation securities   13,683     14,141     15,171     15,592     16,260  
    Corporate bonds   24,779     44,581     54,327     53,764     53,341  
    Other securities   698     700     701     688     682  
    Total securities available for sale   324,453     358,185     383,654     395,177     426,241  
               
    Held to maturity securities:          
    Mortgage-backed securities and collateralized mortgage          
    obligations-residential   5,090     5,365     5,636     5,921     6,206  
    Total held to maturity securities   5,090     5,365     5,636     5,921     6,206  
               
    Federal Reserve Bank and Federal Home Loan Bank stock   6,507     6,507     6,507     6,507     6,203  
               
    Loans:          
    Commercial   302,753     286,857     280,261     282,441     279,092  
    Residential mortgage loans   4,380,561     4,388,302     4,382,674     4,370,640     4,354,369  
    Home equity line of credit   419,806     409,261     393,418     370,063     355,879  
    Installment loans   13,017     13,638     14,503     15,168     16,166  
    Loans, net of deferred net costs   5,116,137     5,098,058     5,070,856     5,038,312     5,005,506  
               
    Less: Allowance for credit losses on loans   50,606     50,248     49,950     49,772     49,220  
    Net loans   5,065,531     5,047,810     5,020,906     4,988,540     4,956,286  
               
    Bank premises and equipment, net   37,178     33,782     33,324     33,466     33,423  
    Operating lease right-of-use assets   34,968     36,627     37,958     38,376     39,647  
    Other assets   108,681     108,656     98,730     102,544     101,881  
               
    Total assets $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    LIABILITIES:          
    Deposits:          
    Demand $ 793,306   $ 762,101   $ 753,878   $ 745,227   $ 742,997  
    Interest-bearing checking   1,067,948     1,027,540     988,527     1,029,606     1,020,136  
    Savings accounts   1,094,968     1,086,534     1,092,038     1,144,427     1,155,517  
    Money market deposit accounts   478,872     465,049     477,113     517,445     532,611  
    Time deposits   2,061,576     2,049,759     1,952,635     1,840,262     1,903,908  
    Total deposits   5,496,670     5,390,983     5,264,191     5,276,967     5,355,169  
               
    Short-term borrowings   82,275     84,781     91,450     89,720     94,374  
    Operating lease liabilities   38,324     40,159     41,469     42,026     43,438  
    Accrued expenses and other liabilities   33,468     46,478     43,549     42,763     37,399  
               
    Total liabilities   5,650,737     5,562,401     5,440,659     5,451,476     5,530,380  
               
    SHAREHOLDERS’ EQUITY:          
    Capital stock   20,097     20,097     20,058     20,058     20,058  
    Surplus   259,182     258,874     257,644     257,490     257,335  
    Undivided profits   453,931     446,503     442,079     436,048     430,346  
    Accumulated other comprehensive loss, net of tax   (132 )   (3,861 )   (6,600 )   (14,268 )   (14,763 )
    Treasury stock at cost   (45,270 )   (45,270 )   (44,160 )   (44,160 )   (43,786 )
               
    Total shareholders’ equity   687,808     676,343     669,021     655,168     649,190  
               
    Total liabilities and shareholders’ equity $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    Outstanding shares (in thousands)   19,020     19,020     19,010     19,010     19,024  
               
    NONPERFORMING ASSETS  
                 
    (dollars in thousands)  
    (Unaudited)  
      3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024  
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 466   $ 741   $ 532    
    Real estate mortgage – 1 to 4 family   14,795     14,671     15,320     14,992     14,359    
    Installment   139     108     163     131     149    
    Total non-accrual loans   15,622     15,122     15,949     15,864     15,040    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   15,622     15,122     15,949     15,864     15,040    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 17,729   $ 17,297   $ 18,452   $ 18,198   $ 17,374    
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial $ –   $ –   $ 314   $ 314   $ 314    
    Real estate mortgage – 1 to 4 family   3,135     3,656     3,176     2,985     2,921    
    Installment   3     22     5     22     –    
    Total non-accrual loans   3,138     3,678     3,495     3,321     3,235    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   3,138     3,678     3,495     3,321     3,235    
    Other real estate owned   –     –     –     –     –    
    Total nonperforming assets $ 3,138   $ 3,678   $ 3,495   $ 3,321   $ 3,235    
                 
    Total            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 780   $ 1,055   $ 846    
    Real estate mortgage – 1 to 4 family   17,930     18,327     18,496     17,977     17,280    
    Installment   142     130     168     153     149    
    Total non-accrual loans   18,760     18,800     19,444     19,185     18,275    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   18,760     18,800     19,444     19,185     18,275    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 20,867   $ 20,975   $ 21,947   $ 21,519   $ 20,609    
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial $ (3 ) $ 62   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (74 )   (78 )  
    Installment   4     41     11     (2 )   36    
    Total net chargeoffs (recoveries) $ 42   $ (213 ) $ 180   $ (76 ) $ (42 )  
                 
    Florida            
    Commercial $ (315 ) $ 314   $ –   $ –   $ –    
    Real estate mortgage – 1 to 4 family   –     –     –     17     –    
    Installment   15     1     42     7     –    
    Total net (recoveries) chargeoffs $ (300 )  $ 315   $ 42   $ 24   $ –    
                 
    Total            
    Commercial $ (318 )  $ 376   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (57 )   (78 )  
    Installment   19     42     53     5     36    
    Total net (recoveries) chargeoffs $ (258 )  $ 102   $ 222   $ (52 ) $ (42 )  
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1) $ 18,760   $ 18,800   $ 19,444   $ 19,185   $ 18,275    
    Total nonperforming assets (1)   20,867     20,975     21,947     21,519     20,609    
    Total net (recoveries) chargeoffs (2)   (258 )    102     222     (52 )   (42 )  
                 
    Allowance for credit losses on loans (1)   50,606     50,248     49,950     49,772     49,220    
                 
    Nonperforming loans to total loans   0.37 %   0.37 %   0.38 %   0.38 %   0.37 %  
    Nonperforming assets to total assets   0.33 %   0.34 %   0.36 %   0.35 %   0.33 %  
    Allowance for credit losses on loans to total loans   0.99 %   0.99 %   0.99 %   0.99 %   0.98 %  
    Coverage ratio (1)   269.8 %   267.3 %   256.9 %   259.4 %   269.3 %  
    Annualized net (recoveries) chargeoffs to average loans (2)   -0.02 %   0.01 %   0.02 %   0.00 %   0.00 %  
    Allowance for credit losses on loans to annualized net chargeoffs (2)   N/A     123.2x     56.3x     N/A     N/A    
       
    * Includes New York, New Jersey, Vermont and Massachusetts.  
    (1) At period-end  
    (2) For the three-month period ended  
       
