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Category: Commerce

  • MIL-OSI: 2025 first-quarter results

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), April 29, 2025

    A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING 
    AND VESSEL CAPACITY AGREEMENT TERMINATED

        Q11
    Revenue2   $301M (+10%)
    Adjusted EBITDA2   $143M (+35%)
    Net Cash Flow   $(20)M (vs $30M)

    Including a $42M interest payment in March 2025 (historically paid in Q2)

    Sophie Zurquiyah, Chief Executive Officer of Viridien:

    “The first quarter of 2025 was marked by two significant milestones for the Group: the termination of the vessel capacity agreement, completing our transition toward an asset-light model, and the successful refinancing of our bonds. The end of the vessel capacity agreement opens a new chapter of enhanced flexibility in our cost base and stronger cash generation, while our bond refinancing reflects the financial market’s confidence in the execution of our strategy and our long-term potential.

    In parallel, our financial results for the first quarter of 2025 confirm the robust performance of our business, with commercial wins, solid profitability, and cash generation fully aligned with our long-term ambitions.

    Assuming moderate fluctuations in the oil market, we expect to achieve our target of approximately $100M in Net Cash Flow generation for the year and to continue our deleveraging journey.”

    Q1 2025 Highlights2

    • Group
      • IFRS Revenue, EBITDA and Net Income of respectively $258 million, $99 million, $(28) million
      • Group revenue increased thanks to sustained momentum in Geoscience and successful Earth Data sales. Sensing & Monitoring comparison base returned to a more normalized level
    • Group Adjusted EBITDA of $143 million, up 35%, benefited from (i) revenue growth at Geoscience, (ii) revenue growth and the end of vessel commitment penalty fees at Earth Data, and (iii) cost reductions at Sensing & Monitoring
    • Cash flow of $22 million before the $42 million bond interest payment in Q1 (historically paid in Q2). Net Cash Flow of $(20) million after interest payment and negative working capital impact
    • Final milestones of our financial roadmap achieved: successful refinancing of our April 2027 $447 million and €578 million notes, replaced with $450 million 10% and €475 million 8.5% senior secured notes due October 2030
    • Net debt at $974 million and liquidity at $257 million
    • Digital, Data and Energy Transition (DDE)
      • Revenue at $214 million, up 16% with growth both at Geoscience (+25%) and Earth Data (+7%)
      • Adjusted EBITDA at $137 million, up 32%
        • Geoscience:
          • Revenue at $110 million (+25%)
          • Solid performance driven by continued adoption of our most advanced Elastic FWI technologies worldwide
          • North America outperforming and sustained interest of MENA clients for high-quality imaging
          • Low Carbon: minerals study in Saudi Arabia and new win for carbon sequestration in the North Sea
          • HPC & Digital: new HPC customers in Materials Science and Image Rendering operating on our platform
        • Earth Data:
          • Revenue at $104 million (+7%)
          • Cash EBITDA at $39 million (+12%)
          • Early results show game-changing imaging at Laconia and environmental permit received for a program in Brazil. Active on multiple reprocessing projects worldwide
          • Low Carbon: CCUS screening package projects funded by industrial emitters in Europe
    • Sensing and Monitoring (SMO)
      • Revenue at $87 million, nearly stable (-2%), with a return to a more normalized comparison base
      • Adjusted EBITDA at $14 million (+37%), driven by cost reduction impact on profitability
        • Sustained activities in Land with strong momentum on nodal systems
        • New Businesses: new infrastructure monitoring contracts signed in North America; pursuing several geotechnical monitoring opportunities in rail and mining sectors worldwide; awarded a new project for our Marlin Ports & Logistics solution in Asia
    • Full-Year 2025 financial outlook
      • In 2025, assuming a stable E&P Capex environment, performance is expected to be driven by:
        • Geoscience: growth supported by industry-leading technology and strong backlog
    • Earth Data: stronger Cash EBITDA KPI following the end of vessel commitment penalty fees
      • Sensing & Monitoring: further savings expected from the restructuring plan
      • New Businesses: growth and first- year positive contribution to Group profitability
    • Financial objective:
      • Net Cash Flow of approximately $100 million, assuming moderate oil market fluctuations
    • Following the successful refinancing completed in Q1, Viridien will continue focusing on cash flow generation and deleveraging
    • Q1 2025 Conference call
      • The press release and presentation will be available on our website www.viridiengroup.com at 5:45 p.m. (CET)
      • An English-language analysts’ conference call is scheduled today at 6:00 p.m. (CET)
      • Participants should register for the call here to receive a dial-in number and access code, or participate via the live webcast here
      • A replay of the conference call will be available the following day for a period of 12 months in audio format on the Company’s website

    The Board of Directors met on April 29, 2025, and closed the consolidated financial statements as of
    March 31, 2025. Please note that the figures and information published in this press release have not been audited nor have they been subject to any limited review by Viridien’s statutory auditors.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Investors contact:

    VP Investor Relations and Corporate Finance
    Alexandre Leroy
    alexandre.leroy@viridiengroup.com
    +33 6 85 18 44 31

    Q1 2025 – Financial Results

    Key Segment P&L figures (1)
    (in millions of $)    		 2024 2025 Var.
    %
    Q1 Q1
    Exchange rate euro/dollar 1.09 1.04 (5%)
    Segment revenue 273 301 10%
    DDE 185 214 16%
    Geoscience 88 110 25%
    Earth Data 97 104 7%
    SMO 89 87 (2%)
    Land 45 51 14%
    Marine 34 25 (26%)
    Beyond the core 11 11 4%
    Segment EBITDAs 105 142 36%
    Adjusted (2)Segment EBITDAS 106 143 35%
    DDE 104 137 32%
    SMO 10 14 37%
    Corporate and other (8) (8) -1%
    Segment operating income 28 65 136%
    Adjusted (2)Segment operating income 29 66 130%
    DDE 35 66 87%
    SMO 2 8 303%
    Corporate and other (9) (9) -1%
    1) Unaudited figures
    2) Adjusted for non-recurring charges and gains    		      
    Other KPI (1)
    (in millions of $)    		 2024 2025 Var.
    %
    Q1 Q1
    Geoscience Backlog 227 329 45%
    Total Capex 58 61 5%
    EDA Library net book value (2) 471 489 4%
    Liquidity 440 257 -42%
    o.w. undrawn RCF 90 110 (3) 22%
    Gross debt (2) 1 316 1 120 -15% 
    o.w. accrued interests 43 2 -96%
    o.w. lease liabilities 108 124  15%
    Net debt (2) 966 974 1%
    1)   Unaudited figures
    2)   Post IFRS15 and 16
    3)   $125M RCF fully undrawn, o/w. $15M ancillary guarantee facility    		      
    Consolidated IFRS Income Statements (1)
    (in millions of $)    		 2024 2025 Var.
    %
    Q1 Q1
    Exchange rate euro/dollar 1.09 1.04 (5%) 
    Revenue 249 258 4%
    EBITDA 80 99 24%
    Operating Income 20 56 185%
    Equity from Investment (0) (0) 2%
    Net cost of financial debt (24) (26) 6%
    Other financial income (loss) 0 (46) –
    Income taxes 2 (13) –
    Net Income / Loss from continuing operations (3) (29) –
    Net Income / Loss from discontinued operations 0 1 –
    Net Income / (Loss) (3) (28) –
    Shareholder’s net income / (loss) (3) (28) –
    Basic Earnings per share in $ (0.42) (3.88) –
    Basic Earnings per share in € (0.38) (3.74) –

    1)   Unaudited figures

    Cash Flow items (1)
    (in millions of $)    		 2024 2025 Var.
    %
    Q1 Q1
    Segment EBITDA 105 142 36%
    Income Tax Paid (3) (4) (26%)
    Change in Working Capital & Provisions (0) (47) –
    Other Cash Items (1) (1) 13%
    Cash provided by Operating Activity 102 91 (9%)
    Total Capex (58) (61) (5%)
    Acquisitions and Proceeds of Assets 0 (1) –
    Cash from Investing Activity (58) (62) (7%)
    Paid Cost of Debt 2 (39) –
    Lease Repayment (12) (10) 17%
    Cash from Financing Activity (10) (49) –
    Discontinued Operations Acquisitions (3) (0) 89%
    Net Cash Flow 30 (20) –
    Financing cash flow (3) (129) –
    Forex and other (4) (6) –
    Net increase/(decrease) in cash 23 (155) –

    1)   Unaudited figures

    CONSOLIDATED FINANCIAL STATEMENTS – March 31, 2025

    Unaudited Interim Consolidated statement of operations

        Three months ended March 31,
    (In millions of US$, except per share data) Notes 2025 2024
    Operating revenues   257.5 248.6
    Other income from ordinary activities   0.1 0.1
    Total income from ordinary activities   257.6 248.7
    Cost of operations   (171.0) (192.8)
    Gross profit   86.6 55.9
    Research and development expenses – net   (4.0) (4.9)
    Marketing and selling expenses   (7.7) (8.8)
    General and administrative expenses   (18.1) (21.3)
    Other revenues (expenses) – net 5 (0.3) (1.1)
    Operating income (loss)   56.4 19.8
    Cost of financial debt – gross   (27.4) (27.4)
    Income provided by cash and cash equivalents   1.6 3.1
    Cost of financial debt, net   (25.8) (24.3)
    Other financial income (loss) 6 (46.2) (0.0)
    Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method   (15.5) (4.5)
    Income taxes   (12.9) 2.1
    Net income (loss) before share of income (loss) from companies accounted for under the equity method   (28.4) (2.4)
    Net income (loss) from companies accounted for under the equity method   (0.2) (0.2)
    Net income (loss) from continuing operations   (28.6) (2.6)
    Net income (loss) from discontinued operations   0.7 0.0
    Consolidated net income (loss)   (28.0) (2.6)
    Attributable to:      
    Owners of Viridien S.A. $ (27.8) (3.0)
    Non-controlling interests $ (0.2) 0.4
    Net income (loss) per share      
    Basic (a) $ (3.88) (0.42)
    Diluted (a) $ (3.88) (0.42)
    Net income (loss) from continuing operations per share      
    Basic (a) $ (3.97) (0.42)
    Diluted (a) $ (3.97) (0.42)
    Net income (loss) from discontinued operations per share (a)      
    Basic (a) $ 0.09 (0.00)
    Diluted (a) $ 0.09 (0.00)

    (a)   As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per share for 2023 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

    See the notes to the Unaudited Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statement of comprehensive income (loss)

        Three months ended March 31,
    (In millions of US$) Notes 2025 (a) 2024 (a)
    Net income (loss) from statements of operations   (28.0) (2.6)
    Net gain (loss) on cash flow hedges   (0.3) 0.3
    Variation in translation adjustments   9.9 (5.8)
    Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1)   9.6 (5.5)
    Net gain (loss) on actuarial changes on pension plan   (0.5) 0.0
    Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2)   (0.5) 0.0
    Total other comprehensive income (loss) for the period,
    net of taxes (1) + (2)    		   9.1 (5.5)
    Total comprehensive income (loss) for the period   (18.9) (8.1)
    Attributable to:      
    Owners of Viridien S.A.   (18.8) (8.4)
    Non-controlling interests   (0.1) 0.3

    (a) Including other comprehensive income related to discontinued operations which is not material

    Unaudited Interim Consolidated statement of financial position

    (In millions of US$) Notes March 31, 2025 December 31, 2024
    ASSETS      
    Cash and cash equivalents   146.6 301,7
    Trade accounts and notes receivable, net   343.7 339,9
    Inventories and work-in-progress, net   162.4 163,3
    Income tax assets   13.5 22,9
    Other current assets, net   78.1 74,0
    Assets held for sale, net   26.4 24,5
    Total current assets   770.7 926,2
    Deferred tax assets   39.5 43,6
    Other non-current assets, net   8.6 8,9
    Investments and other financial assets, net   24.2 25,7
    Investments in companies under the equity method   5.9 1,1
    Property, plant and equipment, net   212.1 220,6
    Intangible assets, net   569.3 535,4
    Goodwill, net   1,086.4 1,082,8
    Total non-current assets   1,946.0 1,918,1
    TOTAL ASSETS   2,716.7 2,844,3
    LIABILITIES AND EQUITY      
    Financial debt – current portion 3 43.8 56,9
    Trade accounts and notes payables   101.3 120,9
    Accrued payroll costs   92.4 84,5
    Income taxes payable   17.8 20,4
    Advance billings to customers   18.1 19,2
    Provisions — current portion   18.8 19,7
    Other current financial liabilities   0.0 0,5
    Other current liabilities   207.7 182,5
    Liabilities associated with non-current assets held for sale   2.2 2,4
    Total current liabilities   502.1 507,0
    Deferred tax liabilities   18.4 18,4
    Provisions — non-current portion   30.9 28,8
    Financial debt – non-current portion 3 1,076.4 1,165,6
    Other non-current financial liabilities   0.0 0,0
    Other non-current liabilities   1.8 1,7
    Total non-current liabilities   1,127.5 1,214,5
    Common stock: 11,214,681 shares authorized and 7,161,465 shares with a €1.00 nominal value outstanding at March 31, 2025   8.7 8,7
    Additional paid-in capital   118.7 118,7
    Retained earnings   1,009.0 1,036,5
    Other Reserves   37.5 55,2
    Treasury shares   (20.1) (20,1)
    Cumulative income and expense recognized directly in equity   (1.4) (1,1)
    Cumulative translation adjustment   (103.3) (113,3)
    Equity attributable to owners of Viridien S.A.   1,049.2 1,084,7
    Non-controlling interests   38.0 38,1
    Total equity   1,087.2 1,122,8
    TOTAL LIABILITIES AND EQUITY   2,716.7 2,844,3

    See the notes to the Unaudited Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statement of cash flows

        Three months ended March 31,
    (In millions of US$) Notes 2025 2024
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   (28.0) (2.6)
    Less: Net income (loss) from discontinued operations   (0.7) (0.0)
    Net income (loss) from continuing operations   (28.6) (2.6)
    Depreciation, amortization and impairment   21.2 24.2
    Impairment and amortization of Earth Data Surveys   24.3 39.0
    Depreciation and amortization of Earth Data surveys, capitalized   (4.2) (3.8)
    Variance on provisions   (0.7) 0.3
    Share-based compensation expenses   1.1 0.9
    Net (gain) loss on disposal of fixed and financial assets   0.1 –
    Share of (income) loss in companies recognized under equity method   0.2 0.2
    Other non-cash items   30.9 1.2
    Net cash-flow including net cost of financial debt and income tax   44.3 59.4
    Less: Cost of financial debt   25.8 24.3
    Less: Income tax expense (gain)   12.9 (2.1)
    Net cash-flow excluding net cost of financial debt and income tax   83.0 81.6
    Income tax paid   (4.1) (3.2)
    Net cash-flow before changes in working capital   78.9 78.4
    Changes in working capital   11.6 22.3
    – change in trade accounts and notes receivable   24.9 33.6
    – change in inventories and work-in-progress   6.3 0.2
    – change in other current assets   (0.2) (2.1)
    – change in trade accounts and notes payable   (19.8) 15.4
    – change in other current liabilities   0.0 (24.8)
    Net cash-flow from operating activities   90.5 100.7
           
    INVESTING ACTIVITIES      
    Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers   (61.2) (58.2)
    Proceeds from disposals of tangible and intangible assets   0.0 0.5
    Dividends received from investments in companies under the equity method   – 0.2
    Total net proceeds from financial assets   – –
    Variation in other non-current financial assets   2.3 (3.3)
    Net cash-flow from investing activities   (58.9) (60.8)
        Three months ended March 31,
    (In millions of US$) Notes 2025 2024
    FINANCING ACTIVITIES      
    Repayment of long-term debt   (1,074.2) (0.2)
    Total issuance of long-term debt   964.2 –
    Call premium   (21.9) –
    Refinancing transaction costs paid   (11.7) –
    Lease repayments   (9.8) (11.8)
    Financial expenses paid   (38.8) 2.0
    Dividends paid and share capital reimbursements:      
    — to owners of Viridien   – –
    — to non-controlling interests of integrated companies   – –
    Net cash-flow from financing activities   (192.2) (10.0)
           
    Effects of exchange rates on cash   6.0 (4.1)
    Net cash flows incurred by discontinued operations   (0.3) (2.9)
    Net increase (decrease) in cash and cash equivalents   (155.0) 22.9
    Cash and cash equivalents at beginning of year   301.7 327.0
    Cash and cash equivalents at end of period   146.6 349.9

    See the notes to the Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statements of changes in equity

    Amounts in millions of
    US$, except share data    		 Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2024 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3
    Net gain (loss) on actuarial changes on pension plan (1)       0.0         0.0   0.0
    Net gain (loss) on cash flow hedges (2)             0.3   0.3   0.3
    Net gain (loss) on translation adjustments (3)               (5.7) (5.7) (0.1) (5.8)
    Other comprehensive income (1)+(2)+(3) – – – 0.0 – – 0.3 (5.7) (5.4) (0.1) (5.5)
    Net income (4)       (3.0)         (3.0) 0.4 (2.6)
    Comprehensive income (1)+(2)+(3)+(4) – – – (3.0) – – 0.3 (5.7) (8.4) 0.3 (8.1)
    Exercise of warrants                      
    Dividends                 –   –
    Cost of share-based payment       0.8         0.8   0.8
    Variation in translation adjustments generated by the parent company         9.7       9.7   9.8
    Balance at March 31, 2024 7,136,763(a) 8.7 118.7 978.2 37.0 (20.1) (1.1) (96.5) 1,024.9 41.8 1,066.7
    Amounts in millions of
    US$, except share data    		 Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2025 7,161,465(b) 8.7 118.7 1,036.5 55.2 (20.1) (1.1) (113.3) 1,084.7 38.1 1,122.8
    Net gain (loss) on actuarial changes on pension plan (1)       (0.5)         (0.5)   (0.5)
    Net gain (loss) on cash flow hedges (2)             (0.3)   (0.3)   (0.3)
    Net gain (loss) on translation adjustments (3)               9.9 9.9 0.0 9.9
    Other comprehensive income (1)+(2)+(3)       (0.5) – – (0.3) 9.9 9.0 0.0 9.1
    Net income (loss) (4)       (27.8)         (27.8) (0.2) (28.0)
    Comprehensive income (1)+(2)+(3)+(4)       (28.4)     (0.3) 9.9 (18.8) (0.1) (18.9)
    Dividends                 – – –
    Cost of share-based payment       0.7         0.7   0.7
    Variation in translation adjustments generated by the parent company         (17.7)       (17.7)   (17.7)
    Changes in consolidation scope and other       0.2         0.2   0.2
    Balance at March 31, 2025 7,161,465 8.7 118.7 1,009.0 37.5 (20.1) (1.4) (103.3) 1,049.2 38.0 1,087.2

    (a)   Pro forma following Reverse Share Split
    (b)   Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company’s Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value

    1All variations refer to the same period last year
    2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2024 Universal Registration Document’s glossary, under section 8.7

    Attachment

    • Viridien – Q1 2025 results

    The MIL Network –

    April 30, 2025

  • MIL-OSI Security: Bank General Counsel Sentenced to Four Years in Prison for $7.4 Million Embezzlement Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JAMES BLOSE, 56, of Fairfield, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 48 months of imprisonment, followed by three years of supervised release, for offenses stemming from a decade-long embezzlement scheme at banks where he served as General Counsel and held other high-ranking positions.

    According to court documents and statements made in court, from approximately 2013 to January 2022, Blose was an attorney and held high-ranking positions, including General Counsel, at Hudson Valley Bank and Sterling National Bank.  From approximately January 2022, when Webster Bank acquired Sterling National Bank, until February 2023, Blose served as Executive Vice President and General Counsel and Corporate Secretary at Webster Bank.

    From approximately 2013 until Webster Bank discovered his scheme and his employment was terminated in February 2023, Blose defrauded his employers (“The Bank”) in various ways.  In certain commercial loan transactions where The Bank was the lender, Blose fraudulently retained for himself portions of closing costs, including legal fees.  In certain real estate transactions in which The Bank was the seller, Blose retained portions of the sale proceeds for himself.  For some of the real estate transactions, Blose created false documents in order to hide his theft from The Bank.  Blose also stole from The Bank in other ways.

    As part of the scheme, Blose used his attorney trust accounts to make personal expenditures, and to transfer funds to accounts in the names of business entities he created and controlled, and then used those funds for his personal benefit.  Through this scheme, Blose stole approximately $7.4 million from his employers, and used the stolen funds to purchase a vacation property on Kiawah Island in South Carolina, for construction of his Connecticut home, and for luxury vehicles, jewelry, private jets charters, multiple country club memberships, and other expenses.

    Judge Chatigny will determine restitution after additional court proceedings.

    On December 20, 2024, Blose pleaded guilty to one count of bank fraud and one count of engaging in illegal monetary transactions.

    Blose, who is released on a $250,000 bond, is required to report to prison on June 23

    This investigation was conducted by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General.  Financial crimes investigators from Webster Bank assisted the investigation.

    This case was prosecuted by Assistant U.S. Attorney Michael S. McGarry.

    MIL Security OSI –

    April 30, 2025

  • MIL-OSI United Kingdom: British Steel: ministerial direction

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    British Steel: ministerial direction

    Letters requesting and confirming the ministerial direction relating to British Steel.

    Documents

    Letter from the Secretary of State for Business and Trade to the Permanent Secretary, 12 April 2025

    PDF, 103 KB, 1 page

    Letter from the Permanent Secretary to the Secretary of State for Business and Trade, 12 April 2025

    PDF, 199 KB, 3 pages

    Details

    The first letter requests a ministerial direction on British Steel. It is from the Permanent Secretary to the Secretary of State for Business and Trade. The reasons for the request are also set out in this letter.

    The second letter confirms the ministerial direction on British Steel. It is from the Secretary of State for Business and Trade to the Permanent Secretary. The reasons for the confirmation are also set out in this letter.

    Updates to this page

    Published 29 April 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

    April 30, 2025

  • MIL-OSI Russia: The role of family in modern society was discussed at the State University of Management

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On April 29, the 2nd International Scientific Conference “Family in Modern Russian Society” was held at the State University of Management, organized by the Research Institute of Public Policy and Management of Industrial Economics of the State University of Management together with the university institutes.

    Today, family issues are given special attention at all levels. Thus, 2024 in Russia was held under the auspices of the Year of the Family and became fruitful in terms of long-term legislative, economic and social initiatives aimed at supporting Russian families.

    More than 50 students, postgraduates, applicants, scientists and teachers presented papers on the role of the family in Russian society, issues of family policy and traditional family values. Students and teachers of Russian universities, experts, representatives of government bodies and the clergy took part in the work of the sections. The Chairman of the Program Committee was Oleg Sudorgin, Director of the Research Institute of Public Policy and Management of Industrial Economy of the State University of Management.

    The conference included five sections.

    The section “Family and Marriage Values in the Minds of Modern Youth” was led by Deputy Director of the Institute of Personnel Management, Social and Business Communications for Research Galina Mokhova. Participants presented research on the specifics of family relationships and youth education, discussed the problems of trust in family relationships, and the perception of family and marriage by young people. Considerable attention was paid to the preservation and strengthening of intergenerational relationships and traditional family values.

    The Family Economy section, chaired by Galina Sorokina, Director of the Institute of Economics and Finance, discussed the specifics and issues of family economics and family budget in modern society. Representatives of the Russian Orthodox Church also took part in the work: the rector of the Spaso-Preobrazhensky Pronsky Monastery in the Ryazan Diocese, Abbot Luka (Stepanov), the rector of the Church of the Holy Blessed Prince Andrei Bogolyubsky on Volzhsky, Priest Kirill (Kraev), and the priest of the Church of the Life-Giving Trinity near Saltykov Bridge, Priest Grigory (Falin). GUU expresses its deep appreciation and gratitude to the representatives of the Russian Orthodox Church for their participation in the conference.

    Within the framework of the section “Formation and development of modern state family policy in Russia”, headed by the head of the department of state and municipal administration, adviser to the rector’s office Sergey Chuev, current national and federal projects, strategies in the field of family and demographic policy, issues and prospects for state support for young families were discussed.

    Under the guidance of Irina Goncharova, leading researcher at the Research Institute of Public Policy and Management of Industrial Economics, in the section “The Institute of Family in the Era of Change: from Historical Mission to Modern Challenges,” the speakers examined aspects of the institution of family in the context of modern demographic challenges and the impact of digitalization, the role of the family in fostering patriotism and the formation of a positive image of the family in the media.

    The conference included a special thematic section dedicated to the 80th anniversary of the Victory in the Great Patriotic War — “The Contribution of Families to Achieving Victory in World War II.” The section was chaired by Fanis Sharipov, Director of the Center for Socio-Economic and Political Research of China at the Research Institute of Public Policy and Management of Industrial Economy. The speakers presented stories related to their ancestors who fought during the Great Patriotic War, and shared memories of the courage and dedication of their relatives. The key issues of the section were the importance of preserving historical memory and the contribution of young people to preserving the memory of the war. Nikita Stepanov, Senior Researcher at the Center for Socio-Economic Development Institutes at the Institute of Economics of the Russian Academy of Sciences, and Ivan Arkhipov, Deputy Chairman of the Russian-Chinese Friendship Society and President of the I.V. Arkhipov Foundation, took part in the section.

    For the second time, the conference became a platform for professional and extensive consideration of the vectors of development of the Russian family, key foundations for preserving the continuity of traditions and family values. Participants unanimously noted the importance of discussing and forming new ideas for developing the institution of the family, and also emphasized that the regular nature of such events promotes dialogue between generations, preservation and popularization of traditions and family values in modern Russian society.

