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Category: Commerce

  • MIL-OSI USA: Hickenlooper, Colleagues Urge SBA Administrator to Address Damage of Trump Admin’s Tariffs on Small Businesses

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    WASHINGTON – U.S. Senator John Hickenlooper and his fellow Senate Democrats on the Senate Small Business and Entrepreneurship Committee called on Small Business Administrator Kelly Loeffler to address the impacts of the Trump administration’s tariffs on small businesses.
    “President Trump’s trade policies have placed the survival of America’s small businesses in jeopardy,” wrote the senators. “Small businesses, which operate on razor-thin margins, are uniquely vulnerable to the cost increases caused by President Trump’s tariffs. Many small business owners face a dire choice: either raise prices, risking losing customers, or absorb the cost increases, potentially laying off workers or closing their doors entirely.”
    The senators called on Administrator Loeffler to protect the country’s more than 34 million small businesses from the damage caused by the administration’s reckless tariffs. The senators also urged the administrator to support domestic manufacturing and small businesses by fixing our broken tax code, investing in stable supply chains, and training a skilled workforce.
    Full text of the letter is available HERE.

    MIL OSI USA News –

  • MIL-OSI Economics: Securing our future: Progress report on Microsoft’s Secure Future Initiative

    Source: Microsoft

    Headline: Securing our future: Progress report on Microsoft’s Secure Future Initiative

    The Microsoft Secure Future Initiative (SFI) stands as the largest cybersecurity engineering project in history and most extensive effort of its kind at Microsoft. Since inception, we’ve dedicated the equivalent of 34,000 engineers working full-time for 11 months to mitigate risks and address the highest priority security tasks. Now, we are sharing the second SFI progress report, which highlights progress made in our multi-year journey to improve the security posture of Microsoft, our customers, and the industry at large.

    Read the latest Secure Future Initiative report

    We have made progress across culture and governance by fostering a security-first mindset in every employee and investing in holistic governance structures to address cybersecurity risk across our enterprise.

    To better protect our customers, engineering teams across the company are delivering innovation aligned with our security principles, such as the new Secure by Design UX Toolkit which we tested with 20 product teams, rolled out to 22,000 employees, and shared publicly. This toolkit embeds security best practices into product development and is already delivering results. It includes best practices, conversation cards, and workshop tools to help teams build security capability, pinpoint vulnerabilities in products, and prioritize where to focus. 

    We have also made progress in every engineering pillar and objective, continuously hardening our identity security, reducing the risk of lateral movement across networks and tenants, improving our ability to detect and respond to cyberthreats, and partnering with the industry to protect customers from zero days. Insights and learnings from this progress inform ongoing innovations in our Microsoft Security portfolio—Microsoft Entra, Microsoft Defender, and Microsoft Purview—that helps better protect customers and Microsoft.

    To better protect signing keys, in September 2024 we announced that we have moved Entra ID and Microsoft Account (MSA) access token signing keys to hardware-based security modules (HSMs) and virtualization-based security in Windows, with automatic rotation. Since then, we’ve applied new defense-in-depth protections in response to our Red Team research and assessments, migrated the MSA signing service to Azure confidential VMs, and are migrating Entra ID signing service to the same. Each of these improvements help mitigate the attack vectors that we suspect the actor used in the 2023 Storm-0558 attack on Microsoft.

    We have also improved our ability to detect and respond to cyberthreats, adding more than 200 additional detections against top tactics, techniques, and procedures (TTPs), which will be integrated into Microsoft Defender where applicable. Partnering with the security research community proactively discovered 180 vulnerabilities in the high-impact areas of cloud and AI, and expanded our program to address vulnerabilities within a reduced time to mitigate to cover more products, environments, and lower severities.

    Key highlights from the full SFI progress report can be found below:

    Read the full SFI Progress Report

    Secure by Design, Default, and in Operations

    In this report, you’ll find examples of how we’re building in protections from the start, aligned with our security principles:

    • New Secure by Design UX Toolkit, tested by 20 product teams and rolled out to 22,000 employees as well as a publicly available version, is helping teams build more secure, user-centered experiences.
    • The launch of 11 new innovations across Microsoft Azure, Microsoft 365, Windows, and Microsoft Security that help improve security by default.
    • AI development processes that now include dedicated security and safety reviews led by the Artificial Generative Intelligence Safety and Security Organization.
    • Applying secure operations practices across our AI systems, as outlined in our Responsible AI Transparency Report.
    • New policies, behavioral-based detection models, and investigation methods that thwarted $4 billion in fraud attempts.

    These advances help protect our customers and Microsoft.

    Security-first mindset, company-wide

    Security starts with people. In the past year, we’ve activated a security-first culture across every corner of the company, from engineering to operations to customer support.

    • Every Microsoft employee now has a Security Core Priority tied directly to performance reviews.
    • 50,000 employees have participated in the Microsoft Security Academy to improve their security skills.
    • 99% of employees have completed our Security Foundations and Trust Code courses.

    This shift isn’t about compliance, it’s about empowerment. We want every person at Microsoft to understand their role in keeping our customers safe and to have the tools to act on that responsibility.

    Stronger governance to manage enterprise-wide risk

    In May 2024, we introduced a new governance structure to improve risk visibility and accountability. Since then, we’ve deepened our investment:

    • We’ve appointed a Deputy Chief Information Security Officer (CISO) for Business Applications, and consolidated responsibility for Microsoft 365 and Experiences and Devices.
    • All 14 Deputy CISOs across Microsoft have completed a risk inventory and prioritization, creating a shared view of enterprise-wide security risk.

    This kind of structure is critical for scale, ensuring security isn’t just centralized, but embedded throughout the organization.

    Driving measurable progress across all pillars

    We continue to make progress in every pillar and objective. Out of 28 objectives, five are nearing completion, 11 have made significant progress, and we continue to make progress against the rest. As a result of SFI our platforms and services are more secure and we have improved our ability to detect and respond to cyberthreats.

    1. Protect identities and secrets: We have improved identity security for Microsoft services and customers

    • New defense-in-depth protections for Microsoft Entra ID and Microsoft Account (MSA) token signing keys already stored in hardware-based security modules. The Microsoft Account (MSA) signing service has been migrated to Azure confidential VMs.
    • 90% of identity tokens from Microsoft Entra ID for Microsoft apps are validated by one consistent and hardened identity Software Development Kit (SDK).
    • To mitigate risk from advanced cyberattacks, 92% of employee productivity accounts now use phishing-resistant multifactor authentication (MFA).

    2. Protect tenants and isolate production systems: We continue to remove legacy and unused resources, and increase isolation, to reduce the risk of lateral movement

    • We transitioned more than 88% of resources to Azure Resource Manager, removed a total of 6.3 million tenants (an additional 550,000 since September), and all new tenants are now automatically registered in our security emergency response system.
    • We use an automated lifecycle management solution for all Microsoft Entra ID applications in the production environment.
    • Authentication to 4.4 million production environment managed identities is now restricted to specific network locations, further protecting these critical assets.

    3. Protect networks: Progress made against all objectives has improved the security of our network and delivered new innovations to help customers protect their networks

    • More than 99% of network assets have been inventoried and use enhanced security standards.
    • We continue to add additional layers of defense in depth by applying network isolation and segmentation to our network.
    • We introduced four new security capabilities to help customers secure their networks: Network Security Perimeter (NSP), DNS Security Extensions (DNSSEC), Azure Bastion Premium, and a private subnet feature.

    4. Protect engineering systems: We have improved the security of systems we use to build, test, and deploy code

    • 99.2% of pipelines have a complete inventory, which is enforced at creation and validated within 24 hours.
    • MFA protects 81% of production code branches through proof-of-presence checks.
    • Broad adoption of Central Feed Services, which helps to provide developers with a governed open-source feed.

    5. Monitor and detect threats: To improve our ability to investigate and respond to cyberthreats

    • We track 97% of our production infrastructure assets centrally.
    • Engineering teams continue to adopt our security logging standard, including the two-year minimum retention policy.
    • We added more than 200 additional detections against top tactics, techniques, and procedures (TTPs). Applicable detections will be integrated into Microsoft Defender.
    • 73% success rate addressing cloud vulnerabilities in our reduced time to mitigate, with significantly expanded program scope.
    • As part of Zero Day Quest, researchers identified 180 new vulnerabilities in the high impact areas of cloud and AI, enabling us to address them proactively.
    • We introduced new processes and playbooks to improve security incident communications to customers.

    A future of secure innovation

    Progress in cybersecurity is never linear. Cyberthreats evolve. Technology shifts. New risks emerge. But every step we take to secure our platforms is an investment in a safer future, for Microsoft, our customers, and the entire ecosystem.

    SFI is how we’re rising to that challenge. We are applying Zero Trust principles, driving security from the engineering core, and sharing what we learn. There is more work ahead and we are committed to the journey.

    We also know that security is a team sport. It takes collaboration across customers, partners, and the broader industry to move forward together. As part of our commitment to the broader ecosystem, we’re proud to continue to support initiatives like the CISA Secure by Design pledge, reinforcing our belief that security is the foundation of trust.

    Thank you for your trust—and your partnership. Let’s keep building a secure future together.

    Read the latest SFI Progress Report

    Learn more with Microsoft Security

    To learn more about Microsoft Security solutions and Microsoft’s Secure Future Initiative, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity. 

    MIL OSI Economics –

  • MIL-OSI: QNB Corp. Reports Earnings For First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    QUAKERTOWN, Pa., April 22, 2025 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTCQX: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the first quarter of 2025 of $2,578,000, or $0.69 per share on a diluted basis. This compares to net income of $2,594,000, or $0.71 per share on a diluted basis, for the same period in 2024.

    For the first quarter of 2025, the annualized rate of return on average assets and average shareholders’ equity was 0.54% and 6.24%, respectively, compared with 0.59% and 6.53%, respectively, for the first quarter 2024.

    The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended March 31, 2025, in comparison with the same period in 2024, due primarily to improvement in the interest margin causing a $2,229,000 increase in net interest income and an increase in non-interest income of $99,000; this was partly offset by an increase in the provision for credit losses on loans and unfunded commitments of $644,000 and an increase in non-interest expense of $483,000. The change in contribution from QNB Corp. for the quarter ended March 31, 2025, compared with the same period in 2024, is primarily due to a decrease in net interest income of $937,000, related to the subordinated debt issuance in 2024.

    The following table presents disaggregated net income (loss):

      Three months ended,        
      3/31/2025     3/31/2024     Variance  
    QNB Bank $ 3,292,000     $ 2,331,000     $ 961,000  
    QNB Corp   (714,000 )     263,000       (977,000 )
    Consolidated net income $ 2,578,000     $ 2,594,000     $ (16,000 )
                           

    Total assets as of March 31, 2025 were $1,896,189,000 compared with $1,870,894,000 at December 31, 2024. Total cash and cash equivalents increased $30,844,000, or 60.8%, to $81,557,000, primarily due to increases in customer deposits. Loans receivable decreased $3,886,000, or 0.3%, to $1,212,162,000. Total deposits increased $36,014,000, or 2.2%, to $1,664,555,000. Short-term borrowing declined $10,545,000, or 19.6%.

    “The Bank continued to navigate evolving fiscal policy decisions, unprecedented economic uncertainty, and market impacts, which resulted in relatively flat deposit and loan growth for the quarter,” said David W. Freeman, President and Chief Executive Officer. Freeman continued, “We are pleased with the growth in net interest income at an all-time high in the first quarter, driven by an increase in average interest rates received on our loan portfolio, combined with a decrease in average interest rates paid on deposit balances. Furthermore, we believed it prudent to modestly increase our loan loss reserves in the first quarter and will continue to closely watch asset quality as the economic environment develops while looking for responsible growth opportunities for the success of our company.”

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended March 31, 2025 totaled $22,198,000, an increase of $2,629,000, from the same period in 2024. Net interest margin was 2.51% for the first quarter of 2025 and 2.39% for the same period in 2024.

    The yield on earning assets was 4.81% for the first quarter of 2025, compared with 4.57% in the first quarter of 2024; an increase of 24 basis points. The cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared with 2.66% for the same period in 2024, an increase of 10 basis points.

    Proceeds from the growth in average deposits and the issuance of both long-term and subordinated debt over the past year were invested in loans, higher-yielding securities and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45.5% of average earning assets in the three months of 2025 compared with 44.7% for the same period in 2024, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 37 basis-point increase in the yield on loans. The increase in the available-for-sale investments portfolio was primarily in corporate debt securities. The 23-basis point increase in rate on investments was primarily due to the 129-basis point increase in the yield on corporate debt securities. The average rate paid on interest-bearing deposits decreased 12 basis points; this was more than offset by the issuance of subordinated debt which was the primary contributor to the increase in the cost of funds of ten basis points.

    Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

    QNB recorded $551,000 in the provision for credit losses on loans in the first quarter of 2025 compared to a $93,000 reversal in the provision in the first quarter of 2024. QNB’s allowance for credit losses on loans of $9,298,000 represents 0.77% of loans receivable at March 31, 2025, compared to $8,744,000, or 0.72% of loans receivable at December 31, 2024. The five basis point increase in the allowance for credit losses on loans was primarily due to an increase in reserves for collateral dependent loans and deterioration in the economic outlook. Net loan recoveries were $3,000 for the quarter ended March 31, 2025, compared with charge-offs of $21,000 for the same period in 2024. Annualized net loan recoveries for the quarter ended March 31, 2025 were 0.00% and annualized net loan charge-offs were 0.01% for the quarter ended March 31, 2024, of average loans receivable, respectively.

    Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $8,407,000, or 0.69% of loans receivable at March 31, 2025, compared with $1,975,000, or 0.16% of loans receivable at December 31, 2024. The increase was primarily due to one commercial customer relationship. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. Commercial loans classified as substandard or doubtful loans totaled $34,448,000 at March 31, 2025, compared with $34,301,000 at December 31, 2024; these were comprised primarily of commercial real estate loans.

    Non-Interest Income

    Total non-interest income was $1,584,000 for the first quarter of 2025 compared with $1,836,000 for the same period in 2024. There were no realized and unrealized gain/loss on securities for the quarter ended March 31, 2025 compared to a net gain of $347,000 in the same period in 2024. Excluding the net realized and unrealized gains on securities, non-interest income increased $95,000, or 6.4%.

    Fees for service to customers increased $27,000 for the quarter ended March 31, 2025, as overdraft fees increased $12,000 and other deposit-related fees increased $15,000. ATM and debit card increased $20,000 due to volume. Retail brokerage and advisory income increased $48,000 to $141,000 for the same period. Other non-interest income decreased $3,000 for the same period due to a decline in merchant fee income of $24,000, partly offset by an increase in letter of credit fees of $11,000 and title company income of $8,000.

    Non-Interest Expense

    Total non-interest expense was $9,369,000 for the first quarter of 2025 compared with $8,833,000 for the same period in 2024. Salaries and benefits expense increased $58,000, or 1.2%, to $5,032,000 when comparing the two quarters. Salary expense and related payroll taxes increased $199,000, or 4.8%, to $4,344,000 during the first quarter of 2025 compared to the same period in 2024, primarily due to pay increases. Benefits expense decreased $141,000, or 17.0%, when comparing the two periods primarily due to a reduction in medical costs.

    Net occupancy and furniture and equipment expense increased $221,000, or 14.6%, to $1,736,000 for the first quarter of 2025 primarily due to software maintenance costs and depreciation. Other non-interest expense increased $257,000, or 11.0%, when comparing first quarter of 2025 with the same period in 2024 due to an increase in bank shares tax of $167,000, due to timing of tax credits and increased capital, an increase in write-offs relating to fraud on customer accounts of $77,000, and an increase in director fees of $79,000, as fees were bought in line with peer groups. These increases were partly offset by decreases in marketing expense of $77,000, due to timing of events and promotions.

    Income Taxes

    Provision for income taxes decreased $39,000 to $624,000 in the first quarter of 2025 due to decreased pre-tax income, compared with the same period in 2024. The effective tax rate for the quarter ended March 31, 2025 was 19.5% compared with 20.4% for the same period in 2024.

    About the Company

    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

    Forward Looking Statement

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    Contacts: David W. Freeman Jeffrey Lehocky
      President & Chief Executive Officer Chief Financial Officer
      215-538-5600 x-5619 215-538-5600 x-5716
      dfreeman@QNBbank.com jlehocky@QNBbank.com
         
    QNB Corp.  
    Consolidated Selected Financial Data (unaudited)  
    (Dollars in thousands)                            
    Balance Sheet (Period End) 3/31/25     12/31/24     9/30/24     6/30/24     3/31/24  
    Assets $ 1,896,189     $ 1,870,894     $ 1,841,563     $ 1,761,487     $ 1,716,081  
    Cash and cash equivalents   81,557       50,713       104,232       76,909       50,963  
    Investment securities                            
    Debt securities, AFS   547,138       546,559       510,036       460,418       481,596  
    Equity securities   —       —       2,760       7,233       6,217  
    Loans held-for-sale   248       664       294       786       —  
    Loans receivable   1,212,162       1,216,048       1,171,361       1,162,310       1,122,616  
    Allowance for credit losses on loans   (9,298 )     (8,744 )     (8,987 )     (8,858 )     (8,738 )
    Net loans   1,202,864       1,207,304       1,162,374       1,153,452       1,113,878  
    Deposits   1,664,555       1,628,541       1,626,284       1,572,839       1,536,188  
    Demand, non-interest bearing   203,666       183,499       190,240       190,333       188,260  
    Interest-bearing demand, money market and savings   1,083,011       1,063,584       1,055,409       1,003,813       990,451  
    Time   377,878       381,458       380,635       378,693       357,477  
    Short-term borrowings   43,299       53,844       22,918       49,066       55,088  
    Long-term debt   30,000       30,000       30,000       30,000       20,000  
    Subordinated debt   39,118       39,068       39,030       —       —  
    Shareholders’ equity   108,223       103,349       105,340       96,885       93,686  
                                 
    Asset Quality Data (Period End)                            
    Non-accrual loans $ 8,651     $ 1,975     $ 1,696     $ 2,078     $ 2,001  
    Loans past due 90 days or more and still accruing   —       —       —       —       —  
    Non-performing loans   8,651       1,975       1,696       2,078       2,001  
    Other real estate owned and repossessed assets   —       —       —       —       —  
    Non-performing assets $ 8,651     $ 1,975     $ 1,696     $ 2,078     $ 2,001  
                                 
    Allowance for credit losses on loans $ 9,298     $ 8,744     $ 8,987     $ 8,858     $ 8,738  
                                 
    Non-performing loans / Loans excluding held-for-sale   0.71 %     0.16 %     0.14 %     0.18 %     0.18 %
    Non-performing assets / Assets   0.46 %     0.11 %     0.09 %     0.12 %     0.12 %
    Allowance for credit losses on loans / Loans excluding held-for-sale   0.77 %     0.72 %     0.77 %     0.76 %     0.78 %
                                           
    QNB Corp.
    Consolidated Selected Financial Data (unaudited)
    (Dollars in thousands, except per share data) Three months ended,
    For the period: 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24
    Interest income $ 22,198   $ 22,209   $ 21,945   $ 20,345   $ 19,569  
    Interest expense   10,661     11,234     10,818     9,753     9,401  
    Net interest income   11,537     10,975     11,127     10,592     10,168  
    (Reversal in provision) provision for credit losses   550     (255 )   159     114     (86 )
    Net interest income after provision for credit losses   10,987     11,230     10,968     10,478     10,254  
    Non-interest income:            
    Fees for services to customers   447     454     469     427     420  
    ATM and debit card   656     708     691     705     636  
    Retail brokerage and advisory income   141     118     139     126     93  
    Net realized gain (loss) on investment securities   –     1,414     224     (1,096 )   377  
    Unrealized (loss) gain on equity securities   –     (1,344 )   143     1,016     (30 )
    Net (loss) gain on sale of loans   18     (3 )   19     (2 )   15  
    Other   322     298     282     289     325  
    Total non-interest income   1,584     1,645     1,967     1,465     1,836  
    Non-interest expense:            
    Salaries and employee benefits   5,032     5,079     4,650     5,038     4,974  
    Net occupancy and furniture and equipment   1,736     1,653     1,531     1,481     1,515  
    Other   2,601     2,349     2,455     2,415     2,344  
    Total non-interest expense   9,369     9,081     8,636     8,934     8,833  
    Income before income taxes   3,202     3,794     4,299     3,009     3,257  
    Provision for income taxes   624     743     961     544     663  
    Net income $ 2,578   $ 3,051   $ 3,338   $ 2,465   $ 2,594  
               
    Share and Per Share Data:          
    Net income – basic $ 0.70   $ 0.83   $ 0.91   $ 0.67   $ 0.71  
    Net income – diluted $ 0.69   $ 0.83   $ 0.91   $ 0.67   $ 0.71  
    Book value $ 29.17   $ 27.96   $ 28.57   $ 26.34   $ 25.57  
    Cash dividends $ 0.38   $ 0.37   $ 0.37   $ 0.37   $ 0.37  
    Average common shares outstanding -basic   3,699,854     3,688,078     3,679,799     3,665,695     3,655,176  
    Average common shares outstanding -diluted   3,713,141     3,695,518     3,682,773     3,665,695     3,655,176  
    Selected Ratios:          
    Return on average assets   0.54 %   0.64 %   0.72 %   0.55 %   0.59 %
    Return on average shareholders’ equity   6.24 %   7.36 %   8.13 %   6.14 %   6.53 %
    Net interest margin (tax equivalent)   2.51 %   2.38 %   2.48 %   2.46 %   2.39 %
    Efficiency ratio (tax equivalent)   70.65 %   71.16 %   65.27 %   73.26 %   72.73 %
    Average shareholders’ equity to total average assets   8.67 %   8.63 %   8.80 %   8.97 %   8.98 %
    Net loan charge-offs (recoveries) $ (3 ) $ 1   $ 25   $ 12   $ 21  
    Net loan charge-offs (recoveries) – annualized / Average loans excluding held-for-sale   0.00 %   0.00 %   0.01 %   0.00 %   0.01 %
    Balance Sheet (Average)          
    Assets $ 1,932,938   $ 1,908,914   $ 1,856,034   $ 1,798,040   $ 1,778,585  
    Investment securities (AFS & Equities)   626,557     614,329     552,323     569,135     578,615  
    Loans receivable   1,210,303     1,193,949     1,158,731     1,139,874     1,108,836  
    Deposits   1,633,196     1,635,629     1,600,925     1,542,661     1,497,692  
    Shareholders’ equity   167,491     164,823     163,274     161,340     159,739  
                                   