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                      
    (Unaudited) Three months ended     Three months ended  
      March 31, 2025     March 31, 2024  
      Average   Interest Average     Average   Interest Average  
      Balance     Rate     Balance     Rate  
    Assets                      
                           
    Securities available for sale:                      
    U. S. government sponsored enterprises $ 74,680     $ 596 3.19 %   $ 125,973     $ 906 2.88 %
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   239,509       1,483 2.46       258,814       1,494 2.30  
    State and political subdivisions   18       – 6.77       26       0 6.90  
    Corporate bonds   40,019       260 2.60       73,625       476 2.59  
    Small Business Administration – guaranteed                      
    participation securities   15,003       81 2.15       18,224       100 2.20  
    Other   699       7 4.01       696       3 1.72  
                           
    Total securities available for sale   369,928       2,427 2.62       477,358       2,979 2.50  
                           
    Federal funds sold and other short-term Investments   613,646       6,732 4.45       497,652       6,750 5.45  
                           
    Held to maturity securities:                      
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   5,233       57 4.34       6,329       68 4.30  
                           
    Total held to maturity securities   5,233       57 4.34       6,329       68 4.30  
                           
    Federal Home Loan Bank stock   6,507       151 9.28       6,203       152 9.80  
                           
    Commercial loans   297,926       4,165 5.59       277,183       3,661 5.28  
    Residential mortgage loans   4,385,646       42,614 3.89       4,359,476       40,415 3.71  
    Home equity lines of credit   413,981       6,435 6.30       353,004       5,464 6.22  
    Installment loans   12,967       236 7.37       16,128       264 6.58  
                           
    Loans, net of unearned income   5,110,520       53,450 4.19       5,005,791       49,804 3.98  
                           
    Total interest earning assets   6,105,834     $ 62,817 4.13       5,993,333     $ 59,753 3.99  
                           
    Allowance for credit losses on loans   (50,475 )             (48,824 )        
    Cash & non-interest earning assets   201,154               185,230          
                           
                           
    Total assets $ 6,256,513             $ 6,129,739          
                           
                           
    Liabilities and shareholders’ equity                      
                           
    Deposits:                      
    Interest bearing checking accounts $ 1,038,218     $ 558 0.22 %   $ 990,130     $ 240 0.10 %
    Money market accounts   469,070       1,989 1.72       544,687       2,342 1.73  
    Savings   1,089,358       734 0.27       1,158,558       712 0.25  
    Time deposits   2,054,494       18,984 3.75       1,889,929       19,677 4.19  
                           
    Total interest bearing deposits   4,651,140       22,265 1.94       4,583,304       22,971 2.02  
    Short-term borrowings   83,207       180 0.88       93,316       204 0.88  
                           
    Total interest bearing liabilities   4,734,347     $ 22,445 1.92       4,676,620     $ 23,175 1.99  
                           
    Demand deposits   761,800               726,299          
    Other liabilities   78,748               80,158          
    Shareholders’ equity   681,618               646,662          
                           
    Total liabilities and shareholders’ equity $ 6,256,513             $ 6,129,739          
                           
    Net interest income     $ 40,372           $ 36,578    
                           
    Net interest spread       2.21 %         2.00 %
                           
                           
    Net interest margin (net interest income to                      
    total interest earning assets)       2.64 %         2.44 %
                           

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  

    NON-GAAP FINANCIAL MEASURES RECONCILIATION        
             
    (dollars in thousands)        
    (Unaudited)        
        3/31/2025 12/31/2024 3/31/2024
    Tangible Book Value Per Share        
             
    Equity (GAAP)   $ 687,808   $ 676,343   $ 649,190  
    Less: Intangible assets     553     553     553  
    Tangible equity (Non-GAAP)   $ 687,255   $ 675,790   $ 648,637  
             
    Shares outstanding     19,020     19,020     19,024  
    Tangible book value per share     36.13     35.53     34.10  
    Book value per share     36.16     35.56     34.12  
             
    Tangible Equity to Tangible Assets        
    Total Assets (GAAP)   $ 6,338,545   $ 6,238,744   $ 6,179,570  
    Less: Intangible assets     553     553     553  
    Tangible assets (Non-GAAP)   $ 6,337,992   $ 6,238,191   $ 6,179,017  
             
    Equity to Assets (GAAP)     10.85 %   10.84 %   10.51 %
    Tangible Equity to Tangible Assets (Non-GAAP)     10.84 %   10.83 %   10.50 %
             
        Three months ended
    Efficiency and Adjusted Efficiency Ratios   3/31/2025 12/31/2024 3/31/2024
             
    Net interest income (GAAP) A $ 40,373   $ 38,902   $ 36,578  
    Non-interest income (GAAP) B   4,974     4,409     4,843  
    Revenue used for efficiency ratio (GAAP) C $ 45,347   $ 43,311   $ 41,421  
             
    Total noninterest expense (GAAP) D $ 26,329   $ 28,165   $ 24,903  
    Less: Other real estate expense, net E   28     476     74  
    Expense used for efficiency ratio (Non-GAAP) F $ 26,301   $ 27,689   $ 24,829  
             
    Efficiency Ratio (GAAP) D/C   58.06 %   65.03 %   59.94 %
    Adjusted Efficiency Ratio (Non-GAAP) F/C   58.00 %   63.93 %   59.94 %
             
    Subsidiary:   Trustco Bank
         
    Contact:   Robert Leonard
        Executive Vice President
        (518) 381-3693

    The MIL Network –

  • MIL-OSI: CarGurus To Report First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 21, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, announced it will issue a press release reporting financial results for the quarter ended March 31, 2025, after the close of the market on May 8, 2025.

    CarGurus will host a conference call and live webcast to discuss those financial results for investors and analysts at 5:00 p.m. Eastern Time on May 8, 2025. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the company’s website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on May 8, 2025, until 11:59 p.m. Eastern Time on May 22, 2025, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13752230. In addition, an archived webcast will be available on the Investors section of the company’s website at https://investors.cargurus.com.

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1

    In addition to the U.S. marketplace, the company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q4 2024, U.S.

    Investor Contact:
    Kirndeep Singh
    Vice President, Head of Investor Relations
    investors@cargurus.com

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    The MIL Network –

  • MIL-OSI: Climb Global Solutions Appoints Paul Giovacchini to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., April 21, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced that the Company’s Board of Directors (the “Board”) has elected Paul Giovacchini to the Board. With the election of Mr. Giovacchini, Climb’s Board increased to seven total members, six of whom are independent under the Nasdaq listing standards.

    Mr. Giovacchini brings over 30 years of experience in private equity, corporate governance, and board leadership across public and private companies. He currently serves as the Lead Independent Director of TPI Composites, Inc. (NASDAQ:TPIC), where he previously served as Chairman and helped lead the company’s transformation into a global public enterprise. Mr. Giovacchini also serves as an independent consulting advisor to Advantage Capital Management, supporting private equity and debt investment strategies. Mr. Giovacchini holds a B.A. in Economics from Stanford University and an M.B.A. from Harvard Business School.