    Let us recall that in 2024, the first International Scientific Conference “Family in Modern Russian Society” was held at the State University of Management, dedicated to the Year of the Family, declared by the President of the Russian Federation Vladimir Putin.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

    MIL OSI Russia News –

    April 30, 2025

  • MIL-OSI USA: Governor Stein Launches New $55 Million Grant Program to Support Small Business Recovery in Western North Carolina

    Source: US State of North Carolina

    Headline: Governor Stein Launches New $55 Million Grant Program to Support Small Business Recovery in Western North Carolina

    Governor Stein Launches New $55 Million Grant Program to Support Small Business Recovery in Western North Carolina
    lsaito
    Tue, 04/29/2025 – 10:08

    Raleigh, NC

    Today Governor Josh Stein announced that local governments in western North Carolina can apply for grants from a new $55 million state infrastructure program designed to help small businesses in the region recover from Hurricane Helene. The Small Business Infrastructure Grant Program, offered by the North Carolina Department of Commerce and its Rural Economic Development Division, will fund individual grants to a local government up to $1 million to rebuild the public infrastructure that small businesses rely on to operate and thrive.

    “Western North Carolina’s economy is dependent on its vibrant downtowns and small businesses, and helping them recover is critically important,” said Governor Stein. “This new grant program will reinvigorate the infrastructure that small businesses depend on, and I appreciate the General Assembly appropriating these funds.”

    The Small Business Infrastructure Grant Program (SmBIZ) will utilize state funds appropriated by the North Carolina General Assembly in the recently passed Disaster Recovery Act of 2025 Part 1, which Governor Stein signed on March 19. The program will offer grants to local governments, and the related infrastructure projects will target and support small businesses that employ 150 or fewer employees. Funding will be awarded on a first-come, first-served basis.

    Grants awarded under this program must be used by local governments to address qualifying infrastructure needs that the Department of Commerce, in consultation with applicant local governments and related small businesses, determines are the result of Hurricane Helene’s impact and have adversely affected access to, or operations of, the identified small businesses. The infrastructure cannot be owned by the small business, nor can it be such that the small business is responsible for maintaining it. Infrastructure may include but will not be limited to water, sewer, gas, telecommunications, high-speed broadband, electrical utility, sidewalk and curb infrastructure, and other repairs that remove barriers and restore or increase access to impacted small businesses.

    “Successful recovery from disasters of Helene’s magnitude requires everyone to pull together and marshal support from many different sources, both state and federal,” said North Carolina Commerce Secretary Lee Lilley. “I’m grateful that the North Carolina General Assembly has quickly provided funds for this vital new infrastructure recovery program.”

    An application portal and more information about the Small Business Infrastructure Grant Program can also be found online at commerce.nc.gov/SmBIZ.  

    Apr 29, 2025

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI Economics: Samsung Expands Direct Access to AI Assistant With Side Button on Galaxy A Series

    Source: Samsung

     
    Samsung Electronics today announced that select Galaxy A series devices will soon support AI assistant activation through the side button, bringing a fan-favorite feature from the Galaxy S series to more users and furthering Samsung’s vision of democratizing the latest AI experiences. With this update,1 users will be able to enjoy smarter AI experiences, including launching Gemini,2 Google’s AI-powered assistant, by simply pressing and holding the side button. Samsung introduced Awesome Intelligence3 on the latest Galaxy A series – Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G – including select fan-favorite AI-powered features that open up Galaxy’s incredible mobile AI experiences to more users. Now, the upcoming update makes it easier for even more Galaxy A series users around the world to complete everyday tasks more intuitively with direct access to Gemini with the side button.
     
    Known for its balance of performance and value, the Galaxy A series now offers a smarter mobile experience thanks to this update. With easier access to Gemini, users can effortlessly check their schedule, find nearby restaurants or get recommendations for birthday gifts using voice commands. They can also carry out tasks across apps4 with just a single command – like finding a dinner spot on Google Maps and sending the address to a friend through Messages – spanning Samsung, Google and select third-party apps.
     
    “Samsung and Google have been working together to deliver seamless, intuitive and meaningful AI experiences, making the latest technology more accessible for more users,” said Jay Kim, Executive Vice President and Head of Customer Experience Office, Mobile eXperience Business at Samsung Electronics. “We’re excited that Galaxy A series users will now be able to activate Gemini faster and more naturally through a simple gesture that brings intelligent support into the flow of daily tasks.”
     
    Faster access to Gemini means help is ready in everyday moments – like making last-minute dinner plans. With a simple voice command, users can say “Find French, pet-friendly restaurants with terrace seating nearby” to Gemini and get suggestions in seconds, making it easy to pick a spot and share it with a friend, without typing a single word.
     
    The software update will roll out globally to select Galaxy A series models starting in early May.
     
    For more information about the Galaxy A series, please visit: Samsung Newsroom, Samsungmobilepress.com and Samsung.com
     
     
    1 Availability and supported features may vary by market, carrier and device model. This update will be only available on Galaxy A56 5G, A55 5G, A54 5G, A36 5G, A35 5G, A34 5G, A26 5G, A25 5G, A25e 5G and A24 running One UI 7, and is scheduled to begin rolling out in May. Timing subject to change.2 Internet connection and compatible operating system required. Availability may vary by device, country/region, and language.3 Awesome Intelligence is available on Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G. Availability of Awesome Intelligence features may vary by country/region, One UI/OS version, device model, and carrier.4 Requires internet connection and Google Account login. Service availability may vary by country/region, language, and device model. Works on compatible apps. Feature availability may differ depending on subscription and results may vary. Set up may be required for certain functions or apps. Accuracy of results is not guaranteed.

    MIL OSI Economics –

    April 30, 2025

  • MIL-OSI Africa: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

    Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

    As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

    What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

    China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

    China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

    If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

    Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

    Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

    In 2024, the US was the top destination for China’s textiles exports.

    Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

    Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

    Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

    What are the biggest challenges holding back Nigerian entrepreneurs?

    Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

    High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

    Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

    Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

    A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

    Corruption also increases the costs of doing business and makes the business environment more uncertain.

    While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

    Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

    Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

    What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

    Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

    Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

    Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

    Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

    Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

    Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

    – US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare
    – https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

    MIL OSI Africa –

    April 30, 2025

  • MIL-OSI USA: Chairwoman Lisa McClain, Chairman Guthrie, and Rep. Salazar Celebrate the House Passing Legislation to Protect Children from Deepfake Exploitation

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON— House Republican Chairwoman Lisa McClain (R-Mich.), Chairman of the House Committee on Energy and Commerce Brett Guthrie (R-Ky.), and Congresswoman Maria Elvira Salazar (R-Fla.) released the following statements after the U.S. House of Representatives passed the Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks (TAKE IT DOWN) Act:

    “I’m proud to have voted in favor of the TAKE IT DOWN Act. This important legislation will protect our kids from deepfake exploitation and hold the perpetrators of these horrifying crimes accountable. I want to thank Congresswoman Salazar for leading the bill, Chairman Guthrie for getting it across the floor, and First Lady Melania Trump for supporting victims and their families,” Chairwoman McClain said.

    “Thank you to the many supporters, and especially the survivors, whose stories and steadfast advocacy helped us take quick, decisive, and targeted action to prevent the spread of explicit, non-consensual AI-generated images, including giving law enforcement the tools they need to stop these predators. Our work does not end here, as the Committee on Energy and Commerce remains committed to protecting kids and all Americans from online predators and other 21st century threats to their health and well-being,” Chairman Guthrie said.

    “My TAKE IT DOWN Act’s passage is a bipartisan victory to protect victims of real and deepfake revenge pornography. This bill shows Congress at its best, working together to empower victims, especially women and girls. It equally holds offenders and Big Tech accountable. Special thanks to Speaker Johnson, Leader Scalise, Whip Emmer, and Conference Chair McClain for their leadership in getting this done,” Congresswoman Salazar said. 

    Chairwoman McClain has expressed her support for this bill, including during a roundtable discussion with the First Lady in April.

    The bill criminalizes the publication of non-consensual intimate images (“NCII”) or the threat to publish NCII in interstate commerce. The bill requires covered internet platforms to establish and implement a notice and takedown process within one year of enactment. 

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI Global: Cyberattacks: how companies can communicate effectively after being hit

    Source: The Conversation – France – By Paolo Antonetti, Professeur, EDHEC Business School

    In its latest annual publication, insurance group Hiscox surveyed more than 2,000 cybersecurity managers in eight countries including France. Two thirds of the companies in the survey reported having been the victim of a cyberattack between mid-August 2023 and September 2024, a 15% increase over the previous period. In terms of potential financial losses, Statista estimated that cyberattacks cost France up to €122 billion in 2024, compared to €89 in 2023 – a 37% rise.


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    The main forms of cyberattacks on French businesses, the recommendations for how companies can protect themselves, and the technical and legal responses they can adopt are well documented.

    However, much less is known about appropriate communications and public relations responses to cyberattacks. The issues at stake are critical. When a company is the target of a cyberattack, should it systematically accept responsibility, or can it instead claim to be a victim to protect its reputation? A wrong answer can aggravate the situation and undermine the confidence of customers and investors.

    Positioning as a victim

    Our recent research questions the assumption that accepting causal responsibility should be the norm after a cyberattack: we show that positioning oneself as a victim can be more effective in limiting damage to one’s image – provided claims of victimhood are deployed intelligently.

    There is evidence that firms need a strategy to present themselves effectively as victims of cybercriminals. Some firms, such as T-Mobile and Equifax, have in the past paid compensation to consumers while refusing to accept any responsibility, essentially presenting themselves as victims.

    Similarly, the large French telecommunications operator Free presented itself as a victim when communicating about the large-scale cyberattack that affected its operations last October, which may have had an impact on its image. The UK’s TalkTalk initially framed itself as a victim of a cybercrime but was later criticized for its inadequate security measures.

    Victimhood and sympathy

    Clumsily declaring itself as the sole entity to blame or the sole victim of a cyberattack – which is what interests us here – can be risky and backfire on a company, damaging its credibility rather than protecting its reputation.

    When companies present themselves as victims of cybercrime, they can elicit sympathy from stakeholders. People tend to be more compassionate toward businesses that depict themselves as wronged rather than those that deny responsibility or shift blame. In essence, this strategy frames the organization as a target of external forces beyond its control, rather than as negligent or incompetent. It leverages a fundamental social norm – people’s instinctive tendency to support those they see as victims.

    But claims of victimhood must align with public expectations and the specific context of the breach. They should not be about shirking responsibility, but about acknowledging harm in a way that fosters understanding and trust. The following approaches and choices can help.

    • align with public perception

    The reactions of stakeholders often depend on their understanding of the situation. If the attack is perceived as an external and malicious act, it is crucial for a company to adopt a consistent stance by emphasizing that it itself has been a victim. But if internal negligence is proven, claiming victim status could be counterproductive. The swiftness of a company’s response, the level of transparency and the relative stance taken are all part of a good strategy.

    • express support for stakeholders

    Adopting a position of victimhood does not mean denying all responsibility or minimizing the consequences of an attack. The company must show that it takes the situation seriously by expressing empathy and commitment to affected stakeholders. It must pay particular attention to those affected inside the organization: a claim of victimhood should be part of an apology or a message expressing concern. An effective message must be sincere and oriented toward concrete solutions.

    • consider reputation

    We find that it is easier for companies to claim victimhood persuasively if they are perceived as virtuous. This reputation can be due to a positive track record in terms of corporate social responsibility or because they are a not-for-profit institution (e.g. a library, a university or a hospital). Virtuous victims generate sympathy and empathy, and this is also reflected after a cyberattack.

    • highlight the harmfulness and sophistication of the attack

    The results of our study also show that public acceptance of victim status is more effective when the cyberattack is perceived to be the work of highly competent malicious actors. It is also important for a company to persuade the public that the attack harmed the company, while keeping the main focus of the response on the public.

    • don’t complain

    It is essential to distinguish between legitimate claims of victim status and communication that could be perceived as an attempt to exonerate oneself. An overly plaintive tone could undermine a company’s credibility. The approach should be factual and constructive, focusing on the measures taken to overcome the crisis.

    • test reactions before communicating widely

    Companies’ responses to a cyberattack can vary depending on the context and the public. It is best to assess different approaches before embarking on large-scale communication. This can be done through internal tests, focus groups or targeted surveys. Subtle differences in the situation can cause important shifts in how the public perceives the breach and what the best response might be.

    Our study sheds light on a shift in public expectations about crisis management: in the age of ubiquitous cybercrime, responsibilities are often shared. Poorly managed communication after a cyberattack can lead to a lasting loss of trust and expose a company to increased legal risks. Claiming victim status effectively, with an empathetic and transparent approach, can help mitigate the impact of the crisis and preserve the organization’s reputation.

    This article was written with Ilaria Baghi (University of Modena and Reggio Emilia).

    Paolo Antonetti ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Cyberattacks: how companies can communicate effectively after being hit – https://theconversation.com/cyberattacks-how-companies-can-communicate-effectively-after-being-hit-255061

    MIL OSI – Global Reports –

    April 30, 2025

  • MIL-OSI Global: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

    Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

    As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

    What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

    China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

    China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

    If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

    Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

    Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

    In 2024, the US was the top destination for China’s textiles exports.

    Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

    Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

    Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

    What are the biggest challenges holding back Nigerian entrepreneurs?

    Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

    High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

    Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

    Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

    A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

    Corruption also increases the costs of doing business and makes the business environment more uncertain.

    While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

    Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

    Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

    What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

    Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

    Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

    Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

    Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

    Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

    Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

    Tolu Olarewaju 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. US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare – https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

    MIL OSI – Global Reports –

    April 30, 2025

  • MIL-OSI Security: Memphis Woman Sentenced in Health Care Fraud Scheme and Schemes to Defraud COVID-19 Relief Program

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

    Memphis, TN – A federal judge has sentenced Nakita Cannady, 49, to 14 months in federal prison to be followed by two years of supervised release for healthcare fraud and making false statements in connection with loan applications for the Covid-19 Relief Program.  The final sentencing hearing was concluded on April 4, 2025, with the entry of an order by Senior United States District Judge John T. Fowlkes, Jr. directing the defendant to pay more than $500,000.00 dollars in restitution to the victims.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the original federal indictment in the healthcare fraud case, Cannady owned and operated What About Us In-Home Healthcare, a home healthcare services business that purported to provide custodial healthcare services 24-hours a day, 7 days a week to mostly elderly patients. From May 29, 2017 through December 23, 2019, Cannady fraudulently billed Cigna Insurance for 24 hours a day of home healthcare when she knew the patients had only received 8 or 12 hours a day of home healthcare. Cannady was ordered to make restitution to Cigna Insurance in the amount of $193,508.10.

    According to the second federal indictment, from June 17, 2020 through April 15, 2021, Cannady submitted six fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications for four purported businesses she controlled, specifically: What About Us Childcare, What About Us Foundation, What About Us Adult Daycare, and What About Us In-Home Healthcare. Cannady’s loan applications contained false information concerning the dates of operation, gross revenues, costs of goods sold, number of employees, and amount of payroll related to the businesses. Cannady was ordered to make restitution to the Small Business Administration in the amount of $346,882.13.   

    “Those who exploit health care programs for personal gain will be held accountable to the fullest extent of the law,” said Special Agent in Charge Joseph E. Carrico of the Federal Bureau of Investigation (FBI) Nashville Field Office. “Health care fraud is a priority for the FBI, and we will continue to work with our partners to investigate those who prioritize greed over the well-being of others.”

    Interim United States Attorney Joseph C. Murphy, Jr. and Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the United States. Assistant United States Attorney Christopher Cotten and former Assistant United States Attorneys Courtney Lewis and Murrell Foster also assisted in the prosecution of this case.  The FBI Nashville Field Office – Memphis Resident Agency and the Tennessee Bureau of Investigation investigated this case.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

    April 30, 2025

  • MIL-OSI Security: Prolific Fraudster Sentenced to 10 Years for Series of Schemes Costing Victims Millions

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

    HOUSTON – A 39-year-old Manvel resident who used his veteran status to perpetuate several financial crimes has been ordered to federal prison, announced U.S. Attorney Nicholas J. Ganjei.

    Antonio Jackson Jr. pleaded guilty Feb. 4.

    U.S. District Judge Lee Rosenthal has now ordered Jackson to serve 120 months in federal prison to be immediately followed by three years of supervised release. The court also ordered Jackson to pay a total of $1,974,145.63 in restitution to four different victims.     

    At the hearing, the court heard additional evidence about the various methods Jackson used to exploit his victims, including creating fake companies, submitting bogus tax records and even faking signatures of government officials and copying official government seals and emblems. In handing down the sentence, Judge Rosenthal highlighted Jackson’s wide-ranging criminal conduct and his ongoing commitment to defrauding both public and private victims. The court also noted that Jackson exploited his brief stint in the U.S. Army, which ended in a court-martial, as a way to deceive others under the guise of service.  

    From July 2020 to May 2021, Jackson submitted four false Paycheck Protection Program (PPP) loan applications. He claimed his business earned millions in revenue and paid hundreds of thousands in wages to more than 20 employees. In reality, Jackson fabricated tax returns, bank statements and other business records to support his false claims. The scheme resulted in losses of approximately $480,000.

    While awaiting trial, authorities uncovered three additional schemes Jackson committed. As part of his plea agreement, he admitted to defrauding a Washington D.C.-based federal credit union through a series of scam home improvement loans. Jackson also made false statements to obtain a Department of Veteran’s Affairs (VA)-backed loan. In addition, he defrauded Brazoria County taxpayers by falsely claiming disabled veteran status to receive property tax relief on his Manvel residence.

    He will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    The Small Business Administration and the Department of Veteran’s Affairs- Office of Inspector General conducted the investigation with the assistance of several local police departments. Assistant U.S. Attorneys Andrew Swartz and Thomas Carter prosecuted the case.

    MIL Security OSI –

    April 30, 2025

  • MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

    “We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

    First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

    • Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
    • Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
    • Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
    • Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
    • Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
    • The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
    • The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.
    • The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.
      March 31, 2025 December 31, 2024
    (Dollars in thousands) Borrowings Outstanding Remaining Borrowing Capacity Borrowings Outstanding Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 124,952 $ 310,857 $ 140,930 $ 276,664
    Federal Reserve Bank discount window   –   26,509   –   27,349
    Correspondent bank lines of credit   –   100,000   –   100,000
    Total $ 124,952 $ 437,366 $ 140,930 $ 404,013
                     

    Balance Sheet Results

    Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

    Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

    “Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

    FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
    Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

    Operating Results

    “As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

    Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

    Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

    Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

    Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

    For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.  

    Credit Quality

    During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

    Capital Management

    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

    Stock Repurchase Authority

    Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

    About the Company

    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

    Balance Sheet          
    (Dollars in thousands, except per share data)     (Unaudited)  
            March 31, December 31, March 31,
            2025 2024 2024
                 
    Assets:        
      Cash and due from banks   $ 21,360   $ 29,824   $ 19,479  
      Interest bearing deposits in banks     1,445     1,735     1,438  
        Total cash and cash equivalents     22,805     31,559     20,917  
      Securities available-for-sale, at fair value     291,661     292,590     311,227  
      Federal Home Loan Bank (“FHLB”) stock     7,101     7,778     8,449  
      Federal Reserve Bank (“FRB”) stock     4,131     4,131     4,131  
      Mortgage loans held-for-sale, at fair value     6,223     13,368     9,612  
      Loans:        
      Real estate loans:        
      Residential 1-4 family     149,699     153,721     157,414  
      Residential 1-4 family construction     45,508     45,701     45,026  
      Commercial real estate     666,265     645,962     632,452  
      Commercial construction and development     110,107     124,211     147,740  
      Farmland     153,456     146,610     140,246  
      Other loans:        
      Home equity     100,665     97,543     90,418  
      Consumer     26,978     28,513     29,677  
      Commercial     139,668     144,039     137,640  
      Agricultural     131,162     134,346     116,775  
        Total loans     1,523,508     1,520,646     1,497,388  
      Allowance for credit losses     (16,720 )   (16,850 )   (16,410 )
        Net loans     1,506,788     1,503,796     1,480,978  
      Accrued interest and dividends receivable     13,271     12,890     12,038  
      Mortgage servicing rights, net     15,282     15,376     15,738  
      Assets held-for-sale, at cost     960     960     –  
      Premises and equipment, net     101,759     101,540     97,643  
      Cash surrender value of life insurance, net     53,573     53,232     48,218  
      Goodwill     34,740     34,740     34,740  
      Core deposit intangible, net     4,181     4,499     5,514  
      Other assets     25,941     26,631     26,869  
        Total assets   $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Liabilities:        
      Deposit accounts:        
      Noninterest bearing   $ 411,272   $ 419,211   $ 408,781  
      Interest bearing     1,278,694     1,262,017     1,226,818  
        Total deposits     1,689,966     1,681,228     1,635,599  
      Accrued expenses and other liabilities     36,739     47,018     34,950  
      FHLB advances and other borrowings     124,952     140,930     177,540  
      Other long-term debt, net     59,186     59,149     59,037  
        Total liabilities     1,910,843     1,928,325     1,907,126  
                 
    Shareholders’ Equity:        
      Preferred stock (par value $0.01 per share; 1,000,000 shares      
      authorized; no shares issued or outstanding)     –     –     –  
      Common stock (par value $0.01; 20,000,000 shares authorized;      
      8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784      
      shares outstanding at March 31, 2025, December 31, 2024, and      
      March 31, 2024, respectively     85     85     85  
      Additional paid-in capital     108,451     108,334     108,893  
      Unallocated common stock held by Employee Stock Ownership Plan   (3,867 )   (4,011 )   (4,440 )
      Treasury stock, at cost (530,252, 480,252 and 490,645 shares at      
      March 31, 2025, December 31, 2024 and March 31, 2024, respectively)   (11,517 )   (10,761 )   (11,124 )
      Retained earnings     103,366     101,264     96,797  
      Accumulated other comprehensive loss, net of tax     (18,945 )   (20,146 )   (21,263 )
        Total shareholders’ equity     177,573     174,765     168,948  
        Total liabilities and shareholders’ equity $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Income Statement     (Unaudited)  
    (Dollars in thousands, except per share data)   Three Months Ended
            March 31, December 31, March 31,
            2025 2024 2024
    Interest and dividend income:        
      Interest and fees on loans   $ 23,320 $ 23,756   $ 21,942  
      Securities available-for-sale     2,451   2,475     2,724  
      FRB and FHLB dividends     260   308     247  
      Other interest income     38   148     29  
        Total interest and dividend income     26,069   26,687     24,942  
    Interest expense:        
      Interest expense on deposits     6,871   7,216     6,548  
      FHLB advances and other borrowings     1,626   2,005     2,497  
      Other long-term debt     670   676     683  
        Total interest expense     9,167   9,897     9,728  
    Net interest income     16,902   16,790     15,214  
    Provision (recapture) for credit losses     42   (36 )   (135 )
        Net interest income after provision for credit losses     16,860   16,826     15,349  
                 
    Noninterest income:        
      Service charges on deposit accounts     389   387     400  
      Mortgage banking, net     2,125   2,818     2,177  
      Interchange and ATM fees     593   675     563  
      Appreciation in cash surrender value of life insurance     350   408     288  
      Net loss on sale of available-for-sale securities     –   (141 )   –  
      Other noninterest income     559   425     524  
        Total noninterest income     4,016   4,572     3,952  
                 
    Noninterest expense:        
      Salaries and employee benefits     9,664   9,830     9,718  
      Occupancy and equipment expense     2,302   2,194     2,099  
      Data processing     1,330   1,715     1,525  
      Software subscriptions     658   576     528  
      Advertising     232   466     253  
      Amortization     320   337     369  
      Loan costs     372   372     398  
      FDIC insurance premiums     231   287     299  
      Professional and examination fees     520   596     484  
      Other noninterest expense     1,377   1,323     1,360  
        Total noninterest expense     17,006   17,696     17,033  
                 
    Income before provision for income taxes     3,870   3,702     2,268  
    Provision for income taxes     631   269     370  
    Net income   $ 3,239 $ 3,433   $ 1,898  
                 
    Basic earnings per common share   $ 0.41 $ 0.44   $ 0.24  
    Diluted earnings per common share   $ 0.41 $ 0.44   $ 0.24  
                 
    Basic weighted average shares outstanding     7,812,248   7,862,279     7,824,928  
                 
    Diluted weighted average shares outstanding     7,823,636   7,868,507     7,835,304  
                 
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three Months Ended or Years Ended
          March 31, December 31, March 31
           2025  2024  2024
               
    Mortgage Banking Activity (For the quarter):      
      Net gain on sale of mortgage loans $ 1,349   $ 2,036   $ 1,414  
      Net change in fair value of loans held-for-sale and derivatives   (115 )   (3 )   (173 )
      Mortgage servicing income, net   891     785     936  
        Mortgage banking, net $ 2,125   $ 2,818   $ 2,177  
               
    Performance Ratios (For the quarter):      
      Return on average assets   0.62 %   0.65 %   0.37 %
      Return on average equity   7.66 %   8.12 %   4.67 %
      Yield on average interest earning assets   5.76 %   5.70 %   5.47 %
      Cost of funds   2.54 %   2.69 %   2.67 %
      Net interest margin   3.74 %   3.59 %   3.33 %
      Core efficiency ratio*   79.77 %   81.26 %   86.95 %
               
    Asset Quality Ratios and Data: As of or for the Three Months Ended
          March 31, December 31, March 31,
           2025  2024  2024
               
      Nonaccrual loans $ 2,701   $ 3,227   $ 5,231  
      Loans 90 days past due and still accruing   2,638     623     1,979  
        Total nonperforming loans   5,339     3,850     7,210  
      Other real estate owned and other repossessed assets   46     45     –  
        Total nonperforming assets $ 5,385   $ 3,895   $ 7,210  
               
      Nonperforming loans / portfolio loans   0.35 %   0.25 %   0.48 %
      Nonperforming assets / assets   0.26 %   0.19 %   0.35 %
      Allowance for credit losses / portfolio loans   1.10 %   1.11 %   1.10 %
      Allowance for credit losses/ nonperforming loans   313.17 %   437.66 %   227.60 %
      Gross loan charge-offs for the quarter $ 6   $ 51   $ 1  
      Gross loan recoveries for the quarter $ 4   $ 7   $ 66  
      Net loan charge-offs (recoveries) for the quarter $ 2   $ 44   $ (65 )
               