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                                       
      Three Months Ended  
      March 31, 2025     March 31, 2024  
      Average     Average           Average     Average        
      Balance     Rate     Interest     Balance     Rate     Interest  
    Assets                                  
    Investment securities:                                  
    U.S. Treasury $ 20,155       4.38 %   $ 217     $ 6,782       5.33 %   $ 90  
    U.S. Government agencies   75,960       1.18       224       84,951       1.17       248  
    State and municipal   105,256       2.86       754       108,173       3.42       924  
    Mortgage-backed and CMOs   363,641       2.43       2,208       365,983       2.59       2,373  
    Corporate debt securities and mutual funds   61,545       6.88       1,058       6,707       5.59       94  
    Equities   –       –       –       6,019       3.71       56  
    Total investment securities   626,557       2.85       4,461       578,615       2.62       3,785  
    Loans:                                  
    Commercial real estate   857,600       5.71       12,069       775,135       5.34       10,300  
    Residential real estate   114,271       4.33       1,238       108,922       3.92       1,066  
    Home equity loans   67,973       6.41       1,074       62,269       6.81       1,055  
    Commercial and industrial   148,680       7.41       2,717       140,293       7.50       2,615  
    Consumer loans   3,446       7.68       65       3,644       8.10       73  
    Tax-exempt loans   18,795       4.15       192       18,641       3.82       177  
    Total loans, net of unearned income*   1,210,765       5.81       17,355       1,108,904       5.54       15,286  
    Other earning assets   47,641       4.44       522       46,645       5.51       639  
    Total earning assets   1,884,963       4.81       22,338       1,734,164       4.57       19,710  
    Cash and due from banks   13,226                   12,769              
    Allowance for credit losses on loans   (8,739 )                 (8,946 )            
    Other assets   43,488                   40,598              
    Total assets $ 1,932,938                 $ 1,778,585              
                                       
    Liabilities and Shareholders’ Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 380,293       1.01 %     944     $ 321,904       0.80 %     643  
    Municipals   149,579       3.95       1,456       131,887       4.81       1,577  
    Money market   256,265       2.88       1,818       227,872       3.56       2,015  
    Savings   279,657       1.30       893       298,353       1.28       949  
    Time < $100   178,500       3.79       1,670       157,712       3.76       1,473  
    Time $100 through $250   154,125       4.25       1,613       127,613       4.34       1,377  
    Time > $250   48,785       4.31       518       49,756       4.22       522  
    Total interest-bearing deposits   1,447,204       2.50       8,912       1,315,097       2.62       8,556  
    Short-term borrowings   47,529       3.89       456       87,441       2.88       625  
    Long-term debt   30,111       4.73       356       20,000       4.36       220  
    Subordinated debt   39,092       9.59       937       —       —       —  
    Total borrowings   116,732       6.08       1,749       107,441       3.16       845  
    Total interest-bearing liabilities   1,563,936       2.76       10,661       1,422,538       2.66       9,401  
    Non-interest-bearing deposits   185,992                   182,595              
    Other liabilities   15,519                   13,713              
    Shareholders’ equity   167,491                   159,739              
    Total liabilities and                                  
    shareholders’ equity $ 1,932,938                 $ 1,778,585              
    Net interest rate spread         2.05 %                 1.91 %      
    Margin/net interest income         2.51 %   $ 11,677             2.39 %   $ 10,309  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale  

    The MIL Network –

  • MIL-OSI: Subdivisions.com Builds the Foundation for AI-Ready Real Estate Search and Hyperlocal Discovery

    Source: GlobeNewswire (MIL-OSI)

    Miami, FL, April 22, 2025 (GLOBE NEWSWIRE) — Subdivisions.com, a leader in AI-enhanced real estate intelligence, has announced a significant expansion of its mission. Following its successful launch as South Florida’s premier subdivision search platform, the company is now evolving into the essential intelligence layer that will power its AI real estate copilot, redefining how homebuyers and investors discover properties.

    Since its debut in late 2023, Subdivisions.com has curated and structured thousands of South Florida’s residential subdivisions. This effort delivers hyperlocal insights into pricing trends, inventory dynamics, community lifestyles, and comparable neighborhoods. Built as Real Estate Search 2.0 — AI-Ready, Context-Aware, and Engineered for Local Intelligence — Subdivisions.com stands as the region’s most comprehensive structured dataset for residential communities.

    Traditional real estate search platforms primarily help users sort by price, size, or bedrooms, but offer little contextual understanding of the communities that truly drive property value. Subdivisions.com is changing that by delivering the structured hyperlocal intelligence needed for smart, context-driven real estate decisions.

    “A real estate copilot without local context is blind,” said Jake Miakota, CEO of Subdivisions.com. “To truly guide buyers and investors, AI must understand the micro-markets that shape real estate decisions — subdivisions, lifestyle factors, pricing dynamics, and community identity. Subdivisions.com delivers that missing layer of intelligence.”

    Real estate presents unique challenges for AI systems. Markets are hyper-fragmented at the subdivision-level. Property values are influenced by localized amenities, school districts, turnover rates, and lifestyle appeal — not just zip codes. Consumers need more than listings; they need context and guidance. Today’s platforms often surface listings without meaningful community insight, leaving users to guess at the true value and lifestyle fit.

    Subdivisions.com fills this gap by structuring hyperlocal data in a way that empowers its AI real estate copilot to reason about real estate like a true expert. Through detailed subdivision profiles, dynamic pricing analytics, turnover trends, lifestyle scoring, and comparable community identification, Subdivisions.com enables smarter, faster, and more confident real estate decisions.

    In the months ahead, Subdivisions.com will introduce new capabilities to enhance the AI-native real estate journey. These include conversational AI discovery, investment-focused intelligence, expansion across Florida, and real estate copilot integration. Subdivisions.com is not simply evolving real estate search — it is building the structured, hyperlocal foundation required to power the future of AI-driven real estate discovery.

    As consumer expectations shift toward intelligent, personalized guidance, the need for deep, curated local intelligence is no longer optional — it is essential. Subdivisions.com is proud to lead this transformation, subdivision by subdivision, market by market.

    About Subdivisions.com

    The Foundational Data Layer for AI-Driven Real Estate Transactional Services. The real estate industry suffers from fragmented, inconsistent, and imprecise data. Traditional platforms rely on broad city- and ZIP code-level insights, failing to capture the true micromarket dynamics that shape property values, demand trends, buyer preferences, and lifestyle fit. Subdivisions.com fixes these problems with a proprietary subdivision-level intelligence layer—a structured, AI-enhanced data infrastructure that organizes, standardizes, and delivers real-time market insights. This data backbone powers hyperlocal search, price segmentation, CMAs, predictive analytics, home shopping personalization, and real estate services, creating a smarter, more transparent homeownership experience. 

    Press inquiries

    Subdivisions.com
    https://subdivisions.com
    Jake Miakota
    jake@subdivisions.com
    (305) 933-3005
    20900 NE 30th Ave, 8th Floor
    Aventura, Florida 33180

    The MIL Network –

  • MIL-OSI USA: Strength and Solidarity on Display at IAM’s Tennessee/Kentucky State Council

    Source: US GOIAM Union

    The IAM Union is proving that workers in the South are building a resurgence of working people power.

    The IAM’s Tennessee/Kentucky State Council recently brought member-activists across the two states to Gatlinburg, Tenn., for the council’s annual meeting. The councils, led in Tennessee by District 1888 Directing Business Representative Bill Benson and in Kentucky by District 1888 Business Representative and Organizer Ryan McCarthy, are focusing on fighting and winning for working families in states that are often thought to be unfriendly to workers’ rights.

    View state council photos here.

    International President Brian Bryant and Southern Territory General Vice President Craig Martin helped inspire delegates to continue to push for pro-worker policies in both states.

    “Our members across Tennessee and Kentucky are rising up and fighting back,” said IAM International President Brian Bryant. “We see it in strong contracts, engaged members and the activism right here in the Tennessee and Kentucky State Council.”

    IAM Local 1296 members at Trane in Clarksville, Tenn., recently ratified a strong contract with 9% first-year raises. IAM members in Kentucky recently advocated for pro-worker legislation at a lobby day at the state capitol.

    “This is how we show our strength and solidarity,” said IAM Southern Territory General Vice President Craig Martin. “We need to bring more pride and dignity to workers across Tennessee and Kentucky. We’re willing to strike, and we’re willing to take to the halls of state capitols. We’re here to remind politicians where their power comes from.”

    Other speakers included:

    • Paul Kendall, Assistant Secretary to the General Secretary-Treasurer
    • Carla Siegel, General Counsel
    • Shaun Junkins, Southern Territory International Representative
    • Ty Richardson, Assistant Political and Legislative Director
    • Juan Eldridge, Assistant Organizing Director
    • Tim Hight, Winpisinger Center Education Representative
    • Jonathan Battaglia, Communications Director
    • Former Federal Mediation and Conciliation Service employees

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Chuck Payne Applauds Signing of Comprehensive Tort Reform Legislation by Governor Kemp

    Source: US State of Georgia

    ATLANTA (April 22, 2025)—Yesterday, Governor Brian P. Kemp signed Senate Bills 68 and 69 into law, marking a major step forward in Georgia’s ongoing effort to strengthen its civil justice system and protect consumers from abusive litigation practices. Senate President Pro Tempore John F. Kennedy (R–Macon) carried the bills in the Senate on behalf of Governor Kemp, who named tort reform his top legislative priority for the 2025 session.

    SB 68 enacts comprehensive tort reform, including changes to negligent security liability, apportionment of fault, and damages in civil cases, to curb “nuclear verdicts” and reduce the burden of frivolous lawsuits on small businesses. Complementing this effort, SB 69, the Georgia Courts Access and Consumer Protection Act, targets the growing influence of Third-Party Litigation Financing (TPLF) by requiring these entities to register with the state, banning foreign-affiliated financiers from operating in Georgia, and increasing public transparency through open access to registration records.

    “For Dalton and Whitfield County, where manufacturing is not just an industry but a way of life, these reforms mean stability, opportunity and continued investment in our community,” said Sen. Chuck Payne (R–Dalton). “Together, Senate Bills 68 and 69 reinforce Georgia’s standing as the No. 1 state for business by creating a predictable, transparent legal environment that supports job growth. I am proud to have cosponsored these pieces of legislation, and I am thankful for the support of Governor Kemp, Lt. Governor Burt Jones and Senate President Pro Tempore John F. Kennedy in getting these measures across the finish line.”

    For more information about Senate Bill 68, click here. For more information about Senate Bill 69, click here.

    # # # #

    Sen. Chuck Payne serves as Chairman of the Senate Committee on Veterans, Military, and Homeland Security. He represents the 54th Senate District, which includes Whitfield and Murray County as well as part of Gordon County. He may be reached at 404.463.5402 or by email at Chuck.Payne@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Supporting Next-Generation Workforce Development

    Source: US State of New York

    overnor Kathy Hochul today announced that work is now underway on the expanded Advanced Technology Center at Monroe Community College’s main campus in the Town of Brighton, Monroe County. The $69.6 million project will move critical technology programs from an outdated facility on West Henrietta Road to state-of-the-art facility at the Brighton campus, connecting them with the college’s science, technology, engineering and mathematics programs. The expansion will also provide a new home and accelerate the growth of the center’s Optical Systems Technology program. With a 2,400 percent increase in student enrollment since 2019, this first-of-its-kind in the nation, two-year training program provides a direct path to employment for hundreds of students and will support the state’s efforts to grow the semiconductor industry across Upstate New York.

    “My administration is committed to connecting New Yorkers with top-quality job opportunities”, Governor Hochul said. “MCC’s state-of-the-art Advanced Technology Center will deliver accelerated training programs, providing New Yorkers in the Finger Lakes with the skills they need to compete in today’s dynamic and ever-changing job market.”

    Governor Hochul originally announced the State’s investment of $13.75 million for campus upgrades in February of 2024, including $10 million for the center’s STEM addition. The ATC offers many career paths including automotive technician, precision tooling, heating, ventilating, air conditioning service technician and mechanic. With a new solar lab, the center will also be able to offer training in burgeoning fields — like solar photovoltaic panel installer, solar energy installation manager, and service technician. The expansion is expected to be open to students in the fall of 2026.

    Monroe County Executive Adam Bello said, “Monroe Community College is a cornerstone of workforce development in our region. We must ensure that we continue its history of innovation and job readiness by offering top quality education in high demand fields like automotive technician, HVAC technician and our first-in-the-nation optics program. Thank you to Dr. Deanna Burt-Nanna for her vision in taking MCC to the next level. Thank you to our federal representatives, Governor Hochul and our state delegation l for their continued support to keep Monroe Community College as a staple of workforce development in the nation.”

    Monroe Community College President Dr. DeAnna R. Burt-Nanna said, “We are excited to yet again be meeting the need for highly skilled, in-demand workers, this time through our new Advanced Technology Center. We are catalyzing bright futures for the community and its people through this center, which includes state-of-the-art equipment to enable students across a broad spectrum of fields to realize their dream of a secure career with a family-sustaining wage. We thank Governor Hochul, County Executive Bello, and Congressman Morelle for their partnership and continued investment in technological innovation, education, and training.”

    SUNY Chancellor John B. King, Jr. said, “Congratulations to Monroe Community College under the leadership of President Deanna Burt-Nanna. Today’s groundbreaking is a testament to MCC’s work advancing science, technology, engineering, and mathematics education and workforce development, and empowering students with opportunities to achieve their academic and professional goals. SUNY and our campuses are at the forefront of offering programs that support regional economic development and students’ upward mobility as a direct result of Governor Kathy Hochul’s leadership and the strength of our partners, particularly ESD.”

    The Advanced Technology Center (ATC) project further bolsters the states’ overall workforce development efforts in the advanced manufacturing and semiconductor industries. In the summer of 2024, Governor Hochul announced that the U.S. Department of Commerce had awarded a phase two Regional Technology and Innovation Hubs (Tech Hub) grant of $40 million to the New York Semiconductor Manufacturing and Research Technology Innovation Corridor (NY SMART-I Corridor) consortium. The consortium comprises the Finger Lakes, Western NY and Central NY regions and is convened by OneROC, the Buffalo-Niagara Partnership, and CenterState CEO respectively. It includes more than 80 members that include economic development organizations, government, workforce development, labor, industry, academia, and nonprofits. Over the next five years, The Tech Hub will work to build a world-class semiconductor ecosystem across a range of focus areas including equitable workforce development and talent placement, research and commercialization pathways. Managed by a multi-sector implementation governance committee, the consortium will serve as a key coordinating body for semiconductor industry growth alongside the Governor’s Office of Semiconductor Expansion, Management, and Integration housed within ESD.

    Empire State Development President, CEO and Commissioner Hope Knight said, “Through our support for this important project, we are ensuring that the region’s workforce is equipped with the skills necessary to compete in today’s dynamic, ever-changing job market. The new Advanced Technology Center at MCC’s Brighton campus will grow a robust talent pipeline to align with employer needs, support local business development and move the innovation economy forward.”

    In February of 2025, Governor Hochul announced that the Finger Lakes, Mohawk Valley and Capitol Regions had been selected to advance to the planning stage of the $200 million One Network for Regional Advanced Manufacturing Partnerships (ON-RAMP) program. The regions join Central New York, in which Syracuse was established as the program’s flagship location and will create a network of high-impact workforce development centers to connect New Yorkers with careers in dynamic, high-growth advanced manufacturing industries. These workforce centers will equip New Yorkers with the skills they need and create an “on-ramp” to training, internships, apprenticeships and permanent employment and capitalize on the State’s success in attracting and expanding advanced manufacturing companies such as Micron and GlobalFoundries. Monroe Community College will lead the Finger Lakes ON-RAMP center in partnership with RochesterWorks.

    Additional regional workforce development efforts also include a $5.5 million investment through the transformational Regional Revitalization Partnership (RRP) to assist with establishing the RochesterWorks Downtown Career Center at the MCC downtown campus in the City of Rochester. The comprehensive one-stop career center will invite the co-location of fellow agencies, improving workforce development and supportive wrap-around services to members of the community seeking employment or training for career pathways improve access by directly linking service providers with jobs seekers, enhancing the ability to navigate a career pathway more easily. The project aims to remove barriers to participation in the workforce that most acutely impact populations that are historically underrepresented in the labor force. MCC’s downtown campus is also home to the New York State supported Finger Lakes Workforce Development (FWD) Center, which is focused on short-term and accelerated, technology-oriented training programs that place individuals in high-demand jobs within advanced manufacturing, information technology, skilled trades, apprenticeship-related instruction and professional services.

    State Senator Jeremy Cooney said, “With the Advanced Technology Center, Monroe Community College is cementing their role as a driver of workforce development and technological innovation in our region. This state-of-the-art facility will house the first of its kind Optics Systems Technology program, opening the door to in-demand jobs for students in our region. I’m grateful for the leadership of Governor Hochul, County Executive Bello, Dr. DeAnna Burt-Nanna, and my federal and state partners in making this project a reality and continuing our shared commitment towards economic development across Monroe County.”

    Assemblymember Harry Bronson said, “The new Advanced Technology Center at MCC demonstrates our region’s commitment to cutting-edge workforce development and education programs. Under Dr. Burt-Nanna’s innovative leadership, MCC will develop the world-class facilities required to prepare students to meet the demands of our emerging economy. Thank you Dr. Burt-Nanna, County Executive Bello, Congressman Morelle, Governor Hochul and my partners in the State legislature. Through this investment, we are connecting students to programming and training opportunities with a direct pipeline to in-demand jobs in essential industries.”

    Brighton Town Supervisor William W. Moehle said, “Monroe Community College is a tremendous asset to the Town of Brighton and Monroe County, and the new Advanced Technology Center will bring new cutting-edge technology and training capabilities to the MCC campus in Brighton. This facility will help train the next generation of technology experts right here in Brighton to help this region compete for job growth in the new economy.”

    RochesterWorks Executive Director David Seeley said, “The MCC Advanced Technology Center expansion is a great addition to the workforce development initiatives in place in our region to support the growing advanced manufacturing, skilled trades, and semiconductor industries. RochesterWorks is proud to be partnering with MCC and the State on these initiatives, providing our full range of programs and services to job seekers and employers in the Rochester area looking to be a part of these exciting, high demand, and well-paying career pathways. Our thanks go out to Governor Hochul, County Executive Bello, Congressman Morelle, and MCC for being great partners and bringing these opportunities to our area.”

    OneROC President Joseph Stefko said, “This new investment strengthens our region’s world class research and training assets in the semiconductor and microelectronics sector – assets which were critical to our successfully securing funding last year for the NY SMART I-Corridor Regional Tech Hub. Bolstering training for in-demand, high-technology jobs better positions our region to fully capitalize on the growth we expect to see in the coming years. I’m grateful to Governor Hochul and our state delegation for their continued support, to President Burt-Nanna for her leadership, and to our federal partners for their commitment to investing in a high-skilled and agile workforce that can meet our current and future talent pipeline needs.”

    Accelerating Economic Development in the Finger Lakes
    Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing.

    About Empire State Development
    Empire State Development is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the State. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state’s world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.

    MIL OSI USA News –

  • MIL-OSI USA: JEFFRIES LEADS CONGRESSIONAL DELEGATION TO THE UNITED KINGDOM, DENMARK, ISRAEL AND JORDAN 

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries released the following statement:

    “Our bipartisan Congressional delegation has departed for a trip to visit important allies and partners throughout Europe and the Middle East. While in the United Kingdom, we will meet with high level government and private sector leaders, reinforcing the close economic and security partnership that exists between our two countries during a time of global uncertainty. Our delegation will also travel to Denmark, where we look forward to discussing the continued importance of the NATO alliance and the geopolitical status of Greenland. 

    During our time in the Middle East, we will visit with senior officials in Israel and Jordan to discuss the challenges that exist with Iran and its proxies, as well as the opportunity to secure a durable ceasefire in Gaza that brings home the hostages, surges humanitarian aid to Palestinian civilians in harm’s way and sets the stage for a just and lasting peace in the region. While in Israel, we will also participate in a Yom HaShoah observance.

    It is an honor to lead this delegation, and we look forward to an enlightening and productive trip.”

    The Members of the delegation are:

    • Leader Hakeem Jeffries (D-NY-08), Democratic Leader, U.S. House of Representatives
    • Rep. Ann Wagner (R-MO-02), Member, Committee on Financial Services; Member, Permanent Select Committee on Intelligence 
    • Rep. Gregory W. Meeks (D-NY-05), Ranking Member, Foreign Affairs Committee; Member, Committee on Financial Services
    • Rep. Amata Coleman Radewagen (R-American Samoa), Vice-Chairman, Committee on Veterans’ Affairs; Member, Natural Resources Committee; Member, Foreign Affairs Committee
    • Rep. Madeleine Dean (D-PA-04), Member, Committee on Appropriations; Member, Foreign Affairs Committee
    • Rep. Marilyn Strickland (D-WA-10), Member, Committee on Armed Services; Member, Committee on Transportation and Infrastructure
    • Rep. Greg Landsman (D-OH-01), Member, Committee on Energy and Commerce
    • Rep. Laura Friedman (D-CA-30), Member, Committee on Science, Space and Technology; Member, Committee on Transportation and Infrastructure

    ###

    MIL OSI USA News –

  • MIL-OSI: MC Squared Energy Services (MC2) Celebrates Earth Day 2025 With Annual Green Initiative

    Source: GlobeNewswire (MIL-OSI)

    • To celebrate Earth Day 2025, on Tuesday, April 22, MC2 will retire Midwest-generated Renewable Energy Certificates (RECs) equal to 100% of the energy its customers consume this day.
    • This amount is equivalent to eliminating more than 2,000 metric tons of CO2 from the atmosphere.
    • MC2 continuously supports the development of renewable generation resources in the Midwest.