    “Paul brings a wealth of executive leadership, investment expertise, and operational insight to our Board,” said John McCarthy, Chairman of the Board. “His extensive experience across public and private enterprises, coupled with his strong financial background, will be invaluable as we continue to strengthen our operational foundation and advance our organic and inorganic growth initiatives.”

    Mr. Giovacchini stated, “Climb has built an impressive platform in the global IT channel, distinguished by its strong partnerships and consistent execution. As the Company enters its next chapter of growth, I’m honored to join the Board and contribute to its continued success. I look forward to leveraging my experience in governance, finance, and global expansion to support Climb’s long-term vision both domestically and abroad.”

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the addition to the Board and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI: Kaltura to Announce Financial Results for First Quarter 2025 on Thursday, May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 21, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the Video Experience Cloud, today announced it will release its first quarter financial results for the period ended March 31, 2025, before market open on Thursday, May 8, 2025.

    Management will host a conference call to review the Company’s first quarter 2025 financial results and discuss the financial outlook.

    Date: Thursday, May 8, 2025
    Time: 8:00 a.m. ET
    United States/Canada Toll Free: 1-877-407-0789
    International Toll: +1-201-689-8562
       

    A live and archived webcast will be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    About Kaltura
    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment and monetization. For more information, visit www.corp.kaltura.com.

    Investor Contacts:
    Kaltura, Inc.
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations, LLC
    Erica Mannion and Michael Funari
    IR@Kaltura.com
    +1-617-542-6180

    Media Contacts:
    Kaltura, Inc.
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1-347-897-9276

    The MIL Network –

  • MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
    Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
    Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
    Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
    In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next. 
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.  
    In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
    In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    “At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
    “As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
    “Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market.  Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
    “As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
    “Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI Economics: Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

    Source: GlobalData

    Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

    Posted in Power

    The global nuclear power sector has witnessed steady growth in recent years, driven by the need for low-carbon baseload power, energy security, and a renewed interest in decarbonizing industrial sectors. New capacity additions, advancements in reactor technology with small modular reactors (SMRs) emerging as a transformative solution, and supportive policies have contributed to increased generation and reinforced the role of nuclear power in the energy transition. Against this backdrop, nuclear capacity is forecast to grow from 395GW in 2024 to 494GW by 2035, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Nuclear Power Market, Update 2025 – Market Size, Segmentation, Major Trends, and Key Country Analysis to 2035,” reveals that nuclear electricity generation will rise from 2,616 TWh to 3,410 TWh over 2024-35, reflecting a CAGR of 2%. While nuclear power accounted for around 9% of global electricity generation, countries with aging reactors have pursued lifetime extensions, while others have aggressively expanded their nuclear fleets, especially in Asia.

    The US remains the world’s largest producer of nuclear power, with 97GW of installed capacity generating 787.6 TWh in 2024. France, which relies on nuclear for over 60% of its electricity, follows with 61.4GW and 333.3 TWh of annual generation. China, with the youngest and fastest-growing nuclear fleet, has expanded its capacity to 56GW, producing 386.1 TWh, surpassing France in total nuclear electricity generation.

    Mohammed Ziauddin, Power Analyst at GlobalData, comments “The growing focus on energy security due to geopolitical tensions, increasing demand for low-carbon dispatchable power, government support through regulations and incentives such as grants, loan guarantees, production and investment tax credits (PTCs and ITCs), and market-based mechanisms like Contracts for Difference (CfDs), advancements in SMRs and next-gen technologies, and a surge in electricity demand from data centers are the major reasons behind the increasing adoption of nuclear energy worldwide.”

    Unlike traditional large-scale nuclear reactors, SMRs offer compact designs, flexible deployment, and advanced safety features that make them well-suited for remote regions, smaller grids, and industrial applications. With capacities typically under 300MW, SMRs can be factory-fabricated, transported, and assembled on-site, significantly reducing construction time and costs.

    The global SMR pipeline is expanding rapidly, with over 100 reactors at various stages of development. Although only a few SMRs are currently operational, primarily in Russia and China, the next decade is expected to bring a significant increase in new capacity, with more than 10,000MW anticipated by 2035. Countries such as the US, Canada, the UK, China, and Russia are leading the charge with diverse deployment strategies, marking SMRs as a key pillar in the global transition toward secure, low-carbon energy systems.

    Zia concludes: “With growing concerns over climate change and energy security, nuclear power has re-emerged as a crucial pillar in the global energy transition. Governments across the world are implementing ambitious net-zero targets and investing in clean, dispatchable energy sources to decarbonize their economies. Nuclear energy, with its ability to provide reliable baseload power and reduce dependency on fossil fuels, is playing a vital role in this transition.

    “As countries ramp up their focus on SMRs, lifetime extensions, and advanced nuclear technologies, the nuclear power market is poised for long-term growth, driven by the dual goals of energy resilience and climate neutrality.”

    MIL OSI Economics –

  • MIL-OSI Canada: Passing of Pope Francis: Premier Smith

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Security: Newtonville — Kings District RCMP charge man with firearms offences

    Source: Royal Canadian Mounted Police

    Kings District RCMP charge man with firearms offences, search property as part of ongoing investigation.

    On April 19, Kings District RCMP attended a residence on Jehill Davidson Rd. in Newtonville for a complaint of firearms being found on the property.

    A 53-year-old man of Newtonville was safely arrested on April 19 in Charlottetown, Prince Edward Island, and is facing charges for multiple firearms offences.

    The man is being held in custody and is scheduled to appear in Kentville Provincial Court on April 22 at 9:30 a.m.

    The investigation, including a search of the property in Newtonville, is ongoing and is being led by Kings District RCMP.

    File # 2025-514892

    MIL Security OSI –

  • MIL-OSI Canada: Statement by the Prime Minister on the passing of His Holiness Pope Francis

    Source: Government of Canada – Prime Minister

    The Prime Minister, Mark Carney, today issued the following statement on the passing of His Holiness Pope Francis:

    “Today, I join Canadians and Catholics around the world in mourning the passing of His Holiness Pope Francis, Bishop of Rome – a shepherd of deep moral clarity, spiritual courage, and boundless compassion. From every corner of the globe, the prayers of the faithful go with Pope Francis as he journeys to his eternal rest.

    “Through his teachings and actions, Pope Francis redefined the moral responsibilities of leadership in the 21st century. In Laudato si’ (Praised Be), his landmark encyclical, he gave voice to ‘the cry of the earth and the cry of the poor’, reminding us that ecological degradation and social injustice are deeply intertwined and demand our shared, urgent leadership.