               
          March 31, December 31, March 31,
           2025  2024  2024
    Capital Data (At quarter end):      
      Common shareholders’ equity (book value) per share $ 22.26   $ 21.77   $ 21.07  
      Tangible book value per share** $ 17.38   $ 16.88   $ 16.05  
      Shares outstanding   7,977,177     8,027,177     8,016,784  
      Tangible common equity to tangible assets***   6.77 %   6.57 %   6.32 %
               
    Other Information:      
      Average investment securities for the quarter $ 293,273   $ 300,088   $ 314,129  
      Average investment securities year-to-date $ 293,273   $ 306,538   $ 314,129  
      Average loans for the quarter **** $ 1,526,774   $ 1,533,686   $ 1,499,293  
      Average loans year-to-date **** $ 1,526,774   $ 1,523,384   $ 1,499,293  
      Average earning assets for the quarter $ 1,835,210   $ 1,858,078   $ 1,830,316  
      Average earning assets year-to-date $ 1,835,210   $ 1,850,120   $ 1,830,316  
      Average total assets for the quarter $ 2,079,142   $ 2,107,357   $ 2,066,579  
      Average total assets year-to-date $ 2,079,142   $ 2,092,051   $ 2,066,579  
      Average deposits for the quarter $ 1,671,349   $ 1,671,653   $ 1,625,770  
      Average deposits year-to-date $ 1,671,349   $ 1,636,390   $ 1,625,770  
      Average equity for the quarter $ 169,088   $ 169,054   $ 162,637  
      Average equity year-to-date $ 169,088   $ 164,591   $ 162,637  
               
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
    less goodwill and core deposit intangible, by common shares outstanding.
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
    **** Includes loans held for sale
               
    Reconciliation of Non-GAAP Financial Measures      
               
    Core Efficiency Ratio (Unaudited)
    (Dollars in thousands) Three Months Ended
          March 31, December 31, March 31,
          2025 2024 2024
    Calculation of Efficiency Ratio:      
      Noninterest expense – efficiency ratio numerator $ 17,006   $ 17,696   $ 17,033  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Efficiency ratio denominator   20,918     21,362     19,166  
               
      Efficiency ratio (GAAP)   81.30 %   82.84 %   88.87 %
               
    Calculation of Core Efficiency Ratio:      
      Noninterest expense $ 17,006   $ 17,696   $ 17,033  
      Intangible asset amortization   (320 )   (337 )   (369 )
        Core efficiency ratio numerator   16,686     17,359     16,664  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Core efficiency ratio denominator   20,918     21,362     19,166  
               
      Core efficiency ratio (non-GAAP)   79.77 %   81.26 %   86.95 %
               
    Tangible Book Value and Tangible Assets (Unaudited)
    (Dollars in thousands, except per share data) March 31, December 31, March 31,
          2025 2024 2024
    Tangible Book Value:      
      Shareholders’ equity $ 177,573   $ 174,765   $ 168,948  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 ) $ (40,254 )
        Tangible common shareholders’ equity (non-GAAP) $ 138,652   $ 135,526   $ 128,694  
               
      Common shares outstanding at end of period   7,977,177     8,027,177     8,016,784  
               
      Common shareholders’ equity (book value) per share (GAAP) $ 22.26   $ 21.77   $ 21.07  
               
      Tangible common shareholders’ equity (tangible book value)      
        per share (non-GAAP) $ 17.38   $ 16.88   $ 16.05  
               
    Tangible Assets:      
      Total assets $ 2,088,416   $ 2,103,090   $ 2,076,074  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 )   (40,254 )
        Tangible assets (non-GAAP) $ 2,049,495   $ 2,063,851   $ 2,035,820  
               
      Tangible common shareholders’ equity to tangible assets      
        (non-GAAP)   6.77 %   6.57 %   6.32 %
               
    Contacts: Laura F. Clark, President and CEO
    (406) 457-4007
    Miranda J. Spaulding, SVP and CFO
    (406) 441-5010

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Wix Partners with ActiveCampaign to Enhance Customer Engagement and Marketing Automation

    Source: GlobeNewswire (MIL-OSI)

    The partnership  empowers businesses of all sizes, including multi-location brands and franchises, to streamline customer engagement, marketing automation, and website management in one seamless solution

    NEW YORK – Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally1, today announced a partnership with ActiveCampaign, a leading marketing automation platform that helps small teams power big businesses in over 170 countries. This collaboration introduces an integrated solution for businesses of all sizes, franchises and multi-location businesses,  to streamline their website and marketing technology stack, simplifying operations and enhancing customer engagement. 

    By combining Wix’s robust website management capabilities with ActiveCampaign’s advanced marketing automation platform, businesses can seamlessly oversee customer journeys from front-end website interactions to back-office operations. The integration enables effortless syncing of data between Wix websites and ActiveCampaign accounts——allowing for streamlined customer interactions, marketing campaigns and automations, and analytics. Key features include:

    • Streamlined Data Integration: Data is seamlessly synched across both platforms, enabling business to better manage customer interactions and marketing efforts.
    • Scalable Marketing Automation: Businesses can effortlessly create, distribute, and automate highly personalized marketing campaigns By leveraging customer insights—such as form submissions, product purchases, and other behaviors tracked on Wix sites and landing pages—businesses can seamlessly launch targeted, data-driven marketing initiatives.
    • Comprehensive Centralized Reporting: Businesses have a holistic view of performance across their entire network, providing insights into customer engagement, sales conversions, and the effectiveness of marketing campaigns.
    • Enhanced Multi-Location Management: Franchises and multi-location businesses can efficiently manage marketing automation, customer engagement, and website operations across multiple brands and locations using ActiveCampaign HQ.  This centralized platform allows businesses to maintain brand consistency at both corporate and local levels.

    “Whether managing a single site or hundreds of locations, Wix and ActiveCampaign provide an intuitive, scalable solution that simplifies workflows and businesses to focus on growth,” said David Schwartz, VP of Product at Wix. “With this partnership, businesses can qualify and nurture leads seamlessly, personalize sales and marketing efforts using engagement metrics, and enhance operational efficiency by automating repetitive tasks. This solution will ultimately empower businesses of all sizes to manage their brand holistically—driving growth, profitability, and customer loyalty.”

    “Today’s businesses need streamlined solutions that enable them to scale without adding complexity,” said Shay Howe, Chief Strategy Officer at ActiveCampaign. “By combining Wix’s powerful website platform with ActiveCampaign’s marketing automation, we’re giving businesses of all sizes—especially franchises and multi-location brands—the tools they need to personalize customer experiences, automate engagement, and drive measurable growth.”

    The integration is available for Wix users with an ActiveCampaign account.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients. 

    For more about Wix, please visit our Press Room
    Media Relations Contact:  PR@wix.com  

    1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    About ActiveCampaign
    ActiveCampaign is an AI-first, end-to-end marketing platform for people at the heart of the action. It empowers teams to automate their campaigns with AI agents that imagine, activate, and validate–freeing them from step-by-step workflows and unlocking limitless ways to orchestrate their marketing. 

    With AI, goal-based automation, and 950+ app integrations, agencies, marketers, and owners can build cross-channel campaigns in minutes–fine-tuned with billions of data points to drive real results for their unique business.

    ActiveCampaign is the trusted choice to help businesses unlock a new world of boundless opportunities–where ideas become impact and potential turns into real results.

    Attachment

    • Wix & ActiveCampaign

    The MIL Network –

    April 30, 2025

  • MIL-OSI: TAB Bank Kicks Off 2025 with $67 Million Loans for More Than 230 Companies in Q1

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, April 29, 2025 (GLOBE NEWSWIRE) — TAB Bank kicked off 2025 building value for over 230 companies by closing more than $67 million in financing in Q1. Businesses in the transportation, beauty, specialty finance and real estate industries, along with 70 small businesses, chose TAB Bank to help fund their growth. Types of financing included factoring, asset-based and equipment loans, small business lines of credit and real estate loans.

    Highlights of the largest Q1 2025 deals include:

    • $13 million—Capital Foundry, a Pittsburgh-based specialty finance lender providing various debt and credit products to small and middle-market companies.
    • $12 million—Commercial real estate loan for a Kentucky-based behavioral health hospital.
    • $6.5 million— HydroEdge Solutions of Pennsylvania, a leading water transfer and fluid management services provider for the energy industry.
    • $5 million—An agriculture finance company in Nevada specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico.
    • $4 million—A California company involved in the formulation, product development and manufacturing of beauty products.

    In addition, TAB Bank provided 17 companies, primarily in the transportation industry, term loans and lines of credit ranging from $40,000 to $500,000. In 1998, TAB Bank started its business financing over-the-road truckers and the broader transportation industry to help create consistent operational cash flow.

    “Companies from various industries trust TAB Bank to build value for their business,” said Justin Hatch, Chief Lending Officer at TAB Bank. “From straightforward lending to unique financing structures, we learn about each individual business to ensure their experience with TAB Bank is excellent and helps them grow their business.”

    The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

    For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-710-6318
    trevor.morris@tabbank.com

    The MIL Network –

    April 30, 2025

  • MIL-OSI Russia: “The Art of Management: Science, Practice, Project Technologies”: The Results of the V All-Russian Interuniversity Forum

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    The 5th All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” has concluded at the State University of Management.

    This forum has become an important platform for exchanging experiences in organizing project-based learning in higher education institutions, discussing current issues in project management and introducing innovative approaches in the educational and scientific fields.

    The event took place thanks to a fruitful partnership with two authoritative organizations: the project-methodical association “Association of project-oriented organizations of science and higher education” and the professional community “Association of project management “SOVNET”, which unites leading specialists in the field of project management.

    The Forum program included three large-scale events that brought together participants of different categories: from first-year students to teaching staff, representatives of administrative and managerial personnel of universities and experts from organizations of the real sector of the economy.

    More details about the first day of the Forum are provided in a separate article.

    On the second day, the Final of the Student Project Competition took place, which this year for the first time went beyond the SUM and attracted more than 50 external projects from various Russian universities, including: Kazan National Research Technical University named after A.N. Tupolev, Siberian Federal University, Southern Federal University, St. Petersburg State University of Architecture and Civil Engineering, Tyumen State University, Russian University of Transport, MSTU “STANKIN”, Moscow Automobile and Road State Technical University, etc.

    Student project teams presented their developments to the expert jury in four nominations: “Business projects (startups)”, “Social projects”, “Consulting projects” and “Research projects”. Thanks to the support of our partners – IPI Lab LLC, Roskachestvo, Bank FINAM JSC, Exity Group, Algorithmika LLC, BPM Soft, Alfa-Bank, Smartika LLC and independent consultants – the participants received valuable recommendations and opportunities for further development of their projects.

    A particularly active and interesting event within the framework of the V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” was the Interuniversity Hackathon “Urban Development Technologies”, which took place at the State University of Management throughout all three days of the Forum.

    This year, the Hackathon was held for the fourth time and united 80 participants from GUU, RUT (MIIT), RGUTIS, RTU MIREA, RUDN, SFedU, SPbGASU in various fields of study in 9 teams as participants and team facilitators.

    More details about its discovery were given here, and the results were summed up in this article.

    The V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” ended with a ceremonial summing up of the results and awarding of the winners of the GUU Student Project Competition and the interuniversity hackathon “Urban Development Technologies”. Student projects and case solutions were awarded both the highest awards (1-3 places) and individual nominations from our colleagues and partners, as well as audience sympathy prizes.

    The State University of Management expresses its sincere gratitude to everyone for their active participation, professionalism and desire for development. We hope that the results of our joint work will find their application in practice, and new acquaintances and ideas will become the basis for further achievements and further development of project-based learning in Russian universities.

    Winners of the Student Projects Competition of the State University of Management

    Nomination “Business projects (startups)”

    1st place – project “Flight controller”, authors of the project – Korolev Semyon Yuryevich and Feoktistov Sergey Vyacheslavovich, MSTU “STANKIN”, curator – Kovalev Ilya Aleksandrovich;

    2nd place — project “Development of a wearable device for visualizing data from CNC systems in augmented reality mode”, Author of the project — Sergey Igorevich Karasev, MSTU “STANKIN”, curator — Ilya Aleksandrovich Kovalev;

    3rd place – project “RUmaTe”, team of the Russian University of Transport (MIIT) consisting of Mikhailova Elizaveta Alekseevna, Kharin Alexander Nikolaevich, Ushkalo Eduard Stanislavovich, Smaglyuk Kira Sergeevna, Baulina Karina Aleksandrovna, Anikeev Mikhail Andreevich. Curator – Chigarev Valentin Nikolaevich.

    Nomination “Social Projects”

    1st place — the project “Modern Pensioner”, the project team consisting of Fyodor Romanovich Nazarov, Anastasia Ivanovna Rudchenko, Vlada Vladimirovna Sudakova, Ksenia Dmitrievna Sysoeva, Shonia Sofiko Paataevna. State University of Management, curator — Elena Vadimovna Dianina;

    2nd place – project “Promotion of a public digital platform”

    3rd place — project “SMM promotion of the social project “Sobriety”, project team consisting of: Akinshina Anna Andreevna, Skripko Artem Vyacheslavovich, Eminova Anna Dmitrievna. Southern Federal University. Curator — Lankina Maria Yuryevna.

    Nomination “Consulting projects”

    1st place — project “Visualization of agricultural statistics data in the context of municipalities of the Moscow region”, project team consisting of Fedotov Sergey Andreevich, Khomutovskaya Kristina Dmitrievna, Chorbadzhyan Venera Agvanovna. State University of Management, curator — Dolgikh Ekaterina Alekseevna;

    2nd place – project “HR in the heart”, project team – Druzhinina Polina Yurievna, Makarkin Matvey Maksimovich, Nguyen Ngoc Ha Phuong, Nguyen Thi Thanh Huyen, Nikitina Ksenia Dmitrievna, Fastovskaya Milana Sukhrobovna. State University of Management, Curator – Lobacheva Anastasia Sergeevna;

    3rd place — project “Development of an application for maintaining results of online meetings”, project team: Belova Diana Dmitrievna, Mizgireva Kristina Yaroslavovna, Redikultsev Gleb Sergeevich. State University of Management. Curator — Terekhova Anna Evgenievna.

    Nomination “Research Projects”

    1st place – project “Software product for assessing the condition of power transmission line insulators”, author of the project – Radmir Rafilevich Mugletdinov, Kazan State Power Engineering University, curator – Aidar Khaidarovich Sabitov;

    2nd place — project “Development of a methodology for valuation zoning taking into account regional characteristics of the territory for the purposes of state cadastral valuation”, author of the project — Alina Pavlovna Illarionova. St. Petersburg State University of Architecture and Civil Engineering, Curator — Yana Aleksandrovna Volkova;

    3rd place — project “Russian and foreign experience of legal protection of traditional spiritual and moral values”, author of the project – Karina Igorevna Meshcheryakova. State University of Management. Curator – Svetlana Evgenievna Titor.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

    MIL OSI Russia News –

    April 30, 2025

  • MIL-OSI: Coastal Financial Corporation Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EVERETT, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended March 31, 2025, including net income of $9.7 million, or $0.63 per diluted common share, compared to $13.4 million, or $0.94 per diluted common share, for the three months ended December 31, 2024 and $6.8 million, or $0.50 per diluted common share, for the three months ended March 31, 2024.

    Management Discussion of the First Quarter Results

    “First quarter of 2025 was impacted by elevated expenses related to the onboarding and implementation costs of several new partnerships and products within CCBX and investments in technology, however, we anticipate that the revenue and earnings from these investments will be highly valuable over the long-term,” stated CEO Eric Sprink. “We saw high quality deposit growth of $205.9 million during the first quarter, and our CCBX program fee income continued to increase, up 55.2% compared to the same period in 2024.”

    Key Points for First Quarter and Our Go-Forward Strategy

    • Positive Growth Trends within CCBX Continue. As of March 31, 2025 we had two partners in testing, three in implementation/onboarding, one signed LOI and have an active pipeline of new partners and new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.3 million for the three months ended March 31, 2025, an increase of $724,000, or 13.0%, from the three months ended December 31, 2024. We remain fully indemnified against fraud and 98.8% indemnified against credit risk with our CCBX partners as of March 31, 2025.
    • Investments for Growth Continues. Total noninterest expense of $72.0 million was up $4.6 million, or 6.8%, as compared to $67.4 million in the quarter ended December 31, 2024, mainly driven by higher salaries and employee benefits, legal and professional expenses and BaaS loan expense partially offset by lower BaaS fraud expense. As we increase the number of new CCBX partners and products with existing partners launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new programs or products generate significant revenues. We remain focused on building our future revenue sources.
    • Strong Deposit Growth, Off Balance Sheet Activity Update. Total deposits of $3.79 billion, an increase of $205.9 million, or 5.7%, over the quarter ended December 31, 2024, driven primarily by growth in CCBX partner programs. On April 1, 2025 we launched the T-Mobile deposit program and those deposits will be reflected in the second quarter deposit totals. During the first quarter of 2025, we sold $744.6 million of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of March 31, 2025 there were 237,024 credit cards with fee earning potential, an increase of 54,575 compared to the quarter ended December 31, 2024 and an increase of 210,723 from March 31, 2024.

    First Quarter 2025 Financial Highlights

    The tables below outline some of our key operating metrics.

      Three Months Ended
    (Dollars in thousands, except share and per share data; unaudited) March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Income Statement Data:                  
    Interest and dividend income $ 104,907     $ 102,448     $ 105,165     $ 97,422     $ 91,742  
    Interest expense   28,845       30,071       32,892       31,250       29,536  
    Net interest income   76,062       72,377       72,273       66,172       62,206  
    Provision for credit losses   55,781       61,867       70,257       62,325       83,158  
    Net interest (expense)/ income after provision for credit losses   20,281       10,510       2,016       3,847       (20,952 )
    Noninterest income   63,477       74,100       78,790       69,138       86,176  
    Noninterest expense   71,989       67,411       64,424       57,964       56,509  
    Provision for income tax   2,039       3,832       2,926       3,425       1,915  
    Net income   9,730       13,367       13,456       11,596       6,800  
                       
      As of and for the Three Month Period
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Balance Sheet Data:                  
    Cash and cash equivalents $ 624,302     $ 452,513     $ 484,026     $ 487,245     $ 515,128  
    Investment securities   46,991       47,321       48,620       49,213       50,090  
    Loans held for sale   42,132       20,600       7,565       —       797  
    Loans receivable   3,517,359       3,486,565       3,413,894       3,321,813       3,195,101  
    Allowance for credit losses   (183,178 )     (176,994 )     (171,674 )     (148,878 )     (139,941 )
    Total assets   4,339,282       4,121,208       4,064,472       3,959,549       3,863,062  
    Interest bearing deposits   3,251,599       3,057,808       3,047,861       2,949,643       2,888,867  
    Noninterest bearing deposits   539,630       527,524       579,427       593,789       574,112  
    Core deposits (1)   3,321,772       3,123,434       3,190,869       3,528,339       3,447,864  
    Total deposits   3,791,229       3,585,332       3,627,288       3,543,432       3,462,979  
    Total borrowings   47,923       47,884       47,847       47,810       47,771  
    Total shareholders’ equity   449,917       438,704       331,930       316,693       303,709  
                       
    Share and Per Share Data (2):                  
    Earnings per share – basic $ 0.65     $ 0.97     $ 1.00     $ 0.86     $ 0.51  
    Earnings per share – diluted $ 0.63     $ 0.94     $ 0.97     $ 0.84     $ 0.50  
    Dividends per share   —       —       —       —       —  
    Book value per share (3) $ 29.98     $ 29.37     $ 24.51     $ 23.54     $ 22.65  
    Tangible book value per share (4) $ 29.98     $ 29.37     $ 24.51     $ 23.54     $ 22.65  
    Weighted avg outstanding shares – basic   14,962,507       13,828,605       13,447,066       13,412,667       13,340,997  
    Weighted avg outstanding shares – diluted   15,462,041       14,268,229       13,822,270       13,736,508       13,676,917  
    Shares outstanding at end of period   15,009,225       14,935,298       13,543,282       13,453,805       13,407,320  
    Stock options outstanding at end of period   163,932       186,354       198,370       286,119       309,069  

    See footnotes that follow the tables below

      As of and for the Three Month Period
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Credit Quality Data:                  
    Nonperforming assets (5) to total assets   1.30 %     1.52 %     1.63 %     1.34 %     1.42 %
    Nonperforming assets (5) to loans receivable and OREO   1.60 %     1.80 %     1.94 %     1.60 %     1.72 %
    Nonperforming loans (5) to total loans receivable   1.60 %     1.80 %     1.94 %     1.60 %     1.72 %
    Allowance for credit losses to nonperforming loans   325.0 %     282.5 %     257.2 %     278.6 %     254.3 %
    Allowance for credit losses to total loans receivable   5.21 %     5.08 %     5.03 %     4.45 %     4.35 %
    Gross charge-offs $ 53,686     $ 61,585     $ 53,305     $ 55,207     $ 58,994  
    Gross recoveries $ 5,486     $ 5,223     $ 4,516     $ 2,254     $ 2,036  
    Net charge-offs to average loans (6)   5.57 %     6.56 %     5.60 %     6.54 %     7.30 %
                       
    Capital Ratios:                  
    Company                  
    Tier 1 leverage capital   10.67 %     10.78 %     8.40 %     8.31 %     8.24 %
    Common equity Tier 1 risk-based capital   12.13 %     12.04 %     9.24 %     9.03 %     8.98 %
    Tier 1 risk-based capital   12.22 %     12.14 %     9.34 %     9.13 %     9.08 %
    Total risk-based capital   14.73 %     14.67 %     11.89 %     11.70 %     11.70 %
    Bank                  
    Tier 1 leverage capital   10.57 %     10.64 %     9.29 %     9.24 %     9.19 %
    Common equity Tier 1 risk-based capital   12.12 %     11.99 %     10.34 %     10.15 %     10.14 %
    Tier 1 risk-based capital   12.12 %     11.99 %     10.34 %     10.15 %     10.14 %
    Total risk-based capital   13.42 %     13.28 %     11.63 %     11.44 %     11.43 %
    (1)  Core deposits are defined as all deposits excluding brokered and time deposits.
    (2) Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
    (3) We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
    (4) Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
    (5) Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
    (6) Annualized calculations.
       

    Key Performance Ratios

    Return on average assets (“ROA”) was 0.93% for the quarter ended March 31, 2025 compared to 1.30% and 0.73% for the quarters ended December 31, 2024 and March 31, 2024, respectively.  ROA for the quarter ended March 31, 2025, decreased 0.37% and increased 0.19% compared to December 31, 2024 and March 31, 2024, respectively. Noninterest expenses were higher for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 largely due to higher salaries and employee benefits, due to annual pay increases and for new hires that contribute to our continued investments in growth, technology and risk management, legal and professional expenses and increased BaaS loan expense, which is directly related to interest earned on CCBX loans. These increases were partially offset by a decrease in BaaS fraud expense. Noninterest expenses were higher than the quarter ended March 31, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

    Legal and professional fees in first quarter were elevated in multiple areas including compliance, BSA, audit, legal and projects as we prepare for new partners, and we may experience a similar level of expenses again in second quarter before returning to a more historical level in third quarter 2025.

    Yield on earning assets and yield on loans receivable increased 0.07% and 0.23%, respectively, for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Average loans receivable as of March 31, 2025 increased $92.2 million compared to December 31, 2024 as net CCBX loans continue to grow, despite selling $744.6 million in CCBX loans during the quarter ended March 31, 2025.

    The following table shows the Company’s key performance ratios for the periods indicated.  

        Three Months Ended
    (unaudited)   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                         
    Return on average assets (1)     0.93 %     1.30 %     1.34 %     1.21 %     0.73 %
    Return on average equity (1)     8.91 %     14.90 %     16.67 %     15.22 %     9.21 %
    Yield on earnings assets (1)     10.32 %     10.24 %     10.79 %     10.49 %     10.21 %
    Yield on loans receivable (1)     11.33 %     11.12 %     11.44 %     11.22 %     11.01 %
    Cost of funds (1)     3.11 %     3.24 %     3.62 %     3.60 %     3.52 %
    Cost of deposits (1)     3.08 %     3.21 %     3.59 %     3.58 %     3.49 %
    Net interest margin (1)     7.48 %     7.23 %     7.42 %     7.12 %     6.92 %
    Noninterest expense to average assets (1)     6.87 %     6.54 %     6.42 %     6.05 %     6.10 %
    Noninterest income to average assets (1)     6.06 %     7.19 %     7.85 %     7.22 %     9.30 %
    Efficiency ratio     51.59 %     46.02 %     42.65 %     42.84 %     38.08 %
    Loans receivable to deposits (2)     93.89 %     97.82 %     94.33 %     93.75 %     92.29 %
    (1)   Annualized calculations shown for quarterly periods presented.
    (2)   Includes loans held for sale.
       

    Management Outlook; CEO Eric Sprink

    “Looking ahead to the balance of 2025, elevated onboarding activity is expected to continue into the second quarter as our CCBX pipeline remains very robust with high quality and potentially impactful opportunities. We plan to continue to invest in and enhance our technology and risk management infrastructure to support our next phase of CCBX growth. Our risk reduction efforts, namely our fraud and credit indemnifications via our partners, continued to function as expected despite the volatile macroeconomics conditions towards the end of first quarter. These efforts, plus additional growth in noninterest income should help mitigate the uncertainties associated with fluctuating interest rates and provide a stable, recurring income source.” said CEO Eric Sprink.

    Coastal Financial Corporation Overview

    The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration.  The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.  