    CHICAGO, April 22, 2025 (GLOBE NEWSWIRE) — MC Squared Energy Services, LLC (MC2), a Chicago based retail electric supplier, will celebrate Earth Day 2025 with their annual green initiative. On Tuesday, April 22, MC2 will retire wind and solar based Renewable Energy Certificates (RECs) equal to 100% of this day’s energy consumption of its entire client base. This includes all residential, commercial, educational, and governmental customers served by MC2. These RECs are in addition to existing state-mandated Renewable Portfolio Standard (RPS) compliance requirements.

    On Earth Day 2025, MC2 is projected to retire wind and solar generated renewable energy certificates equivalent to eliminating more than 2,000 metric tons of CO2 from the atmosphere. “We are excited to continue our tradition of celebrating Earth Day again this year by supporting clean, renewable energy resources,” states MC2 founder and president, Chuck Sutton.

    MC Squared Energy Services offers electricity supply products and services that are backed by RECs as a way for customers to support the reduction of harmful emissions and help the environment. A REC represents 1,000 kilowatt-hours of electricity that has been generated from a renewable energy source.

    About MC Squared Energy Services, LLC

    Established in 2008 by veteran energy industry experts, MC Squared Energy Services, LLC (MC2) is a certified retail electric-service provider headquartered in Chicago. MC2 helps municipalities, businesses, and individuals with competitive electric supply products to fit their specific needs. The company’s customer-focused team has the resources and knowledge to meet its customers electrical supply requirements. MC2 prides itself on being easy to work with and responsive to its customers.

    MC Squared Energy Services, LLC is a wholly owned subsidiary of IGS Energy, headquartered in Dublin, Ohio. IGS Energy is redefining what it means to be an energy retailer. The company is leading a transition to a more sustainable energy future for a healthier planet by empowering home and business customers to source the energy that’s right for them, manage their costs and carbon footprint, and protect the systems that keep their homes running efficiently.

    For Further Product Information, Contact:
    Samantha Komzak
    MC Squared Energy Services, LLC
    312-854-1981
    skomzak@mc2energyservices.com

    Illinois Required Disclosure (ComEd Service Area)
    MC Squared Energy Services, LLC (MC2) is not the same entity as your electric delivery company. You are not required to enroll with MC2. As of April 2025, the electric supply price to compare to is currently 6.552 cents per kWh1. The electric utility electric supply price will expire on May 31, 2025. The utility electric supply price to compare does not include the purchased electricity adjustment factor. For more information, go to the Illinois Commerce Commission’s free website at www.pluginillinois.org.

    1The electric supply price to compare is for residential customers. Electric supply prices to compare for other rate classes (in cents per kWh) that are currently applicable include: Watt-Hour Non-Electric Space Heating – 6.574 cents/kWh; Demand Non-Electric Space Heating – 6.624 cents/kWh; Nonresidential Electric Space Heating – 6.450 cents/kWh; Dusk to Dawn Lighting – 3.723 cents/kWh; General Lighting – 6.107 cents/kWh.

    Illinois Required Disclosure (Ameren Service Area)
    MC Squared Energy Services, LLC (MC2) is not the same entity as your electric delivery company. You are not required to enroll with MC2. As of April 2025, the electric utility electric supply price to compare to is currently 8.277 cents/kWh (Up to 800 kWh) and 7.693 cents/kWh (Above 800 kWh)1. The utility electric supply price will expire on May 31, 2025. The utility electric supply price to compare does not include the purchased electricity adjustment factor. For more information, go to the Illinois Commerce Commission’s free website at www.pluginillinois.org.

    1 The electric supply price to compare listed above is for residential customers. Other rate class rates as of the month above (in cents per kWh): Small General Service (Secondary) 9.040; Small General Service (Primary) 8.891; Small General Service (High Voltage) 8.803.

    The MIL Network –

  • MIL-OSI: First Financial Corporation Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025.

    • Net income was $18.4 million compared to $10.9 million reported for the same period of 2024;
    • Diluted net income per common share of $1.55 compared to $0.93 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.91% for the three months ended March 31, 2024;
    • Credit loss provision was $2.0 million compared to provision of $1.8 million for the first quarter 2024; and
    • Pre-tax, pre-provision net income was $25.7 million compared to $14.9 million for the same period in 2024.1

    ________________________
    1    Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the first quarter of 2025 were $3.84 billion versus $3.18 billion for the comparable period in 2024, an increase of $662 million or 20.80%. On a linked quarter basis, average loans increased $51 million or 1.35% from $3.79 billion as of December 31, 2024. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

    Total Loans Outstanding

    Total loans outstanding as of March 31, 2025, were $3.85 billion compared to $3.19 billion as of March 31, 2024, an increase of $662 million or 20.74%. On a linked quarter basis, total loans increased $16.9 million or 0.44% from $3.84 billion as of December 31, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our strong balance sheet, stable credit quality, and strong capital levels for continued growth.”

    Average Total Deposits

    Average total deposits for the quarter ended March 31, 2025, were $4.65 billion versus $4.05 billion as of March 31, 2024, an increase of $605 million, or 14.95%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

    Total Deposits

    Total deposits were $4.64 billion as of March 31, 2025, compared to $4.11 billion as of March 31, 2024. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $856 million, and time deposits were $726 million as of March 31, 2025, compared to $738 million and $581 million, respectively for the same period of 2024.

    Shareholders’ Equity

    Shareholders’ equity at March 31, 2025, was $571.9 million compared to $520.8 million on March 31, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in January and declared a $0.51 quarterly dividend, which was paid on April 15, 2025.

    Book Value Per Share

    Book Value per share was $48.26 as of March 31, 2025, compared to $44.08 as of March 31, 2024, an increase of $4.18 per share, or 9.49%. Tangible Book Value per share was $38.13 as of March 31, 2025, compared to $36.26 as of March 31, 2024, an increase of $1.87 per share or 5.16%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.32% at March 31, 2025, compared to 9.00% at March 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was a record $52.0 million, compared to $38.9 million reported for the same period of 2024, an increase of $13.1 million, or 33.5%. Interest income increased $13.6 million and interest expense increased $574 thousand year over year.

    Net Interest Margin

    The net interest margin for the quarter ended March 31, 2025, was 4.11% compared to the 3.53% reported at March 31, 2024.

    Nonperforming Loans

    Nonperforming loans as of March 31, 2025, were $10.2 million versus $24.3 million as of March 31, 2024. The ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025, versus 0.76% as of March 31, 2024. On a linked quarter basis, nonperforming loans were $13.3 million, and the ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024.

    Credit Loss Provision

    The provision for credit losses for the three months ended March 31, 2025, was $2.0 million, compared to $1.8 million for the same period 2024.

    Net Charge-Offs

    In the first quarter of 2025 net charge-offs were $1.8 million compared to $1.5 million in the same period of 2024.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of March 31, 2025, was $46.8 million compared to $40.0 million as of March 31, 2024. The allowance for credit losses as a percent of total loans was 1.22% as of March 31, 2025, compared to 1.25% as of March 31, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans was unchanged from December 31, 2024.

    Non-Interest Income

    Non-interest income for the three months ended March 31, 2025 and 2024 was $10.5 million and $9.4 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended March 31, 2025, was $36.8 million compared to $33.4 million in 2023.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 57.54% for the quarter ending March 31, 2025, versus 67.21% for the same period in 2024.

    Income Taxes

    Income tax expense for the three months ended March 31, 2025, was $5.4 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 22.59% compared to 16.79% for 2024.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                         
        Three Months Ended  
        March 31,    December 31,   March 31,   
           2025      2024      2024     
    END OF PERIOD BALANCES                    
    Assets   $ 5,549,094   $ 5,560,348   $ 4,852,615  
    Deposits   $ 4,640,003   $ 4,718,914   $ 4,105,103  
    Loans, including net deferred loan costs   $ 3,854,020   $ 3,837,141   $ 3,191,983  
    Allowance for Credit Losses   $ 46,835   $ 46,732   $ 40,045  
    Total Equity   $ 571,945   $ 549,041   $ 520,766  
    Tangible Common Equity (a)   $ 451,874   $ 427,470   $ 428,430  
                         
    AVERAGE BALANCES                    
    Total Assets   $ 5,508,767   $ 5,516,036   $ 4,804,364  
    Earning Assets   $ 5,194,478   $ 5,196,352   $ 4,566,461  
    Investments   $ 1,266,300   $ 1,311,415   $ 1,308,322  
    Loans   $ 3,841,752   $ 3,790,515   $ 3,180,147  
    Total Deposits   $ 4,650,883   $ 4,757,438   $ 4,045,838  
    Interest-Bearing Deposits   $ 3,837,679   $ 3,925,740   $ 3,326,090  
    Interest-Bearing Liabilities   $ 261,174   $ 134,553   $ 221,425  
    Total Equity   $ 564,742   $ 556,330   $ 522,720  
                         
    INCOME STATEMENT DATA                    
    Net Interest Income   $ 51,975   $ 49,602   $ 38,920  
    Net Interest Income Fully Tax Equivalent (b)   $ 53,373   $ 50,985   $ 40,297  
    Provision for Credit Losses   $ 1,950   $ 2,000   $ 1,800  
    Non-interest Income   $ 10,511   $ 12,213   $ 9,431  
    Non-interest Expense   $ 36,759   $ 39,801   $ 33,422  
    Net Income   $ 18,406   $ 16,241   $ 10,924  
                         
    PER SHARE DATA                    
    Basic and Diluted Net Income Per Common Share   $ 1.55   $ 1.37   $ 0.93  
    Cash Dividends Declared Per Common Share   $ 0.51   $ 0.51   $ 0.45  
    Book Value Per Common Share   $ 48.26   $ 46.36   $ 44.08  
    Tangible Book Value Per Common Share (c)   $ 38.13   $ 36.77   $ 36.26  
    Basic Weighted Average Common Shares Outstanding     11,842     11,824     11,803  

    ________________________
    (a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                       
    Key Ratios      Three Months Ended  
        March 31,         December 31,        March 31,      
        2025     2024     2024        
    Return on average assets   1.34 %   1.18 %   0.91 %
    Return on average common shareholder’s equity   13.04 %   11.68 %   8.36 %
    Efficiency ratio   57.54 %   62.98 %   67.21 %
    Average equity to average assets   10.25 %   10.09 %   10.88 %
    Net interest margin (a)   4.11 %   3.94 %   3.53 %
    Net charge-offs to average loans and leases   0.19 %   0.15 %   0.19 %
    Credit loss reserve to loans and leases   1.22 %   1.22 %   1.25 %
    Credit loss reserve to nonperforming loans   460.57 %   351.37 %   165.12 %
    Nonperforming loans to loans and leases   0.26 %   0.35 %   0.76 %
    Tier 1 leverage   10.63 %   10.38 %   12.02 %
    Risk-based capital – Tier 1   12.70 %   12.43 %   14.69 %

    ________________________
    (a)   Net interest margin is calculated on a tax equivalent basis.

                         
    Asset Quality   Three Months Ended  
           March 31,       December 31,      March 31,      
        2025   2024   2024  
    Accruing loans and leases past due 30-89 days   $ 17,007   $ 22,486   $ 17,937  
    Accruing loans and leases past due 90 days or more   $ 1,109   $ 1,821   $ 1,395  
    Nonaccrual loans and leases   $ 9,060   $ 11,479   $ 22,857  
    Other real estate owned   $ 560   $ 523   $ 167  
    Nonperforming loans and other real estate owned   $ 10,729   $ 13,823   $ 24,419  
    Total nonperforming assets   $ 13,631   $ 16,719   $ 27,307  
    Gross charge-offs   $ 3,241   $ 3,070   $ 3,192  
    Recoveries   $ 1,394   $ 1,633   $ 1,670  
    Net charge-offs/(recoveries)   $ 1,847   $ 1,437   $ 1,522  
                 
    Non-GAAP Reconciliations   Three Months Ended March 31, 
           2025      2024
    ($in thousands, except EPS)            
    Income before Income Taxes   $ 23,777   $ 13,129
    Provision for credit losses     1,950     1,800
    Provision for unfunded commitments     —     —
    Pre-tax, Pre-provision Income   $ 25,727   $ 14,929
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
     
           March 31,       December 31, 
        2025   2024
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 86,211     $ 93,526  
    Federal funds sold     427       820  
    Securities available-for-sale     1,182,495       1,195,990  
    Loans:            
    Commercial     2,208,426       2,196,351  
    Residential     966,521       967,386  
    Consumer     673,751       668,058  
          3,848,698       3,831,795  
    (Less) plus:            
    Net deferred loan costs     5,322       5,346  
    Allowance for credit losses     (46,835 )     (46,732 )
          3,807,185       3,790,409  
    Restricted stock     17,528       17,555  
    Accrued interest receivable     25,556       26,934  
    Premises and equipment, net     80,317       81,508  
    Bank-owned life insurance     129,410       128,766  
    Goodwill     100,026       100,026  
    Other intangible assets     20,045       21,545  
    Other real estate owned     560       523  
    Other assets     99,334       102,746  
    TOTAL ASSETS   $ 5,549,094     $ 5,560,348  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 856,063     $ 859,014  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     145,609       144,982  
    Other interest-bearing deposits     3,638,331       3,714,918  
          4,640,003       4,718,914  
    Short-term borrowings     137,609       187,057  
    FHLB advances     124,898       28,120  
    Other liabilities     74,639       77,216  
    TOTAL LIABILITIES     4,977,149       5,011,307  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,190,157 in 2025 and 16,165,023 in 2024            
    Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024     2,019       2,018  
    Additional paid-in capital     146,159       145,927  
    Retained earnings     699,729       687,366  
    Accumulated other comprehensive income/(loss)     (121,182 )     (132,285 )
    Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024     (154,780 )     (153,985 )
    TOTAL SHAREHOLDERS’ EQUITY     571,945       549,041  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,549,094     $ 5,560,348  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
     
        Three Months Ended
        March 31, 
           2025      2024
                 
    INTEREST INCOME:            
    Loans, including related fees   $ 63,612   $ 50,052  
    Securities:            
    Taxable     6,002     5,931  
    Tax-exempt     2,604     2,603  
    Other     814     817  
    TOTAL INTEREST INCOME     73,032     59,403  
    INTEREST EXPENSE:            
    Deposits     18,199     17,731  
    Short-term borrowings     1,693     976  
    Other borrowings     1,165     1,776  
    TOTAL INTEREST EXPENSE     21,057     20,483  
    NET INTEREST INCOME     51,975     38,920  
    Provision for credit losses     1,950     1,800  
    NET INTEREST INCOME AFTER PROVISION            
    FOR LOAN LOSSES     50,025     37,120  
    NON-INTEREST INCOME:            
    Trust and financial services     1,393     1,333  
    Service charges and fees on deposit accounts     7,585     6,708  
    Other service charges and fees     316     223  
    Interchange income     214     179  
    Loan servicing fees     165     269  
    Gain on sales of mortgage loans     225     176  
    Other     613     543  
    TOTAL NON-INTEREST INCOME     10,511     9,431  
    NON-INTEREST EXPENSE:            
    Salaries and employee benefits     19,248     17,330  
    Occupancy expense     2,676     2,359  
    Equipment expense     4,505     4,144  
    FDIC Expense     750     662  
    Other     9,580     8,927  
    TOTAL NON-INTEREST EXPENSE     36,759     33,422  
    INCOME BEFORE INCOME TAXES     23,777     13,129  
    Provision for income taxes     5,371     2,205  
    NET INCOME     18,406     10,924  
    OTHER COMPREHENSIVE INCOME (LOSS)            
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     11,100     (11,096 )
    Change in funded status of post retirement benefits, net of taxes     3     73  
    COMPREHENSIVE INCOME (LOSS)   $ 29,509   $ (99 )
    PER SHARE DATA            
    Basic and Diluted Earnings per Share   $ 1.55   $ 0.93  
    Weighted average number of shares outstanding (in thousands)     11,842     11,803  

    The MIL Network –

  • MIL-OSI Global: Once a bestseller, now forgotten – why William by E.H. Young deserves a revisit

    Source: The Conversation – UK – By Rebecca Hutcheon, Research Fellow at the Faculty of Business and Creative Industries, University of South Wales

    Emily Hilda Young by Howard Coster. Half-plate film negative, 1932. National Portrait Gallery, London, CC BY-NC

    In a year filled with centenaries of famous novels, including Virginia Woolf’s Mrs Dalloway, F. Scott Fitzgerald’s The Great Gatsby and Franz Kafka’s The Trial, another novel also quietly turns 100. William was published in 1925 by the once-celebrated, now largely forgotten, E.H. Young.

    William was Young’s most successful novel. It sold more than 68,000 copies and was reprinted 20 times before 1948. It was William which established Young’s reputation as a great writer.

    It follows the life of William and Kate Nesbitt and their grown-up children, tracing their trials and tribulations as modern life butts up against traditional values. One of the daughters, Lydia, leaves her husband to live with a novelist. William, a shipowner and the family’s steady centre, supports her. Kate, steeped in traditional respectability, cannot.

    Emily Hilda Young by Howard Coster, 1932.
    National Portrait Gallery, London, CC BY-NC-SA

    Two issues lie at the heart of the novel: the role of women and domestic life. Through Kate and William’s relationship, Young breaks new ground as a writer. She explores a later stage of life, when children have grown up. The husband and wife spend time alone and find themselves at odds.

    This kind of astute characterisation exemplifies Young’s writing. As with many of Young’s novels, romantic love plays a very small part. The narrative emphasis falls, instead, on other types of relationships.

    Women are seen to bear the main burdens of marriage and family life. Again and again, her characters rail against the smallness of middle-class female life and its social conventions.

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    Place and psyche

    The novel’s central tension plays out not only in the family, but also in the city they inhabit. William spans the docks and suburbs of fictional Radstowe, a thinly disguised Bristol.

    As in Mrs Dalloway, place and psyche are deeply connected. Young uses the physical and social geography of Bristol to examine how women move through a world of unspoken rules.

    Young lived in Bristol for 15 years. Most of her novels are set there – or rather in “Upper Radstowe”, her fictional version of real life suburban Clifton. She turned the city’s bridges, rivers and steep class divides into metaphors for the pressures placed on women navigating early 20th-century life.

    In William, her characters feel real because they are flawed. The conflict between Lydia’s modern values and Kate’s traditional ones doesn’t resolve cleanly. Young isn’t interested in moralising. Instead, she observes. Her sharp wit, psychological acuity and feel for the rhythms of domestic life make William both an engrossing family novel and a quietly radical one.

    Modern day Clifton in Bristol. It became Upper Radstowe in E.H. Young’s novels.
    Sion Hannuna/Shutterstock

    Who was the woman behind Radstowe?

    Emily Hilda Young was born in 1880 and died in 1949. She wrote 11 novels and was widely read in her day. Four of her novels were made into BBC radio dramas. Her 1930 novel Miss Mole was televised by the BBC in 1980.

    Like many of her characters, Young led an unconventional life. During the first world war she worked as a stable hand and in a munitions factory. Her husband, a solicitor named Arthur Daniell, went off to fight. After Daniell was killed at Ypres in 1917, Young moved to London and got a job in a school where her married lover, Ralph Henderson, was the headmaster.

    She was also a keen mountaineer in an era when there were few women climbers. She even pioneered and led others along a route, now known as Hope, in the Carneddau mountains in Eryri (Snowdonia) in 1915.

    This quiet radicalism filters into her fiction. Her characters are often sharp-tongued, independent and disillusioned by the roles they’ve been expected to play.

    It’s hard to place Young in a neat category, however. Her novels can hardly be described as romances. Love is often portrayed as destructive or imprisoning. Young was a feminist and campaigned for votes for women, but she saw human failings in both men and women. She admired strength of character in spite of gender.

    If anything, she’s a 20th-century Jane Austen. Her narratives are witty portrayals of social and family life with psychological depth. In Young, though, there’s a mixture of openness and coldness, and a sarcastic sense of humour which emerges spontaneously. At times, it catches you off guard.



    Read more:
    Booker prize: rediscovering the first female winner, the often-forgotten Bernice Rubens

    Like the best realist writers, Young’s world and its characters are richly drawn. And yet unlike Thomas Hardy or Leo Tolstoy, for instance, Young isn’t interested in tragedy or melodrama. Small troubles are overcome and people make up, even if it doesn’t result in a traditional happy ending.

    Young’s legacy has faded, perhaps because her novels sit between genres: not quite realist, not quite modernist, not quite romantic. But as literary anniversaries prompt readers to revisit old favourites, there’s room to bring back overlooked voices.

    For readers interested in the inner lives of women, in family dynamics, in novels where place and psychology are intertwined, E.H. Young is worth discovering. This year, rather than returning to the worlds of Clarissa Dalloway and Jay Gatsby, you could instead take a detour to Upper Radstowe, where quiet, deeply human dramas still unfold.

    Rebecca Hutcheon 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. Once a bestseller, now forgotten – why William by E.H. Young deserves a revisit – https://theconversation.com/once-a-bestseller-now-forgotten-why-william-by-e-h-young-deserves-a-revisit-253677

    MIL OSI – Global Reports –

  • MIL-OSI Global: AI is inherently ageist. That’s not just unethical – it can be costly for workers and businesses

    Source: The Conversation – UK – By Sajia Ferdous, Lecturer in Organisational Behaviour, Queen’s Business School, Queen’s University Belfast

    insta_photos/Shutterstock

    The world is facing a “silver tsunami” – an unprecedented ageing of the global workforce. By 2030, more than half of the labour force in many EU countries will be aged 50 or above. Similar trends are emerging across Australia, the US and other developed and developing economies.

    Far from being a burden or representing a crisis, the ageing workforce is a valuable resource – offering a so-called “silver dividend”. Older workers often offer experience, stability and institutional memory. Yet, in the rush to embrace artificial intelligence (AI), older workers can be left behind.

    One common misconception is that older people are reluctant to adopt technology or cannot catch up. But this is far from the truth. It oversimplifies the complexity of their abilities, participation and interests in the digital environments.

    There are much deeper issues and structural barriers at play. These include access and opportunity – including a lack of targeted training. Right now, AI training tends to be targeted at early or mid-career workers.