    “His vision of fairness between the generations was rooted in concrete calls for action, policy, and personal responsibility. I had the privilege of working alongside His Holiness and his team through his Council for Inclusive Capitalism, and I saw firsthand his unwavering commitment to placing human dignity at the centre of our economic and political systems.

    “At the Vatican meeting in 2014, ‘The Global Common Good: Towards a More Inclusive Economy’, Pope Francis issued a challenge that has guided me ever since. He likened humanity to wine – rich, diverse, full of spirit – and the market to grappa – distilled, intense, and at times disconnected. He called on us to ‘turn grappa back into wine’, to reintegrate human values into our economic lives.

    “His Holiness understood, and taught, that value in the market must never eclipse values in society. He showed us that we must not only measure what we value, but also value what truly matters.

    “With his visit to Canada and apology to Indigenous Peoples on residential schools, His Holiness heard from Survivors and their descendants about that system’s legacy of searing and enduring pain, and met it with an important step of accountability and healing on the shared path toward reconciliation.

    “He extended his papacy to the furthest margins, always attentive to the poor and most vulnerable, as in all aspects of his lifelong service.

    “Pope Francis leaves a spiritual and ethical legacy that will shape our collective conscience for generations to come. May we honour his memory by continuing to work for a world that reflects the solidarity, justice, and sustainability that he so powerfully embodied.

    “Requiescat in pace.”

    MIL OSI Canada News –

  • MIL-OSI Security: Georgia Man Charged With Sending Threatening Letter to Spiritual Mission in Suburban Chicago

    Source: Office of United States Attorneys

    CHICAGO — A Georgia man has been charged with sending a threatening letter to a spiritual mission in suburban Chicago.

    A criminal complaint filed in U.S. District Court in Chicago charges JIMIL PARMAR, 33, of Lawrenceville, Ga., with one count of mailing a threatening communication.  Parmar was arrested last week in the Northern District of Georgia. A preliminary hearing is scheduled for May 2, 2025, in U.S. District Court in Atlanta.

    According to the complaint, Parmar mailed a letter in July 2023 to the Sant Nirankari Mission in West Chicago, Ill.  The letter stated, “CANCEL US CANADA TOUR IMMEDIATELY SRS ATTACK PLANNED,” the complaint states.  The threat coincided with a visit by the Mission’s spiritual leader, Satguru Mata Sudiksha Ji Maharaj, who was touring the United States and Canada that summer and had appearances scheduled in the Chicago and Atlanta areas. 

    At least four other Sant Nirankari Missions in the United States that month received what appeared to be identical letters, the complaint states.  The federal investigation is being led by the FBI and remains active.

    The complaint and arrest were announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Valuable assistance was provided by the Atlanta Field Office of the FBI.  The government is represented by Assistant U.S. Attorney Kavitha J. Babu.

    “When a threat of mass violence occurs, our Office will find, arrest, and prosecute those responsible to the fullest extent of the law,” said U.S. Attorney Boutros.  “This case demonstrates our Office’s commitment to hold accountable those who seek to intimidate and instill fear in members of our community.”

    “The subject’s alleged actions serve as a disturbing reminder of the hatred that many marginalized people encounter simply because of their beliefs,” said FBI SAC DePodesta.  “We extend our appreciation to the FBI Atlanta Field Office and all of our dedicated law enforcement partners who work tirelessly to apprehend those who dare to threaten the safety of our communities.”

    The charge in the complaint is punishable by up to five years in federal prison.  The public is reminded that a complaint is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. 

    MIL Security OSI –

  • MIL-OSI Canada: Treaty Land Entitlement Transfer of Mineral Rights for Sturgeon Lake First Nation

    Source: Government of Canada regional news

    Released on April 21, 2025

    An additional 128 hectares (317 acres) of undisposed Crown mineral rights are now eligible to be transferred to Sturgeon Lake First Nation under the Sturgeon Lake Treaty Land Entitlement (TLE) Settlement Agreement once the surface attains reserve status.

    The Government of Saskatchewan has approved the transfer of approximately 2,093 hectares (5,171 acres) of Crown minerals to the federal government on behalf of Sturgeon Lake First Nation. This latest order has increased the total and further support the First Nation’s efforts to realize the full benefits of its Treaty land entitlement.

    “The transfer of mineral rights to the Sturgeon Lake First Nation demonstrates Saskatchewan’s ongoing commitment to fulfilling its Treaty obligations and fostering economic reconciliation in our resource-rich province,” Minister Responsible for First Nations Métis and Northern Affairs Eric Schmalz said. “We are committed to supporting long-term opportunities for growth and prosperity in First Nation communities across the province.”

    This transfer marks another step in the province’s support of TLE agreements which enable First Nations to acquire reserve lands that were promised under the Treaties. The creation of new reserve lands contributes to community growth, economic development and the exercise of traditional land use.

    The Ministry of Government Relations oversees and implements the provincial responsibilities under TLE agreements, working in collaboration with Canada and 36 Entitlement First Nations across Saskatchewan. 

    The Government of Saskatchewan remains committed to advancing TLE implementation and supporting the long-term growth and prosperity of First Nations communities. Saskatchewan has transferred more land to reserve status under TLE agreements than any other province in Canada.

    For more information on Treaty Land Entitlement, please visit: saskatchewan.ca.

    -30-

    For more information, contact:

    Media Relations

    MIL OSI Canada News –

  • MIL-OSI Global: Where the parties stand on child care in the Canadian federal election

    Source: The Conversation – Canada – By Gordon Cleveland, Associate Professor Emeritus, Economics, University of Toronto

    What will child care in Canada look like after this federal election?

    Depending on who becomes prime minister, parents now paying $10 a day for child care could continue to do so and many additional parents could access affordable day care in the future due to plans to expand. Or, the cap on child-care fees could be eliminated in a return to market provision of child-care services, in at least some provinces.

    The $10-a-day plan, introduced by the Liberal government through Canada-Wide Early Learning and Child Care agreements (CWELCC) with provinces and territories, was developed to improve Canada’s long-standing inadequate child-care situation.

    Québec’s model for child care inspired the Canada-wide plan. Under Québec’s CWELCC “asymmetrical agreement,” the province receives federal transfer funds without conditions.



    Read more:
    Ottawa’s $10-a-day child care promise should heed Québec’s insights about balancing low fees with high quality

    After the April 28 election, it’s expected our new prime minister will either be a Liberal or a Conservative — Mark Carney or Pierre Poilievre.

    Both leaders have said they want to preserve affordable child care but have presented their proposals in significantly different ways.

    As an economist with specialization in the economics of child care and early childhood education, I believe looking beneath surface statements reveals major differences that would affect parents, children and their families.