    CCBX Performance Update

    Our CCBX segment continues to evolve, and we have 25 relationships, at varying stages, including two partners in testing, three in implementation/onboarding, one signed LOI as of March 31, 2025.  We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

    While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced . We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and will continue this strategy to provide an on-going and passive revenue source with no on balance sheet risk or capital requirement.

    On April 1, 2025, we went live with the T-Mobile deposit program and our second quarter deposits will include those balances. As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At March 31, 2025 we swept off $406.3 million in deposits for FDIC insurance and liquidity purposes. We are also launching a new suite of deposit products with RobinHood, which are expected to launch in the back half of 2025. The introduction of theses products are expected to increase deposits.

    The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

      As of
    (unaudited) March 31, 2025   December 31,
    2024    		   March 31, 2024
    Active 19   19   19
    Friends and family / testing 2   1   1
    Implementation / onboarding 3   1   1
    Signed letters of intent 1   3   0
    Total CCBX relationships 25   24   21
               

    CCBX loans increased $47.2 million, or 2.9%, to $1.65 billion despite selling $744.6 million in loans during the three months ended March 31, 2025. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At March 31, 2025 the portion of this portfolio for which we are responsible represented $19.9 million in loans.

    The following table details the CCBX loan portfolio:

    CCBX   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans:                        
    Capital call lines   $ 133,466       8.1 %   $ 109,017       6.8 %   $ 135,671       10.3 %
    All other commercial & industrial loans     29,702       1.8       33,961       2.1       47,160       3.6  
    Real estate loans:                        
    Residential real estate loans     285,355       17.3       267,707       16.7       265,148       20.2  
    Consumer and other loans:                        
    Credit cards     532,775       32.2       528,554       33.0       505,706       38.6  
    Other consumer and other loans     670,026       40.6       664,780       41.4       358,528       27.3  
    Gross CCBX loans receivable     1,651,324       100.0 %     1,604,019       100.0 %     1,312,213       100.0 %
    Net deferred origination (fees) costs     (498 )         (442 )         (394 )    
    Loans receivable   $ 1,650,826         $ 1,603,577         $ 1,311,819      
    Loan Yield – CCBX (1)(2)     16.88 %         16.81 %         17.74 %    
                             
    (1) CCBX yield does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2) Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.
       

    The increase in CCBX loans in the quarter ended March 31, 2025, includes an increase of $24.4 million, or 22.4%, in capital call lines as a result of normal balance fluctuations and business activities, an increase of $17.6 million, or 6.6%, in residential real estate loans and an increase of $9.5 million or 0.8%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $744.6 million in CCBX loans during the quarter ended March 31, 2025 compared to sales of $845.5 million in the quarter ended December 31, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield increased 0.07% for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024.

    The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

    The following table details the CCBX deposit portfolio:

    CCBX   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 58,416       2.6 %   $ 55,686       2.7 %   $ 58,669       2.9 %
    Interest bearing demand and money market     2,145,608       94.6       1,958,459       94.9       1,964,942       96.8  
    Savings     16,625       0.7       5,710       0.3       5,338       0.3  
    Total core deposits     2,220,649       97.9       2,019,855       97.9       2,028,949       100.0  
    Other deposits     46,359       2.1       44,233       2.1       —       —  
    Total CCBX deposits   $ 2,267,008       100.0 %   $ 2,064,088       100.0 %   $ 2,028,949       100.0 %
    Cost of deposits (1)     4.01 %         4.19 %         4.93 %    
    (1) Cost of deposits is annualized for the three months ended for each period presented.
       

    CCBX deposits increased $202.9 million, or 9.8%, in the three months ended March 31, 2025 to $2.27 billion as a result of growth and normal balance fluctuations. This excludes the $406.3 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $273.2 million for the quarter ended December 31, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

    Community Bank Performance Update

    In the quarter ended March 31, 2025, the community bank saw net loans decrease $16.5 million, or 0.9%, to $1.87 billion, as a result of normal balance fluctuations.

    The following table details the Community Bank loan portfolio:

    Community Bank   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans   $ 149,104       8.0 %   $ 150,395       8.0 %   $ 154,395       8.2 %
    Real estate loans:                        
    Construction, land and land development loans     166,551       8.9       148,198       7.8       160,862       8.5  
    Residential real estate loans     202,920       10.8       202,064       10.7       231,157       12.2  
    Commercial real estate loans     1,340,647       71.6       1,374,801       72.8       1,342,489       71.0  
    Consumer and other loans:                        
    Other consumer and other loans     13,326       0.7       13,542       0.7       1,447       0.1  
    Gross Community Bank loans receivable     1,872,548       100.0 %     1,889,000       100.0 %     1,890,350       100.0 %
    Net deferred origination fees     (6,015 )         (6,012 )         (7,068 )    
    Loans receivable   $ 1,866,533         $ 1,882,988         $ 1,883,282      
    Loan Yield(1)     6.53 %         6.53 %         6.46 %    
    (1) Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.
       

    Community bank loans decreased $34.2 million in commercial real estate loans, $1.3 million in commercial and industrial loans and $216,000 in consumer and other loans, partially offset by an increase of $18.4 million in construction, land and land development loans, during the quarter ended March 31, 2025.

    The following table details the community bank deposit portfolio:

    Community Bank   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 481,214       31.5 %   $ 471,838       31.0 %   $ 515,443       35.9 %
    Interest bearing demand and money market     560,416       36.8       570,625       37.5       834,725       58.2  
    Savings     59,493       3.9       61,116       4.0       68,747       4.8  
    Total core deposits     1,101,123       72.2       1,103,579       72.5       1,418,915       99.0  
    Other deposits     407,391       26.7       400,118       26.3       1       0.0  
    Time deposits less than $100,000     5,585       0.4       5,920       0.4       7,199       0.5  
    Time deposits $100,000 and over     10,122       0.7       11,627       0.8       7,915       0.6  
    Total Community Bank deposits   $ 1,524,221       100.0 %   $ 1,521,244       100.0 %   $ 1,434,030       100.0 %
    Cost of deposits(1)     1.76 %         1.86 %         1.66 %    
    (1)   Cost of deposits is annualized for the three months ended for each period presented.
       

    Community bank deposits increased $3.0 million, or 0.2%, during the three months ended March 31, 2025 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $481.2 million, or 31.5%, of total community bank deposits, resulting in a cost of deposits of 1.76%, which compared to 1.86% for the quarter ended December 31, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024.

    Net Interest Income and Margin Discussion

    Net interest income was $76.1 million for the quarter ended March 31, 2025, an increase of $3.7 million, or 5.1%, from $72.4 million for the quarter ended December 31, 2024, and an increase of $13.9 million, or 22.3%, from $62.2 million for the quarter ended March 31, 2024. Net interest income compared to December 31, 2024, was higher due to an increase in average loans receivable, an increase in loan yield and a decrease in cost of funds. The increase in net interest income compared to March 31, 2024 was largely related to growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.  

    Net interest margin was 7.48% for the three months ended March 31, 2025, compared to 7.23% for the three months ended December 31, 2024, largely due to higher loan yield and lower cost of deposits. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.28% for the three months ended March 31, 2025, compared to 4.16% for the three months ended December 31, 2024. Net interest margin was 6.92% for the three months ended March 31, 2024. The increase in net interest margin for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $2.6 million, or 2.7%, to $98.1 million for the three months ended March 31, 2025, compared to $95.6 million for the three months ended December 31, 2024, as a result of loan growth. Interest and fees on loans receivable increased $12.3 million, or 14.3%, compared to $85.9 million for the three months ended March 31, 2024, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) increased 0.12% for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 and increased 0.26% compared the three months ended March 31, 2024.

    The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

    Consolidated   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025    		   December 31
    2024    		   March 31
    2024
    Net interest margin, net of BaaS loan expense:        
    Net interest margin (1)     7.48 %     7.23 %     6.92 %
    Earning assets     4,124,065       3,980,078       3,613,769  
    Net interest income (GAAP)     76,062       72,377       62,206  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense(2)   $ 43,555     $ 41,657     $ 36,099  
    Net interest margin, net of BaaS loan expense (1)(2)     4.28 %     4.16 %     4.02 %
    Loan income net of BaaS loan expense divided by average loans:    
    Loan yield (GAAP)(1)     11.33 %     11.12 %     11.01 %
    Total average loans receivable   $ 3,511,724     $ 3,419,476     $ 3,137,271  
    Interest and earned fee income on loans (GAAP)     98,147       95,575       85,891  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net loan income(2)   $ 65,640     $ 64,855     $ 59,784  
    Loan income, net of BaaS loan expense, divided by average loans (1)(2)     7.58 %     7.55 %     7.66 %
    (1) Annualized calculations shown for periods presented.
    (2) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
       

    Average investment securities decreased $974,000 to $47.2 million compared to the three months ended December 31, 2024 and decreased $68.2 million compared to the three months ended March 31, 2024 as a result of principal paydowns and maturing securities.

    Cost of funds was 3.11% for the quarter ended March 31, 2025, a decrease of 13 basis points from the quarter ended December 31, 2024 and a decrease of 42 basis points from the quarter ended March 31, 2024. Cost of deposits for the quarter ended March 31, 2025 was 3.08%, compared to 3.21% for the quarter ended December 31, 2024, and 3.49% for the quarter ended March 31, 2024. The decreased cost of funds and deposits compared to December 31, 2024 and March 31, 2024 were largely due to the recent reductions in the Fed funds rate.

    The following table summarizes the average yield on loans receivable and cost of deposits:

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Yield on
    Loans (2)    		   Cost of
    Deposits (2)    		   Yield on
    Loans (2)    		   Cost of
    Deposits (2)    		   Yield on
    Loans (2)    		   Cost of
    Deposits (2)
    Community Bank   6.53 %     1.76 %     6.53 %     1.86 %     6.46 %     1.66 %
    CCBX (1)   16.88 %     4.01 %     16.81 %     4.19 %     17.74 %     4.93 %
    Consolidated   11.33 %     3.08 %     11.12 %     3.21 %     11.01 %     3.49 %
    (1) CCBX yield on loans does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2) Annualized calculations for periods presented.
       

    The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

        For the Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited)   Income / Expense   Income /
    expense divided
    by average
    CCBX loans     (2)    		   Income / Expense   Income /
    expense divided
    by average
    CCBX loans    (2)    		   Income / Expense   Income /
    expense divided
    by average
    CCBX loans     (2)
    BaaS loan interest income   $ 67,855       16.88 %   $ 64,532       16.81 %   $ 55,839       17.74 %
    Less: BaaS loan expense     32,507       8.09 %     30,720       8.00 %     26,107       8.29 %
    Net BaaS loan income (1)   $ 35,348       8.79 %   $ 33,812       8.81 %   $ 29,732       9.45 %
    Average BaaS Loans(3)   $ 1,630,088         $ 1,527,178         $ 1,265,857      
    (1) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
    (2) Annualized calculations shown for the periods presented.
    (3) Includes loans held for sale.
       

    Noninterest Income Discussion

    Noninterest income was $63.5 million for the three months ended March 31, 2025, a decrease of $10.6 million from $74.1 million for the three months ended December 31, 2024, and a decrease of $22.7 million from $86.2 million for the three months ended March 31, 2024.  The decrease in noninterest income for the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024 was primarily due to a decrease of $10.8 million in total BaaS income.  The $10.8 million decrease in total BaaS income included an $8.4 million decrease in BaaS credit enhancements related to the provision for credit losses and a $3.1 million decrease in BaaS fraud enhancements partially offset by an increase of $724,000 in BaaS program income. The $724,000 increase in BaaS program income is largely due to higher reimbursement of CCBX partner expenses and an increase in transaction and interchange fees and servicing and other BaaS fees, (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

    The $22.7 million decrease in noninterest income over the quarter ended March 31, 2024 was primarily due to a $25.1 million decrease in BaaS credit and fraud enhancements and an increase of $2.2 million in BaaS program income.

    Noninterest Expense Discussion

    Total noninterest expense increased $4.6 million to $72.0 million for the three months ended March 31, 2025, compared to $67.4 million for the three months ended December 31, 2024, and increased $15.5 million from $56.5 million for the three months ended March 31, 2024. The $4.6 million increase in noninterest expense for the quarter ended March 31, 2025, as compared to the quarter ended December 31, 2024, was primarily due to a $3.5 million increase in salaries and benefits, $1.9 million increase in legal and professional fees, and $1.8 million increase in BaaS loan expense, partially offset by a $3.1 million decrease in BaaS fraud expense. The salaries and benefits and legal and professional fees increases were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

    The increase in noninterest expenses for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was largely due to a $6.4 million increase in BaaS loan expense, a $1.1 million increase in BaaS fraud expense, a $2.8 million increase in legal and professional expenses, a $3.5 million increase in salary and employee benefits, and a $1.3 million increase in data processing and software licenses due to enhancements in technology all of which are related to the growth of Company and investments in technology and risk management.

    Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

      Three Months Ended
      March 31,   December 31,   March 31,
    (dollars in thousands; unaudited)   2025       2024       2024  
    Total noninterest expense (GAAP) $ 71,989     $ 67,411     $ 56,509  
    Less: BaaS loan expense   32,507       30,720       26,107  
    Less: BaaS fraud expense   1,993       5,043       923  
    Less: Reimbursement of expenses (BaaS)   1,026       812       254  
    Noninterest expense, net of BaaS loan expense, BaaS fraud expense
    and reimbursement of expenses (BaaS) (1)    		 $ 36,463     $ 30,836     $ 29,225  
    (1) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
       

    Provision for Income Taxes

    The provision for income taxes was $2.0 million for the three months ended March 31, 2025, $3.8 million for the three months ended December 31, 2024 and $1.9 million for the first quarter of 2024.  The income tax provision was lower for the three months ended March 31, 2025 compared to the quarter ended December 31, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended March 31, 2025, and was higher compared to the quarter ended March 31, 2024, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

    The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.55% for calculating the provision for state income taxes.

    Financial Condition Overview

    Total assets increased $218.1 million, or 5.3%, to $4.34 billion at March 31, 2025 compared to $4.12 billion at December 31, 2024.  The increase is primarily comprised of a $171.8 million increase in cash and a $30.8 million increase in loans receivable. Total loans receivable increased to $3.52 billion at March 31, 2025, from $3.49 billion at December 31, 2024.

    As of March 31, 2025, in addition to the $624.3 million in cash on hand the Company had the capacity to borrow up to a total of $662.4 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of March 31, 2025.

    The Company, on a stand alone basis, had a cash balance of $45.5 million as of March 31, 2025, which is retained for general operating purposes, including debt repayment, for funding $468,000 in commitments to bank technology investment funds and $40.0 million is available to be contributed to the Bank as capital.  

    Uninsured deposits were $558.8 million as of March 31, 2025, compared to $543.0 million as of December 31, 2024.

    Total shareholders’ equity as of March 31, 2025 increased $11.2 million since December 31, 2024.  The increase in shareholders’ equity was primarily comprised of an increase of $1.5 million in common stock outstanding as a result of equity awards exercised during the three months ended March 31, 2025 combined with $9.7 million in net earnings.

    The Company and the Bank remained well capitalized at March 31, 2025, as summarized in the following table.

    (unaudited)   Coastal
    Community
    Bank    		   Coastal
    Financial
    Corporation    		   Minimum Well
    Capitalized
    Ratios under
    Prompt
    Corrective
    Action     (1)
    Tier 1 Leverage Capital (to average assets)     10.57 %     10.67 %     5.00 %
    Common Equity Tier 1 Capital (to risk-weighted assets)     12.12 %     12.13 %     6.50 %
    Tier 1 Capital (to risk-weighted assets)     12.12 %     12.22 %     8.00 %
    Total Capital (to risk-weighted assets)     13.42 %     14.73 %     10.00 %
    (1) Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.
       

    Asset Quality

    The total allowance for credit losses was $183.2 million and 5.21% of loans receivable at March 31, 2025 compared to $177.0 million and 5.08% at December 31, 2024 and $139.9 million and 4.38% at March 31, 2024. The allowance for credit loss allocated to the CCBX portfolio was $164.2 million and 9.95% of CCBX loans receivable at March 31, 2025, with $19.0 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

    The following table details the allocation of the allowance for credit loss as of the period indicated:

        As of March 31, 2025   As of December 31, 2024   As of March 31, 2024
    (dollars in thousands; unaudited)   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total
    Loans receivable   $ 1,866,533     $ 1,650,826     $ 3,517,359     $ 1,882,988     $ 1,603,577     $ 3,486,565     $ 1,883,282     $ 1,311,819     $ 3,195,101  
    Allowance for credit losses     (18,992 )     (164,186 )     (183,178 )     (18,924 )     (158,070 )     (176,994 )     (21,384 )     (118,557 )     (139,941 )
    Allowance for credit losses to total loans receivable     1.02 %     9.95 %     5.21 %     1.00 %     9.86 %     5.08 %     1.14 %     9.04 %     4.38 %
                                                                             

    Net charge-offs totaled $48.2 million for the quarter ended March 31, 2025, compared to $56.4 million for the quarter ended December 31, 2024 and $57.0 million for the quarter ended March 31, 2024. Net charge-offs as a percent of average loans decreased to 5.57% for the quarter ended March 31, 2025 compared to 6.56% for the quarter ended December 31, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $299.8 million loan portfolio. At March 31, 2025, our portion of this portfolio represented $19.9 million in loans. Net charge-offs for this $19.9 million in loans were $1.1 million for the three months ended March 31, 2025 and December 31, 2024 and $2.1 million for the three months ended March 31, 2024.

    The following table details net charge-offs for the community bank and CCBX for the period indicated:

        Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total
    Gross charge-offs   $ 4     $ 53,682     $ 53,686     $ 139     $ 61,446     $ 61,585     $ 15     $ 58,979     $ 58,994  
    Gross recoveries     (7 )     (5,479 )     (5,486 )     (3 )     (5,220 )     (5,223 )     (4 )     (2,032 )     (2,036 )
    Net charge-offs   $ (3 )   $ 48,203     $ 48,200     $ 136     $ 56,226     $ 56,362     $ 11     $ 56,947     $ 56,958  
    Net charge-offs to
    average loans (1)    		     0.00 %     11.99 %     5.57 %     0.03 %     14.65 %     6.56 %     0.00 %     18.09 %     7.30 %
    (1)  Annualized calculations shown for periods presented.
       

    During the quarter ended March 31, 2025, a $54.3 million provision for credit losses was recorded for CCBX partner loans, compared to the $63.7 million provision for credit losses was recorded for CCBX partner loans for the quarter ended December 31, 2024. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $164.2 million at March 31, 2025 compared to $158.1 million at December 31, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

    In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

    The factors used in management’s analysis for community bank credit losses indicated that a provision of $65,000 was needed for the quarter ended March 31, 2025 compared to a provision recapture of $1.1 million and $199,000 for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision in the current period was due to a change in the mix of the community bank loan portfolio and growth in construction loans.

    The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

        Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Community bank   $ 65     $ (1,071 )   $ (199 )
    CCBX     54,319       63,741       79,717  
    Total provision expense   $ 54,384     $ 62,670     $ 79,518  
                             

    A provision for unfunded commitments of $613,000 was recorded for the quarter ended March 31, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $784,000 was recorded for the quarter ended March 31, 2025 on CCBX loans.

    At March 31, 2025, our nonperforming assets were $56.4 million, or 1.30%, of total assets, compared to $62.7 million, or 1.52%, of total assets, at December 31, 2024, and $54.9 million, or 1.42%, of total assets, at March 31, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of March 31, 2025, $54.1 million of the $56.2 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

    Nonperforming assets decreased $6.3 million during the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This change is due to a decrease in CCBX loans 90 days or more past due and still on accrual. Community bank nonperforming loans increased $89,000 from December 31, 2024 to $189,000 as of March 31, 2025, and CCBX nonperforming loans decreased $6.4 million to $56.2 million from December 31, 2024. The decrease in CCBX nonperforming loans is due to a $7.1 million decrease in CCBX loans that are past due 90 days or more and still accruing interest partially offset by an increase of $707,000 in nonaccrual loans from December 31, 2024 to $20.2 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $16.1 million of these loans are less than 90 days past due as of March 31, 2025. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at March 31, 2025. Our nonperforming loans to loans receivable ratio was 1.60% at March 31, 2025, compared to 1.80% at December 31, 2024, and 1.72% at March 31, 2024. The lower nonperforming loans to loans receivable ratio is a reflection of our on-going risk reduction efforts.

    For the quarter ended March 31, 2025, there were $3,000 community bank net recoveries and $48.2 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

    The following table details the Company’s nonperforming assets for the periods indicated.

    Consolidated As of
    (dollars in thousands; unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans $ 381     $ 334     $ —  
    Real estate loans:          
    Residential real estate   —       —       212  
    Commercial real estate   —       —       7,731  
    Consumer and other loans:          
    Credit cards   13,602       10,262       —  
    Other consumer and other loans   6,376       8,967       —  
    Total nonaccrual loans   20,359       19,563       7,943  
    Accruing loans past due 90 days or more:          
    Commercial & industrial loans   782       1,006       1,793  
    Real estate loans:          
    Residential real estate loans   2,407       2,608       1,796  
    Consumer and other loans:          
    Credit cards   27,187       34,490       37,603  
    Other consumer and other loans   5,632       4,989       5,731  
    Total accruing loans past due 90 days or more   36,008       43,093       46,923  
    Total nonperforming loans   56,367       62,656       54,866  
    Real estate owned   —       —       —  
    Repossessed assets   —       —       —  
    Total nonperforming assets $ 56,367     $ 62,656     $ 54,866  
    Total nonaccrual loans to loans receivable   0.58 %     0.56 %     0.25 %
    Total nonperforming loans to loans receivable   1.60 %     1.80 %     1.72 %
    Total nonperforming assets to total assets   1.30 %     1.52 %     1.42 %
                           

    The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

    CCBX As of
    (dollars in thousands; unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans:          
    All other commercial & industrial loans $ 192     $ 234     $ —  
    Consumer and other loans:          
    Credit cards   13,602       10,262       —  
    Other consumer and other loans   6,376       8,967       —  
    Total nonaccrual loans   20,170       19,463       —  
    Accruing loans past due 90 days or more:          
    Commercial & industrial loans   782       1,006       1,793  
    Real estate loans:          
    Residential real estate loans   2,407       2,608       1,796  
    Consumer and other loans:          
    Credit cards   27,187       34,490       37,603  
    Other consumer and other loans   5,632       4,989       5,731  
    Total accruing loans past due 90 days or more   36,008       43,093       46,923  
    Total nonperforming loans   56,178       62,556       46,923  
    Other real estate owned   —       —       —  
    Repossessed assets   —       —       —  
    Total nonperforming assets $ 56,178     $ 62,556     $ 46,923  
    Total CCBX nonperforming assets to total consolidated assets   1.29 %     1.52 %     1.21 %
                           
    Community Bank As of
    (dollars in thousands; unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans $ 189     $ 100     $ —  
    Real estate:          
    Residential real estate   —       —       212  
    Commercial real estate   —       —       7,731  
    Total nonaccrual loans   189       100       7,943  
    Accruing loans past due 90 days or more:          
    Total accruing loans past due 90 days or more   —       —       —  
    Total nonperforming loans   189       100       7,943  
    Other real estate owned   —       —       —  
    Repossessed assets   —       —       —  
    Total nonperforming assets $ 189     $ 100     $ 7,943  
    Total community bank nonperforming assets to total consolidated assets   0.01 %     — %     0.21 %
                           

    About Coastal Financial

    Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC.  The $4.34 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application.  The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment.  To learn more about the Company visit www.coastalbank.com.