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    There are also confidence gaps among older people stemming from workplace cultures that can feel exclusionary. Data shows that older professionals are more hesitant to use AI – possibly due to fast-paced work environments that reward speed over judgment or experience.

    There can also be issues with the design of tech systems. They are built primarily by and for younger users. Voice assistants often fail to recognise older voices, and fintech apps assume users are comfortable linking multiple accounts or navigating complex menus. This can alienate workers with legitimate security concerns or cognitive challenges.

    And all these issues are exacerbated by socio-demographic factors. Older people living alone or in rural areas, with lower education levels or who are employed in manual labour, are significantly less likely to use AI.

    Workers employed in manual professions can face bigger barriers when it comes to gaining AI skills.
    Andrey_Popov/Shutterstock

    Ageism has long shaped hiring, promotion and career development. Although age has become a protected characteristic in UK law, ageist norms and practices persist in many not-so-subtle forms.

    Ageism can affect both young and old, but when it comes to technology, the impact is overwhelmingly skewed against older people.

    So-called algorithmic ageism in AI systems – exclusion based on automation rather than human decision-making – often exacerbates ageist biases.

    Hiring algorithms often end up favouring younger employees. And digital interfaces that assume tech fluency are another example of exclusionary designs. Graduation dates, employment gaps, and even the language used in CVs can become proxies for age and filter out experienced candidates without any human review.

    Tech industry workers are overwhelmingly young. Homogenous thinking breeds blind spots, so products work brilliantly for younger people. But they can end up alienating other age groups.

    This creates an artificial “grey digital divide”, shaped less by ability and more by gaps in support, training and inclusion. If older workers are not integrated into the AI revolution, there is a risk of creating a divided workforce. One part will be confident with tech, data-driven and AI-enabled, while the other will remain isolated, underutilised and potentially displaced.

    An ‘age-neutral’ approach

    It’s vital to move beyond the idea of being “age-inclusive”, which frames older people as “others” who need special adjustments. Instead, the goal should be age-neutral designs.

    AI designers should recognise that while age is relevant in specific contexts – such as restricted content like pornography – it should not be used as a proxy in training data, where it can lead to bias in the algorithm. In this way, design would be age-neutral rather than ageless.

    Designers should also ensure that platforms are accessible for users of all ages.

    The stakes are high. It is also not just about economics, but fairness, sustainability and wellbeing.

    At the policy level in the UK, there is still a huge void. Last year, House of Commons research highlighted that workforce strategies rarely distinguish the specific digital and technological training needs of older workers. This underscores how ageing people are treated as an afterthought.

    A few forward-thinking companies have backed mid- and late-career training programmes. In Singapore, the government’s Skillsfuture programme has adopted a more agile, age-flexible approach. However, these are still isolated examples.

    Retraining cannot be generic. Beyond basic digital literacy courses, older people need targeted, job-specific advanced training. The psychological framing of retraining is also critical. Older people need to retrain or reskill not for just career or personal growth but also to be able to participate more fully in the workforce.

    It’s also key for reducing pressure on social welfare systems and mitigating skill shortages. What’s more, involving older workers in this way supports the transfer of knowledge between generations, which should benefit everyone in the economy.

    Yet, currently, the onus is on the older workers and not organisations and governments.

    AI, particularly the generative models that can create text, images and other media, is known for producing outputs that appear plausible but are sometimes incorrect or misleading. The people best placed to identify these errors are those with deep domain knowledge – something that is built over decades of experience.

    This is not a counterargument to digital transformation or adoption of AI. Rather, it highlights that integrating older people into digital designs, training and access should be a strategic imperative. AI cannot replace human judgment yet – it should be designed to augment it.

    If companies, policies and societies exclude older workers from AI transformation processes, they are essentially removing the critical layer of human oversight that keeps AI outputs reliable, ethical and safe to use. An age-neutral approach will be key to addressing this.

    Piecemeal efforts and slow responses could cause the irreversible loss of a generation of experience, talent and expertise. What workers and businesses need now are systems, policies and tools that are, from the outset, usable and accessible for people of all ages.

    Sajia Ferdous 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. AI is inherently ageist. That’s not just unethical – it can be costly for workers and businesses – https://theconversation.com/ai-is-inherently-ageist-thats-not-just-unethical-it-can-be-costly-for-workers-and-businesses-254220

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Institute of Chartered Accountants in Ireland application to cease as a recognised professional body for insolvency practitioners

    Source: United Kingdom – Executive Government & Departments

    News story

    Institute of Chartered Accountants in Ireland application to cease as a recognised professional body for insolvency practitioners

    Institute of Chartered Accountants in Ireland has applied to the Secretary of State for Business to give up its status as a recognised professional body for insolvency practitioners.

    Section 391N of the Insolvency Act 1986

    Revocation of recognition at the request of a body

    Notice in accordance with section 391N(3) of the Insolvency Act 1986

    The Institute of Chartered Accountants in Ireland

    On 13 November 2024, the Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland ‘CAI’) asked the Secretary of State to consider a request made under section 391N of the Insolvency Act 1986 (‘the Act’), that it should cease to be a Recognised Professional Body (‘RPB’) for the purposes of section 391 of the Insolvency Act 1986.

    CAI is listed within the Insolvency Practitioners (Recognised Professional Bodies) Order 1986 as a body recognised under Section 391 of the Act, for the purpose of authorising insolvency practitioners.

    The Secretary of State for Business and Trade has considered this request and is satisfied that it is appropriate in all the circumstances to revoke this recognition in accordance with the procedure set out in section 391N of the Insolvency Act 1986.

    Accordingly, the Secretary of State is making the Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order 2025.  This Order takes effect from 1 June 2025.

    The reasons for making the Order in relation to the Institute of Chartered Accountants in Ireland (CAI) are:

    • CAI notified the Secretary of State that the low number of insolvency practitioners it authorised made it commercially unsustainable to continue as an RPB.
    • On 21 March 2024, the Council of the CAI approved the formal proposal to cease authorising insolvency practitioners from 1 January 2025.
    • CAI insolvency licence holders were informed of the intention to withdraw as an RPB on 2 June 2024.
    • CAI has completed all internal procedures to approve and implement the decision to withdraw as an RPB.
    • All insolvency practitioners licensed by CAI as at 31 December 2024 who wished to continue to practice are now authorised by another RPB.
    • Arrangements have been put in place for the investigation of complaints in the period between 31 December 2024 and the making of the Order formally revoking its recognition as an RPB, and in respect of any complaints made relating to conduct prior to 31 December 2024.
    • CAI has requested for its recognition as an RPB to be revoked.

    A print version of the notice is available from the Insolvency Service, 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ.

    Justin Madders, Parliamentary Under Secretary of State, Department for Business and Trade

    Date: 8 April 2025

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Fullstory Appoints Chad Gold as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, April 22, 2025 (GLOBE NEWSWIRE) — Fullstory, a leading behavioral data company, today announced the appointment of Chad Gold as its chief financial officer (CFO). Gold brings over two decades of financial leadership experience in high-growth technology companies to Fullstory, where he will oversee the company’s financial strategy and operations.

    “Chad’s extensive experience in scaling technology companies aligns perfectly with Fullstory’s vision for growth,” said Scott Voigt, CEO of Fullstory. “His strategic financial leadership will be instrumental as we continue to expand our offerings and deliver data-driven value to our customers. I couldn’t be more excited to welcome Chad to the team, especially given his deep ties to the Atlanta tech community and proven track record of helping high-growth companies thrive here.”

    As CFO, Gold will focus on driving Fullstory’s continued growth, particularly as the company scales into the enterprise market. He will also work closely with the leadership team to support Fullstory’s product innovations, including the recent launch of new AI-agent-powered behavioral data solutions.

    “Fullstory is in a prime position to lead the charge in AI innovation, thanks to the unmatched depth and quality of our behavioral data,” said Gold. “Businesses increasingly turn to AI to drive transformation, and I’m excited to contribute to that momentum. Fullstory is expanding its offerings, providing greater access to workforce intelligence and cutting-edge AI capabilities. I’m proud to be part of the team launching these innovations and am ready to start helping businesses turn data into meaningful, measurable outcomes.”

    Prior to joining Fullstory, Gold served as CFO at G2, where he led financial strategy, investor relations, and business operations. He previously held the CFO role at Salesloft, guiding the company through rapid growth and a majority investment by Vista Equity Partners. Gold has also held senior finance roles at Rubicon Global, SAP Ariba, and The Home Depot. He was named CFO of the Year by the Atlanta Business Chronicle in 2022.

    Gold’s appointment follows a series of strategic executive hires at Fullstory. In March 2024, the company welcomed Jason Wolf as president to lead growth and expansion initiatives. In August 2024, Fullstory appointed Claire Fang as chief product and technology officer – leading the product, design, and engineering teams. These additions underscore Fullstory’s commitment to strengthening its leadership team to support its ongoing growth and innovation.

    About Fullstory
    Fullstory is on a mission to help technology leaders make better, more informed decisions by injecting behavioral data into their analytics stack. The company’s patented technology unlocks the power of quality behavioral data at scale by transforming every digital visit into actionable data and insights. With Fullstory, enterprises can get closer to their customers’ true sentiments and intentions to predict what they want, create personalized experiences, and drive conversion, loyalty, and revenue. Fullstory is headquartered in Atlanta, USA, with regional teams across North America, EMEA, and APAC. For more information, visit www.fullstory.com.

    Fullstory Media Relations
    Alexandra King
    Director of Communications
    pr@fullstory.com

    The MIL Network –

  • MIL-OSI USA: I-81 Viaduct Project Reaches Major Milestone

    Source: US State of New York

    overnor Kathy Hochul today announced the award of the fifth and final construction contract of phase one of the transformative Interstate 81 Viaduct Project in the City of Syracuse. The award of the nearly $251 million contract to Salt City Constructors marks a significant milestone in this historic project to reunite the long-divided communities of Syracuse’s Southside and modernize the entire transportation landscape of Central New York. It is the first contract to include removal of portions of the viaduct and signals the transition of the project away from its initial stages — which focused largely on improvements needed to redesignate Interstate 481 as the new I-81 — and toward the later phase of eliminating the viaduct and establishing the Community Grid. Work on the fifth contract is set to begin imminently.

    “Across the State, we are reimagining and reshaping our infrastructure to reconnect communities and address the misguided planning decisions of the past,” Governor Hochul said. “The award of the I-81 Viaduct Project’s latest contract is proof of the advancements we are making to reunite the Southside neighborhoods that were wrongly divided by this highway’s construction and is an indicator of the progress that is yet to come for all of Central New York.”

    The generational I-81 Viaduct Project is the largest project ever undertaken by the New York State Department of Transportation and is part of Governor Hochul’s unprecedented commitment to modernize New York State’s infrastructure and invest in projects that promote equity, connectivity, and multi-modal transportation opportunities for communities across the state. The project will remove a 1.4-mile stretch of elevated highway that has divided the City of Syracuse for decades and implement a Community Grid that will reconnect neighborhoods, modernize infrastructure, give motorists additional ways to safely access downtown Syracuse and improve mobility for pedestrians and bicyclists.

    Comprised of eight separate contracts, construction on the project began in the spring of 2023 and with the award of the fifth contract, New York State has now reached the major milestone of having all five phase one contracts in construction. The $33 billion NYSDOT Capital Plan adopted in 2022 helps fulfill the Governor’s vision for a modern transportation system that serves New Yorkers across the State. The project is being funded with a mix of federal and State resources.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Under Governor Kathy Hochul’s leadership, New York State is doing more to invest in infrastructure projects that are fundamentally transforming communities across the state – creating jobs and providing economic opportunities for generations of New Yorkers to come. The I-81 Viaduct project is an outstanding example of working with the community to develop and progress a project that truly reflects the transportation needs of the community. Today’s announcement is further proof that we are moving full speed ahead on this transformative project in the City of Syracuse, which will promote connectivity in all its forms, for communities across Central New York, leading to a brighter path forward for the thousands of residents – many of whom were negatively impacted by the viaduct’s construction over seventy five years ago.”

    As part of contract five, construction will begin in earnest on the southside of Syracuse, with the transformation of the southern end of Almond Street and I-81 into future Business Loop 81. Work includes reconstructing and converting I-81 to Business Loop 81 from just north of Colvin Street to Burt Street, gradually bringing the highway down to street grade, while introducing several traffic calming measures, including curved roadways and narrower lanes and shoulders. Plans also call for a grassy median, decorative lighting, and trees as traffic approaches Martin Luther King East.  View an aerial rendering.

    Contract five also includes the construction of a roundabout at Business Loop 81 and Van Buren Street, which will help slow northbound traffic as it approaches Martin Luther King East and downtown Syracuse. The roundabout was initially planned for a location at Martin Luther King East, near the STEAM at Dr. King Elementary School, but was relocated after community members expressed concerns about its proximity to the school. View a rendering of the roundabout at the intersection of Business Loop 81 and Van Buren Street looking west.

    As construction on contract five proceeds, two thirds of the way through completion, the viaduct will officially close to traffic south of Harrison Street and approximately seven spans of the viaduct will be removed. Southbound traffic destined for Exit 18 to Adams and Harrison Streets, and northbound traffic that enters using the on-ramp to I-81 at Harrison Street will remain on the viaduct. Temporary improvements will be made to Almond Street to allow for all traffic destined to or from Business Loop 81 to access the central business district.

    Additionally, a new railroad bridge will be constructed between Martin Luther King East and the new roundabout to carry the New York Susquehanna and Western Railway tracks over Business Loop 81. The new bridge will include blue painted steel and lighting to create a new gateway entrance into the City of Syracuse.

    Additional contract five components include:

    • An off-ramp from Business Loop 81 northbound to Colvin Street to enhance connectivity to the downtown areas, Syracuse University, and the university’s south campus. View a rendering of the new Colvin Street exit.
    • Improvements to the City of Syracuse and Onondaga County’s storm water runoff and sewage systems.
    • Pedestrian and cyclist amenities, including designated bike lanes, shared use paths, new sidewalks and crosswalks with enhanced pedestrian activated signals.
    • New traffic signals with video detection on mast arm poles to enhance safety and traffic flow.
    • Noise barriers along Business Loop 81 southbound between Martin Luther King East and along the off-ramp to South State Street, South Salina Street, and Brighton Avenue, in the northbound direction between a half mile south of the I-81 bridge over Colvin Street to just north of the I-81 bridge over Colvin Street.

    As part of NYSDOT’s ongoing commitment to engage with the community at every step of the process, several outreach events will be scheduled to keep stakeholders informed about the project, including an open house for southside residents to learn more about contract five construction.

    Senator Charles Schumer said, “With the fifth and final contract now awarded for Phase 1 of I-81’s transformation we have never been closer to realizing the dream of a reconnected Syracuse with green space and modern transportation for all. This contract will remove portions of the viaduct and signals that wheels are in motion to realize the city’s vision for a community grid to better connect Syracuse to a brighter future. When I led the Bipartisan Infrastructure & Jobs Law to passage, I did so with projects like Syracuse’s I-81 transformation as my north star. I am proud this significant over $250 million contract will be invested in Syracuse to reconnect the community and create good-paying construction jobs. I’m grateful for Governor Hochul and Mayor Walsh’s partnership in putting this federal funding to good use building the better, brighter future that Syracuse deserves.”

    Representative John W. Mannion said, “Today marks another visible step forward in removing the outdated I-81 viaduct and constructing a better, more connected Syracuse and Central New York. Thanks to Governor Hochul’s leadership and commitment to bold infrastructure investments, we are creating a safer, smarter road system that will deliver smoother drives, stronger neighborhoods, cleaner air, and a brighter future for the region.”

    State Senator Rachel May said, “The I-81 project is transforming Central New York, and it’s exciting to see the next phase begin. As the final contract is awarded, we must continue reinvesting in the Syracuse area, ensuring the high-quality construction jobs go to workers in our community. This once-in-a-lifetime project aims not only to improve our infrastructure but also to unite Syracuse and guide us toward a brighter future. Thank you to Governor Hochul for her leadership, NYSDOT for keeping the project on track, and my Senate Majority colleagues for their continued support.”

    State Senator Christopher Ryan said, “This milestone is about more than just one phase of concrete and construction — it’s part of a major step forward in reconnecting neighborhoods, restoring opportunity, and renewing a sense of unity across our community. For too long, infrastructure decisions have divided communities and limited potential across Central New York. With this next phase of the I-81 Project, we move closer to a future where every neighborhood in Syracuse and the surrounding area is part of the progress. I’m grateful to Governor Hochul for her partnership and her commitment to building a more connected and equitable CNY.”

    Assemblymember William Magnarelli said, “I am pleased to see the final Phase I contract of the I-81 Viaduct Project awarded. This marks an important step in the construction of the project. I look forward to its timely completion.”

    Assemblymember Pamela Hunter said, “This investment not only addresses decades of infrastructure inequity, but also sets the foundation for a more connected, accessible, and unified community. The removal of the viaduct and the creation of the Community Grid will help restore neighborhoods that have been divided for far too long, and I commend Governor Hochul and the Department of Transportation for their continued commitment to making this vision a reality.”

    Syracuse Mayor Ben Walsh said, “The award of Contract Five means Syracuse continues to be all systems go for the positive transformation of Interstate 81. Work has already been occurring within the City of Syracuse, and with these next stages we will see even more progress toward the Community Grid. I thank Governor Hochul, Commissioner Dominguez and the entire New York State Department of Transportation I-81 project team for advancing this critically important public infrastructure project.”

    Follow the I-81 Viaduct Project on Facebook, Instagram, and X or visit our website.

    About the Department of Transportation
    It is the mission of the New York State Department of Transportation to provide a safe, reliable, equitable, and resilient transportation system that connects communities, enhances quality of life, protects the environment and supports the economic well-being of New York State.

    Lives are on the line; slow down and move over for highway workers!

    For more information, find us on Facebook, follow us on X or Instagram, or visit our website. For up-to-date travel information, call 511, visit www.511NY.org or download the free 511NY mobile app.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Helping businesses start, scale and flourish

    Source: Scottish Government

    Ana Stewart appointed as Chief Entrepreneur as Ecosystem Fund reopens.

    Businesswoman and investor Ana Stewart has been appointed the Scottish Government’s new Chief Entrepreneur.

    Ms Stewart, who also co-authored a landmark “Pathways” report on supporting women in entrepreneurship in 2023, will take up the role until July 2026. 

    The Chief Entrepreneur’s remit includes:

    • acting as the chief advisor to Government on growing the start-up and scale-up economy. This includes key priorities such as implementing the Pathways report, optimising existing programmes and initiatives, growing Scotland’s risk capital market and working with universities to increase the number of spinout companies who reach scale.
    • engaging closely with investors and entrepreneurs, ensuring that Government policy and delivery is shaped by business.
    • making sure entrepreneurship is instilled in the education and skills systems, with clear routes established to setting up a business

    Deputy First Minister Kate Forbes and Ms Stewart visited the offices of Inspirent, a social enterprise based in Hamilton, to mark the appointment and launch a new round of the Scottish Government’s Ecosystem Fund.

    Inspirent will be the delivery partner of this year’s £700,000 fund, which is focused on developing the strength and impact of Scotland’s start-up community by funding organisations and programmes that support new companies to start and grow.

    The application process is being fully digitised from this year through a dedicated online portal, enabling faster funding decisions and expanding opportunities for grassroots initiatives and community-led projects across Scotland.

    £2.6 million has been awarded to 75 innovative projects through the Ecosystem Fund since it launched in 2021-22.

    Deputy First Minister Kate Forbes said:

    “It is vital to Scotland’s economic resilience that we support our business community – particularly those taking their first steps. Ana Stewart is an exceptional talent with deep experience of starting, scaling and investing in some of Scotland’s best companies, and will ensure we are well-placed to deliver this support.

    “Scotland is home to some of the world’s brightest business minds, ideas and innovators. The Scottish Government is committed to helping deliver an end-to-end support network that nurtures this talent and helps this and future generations of business founders to thrive.

    “To deliver truly meaningful, strategic support, it is vital we continue to listen to and learn from entrepreneurs and the wider business community. Ana Stewart brings the insight, lived experience and connections needed to shape and accelerate our policies and deliver for Scotland’s start-up talent.” 

    The Scottish Government’s Chief Entrepreneur Ana Stewart said:

    “Leveraging my own lived experience as an entrepreneur and investor, I am looking forward to contributing to the development and optimisation of the Scottish Government’s entrepreneurship strategy. 

    “Entrepreneurship is the engine room for economic growth and it’s essential that we provide more pathways, increased access and accelerated funding to current and future founders, whilst ensuring private and public sector are aligned in making that happen.”

    Founder of Ecosystem Builders Network, a previous Ecosystem Fund recipient, Bruce Walker said:

    “The Ecosystem Fund has been a vital catalyst for Scotland’s entrepreneurial community, enabling grassroots organisations to provide meaningful support to founders. It has allowed us to deliver targeted programmes to help entrepreneurs build resilient businesses, scale their impact and connect with global networks, as well as strengthen ecosystem builders across Scotland.

    “For many early-stage founders, this support comes at a critical time, bridging the gap between ambition and action. Beyond individual ventures, the fund has helped strengthen the connective tissue of the wider ecosystem, empowering local leaders to foster inclusive, sustainable growth across sectors. Its impact continues to ripple through the community, creating a more collaborative, vibrant entrepreneurial landscape in Scotland.”

    Background

    Applications for the 2025-26 Ecosystem Fund are open until Monday 20 May. The application portal and further information can be found on a new dedicated Ecosystem Fund website: www.ecosystemfund.co.uk

    The Chief Entrepreneur role was established in 2022 as a commitment to delivering the National Strategy for Economic Transformation. Ms Stewart has elected not to be paid for the role. She has agreed with Ministers that funds earmarked for her remuneration will be reinvested in the Scottish start-up economy. 

    The Scottish Government’s full response to Pathways: A New Approach for Women in Entrepreneurship is available on the Scottish Government website.

     The Scottish Government will invest £34.7 million across entrepreneurship, innovation and social enterprise in 2025-26 – a 50% increase on 2024-25.