    Strengthening the $10-a-day policy

    The Liberal Party’s newly released platform highlights the protection and strengthening of the $10-a-day early learning and child care system. The platform promises the building of 100,000 new child-care spaces by 2031, better compensation for child-care educators, the expansion of child care in public institutions and a stronger link between housing development and child care when housing is supported by federal funds.

    In the Liberal leadership debate, Carney said we “absolutely have to keep in place the progress that the government has made on crucial things such as child care….” The Liberal platform affirms this, takes credit for introducing the existing system and notes: “In just a few short years, this program has become a core part of Canada’s social infrastructure.”



    Read more:
    Trudeau’s record may be spotty, but his biggest accomplishment was a national child-care program

    Since January, among the provinces and territories, all but Alberta and Saskatchewan have approved or tentatively approved five-year extensions to early learning and child-care funding agreements with the federal government.

    Those extensions are key, as they represent commitments from 11 provinces and territories to use the federal government’s additional $37 billion to continue building the $10 a day program through 2031.

    The NDP supported $10-a-day child care in the last election and continues that support, although child care is not mentioned in their published election platform.

    Changing the $10-a-day policy

    Poilievre, on the other hand, wants major changes from the $10-a-day child-care policy but he has not been forthcoming about details.

    However, he did discuss ideas and major criticisms in a March 25 campaign stop in Vaughan, Ont.

    He said: “We all believe that there should be more affordable child care in this country.” But then he criticized the current system as “bureaucratic” and “top down,” saying that “provinces can decide how to deliver those services on the front line with more flexibility and freedom for parents, provinces, and providers….”

    Clearly his “affordable child care” will not look anything like the burgeoning $10-a-day system.

    Poilievre’s wording is very similar to that of a new lobby organization of for-profit child care operators.

    The group calls for a shift from “federally controlled funding to no-strings-attached childcare funding for the provinces …” It also calls for a “funding-follows-the-family approach” which they believe will encourage parental and operator choice and minimize bureaucratic administrative costs and red tape.

    The Poilievre position, then, is an update from former Conservative leader Erin O’Toole’s policy proposals during the 2021 federal election.

    It harkens back to the cash-for-care approach Stephen Harper’s Conservative government had in place from 2006 to 2015. Conservatives prefer and encourage the provision of cash, a tax credit or voucher that parents can spend on child care.

    Such a Conservative approach is known as demand-side funding rather than supply-side funding — giving parents money to pay some of their child-care costs instead of funding child-care providers to ensure the services are available for families.

    Examining Conservative criticisms

    The “flexibility and freedom” that come with demand-side funding would mean removing conditions such as a guaranteed parent fee of $10 a day, targets for expansion of licensed child care, growth primarily by public and non-profit provision, and requirements for public financial accountability, from the federal funding agreements with the provinces and territories.

    There are substantial problems with Poilievre’s suggestion of overhauling the $10-a-day program. First, his March 25 criticisms are flawed:

    • He said “120,000 fewer children have daycare spaces than when the program was created,” but Statistics Canada surveys show a growth in attendance at child-care centres of an additional 177,900 children from late 2020 to the first half of 2023.

    • Poilievre said “child care now is worse than when the Liberals took office.” In fact, the main indicators of availability and affordability of child care are much better. Between 2015, when the Liberals took office, and 2023, the number of child care spaces grew by 426,203 to a total of 1,627,211 total licensed spaces. Child-care affordability is also greatly improved. By 2023, child-care fees had dropped by between 40 per cent and 75 per cent nearly everywhere across Canada, varying by geography and child age. As a proportion of after-tax family income, parents’ average spending on child care in January 2025 was less than one third of what it was before 2021, declining from just under 16 per cent to five per cent.

    • Poilievre said “most of the money has been consumed by bureaucracy.” In fact, child-care fees have dropped to an average of $10 a day (or less) in
      Yukon, Northwest Territories, Nunavut, Saskatchewan, Manitoba, Québec, Prince Edward Island and Newfoundland/Labrador, and all the remaining provinces have lowered parent fees substantially.

    This would not have been possible if “most of the money was consumed by bureaucracy,” something easily seen in readily available public data on how child-care funds are spent.

    Demand-side funding solutions

    Demand-side funding solutions with no cap on fees would be a dream for private corporations looking to enter a Canadian child-care market rich with public funds but a nightmare for cash-strapped parents who are desperate for child care.

    Australia is the poster child for generous demand-side funding of child care.

    In the Australian model, parents spend funds however they like, and there is no restriction on the fees providers can charge and no requirement for financial reporting. Funds are paid directly to child-care providers from the government on behalf of parents and corporate child-care thrives. Under this funding model, Australia has seen a sixfold increase in child-care fees since the early 1990s, twice as much as the increase in consumer prices.

    Bolster gains already made

    Nearly a million Canadian children between the ages of birth to five years are already able to access low-fee licensed child care.

    Building a quality child-care system is underway, but the work is far from complete.

    It’s time to redouble efforts to provide affordable, quality child care for all who need it rather than to abandon these major combined efforts of federal, provincial and territorial governments to build a dependable and affordable child-care system.

    Gordon Cleveland receives funding for expenses from an SSHRC project “Re-imagining care/work policies/Réinventer les politiques soins/travail”. He is a member of the National Advisory Council on Early Learning and Child Care. He volunteers for Building Blocks for Child Care. He is a research associate with L’Équipe de recherche Qualité contextes éducatifs de la petite enfance.

    – ref. Where the parties stand on child care in the Canadian federal election – https://theconversation.com/where-the-parties-stand-on-child-care-in-the-canadian-federal-election-254569

    MIL OSI – Global Reports –

  • MIL-OSI Global: Canada’s federal election must grapple with the limits of neoliberal economics

    Source: The Conversation – Canada – By Daniel Horen Greenford, Lecturer and postdoctoral researcher in Ecological Economics and Climate Policy, Department of Geography, Planning and Environment, Concordia University

    With a federal election on the horizon, economic policy is once again taking centre stage. Yet missing from the national debate is a serious reckoning with the failures of neoliberalism and the urgent need for alternatives.

    A continued adherence to neoliberal policy, and the fiscal austerity it entails, risks deepening social divides and strengthening the electoral prospects of the far right (absent a compelling populist left). To meet today’s challenges, parties must explore more progressive schools of economic thought like modern monetary theory.

    Liberal Leader Mark Carney, with his experience across banking and global finance, is one figure who could potentially steer that shift. Carney’s career, spanning Morgan Stanley, the Bank of Canada, the Bank of England and Brookfield Asset Management, has exemplified his competence within the bounds of economic orthodoxy.

    As the Bank of Canada’s governor, Carney pre-emptively cut interest rates to cushion the blow of the 2008 financial crisis. Standard measures like interest rate cuts and quantitative easing are meant to keep economies afloat during downturns. While necessary, these steps remained squarely within the bounds of conventional economic thinking.