    CCB-ER

    Contact

    Eric Sprink, Chief Executive Officer, (425) 357-3659
    Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

    If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Dollars in thousands; unaudited)

    ASSETS
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Cash and due from banks $ 43,467     $ 36,533     $ 45,327     $ 59,995     $ 32,790  
    Interest earning deposits with other banks   580,835       415,980       438,699       427,250       482,338  
    Investment securities, available for sale, at fair value   34       35       38       39       41  
    Investment securities, held to maturity, at amortized cost   46,957       47,286       48,582       49,174       50,049  
    Other investments   12,589       10,800       10,757       10,664       10,583  
    Loans held for sale   42,132       20,600       7,565       —       797  
    Loans receivable   3,517,359       3,486,565       3,413,894       3,321,813       3,195,101  
    Allowance for credit losses   (183,178 )     (176,994 )     (171,674 )     (148,878 )     (139,941 )
    Total loans receivable, net   3,334,181       3,309,571       3,242,220       3,172,935       3,055,160  
    CCBX credit enhancement asset   183,377       181,890       173,600       149,096       142,412  
    CCBX receivable   12,685       14,138       16,060       11,520       10,369  
    Premises and equipment, net   28,639       27,431       25,833       24,526       22,995  
    Lease right-of-use assets   5,117       5,219       5,427       5,635       5,756  
    Accrued interest receivable   21,109       21,104       22,315       21,620       22,485  
    Bank-owned life insurance, net   13,501       13,375       13,255       13,132       12,991  
    Deferred tax asset, net   3,912       3,600       3,083       2,221       2,221  
    Other assets   10,747       13,646       11,711       11,742       12,075  
    Total assets $ 4,339,282     $ 4,121,208     $ 4,064,472     $ 3,959,549     $ 3,863,062  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    LIABILITIES                  
    Deposits $ 3,791,229     $ 3,585,332     $ 3,627,288     $ 3,543,432     $ 3,462,979  
    Subordinated debt, net   44,331       44,293       44,256       44,219       44,181  
    Junior subordinated debentures, net   3,592       3,591       3,591       3,591       3,590  
    Deferred compensation   310       332       369       405       442  
    Accrued interest payable   1,107       962       1,070       999       1,061  
    Lease liabilities   5,293       5,398       5,609       5,821       5,946  
    CCBX payable   29,391       29,171       37,839       32,539       30,899  
    Other liabilities   14,112       13,425       12,520       11,850       10,255  
    Total liabilities   3,889,365       3,682,504       3,732,542       3,642,856       3,559,353  
    SHAREHOLDERS’ EQUITY                  
    Common Stock   229,659       228,177       134,769       132,989       131,601  
    Retained earnings   220,259       210,529       197,162       183,706       172,110  
    Accumulated other comprehensive loss, net of tax   (1 )     (2 )     (1 )     (2 )     (2 )
    Total shareholders’ equity   449,917       438,704       331,930       316,693       303,709  
    Total liabilities and shareholders’ equity $ 4,339,282     $ 4,121,208     $ 4,064,472     $ 3,959,549     $ 3,863,062  
                                           

    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts; unaudited)

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    INTEREST AND DIVIDEND INCOME                  
    Interest and fees on loans $ 98,147     $ 95,575     $ 99,676     $ 90,879     $ 85,891  
    Interest on interest earning deposits with other banks   6,070       6,021       4,781       5,683       4,780  
    Interest on investment securities   650       661       675       686       1,034  
    Dividends on other investments   40       191       33       174       37  
    Total interest income   104,907       102,448       105,165       97,422       91,742  
    INTEREST EXPENSE                  
    Interest on deposits   28,185       29,404       32,083       30,578       28,867  
    Interest on borrowed funds   660       667       809       672       669  
    Total interest expense   28,845       30,071       32,892       31,250       29,536  
    Net interest income   76,062       72,377       72,273       66,172       62,206  
    PROVISION FOR CREDIT LOSSES   55,781       61,867       70,257       62,325       83,158  
    Net interest income/(expense) after provision for credit losses   20,281       10,510       2,016       3,847       (20,952 )
    NONINTEREST INCOME                  
    Service charges and fees   860       932       952       946       908  
    Loan referral fees   —       —       —       —       168  
    Unrealized gain (loss) on equity securities, net   16       1       2       9       15  
    Other income   682       473       486       257       308  
    Noninterest income, excluding BaaS program income and BaaS indemnification income   1,558       1,406       1,440       1,212       1,399  
    Servicing and other BaaS fees   1,419       1,043       1,044       1,525       1,131  
    Transaction and interchange fees   3,833       3,699       3,549       2,934       2,661  
    Reimbursement of expenses   1,026       812       565       857       254  
    BaaS program income   6,278       5,554       5,158       5,316       4,046  
    BaaS credit enhancements   53,648       62,097       70,108       60,826       79,808  
    BaaS fraud enhancements   1,993       5,043       2,084       1,784       923  
    BaaS indemnification income   55,641       67,140       72,192       62,610       80,731  
    Total noninterest income   63,477       74,100       78,790       69,138       86,176  
    NONINTEREST EXPENSE                  
    Salaries and employee benefits   21,532       17,994       17,101       17,005       17,984  
    Occupancy   1,034       958       964       985       1,518  
    Data processing and software licenses   4,232       4,010       4,297       3,625       2,892  
    Legal and professional expenses   6,488       4,606       3,597       3,631       3,672  
    Point of sale expense   107       89       73       72       90  
    Excise taxes   722       778       762       (706 )     320  
    Federal Deposit Insurance Corporation (“FDIC”) assessments   755       750       740       690       683  
    Director and staff expenses   631       683       559       470       400  
    Marketing   50       28       67       14       53  
    Other expense   1,938       1,752       1,482       1,383       1,867  
    Noninterest expense, excluding BaaS loan and BaaS fraud expense   37,489       31,648       29,642       27,169       29,479  
    BaaS loan expense   32,507       30,720       32,698       29,011       26,107  
    BaaS fraud expense   1,993       5,043       2,084       1,784       923  
    BaaS loan and fraud expense   34,500       35,763       34,782       30,795       27,030  
    Total noninterest expense   71,989       67,411       64,424       57,964       56,509  
    Income before provision for income taxes   11,769       17,199       16,382       15,021       8,715  
    PROVISION FOR INCOME TAXES   2,039       3,832       2,926       3,425       1,915  
    NET INCOME $ 9,730     $ 13,367     $ 13,456     $ 11,596     $ 6,800  
    Basic earnings per common share $ 0.65     $ 0.97     $ 1.00     $ 0.86     $ 0.51  
    Diluted earnings per common share $ 0.63     $ 0.94     $ 0.97     $ 0.84     $ 0.50  
    Weighted average number of common shares outstanding:                  
    Basic   14,962,507       13,828,605       13,447,066       13,412,667       13,340,997  
    Diluted   15,462,041       14,268,229       13,822,270       13,736,508       13,676,917  
                                           

    COASTAL FINANCIAL CORPORATION
    AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
    (Dollars in thousands; unaudited)

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Assets                                  
    Interest earning assets:                                  
    Interest earning deposits with
    other banks    		 $ 553,393     $ 6,070       4.45 %   $ 501,654     $ 6,021       4.77 %   $ 350,868     $ 4,780       5.48 %
    Investment securities, available for sale (2)   37       1       10.96       39       —       —       64,878       349       2.16  
    Investment securities, held to maturity (2)   47,154       649       5.58       48,126       661       5.46       50,490       685       5.46  
    Other investments   11,757       40       1.38       10,783       191       7.05       10,262       37       1.45  
    Loans receivable (3)   3,511,724       98,147       11.33       3,419,476       95,575       11.12       3,137,271       85,891       11.01  
    Total interest earning assets   4,124,065       104,907       10.32       3,980,078       102,448       10.24       3,613,769       91,742       10.21  
    Noninterest earning assets:                                  
    Allowance for credit losses   (170,542 )             (156,687 )             (114,985 )        
    Other noninterest earning assets   296,993               277,922               229,437          
    Total assets $ 4,250,516             $ 4,101,313             $ 3,728,221          
                                       
    Liabilities and Shareholders’ Equity                                  
    Interest bearing liabilities:                                  
    Interest bearing deposits $ 3,166,384     $ 28,185       3.61 %   $ 3,068,357     $ 29,404       3.81 %   $ 2,728,884     $ 28,867       4.25 %
    FHLB advances and other borrowings   —       1       —       —       1       —       5       —       —  
    Subordinated debt   44,309       598       5.47       44,272       599       5.38       44,159       598       5.45  
    Junior subordinated debentures   3,592       61       6.89       3,591       67       7.42       3,590       71       7.95  
    Total interest bearing liabilities   3,214,285       28,845       3.64       3,116,220       30,071       3.84       2,776,638       29,536       4.28  
    Noninterest bearing deposits   543,784               577,453               595,693          
    Other liabilities   49,624               50,824               58,829          
    Total shareholders’ equity   442,823               356,816               297,061          
    Total liabilities and shareholders’ equity $ 4,250,516             $ 4,101,313             $ 3,728,221          
    Net interest income     $ 76,062             $ 72,377             $ 62,206      
    Interest rate spread           6.68 %             6.40 %             5.93 %
    Net interest margin (4)           7.48 %             7.23 %             6.92 %
    (1) Yields and costs are annualized.
    (2) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
    (3) Includes loans held for sale and nonaccrual loans.
    (4) Net interest margin represents net interest income divided by the average total interest earning assets.
       

    COASTAL FINANCIAL CORPORATION
    SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
    (Dollars in thousands; unaudited)

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited) Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Community Bank                                  
    Assets                                  
    Interest earning assets:                                  
    Loans receivable (2) $ 1,881,636     $ 30,292     6.53 %   $ 1,892,298     $ 31,043     6.53 %   $ 1,871,414     $ 30,052     6.46 %
    Total interest earning assets   1,881,636       30,292     6.53       1,892,298       31,043     6.53       1,871,414       30,052     6.46  
    Liabilities                                  
    Interest bearing liabilities:                                
    Interest bearing deposits   1,045,971       6,604     2.56 %     1,029,346       7,161     2.77 %     922,340       6,013     2.62 %
    Intrabank liability   356,337       3,909     4.45       357,442       4,290     4.77       410,993       5,599     5.48  
    Total interest bearing liabilities   1,402,308       10,513     3.04       1,386,788       11,451     3.28       1,333,333       11,612     3.50  
    Noninterest bearing deposits   479,329               505,510               538,081          
    Net interest income     $ 19,779             $ 19,592             $ 18,440      
    Net interest margin(3)         4.26 %           4.12 %           3.96 %
                                       
    CCBX                                  
    Assets                                  
    Interest earning assets:                                  
    Loans receivable (2)(4) $ 1,630,088     $ 67,855     16.88 %   $ 1,527,178     $ 64,532     16.81 %   $ 1,265,857     $ 55,839     17.74 %
    Intrabank asset   554,781       6,085     4.45       583,776       7,007     4.78       598,299       8,151     5.48  
    Total interest earning assets   2,184,869       73,940     13.72       2,110,954       71,539     13.48       1,864,156       63,990     13.81  
    Liabilities                                  
    Interest bearing liabilities:                            
    Interest bearing deposits   2,120,413       21,581     4.13 %     2,039,011       22,243     4.34 %     1,806,544       22,854     5.09 %
    Total interest bearing liabilities   2,120,413       21,581     4.13       2,039,011       22,243     4.34       1,806,544       22,854     5.09  
    Noninterest bearing deposits   64,455               71,943               57,612          
    Net interest income     $ 52,359             $ 49,296             $ 41,136      
    Net interest margin(3)         9.72 %           9.29 %           8.88 %
    Net interest margin, net of BaaS loan expense(5)         3.68 %           3.50 %           3.24 %
                                             
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited) Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Treasury & Administration                            
    Assets                                  
    Interest earning assets:                                  
    Interest earning
    deposits with
    other banks    		 $ 553,393     $ 6,070     4.45 %   $ 501,654     $ 6,021     4.77 %   $ 350,868     $ 4,780     5.48 %
    Investment securities,
    available for sale (6)    		   37       1     10.96       39       —     —       64,878       349     2.16  
    Investment securities,
    held to maturity (6)    		   47,154       649     5.58       48,126       661     5.46       50,490       685     5.46  
    Other investments   11,757       40     1.38       10,783       191     7.05       10,262       37     1.45  
    Total interest
    earning assets    		   612,341       6,760     4.48 %     560,602       6,873     4.88 %     476,498       5,851     4.94 %
    Liabilities                                  
    Interest bearing
    liabilities:    		                                  
    FHLB advances
    and borrowings    		 $ —       1     — %   $ —       1     — %   $ 5       —     — %
    Subordinated debt   44,309       598     5.47 %     44,272       599     5.38 %     44,159       598     5.45 %
    Junior subordinated
    debentures    		   3,592       61     6.89       3,591       67     7.42       3,590       71     7.95  
    Intrabank liability, net (7)   198,444       2,176     4.45       226,334       2,717     4.78       187,306       2,552     5.48  
    Total interest
    bearing liabilities    		   246,345       2,836     4.67       274,197       3,384     4.91       235,060       3,221     5.51  
    Net interest income     $ 3,924             $ 3,489             $ 2,630      
    Net interest margin(3)         2.60 %           2.48 %           2.22 %
    (1)  Yields and costs are annualized.
    (2) Includes loans held for sale and nonaccrual loans.
    (3)  Net interest margin represents net interest income divided by the average total interest earning assets.
    (4) CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (5) Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
    (6) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
    (7)  Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.
       

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

    However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

    The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

    Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

    Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

    Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

    CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

    Reconciliations of the GAAP and non-GAAP measures are presented below.

    CCBX   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025    		   December 31
    2024    		   March 31
    2024
    Net BaaS loan income divided by average CCBX loans:
    CCBX loan yield (GAAP)(1)     16.88 %     16.81 %     17.74 %
    Total average CCBX loans receivable   $ 1,630,088     $ 1,527,178     $ 1,265,857  
    Interest and earned fee income on CCBX loans (GAAP)     67,855       64,532       55,839  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net BaaS loan income   $ 35,348     $ 33,812     $ 29,732  
    Net BaaS loan income divided by average CCBX loans (1)     8.79 %     8.81 %     9.45 %
    CCBX net interest margin, net of BaaS loan expense:        
    CCBX net interest margin (1)     9.72 %     9.29 %     8.88 %
    CCBX earning assets     2,184,869       2,110,954       1,864,156  
    Net interest income (GAAP)     52,359       49,296       41,136  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense   $ 19,852     $ 18,576     $ 15,029  
    CCBX net interest margin, net of BaaS loan expense (1)     3.68 %     3.50 %     3.24 %
                             
    Consolidated   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025    		   December 31
    2024    		   March 31
    2024
    Net interest margin, net of BaaS loan expense:        
    Net interest margin (1)     7.48 %     7.23 %     6.92 %
    Earning assets     4,124,065       3,980,078       3,613,769  
    Net interest income (GAAP)     76,062       72,377       62,206  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense   $ 43,555     $ 41,657     $ 36,099  
    Net interest margin, net of BaaS loan expense (1)     4.28 %     4.16 %     4.02 %
    Loan income net of BaaS loan expense divided by average loans:    
    Loan yield (GAAP)(1)     11.33 %     11.12 %     11.01 %
    Total average loans receivable   $ 3,511,724     $ 3,419,476     $ 3,137,271  
    Interest and earned fee income on loans (GAAP)     98,147       95,575       85,891  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net loan income   $ 65,640     $ 64,855     $ 59,784  
    Loan income, net of BaaS loan expense, divided by average loans (1)     7.58 %     7.55 %     7.66 %
    (1) Annualized calculations for periods presented.
       

    The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

        As of and for the Three Months Ended
    (dollars in thousands, unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Noninterest expense, net of reimbursement of expenses (BaaS)
    Noninterest expense (GAAP)   $ 71,989     $ 67,411     $ 56,509  
    Less: BaaS loan expense     32,507       30,720       26,107  
    Less: BaaS fraud expense     1,993       5,043       923  
    Less: Reimbursement of expenses     1,026       812       254  
    Noninterest expense, net of BaaS loan expense, BaaS fraud expense
    and reimbursement of expenses    		   $ 36,463     $ 30,836     $ 29,225  
                             

    APPENDIX A –
    As of March 31, 2025

    Industry Concentration

    We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.52 billion in outstanding loan balances. When combined with $2.14 billion in unused commitments the total of these categories is $5.67 billion.

    Commercial real estate loans represent the largest segment of our loans, comprising 38.0% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $29.4 million, and the combined total in commercial real estate loans represents $1.37 billion, or 24.2% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments   Total Outstanding Balance & Available Commitment   % of Total Loans
    (Outstanding Balance &
    Available Commitment)    		   Average Loan Balance   Number of Loans
    Apartments   $ 392,740     $ 4,488     $ 397,228     7.0 %   $ 3,927     100  
    Hotel/Motel     149,859       61       149,920     2.6       6,516     23  
    Convenience Store     138,838       561       139,399     2.5       2,314     60  
    Office     121,346       7,183       128,529     2.3       1,379     88  
    Retail     101,118       744       101,862     1.8       972     104  
    Warehouse     103,813       —       103,813     1.8       1,790     58  
    Mixed use     91,025       5,220       96,245     1.7       1,167     78  
    Mini Storage     73,172       8,022       81,194     1.4       3,659     20  
    Strip Mall     43,678       —       43,678     0.8       6,240     7  
    Manufacturing     36,887       370       37,257     0.7       1,272     29  
    Groups < 0.70% of total     88,171       2,752       90,923     1.6       1,145     77  
    Total   $ 1,340,647     $ 29,401     $ 1,370,048     24.2 %   $ 2,082     644  
                                                 

    Consumer loans comprise 34.5% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $910.8 million, and the combined total in consumer and other loans represents $2.13 billion, or 37.5% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

    The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)    		   Average Loan Balance   Number of Loans
    CCBX consumer loans
    Credit cards   $ 532,775     $ 868,969     $ 1,401,744     24.7 %   $ 1.7     314,203  
    Installment loans     654,844       29,027       683,871     12.1       0.8     776,669  
    Lines of credit     627       2       629     0.0       1.3     477  
    Other loans     14,555       —       14,555     0.3       0.1     185,894  
    Community bank consumer loans
    Installment loans     1,846       3       1,849     0.0       65.9     28  
    Lines of credit     173       357       530     0.0       5.2     33  
    Other loans     11,307       12,400       23,707     0.4       34.6     327  
    Total   $ 1,216,127     $ 910,758     $ 2,126,885     37.5 %   $ 1.0     1,277,631  

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $529.3 million, and the combined total in residential real estate loans represents $1.02 billion, or 18.0% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)    		   Average Loan Balance   Number of Loans
    CCBX residential real estate loans
    Home equity line of credit   $ 285,355     $ 481,778     $ 767,133     13.5 %   $ 28     10,291  
    Community bank residential real estate loans
    Closed end, secured by first liens     164,284       1,649       165,933     3.0       533     308  
    Home equity line of credit     27,931       45,016       72,947     1.3       115     242  
    Closed end, second liens     10,705       892       11,597     0.2       357     30  
    Total   $ 488,275     $ 529,335     $ 1,017,610     18.0 %   $ 45     10,871  

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

    Commercial and industrial loans comprise 8.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $601.0 million, and the combined total in commercial and industrial loans represents $913.2 million, or 16.1% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $133.5 million in outstanding capital call lines, with an additional $514.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

    The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)    		   Average Loan Balance   Number of Loans
    CCBX C&I Loans
    Capital Call Lines   $ 133,466     $ 514,864     $ 648,330     11.4 %   $ 1,019     131  
    Retail and other loans     29,702       21,736       51,438     0.9       10     3,002  
    Community bank C&I Loans
    Construction/Contractor Services     30,768       31,642       62,410     1.1       152     202  
    Financial Institutions     48,648       —       48,648     0.9       4,054     12  
    Medical / Dental / Other Care     6,721       2,739       9,460     0.2       517     13  
    Manufacturing     5,611       4,022       9,633     0.2       156     36  
    Groups < 0.20% of total     57,356       25,969       83,325     1.4       222     258  
    Total   $ 312,272     $ 600,972     $ 913,244     16.1 %   $ 85     3,654  

    (1) Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Construction, land and land development loans comprise 4.7% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $72.5 million, and the combined total in construction, land and land development loans represents $239.0 million, or 4.2% of our total outstanding loans and loan commitments.

    The following table details our loan commitment for our construction, land and land development portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments   Total Outstanding Balance & Available Commitment   % of Total Loans
    (Outstanding Balance &
    Available Commitment)    		   Average Loan Balance   Number of Loans  
    Commercial construction   $ 96,716     $ 41,654     $ 138,370     2.4 %   $ 6,908     14  
    Residential construction     39,375       22,253       61,628     1.1       2,316     17  
    Developed land loans     7,788       2       7,790     0.1       556     14  
    Undeveloped land loans     16,684       4,185       20,869     0.4       1,112     15  
    Land development     5,988       4,382       10,370     0.2       665     9  
    Total   $ 166,551     $ 72,476     $ 239,027     4.2 %   $ 2,414     69  
                                                 

    Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

        Outstanding Balance as of
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Commercial construction   $ 96,716     $ 83,216     $ 97,792     $ 110,372     $ 102,099  
    Residential construction     39,375       40,940       35,822       34,652       28,751  
    Undeveloped land loans     16,684       8,665       8,606       8,372       8,190  
    Developed land loans     7,788       8,305       14,863       13,954       14,307  
    Land development     5,988       7,072       5,968       5,714       7,515  
    Total   $ 166,551     $ 148,198     $ 163,051     $ 173,064     $ 160,862  
                                             

    Commitments to extend credit total $2.14 billion at March 31, 2025,   however we do not anticipate our customers using the $2.14 billion that is showing as available due to CCBX partner and portfolio limits.

    The following table presents outstanding commitments to extend credit as of March 31, 2025:

    Consolidated    
    (dollars in thousands; unaudited)   As of March 31, 2025
    Commitments to extend credit:    
    Commercial and industrial loans   $ 86,108  
    Commercial and industrial loans – capital call lines     514,864  
    Construction – commercial real estate loans     50,221  
    Construction – residential real estate loans     22,255  
    Residential real estate loans     529,335  
    Commercial real estate loans     29,401  
    Credit cards     868,969  
    Consumer and other loans     41,789  
    Total commitments to extend credit   $ 2,142,942  
             

    We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of March 31, 2025, capital call lines outstanding balance totaled $133.5 million and, while commitments totaled $514.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

    See the table below for CCBX portfolio maximums and related available commitments:

    CCBX                
    (dollars in thousands; unaudited)   Balance   Percent of CCBX loans receivable Available Commitments (1)   Maximum Portfolio Size Cash Reserve/Pledge Account Amount (2)
    Commercial and industrial loans:            
    Capital call lines   $ 133,466     8.1 % $ 514,864     $ 350,000   $ —  
    All other commercial & industrial loans     29,702     1.8     21,736       475,720     541  
    Real estate loans:                
    Home equity lines of credit (3)     285,355     17.3     481,778       375,000     33,436  
    Consumer and other loans:            
    Credit cards – cash secured     339         —         —  
    Credit cards – unsecured     532,436         868,969         27,589  
    Credit cards – total     532,775     32.2     868,969       850,000     27,589  
    Installment loans – cash secured     127,426         29,027         —  
    Installment loans – unsecured     527,418         —         1,175  
    Installment loans – total     654,844     39.7     29,027       1,814,541     1,175  
    Other consumer and other loans     15,182     0.9     2       4,739     419  
    Gross CCBX loans receivable     1,651,324     100.0 %   1,916,376       3,870,000   $ 63,160  
    Net deferred origination fees     (498 )            
    Loans receivable   $ 1,650,826              
    (1) Remaining commitment available, net of outstanding balance.
    (2) Balances are as of April 9, 2025.
    (3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.
       

    APPENDIX B –
    As of March 31, 2025

    CCBX – BaaS Reporting Information

    During the quarter ended March 31, 2025, $53.6 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

    The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

    The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

    Loan income and related loan expense   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Yield on loans (1)     16.88 %     16.81 %     17.74 %
    BaaS loan interest income   $ 67,855     $ 64,532     $ 55,839  
    Less: BaaS loan expense     32,507       30,720       26,107  
    Net BaaS loan income (2)   $ 35,348     $ 33,812     $ 29,732  
    Net BaaS loan income divided by average BaaS loans (1)(2)     8.79 %     8.81 %     9.45 %

    (1) Annualized calculation for quarterly periods shown.
    (2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

    An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. The increase in average CCBX loans receivable was primarily due to our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans also have lower stated rates and expected losses than some of our CCBX loans historically. Our yield on loans and our net interest margin net of BaaS loan expense slightly increased, as our CCBX portfolio is leveling out. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024.

    The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

    Interest income   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Loan interest income   $ 67,855     $ 64,532     $ 55,839  
    Total BaaS interest income   $ 67,855     $ 64,532     $ 55,839  
                             
    Interest expense   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    BaaS interest expense   $ 21,581     $ 22,243     $ 22,854  
    Total BaaS interest expense   $ 21,581     $ 22,243     $ 22,854  
                             
    BaaS income   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    BaaS program income:            
    Servicing and other BaaS fees   $ 1,419     $ 1,043     $ 1,131  
    Transaction and interchange fees     3,833       3,699       2,661  
    Reimbursement of expenses     1,026       812       254  
    Total BaaS program income     6,278       5,554       4,046  
    BaaS indemnification income:            
    BaaS credit enhancements     53,648       62,097       79,808  
    BaaS fraud enhancements     1,993       5,043       923  
    BaaS indemnification income     55,641       67,140       80,731  
    Total noninterest BaaS income   $ 61,919     $ 72,694     $ 84,777  
                             

    Servicing and other BaaS fees increased $376,000 and transaction and interchange fees increased $134,000 in the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

    BaaS loan and fraud expense:   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    BaaS loan expense   $ 32,507     $ 30,720     $ 26,107  
    BaaS fraud expense     1,993       5,043       923  
    Total BaaS loan and fraud expense   $ 34,500     $ 35,763     $ 27,030  
                             

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7ee4c-99dc-493e-8703-90dc906581e2

    The MIL Network –

    April 30, 2025

  • MIL-OSI Russia: The Academic Council discussed youth policy issues

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The meeting of the Academic Council began, as per tradition, with a pleasant ceremony of honoring the Polytechnicians and the university’s partners.

    For her significant contribution to the development of the university, the rector of SPbPU Andrey Rudskoy awarded the commemorative badge “For Merit” to the federal inspector for St. Petersburg of the Office of the Plenipotentiary Representative of the President of the Russian Federation in the Northwestern Federal District Tatyana Kubrakova.

    Then Andrey Ivanovich congratulated the graduate and postgraduate student of the Polytechnic University, assistant of the Higher School of Sports Pedagogy of the Institute of Physical Culture, Sports and Tourism, Honored Master of Sports of the Russian Federation, World and European Champion in short water Kirill Prigoda with a recent victory at the Russian Swimming Championship. The Polytechnician was the best in five distances: 50, 100, 200 meters breaststroke, in the 4×100 relay medley swimming and broke the Russian record. Kirill is the pride of the Polytechnic University, and given his great contribution to strengthening the positive image of the university, the Rector of SPbPU presented him with the main award of the university – the “For Merit” badge with special feeling.

    Candidate of Pedagogical Sciences diplomas were awarded to Igor Rovnin, a graduate of the Institute of Physical Culture, Sports and Tourism, deputy director of the private general education institution Gazprom School Saint Petersburg (academic supervisor – professor of the Higher School of Sports Pedagogy of SPbPU Alexander Bolotin) and senior lecturer of the Department of Foreign Languages Galina Borshchenko (academic supervisor – doctor of pedagogical sciences, professor Anna Rubtsova).

    Milana Zhavner received an associate professor’s certificate in the scientific specialty “Mechanical Science”.