    The Scottish Government’s Economic Development Directorate has awarded a £50,000 grant to Pathways Forward, a non-profit organisation established by Ana Stewart to drive the private sector’s contribution to the implementation of Pathways. The grant will enable the organisation to continue its work in Ana’s day-to-day absence.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Jefferson, Economic Mobility and the Dual Mandate

    Source: US State of New York Federal Reserve

    Thank you, Dr. Singleton, for the kind introduction and for the opportunity to speak here today.1 It is great to be back in Philadelphia, and I look forward to today’s discussions on economic mobility.

    As monetary policymakers, my colleagues and I on the Federal Open Market Committee do not have direct control over economic mobility in the U.S. Our key monetary policy tools are not designed to address this issue, nor is economic mobility part of our mandate. However, our dual mandate of maximum employment and price stability has implications for a wide range of economic outcomes, including economic mobility. This leads to many important questions about the relationship between the dual mandate and economic mobility. In my remarks, I want to address two such questions. First, does meeting the dual mandate facilitate economic mobility? And second, does economic mobility matter for the conduct of monetary policy?
    In today’s talk, I will discuss my views on these questions, but I will not be able to provide definitive answers. Rather, I hope that posing these questions and relaying some of my own thoughts will lead to further discussions during this conference and beyond. Before turning to these questions, let me start with a brief overview of intergenerational mobility in the U.S.
    Taking Stock of Economic MobilityEconomic mobility, the ability to move up the economic ladder, is at the heart of the American dream. We tell our children that in the U.S., if you work hard and play by the rules, you can have a secure and successful financial future no matter where you start. We continue to believe strongly in this part of the American dream and remain optimistic that hard work is a primary determinant of later-life success. In a survey from 2019, when respondents were asked which factors are essential or very important to getting ahead in life, nearly 90 percent identified hard work, and only 30 percent indicated coming from a wealthy family.2
    Policymakers have long been aware of the importance of economic mobility. To illustrate that, let me share a quote from former Federal Reserve Chair Ben Bernanke: “Equality of economic opportunity appeals to our sense of fairness, certainly, but it also strengthens our economy. If each person is free to develop and apply his or her talents to the greatest extent possible, then both the individual and the economy benefit.”3
    With these sentiments of what Americans and policymakers think and feel about mobility in mind, let me turn to some evidence on economic mobility in the U.S. One common way to measure economic mobility is to relate an individual’s income in adulthood to their family income during childhood. The measure I am showing here—from Harvard economist Raj Chetty and coauthors—is likely familiar to many of you.4 It shows a relative intergenerational mobility measure, also known as the “rank–rank” relationship. This measure relates a child’s ranking in the income distribution as an adult, shown on the vertical axis, to the child’s family income rank during childhood, shown on the horizontal axis.
    The upward slope of the line implies that children born into lower-income families tend to be lower on the income distribution as adults. For example, a child born to the richest parents is, on average, 30 percentage points higher in the income distribution as an adult compared with a child born to the poorest parents. This difference in the relative standing in the income distribution as an adult translates into meaningful differences in earnings levels. To put this in perspective, consider two children who grow up to be 30 percentile points apart on the earnings distribution as adults, with one at the 80th percentile and the other at the 50th percentile. The child who grows up to be at the 80th percentile of the distribution as an adult will earn roughly twice as much compared with the child at the 50th percentile.5
    In addition to having lower earnings as adults, children born into lower-income families are more likely to experience outcomes that can negatively affect their success in the labor market later in life. Girls born into the bottom decile of the family income distribution are about 10 times more likely to become teenage mothers compared with those born to top-decile families.6 Boys born into bottom-decile families are roughly 20 times more likely to be incarcerated in their thirties compared with boys from families in the top decile.7 Teen pregnancy and incarceration are extreme examples of barriers to labor market success that differentially affect children from lower-income families. More generally, there are numerous reasons that any individual may struggle in the labor market, including skill mismatches and lack of proper training or education.
    Does Meeting the Dual Mandate Facilitate Economic Mobility?Now, let me turn to the Fed’s dual mandate and discuss how working toward maximum employment and price stability helps set the stage for broad-based success generally, and how this may provide favorable conditions for upward mobility.
    Consider my first question: Does meeting the dual mandate facilitate economic mobility? To help answer this question, I want to revisit remarks I delivered earlier this year about the implications of noninflationary expansions on shared prosperity.8 Specifically, I am reflecting on the economic expansion that followed the 2007–09 Global Financial Crisis (GFC). During that period, the economy expanded for 128 consecutive months, making it the longest economic expansion in U.S. history.
    As shown in figure 2, the aggregate unemployment rate fell steadily from a peak of 10 percent in October 2009 to 3.5 percent in September 2019, the lowest level recorded in nearly 50 years. The labor market in this period was remarkable in terms of broad-based gains seen across demographic groups, which contributed to a historic narrowing of employment differentials. To illustrate this point, let’s add in unemployment rates by levels of education, as shown in figure 3. In 2019, the unemployment rate gaps between workers with less than a high school education, the solid green line near the top of the chart, and those who had attained at least a bachelor’s degree, the solid orange line closer to the bottom, were near multidecade lows. Further, the strong pre-pandemic labor market drew many new participants into the labor force, including teens and younger workers whose employment prospects, and even long-term career trajectories, are especially sensitive to the cyclical state of the economy.9 These are the types of labor market conditions that the economist Arthur Okun speculated would increase upward mobility.10 In a tight labor market, when individuals move up the job ladder, they create openings for newer or less educated workers.
    Moving on to earnings, figure 4 shows that nominal wage growth increased steadily following the GFC. As with gains in employment, the strong labor market was especially beneficial for some groups. To demonstrate that, let’s turn to figure 5, which shows wage growth for different earnings levels. Wage growth for the bottom half of earners, the dashed red line, started to pick up about five years into the expansion, and by 2017, it was notably stronger compared with that for workers in the top half of the earnings distribution, the solid blue line.11 These differences in wage growth are important. As the bottom of the distribution catches up to higher earners, wage inequality declines. These are also dynamics that can facilitate upward economic mobility.
    Let me now turn to the second component of the dual mandate, price stability. While some long economic expansions have led to an unwelcome rise in prices, inflation remained low and stable during the economic expansion following the GFC. Indeed, Federal Reserve policymakers were grappling with inflation somewhat below, rather than above, the longer-run 2 percent target, as shown in figure 6.
    Low and stable inflation is important for individuals and businesses for a variety of reasons. It ensures that the nominal wage gains I just discussed are not eroded in real terms and that necessities remain affordable. In addition, it helps individuals and families plan for major purchases, such as a car or home, and for major expenses, including retirement and college.
    I want to highlight one of these major expenses—higher education—as attending college is an important pathway for upward mobility. Looking at figure 7, higher education inflation is shown by the red line. A variety of factors affect the cost of college generally, including student loan costs, state funding, and administrative overhead. Nonetheless, when inflation was low for an extended period during the economic expansion that followed the GFC, we also saw a moderation in the growth of higher education costs.12
    To illustrate the importance of college attendance for mobility, let me return to the rank–rank intergenerational mobility relationship I showed earlier. As before, the darkest dots show the national child-income-rank-to-parent-income-rank relationship. Now consider how this relationship looks across different types of higher education. The red line shows elite four-year colleges, the green line shows the remaining four-year institutions, and the lighter-blue line shows two-year schools. As you can see from the colored lines, the relationship between family income rank and later-life income rank is weaker—that is, the slope of the line is flatter—within each type of college than it is nationally.
    The flatter slope indicates that outcomes for children from lower-income families are more similar to outcomes for children from higher-income families within each college type than they are overall. In this way, higher education is an important source of upward mobility for many youths and a pathway to a more secure financial future. Of course, the relatively steeper national relationship holds because there are meaningful differences in college enrollment over the family income distribution.
    Going back to my initial question, I asked whether meeting the dual mandate facilitates economic mobility. I think that achieving the dual mandate sets the conditions for all individuals to succeed, including those moving up the economic ladder. The evidence suggests that long noninflationary expansions are associated with narrower gaps in employment and earnings, and that lower-wage and less-educated workers benefit disproportionately from sustained periods of strong economic growth. Further, achieving price stability allows individuals and households to plan for and make investments in human capital, such as attending college, that may allow individuals to move up the income distribution.13
    Does Economic Mobility Matter for the Conduct of Monetary Policy?Before I conclude, I want to return to my second question: Does economic mobility matter for the conduct of monetary policy? As I mentioned earlier, economic mobility is not part of the Federal Reserve’s mandate, and our monetary policy tools are blunt instruments for affecting economic mobility. For example, interest rates affect the entire economy, not targeted populations, and rate changes operate through financial markets rather than directly influencing labor market outcomes.
    One way that economic mobility could matter for the conduct of monetary policy is if the goals of monetary policy are easier to achieve in a high-mobility society compared with one with low mobility. I do not know if this is true, but let me offer some conjectures. I think that a society with relatively higher mobility may allow for more efficient transmission of monetary policy. In a dynamic economy with relatively more upward mobility, individuals may have greater incentives to be proactive in the job market. They may seek new and better job opportunities, which could allow for a quicker path to maximum employment following economic downturns. Further, individuals and households may hold additional savings for increased investments in human capital when mobility is relatively higher, allowing for more effective transmission of monetary policy. Stepping back, I pose this question not to offer a definitive answer, but rather to serve as one potential starting point for your discussions here today.
    ConclusionLet me conclude by pointing out that the patterns we observe in our economy, including those for economic mobility, are not predetermined. Outcomes can and will change as we learn more about effective strategies to improve and maintain economic mobility in the U.S. By joining in these conversations here today, and by continuing to research and describe the patterns of economic mobility, you are helping society understand the dynamics of our economy better and find new and innovative ways to help keep the American dream of economic mobility alive and well. Thank you.
    ReferencesAutor, David H. (2014). “Skills, Education, and the Rise of Earnings Inequality among the ‘Other 99 Percent,’ ” Science, vol. 344 (May), pp. 843–51.
    Bernanke, Ben S. (2007). “The Level and Distribution of Economic Well-Being,” speech delivered at the Greater Omaha Chamber of Commerce, Omaha, Neb., February 6.
    Bleemer, Zachary, and Basit Zafar (2018). “Intended College Attendance: Evidence from an Experiment on College Returns and Costs,” Journal of Public Economics, vol. 157 (January), pp. 184–211.
    Card, David (1999). “Chapter 30 – The Causal Effect of Education on Earnings,” in Orley C. Ashenfelter and David Card, eds., Handbook of Labor Economics, vol. 3A. Amsterdam: Elsevier Science, pp. 1801–63.
    Chetty, Raj, John N. Friedman, Emmanuel Saez, Nicholas Turner, and Danny Yagan (2020). “Income Segregation and Intergenerational Mobility across Colleges in the United States,” Quarterly Journal of Economics, vol. 135 (August), pp. 1567–1633.
    Chetty, Raj, Nathaniel Hendren, Patrick Kline, and Emmanuel Saez (2014). “Where Is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States,” Quarterly Journal of Economics, vol. 129 (November), pp. 1553–1623.
    ISSP Research Group (2022). International Social Survey Programme: Social Inequality V – ISSP 2019. GESIS, Cologne. ZA7600 Data file Version 3.0.0.
    Jefferson, Philip N. (2025). “Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market,” speech delivered at Swarthmore College, Swarthmore, Pa., February 5.
    Looney, Adam, and Nicholas Turner (2018). “Work and Opportunity before and after Incarceration (PDF),” Economic Studies at Brookings. Washington: Brookings Institution, March.
    Okun, Arthur M. (1973). “Upward Mobility in a High-Pressure Economy (PDF),” Brookings Papers on Economic Activity, no. 1, pp. 207–61.
    Oreopoulos, Philip, Till von Wachter, and Andrew Heisz (2012). “The Short- and Long-Term Career Effects of Graduating in a Recession,” American Economic Journal: Applied Economics, vol. 4 (January), pp. 1–29.
    Wolla, Scott A., Guillaume Vandenbroucke, and Cameron Tucker (2023). “Is College Still Worth the High Price? Weighing Costs and Benefits of Investing in Human Capital,” Page One Economics. St. Louis: Federal Reserve Bank of St. Louis, September 1.
    Zimmerman, Seth D. (2014). “The Returns to College Admission for Academically Marginal Students,” Journal of Labor Economics, vol. 32 (October), pp. 711–54.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. The data are Federal Reserve Board staff calculations for U.S. respondents in the International Social Survey Programme: Social Inequality V. See IISP Research Group (2022). Return to text
    3. See Bernanke (2007), quoted text in paragraph 1. Return to text
    4. In figure 1, parent and child linkages and incomes are based on population-level tax data. The sample includes children born between 1980 and 1982. Parent income for these children is the average of total pretax family income when the child is between the ages of 15 and 19. Later-life income for these children is measured in 2014 when the child is between the ages of 32 and 34 and is defined as total individual pretax income. See Chetty and others (2020). Return to text
    5. Earnings are, on average, just under $56,000 at the 80th percentile of the child earnings distribution, compared with just under $27,000 at the 50th percentile. See Chetty and others (2020). Return to text
    6. See Chetty and others (2014). Return to text
    7. See Looney and Turner (2018). Return to text
    8. See Jefferson (2025). Return to text
    9. See Oreopoulos, von Wachter, and Heisz (2012). Return to text
    10. See Okun (1973). Return to text
    11. Nominal wages in the figure are measured by the Atlanta Fed’s Wage Growth Tracker. Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. Workers are assigned to wage quantiles based on the average of their wage reports in both the Current Population Survey and outgoing rotation group interviews. Workers in the lowest 50 percent of the average wage distribution are assigned to the bottom half, and those in the top 50 percent are assigned to the top half. Return to text
    12. There are limitations to this measure of higher education costs, as it is volatile and may not reflect the underlying net price that students pay. However, list tuition prices have been shown to be salient for many families when making college enrollment decisions. For example, see Bleemer and Zafar (2018). Return to text
    13. Despite the rising cost of college, research consistently shows a positive return to higher education for most students. See Wolla, Vandenbroucke, and Tucker (2023), Autor (2014), Zimmerman (2014), and Card (1999). Return to text

    MIL OSI USA News –

  • MIL-OSI: BCB Bancorp, Inc. Reports Net Loss of $8.3 Million in First Quarter 2025; Declares Quarterly Cash Dividend of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., April 22, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported a net loss of $8.3 million for the first quarter of 2025, compared to net income of $3.3 million in the fourth quarter of 2024, and net income of $5.9 million for the first quarter of 2024. Its loss per diluted share for the first quarter of 2025 was ($0.51), compared to earnings per diluted share of $0.16 in the preceding quarter and $0.32 in the first quarter of 2024.

    The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on May 21, 2025 to common shareholders of record on May 7, 2025.

    “Our first-quarter loss was primarily driven by a $13.7 million specific reserve tied to a $34.2 million loan in the cannabis sector,” Michael Shriner, President and Chief Executive Officer of BCB Bank, explained. “Although the borrower remains current, the significant deterioration in their financial condition warranted a downgrade to non-accrual status and the establishment of the reserve. We also increased reserves for our discontinued Business Express Loan portfolio by $3.1 million, in response to the portfolio’s continued elevated deterioration and broader macroeconomic headwinds.”

    “While these credit actions have impacted short-term results, they reflect our disciplined and proactive approach to risk management,” added Mr. Shriner. “Thanks to the positive capital actions taken throughout 2024, we remain well-capitalized, giving us the flexibility to address credit challenges head-on.”

    “BCB Bank has bolstered its credit risk team with new hires who we believe bring deep expertise and a rigorous approach to underwriting,” said Mr. Shriner. “These efforts are part of a broader initiative to strengthen our credit quality oversight. Following a comprehensive portfolio review using a conservative risk framework, we’ve adjusted the risk ratings on a number of loans to better reflect current market realities. Importantly, the majority of our customers remain current on their payments, and our team is actively engaging with borrowers to secure updated financials and support improved risk profiles.”

    Executive Summary

    • Total deposits were $2.687 billion at March 31, 2025 compared to $2.751 billion at December 31, 2024.
    • Net interest margin was 2.59 percent for the first quarter of 2025, compared to 2.53 percent for the fourth quarter of 2024, and 2.50 percent for the first quarter of 2024.
      • Total yield on interest-earning assets was 5.20 percent for the first quarter of 2025, compared to 5.33 percent for both the fourth quarter of 2024, and the first quarter of 2024.
      • Total cost of interest-bearing liabilities decreased 24 basis points to 3.33 percent for the first quarter of 2025, compared to 3.57 percent for the fourth quarter of 2024, and decreased 21 basis points to 3.54 percent for the first quarter of 2024.
    • The efficiency ratio for the first quarter was 61.6 percent compared to 62.1 percent in the prior quarter, and 58.8 percent in the first quarter of 2024.
    • The annualized return on average assets ratio for the first quarter was (0.95) percent, compared to 0.36 percent in the prior quarter, and 0.61 percent in the first quarter of 2024.
    • The annualized return on average equity ratio for the first quarter was (10.4) percent, compared to 4.0 percent in the prior quarter, and 7.5 percent in the first quarter of 2024.
    • The provision for credit losses was $20.8 million in the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. In the first quarter of 2024, the Bank recorded a provision of $2.1 million.
    • The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 51.6 percent at March 31, 2025 compared to 77.8 percent for the prior quarter-end and 155.4 percent at March 31, 2024. Total non-accrual loans were $99.8 million at March 31, 2025, $44.7 million at December 31, 2024 and $22.2 million at March 31, 2024.
    • Total loans receivable, net of the allowance for credit losses, of $2.918 billion at March 31, 2025, decreased 2.6 percent from $2.996 billion at December 31, 2024, and decreased 9.6 percent, from $3.227 billion at March 31, 2024.

    Balance Sheet Review

    Total assets decreased by $125.3 million, or 3.5 percent, to $3.474 billion at March 31, 2025, from $3.599 billion at December 31, 2024. The decrease in total assets was mainly related to a decrease in net loans and in cash and cash equivalents.

    Total cash and cash equivalents decreased by $64.5 million, or 20.3 percent, to $252.8 million at March 31, 2025, from $317.3 million at December 31, 2024. The decrease in cash was primarily due to the reduction of the Bank’s exposure to wholesale funding by paying down high cost brokered deposits.

    Loans receivable, net, decreased by $78.6 million, or 2.6 percent, to $2.918 billion at March 31, 2025, from $2.996 billion at December 31, 2024. Total loan decreases during the period included decreases totaling $62.3 million in commercial real estate and multi-family loans, construction loans, 1-4 family residential loans and home equity loans. The allowance for credit losses increased $16.7 million to $51.5 million, or 51.6 percent of non-accruing loans and 1.73 percent of gross loans, at March 31, 2025, as compared to an allowance for credit losses of $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024.

    Total investment securities increased by $14.7 million, or 13.2 percent, to $125.9 million at March 31, 2025, from $111.2 million at December 31, 2024, representing current year purchases.

    Deposits decreased by $64.4 million, or 2.3 percent, to $2.687 billion at March 31, 2025, from $2.751 billion at December 31, 2024. Brokered deposits decreased $112.5 million, and were offset by increases in certificates of deposit, money market accounts, transaction accounts and savings accounts which totaled $48.4 million.

    Debt obligations decreased by $49.8 million to $448.5 million at March 31, 2025 from $498.3 million at December 31, 2024, due to maturities and paydowns of our FHLB advances. The weighted average interest rate of FHLB advances was 4.33 percent at March 31, 2025 and 4.35 percent at December 31, 2024. The weighted average maturity of FHLB advances as of March 31, 2025 was 0.83 years. The interest rate of our subordinated debt balances was 9.25 percent at March 31, 2025 and at December 31, 2024.

    Stockholders’ equity decreased by $9.2 million, or 2.8 percent, to $314.7 million at March 31, 2025, from $323.9 million at December 31, 2024. The decrease was attributable to the decrease in retained earnings of $11.6 million, or 8.2 percent, to $130.3 million at March 31, 2025 from $141.9 million at December 31, 2024. Offsetting this were increases in accumulated other comprehensive income, and additional paid in capital on stock, which totaled $2.4 million.

    First Quarter 2025 Income Statement Review

    The Company reported a net loss of $8.3 million for the first quarter ended March 31, 2025 as compared to net income of $5.9 million for the first quarter ended March 31, 2024. The decline was primarily driven by an increase to the Provision for loan losses of $18.8 million. offset by $5.8 million decrease in income tax provisioning. Also, net interest income decreased by $1.1 million, or 4.9 percent, to $22.0 million for the first quarter of 2025, from $23.1 million for the first quarter of 2024. The decrease in net interest income resulted from lower interest income which was partially offset by lower interest expense.

    Interest income decreased by $5.1 million, or 10.3 percent, to $44.2 million for the first quarter of 2025 from $49.3 million for the first quarter of 2024. The average balance of interest-earning assets decreased $255.9 million, or 6.9 percent, to $3.444 billion for the first quarter of 2025 from $3.699 billion for the first quarter of 2024, while the average yield decreased 13 basis points to 5.20 percent for the first quarter of 2025 from 5.33 percent for the first quarter of 2024.

    Interest expense decreased by $4.0 million to $22.2 million for the first quarter of 2025 from $26.1 million for the first quarter of 2024. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 21 basis points to 3.33 percent for the first quarter of 2025 from 3.54 percent for the first quarter of 2024, while the average balance of interest-bearing liabilities decreased by $256.2 million to $2.701 billion for the first quarter of 2025 from $2.957 billion for the first quarter of 2024.

    The net interest margin was 2.59 percent for the first quarter of 2025 compared to 2.50 percent for the first quarter of 2024. The increase in the net interest margin compared to the first quarter of 2024 was the result of a decrease in the cost of interest-bearing liabilities partially offset by the decrease in the yield on interest-earning assets.

    During the first quarter of 2025, the Company recognized $4.2 million in net charge-offs compared to $1.1 million in net charge-offs in the first quarter of 2024. The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025 as compared to $44.7 million, or 1.48 percent of gross loans, at December 31, 2024. The allowance for credit losses on loans was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.8 million, or 1.15 percent of gross loans, at December 31, 2024. The provision for credit losses was $20.8 million for the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. Management believes that the allowance for credit losses on loans was adequate at March 31, 2025 and December 31, 2024.