    Today, however, those old tricks aren’t enough. The twin crises of climate collapse and socioeconomic inequality demand bolder policy and braver leadership from policymakers.

    The case for modern monetary theory

    Modern monetary theory (MMT) offers a more ambitious economic toolkit to policymakers than current approaches do.

    MMT scholars argue that countries that issue their own currency, like Canada, have monetary sovereignty. These governments don’t need to rely on bond markets for funding; instead, they can create money directly through public spending. And, when they do sell debt, there’s never a shortage of demand for it.



    Read more:
    Explainer: what is modern monetary theory?

    From this perspective, the real constraint isn’t money, but productive capacity: materials, energy and labour. Public debt is neither inherently dangerous, nor is it “owed” to anyone.

    MMT also argues the “tax and spend” perspective is backwards — taxes are not needed to fund public spending. In its view, governments spend first, then tax to remove money from circulation to keep inflation under control.

    Inflation risk stems not from government spending, but from economic over-demand or supply constraints. During periods of low growth, spending is not just safe — it’s essential, as we saw during the COVID-19 pandemic.

    Inflation during the pandemic was driven predominantly by supply chain disruptions and gas price spikes, not overspending. Strategic taxation can be used to curb demand and reduce inequality when inflation emerges.

    MMT’s job guarantee

    The hallmark policy of MMT is a job guarantee — a public option for employment that would employ anyone wanting to work. This would effectively end structural unemployment while improving conditions for those employed in the private sector through competition.

    Such an initiative would help unlock productivity needed to revitalize and decarbonize housing, transport, energy and other critical infrastructure.

    Yet instead of embracing such ideas, centrist parties like the Canadian Liberal Party and United Kingdom’s Labour Party cling to outdated concerns over “fiscal responsibility,” echoing debates that have been outdated since the end of the gold standard in the 1970s.

    The cost of playing it safe

    Carney appears to have retreated into political caution and has avoided challenging fiscal conservatism in any substantive way. Immediately upon taking office, he capitulated to misleading narratives promoted by politicians like Conservative Leader Pierre Poilievre, and cut the consumer carbon price.

    Carney also is cancelling a proposed hike to the amount of capital gains subject to tax to avoid penalizing Canada’s “builders.” But who are the real “builders”? Not hedge fund managers, but the workers who actually produce goods and services.

    According to the government’s own analysis, only the top 0.13 per cent of Canadians stood to lose from a modest increase in the inclusion rate for taxing unearned income.

    Like Poilievre, Carney has expressed support for new oil and gas projects, including pipelines — despite the scientific consensus that any new fossil fuel infrastructure is incompatible with avoiding climate catastrophe. Poilievre and Carney’s positions contradict the urgent need for a rapid energy transition — which begins with no new fossil fuel projects.



    Read more:
    Canada needs to set its businesses up for success in the clean energy transition

    During the Liberal leadership race, Carney advocated for using public investment to attract private capital during a CBC News interview. Sidestepping a direct answer about whether he’d balance the overall budget, he instead committed to balancing “operational spending.” When pressed, he said he would run deficits when necessary to “invest [in] and grow Canada’s economy.”

    Carney’s approach frames public spending as a way to mobilize private capital, rather than as a driver of public-led economic transformation. True to his background, his language casts the government as a shrewd investor, not a driver of structural change.

    Carney also framed public investment as “borrowing,” which MMT clarifies is a misnomer: unlike a household or a business, a currency-issuing government doesn’t need to borrow in the traditional sense and faces no risk of running out of its own currency.

    A bolder path forward is needed

    Canada needs more than cautious tweaks to the status quo. A climate jobs program, like a Youth Climate Corps, could guarantee well-paid, meaningful work in communities across the country for anyone ready to contribute. Public opinion is already there: more than half of Canadians support a climate corps.

    Public-sector competition in industries like housing and renewable energy could keep private firms efficient and accountable. During World War II, engineer and businessman C.D. Howe became Minister of the Department of Munitions and Supply and oversaw the creation of 28 Crown corporations that drove wartime production.

    That same spirit of pragmatic, state-led investment could help address the ongoing climate and economic crises, instead of being used to buy more pipelines.



    Read more:
    Canada’s federal election doesn’t seem like it’s about climate change, but it actually is

    Towards more affordable housing

    Canada already has a Crown corporation mandated to support affordable housing: the Canada Mortgage and Housing Corporation. This agency could be expanded to not only finance, but also tender contracts and build housing. It could be a federal landlord, with long-term goals of community management and ownership.

    The more affordable units kept out of an increasingly profit-driven market, the more accessible housing will be. This would stabilize the market and provide a floor (and roof) for affordability.

    Some MMT scholars and social movements have even called for a homes guarantee — a federally-funded program to guarantee a place to live for anyone squeezed out of the housing market.

    Critics might say bold investment is politically infeasible. But is it? Or could one of Canada’s federal parties champion policies that inspire instead of capitulate? Traditionally, the NDP would pick up this mantle, but they ceded their place as the progressive vanguard after former NDP Leader Tom Mulcair promised to balance the budget in 2015.

    The real risk isn’t ambitious reform, but relying on outdated tricks in a world that demands new solutions.

    Daniel Horen Greenford receives funding from the Social Sciences and Humanities Research Council.

    – ref. Canada’s federal election must grapple with the limits of neoliberal economics – https://theconversation.com/canadas-federal-election-must-grapple-with-the-limits-of-neoliberal-economics-254364

    MIL OSI – Global Reports –

  • MIL-OSI Global: The new abnormal: Debating Canada’s future at a hinge point in history

    Source: The Conversation – Canada – By Stewart Prest, Lecturer, Political Science, University of British Columbia

    Canadians watched the two leaders’ debates unfold last week in Montréal. The debates, and this election, occur at a pivotal moment in history. Canadians go to the polls as the future of global democracy and governance, and in fact the very independence of the country, is in the balance.

    In crucial ways, the debates failed to meet the moment — and therefore will likely be forgotten as Canadians vote cast their ballots in a week. Unlike a past debate that focused on Canadian sovereignty between John Turner and Brian Mulroney in 1988, this one featured few knockout punches or memorable moments.

    Shadows of the past

    In the weeks prior to the debates, observers drew comparisons to that momentous English-language leaders’ showdown 37 years ago. That debate laid out a clear question for voters: Are you in favour of entering a free-trade agreement with the United States?

    Prime Minister Mulroney was supportive of the agreement, while Liberal Leader Turner was sharply opposed, fearing for the country’s independence.

    In the end, both Mulroney and Turner had a point. In the ensuing decades, free trade with the U.S. has brought both prosperity and dependence on the country as the Canadian economy became ever more deeply intertwined with that of the United States.