    It’s time to honor the winners and prize winners of various competitions and contests. Winner of the Gazprom Neft League of Universities Award The SPbPU team won in the “Big Prospects” nomination, presenting an additional professional development program “Reverse Engineering of Oil Industry Enterprises”: Vice-Rector for Continuing and Pre-University Education Dmitry Tikhonov, Director of the Information Technology and Business Analysis Research Center “Gazprom Neft” Irina Rudskaya, Head of the Directorate of Continuing Education and Industry Partnership, Head of the Program Ivan Kurta, and Leading Analyst of the Directorate of Continuing Education and Industry Partnership Natalia Ivanova.

    The team of the Higher School of Media Communications and Public Relations of the Humanitarian Institute, consisting of Adelina Borodina, Aya Klimacheva, Vladislava Smelova, and Taisiya Temirova (project mentor – Director of the Higher School of Media Communications and Public Relations Marina Arkannikova), won in two nominations of the All-Russian competition of student works “Archer of the Future”.

    And the volunteer project “Polytech Gives Good” by students of the Higher School of Microbiology and Social Sciences Sofia Ryabinina and Elina Avakova took 1st place in the All-Russian competition “School of Volunteers”.

    L. N. Gumilyov Eurasian National University (Kazakhstan) sent letters of gratitude to Polytechnic University teachers Natalia Chicherina, Maya Bernavskaya, Evgenia Tuchkevich and Evgenia Vorontsova for promoting fruitful educational and scientific cooperation, supporting scientific events and active participation in the international seminar “New paradigms of scientific research in the era of AI: opportunities and transformation of research practices”.

    The SPbPU Certificate of Honor for many years of conscientious work and high professionalism was awarded to the Head of the Quality Control Department, Maxim Dyuldin.

    For the first time in the history of the Polytechnic Military Training Center, for excellent academic performance, active civic position, initiative and diligence demonstrated in volunteer work and assistance to participants of the SVO, students of the communications department Grigory Aleksandrov (IMMiT) and Artem Tikhonravov (IEIT) received departmental awards of the Ministry of Defense of the Russian Federation – the medal “Marshal of the Signal Troops Peresypkin”.

    Lecturer at the Institute of Secondary Vocational Education Tatiana Tsvetkova received two awards – gratitude from the Committee on Science and Higher Education “For conscientious work, great personal contribution to the development of the professional education system of St. Petersburg” and gratitude from the rector of SPbPU A. I. Rudskoy “For the successful organization and holding of the opening Museum of the History of the Development of Public Catering in St. Petersburg as part of the St. Petersburg government project “St. Petersburg cuisine”.

    At the international robot fighting championship RoboWars, which took place in the Indian city of Surat during the largest technology festival Mindbend and brought together more than 80 teams from different countries, the CML-team of the Student Design Bureau of the Advanced Engineering School “Digital Engineering” won – engineer of the Experimental Design Bureau of the SPbPU PISh Vsevolod Bolshakov and laboratory assistant of the Experimental Design Bureau of the SPbPU PISh Daria Kuatkhina. The guys also became winners in the individual competition “Battle of Robots – KRASHILOVO”, in which more than 40 teams from different regions of Russia participated.

    As always, the athletes pleased us with their success. The Polytechnicians became the first in the St. Petersburg student cheerleading competitions (thanks to students Marat Gainutdinov, Victoria Nechaeva, Arina Rakhmatulina and Margarita Senina)

    According to the results of the student karate competitions (VKF) within the framework of the St. Petersburg Student Sports Games 2025, Polytech won 1st place in the overall team standings. This is the merit of the coach of the Student Sports Club “Black Bears-Polytech” Elizaveta Orlova, as well as students Anastasia Vasilenko, Maria Luganskaya and Valery Kazantsev.

    The SPbPU hockey team also won the All-Russian final of the Student Hockey League championship and earned special congratulations from the SPbPU Academic Council.

    After the official ceremony, the Academic Council moved on to the agenda. Vice-Rector for Youth Policy and Communication Technologies Maxim Pasholikov spoke about the implementation of youth policy at the university.

    “It is important that students from their first year begin to understand the values our university lives by, accept these values and leave the Polytechnic as spiritually mature people with the right life guidelines,” emphasized Maxim Pasholikov. “Our communities have always been the main actor in our youth policy. It is impossible to reach all 30 thousand students given the limited resources. That is why trade union organizations, the headquarters of student teams, the adapter movement, patriotic and sports clubs, creative associations that attract a large number of young people are important to us, and, accordingly, through them, through their leaders, we work with young people.”

    Maxim Aleksandrovich noted that the leaders of student associations in many cases become mentors for their younger comrades, and even after graduating from university, they return here as members of the alumni association and ambassadors of the Polytechnic University.

    The Vice-Rector noted that the SPbPU History Museum, creative semesters and last year’s innovation – musical changes on the White Staircase of the Main Academic Building – play an important role in the education and formation of students’ personalities.

    The number of visitors, projects and grants is also growing in the Polytechnic Tower. Work continues within the framework of the “We are together” campaign – for this the vice-rector separately thanked the Humanitarian Institute and the “Harmony” Center.

    Maxim Aleksandrovich drew the attention of the institute directors to the fact that the relevance of social and psychological assistance at the university has grown significantly.

    This year we managed to expand the staff of the Psychological Support Center; people are asking for help, and these are not just people who want to talk, but those who are really experiencing difficulties and problems, emphasized Maxim Pasholikov.

    Maxim Aleksandrovich spoke in detail about the events dedicated to the 80th anniversary of the Victory in the Great Patriotic War, talking about the festive decoration of the campus, exhibitions, the ongoing project “Scientific Regiment” and the new video project “Memory of Glory Lives”, the play “Engineers of Victory” and the upcoming press conference at TASS about the new book “Polytech. Fortitude. 1941-1945”. As always, the inter-university military-patriotic rally “Syandeba” and “Family Victory Day” will be held in the Polytech Park on May 17, including the traditional run named after Hero of the Soviet Union Viktor Lyagin.

    The second issue on the agenda was the presentation of academic titles. By a majority of votes, the members of the SC voted to award the academic title of “professor” to Vladimir Sergeev (PhysMekh) and Alexey Flimonov (IEIT); the title of “associate professor” to Alexey Lukin (PhysMekh), Roman Burkovsky (IEIT), Alexey Grachev and Dmitry Masailo from IMMIT, Alexander Moskvichev (IBSS) and Elena Ladik (ISI).

    On the third issue, “On monitoring the implementation of decisions of the Academic Council,” the scientific secretary of SPbPU, Dmitry Karpov, made a report.

    Also, the members of the Academic Council unanimously supported the nomination of the assistant of the Rais of the Republic of Tatarstan Albert Gilmutdinov for the award of the title of “Honorary Professor of SPbPU”.

    Photo archive

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

    MIL OSI Russia News –

    April 30, 2025

  • MIL-OSI USA: House Passes Latta’s ROUTERS Act and NTIA Reauthorization Act

    Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

    House Passes Latta’s ROUTERS Act and NTIA Reauthorization Act

    Washington, April 28, 2026 | Ashley Juhn (202-225-6405)

    Today, the House of Representatives passed Congressman Bob Latta’s (R-OH5) ROUTERS Act and the National Telecommunications Information Administration (NTIA) Reauthorization Act, two bipartisan pieces of legislation that will safeguard and increase American taxpayer access to connectivity.

    The ROUTERS ACT will safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both. This legislation was previously passed by the House of Representatives in the last Congress.

    TheNTIA Reauthorization Act will reauthorize the NTIA for the first time in 30 years and improve the management of spectrum as well as update the mission and functions of the agency. Similar legislation was previously passed by the House of Representatives in the last Congress.

    “Routers and modems are critical components of our communications network—they serve as the gateway through which the public accesses the Internet. Today’s House passage of my bill, the ROUTERS Act, brings us one step closer to protecting American privacy by ensuring that bad actors cannot exploit vulnerabilities in routers to infect users’ computers, steal their information, or disrupt their networks,” Latta said. “The National Telecommunications and Information Administration plays a vital role in safeguarding and advancing our nation’s telecommunications infrastructure, and my resolution will reauthorize the NTIA for the first time in 30 years. I applaud my House colleagues for supporting this important resolution.”

    “The NTIA Reauthorization Act and the ROUTERS Act are critical pieces of legislation for securing our communications infrastructure and improving America’s economic competitiveness. I thank Rep. Latta for his work pushing these bills across the finish line, as they will set our country up for continued success in the digital age,” said Congressman Brett Guthrie (KY-02), Chairman of the Committee on Energy and Commerce.

    To read the bill text of the ROUTERS Act, click HERE.

    To read the bill text of the NTIA Resolution, click HERE.

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI USA: Rep. Jimmy Gomez Calls on SBA to Step Up and Support Content Creators and the Digital Creator Economy

    Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

    Rep. Gomez is calling for more tailored small business resources for digital entrepreneurs fueling a $250 billion industry

    WASHINGTON, DC – Today, Representative Jimmy Gomez (CA-34) is calling on the Small Business Administration (SBA) to step up support for content creators—an increasingly powerful part of the small business economy. In a letter to SBA Administrator Kelly Loeffler, Rep. Gomez urged the agency to provide more services and resources tailored to the unique needs of digital entrepreneurs who are building businesses on social platforms.

    “The content creator economy is a robust economic and social infrastructure which has experienced unprecedented growth in recent years. This growth has driven a major shift in our social and economic ecosystem as online social platforms have become an epicenter for ideas and commerce,” wrote Rep. Gomez. “I write to urge the Small Business Administration to support this fast-growing industry by providing services and programs that will help content creator small businesses continue to thrive and contribute to our economy.”

    “Content creators and influencers form the backbone of this thriving economic sector and represent a rapidly expanding segment of small business entrepreneurs across the country. Their innovative contributions fuel job creation, shape consumer spending habits, and spark growth in our economy,” continued Rep. Gomez. “My district in Los Angeles in particular serves as a global hub for content creation due to its deep roots in media and entertainment as well as a rich history as home to a thriving, diverse community of creative talent.”

    Rep. Gomez is demanding the SBA to outline how it is helping creators with key challenges like taxes, intellectual property, business loans, and managing irregular income. His push comes as more Americans build careers through platforms like TikTok, YouTube, and Instagram. According to Goldman Sachs, content creators and influencers collectively form an over $250 billion creator economy that is projected to grow to nearly $500 billion within the next four years. This effort builds on Rep. Gomez’s January listening session with leading social media influencers, held just days before a potential TikTok ban. There, he emphasized the need for better tax and legal support for creators, and reaffirmed his opposition to policies that would harm the digital creator economy.

    You can read the full letter HERE.

    ###

    MIL OSI USA News –

    April 30, 2025

  • MIL-OSI: Vitus Marine, Greatland Fuel Sales, and Vitus Terminals Secure Combined $37M in USDA Funding to Expand Fuel Infrastructure and Strengthen Rural Alaskan Communities

    Source: GlobeNewswire (MIL-OSI)

    LAGRANGE, Ga., April 29, 2025 (GLOBE NEWSWIRE) — Vitus Marine LLC, Greatland Fuel Sales LLC (GFS), and Vitus Terminals LLC (VT), collectively (Vitus), announced today the group secured $37M in USDA Business & Industry (B&I) Loan Program funding to enhance fuel infrastructure and drive economic growth in rural Alaska. Phoenix Lender Services (Phoenix) facilitated the loan fundings with Community Bank & Trust. Phoenix is a subsidiary of Community Bankshares Inc., which originated, underwrote, and closed the loans, while Community Bank & Trust funded the loans. This second series of loans follows a total of $25M in three B&I loans funded in June of 2024 for Vitus.

    These strategic investments support existing jobs, improve access to essential energy resources and bolster local economies in some of Alaska’s most remote regions.

    On a combined basis for the three companies, these two loan tranches secured over $62 million in total funding and made a significant positive impact to strengthen vital energy infrastructure in Alaska. The Vitus family of companies runs bulk fuel, freight lighterage and energy products to consumers in remote Alaskan communities and provides vital heat, electricity and logistics support to its customers.

    “These partnerships represent the impact we strive to achieve—empowering rural businesses to grow and continuing to serve communities with critical services,” said Chris Hurn, President/CEO of Phoenix Lender Services. “Vitus Marine, Greatland Fuel Sales, and Vitus Terminals are vital to Alaska’s energy infrastructure, and we’re proud to support them through the USDA B&I Program.”

    These loans offer favorable terms with lower interest rates and longer repayment terms, reducing financial burdens and demonstrating a commitment to the sustainability and growth of rural businesses. These investments highlight a powerful public-private partnership focused on preserving access, affordability, and economic opportunity for some of America’s most underserved regions.

    “Fuel and energy access is an essential service for all people. Energy access is not a luxury for the people we serve,” said Justin Charon, Owner and CEO of Vitus. “This collaboration ensures that our customers can continue to depend on us, no matter how remote their community or harsh the delivery season.”

    For more information on Phoenix and its lending solutions, visit https://phoenixlenderservices.com.

    About Phoenix Lender Services
    Based in Georgia and serving clients nationwide, Phoenix Lender Services offers a comprehensive suite of commercial lending solutions, including loan underwriting, closing, and servicing; participant lender matching; secondary market sales; portfolio management; risk analysis; and compliance reviews and regulatory support. Seasoned professionals at Phoenix combine extensive industry expertise in SBA, USDA, and commercial government-guaranteed lending with industry-leading technologies to deliver tailored solutions that align with each client’s unique strategic goals. Phoenix Lender Services is leading the way in SBA, USDA, and commercial lending.

    About Vitus Marine LLC [1]
    Vitus Marine LLC (VM) is one of two major fuel importers and distributors in Western Alaska with the ability to craft custom import solutions, offer hedging ideas and card-lock alternatives for its commercial and industrial buyers. Its customers have learned to depend on the team at Vitus Marine for creative approaches to solve the problems they face in the remote Arctic region the team serves.

    About Vitus Terminals LLC
    Vitus Terminals LLC (VT) is one of a few major fuel importers and distributors into the roadless regions in Western Alaska. They provide heating fuel deliveries to homes and businesses with convenience store access in Bethel and Dillingham, Alaska. All locations offer 24-hour card-lock access. They specialize in the storage, sale, hedging and distribution of fuel through their service hubs in Bethel, Kotzebue, Dillingham, St. Michael, Alaska.

    About Greatland Fuel Sales LLC
    Greatland Fuel Sales LLC continues Vitus Energy’s 15-year history of providing energy to Alaska with unique and timely solutions to create value for its customers through its growing energy supply network and clean convenience stores. Their mission is to deliver competitive energy alternatives for local road warriors and visitors to Alaska.

    About Community Bank & Trust
    Community Bank & Trust (CB&T), a subsidiary of Community Bankshares Inc., is a trusted financial institution dedicated to serving individuals, families, and businesses across its service area and nationwide. Headquartered in LaGrange, GA, CB&T is committed to leveraging its rural roots to empower both local consumers and commercial entities, as well as underserved groups and communities with a broad slate of accessible, personalized banking solutions, while also reaching a diverse and growing nationwide audience.

    MEDIA CONTACT
    Hannah Conley
    Uproar by Moburst for Community Bankshares, Inc.
    hannah.conley@moburst.com

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of $2,494,000, or $0.37 per diluted share for the first quarter ended March 31, 2025, compared to net income of $1,395,000, or $0.21 per diluted share for the first quarter ended March 31, 2024.

    “Our operating performance for the first quarter of 2025 was a significant improvement over the prior quarter, fueled by strong net interest income generation and net interest margin expansion,” said Brian Reed, President and CEO. “We are feeling positive about our earnings trajectory, as we have made significant progress in resolving problem loans which negatively impacted the Bank’s performance in 2024. While market volatility continues throughout the financial sector, we will remain consistent with our balance sheet management and operating procedures. Continued repricing of our deposit and loan portfolio is expected to have a positive impact on our net interest margin and financial results going forward.”

    “We continue to focus on maintaining strong capital levels by strategically managing the balance sheet and suspending cash dividends,” said Reed. “As such, the Board determined it will also suspend cash dividends in the second quarter of 2025 so that we can continue to build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

    “Another highlight of the first quarter was the substantial decrease in problem loans and non-performing assets,” said Reed. “We have been aggressively pursuing solutions to problem loans and have reduced our non-performing loans by $10,307,000 during the first quarter of 2025 compared to the preceding quarter, and by $24,101,000 compared to a year ago. Additionally, we anticipate non-performing loans will be further reduced by $8,016,000 in the second quarter of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract. These loans represent 46% of our $17,400,000 in non-performing loans. We are encouraged with our progress in resolving problem loans and will continue to make this a primary focus of the Bank.”

    First Quarter 2025 Financial Highlights (at or for the three months ended March 31, 2025)

    • Net income was $2,494,000, or $0.37 per diluted share, compared to $1,395,000, or $0.21 per diluted share, in the first quarter of 2024 and a net loss of $7,142,000, or $1.06 loss per diluted share for the quarter ended December 31, 2024.
    • Net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in the fourth quarter of 2024.
    • Non-performing assets decreased to $21,884,000 at March 31, 2025 compared to $41,548,000 in non-performing assets at March 31, 2024 and $32,191,000 at December 31, 2024.
    • Collateral relating to three of the non-performing loans to one borrower is under contract to sell in the second quarter of 2025 and the expected proceeds represent 46% or $8,016,000 of the remaining $17,447,000 of non-performing loans.
    • The Bank’s Tier 1 Leverage ratio increased to 9.45% at March 31, 2025 compared to 9.21% at March 31, 2024. This ratio remains well above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
    • The Bank’s annualized return on average assets and annualized return on average equity for the first quarter of 2025 was 0.95% and 10.80%, respectively. This compared to annualized return on average assets and annualized return on average equity for the first quarter of 2024 of 0.51% and 5.74%, respectively.
    • The allowance for credit losses to total loans was 1.53% at March 31, 2025 compared to 1.66% one year earlier and 1.49% in the preceding quarter.
    • The Bank maintained strong total liquidity of $448,039,000, or 42.1% of total assets as of March 31, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $141,145,000 or 13.3% of total assets, plus available borrowing capacity of $306,894,000 or 28.9% of total assets.
    • The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
      • Net loans decreased 4% to $877,354,000 at March 31, 2025, compared to $917,685,000 one year earlier and decreased 3% compared to $905,075,000 in the fourth quarter of 2024.
      • Total deposits increased 2% to $957,065,000 at March 31, 2025, compared to $939,202,000 at March 31, 2024, and decreased 1% when compared to the fourth quarter of 2024, at $962,562,000.
    • Book value was $14.07 per share, compared to $14.43 per share a year ago and $13.53 in the fourth quarter of 2024.

    Operating Results

    For the first quarter of 2025, the annualized return on average assets was 0.95% and the annualized return on average equity was 10.80%. This compared to an annualized return on average assets of 0.51% and an annualized return on average equity of 5.74%, respectively, for the first quarter of 2024.

    “The 31 basis point improvement in our net interest margin during the first quarter of 2025, compared to the preceding quarter, was a result of lower cost of funds as well as higher loan yields as existing loans continue to reprice,” said Reed. “We anticipate additional improvement to our net interest margin over the next few quarters as time deposits and loans reprice.” The Bank’s net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in fourth quarter of 2024.

    Interest and dividend income increased 0.4% to $14,542,000 in the first quarter of 2025 compared to $14,477,000 in the first quarter of 2024. The increase in interest income is attributable to a $146,000 increase in interest and fees on loans, an increase of $115,000 in interest on deposits with banks offset by a $197,000 decrease in interest on investment securities.

    Interest expense decreased 9% to $6,464,000 in the first quarter of 2025 compared to $7,070,000 in the first quarter of 2024. The decrease in interest expense is primarily attributable to a $498,000 decrease in interest expense on deposits resulting from lower cost of funds and a $150,000 decrease in interest expense on Federal Home Loan Bank advances due to decreased borrowing volume.

    Noninterest income decreased in the first quarter of 2025 to $646,000 compared to $948,000 in the first quarter of 2024. The decrease is primarily attributed to the Bank recognizing $514,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2024 compared to $22,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2025.

    “We have worked hard at implementing significant cost savings throughout the Bank to improve operating efficiencies,” said Reed. Operating expenses decreased in the first quarter of 2025 to $6,253,000 compared to $6,400,000 in the first quarter of 2024. The savings is primarily due to a decrease of $455,000 in salaries and employee benefits from an 8% reduction in force due to a cost savings initiative in the fourth quarter of 2024 offset by an increase in FDIC deposit insurance and stock appreciation rights expense in the first quarter of 2025.

    Balance Sheet Review

    During the first quarter of 2025, the Bank strategically managed its loan and deposit portfolios to reduce balance sheet risk and improve liquidity and capital ratios. As a result, net loans decreased 4% to $877,354,000 and total deposits increased 2% to $957,065,000 as of March 31, 2025 compared to March 31, 2024.

    Net loans were $877,354,000 at March 31, 2025 compared to $917,685,000 at March 31, 2024, and decreased 3% compared to December 31, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio and loans “secured by farmland” totaling 8% of the portfolio. Of the commercial real estate total, approximately 33% or $222,334,000 is owner occupied and the remaining 67% or $443,684,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries and product type. The office space product type totals $154,512,000 or 17% of the total loan portfolio; of this total owner occupied is $59,563,00 or 39% and non-owner occupied is $94,949,000 or 61%.
    Total deposits were $957,065,000 at March 31, 2025 compared to $939,202,000 at March 31, 2024, and decreased 1% compared to the prior quarter end. At March 31, 2025, noninterest bearing demand deposit accounts increased 11% compared to a year ago and represented 21% of total deposits; savings, NOW and money market accounts decreased 10% compared to a year ago and represented 46% of total deposits, and CDs increased 17% compared to a year ago and comprised 33% of total deposits.

    Shareholders’ equity was $95,341,000 at March 31, 2025, compared to $97,878,000 one year earlier and $91,723,000 three months earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At March 31, 2025 book value was $14.07 per share, compared to $13.53 three months earlier, and $14.43 at March 31, 2024.

    The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio for the first quarter of 2025 was 9.45%, an increase compared to 9.21% for the first quarter of 2024.

    Credit Quality

    Non-performing assets were $21,884,000, or 2.06% of total assets, at March 31, 2025. This compared to $32,191,000 in non-performing assets at December 31, 2024, and $41,548,000 in non-performing assets at March 31, 2024. Non-performing assets include $4,437,000 for one other real estate owned property at March 31, 2025 and December 31, 2024, compared to no other real estate owned property at March 31, 2024.

    “While we are encouraged with the improvements in credit quality metrics, our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “As of March 31, 2025, six loans to two borrowers totaling $16,047,000 or 92% of our non-performing loans are “secured by farmland,” a sector that has been hit hard by the current economic environment. Outside of these loans, the Bank holds a small portion, $54,714,000 or 6%, of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to three of these loans to one borrower is under contract to sell during the second quarter of 2025 and represents 46% or $8,016,000 of the total non-performing loan portfolio.”

    There was $509,000 in net recoveries during the three months ended March 31, 2025, compared to $8,343,000 in net charge-offs during the three months ended December 31, 2024 and net recoveries of $281,000 during the three months ended March 31, 2024.

    For the first quarter of 2025, consistent with factors within the allowance for credit losses model, the Bank recorded a $577,000 reversal of credit loss expense for loans due to a $509,000 recovery received on a paid off loan previously charged-off, a $38,000 reversal of credit losses for unfunded loan commitments and a $13,000 reversal of credit losses on investments. This compared to a $15,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $5,000 reversal of credit losses on investments in the first quarter of 2024. The allowance for credit losses to total loans was 1.53% on March 31, 2025, and 1.66% on March 31, 2024.

    About Summit State Bank

    Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $95 million as of March 31, 2025. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com. 