    Non-interest income decreased by $318 thousand to $1.8 million for the first quarter of 2025 from $2.1 million in the first quarter of 2024. The decrease in total non-interest income was mainly related to decreases in gains on equity securities and BOLI income of $245 thousand and $67 thousand, respectively.

    Non-interest expense decreased by $178 thousand, or 1.2 percent, to $14.7 million for the first quarter of 2025 when compared to non-interest expense of $14.8 million for the first quarter of 2024. The decrease in these expenses for the first quarter of 2025 was primarily driven by lower regulatory assessment charges, offset by higher salaries and employee benefits.

    The income tax provision decreased by $5.8 million, to an income tax credit of $3.4 million for the first quarter of 2025 when compared to a $2.5 million provision for the first quarter of 2024.

    Asset Quality

    During the first quarter of 2025, the Company recognized $4.2 million in net charge offs, compared to $1.1 million in net charge-offs for the first quarter of 2024.

    The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025, as compared to $22.2 million, or 0.68 percent of gross loans, at March 31, 2024. More than 60% of the non-accrual loans are current with all payments of principal, interest, taxes and insurance, including the previously mentioned loan that has been allocated a specific reserve.  However, given that the normal standard for non-accrual is a 90 day delinquency, logic and transparency dictates that this population of loans possess certain weaknesses that are beyond payment status and therefore, even though they are current, they should be placed on non-accrual.  Although our borrowers have made payment of their loan obligations to BCB a priority, our evaluation of their financial condition causes some concern about their continued ability to do so. The allowance for credit losses was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.6 million, or 1.06 percent of gross loans, at March 31, 2024. The allowance for credit losses was 51.6 percent of non-accrual loans at March 31, 2025, and 155.4 percent of non-accrual loans at March 31, 2024.

    About BCB Bancorp, Inc.

    Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    Forward-Looking Statements

    This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of global tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause increased loan delinquencies, a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, supply chain disruptions, and labor shortages. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to hire and retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

    The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

             
      Statements of Operations – Three Months Ended,      
      March 31,2025 December 31, 2024 March 31, 2024 Mar 31, 2025 vs.
    Dec 31, 2024    		   Mar 31, 2025 vs.
    Mar 31, 2024
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)      
    Loans, including fees $ 38,927   $ 41,431   $ 43,722     -6.0 %     -11.0 %
    Mortgage-backed securities   561     473     305     18.6 %     83.9 %
    Other investment securities   968     978     975     -1.0 %     -0.7 %
    FHLB stock and other interest-earning assets   3,736     3,771     4,283     -0.9 %     -12.8 %
    Total interest and dividend income   44,192     46,653     49,285     -5.3 %     -10.3 %
                 
    Interest expense:            
    Deposits:            
    Demand   5,418     5,866     5,257     -7.6 %     3.1 %
    Savings and club   151     156     166     -3.2 %     -9.0 %
    Certificates of deposit   10,762     12,218     14,983     -11.9 %     -28.2 %
        16,331     18,240     20,406     -10.5 %     -20.0 %
    Borrowings   5,856     6,219     5,736     -5.8 %     2.1 %
    Total interest expense   22,187     24,459     26,142     -9.3 %     -15.1 %
                 
    Net interest income   22,005     22,194     23,143     -0.9 %     -4.9 %
    Provision for credit losses   20,845     4,154     2,088     401.8 %     898.3 %
                 
    Net interest income after provision for credit losses   1,160     18,040     21,055     -93.6 %     -94.5 %
                 
    Non-interest income income :            
    Fees and service charges   1,173     1,187     1,215     -1.2 %     -3.5 %
    (Loss) gain on sales of loans   –     (554 )   45     -100.0 %     -100.0 %
    Realized and unrealized (loss) gain on equity investments   (115 )   (661 )   130     -82.6 %     -188.5 %
    Bank-owned life insurance (“BOLI”) income   608     636     675     -4.4 %     -9.9 %
    Other   125     330     44     -62.1 %     184.1 %
    Total non-interest income   1,791     938     2,109     90.9 %     -15.1 %
                 
    Non-interest expense:            
    Salaries and employee benefits   7,403     7,117     6,981     4.0 %     6.0 %
    Occupancy and equipment   2,723     2,483     2,644     9.7 %     3.0 %
    Data processing and communications   1,844     1,754     1,853     5.1 %     -0.5 %
    Professional fees   692     599     595     15.5 %     16.3 %
    Director fees   418     269     277     55.4 %     50.9 %
    Regulatory assessment fees   709     769     1,142     -7.8 %     -37.9 %
    Advertising and promotions   179     212     216     -15.6 %     -17.1 %
    Other   692     1,164     1,130     -40.5 %     -38.8 %
    Total non-interest expense   14,660     14,367     14,838     2.0 %     -1.2 %
                 
    (Loss) Income before income tax provision   (11,709 )   4,611     8,326     -353.9 %     -240.6 %
    Income tax (benefit) provision   (3,385 )   1,339     2,460     -352.8 %     -237.6 %
                 
    Net (Loss) Income   (8,324 )   3,272     5,866     -354.4 %     -241.9 %
    Preferred stock dividends   482     475     434     1.6 %     11.0 %
    Net (Loss) Income available to common stockholders $ (8,806 ) $ 2,797   $ 5,432     -414.8 %     -262.1 %
                 
    Net (Loss) Income per common share-basic and diluted            
    Basic $ (0.51 ) $ 0.16   $ 0.32     -413.8 %     -260.4 %
    Diluted $ (0.51 ) $ 0.16   $ 0.32     -414.7 %     -260.5 %
                 
    Weighted average number of common shares outstanding            
    Basic   17,113     17,056     16,930     0.3 %     1.1 %
    Diluted   17,113     17,108     16,939     0.0 %     1.0 %
                 
    Statements of Financial Condition March 31,2025 December 31,2024 March 31, 2024 March 31, 2025 vs.
    December 31, 2024    		 March 31, 2025 vs.
    March 31, 2024
    ASSETS (In Thousands, Unaudited)    
    Cash and amounts due from depository institutions $ 11,977   $ 14,075   $ 11,795     -14.9 %   1.5 %
    Interest-earning deposits   240,773     303,207     340,653     -20.6 %   -29.3 %
    Total cash and cash equivalents   252,750     317,282     352,448     -20.3 %   -28.3 %
               
    Interest-earning time deposits   735     735     735     –     –  
    Debt securities available for sale   116,496     101,717     86,966     14.5 %   34.0 %
    Equity investments   9,357     9,472     9,223     -1.2 %   1.5 %
    Loans held for sale   –     –     –     –     –  
    Loans receivable, net of allowance for credit losses on loans          
    of $51,484, $34,789 and $34,563 , respectively   2,917,610     2,996,259     3,226,877     -2.6 %   -9.6 %
    Federal Home Loan Bank of New York (“FHLB”) stock, at cost   22,066     24,272     24,917     -9.1 %   -11.4 %
    Premises and equipment, net   12,474     12,569     12,744     -0.8 %   -2.1 %
    Accrued interest receivable   16,354     15,176     17,442     7.8 %   -6.2 %
    Deferred income taxes   22,814     17,181     17,555     32.8 %   30.0 %
    Goodwill and other intangibles   5,253     5,253     5,253     0.0 %   0.0 %
    Operating lease right-of-use asset   12,622     12,686     12,186     -0.5 %   3.6 %
    Bank-owned life insurance (“BOLI”)   76,648     76,040     74,081     0.8 %   3.5 %
    Other assets   8,643     10,476     8,768     -17.5 %   -1.4 %
    Total Assets $ 3,473,822   $ 3,599,118   $ 3,849,195     -3.5 %   -9.8 %
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    LIABILITIES          
    Non-interest bearing deposits $ 542,621   $ 520,387   $ 531,112     4.3 %   2.2 %
    Interest bearing deposits   2,143,887     2,230,471     2,460,547     -3.9 %   -12.9 %
    Total deposits   2,686,508     2,750,858     2,991,659     -2.3 %   -10.2 %
    FHLB advances   405,499     455,361     472,949     -10.9 %   -14.3 %
    Subordinated debentures   43,024     42,961     37,624     0.1 %   14.4 %
    Operating lease liability   13,087     13,139     12,579     -0.4 %   4.0 %
    Other liabilities   10,982     12,874     14,253     -14.7 %   -22.9 %
    Total Liabilities   3,159,100     3,275,193     3,529,064     -3.5 %   -10.5 %
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock: $0.01 par value, 10,000 shares authorized   –     –     –     –     –  
    Additional paid-in capital preferred stock   25,243     24,723     27,733     2.1 %   -9.0 %
    Common stock: no par value, 40,000 shares authorized   –     –     –     0.0 %   0.0 %
    Additional paid-in capital common stock   201,804     200,935     199,726     0.4 %   1.0 %
    Retained earnings   130,291     141,853     138,643     -8.2 %   -6.0 %
    Accumulated other comprehensive loss   (4,269 )   (5,239 )   (7,624 )   –     –  
    Treasury stock, at cost   (38,347 )   (38,347 )   (38,347 )   0.0 %   0.0 %
    Total Stockholders’ Equity   314,722     323,925     320,131     -2.8 %   -1.7 %
               
    Total Liabilities and Stockholders’ Equity $ 3,473,822   $ 3,599,118   $ 3,849,195     -3.5 %   -9.8 %
               
    Outstanding common shares   17,163     17,063     16,957      
               
      Three Months Ended March 31,
      2025   2024
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable (4)(5) $ 2,994,529   $ 38,927     5.27 %   $ 3,299,938   $ 43,722     5.30 %
    Investment Securities   117,205     1,529     5.22 %     96,226     1,280     5.32 %
    Other Interest-earning assets (6)   331,808     3,736     4.57 %     303,291     4,283     5.65 %
    Total Interest-earning assets   3,443,542     44,192     5.20 %     3,699,455     49,285     5.33 %
    Non-interest-earning assets   125,974           125,480      
    Total assets $ 3,569,516         $ 3,824,935      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 560,565   $ 2,369     1.71 %   $ 560,190   $ 2,230     1.59 %
    Money market accounts   394,282     3,049     3.14 %     369,096     3,027     3.28 %
    Savings accounts   252,227     151     0.24 %     277,731     166     0.24 %
    Certificates of Deposit   1,005,669     10,762     4.34 %     1,239,807     14,983     4.83 %
    Total interest-bearing deposits   2,212,743     16,331     2.99 %     2,446,824     20,406     3.34 %
    Borrowed funds   488,418     5,856     4.86 %     510,503     5,736     4.49 %
    Total interest-bearing liabilities   2,701,161     22,187     3.33 %     2,957,327     26,142     3.54 %
    Non-interest-bearing liabilities   543,660           552,959      
    Total liabilities   3,244,821           3,510,286      
    Stockholders’ equity   324,695           314,649      
    Total liabilities and stockholders’ equity $ 3,569,516         $ 3,824,935      
    Net interest income   $ 22,005         $ 23,143    
    Net interest rate spread(1)       1.87 %         1.79 %
    Net interest margin(2)       2.59 %         2.50 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
                   
      Financial Condition data by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
               
      (In thousands, except book values)
    Total assets $ 3,473,822   $ 3,599,118   $ 3,613,770   $ 3,793,941   $ 3,849,195  
    Cash and cash equivalents   252,750     317,282     243,123     326,870     352,448  
    Securities   125,853     111,189     108,302     94,965     96,189  
    Loans receivable, net   2,917,610     2,996,259     3,087,914     3,161,925     3,226,877  
    Deposits   2,686,508     2,750,858     2,724,580     2,935,239     2,991,659  
    Borrowings   448,523     498,322     533,466     510,710     510,573  
    Stockholders’ equity   314,722     323,925     328,113     320,732     320,131  
    Book value per common share1 $ 16.87   $ 17.54   $ 17.50   $ 17.17   $ 17.24  
    Tangible book value per common share2 $ 16.56   $ 17.23   $ 17.19   $ 16.86   $ 16.93  
               
      Operating data by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for per share amounts)
    Net interest income $ 22,005   $ 22,194   $ 23,045   $ 23,639   $ 23,143  
    Provision for credit losses   20,845     4,154     2,890     2,438     2,088  
    Non-interest income (loss)   1,791     938     3,127     (3,234 )   2,109  
    Non-interest expense   14,660     14,367     13,929     13,987     14,838  
    Income tax (benefit) expense   (3,385 )   1,339     2,685     1,163     2,460  
    Net (loss) income $ (8,324 ) $ 3,272   $ 6,668   $ 2,817   $ 5,866  
    Net (loss) income per diluted share $ (0.51 ) $ 0.16   $ 0.36   $ 0.14   $ 0.32  
    Common Dividends declared per share $ 0.16   $ 0.16   $ 0.16   $ 0.16   $ 0.16  
               
      Financial Ratios(3)
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Return on average assets   (0.95 %)   0.36 %   0.72 %   0.30 %   0.61 %
    Return on average stockholders’ equity   (10.40 %)   4.04 %   8.29 %   3.52 %   7.46 %
    Net interest margin   2.59 %   2.53 %   2.58 %   2.60 %   2.50 %
    Stockholders’ equity to total assets   9.06 %   9.00 %   9.08 %   8.45 %   8.32 %
    Efficiency Ratio4   61.61 %   62.11 %   53.22 %   68.55 %   58.76 %
               
      Asset Quality Ratios
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for ratio %)
    Non-Accrual Loans $ 99,833   $ 44,708   $ 35,330   $ 32,448   $ 22,241  
    Non-Accrual Loans as a % of Total Loans   3.36 %   1.48 %   1.13 %   1.01 %   0.68 %
    ACL as % of Non-Accrual Loans   51.6 %   77.8 %   98.2 %   108.6 %   155.4 %
    Individually Analyzed Loans   122,517     83,399     66,048     60,798     65,731  
    Classified Loans   251,989     152,714     98,316     87,033     97,739  
               
    (1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
    (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”  
    (3) Ratios are presented on an annualized basis, where appropriate.
    (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
               
      Recorded Investment in Loans Receivable by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Residential one-to-four family $ 232,456   $ 239,870   $ 241,050   $ 242,706   $ 244,762  
    Commercial and multi-family   2,221,218     2,246,677     2,296,886     2,340,385     2,392,970  
    Construction   118,779     135,434     146,471     173,207     180,975  
    Commercial business   330,358     342,799     371,365     375,355     378,073  
    Home equity   66,479     66,769     67,566     66,843     65,518  
    Consumer   2,271     2,235     2,309     2,053     2,847  
      $ 2,971,561   $ 3,033,784   $ 3,125,647   $ 3,200,549   $ 3,265,145  
    Less:          
    Deferred loan fees, net   (2,467 )   (2,736 )   (3,040 )   (3,381 )   (3,705 )
    Allowance for credit losses   (51,484 )   (34,789 )   (34,693 )   (35,243 )   (34,563 )
               
    Total loans, net $ 2,917,610   $ 2,996,259   $ 3,087,914   $ 3,161,925   $ 3,226,877  
               
      Non-Accruing Loans in Portfolio by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Residential one-to-four family $ 1,138   $ 1,387   $ 410   $ 350   $ 429  
    Commercial and multi-family   89,296     32,974     27,693     27,796     12,627  
    Construction   586     586     586     586     3,225  
    Commercial business   8,374     9,530     6,498     3,673     5,916  
    Home equity   439     231     123     43     44  
    Consumer   –     –     20     –     –  
    Total: $ 99,833   $ 44,708   $ 35,330   $ 32,448   $ 22,241  
               
      Distribution of Deposits by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Demand:          
    Non-Interest Bearing $ 542,620   $ 520,387   $ 528,089   $ 523,816   $ 531,112  
    Interest Bearing   537,468     553,731     527,862     549,239     552,295  
    Money Market   405,793     395,004     366,655     371,689     361,791  
    Sub-total: $ 1,485,881   $ 1,469,122   $ 1,422,606   $ 1,444,744   $ 1,445,198  
    Savings and Club   254,732     252,491     255,115     258,680     272,051  
    Certificates of Deposit   945,895     1,029,245     1,046,859     1,231,815     1,274,410  
    Total Deposits: $ 2,686,508   $ 2,750,858   $ 2,724,580   $ 2,935,239   $ 2,991,659  
               
      Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
               
      Tangible Book Value per Share
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except per share amounts)
    Total Stockholders’ Equity $ 314,722   $ 323,925   $ 328,113   $ 320,732   $ 320,131  
    Less: goodwill   5,253     5,253     5,253     5,253     5,253  
    Less: preferred stock   25,243     24,723     29,763     28,403     27,733  
    Total tangible common stockholders’ equity   284,226     293,949     293,097     287,076     287,145  
    Shares common shares outstanding   17,163     17,063     17,048     17,029     16,957  
    Book value per common share $ 16.87   $ 17.54   $ 17.50   $ 17.17   $ 17.24  
    Tangible book value per common share $ 16.56   $ 17.23   $ 17.19   $ 16.86   $ 16.93  
               
      Efficiency Ratios
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for ratio %)
    Net interest income $ 22,005   $ 22,194   $ 23,045   $ 23,639   $ 23,143  
    Non-interest income (loss)   1,791     938     3,127     (3,234 )   2,109  
    Total income   23,796     23,132     26,172     20,405     25,252  
    Non-interest expense   14,660     14,367     13,929     13,987     14,838  
    Efficiency Ratio   61.61 %   62.11 %   53.22 %   68.55 %   58.76 %
               
    Contact: Michael Shriner,
    President & CEO
    Jawad Chaudhry,
    EVP & CFO
    (201) 823-0700
       

    The MIL Network –

  • MIL-OSI: On Earth Day, Power Over Energy Celebrates 12 Years of Advancing Energy Literacy 

    Source: GlobeNewswire (MIL-OSI)

    LIBERTY LAKE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — Power Over Energy®, an energy literacy initiative backed by Itron, is celebrating Earth Day and its 12th anniversary with the launch of a new website, new interactive educational content, and continued growth around the world.

    Consumer energy literacy is more important than ever for building a cleaner energy future. Consumer education plays a crucial role in the adoption of energy-efficient technologies and participation in energy-saving programs. According to an Itron Resourcefulness Report, 43% of utilities believe consumers play a critical role in speeding the clean energy transition by understanding the importance of sustainable energy, adopting more energy efficient appliances, participating in demand response programs and changing their daily consumption behavior to align with grid needs.

    This year’s Earth Day theme, “Our Power, Our Planet,” underscores the importance of individual action and collective responsibility—an idea at the heart of Power Over Energy’s mission. The campaign’s focus on improving energy literacy directly supports this call to action, empowering people to make smarter energy choices that contribute to a more sustainable future. 

    Since its launch in 2013, Power Over Energy has been dedicated to increasing awareness about the impacts of energy and water consumption, climate disruption and inspiring people with hope through innovative solutions and personal actions to help create a more resourceful world. The literacy initiative has reached 276 million consumers around the world and gained a global following across Facebook, YouTube, Instagram and X.

    Power Over Energy’s new website showcases energy and climate challenges and solutions through blog posts, videos and the new and wildly popular Power Play Quiz Game. The initiative educates and inspires followers through monthly educational campaigns, newsletters, and social media posts on topics including the challenges posed by climate disruption; solutions that span clean energy, conservation, smart cities, transportation and water; and opportunities to take action.

    The new website expands its Power Play Quiz Game to include five new versions, each aligned with a key solution area from the website: Smart Cities, Clean Energy, Transportation, Water, and Conservation. These interactive quizzes engage users in a fun, educational way, empowering them with knowledge to take meaningful action toward a more sustainable future.

    “It’s been gratifying to see the momentum and following that the Power Over Energy initiative has achieved,” said Marina Donovan, Itron’s vice president of global marketing, ESG and public affairs. “Power Over Energy is dedicated to educating consumers about the impacts of energy and water consumption. The new website helps consumers better understand the challenges of climate disruption and the solutions to help us adapt to our changing world. As we recognize and celebrate Earth Day, unveiling Power Over Energy’s new website reaffirms our commitment to educate people how to create a more resourceful world.” 

    “Energy and water are both critical resources, and what most people don’t realize is that they depend on each other. If there is a shortage or constraint in one, it leads to a shortage and constraint in the other. Educating consumers about the importance of protecting these resources and inspiring the next generation of innovators to address these challenges is crucial. With Power Over Energy’s new website and more Power Play Quiz Games, the initiative creates an engaging environment for educating website visitors,” said Dr. Michael Webber, Sid Richardson Chair in Public Affairs and the John J. McKetta Centennial Energy Chair in Engineering at the University of Texas at Austin.

    About Power Over Energy
    Power Over Energy is an energy literacy initiative dedicated to increasing awareness about the impact of our current energy and water consumption, the benefits of energy efficiency, the interconnectedness between energy and water, and the importance of modernizing the electricity grid and deploying smart city technologies. Explore the new website at poweroverenergy.org and test your knowledge by playing the Power Play Quiz Game.

    About Itron
    Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com.

    Itron® and the Itron Logo are registered trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

    For additional information, contact:

    Itron, Inc.

    Alex Morin
    Corporate Communications Specialist
    PR@Itron.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63bca064-fdf8-4bc8-a0ea-f11bb4eb0399

    The MIL Network –

  • MIL-OSI Asia-Pac: CE begins Zhejiang visit

    Source: Hong Kong Information Services

    Chief Executive John Lee today arrived in Hangzhou, Zhejiang, to start a four-day visit programme, touring local innovation and technology facilities, and meeting Hong Kong people and representatives of Hong Kong enterprises in Zhejiang.

     

    Upon arriving in Hangzhou in the afternoon, Mr Lee, along with a Hong Kong Special Administrative Region Government delegation he is leading, visited the ZJU-Hangzhou Global Scientific & Technological Innovation Center to learn more about the latest developments in innovation and technology collaboration between Hong Kong and Hangzhou.

     

    The Chief Executive pointed out that Zhejiang University is one of the eligible Mainland universities under the Top Talent Pass Scheme, and over 4,000 of its graduates have been approved to pursue their careers in Hong Kong through the scheme.