    A hinge point in history

    In 2025, we face an even more pivotal moment. The global order is shifting.

    Under Donald Trump, the U.S. has moved away from its decades-old position at the heart of a liberal international order centred on western democracies to embrace a transactional and illiberal foreign policy built on the language of power.



    Read more:
    Like dictators before him, Trump threatens international peace and security

    Given the gravity of the moment however, we heard comparatively little during the debates about how Canada must respond at this hinge point in history as Canadians adapt to a predictably unpredictable future.

    The threat of economic tariffs, while real, are just the beginning. Leaders alluded to the fact that Canada’s erstwhile closest ally now constitutes a threat to Canadian sovereignty, but it was not a major point of discussion, even as the the White House Press secretary recently affirmed Trump still wants Canada to become the 51st state. Threats to the territorial integrity of other former American allies continue as well.

    Viewers heard questions during the debate related to the possibility that the U.S. may no longer support Ukraine, but nothing about how Trump shocked the world with a very public dressing-down of Ukraine’s president or how he seems more comfortable co-operating with Vladimir Putin’s Russia.

    Virtually no mention was made of the fact that the U.S. is, by some measures, no longer a democracy. Its courts are politicized. Congress is polarized. The federal civil service remains under siege, and key institutions of civil society are under pressure to conform to Trump’s demands. Nor was there any discussion about how the Trump administration is openly defying court orders, effectively flouting the rule of law, and what that could mean for Trump’s annexation threats against Canada.

    There was some talk during the debate of Canada trying to reach the (Trump-demanded) NATO military target for military spending, but nothing about the fact that the future of the alliance is uncertain. European states are openly questioning the credibility of American support in the event of an attack and European leaders discussing defence strategies without American involvement for the first time since the Second World War.



    Read more:
    How could Canada deter an invasion? Nukes and mandatory military service

    A debate like any other

    It’s clear from such silences on the debate stage that Canadian voters, journalists, debate moderators and politicians alike are all still coming to terms with the depth of change in the world around them.

    The debate was filled with talk of pipelines, housing strategies and domestic law and order. In fact, neither debate was much different from those of the past 20 years.

    That’s not to suggest domestic challenges don’t require substantive discussion and policy proposals. As I and others have argued, the populist anti-incumbent wave that we saw sweeping Canadian and global politics in recent years can be traced to the sense that a portion of the population — younger voters in particular — feel left behind and ignored.



    Read more:
    Justin Trudeau’s bleak poll numbers are part of a global trend as young voters reject incumbents

    The challenges are multiple and significant, including but not limited to housing and affordability, public safety and policing, slow economic development and the challenges of responding to climate change in an economy dependent on energy exports.

    Nonetheless, in focusing so heavily on domestic and not global threats, the debate verged at times on the parochial.

    Bloc leader Yves-François Blanchet, for instance, tried to keep provincial jurisdiction and Québec’s interests top of mind. NDP leader Jagmeet Singh’s message, at its most effective, was that as the country turns to face new challenges, it cannot forget about the marginalized in Canadian society and abroad. Worthy points, but secondary to the larger moment.

    Ultimately, the debate was dominated by the other two men on the stage with a real chance to govern the country next week: Liberal Leader Mark Carney and Conservative Leader Pierre Poilievre.

    The two appeared united in their passion for the country and pipelines, and share some other priorities, notably facilitating interprovincial economic integration.

    Conservative base is divided

    In other respects, the two leaders diverged significantly in their views. Of all the leaders, Carney was the most willing to discuss the Trump threat, including when he suggested in his closing English remarks that Trump is “trying to break us so the U.S. can own us.”

    For the majority of the debates, however, the Liberal leader focused primarily on the economic threat. He argued that the country must look away from the U.S., and instead build inward with investment in housing and energy at home, and build outward by identifying more reliable markets and allies abroad.

    Poilievre’s messaging was more nuanced, moving in different directions to suit different audiences. No doubt this is because the country’s Conservative voting base is itself deeply divided between mainstream conservatives who share their fellow Canadians’ concerns about Trump and a populist faction that tends to identify with the MAGA movement in numerous ways.



    Read more:
    Why some Canadians are in denial about Donald Trump

    In attempting to square that circle, Poilievre has signalled strong opposition to Trump and his tariffs — a point he repeatedly discussed during the debate — and called for measures to enhance Canadian productivity, notably in the energy sector.

    At the same time, however, he endorsed other policies that evoke aspects of Trump’s own political agenda, something he largely avoided mentioning during the debates. Notable among are Poilievre’s promised war on “woke” culture. While not discussed in detail during the debates, disruptive questions from right-wing media outlets following the French debate illustrated just how close to the surface such issues remain.

    The ‘new abnormal’

    In the absence of a significant gaffe, knockout blow or other dramatic twist, the debates are unlikely to change many minds, and seem likely to soon fade from memory.

    Initial post-debate polling suggests as much. Anyone leaning one way or another heard enough to affirm their views as they tuned into the debates, and nothing to make them question their choice.

    Answers to larger questions about how Canada should move forward in this emergent new global order, amid daunting new threats to peace and democracy, remain only hinted at. Whoever wins the election, those questions will continue to be asked with increased urgency in the coming years.

    Stewart Prest 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. The new abnormal: Debating Canada’s future at a hinge point in history – https://theconversation.com/the-new-abnormal-debating-canadas-future-at-a-hinge-point-in-history-254675

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Agricultural Water Management Funding now Available

    Source: Government of Canada regional news

    Released on April 21, 2025

    Today, the Water Security Agency (WSA) announced the Agricultural Water Management Fund is open for applications in 2025. The fund supports agricultural producers and local governments to develop water management projects.  

    Since 2022, the fund has provided over $2 million to help 93 projects across the province to obtain drainage approvals that support environmental stewardship and agricultural growth in Saskatchewan. 

    “The Agricultural Water Management Fund supports responsible and sustainable water management in Saskatchewan,” Minister Responsible for the Water Security Agency Daryl Harrison said. “Saskatchewan producers are great stewards of the land, and we know supporting our agricultural sector with programs like this leads to a growing and vibrant province.” 

    Applicants can receive up to $95,000 per project based on a cost-sharing approach. It can be used for qualified persons support, technical and engineering costs, and mitigation and rehabilitation works for agricultural water management projects.  

    This program is part of WSA’s ongoing commitment to supporting the agricultural community in developing and maintaining responsible agricultural water management projects in Saskatchewan.

    Eligible recipients include: 

    •  Individuals or corporations registered in Saskatchewan who own, lease, or rent property for agricultural production purposes;
    •  First Nations in Saskatchewan;
    • Saskatchewan rural municipalities;
    • Conservation & Development Area Authorities;
    • Watershed Association Boards; and
    • Irrigation Districts.  