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

    The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-Q for the period ended March 31, 2025, and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

                       
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
              Three Months Ended
              March 31, 2025   December 31, 2024   March 31, 2024
              (Unaudited)   (Unaudited)   (Unaudited)
                       
    Interest and dividend income:          
      Interest and fees on loans $ 13,420     $ 13,623     $ 13,274  
      Interest on deposits with banks   477       655       362  
      Interest on investment securities   515       530       712  
      Dividends on FHLB stock   130       127       129  
          Total interest and dividend income   14,542       14,935       14,477  
    Interest expense:          
      Deposits   6,288       7,099       6,786  
      Federal Home Loan Bank advances   40       6       190  
      Junior subordinated debt   136       128       94  
          Total interest expense   6,464       7,233       7,070  
          Net interest income before provision for (reversal of) credit losses   8,078       7,702       7,407  
    (Reversal of) provision for credit losses on loans   (577 )     6,570       (15 )
    (Reversal of) provision for credit losses on unfunded loan commitments   (38 )     154       (65 )
    (Reversal of) credit losses on investments   (13 )     (2 )     (5 )
          Net interest income after provision for (reversal of) credit          
          losses on loans, unfunded loan commitments and investments   8,706       980       7,492  
    Non-interest income:          
      Service charges on deposit accounts   225       225       233  
      Rental income   57       61       60  
      Net gain on loan sales   22       857       514  
      Net gain on securities   –       6       –  
      Loss on valuation of other real estate owned   –       (693 )     –  
      Other income   342       224       141  
          Total non-interest income   646       680       948  
    Non-interest expense:          
      Salaries and employee benefits   3,727       3,429       4,182  
      Occupancy and equipment   421       413       485  
      Goodwill impairment   –       4,119       –  
      Other expenses   2,105       2,239       1,733  
          Total non-interest expense   6,253       10,200       6,400  
          Income (loss) before provision for income taxes   3,099       (8,540 )     2,040  
    Provision for income tax expense (benefit)   605       (1,398 )     645  
          Net income (loss) $ 2,494     $ (7,142 )   $ 1,395  
                       
    Basic earnings (loss) per common share $ 0.37     $ (1.06 )   $ 0.21  
    Diluted earnings (loss) per common share $ 0.37     $ (1.06 )   $ 0.21  
                       
    Basic weighted average shares of common stock outstanding   6,719       6,719       6,698  
    Diluted weighted average shares of common stock outstanding   6,719       6,719       6,698  
                     
    SUMMIT STATE BANK
    BALANCE SHEETS
    (In thousands except share data)
            March 31, 2025   December 31, 2024 March 31, 2024
            (Unaudited)   (Audited)   (Unaudited)
    ASSETS          
    Cash and due from banks $ 72,408     $ 51,403     $ 37,712  
          Total cash and cash equivalents   72,408       51,403       37,712  
                     
    Investment securities:          
      Available-for-sale, less allowance for credit losses of $23, $36 and $53          
        (at fair value; amortized cost of $79,827, $80,887 and $96,973)   68,737       68,228       83,832  
                     
    Loans, less allowance for credit losses of $13,625, $13,693 and $15,487   877,354       905,075       917,685  
    Bank premises and equipment, net   5,057       5,155       5,287  
    Investment in Federal Home Loan Bank stock (FHLB), at cost   5,889       5,889       5,541  
    Goodwill   –       –       4,119  
    Other Real Estate Owned   4,437       4,437       –  
    Affordable housing tax credit investments   7,202       7,413       8,165  
    Accrued interest receivable and other assets   22,279       19,494       17,850  
                     
          Total assets $ 1,063,363     $ 1,067,094     $ 1,080,191  
                     
    LIABILITIES AND          
    SHAREHOLDERS’ EQUITY          
    Deposits:          
      Demand – non interest-bearing $ 198,736     $ 185,756     $ 179,328  
      Demand – interest-bearing   192,764       193,355       222,313  
      Savings   39,000       47,235       48,214  
      Money market   212,900       226,879       222,153  
      Time deposits that meet or exceed the FDIC insurance limit   93,154       70,717       65,763  
      Other time deposits   220,511       238,620       201,431  
          Total deposits   957,065       962,562       939,202  
                     
    Federal Home Loan Bank advances   –       –       28,600  
    Junior subordinated debt   5,938       5,935       5,924  
    Affordable housing commitment   511       511       4,094  
    Accrued interest payable and other liabilities   4,508       6,363       4,493  
                     
          Total liabilities   968,022       975,371       982,313  
                     
    Shareholders’ equity          
      Preferred stock, no par value; 20,000,000 shares authorized;          
        no shares issued and outstanding   –       –       –  
      Common stock, no par value; shares authorized – 30,000,000 shares;          
        issued and outstanding 6,776,563, 6,776,563 and 6,784,099   37,803       37,740       37,552  
      Retained earnings   65,364       62,869       69,539  
      Accumulated other comprehensive loss, net   (7,826 )     (8,886 )     (9,213 )
                     
          Total shareholders’ equity   95,341       91,723       97,878  
                     
          Total liabilities and shareholders’ equity $ 1,063,363     $ 1,067,094     $ 1,080,191  
                     
    Financial Summary
    (Dollars in thousands except per share data)
        As of and for the
        Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
        (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:            
    Net interest income   $ 8,078     $ 7,702     $ 7,407  
    (Reversal of) provision for credit losses on loans     (577 )     6,570       (15 )
    (Reversal of) provision for credit losses on unfunded loan commitments   (38 )     154       (65 )
    (Reversal of) credit losses on investments     (13 )     (2 )     (5 )
    Non-interest income     646       680       948  
    Non-interest expense     6,253       10,199       6,400  
    Provision for income tax expense (benefit)     605       (1,398 )     645  
    Net income (loss)   $ 2,494     $ (7,141 )   $ 1,395  
                 
    Selected per Common Share Data:            
    Basic earnings (loss) per common share   $ 0.37     $ (1.06 )   $ 0.21  
    Diluted earnings (loss) per common share   $ 0.37     $ (1.06 )   $ 0.21  
    Dividend per share   $ –     $ –     $ 0.12  
    Book value per common share (1)   $ 14.07     $ 13.53     $ 14.43  
                 
    Selected Balance Sheet Data:            
    Assets   $ 1,063,363     $ 1,067,094     $ 1,080,191  
    Loans, net     877,354       905,075       917,685  
    Deposits     957,065       962,562       939,202  
    Average assets     1,059,902       1,098,885       1,087,960  
    Average earning assets     1,028,563       1,064,872       1,057,338  
    Average shareholders’ equity     93,620       101,307       97,471  
    Nonperforming loans     17,447       27,754       41,548  
    Net loans recovered (charged-off)     509       (8,343 )     281  
    Other real estate owned     4,437       4,437       –  
    Total nonperforming assets     21,884       32,191       41,548  
                 
    Selected Ratios:            
    Return (loss) on average assets (2)     0.95 %     -2.59 %     0.51 %
    Return (loss) on average common shareholders’ equity (2)   10.80 %     -28.04 %     5.74 %
    Efficiency ratio (3)     71.68 %     121.76 %     76.60 %
    Net interest margin (2)     3.18 %     2.88 %     2.81 %
    Common equity tier 1 capital ratio     10.47 %     10.14 %     10.37 %
    Tier 1 capital ratio     10.47 %     10.14 %     10.37 %
    Total capital ratio     12.22 %     11.89 %     12.24 %
    Tier 1 leverage ratio     9.45 %     8.87 %     9.21 %
    Common dividend payout ratio (4)     0.00 %     0.00 %     58.27 %
    Average shareholders’ equity to average assets     8.83 %     9.22 %     8.96 %
    Nonperforming loans to total loans     1.96 %     3.02 %     4.45 %
    Nonperforming assets to total assets     2.06 %     3.02 %     3.85 %
    Allowance for credit losses to total loans     1.53 %     1.49 %     1.66 %
    Allowance for credit losses to nonperforming loans     78.09 %     49.34 %     37.27 %
         
    (1) Total shareholders’ equity divided by total common shares outstanding.    
    (2) Annualized.    
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.    
    (4) Common dividends divided by net income available for common shareholders.    

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Inspira and Cequence Security Join Forces to Strengthen API Security and Bot Defense Worldwide

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — Inspira Enterprise, Inc. (“Inspira”), a global cybersecurity services leader, today announced a strategic partnership with Cequence Security, a pioneer in API security and bot management. With this collaboration, Inspira and Cequence will help organizations globally defend against the full spectrum of API based threats, including automated threats, ranging from malicious bots to business logic abuse, while maintaining frictionless digital experiences. The cybersecurity landscape will be fortified by pairing Inspira’s end-to-end cybersecurity services across advisory, transformation, and operations, and a range of data analytics solutions, with Cequence’s innovative Unified API Protection (UAP) platform.

    APIs have become the backbone of modern digital transformation, powering everything from mobile apps to customer portals. But with that innovation comes risk. Security teams face significant challenges in protecting API applications, especially with their rapid deployment across multiple cloud environments. Unmanaged and unprotected APIs often expose critical vulnerabilities, while inconsistent security postures across the application landscape add further complexity and risk.

    Cequence Security’s UAP platform helps organizations gain visibility into their API traffic, ensure API compliance, test for security gaps, and stop automated threats such as credential stuffing, scraping, and fake account creation. While doing so, the Platform also ensures that it does not block good bots, alter development cycles, or disrupt the business or user experience.

    “Our customers are under pressure to secure their APIs, manage risk, and meet growing compliance demands across geographies,” said Geetanjali Sethi, President – Strategy and Growth at Inspira. “By partnering with Cequence, we’re expanding our portfolio to offer API security and bot protection as a fully managed service, combining cutting-edge technology with our global expertise and 24/7 operational support.”

    Cequence is proud to join Inspira’s trusted partner ecosystem, helping them bring outcome-driven API protection and bot mitigation to customers worldwide. Customers can now detect and stop sophisticated API attacks, enhance API governance and security testing, improve visibility and response time, secure APIs during open banking transitions, and meet stringent data sovereignty requirements.

    “This partnership is rooted in delivering real outcomes,” said Arun Gowda, VP of Business Development at Cequence Security. “With Cequence, customers already get a world-class platform to secure their APIs and defend against automated attacks. Now, paired with Inspira’s global reach and service capabilities, organizations can consume the platform as a managed service, enabling faster implementation, management, and threat monitoring.”

    As part of the partnership, Inspira is augmenting its cybersecurity portfolio with industry-leading API security and bot management capabilities, offering not only the Cequence Platform but also the managed security services wrapped around it. Inspira will provide expert deployment, advisory support, ongoing monitoring, and full lifecycle threat management to help customers adopt and operate the solution with ease. The joint offering delivers a full-stack approach to API protection and bot defense, backed by Inspira’s white-glove service model and global Cyber Fusion Centers.

    About Inspira Enterprise
    Inspira Enterprise is a global Cybersecurity, Data Analytics, and Artificial Intelligence services provider with a presence in North America, ASEAN, the Middle East, India, and Africa. It offers a wide range of services to a host of industries like Banking, Financial Services and Insurance (BFSI), Healthcare, Public Sector, Manufacturing, Information technology-enabled services (ITeS), eCommerce, and others. Inspira believes in delivering adaptive, intelligent, industry and customer-centric solutions for the resilient businesses of tomorrow. Inspira is also a NVIDIA partner specializing in the planning, design, implementation, and project management of solutions that include NVIDIA products and technologies to address customers’ business and technology needs.

    Over the years, Inspira has successfully designed and delivered complex transformational projects to over 250+ customers, including the Government, PSUs, BFSI, and Enterprise customers, with a team of over 1600 professionals. For more information, please visit https://inspiraenterprise.com/.

    About Cequence Security
    Cequence is a pioneer in API security and bot management, protecting the applications and APIs that organizations depend on from cyberattacks, business logic abuse, and fraud. Its Unified API Protection platform brings together discovery, compliance, and protection capabilities to deliver real-time defense against advanced threats. Requiring no code changes or app instrumentation, Cequence demonstrates value in minutes and scales to support the world’s largest private and public sector organizations—safeguarding more than 8 billion API interactions daily and over 3 billion user accounts. Learn more at www.cequence.ai.

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    FISCAL Q4 2025 HIGHLIGHTS

           
    $1.1 Million $0.05 $6.33 0.01%
    Net Income Diluted Earnings per
    Common Share    		 Tangible Book Value per
    Share    		 NPAs to Total Assets
           
    Fiscal Quarter Comparison Highlights
    Net Interest Income and Net Interest Margin
    • $9.2 million net interest income for the quarter compared to $8.6 million in Fiscal Q4 2024
    • Net interest margin at 2.65% for the quarter compared to 2.32% in Fiscal Q4 2024
    		   Credit Quality
    • Non-performing assets at 0.01% of total assets and 0.01% of total loans – similar to year ago quarter
    • No provision booked for the quarter and net recoveries were minimal
             
    Non-Interest Income and Non-Interest Expense
    • Non-interest income of $3.7 million for the quarter compared to $494 thousand in Fiscal Q4 2024 (due to strategic investment restructure)
    • Non-interest expense of $11.4 million for the quarter compared to $13.1 million in Fiscal Q4 2024
    		   Shareholder Returns and Stock Activity
    • On April 25, 2025, the Company paid a cash dividend of $0.02 per share
    • $2.0 million stock repurchase plan completed during the quarter

    VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.

    For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.

    “We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.

    Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.

    Fourth Quarter Highlights (at or for the period ended March 31, 2025)

    • Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
    • Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
    • Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
    • Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
    • Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.

    Fiscal 2025 Highlights (at or for the period ended March 31, 2025)

    • Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
    • Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
    • Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
    • Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.

    Income Statement Review

    Riverview’s net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

    Riverview’s NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter’s loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.

    Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.

    Riverview’s yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

    Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.

    Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company’s assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.

    Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.

    Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.

    Balance Sheet Review

    Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.

    Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.

    The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.

    Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.

    FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.

    Shareholders’ equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.

    Credit Quality

    “Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.

    Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.

    Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.

    The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.

    Capital/Liquidity

    Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.

    Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.

    The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.

    On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.

    Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

    Tangible shareholders’ equity to tangible assets and tangible book value per share:            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Shareholders’ equity (GAAP)   $ 160,014     $ 158,270     $ 155,588          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible shareholders’ equity (non-GAAP)   $ 132,767     $ 130,998     $ 128,241          
                         
    Total assets (GAAP)   $ 1,513,323     $ 1,508,609     $ 1,521,529          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible assets (non-GAAP)   $ 1,486,076     $ 1,481,337     $ 1,494,182          
                         
    Shareholders’ equity to total assets (GAAP)     10.57 %     10.49 %     10.23 %        
                         
    Tangible common equity to tangible assets (non-GAAP)     8.93 %     8.84 %     8.58 %        
                         
    Shares outstanding     20,976,200       21,134,758       21,111,043          
                         
    Book value per share (GAAP)     7.63       7.49       7.37          
                         
    Tangible book value per share (non-GAAP)     6.33       6.20       6.07          
                         
                         
    Pre-tax, pre-provision income                    
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Include: Provision (credit) for income taxes     314       343       (1,095 )     1,335     802
    Include: Provision for credit losses     –       –       –       100     –
    Pre-tax, pre-provision income (loss) (non-GAAP)   $ 1,462     $ 1,575     $ (4,063 )   $ 6,338   $ 4,601
                         
                         
    Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense            
                         
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Exclude impact of securities loss restructure, net of tax     –       –       2,074       –     2,074
    Exclude impact of litigation expense, net of tax     –       –       1,748       –     1,748
    Net income excluding securities restructure and litigation expense (non-GAAP)   $ 1,148     $ 1,232     $ 854     $ 4,903   $ 7,621
                         
    Basic earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Basic earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
    Diluted earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Diluted earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
                         
    Allowance for credit losses reconciliation, excluding Government Guaranteed loans            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364          
                         
    Loans receivable (GAAP)   $ 1,062,460     $ 1,045,109     $ 1,024,013          
    Exclude: Government Guaranteed loans     (47,373 )     (49,024 )     (51,013 )        
    Loans receivable excluding Government Guaranteed loans (non-GAAP)   $ 1,015,087     $ 996,085     $ 973,000          
                         
    Allowance for credit losses to loans receivable (GAAP)     1.45 %     1.47 %     1.50 %        
                         
    Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)     1.51 %     1.54 %     1.58 %        
                         
                         
    Non-performing loans reconciliation, excluding Government Guaranteed Loans              
                         
        Three Months Ended        
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Non-performing loans (GAAP)   $ 155     $ 469     $ 178          
    Less: Non-performing Government Guaranteed loans     –       (301 )     (5 )        
    Adjusted non-performing loans excluding Government
    Guaranteed loans (non-GAAP)    		   $ 155     $ 168     $ 173          
                         
    Non-performing loans to total loans (GAAP)     0.01 %     0.04 %     0.02 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)     0.01 %     0.02 %     0.02 %        
                         
    Non-performing loans to total assets (GAAP)     0.01 %     0.03 %     0.01 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)     0.01 %     0.01 %     0.01 %        


    About Riverview

    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

    The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Balance Sheets              
                   
                   
    (In thousands, except share data) (Unaudited) March 31, 2025   December 31, 2024   March 31, 2024    
    ASSETS              
                   
    Cash (including interest-earning accounts of $14,375, $12,573, $ 29,414     $ 25,348     $ 23,642      
    and $12,164)              
    Investment securities:              
    Available for sale, at estimated fair value   119,436       124,874       143,196      
    Held to maturity, at amortized cost   203,079       212,295       229,510      
    Loans receivable (net of allowance for credit losses of $15,374,              
    $15,352 and $15,364)   1,047,086       1,029,757       1,008,649      
    Prepaid expenses and other assets   12,523       12,945       14,469      
    Accrued interest receivable   4,525       4,639       4,415      
    Federal Home Loan Bank stock, at cost   4,342       4,742       4,927      
    Premises and equipment, net   22,304       22,731       21,718      
    Financing lease right-of-use assets   1,125       1,144       1,202      
    Deferred income taxes, net   8,625       9,471       9,778      
    Goodwill   27,076       27,076       27,076      
    Core deposit intangible, net   171       196       271      
    Bank owned life insurance   33,617       33,391       32,676      
                   
    TOTAL ASSETS $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
                   
    LIABILITIES:              
    Deposits $ 1,232,328     $ 1,219,002     $ 1,231,679      
    Accrued expenses and other liabilities   14,777       17,634       16,205      
    Advance payments by borrowers for taxes and insurance   614       317       581      
    Junior subordinated debentures   27,091       27,069       27,004      
    Federal Home Loan Bank advances   76,400       84,200       88,304      
    Finance lease liability   2,099       2,117       2,168      
    Total liabilities   1,353,309       1,350,339       1,365,941      
                   
    SHAREHOLDERS’ EQUITY:              
    Serial preferred stock, $.01 par value; 250,000 authorized,              
    issued and outstanding, none   –       –       –      
    Common stock, $.01 par value; 50,000,000 authorized,              
    March 31, 2025 – 20,976,200 issued and outstanding;              
    December 31, 2024 – 21,134,758 issued and outstanding;   208       209       211      
    March 31, 2024 – 21,111,043 issued and outstanding;              
    Additional paid-in capital   53,392       54,227       55,005      
    Retained earnings   119,717       118,988       116,499      
    Accumulated other comprehensive loss   (13,303 )     (15,154 )     (16,127 )    
    Total shareholders’ equity   160,014       158,270       155,588      
                   
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Statements of Income              
      Three Months Ended   Twelve Months Ended  
    (In thousands, except share data) (Unaudited) March 31, 2025 Dec. 31, 2024 March 31, 2024   March 31, 2025 March 31, 2024  
    INTEREST INCOME:              
    Interest and fees on loans receivable $ 12,685 $ 13,201 $ 11,743     $ 50,621 $ 46,031    
    Interest on investment securities – taxable   1,484   1,589   2,145       6,918   8,971    
    Interest on investment securities – nontaxable   64   65   65       260   261    
    Other interest and dividends   261   272   338       1,163   1,292    
    Total interest and dividend income   14,494   15,127   14,291       58,962   56,555    
                   
    INTEREST EXPENSE:              
    Interest on deposits   3,910   4,101   3,021       15,313   8,285    
    Interest on borrowings   1,391   1,638   2,718       7,305   10,184    
    Total interest expense   5,301   5,739   5,739       22,618   18,469    
    Net interest income   9,193   9,388   8,552       36,344   38,086    
    Provision for credit losses   –   –   –       100   –    
                   
    Net interest income after provision for credit losses   9,193   9,388   8,552       36,244   38,086    
                   
    NON-INTEREST INCOME:              
    Fees and service charges   1,446   1,492   1,398       6,002   6,269    
    Asset management fees   1,472   1,443   1,408       5,906   5,328    
    Bank owned life insurance (“BOLI”)   226   225   222       941   891    
    BOLI death benefit in excess of cash surrender value   261   –   –       261   –    
    Loss on sale of investment securities   –   –   (2,729 )     –   (2,729 )  
    Other, net   302   181   195       1,146   483    
    Total non-interest income, net   3,707   3,341   494       14,256   10,242    
                   
    NON-INTEREST EXPENSE:              
    Salaries and employee benefits   6,763   6,471   6,225       26,099   24,204    
    Occupancy and depreciation   1,873   1,871   1,942       7,560   6,872    
    Data processing   746   743   686       2,948   2,782    
    Amortization of core deposit intangible   25   25   27       100   108    
    Advertising and marketing   284   317   326       1,278   1,276    
    FDIC insurance premium   170   174   178       688   708    
    State and local taxes   265   327   196       1,042   1,010    
    Telecommunications   62   54   50       215   211    
    Professional fees   577   429   414       1,800   1,375    
    Other   673   743   3,065       2,532   5,181    
    Total non-interest expense   11,438   11,154   13,109       44,262   43,727    
                   
    INCOME (LOSS) BEFORE INCOME TAXES   1,462   1,575   (4,063 )     6,238   4,601    
    PROVISION (CREDIT) FOR INCOME TAXES   314   343   (1,095 )     1,335   802    
    NET INCOME (LOSS) $ 1,148 $ 1,232 $ (2,968 )   $ 4,903 $ 3,799    
                   
    Earnings (loss) per common share:              
    Basic $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Diluted $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Weighted average number of common shares outstanding:              
    Basic   21,007,294   21,037,246   21,111,043       21,063,467   21,137,976    
    Diluted   21,007,294   21,037,246   21,111,043       21,063,467   21,139,322    
                   
                           
    (Dollars in thousands)   At or for the three months ended   At or for the twelve months ended  
        March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
    AVERAGE BALANCES                      
    Average interest–earning assets   $ 1,412,406     $ 1,436,130     $ 1,484,628     $ 1,433,071   $ 1,492,002  
    Average interest-bearing liabilities     1,011,116       1,019,265       1,047,712       1,010,592     1,028,042  
    Net average earning assets     401,290       416,865       436,916       422,479     463,960  
    Average loans     1,047,718       1,053,342       1,020,457       1,044,370     1,011,420  
    Average deposits     1,219,130       1,232,450       1,210,818       1,220,120     1,229,011  
    Average equity     159,766       160,532       158,776       158,570     156,137  
    Average tangible equity (non-GAAP)     132,506       133,245       131,413       131,271     128,733  
                           
                           
    ASSET QUALITY   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Non-performing loans   $ 155     $ 469     $ 178            
    Non-performing loans excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing loans to total loans     0.01 %     0.04 %     0.02 %          
    Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.02 %     0.02 %          
    Real estate/repossessed assets owned   $ –     $ –     $ –            
    Non-performing assets   $ 155     $ 469     $ 178            
    Non-performing assets excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing assets to total assets     0.01 %     0.03 %     0.01 %          
    Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.01 %     0.01 %          
    Net loan charge-offs (recoveries) in the quarter   $ (22 )   $ 114     $ (3 )          
    Net charge-offs (recoveries) in the quarter/average net loans     (0.01 )%     0.04 %     0.00 %          
                           
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364            
    Average interest-earning assets to average                      
    interest-bearing liabilities     139.69 %     140.90 %     141.70 %          
    Allowance for credit losses to                      
    non-performing loans     9918.71 %     3273.35 %     8631.46 %          
    Allowance for credit losses to total loans     1.45 %     1.47 %     1.50 %          
    Shareholders’ equity to assets     10.57 %     10.49 %     10.23 %          
                           
                           
    CAPITAL RATIOS                      
    Total capital (to risk weighted assets)     16.27 %     16.47 %     16.32 %          
    Tier 1 capital (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Common equity tier 1 (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Tier 1 capital (to average tangible assets)     11.10 %     10.86 %     10.29 %          
    Tangible common equity (to average tangible assets) (non-GAAP)     8.93 %     8.84 %     8.58 %          
                           
                           
    DEPOSIT MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Interest checking   $ 285,035     $ 257,975     $ 289,824            
    Regular savings     168,287       169,181       192,638            
    Money market deposit accounts     236,044       236,912       209,164            
    Non-interest checking     315,503       312,839       349,081            
    Certificates of deposit     227,459       242,095       190,972            
    Total deposits   $ 1,232,328     $ 1,219,002     $ 1,231,679            
                           
                       
    COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS          
                       
            Other       Commercial  
        Commercial   Real Estate   Real Estate   & Construction  
        Business   Mortgage   Construction   Total  
    March 31, 2025   (Dollars in thousands)  
    Commercial business   $ 232,935   $ –   $ –   $ 232,935  
    Commercial construction     –     –     18,368     18,368  
    Office buildings     –     110,949     –     110,949  
    Warehouse/industrial     –     114,925     –     114,925  
    Retail/shopping centers/strip malls     –     88,815     –     88,815  
    Assisted living facilities     –     358     –     358  
    Single purpose facilities     –     277,137     –     277,137  
    Land     –     4,610     –     4,610  
    Multi-family     –     91,452     –     91,452  
    One-to-four family construction     –     –     10,814     10,814  
    Total   $ 232,935   $ 688,246   $ 29,182   $ 950,363  
                       
    March 31, 2024   (Dollars in thousands)  
    Commercial business   $ 229,404   $ –   $ –   $ 229,404  
    Commercial construction     –     –     20,388     20,388  
    Office buildings     –     114,714     –     114,714  
    Warehouse/industrial     –     106,649     –     106,649  
    Retail/shopping centers/strip malls     –     89,448     –     89,448  
    Assisted living facilities     –     378     –     378  
    Single purpose facilities     –     272,313     –     272,313  
    Land     –     5,692     –     5,692  
    Multi-family     –     70,771     –     70,771  
    One-to-four family construction     –     –     16,150     16,150  
    Total   $ 229,404   $ 659,965   $ 36,538   $ 925,907  
                       
                       
                       
                       
    LOAN MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024      
    Commercial and construction   (Dollars in thousands)    
    Commercial business   $ 232,935   $ 224,506   $ 229,404      
    Other real estate mortgage     688,246     657,380     659,965      
    Real estate construction     29,182     49,956     36,538      
    Total commercial and construction     950,363     931,842     925,907      
    Consumer                  
    Real estate one-to-four family     97,683     97,760     96,366      
    Other installment     14,414     15,507     1,740      
    Total consumer     112,097     113,267     98,106      
                       
    Total loans     1,062,460     1,045,109     1,024,013      
                       
    Less:                  
    Allowance for credit losses     15,374     15,352     15,364      
    Loans receivable, net   $ 1,047,086   $ 1,029,757   $ 1,008,649      
                       
                       
    DETAIL OF NON-PERFORMING ASSETS                
        Southwest              
        Washington   Total          
    March 31, 2025   (Dollars in thousands)          
    Commercial business   $ 37   $ 37          
    Commercial real estate     88     88          
    Consumer     30     30          
    Total non-performing assets   $ 155   $ 155          
                       
                         
      At or for the three months ended   At or for the twelve months ended  
    SELECTED OPERATING DATA March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
                         
    Efficiency ratio (4)   88.67 %     87.63 %     144.91 %     87.47 %     90.48 %  
    Coverage ratio (6)   80.37 %     84.17 %     65.24 %     82.11 %     87.10 %  
    Return on average assets (1)   0.31 %     0.32 %     (0.76 )%     0.32 %     0.24 %  
    Return on average equity (1)   2.91 %     3.04 %     (7.52 )%     3.09 %     2.43 %  
    Return on average tangible equity (1) (non-GAAP)   3.51 %     3.67 %     (9.08 )%     3.74 %     2.95 %  
                         
    NET INTEREST SPREAD                    
    Yield on loans   4.91 %     4.97 %     4.63 %     4.85 %     4.55 %  
    Yield on investment securities   1.84 %     1.82 %     2.02 %     1.96 %     2.02 %  
    Total yield on interest-earning assets   4.17 %     4.18 %     3.88 %     4.12 %     3.80 %  
                         
    Cost of interest-bearing deposits   1.76 %     1.81 %     1.41 %     1.74 %     0.97 %  
    Cost of FHLB advances and other borrowings   5.21 %     5.43 %     5.87 %     5.70 %     5.80 %  
    Total cost of interest-bearing liabilities   2.13 %     2.23 %     2.20 %     2.24 %     1.80 %  
                         
    Spread (7)   2.04 %     1.95 %     1.68 %     1.88 %     2.00 %  
    Net interest margin   2.65 %     2.60 %     2.32 %     2.54 %     2.56 %  
                         
    PER SHARE DATA                    
    Basic earnings (loss) per share (2) $ 0.05     $ 0.06     $ (0.14 )   $ 0.23     $ 0.18    
    Diluted earnings (loss) per share (3)   0.05       0.06       (0.14 )     0.23       0.18    
    Book value per share (5)   7.63       7.49       7.37       7.63       7.37    
    Tangible book value per share (5) (non-GAAP)   6.33       6.20       6.07       6.33       6.07    
    Market price per share:                    
    High for the period $ 5.75     $ 5.88     $ 6.40     $ 5.88     $ 6.48    
    Low for the period   5.08       4.59       4.53       3.64       4.17    
    Close for period end   5.65       5.74       4.72       5.65       4.72    
    Cash dividends declared per share   0.0200       0.0200       0.0600       0.0800       0.2400    
                         
    Average number of shares outstanding:                    
    Basic (2)   21,007,294       21,037,246       21,111,043       21,063,467       21,137,976    
    Diluted (3)   21,007,294       21,037,246       21,111,043       21,063,467       21,139,322    
                         

    (1) Amounts for the periods shown are annualized.
    (2) Amounts exclude ESOP shares not committed to be released.
    (3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
    (4) Non-interest expense divided by net interest income and non-interest income.
    (5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
    (6) Net interest income divided by non-interest expense.
    (7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

    Contacts: Nicole Sherman
    David Lam
    Riverview Bancorp, Inc. 360-693-6650

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Global Semiconductor IDM Qualifies Veeco Wet Processing Platform for Two New Applications in Advanced Packaging

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today announced a global Semiconductor IDM qualified Veeco’s WaferStorm® and WaferEtch® platform for two new applications in Advanced Packaging. The customer also placed initial orders for these systems during the first quarter.