     

    He also highlighted that the centre serves as a major innovation and technology platform in Zhejiang, bringing together talent skilled in the collaborative development of industry, education and research sectors.

          

    In the evening, Mr Lee attended a dinner, hosted by the Hong Kong Chamber of Commerce in Zhejiang, where he engaged with Hong Kong people and representatives of Hong Kong enterprises in Zhejiang to find out more about their daily lives and developments.

     

    He encouraged them to leverage their strengths to serve Zhejiang enterprises in going global and attracting foreign investment, with a view to contributing to mutual benefits and the high-quality development of Hong Kong and Zhejiang.

    MIL OSI Asia Pacific News –

  • MIL-OSI: BigCommerce and Noibu Share Joint Vision of Curated Composability to Deliver Seamless Site Performance and Accelerated Innovation for Online Merchants

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 22, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced discussions regarding a potential expansion of its commercial partnership with Noibu, a leading ecommerce intelligence platform that helps brands detect, prioritize, and resolve revenue-impacting issues while delivering seamless customer experiences. The partnership, if finalized, would reflect the joint value of “curated composability,” enabling brands, retailers, manufacturers and distributors of all sizes to leverage best-in-class solutions without the procurement delays or complex integrations.

    “BigCommerce sees the ecommerce landscape becoming more complex with the growing number of channels being introduced,” said Travis Hess, CEO at BigCommerce. “Engaging and selling through multiple channels has created an orchestration challenge for brands and organizations. Our composable approach addresses that challenge by allowing them to leverage best-in-class partners and capabilities. By partnering with Noibu, we would deliver a frictionless way to unlock deeper customer experience insights, site intelligence, reduce development cycles and drive revenue — all without the delay of traditional contracting.”

    Through this proposed integration, brands and retailers would be able to seamlessly activate Noibu’s enterprise-grade ecommerce intelligence capabilities without the need for separate contracts. This would streamline procurement, simplify operations, and empower teams to uncover a wide range of technical and customer experiences issues — from hidden bugs to performance bottlenecks — that can hinder revenue growth. With comprehensive error detection, root-cause analysis, and prioritized recommendations, merchants could innovate faster, enhance digital experiences, and capture more conversions.

    Unlocking Conversion Opportunities at Speed

    Today, BigCommerce and Noibu enable brands to innovate confidently by identifying and resolving potential shopper experience issues before they affect revenue.

    Later this year, BigCommerce plans to make it easier for its enterprise customers to purchase Noibu without additional procurement friction or integration complexity.

    Key partnership benefits would include:

    • Faster Time to Value: Noibu could be activated instantly through the BigCommerce agreement — eliminating delays and enabling immediate performance insights.
    • Proactive Revenue Protection: Instead of waiting for problems to surface, merchants could continuously monitor their storefront for high-impact disruptions and prioritize fixes based on business value.
    • Collaborative Merchant Success: BigCommerce and Noibu teams would work in sync, offering a fully supported solution that strengthens the merchant experience from storefront to support.

    “Our collaboration with BigCommerce and Noibu has led to significant improvement in our ecommerce operations,” said Mike Hoefer, director of web product and strategy at King Arthur Baking. “The combination of Noibu’s advanced error monitoring and resolution capabilities and BigCommerce’s robust ecommerce platform has helped us enhance our site performance, increase customer satisfaction and avoid potential revenue losses.”

    A Partnership Built for Growth

    The proposed structure of this partnership would ensure that BigCommerce and Noibu could support merchants at every stage of growth — whether optimizing conversion rates, scaling traffic during peak seasons or maintaining performance across complex ecommerce architectures.

    “At Noibu, we share BigCommerce’s vision of empowering merchants to deliver fast, reliable, and insight-driven ecommerce experiences,” said Kailin Noivo, president and co-founder of Noibu. “By joining forces, we would eliminate the guesswork from issue resolution and help brands recover every dollar of potential revenue—all through one streamlined, unified solution.”

    To learn more about the existing Noibu-BigCommerce integration, and how to activate it, visit https://www.bigcommerce.com/apps/noibu/

    Read King Arthur Baking’s case study to learn more about how the brand is leveraging BigCommerce and Noibu: https://www.noibu.com/customers/case-studies/king-arthur-baking-company-noibu-case-study

    About BigCommerce
    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    About Noibu
    Noibu is the leading ecommerce intelligence platform trusted by global brands to detect, prioritize, and resolve technical issues that disrupt the customer journey and impact revenue. By surfacing hidden errors, performance blockers, and root causes, Noibu empowers teams to deliver seamless shopping experiences, reduce lost revenue, and innovate with confidence. Learn more at www.noibu.com.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    Media Contact:
    Brad Hem
    pr@bigcommerce.com

    The MIL Network –

  • MIL-OSI: Teads Celebrates Major Milestone as CTV HomeScreen Powers 1,500 Campaigns

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — The new Teads (NASDAQ: OB), the omnichannel outcomes platform for the open internet, today announced a significant milestone for CTV HomeScreen (formerly CTV Native), an immersive way for advertisers to reach audiences on exclusive experiences at incremental moments of high attention. Since its launch in 2023, 1,500 CTV HomeScreen campaigns have been run by premium brands globally, including Cartier, Nestlé, and Air France.

    As brands prioritize omnichannel strategies, CTV HomeScreen enables advertisers to place content directly on the first screen consumers see when turning on their connected televisions. By integrating within the operating systems of major television manufacturers such as LG and Hisense, Teads’ CTV HomeScreen ads provide brands with access to audiences that may not otherwise be reachable through ad-supported tiers on streaming platforms. CTV HomeScreen ads deliver high levels of attention through impactful, unique creative experiences. Teads’ programmatic advertiser platform, Teads Ad Manager (TAM) enables brands to connect the moments of the consumer journey across all screens — creating a continuity of advertising experiences from CTV to web and app.

    “By placing high-impact native ads directly on smart TV home screens, we provide brands with premium, brand-safe placements that capture superior attention at the moment of content discovery,” said Jeremy Arditi, Co-President, Chief Business Officer of the Americas. “This approach ensures brands own the first moment on TV screens, maximizing both visibility and engagement in an uncluttered environment.”

    Over the past year, Teads has strengthened its CTV offering through expanded access to premium HomeScreen inventory, including exclusive partnerships with VIDAA US and LG Ad Solutions covering 330 million TV screens worldwide, in over 50 countries. In addition to Homescreen, TAM enables advertisers to reach audiences across more than 7,000 CTV apps globally, optimizing performance through CTV instream video campaigns.

    “The partnership between LG and Teads unlocks a powerful value proposition for advertisers,” said Serge Matta, President of Global Ad Sales at LG Ad Solutions. “From the moment a viewer powers on their TV, they’re met with stunning creatives, brought to life by Teads. It’s a seamless blend of innovation and scale.”

    Capturing Audience Attention at Scale

    CTV HomeScreen placements are displayed on the first screen viewers see when they turn on their smart TVs. This enhances ad effectiveness and extends audience reach beyond traditional commercial breaks. According to TVision (2024), viewers often spend time browsing for content—up to 10 minutes—before encountering ad clutter, making this window a high-attention moment. In fact, 74% of attention goes to the first ad seen on the home screen.

    In 1,500 CTV HomeScreen campaigns, Teads has helped brands like Cartier, Nestlé, Air France, Bvlgari, and Nissan deliver impactful moments that drive measurable engagement. Cartier’s first-ever 3D CTV HomeScreen campaign generated over 12 million impressions, while Air France saw a 22% increase in recommendation intent by securing premium placements on Smart TV home screens. In addition, Nestlé achieved a 9% lift in ad recall, leveraging Teads’ high-attention CTV HomeScreen formats to enhance brand impact.

    “This initiative showcases how advertising innovation and precise data can strengthen brand image and consumer engagement. Teads’support in this campaign allowed us to combine exclusive formats with rigorous measurement, demonstrating real value for the brand,” said Catherine Masson, Director of Brand Media Strategy and Media Buying at Air France.

    Now Available in Teads Ad Manager

    Brands can now seamlessly combine CTV HomeScreen with mobile and desktop formats within a single buying platform, making it easier to plan, execute, and optimize omnichannel campaigns and ensuring a more cohesive, data-driven approach to audience engagement.

    With real-time attention measurement, contextual targeting, and planning and insight tools, Teads Ad Manager offers advertisers an all-in-one solution to maximize impact across every screen. This latest integration reflects Teads’ commitment to future-proofing CTV advertising by delivering premium placements, innovative ad formats, and advanced measurement tools.

    Teads was recently announced as a finalist in the Best CTV Ad Tech Platform category by the Digiday Streaming and Video Awards. For more information on Teads’ CTV HomeScreen solutions, visit https://thenewteads.com/.

    About The New Teads
    Outbrain Inc. (Nasdaq: OB) and Teads S.A. combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    For more information, visit https://thenewteads.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the Acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as tariffs and trade wars, U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have impacted and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations or countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network –

  • MIL-OSI: Hanover Bank Announces Core Banking System Conversion to Drive Digital Growth

    Source: GlobeNewswire (MIL-OSI)

    MINEOLA, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce its conversion to a new core banking system, a significant technological upgrade designed to improve the banking experience for our clients, streamline operations for employees, and drive greater value for all our stakeholders. Our core banking system conversion was successfully completed on Tuesday, February 18, 2025.

    As the bank continues to evolve into a more business-focused financial institution, we remain committed to providing the best possible service to our customers. This upgrade strengthens Hanover Bank’s ability to offer digitally forward business banking solutions that are agile and expected to drive success in today’s economy.

    Further, this transition will enhance our ability to offer innovative services and solutions while maintaining the security, reliability, and trust that our clients have come to expect. With a focus on improving our customer experience, the new system will offer:

    • Faster and More Efficient Services: Clients will benefit from improved user interfaces and digital banking tools, enabling us to provide an even higher level of convenience and responsiveness.
    • Enhanced Security: As digital banking continues to grow, security is of paramount importance, and our new core system features state-of-the-art security protocols, ensuring that client data and transactions are safeguarded at the highest level.
    • Customizable Business Solutions: Our new core banking system allows for more tailored product offerings and integrated banking solutions designed to streamline banking and financial management for our clients.

    “Our core banking conversion is not just about technology – it’s about creating long-term value for our clients, helping them grow and succeed in an increasingly digital and competitive marketplace,” stated Michael P. Puorro, Chairman & Chief Executive Officer of Hanover Bank.

    Hanover Bank’s employees have undergone comprehensive training to leverage the full capabilities of the new system, empowering them to serve clients with more speed and accuracy. With more automated and simplified back-office functions due to the efficiencies created by the conversion, our focus on delivering top-tier, unparalleled service will only continue to grow.

    Better functionality on more competitive financial terms bolsters our sustained commitment to efficient operations. The conversion also brings advantages for all stakeholders, including:

    • Operational Efficiency: The new core system will allow for better management of resources, reduce operational costs, and improve profitability. This translates into a stronger, more sustainable financial institution poised for continued growth.
    • Improved Reporting and Insights: Enhanced reporting tools will provide real-time, actionable insights, supporting more informed decision-making and business strategies.

    “We are proud to make this investment in the future of our bank. Our core conversion marks a significant milestone in Hanover Bank’s journey toward creating an even more efficient, secure, and client-focused banking experience. Our commitment to innovation means we are always seeking ways to increase our value to clients, employees, stakeholders, and the communities in which we operate. With this new system in place, we are poised for a future where banking is not only faster and more robust, but also more personalized and responsive to our clients’ needs,” concluded Mr. Puorro.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Press Contact:
    Ms. Annette Esposito
    First VP – Director of Marketing
    (516) 548-8500

    The MIL Network –

  • MIL-OSI: Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

    Siili Solutions Plc Stock exchange release 22 April 2025 at 14:10 EEST

    This is a correction to the stock exchange release published by Siili Solutions Plc on 22 April 2025 at 9:30 am by which the company published its business review for the period 1 January – 31 March 2025. In the key figures table there was “Total full-time employees and subcontractors (FTE) at the end of the period” instead of two separate key figures “Number of full-time employees (FTE) at the end of the period” and “Number of full-time subcontractors (FTE) at the end of the period”.

    The corrected release is stated below as a whole and the revised report is attached to this release.

    Q1 2025 for Siili: Siili continued AI strategy implementation and actions for profitability improvements, revenue at the previous year’s level

    January-March 2025

    • We completed the acquisition of a majority stake in Intergrations Group Oy
    • We launched an Advisory service to accelerate our clients’ digital business and use of artificial intelligence
    • We adjusted our competence profile to match our strategy and the current market situation
    • The revenue for the first quarter was EUR 29.9 (29.8) million, representing increase of 0.3% year on year. Organically, revenue decreased by 1.6% from the comparison period.
    • Adjusted EBITA for the first quarter was EUR 1.3 (1.6) million, which corresponds to 4.2% (5.3%) of revenue
    EUR million Q1/2025 Q1/2024
    Revenue 29.9 29.8
    Revenue growth, % 0.3% -11.3%
    Organic revenue growth, % -1.6% -11.3%
    Share of international revenue, % 27.1% 27.7%
    Adjusted EBITA 1.3 1.6
    Adjusted EBITA, % of revenue 4.2% 5.3%
    EBITA 1.2 1.4
    EBIT 0.9 1.1
    Earnings per share, EUR 0.05 0.07
    Number of employees at the end of the period 957 973
    Average number of employees during the period 950 990
    Number of full-time employees (FTE) at the end of the period 931 950
    Number of full-time subcontractors (FTE) at the end of the period 144 137

    Outlook of 2025

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    CEO Tomi Pienimäki:

    The first quarter of this year was challenging for Siili as the sluggish market conditions prevailed, and we took concrete steps to improve the profitability of our operations. However, many positive developments also occurred during the initial months of the year while we focused with determination on the implementation of our strategy.

    The Group’s revenue in January-March amounted to just under EUR 30 million, broadly at the previous year’s level. Adjusted EBITA for the first quarter amounted to EUR 1.3 million, 4.2% of revenue. Profitability came in slightly weaker than last year, in line with our expectations. However, when comparing to the previous year’s result, it is worth noting that the adjusted EBITA for the comparison period was improved by the temporary layoffs implemented during Q1 2024.

    During the initial months of the year, we have seen encouraging developments in the market, with our customers moving from testing artificial intelligence to firm transition programmes. In March, we launched a new Advisory service to accelerate our customers’ digital business and adoption of AI.

    An example of how we support our customers on their AI journey is an AI-assisted training programme we delivered for Alma Media at the beginning of the year. It is a tailored solution that helps Alma Media to integrate AI seamlessly into its operations and culture.

    Siili also worked with Varma to modernise a key system. The objective of the modernisation was to simplify the maintenance of the system and improve its scalability and development potential, ensuring it continues to meet Varma’s business needs reliably into the future. The work was carried out in stages and in close cooperation with the client, ensuring the continuous operability of the system.

    During the opening months of the year, we have also built new cooperation networks that allow extensive utilisation of Siii’s expertise. In March, Siili was accepted as a member in the Digital Defence Ecosystem, which brings together Finland’s leading technology companies to support national defence capabilities and the security of supply. Siili also became an NVIDIA partner earlier this year as part of the NVIDIA Partner Network (NPN), which significantly supports us in bringing scalable, production-ready AI solutions to our customers.

    In February–March, we adjusted our competence profile to align with the strategy we released last year, and current market conditions. Following change negotiations started in February, we will reduce 25 roles from Siili Finland’s functions and 8 from Siili Auto Finland. Actions affecting personnel are always difficult for the organisation, but we believe these adjustments will strengthen Siili’s competitiveness and profitability. With these measures, we estimate that we will achieve a total of 2.2 million euros in annual cost savings.

    To strengthen Siili’s competence profile, we concluded the acquisition of a majority stake in Integrations Group Oy at the beginning of the year. Integrations Group is now part of Siili, and the collaboration has started strongly. We continue to strengthen our competence profile in line with the strategy also through recruitment and human resources development.

    I want to thank all our customers and partners for the past few months, but above all, I extend my thanks to the Siili team for their commitment and outstanding work during the quarter.

    —

    This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

    Further information:
    CEO Tomi Pienimäki
    Tel: +358 40 834 1399, email: tomi.pienimaki(at)siili.com
    CFO Aleksi Kankainen
    Tel: +358 40 534 2709, email: aleksi.kankainen(at)siili.com

    Distribution:
    Nasdaq Helsinki Ltd
    Main media
    www.siili.com/en

    Siili Solutions in brief:
    Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

    Attachment

    The MIL Network –

  • MIL-OSI: Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

    Source: GlobeNewswire (MIL-OSI)

    Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis

    Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

    HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

    First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

    Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

    Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

    Year-to-date Recruiting Update

    • Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
    • Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
    • Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
    • Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
    • Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

    Highlights for the First Quarter of 2025 included:

    • Total deposits increased $717.0 million on a year-over-year basis;
    • Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
    • The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
    • The cost of total deposits declined by 19 basis points versus the prior quarter;
    • The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
    • The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

    Management’s Discussion of Quarterly Operating Results

    Net Interest Income

    Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

    The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.

                         
    (Dollars in thousands)   Q1 2025   Q4 2024   Q1 2024  
    Net interest income   $ 94,213     $ 91,098     $ 71,530    
    Purchase accounting amortization (accretion) on loans (“PAA”)     (124 )     (1,268 )     (82 )  
    Adjusted net interest income excluding PAA on loans (non-GAAP)   $ 94,089     $ 89,830     $ 71,448    
                         
    Average interest-earning assets   $ 12,963,320     $ 12,974,958     $ 13,015,755    
                         
    NIM(1)     2.95   %   2.79   %   2.21   %
    Adjusted NIM excluding PAA on loans (non-GAAP)(2)     2.94   %   2.75   %   2.21   %

    (1)   NIM represents net interest income divided by average interest-earning assets.
    (2)   Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

    Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

    • First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
    • Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
    • Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

    Loan Portfolio

    The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

    Outlined below are loan balances and WARs for the quarter ended as indicated.

                                     
        March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands)   Balance   WAR(1)   Balance   WAR(1)   Balance   WAR(1)  
    Loans held for investment balances at period end:                                
    Business loans(2)   $ 2,788,848   6.55 % $ 2,726,602   6.56 % $ 2,327,403   6.90 %
    One-to-four family residential, including condominium and cooperative apartment     961,562   4.77     952,195   4.72     873,671   4.48  
    Multifamily residential and residential mixed-use(3)(4)     3,780,078   4.46     3,820,492   4.49     3,996,654   4.57  
    Non-owner-occupied commercial real estate     3,191,536   5.07     3,231,398   5.13     3,386,333   5.24  
    Acquisition, development, and construction     140,309   7.96     136,172   7.95     175,352   8.40  
    Other loans     6,402   10.39     5,084   10.51     5,170   7.10  
    Loans held for investment   $ 10,868,735   5.25 % $ 10,871,943   5.26 % $ 10,764,583   5.34 %

    (1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
    (2) Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
    (3) Includes loans underlying multifamily cooperatives.
    (4) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    Outlined below are the loan originations, for the quarter ended as indicated.

                       
    (Dollars in millions)   Q1 2025   Q4 2024   Q1 2024
    Loan originations   $ 71.5   $ 187.5   $ 98.3

    Deposits and Borrowed Funds

    Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

    Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

    Non-Interest Income

    Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

    Non-Interest Expense

    Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

    The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Income Tax Expense

    Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

    Credit Quality

    Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

    A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

    Capital Management

    Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

    The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

    Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

    Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

    Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Earnings Call Information

    The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

    Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/cbadbvnq.