    For more information about the Agricultural Water Management Fund, or to apply, please visit: wsask.ca. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Highway 17 exit to Keating Cross Road moving south until summer

    Starting Tuesday, April 22, 2025, the left-turn lane and waiting area from Highway 17 (Patricia Bay Highway) to Keating Cross Road, Exit 18, will be moved south.

    This change is needed to allow contractors to complete work on a retaining wall for the future southbound on-ramp.

    This traffic pattern will remain in place until the overpass is fully operational in the summer of 2025. Once complete, the Keating Cross Road Overpass will improve safety, reduce traffic congestion, and make travel along Highway 17 more efficient.

    Drivers are reminded to obey signage in the area, and drive with caution in active construction zones. For the most up-to-date information on road conditions and potential changes to the traffic schedule, visit: https://www.drivebc.ca/

    Learn more: https://gov.bc.ca/keatingoverpass

    MIL OSI Canada News –

  • MIL-OSI Canada: Transnational Repression Operation

    Source: Government of Canada News

    As part of its mandate to monitor the digital information ecosystem during the general election, the Security and Intelligence Threats to Elections (SITE) Task Force has observed a transnational repression (TNR) operation targeting the 45th general election.

    Sample Images

    These are just some examples among many. It is important for the SITE Task Force to avoid amplifying this type of transnational repression campaign any further. 

    Background

    In December 2024, Hong Kong Police announced they would provide monetary rewards for information that would lead to the arrest of six individuals living overseas, including two Canadians.

    The decision by Hong Kong to issue international bounties and cancel the passports of democracy activists and former Hong Kong lawmakers, is deplorable. This attempt by Hong Kong authorities to conduct TNR“>TNR abroad, including by issuing threats, intimidation or coercion against Canadians or those in Canada, will not be tolerated. 

    One of the six individuals targeted by Hong Kong is Joe Tay, Conservative Party candidate for Don Valley North,

    and known for his opposition to PRC“>PRC laws and practices in the Hong Kong Special Administrative Region.

    The People’s Republic of China (PRC), including Mainland China and Hong Kong, uses a variety of tactics to carry out TNR activities. It exploits PRC-based family members to pressure those in Canada to cease certain activities the PRC views as hostile, or to return to the PRC. It also threatens PRC-based family members with a range of potential coercive actions, including detention or financial penalties. The PRC also leverages overseas actors to monitor, surveil and report on others in Canada.

    To support its TNR activities, the PRC uses its diplomatic missions, PRC-linked organizations affiliated with the United Front Work Department, community organizations and influential community leaders, among others.

    About transnational repression

    Transnational Repression (TNR) takes place when foreign governments reach beyond their state borders to advance their interests or silence criticism and dissent using intimidation, threats or violence, often against diaspora and exile communities.

    TNR activities typically target political dissidents, human rights and democracy defenders, and religious and ethnic minority groups. But TNR also increasingly targets the people and organizations that defend the victims. This can include activists, international students and scholars, lawyers and doctors, as well as journalists.

    Hostile state actors will use a variety of tactics to extend their reach into Canada:

    • Physical intimidation and violence: Monitoring and surveillance, vandalism, threats, abduction, assault, or attempted murder. Actors can use coercion or assault as punishment or to influence opinion, and hostile state actors sometimes hire organized crime groups or proxies for this.
    • Threats against overseas relatives and other connections: Threats against relatives and partners in the home country, to relay messages or force an action in Canada. This creates a sense of vulnerability, as close relations abroad may be victim to the laws and regulations of a non-democratic country.
    • Legal manipulation: Foreign states abusing legal mechanisms for coercive purposes, like libel suits, extraditions agreements, bounties for information on individuals, Interpol Red Notices, imposing sanctions, and refusing visa applications for personal or professional travel.
    • Community ostracism: Rejection from community associations, use of labels such as ‘extremist’ or ‘traitor’, or loss of access to social events and employment opportunities.
    • Malicious Digital Activity: Hacking, cyberbullying, targeted deepfakes, online defamation and disinformation, doxxing, or threatening online messages.

    Impact

    TNR causes harm both to the victims and the community.

    • At the individual level, there is a profound psychological impact on victims who experience TNR. They might experience fear, anxiety, and stress due to the continuous surveillance and harassment they face. In fact, just knowing that a foreign government can monitor their activities or harm their families can lead many victims of TNR to self-censor or withdraw from public life.
    • At the community level, TNR creates mistrust and division. Targeted communities may become fragmented as individuals fear infiltration by foreign agents or retaliation for associating with activists.

    Transnational Repression Operation

    During the writ period, SITE has observed two significant trends related to Mr. Tay across multiple social media platforms.

    1.  Inauthentic and coordinated amplification of content related to the bounty and arrest warrant against Mr. Tay, as well as content related to his competence for political office.

      The SITE Task Force has seen that multiple accounts or platforms published or interacted with content at similar times and dates – sometimes within minutes or even seconds of each other. This creates an increased volume of content, making it more likely that users of these platforms are exposed to the amplified narratives.

    2.  Deliberate suppression of search results, or “keyword filtering” censoring Mr. Tay’s name in simplified and traditional Chinese on platforms based in the PRC.

      The SITE Task Force is observing deliberate efforts to suppress any new content about Mr. Tay, and when users search his name, the search engine only returns information about the bounty.

    This is not about a single incident with high levels of engagement. It is a series of deliberate and persistent activity across multiple platforms – those in which Chinese-speaking users in Canada are active, including: Facebook, WeChat, TikTok, RedNote, and Douyin, a sister-app of TikTok for the Chinese market.

    Overall engagement levels since December 2024 have been low, with an increase at various points during the writ period. The combined instances, inauthentic and coordinated amplification across multiple platforms, and the concerning trend of deliberate search suppression on platforms frequented by Canadians, have led us to determine that voters need to be aware.

    It is clear that this was a deliberate attempt to amplify inauthentic content. However, at least until this point, that content has not generated much traction.

    Reporting transnational repression

    If you are in immediate danger, always call 9-1-1.

    1. Take a record of events:
      As soon as it is safe, write down or record the situation as precisely as possible. Include descriptive details about the person, date and time, location, other witnesses, and event. For instance: Did it happen in-person? Was it a phone call? An email? Any security cameras or witnesses nearby?
    2. Report it:
      Contact your local police, the Royal Canadian Mounted Police (RCMP) or the Canadian Security Intelligence Service (CSIS). Clearly articulate why you believe you are being targeted and mention that you believe this is transnational repression.

    Even if the piece of information provided may not on its own be something that meets a criminal threshold, it may be a building block that helps police to identify threats, support a larger police response, or even contribute to another ongoing investigation.

    When the matter concerns your vote, you can also reach out to the Office of the Commissioner of Canada Elections, and the SITE Task Force. 

    MIL OSI Canada News –