    Veeco’s systems were chosen based on their best-in-class process performance, unique processing capabilities, and low cost of ownership advantages compared to other platforms. Both applications represent key Served Available Market expansion opportunities for Veeco’s WaferStorm® and WaferEtch® platform at other leading customers.

    “Qualification of our platform was based on our best-in-class wet processing technology,” commented Adrian Devasahayam, Ph.D., Veeco’s Senior Vice President, Product Line Management. “Veeco has worked collaboratively with our customers for a number of years to enable high-performance and cost-effective solutions for their roadmaps. This win is a great example of the growing use cases for our wet processing technology for new applications critical to our Served Available Market expansion strategy.”

    About Veeco
    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, and metal organic chemical vapor deposition (MOCVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

    Veeco Contacts:
    Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
    Media: Javier Banos | (516) 673-7328 | jbanos@veeco.com

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Vodafone Business and Fortinet Expand Global Partnership to Secure Hybrid Work

    Source: GlobeNewswire (MIL-OSI)

    • Vodafone Business expands its converged networking and cybersecurity services powered by the Fortinet Unified SASE solution to new global markets.
    • Vodafone Business has been also designated “Fortinet Global Partner” due to its expertise in designing, deploying, and managing secure connected enterprise solutions globally.

    LONDON and SUNNYVALE, Calif., April 29, 2025 (GLOBE NEWSWIRE) —

    News Summary

    Vodafone Business and Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced an expanded global partnership, extending the reach of their converged networking and cybersecurity services to additional countries across Europe and Asia, as well as the United States. Together, the two companies are helping businesses deliver on the connectivity needs of today’s hybrid workforce and confront the growing volume and sophistication of cyberthreats by converging networking and security into a single, seamless service.

    Large and medium-sized enterprises in Germany and in other European markets as well as multinational businesses served through Vodafone Business International can now benefit from Vodafone Business Secure Networking Services.

    These services integrate Fortinet’s industry-leading software-defined wide area network (SD-WAN) and FortiSASE cloud-based security solutions to help organizations secure their networks. They provide employees with the same secure, reliable access to their work applications regardless of their location all with a single view across network health visibility, performance dashboards, and customizable reports. With connectivity across 192 countries, Vodafone Business offers the scale and reach needed to support secure digital transformation worldwide.

    Today’s announcement, with Vodafone Business attaining the “Fortinet Global Partner” status, underscores both companies’ commitment to supporting regional and international organizations across their IT and operational technology (OT) environments. The value proposition also helps enterprises in meeting cybersecurity compliance standards and requirements.

    This milestone comes amid a surge in cybersecurity incidences, including malware, data breaches, and social engineering, which rose significantly in the European Union in the first half of 2024, according to the European Union Agency for Cybersecurity (ENISA).

    Marika Auramo, CEO of Vodafone Business, said: “Cybersecurity is an increasing concern for our customers both in-country and cross-border. The breadth and depth of our global partnership with Fortinet means we can provide customers with the benefits of new digital connectivity to more places whilst ensuring that their digital assets, employees, partners and users are protected.”

    Joe Sarno, Executive Vice President, International Sales, Fortinet added: “As organizations digitize and scale across borders, secure connectivity is no longer optional—it’s essential. Our expanded partnership with Vodafone enables us to deliver unified SASE solutions that combine advanced security with exceptional performance so enterprises can confidently connect users, devices, and apps anywhere in the world.”

    Under the Vodafone Business and Fortinet partnership, businesses can purchase integrated services tailored to their needs and supported by Vodafone Business cybersecurity and managed network service experts. Customers can choose from four management options, including 24×7, co-managed network and security, various service-level guarantees, and professional services, including service discovery, design, implementation, and training.

    By combining their global reach and deep security expertise, Vodafone Business and Fortinet empower companies to detect and respond to threats swiftly, reducing risk while protecting operations and customer trust.

    Notes to Editors
    Vodafone Business and Fortinet will work together to further enhance sovereign compliant network operations center (NOC) and secure operations center (SOC) services. Vodafone Business recently opened a cybersecurity center in Düsseldorf, Germany, which will be home to more than 100 cybersecurity experts to help protect enterprise customers of all sizes from online threats.

    Increased automation and AI networking experiences as part of Vodafone Business Network-as-a-Service (NaaS) Platform is another area of focus for Vodafone Business and Fortinet. NaaS meets customer digital transformation needs by bringing together Vodafone’s software-based connectivity products and services, including SD-WAN, SASE/SSE, and Wireless and Fixed Internet Transport Services. It gives customers, or Vodafone Business managed services teams on their behalf, greater flexibility to buy, configure, and manage services to meet their specific dynamic business and AI application demands.

    Vodafone Business Secure Networking offers organizations several future-proofed managed solutions connecting their users, devices, and machinery. They are:    

    • Vodafone Business Secure Firewall with Fortinet delivers a comprehensive managed security service to set up, operate, run, manage, and maintain customer firewalls in a highly secure manner.
    • Vodafone Business Secure SD-WAN with Fortinet, which is ideal for organizations that need to ensure that their operations meet security and compliance regulation, and who need a secure, reliable, and agile network as they embrace the advantages of moving workloads to the cloud. 
    • Vodafone Business FortiSASE is aimed at customers looking to adopt flexible, robust, and secure hybrid work.

    More information around the partnership and Vodafone Business’ offerings can be found here. 

    Contact details

    About Vodafone Group
    everyone.connected

    Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers in 15 countries, partner with mobile networks in over 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 83 million customers across seven countries – managing more transactions than any other provider.

    Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

    For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. 

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. 

    The MIL Network –

    April 30, 2025

  • MIL-OSI: Riverview Bancorp, Inc. Announces Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) headquartered in Vancouver, WA, the holding company parent of Riverview Bank, announced that on April 24, 2025, its Board of Directors adopted a stock repurchase program.

    Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions.

    “We continue to explore opportunities to enhance shareholder value and we believe capitalizing on this opportunity to repurchase common stock is a prudent way of deploying excess capital,” said Nicole Sherman, President and Chief Executive Officer.

    About Riverview
    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    This press release contains statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make including those described in Item 1A (Risk Factors) of the Company’s Form 10-K for the fiscal year ended March 31, 2024. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known by the Company.

    Transmitted on Globe Newswire on April 29, 2025 at 6:00AM PDT.

    Contacts: Nicole Sherman
    David Lam
    Riverview Bancorp, Inc. 360-693-6650

    The MIL Network –

    April 30, 2025

  • MIL-OSI: CAI Wins Gold Stevie® Award for Best Technical Support Solution in Computer Services

    Source: GlobeNewswire (MIL-OSI)

    ALLENTOWN, Pa., April 29, 2025 (GLOBE NEWSWIRE) — CAI, a global services firm, announced today it earned the gold Stevie® Award for Best Technical Support Solution in Computer Services. Identified for its efficiency within Service Desk, more than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.

    Building on the success from the 2024 bronze Stevie® Award for Best Use of Technology in Customer Service, CAI has further improved Service Desk with innovative capabilities to streamline processes, meeting and exceeding client demands while providing a best-in-class customer experience. With AI-powered chatbots and workflow managers, longstanding partnerships and predictive analytics, the firm’s technology-driven on results in unparalleled technical support.

    “The right technology enables superior experiences,” said Matt Peters, chief technology officer at CAI. “Through constant innovation and refinement, we combine the perfect blend of human and technological power that delivers record-breaking and industry-first results to our clients. Thanks to the talent of our teams and CAI’s ability to rapidly adopt cutting-edge technology, we are able to deliver on those results every day.”

    “Organizations across the United States continue to demonstrate resilience and innovation,” said Stevie Awards president Maggie Miller. “The 2025 Stevie winners have helped drive that success through their innovation, persistence and hard work. We congratulate all the winners in the 2025 American Business Awards.”

    The Stevie® Awards recognize organizations that have demonstrated outstanding achievements in technology and customer service.

    For a full list of Stevie® Technology Award winners, please visit: https://stevieawards.com/aba/technology-awards

    About CAI

    CAI is a global services firm with over 9,000 associates worldwide and a yearly revenue of $1.3 billion+. We have over 40 years of excellence in uniting talent and technology to power the possible for our clients, colleagues, and communities. As a privately held company, we have the freedom and focus to do what’s right—whatever it takes. Our tailor-made solutions create lasting results across the public and commercial sectors, and we are trailblazers in bringing neurodiversity to the enterprise.

    About the Stevie Awards
    Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, the Stevie Awards for Sales & Customer Service, and the Stevie Awards for Technology Excellence. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.

    Contact:

    Madison Oler
    Sr. PR & Communications Specialist
    CAI
    Madison.oler@cai.io

    The MIL Network –

    April 30, 2025

  • MIL-OSI Global: No whistleblower is an island – why networks of allies are key to exposing corruption

    Source: The Conversation – USA – By Kate Kenny, Professor of Business and Society, University of Galway

    Facebook whistleblower Frances Haugen speaks at a conference in 2022. Kimberly White/Getty Images for SumOfUs

    Whistleblowers – people who expose wrongdoing within their organizations – play a crucial role in holding governments and corporations accountable. But speaking up can come at a cost. People who report misconduct often face retaliation, job loss or legal threats, making whistleblowing risky and challenging. And when legal protections for whistleblowers are weakened, the risks only grow.

    That’s exactly the situation many workers face today.

    In the U.S., a Trump administration executive order threatens to effectively strip thousands of federal workers’ rights to whistleblower protection. The executive order is part of a larger effort to reclassify civil servants as “at-will” workers who can be sacked at any time for any reason. While federal workers have enjoyed protection against whistleblower reprisal for decades, those safeguards are now under threat. And this comes as private-sector whistleblowers have increasingly faced reprisal, too.

    Yet while the risks are real, whistleblowing isn’t impossible. Indeed, after researching whistleblowing for over 10 years, I’ve observed that insiders who successfully sound the alarm often do so with help − by partnering with allies who can amplify their message and help shield them from retaliation.

    Meet the ‘regulators of last resort’

    My new book, “Regulators of Last Resort: Whistleblowers, the Limits of the Law and the Power of Partnerships,” tells the stories of whistleblowers from Facebook, Amazon, Theranos, U.S. Immigration and Customs Enforcement detention centers and Ireland’s public electricity service. In each case, the worker suffered reprisal and was aggressively silenced. In each case, they persisted, and allies emerged to help.

    For Facebook employee Frances Haugen, finding an ally meant teaming up with Wall Street Journal reporter Jeff Horwitz, a specialist in tech who had been writing about Facebook’s misdeeds for some time. When Haugen decided to go public about the social media platform’s knowing exploitation of teenagers and its awareness of the violence incited by poorly regulated non-English versions of its site, Horwitz was pivotal in orchestrating when and how the newspaper articles would appear, helping maximize their impact and granting Haugen control over how her story was told.

    This partnership was no accident; Haugen chose the reporter and tech expert carefully. “I auditioned Jeff for a while,” she later told a reporter. “One of the reasons I went with him is that he was less sensationalistic than other choices I could have made.”

    Indeed, many whistleblowers disclose with the wrong journalist, leaving themselves open to attack.

    At Theranos – a multibillion-dollar biotech company that turned out to be a fraud – a lawyer “friend of a friend” gave whistleblower Erika Cheung critical advice about disclosing to a regulator. This was a lifeline for the recent graduate, who feared for her career and safety after being threatened by bosses and lawyers and warned to stay silent and obey her nondisclosure agreement. Meanwhile, Cheung had no money for formal legal representation. It was that call to the lawyer that made all the difference, Cheung told me. “He said, ‘You can whistleblow.’”

    Her contact explained that if she disclosed to the Centers for Medicare & Medicaid Services, she could avail of whistleblower protection and break her NDA. She would have to do it right and focus on the details: to highlight Theranos’ “regulatory noncompliance” and demonstrate the firm was violating the rules for proficiency testing. But all it would require of Cheung was a simple email to the right organization.

    Finally, my research also detailed the many colleagues at Amazon who supported whistleblowing manager Chris Smalls in disclosing risks to life and health during the early days of the COVID-19 pandemic in New York. When Smalls was fired for speaking out and subject to racist language in internal memos about the incident that were later leaked, his close colleague Derrick Palmer described his response. “I was appalled,” Palmer said. “I just knew that they wanted to – pretty much – silence the whole effort. Anyone speaking out. That was how they were going to treat them, moving forward. Including myself.”

    Labor leader Chris Smalls speaks during a conference in Chicago, Ill., in 2022.
    Jeremy Hogan/SOPA Images/LightRocket via Getty Images

    This strengthened Palmer’s determination to help Smalls. Meanwhile, the leaked memo prompted letters of support and emails “from people from all over the country – Amazon workers, non-Amazon workers, that just want to help advocate as well,” as Smalls put it. In the days and weeks after, workers held demonstrations at Amazon facilities all across the U.S., with banners declaring solidarity with the New York warehouse whistleblowers.

    No whistleblower is an island

    These allies often go overlooked when the media focuses on whistleblowers. But their support is critical, particularly in an era when protections for workers who speak up are coming under increasing threat worldwide.

    Organizing whistleblowing allies involves strategy, and some nonprofit and civil society groups have become experts in this domain. Leading the way is the U.S. Government Accountability Project and its “information matchmaking” approach. The idea is simple: Whistleblowers need a whole team of other people – from experts to members of the public – on their side. And this takes planning.

    For years, lawyer-activists like those at the Government Accountability Project have been treating whistleblower protection and support efforts as holistic campaigns that entail a media operation and networking effort, as well as a legal defense.

    Take the example of Dawn Wooten, a former nurse at the Irwin County Detention Center – a U.S. Immigration and Customs Enforcement contractor – who encountered and disclosed medical misconduct and critical failures. Dana Gold at the Government Accountability Project supported her whistleblowing with other activists, enlisted civil society groups and politicians in the cause, helped land newspaper articles in The Guardian and The New York Times, and even arranged a New Yorker podcast in which Wooten told her story.

    The information went viral, and multiple investigations ensued. Within a year, the Department of Homeland Security directed ICE to formally end its contract with the Irwin County Detention Center, citing the revelations made public by Wooten and some of the detained women.

    None of this is straightforward. In most whistleblowing disputes, the organization holds the balance of power. It has the files, the witnesses and the money to pay good lawyers. I’ve found that whistleblower allies must work with whatever limited resources they can marshal to give themselves an advantage. This means engaging influential people who might help, including pro bono lawyers, specialists who can give evidence, concerned regulators and beat journalists. In short, what is necessary is experts across all domains who are interested in the story and willing to help. And it’s the collective effort that matters.

    Even with this support, however, whistleblowers don’t have it easy. In many high-profile cases where a disclosure is made public and a whistleblower is clearly vindicated and recognized as a courageous truth-teller, they can suffer afterward. Potential employers can balk at the prospect of hiring a whistleblower, even a celebrated one. And vindictive organizations can and do continue retaliating, even years after a story has dropped off the front pages.

    Whistleblower allies and their strategies don’t offer a magic bullet. But they can help tip the balance of power, bringing public opinion to bear on an employer bent on reprisal or a government intent on coddling the powerful.

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

    – ref. No whistleblower is an island – why networks of allies are key to exposing corruption – https://theconversation.com/no-whistleblower-is-an-island-why-networks-of-allies-are-key-to-exposing-corruption-250721

    MIL OSI – Global Reports –

    April 30, 2025

  • MIL-OSI Global: Florida panthers and black bears need a literal path for survival – here’s how the Florida Wildlife Corridor provides it in one of the fastest-growing US states

    Source: The Conversation – USA – By Thomas Hoctor, Research Associate Professor of Landscape Architecture, University of Florida

    Florida panthers are a federally endangered species. Carlton Ward Jr./Wildpath

    Imagine a Florida panther slinking its way 400 miles (645 kilometers) from the Big Cypress Swamp, in the southwest part of the state, to Okefenokee Swamp, on Florida’s northern border with Georgia, without ever being spotted by a human.

    No one has yet documented a panther making this journey. But evidence suggests it happens.

    Florida panthers were once distributed throughout most of the southeast U.S., but now their number is tiny – maybe 200 or so – and their known breeding range has greatly shrunk, now concentrated in southwest Florida.

    They do show up in north Florida and Georgia on occasion when young males travel north looking to escape social pressure from adult males. Biologists have found their tracks not far south of Okefenokee. One panther made it almost to Atlanta before it was shot by a hunter.

    Large mammals such as the Florida panther and black bear literally need room to roam in order to hunt, breed and thrive. Such journeys across the state of Florida are possible thanks to the Florida Wildlife Corridor, a statewide system of interconnected wildlife habitat that turns 15 this year.

    The Florida Wildlife Corridor built on conservation efforts that date back to the 1980s and 1990s, when researchers from the University of Florida, including the two of us and our mentor Larry Harris, created maps of existing and proposed conservation areas that interlinked across the state.

    A family of Florida black bears scratches on a log in the dry season.
    Carlton Ward Jr./Wildpath

    Today, the Florida Wildlife Corridor spans 18 million acres – about half of the state.

    Ten million of these acres are protected from development. They are either local, state, regional or federal public conservation lands or they are private conservation easements. These easements restrict the landowners’ uses of the land to activities compatible with wildlife conservation, such as ranching, timber production and other sustainable activities.

    The other 8 million acres are the focus of state-funded land protection efforts to close the unprotected gaps. For now, these lands could be converted to intensive residential, commercial or industrial development.

    The corridor is an ambitious conservation project. It provides sufficient habitat to sustain healthy wildlife populations while also protecting Florida’s key ecosystem services, including water quality and flood storage. Ecosystem services refers to the benefits that ecosystems provide humans.

    The corridor is also a unique example of how conservationists can combine science with public education and outreach to protect important natural habitats – even in regions like Florida that face burgeoning population growth.

    Florida’s population boom

    Until the early 20th century, Florida was the most remote and undeveloped state on the East Coast.

    After World War II and the introduction of affordable home air conditioning, Florida transformed from a sleepy winter holiday destination to the third-most-populated state in the nation.

    Currently, about 300,000 new residents move to Florida each year.

    With this population growth came a rapid loss of natural habitat and rural landscapes. Using federal land use data, we calculate that approximately 60,000 acres of Florida habitat are lost each year.

    Florida’s development was initially concentrated along the coasts, especially in areas with extensive beaches. With the opening of tourist attractions such as Disney World near Orlando in 1971, central Florida also became a hub of rapid growth.

    It became clear to concerned Floridians that virtually all land not protected by permanent conservation designations could eventually be lost to urban and suburban sprawl.

    Responding to these concerns, Florida became a leader in land protection, which has generally been popular and bipartisan in the Sunshine State.

    Since the 1970s, Florida has protected millions of acres of conservation lands through programs including the Florida Preservation 2000 Act of 1990, the Florida Forever acquisition program that replaced it in 2001, and the Rural and Family Lands Protection Program, also created in 2001.

    The authors estimate that approximately 60,000 acres of Florida habitat are lost each year to development.
    Carlton Ward Jr./Wildpath

    Scientists identify key areas to protect

    Wildlife biologists since the 1930s have observed how birds and mammals use wooded fencerows, hedgerows, streamsides and other natural corridors to travel through agricultural regions in the U.S. and Canada.

    When corridors are protected, they allow animals to travel safely across landscapes and they can save animals from extinction. They also provide people with ecosystem services such as clean water and flood protection.

    Since 1995, the Florida Ecological Greenways Network, or FEGN, has identified a statewide system of large, intact natural areas and connecting green spaces. It is now part of the state-legislated Florida Greenways and Trails System, a statewide network of recreational trails and ecological corridors.

    As conservation scientists who are deeply involved with the FEGN, we were able to make use of the state’s early investment in geographic information systems. GIS produces digital maps and other high-quality data on the locations of wildlife habitat and other conservation priorities.

    The Florida Wildlife Corridor covers nearly 18 million acres of Florida. A little over half of the acres, pictured in dark green, are conserved lands while the rest, pictured in light green, are considered opportunity areas for future conservation.
    University of Florida Center for Landscape Conservation Planning

    We continue to work with state agencies and other partners to continually update the FEGN as land use changes and as better data and tools become available to identify conservation priority areas.

    Getting the public on board

    While the FEGN proved fundamental for supporting state conservation programs, it was not widely known by Floridians or visitors to the state.

    In 2010, conservation photographer Carlton Ward and colleagues proposed a simple, unified map and a public campaign to promote protection of the top-priority lands in the Florida Ecological Greenways Network.

    Ward called it the Florida Wildlife Corridor.

    He organized a team of photographers, videographers and scientists who trekked across large swaths of the corridor to document Florida’s natural ecosystems and native species that were threatened by development.

    The expeditioners highlighted species like the Florida panther, Florida black bear and Florida grasshopper sparrow. They raised awareness about the corridor’s connection to water conservation, lands managed by ranchers and foresters, and recreational opportunities. And they produced documentary films, media and social media coverage, and public talks and events to educate the public on the importance of protecting the corridor.

    Photographer Carlton Ward Jr. paddles to set up cameras at a site in the Fakahatchee Strand in southwest Florida.
    Carlton Ward Jr./Wildpath

    Bipartisan support continues

    In June 2021, Florida Gov. Ron DeSantis signed the Florida Wildlife Corridor Act into law. The legislation, which had unanimous support from the state Legislature, officially recognized the corridor’s critical role in Florida’s economy, cultural and natural heritage, and protection of imperiled species and ecosystems.

    The law also reenergized legislative support and funding to acquire land directly for conservation and to establish conservation easements on private lands.

    Ranchers with the Seminole Tribe of Florida steer cattle through wooden sorting pens at the Big Cypress Reservation in southern Florida.
    Carlton Ward Jr./Wildpath

    The 2025-2026 Florida budget, which is still under negotiation, earmarks US$300 million to $450 million for land protection programs.

    And on April 23, 2025, the Florida Senate passed a resolution to proclaim April 22 as Florida Wildlife Corridor Day. The resolution affirmed the corridor’s importance as “a unique natural resource” that is essential for “preserving the green infrastructure that is the foundation of this state’s economy and quality of life.”

    There is a lot of land protection work left to be done in a race against a burgeoning human population. But Florida has proved ready to implement science-based strategies and work with willing landowners to protect a statewide wildlife corridor as a key element of Florida’s future.

    The Florida Wildlife Corridor is also a potential model for other states and regions that want to protect viable wildlife populations and ecosystem services.

    Uplands and wetlands east of Fort Myers, in the core of Florida panther territory, are part of the Florida Wildlife Corridor.
    Carlton Ward Jr./Wildpath

    Thomas Hoctor receives funding from state government related to working on the science and planning associated with the Florida Wildlife Corridor.

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

    – ref. Florida panthers and black bears need a literal path for survival – here’s how the Florida Wildlife Corridor provides it in one of the fastest-growing US states – https://theconversation.com/florida-panthers-and-black-bears-need-a-literal-path-for-survival-heres-how-the-florida-wildlife-corridor-provides-it-in-one-of-the-fastest-growing-us-states-251790

    MIL OSI – Global Reports –

    April 30, 2025
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