    ABOUT DIME COMMUNITY BANCSHARES, INC.
    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

    Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contact: Avinash Reddy  
    Senior Executive Vice President – Chief Financial Officer  
    718-782-6200 extension 5909  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands)
     
     
        March 31,   December 31,   March 31,
        2025     2024     2024  
    Assets:                  
    Cash and due from banks   $ 1,030,702     $ 1,283,571     $ 370,852  
    Securities available-for-sale, at fair value     710,579       690,693       859,216  
    Securities held-to-maturity     631,334       637,339       589,331  
    Loans held for sale     2,527       22,625       8,973  
    Loans held for investment, net:                  
    Business loans(1)     2,788,848       2,726,602       2,327,403  
    One-to-four family and cooperative/condominium apartment     961,562       952,195       873,671  
    Multifamily residential and residential mixed-use(2)(3)     3,780,078       3,820,492       3,996,654  
    Non-owner-occupied commercial real estate     3,191,536       3,231,398       3,386,333  
    Acquisition, development and construction     140,309       136,172       175,352  
    Other loans     6,402       5,084       5,170  
    Allowance for credit losses     (90,455 )     (88,751 )     (76,068 )
    Total loans held for investment, net     10,778,280       10,783,192       10,688,515  
    Premises and fixed assets, net     33,650       34,858       44,501  
    Restricted stock     66,987       69,106       74,346  
    BOLI     389,167       290,665       352,277  
    Goodwill     155,797       155,797       155,797  
    Other intangible assets     3,644       3,896       4,753  
    Operating lease assets     45,657       46,193       51,988  
    Derivative assets     98,740       116,496       135,162  
    Accrued interest receivable     56,044       55,970       55,369  
    Other assets     94,574       162,857       110,012  
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092  
    Liabilities:                  
    Non-interest-bearing checking (excluding mortgage escrow deposits)   $ 3,245,409     $ 3,355,829     $ 2,819,481  
    Interest-bearing checking     950,090       1,079,823       635,640  
    Savings (excluding mortgage escrow deposits)     1,939,852       1,927,903       2,347,114  
    Money market     4,271,363       4,198,784       3,440,083  
    Certificates of deposit     1,121,068       1,069,081       1,555,157  
    Deposits (excluding mortgage escrow deposits)     11,527,782       11,631,420       10,797,475  
    Non-interest-bearing mortgage escrow deposits     88,138       54,715       101,229  
    Interest-bearing mortgage escrow deposits     4       6       173  
    Total mortgage escrow deposits     88,142       54,721       101,402  
    FHLBNY advances     508,000       608,000       773,000  
    Other short-term borrowings     —       50,000       —  
    Subordinated debt, net     272,370       272,325       200,174  
    Derivative cash collateral     85,230       112,420       132,900  
    Operating lease liabilities     48,432       48,993       54,727  
    Derivative liabilities     92,516       108,347       122,112  
    Other liabilities     63,197       70,515       79,931  
    Total liabilities     12,685,669       12,956,741       12,261,721  
    Stockholders’ equity:                  
    Preferred stock, Series A     116,569       116,569       116,569  
    Common stock     461       461       416  
    Additional paid-in capital     623,305       624,822       492,834  
    Retained earnings     803,202       794,526       819,130  
    Accumulated other comprehensive loss (“AOCI”), net of deferred taxes     (39,045 )     (45,018 )     (85,466 )
    Unearned equity awards     (12,909 )     (7,640 )     (10,191 )
    Treasury stock, at cost     (79,570 )     (87,203 )     (93,921 )
    Total stockholders’ equity     1,412,013       1,396,517       1,239,371  
    Total liabilities and stockholders’ equity   $ 14,097,682     $ 14,353,258     $ 13,501,092  

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
    (2) Includes loans underlying multifamily cooperatives.
    (3) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands except share and per share amounts)
     
        Three Months Ended
        March 31,   December 31,   March 31,
        2025   2024     2024  
    Interest income:                  
    Loans   $ 142,705   $ 148,000     $ 143,565  
    Securities     11,323     10,010       7,880  
    Other short-term investments     7,837     7,473       9,564  
    Total interest income     161,865     165,483       161,009  
    Interest expense:                  
    Deposits and escrow     58,074     64,773       73,069  
    Borrowed funds     8,381     8,542       14,697  
    Derivative cash collateral     1,197     1,070       1,713  
    Total interest expense     67,652     74,385       89,479  
    Net interest income     94,213     91,098       71,530  
    Provision for credit losses     9,626     13,715       5,210  
    Net interest income after provision     84,587     77,383       66,320  
    Non-interest income:                  
    Service charges and other fees     4,643     3,942       4,544  
    Title fees     98     226       133  
    Loan level derivative income     61     491       406  
    BOLI income     3,993     2,825       2,461  
    Gain on sale of Small Business Administration (“SBA”) loans     82     22       253  
    Gain on sale of residential loans     32     83       77  
    Fair value change in equity securities and loans held for sale     18     15       (842 )
    Net loss on sale of securities     —     (42,810 )     —  
    Gain on sale of other assets     —     554       2,968  
    Other     706     791       467  
    Total non-interest income (loss)     9,633     (33,861 )     10,467  
    Non-interest expense:                  
    Salaries and employee benefits     35,651     35,761       32,037  
    Severance     76     1,254       42  
    Occupancy and equipment     8,002     7,569       7,368  
    Data processing costs     4,794     4,483       4,313  
    Marketing     1,666     1,897       1,497  
    Professional services     2,116     2,345       1,467  
    Federal deposit insurance premiums(1)     2,047     2,116       2,239  
    Loss on extinguishment of debt     —     —       453  
    Loss due to pension settlement     7,231     1,215       —  
    Amortization of other intangible assets     252     285       307  
    Other     3,676     3,688       2,788  
    Total non-interest expense     65,511     60,613       52,511  
    Income (loss) before taxes     28,709     (17,091 )     24,276  
    Income tax expense(2)     7,251     3,322       6,585  
    Net income (loss)     21,458     (20,413 )     17,691  
    Preferred stock dividends     1,822     1,821       1,821  
    Net income (loss) available to common stockholders   $ 19,636   $ (22,234 )   $ 15,870  
    Earnings (loss) per common share (“EPS”):                  
    Basic   $ 0.45   $ (0.54 )   $ 0.41  
    Diluted   $ 0.45   $ (0.54 )   $ 0.41  
                       
    Average common shares outstanding for diluted EPS     42,948,690     40,767,161       38,255,559  

    (1) Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
    (2) Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
    (Dollars in thousands except per share amounts)
     
        At or For the Three Months Ended  
        March 31,   December 31,   March 31,  
        2025   2024     2024  
    Per Share Data:                    
    Reported EPS (Diluted)   $ 0.45   $ (0.54 )   $ 0.41  
    Cash dividends paid per common share     0.25     0.25       0.25  
    Book value per common share     29.58     29.34       28.84  
    Tangible common book value per share(1)     25.94     25.68       24.72  
    Common shares outstanding     43,799     43,622       38,932  
    Dividend payout ratio     55.56 %   (46.30 ) %   60.98 %
                         
    Performance Ratios (Based upon Reported Net Income):                    
    Return on average assets     0.62 %   (0.59 ) %   0.51 %
    Return on average equity     6.04     (6.02 )     5.68  
    Return on average tangible common equity(1)     6.92     (8.16 )     6.64  
    Net interest margin     2.95     2.79       2.21  
    Non-interest expense to average assets     1.90     1.76       1.52  
    Efficiency ratio     63.1     105.9       64.0  
    Effective tax rate     25.26     (19.44 )     27.13  
                         
    Balance Sheet Data:                    
    Average assets   $ 13,777,665   $ 13,759,002     $ 13,794,924  
    Average interest-earning assets     12,963,320     12,974,958       13,015,755  
    Average tangible common equity(1)     1,145,915     1,080,177       968,719  
    Loan-to-deposit ratio at end of period(2)     93.6     93.0       98.8  
                         
    Capital Ratios and Reserves – Consolidated:(3)                    
    Tangible common equity to tangible assets(1)     8.15 %   7.89   %   7.21 %
    Tangible equity to tangible assets(1)     8.99     8.71       8.09  
    Tier 1 common equity ratio     11.12     11.06       10.00  
    Tier 1 risk-based capital ratio     12.23     12.17       11.11  
    Total risk-based capital ratio     15.71     15.65       13.78  
    Tier 1 leverage ratio     9.46     9.38       8.48  
    Consolidated CRE concentration ratio(4)     442     447       534  
    Allowance for credit losses/ Total loans     0.83     0.82       0.71  
    Allowance for credit losses/ Non-performing loans     155.85     179.37       218.42  

    (1) See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
    (2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
    (3) March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports. 
    (4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
    (Dollars in thousands)    		  
       
        Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
                    Average               Average               Average  
        Average         Yield/   Average         Yield/   Average         Yield/  
        Balance   Interest   Cost   Balance   Interest   Cost   Balance   Interest   Cost  
    Assets:                                                  
    Interest-earning assets:                                                  
    Business loans(1)   $ 2,748,142   $ 45,047   6.65 % $ 2,681,953   $ 46,791   6.94 % $ 2,308,319   $ 39,224   6.83 %
    One-to-four family residential, including condo and coop     962,046     11,069   4.67     943,319     11,061   4.66     886,588     9,770   4.43  
    Multifamily residential and residential mixed-use     3,796,754     42,329   4.52     3,848,579     44,152   4.56     4,000,510     46,019   4.63  
    Non-owner-occupied commercial real estate     3,214,758     41,326   5.21     3,265,906     42,865   5.22     3,371,438     44,776   5.34  
    Acquisition, development, and construction     138,428     2,906   8.51     139,440     3,101   8.85     169,775     3,692   8.75  
    Other loans     5,740     28   1.98     4,781     30   2.50     5,420     84   6.23  
    Securities     1,372,563     11,323   3.35     1,455,449     10,010   2.74     1,578,330     7,880   2.01  
    Other short-term investments     724,889     7,837   4.38     635,531     7,473   4.68     695,375     9,564   5.53  
    Total interest-earning assets     12,963,320     161,865   5.06 %   12,974,958     165,483   5.07 %   13,015,755     161,009   4.98 %
    Non-interest-earning assets     814,345               784,044               779,169            
    Total assets   $ 13,777,665             $ 13,759,002             $ 13,794,924            
                                                       
    Liabilities and Stockholders’ Equity:                                                  
    Interest-bearing liabilities:                                                  
    Interest-bearing checking(2)   $ 912,852   $ 4,164   1.85 % $ 912,645   $ 5,115   2.23 % $ 582,047   $ 1,223   0.85 %
    Money market     4,076,612     31,294   3.11     3,968,793     33,695   3.38     3,359,884     30,638   3.67  
    Savings(2)     1,970,338     14,185   2.92     1,905,866     14,828   3.10     2,368,946     22,810   3.87  
    Certificates of deposit     973,108     8,431   3.51     1,126,859     11,135   3.93     1,655,882     18,398   4.47  
    Total interest-bearing deposits     7,932,910     58,074   2.97     7,914,163     64,773   3.26     7,966,759     73,069   3.69  
    FHLBNY advances     509,111     4,066   3.24     509,630     4,241   3.31     1,094,209     12,143   4.46  
    Subordinated debt, net     272,341     4,302   6.41     272,311     4,301   6.28     200,188     2,553   5.13  
    Other short-term borrowings     633     13   8.33     543     —   —     77     1   5.22  
    Total borrowings     782,085     8,381   4.35     782,484     8,542   4.34     1,294,474     14,697   4.57  
    Derivative cash collateral     104,126     1,197   4.66     99,560     1,070   4.28     130,166     1,713   5.29  
    Total interest-bearing liabilities     8,819,121     67,652   3.11 %   8,796,207     74,385   3.36 %   9,391,399     89,479   3.83 %
    Non-interest-bearing checking(2)     3,322,583               3,396,457               2,909,776            
    Other non-interest-bearing liabilities     213,876               209,712               247,717            
    Total liabilities     12,355,580               12,402,376               12,548,892            
    Stockholders’ equity     1,422,085               1,356,626               1,246,032            
    Total liabilities and stockholders’ equity   $ 13,777,665             $ 13,759,002             $ 13,794,924            
    Net interest income         $ 94,213             $ 91,098             $ 71,530      
    Net interest rate spread               1.95 %             1.71 %             1.15 %
    Net interest margin               2.95 %             2.79 %             2.21 %
    Deposits (including non-interest-bearing checking accounts)(2)   $ 11,255,493   $ 58,074   2.09 % $ 11,310,620   $ 64,773   2.28 % $ 10,876,535   $ 73,069   2.70 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Includes mortgage escrow deposits.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
    (Dollars in thousands)
     
        At or For the Three Months Ended
        March 31,   December 31,   March 31,
    Asset Quality Detail   2025     2024     2024  
    Non-performing loans (“NPLs”)                  
    Business loans(1)   $ 21,944     $ 22,624     $ 18,213  
    One-to-four family residential, including condominium and cooperative apartment     3,763       3,213       3,689  
    Multifamily residential and residential mixed-use     —       —       —  
    Non-owner-occupied commercial real estate     31,677       22,960       15  
    Acquisition, development, and construction     657       657       12,910  
    Other loans     —       25       —  
    Total Non-accrual loans   $ 58,041     $ 49,479     $ 34,827  
    Total Non-performing assets (“NPAs”)   $ 58,041     $ 49,479     $ 34,827  
                       
    Total loans 90 days delinquent and accruing (“90+ Delinquent”)   $ —     $ —     $ —  
                       
    NPAs and 90+ Delinquent   $ 58,041     $ 49,479     $ 34,827  
                       
    NPAs and 90+ Delinquent / Total assets     0.41 %     0.34 %     0.26 %
    Net charge-offs (“NCOs”)   $ 7,058     $ 10,611     $ 739  
    NCOs / Average loans(2)     0.26 %     0.39 %     0.03 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    NON-GAAP RECONCILIATION
    (Dollars in thousands except per share amounts)

    The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

    The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.  

                         
        Three Months Ended  
        March 31,   December 31,   March 31,     
        2025     2024     2024    
    Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders                    
    Reported net income (loss) available to common stockholders   $ 19,636     $ (22,234 )   $ 15,870    
    Adjustments to net income(1):                    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Severance     76       1,254       42    
    FDIC special assessment     —       126       —    
    Loss on extinguishment of debt     —       —       453    
    Loss due to pension settlement     7,231       1,215       —    
    Income tax effect of adjustments noted above(1)     (2,237 )     (14,258 )     518    
    BOLI tax adjustment(2):     —       9,073       —    
    Adjusted net income available to common stockholders (non-GAAP)   $ 24,688     $ 17,417     $ 14,757    
                         
    Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)                    
    Adjusted EPS (Diluted)   $ 0.57     $ 0.42     $ 0.38    
    Adjusted return on average assets     0.77   %   0.56   %   0.48   %
    Adjusted return on average equity     7.46       5.67       5.32    
    Adjusted return on average tangible common equity     8.68       6.52       6.18    
    Adjusted non-interest expense to average assets     1.68       1.68       1.50    
    Adjusted efficiency ratio     55.8       58.0       64.7    

    (1) Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
    (2) Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

    The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):

                         
        Three Months Ended    
           March 31,      December 31,      March 31,     
        2025       2024       2024      
    Operating expense as a % of average assets – as reported   1.90   %     1.76   %     1.52   %    
    Severance   —       (0.04 )     —      
    FDIC special assessment   —       —       —      
    Loss on extinguishment of debt   —       —       (0.01 )    
    Loss due to pension settlement   (0.21 )     (0.04 )     —      
    Amortization of other intangible assets   (0.01 )     —       (0.01 )    
    Adjusted operating expense as a % of average assets (non-GAAP)   1.68   %     1.68   %     1.50   %    

    The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):

                         
        Three Months Ended  
           March 31,       December 31,       March 31,      
        2025     2024     2024    
    Efficiency ratio – as reported (non-GAAP) (1)        63.1   %     105.9   %     64.0   %  
    Non-interest expense – as reported   $ 65,511     $ 60,613     $ 52,511    
    Severance     (76 )     (1,254 )     (42 )  
    FDIC special assessment     —       (126 )     —    
    Loss on extinguishment of debt     —       —       (453 )  
    Loss due to pension settlement     (7,231 )     (1,215 )     —    
    Amortization of other intangible assets     (252 )     (285 )     (307 )  
    Adjusted non-interest expense (non-GAAP)   $ 57,952     $ 57,733     $ 51,709    
    Net interest income – as reported   $ 94,213     $ 91,098     $ 71,530    
    Non-interest income (loss) – as reported   $ 9,633     $ (33,861 )   $ 10,467    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Adjusted non-interest income (non-GAAP)   $ 9,615     $ 8,380     $ 8,341    
    Adjusted total revenues for adjusted efficiency ratio (non-GAAP)   $ 103,828     $ 99,478     $ 79,871    
    Adjusted efficiency ratio (non-GAAP) (2)     55.8   %     58.0   %     64.7   %  

    (1)   The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
    (2)   The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

    The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):

                         
        March 31,   December 31,   March 31,  
        2025     2024     2024    
    Reconciliation of Tangible Assets:                    
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible assets (non-GAAP)   $ 13,938,241     $ 14,193,565     $ 13,340,542    
                         
    Reconciliation of Tangible Common Equity – Consolidated:                    
    Total stockholders’ equity   $ 1,412,013     $ 1,396,517     $ 1,239,371    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible equity (non-GAAP)     1,252,572       1,236,824       1,078,821    
    Preferred stock, net     (116,569 )     (116,569 )     (116,569 )  
    Tangible common equity (non-GAAP)   $ 1,136,003     $ 1,120,255     $ 962,252    
                         
    Common shares outstanding     43,799       43,622       38,932    
                         
    Tangible common equity to tangible assets (non-GAAP)     8.15   %   7.89   %   7.21   %
    Tangible equity to tangible assets (non-GAAP)     8.99       8.71       8.09    
                         
    Book value per common share   $ 29.58     $ 29.34     $ 28.84    
    Tangible common book value per share (non-GAAP)     25.94       25.68       24.72    

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Reports First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

    On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

    United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

    Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

    Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

    United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

    Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

    First Quarter 2025 Financial Highlights:

    • EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis
    • Total revenue improved $8.9 million, or 3.7%, year-over-year
    • Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds
    • Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter
    • Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits
    • Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains
    • Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago
    • Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis
    • Efficiency ratio of 56.7%, or 56.2% on an operating basis
    • Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million
    • Return on assets of 1.02%, or 1.04% on an operating basis
    • Pre-tax, pre-provision return on assets of 1.55% on an operating basis
    • Return on common equity of 7.9%
    • Return on tangible common equity of 11.2% on an operating basis
    • Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans
    • Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans
    • Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets
    • Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%
    • Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

    Conference Call
    United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.


    UNITED COMMUNITY BANKS, INC.
    Selected Financial Information
    (in thousands, except per share data)

        2025       2024     First Quarter
    2025–2024
    Change
      First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		  
    INCOME SUMMARY                      
    Interest revenue $ 335,357     $ 344,962     $ 349,086     $ 346,965     $ 336,728      
    Interest expense   123,336       134,629       139,900       138,265       137,579      
    Net interest revenue   212,021       210,333       209,186       208,700       199,149     6 %
    Noninterest income   35,656       40,522       8,091       36,556       39,587     (10 )
    Total revenue   247,677       250,855       217,277       245,256       238,736     4  
    Provision for credit losses   15,419       11,389       14,428       12,235       12,899      
    Noninterest expenses   141,099       143,056       143,065       147,044       145,002     (3 )
    Income before income tax expense   91,159       96,410       59,784       85,977       80,835     13  
    Income tax expense   19,746       20,606       12,437       19,362       18,204     8  
    Net income   71,413       75,804       47,347       66,615       62,631     14  
    Non-operating items   1,297       2,203       29,385       6,493       2,187      
    Income tax benefit of non-operating items   (281 )     (471 )     (6,276 )     (1,462 )     (493 )    
    Net income – operating (1) $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325     13  
    Pre-tax pre-provision income (5) $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734     14  
    PERFORMANCE MEASURES                      
    Per common share:                      
    Diluted net income – GAAP $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51     14  
    Diluted net income – operating (1)   0.59       0.63       0.57       0.58       0.52     13  
    Cash dividends declared   0.24       0.24       0.24       0.23       0.23     4  
    Book value   28.42       27.87       27.68       27.18       26.83     6  
    Tangible book value (3)   20.58       20.00       19.66       19.13       18.71     10  
    Key performance ratios:                      
    Return on common equity – GAAP (2)(4)   7.89 %     8.40 %     5.20 %     7.53 %     7.14 %    
    Return on common equity – operating (1)(2)(4)   8.01       8.60       7.82       8.12       7.34      
    Return on tangible common equity – operating (1)(2)(3)(4)   11.21       12.12       11.17       11.68       10.68      
    Return on assets – GAAP (4)   1.02       1.06       0.67       0.97       0.90      
    Return on assets – operating (1)(4)   1.04       1.08       1.01       1.04       0.93      
    Return on assets – pre-tax pre-provision, excluding non-operating items (1)(4)(5)   1.55       1.55       1.50       1.54       1.40      
    Net interest margin (fully taxable equivalent) (4)   3.36       3.26       3.33       3.37       3.20      
    Efficiency ratio – GAAP   56.74       56.05       65.51       59.70       60.47      
    Efficiency ratio – operating (1)   56.22       55.18       57.37       57.06       59.15      
    Equity to total assets   12.56       12.38       12.45       12.35       12.06      
    Tangible common equity to tangible assets (3)   9.18       8.97       8.93       8.78       8.49      
    ASSET QUALITY                      
    Nonperforming assets (“NPAs”) $ 93,290     $ 115,635     $ 114,960     $ 116,722     $ 107,230     (13 )
    Allowance for credit losses – loans   211,974       206,998       205,290       213,022       210,934     —  
    Allowance for credit losses – total   223,201       217,389       215,517       224,740       224,119     —  
    Net charge-offs   9,607       9,517       23,651       11,614       12,908      
    Allowance for credit losses – loans to loans   1.15 %     1.14 %     1.14 %     1.17 %     1.15 %    
    Allowance for credit losses – total to loans   1.21       1.20       1.20       1.23       1.22      
    Net charge-offs to average loans (4)   0.21       0.21       0.52       0.26       0.28      
    NPAs to total assets   0.33       0.42       0.42       0.43       0.39      
    AT PERIOD END ($ in millions)                      
    Loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     —  
    Investment securities   6,661       6,804       6,425       6,038       5,859     14  
    Total assets   27,874       27,720       27,373       27,057       27,365     2  
    Deposits   23,762       23,461       23,253       22,982       23,332     2  
    Shareholders’ equity   3,501       3,432       3,407       3,343       3,300     6  
    Common shares outstanding (thousands)   119,514       119,364       119,283       119,175       119,137     —  
     
    (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

    UNITED COMMUNITY BANKS, INC.
    Non-GAAP Performance Measures Reconciliation
    (in thousands, except per share data)

          2025       2024  
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter
                         
    Noninterest income reconciliation                    
    Noninterest income (GAAP)   $ 35,656     $ 40,522     $ 8,091     $ 36,556     $ 39,587  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Noninterest income – operating   $ 35,656     $ 40,522     $ 35,300     $ 36,556     $ 37,187  
                         
    Noninterest expense reconciliation                    
    Noninterest expenses (GAAP)   $ 141,099     $ 143,056     $ 143,065     $ 147,044     $ 145,002  
    Loss on FinTrust (goodwill impairment)     —       —       —       (5,100 )     —  
    FDIC special assessment     —       —       —       764       (2,500 )
    Merger-related and other charges     (1,297 )     (2,203 )     (2,176 )     (2,157 )     (2,087 )
    Noninterest expenses – operating   $ 139,802     $ 140,853     $ 140,889     $ 140,551     $ 140,415  
                         
    Net income to operating income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Loss on FinTrust (goodwill impairment)     —       —       —       5,100       —  
    FDIC special assessment     —       —       —       (764 )     2,500  
    Merger-related and other charges     1,297       2,203       2,176       2,157       2,087  
    Income tax benefit of non-operating items     (281 )     (471 )     (6,276 )     (1,462 )     (493 )
    Net income – operating   $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325  
                         
    Net income to pre-tax pre-provision income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Income tax expense     19,746       20,606       12,437       19,362       18,204  
    Provision for credit losses     15,419       11,389       14,428       12,235       12,899  
    Pre-tax pre-provision income   $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734  
                         
    Diluted income per common share reconciliation                    
    Diluted income per common share (GAAP)   $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51  
    Loss on sale of manufactured housing loans     —       —       0.18       —       —  
    Gain on lease termination     —       —       —       —       (0.02 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.03       —  
    FDIC special assessment     —       —       —       —       0.02  
    Merger-related and other charges     0.01       0.02       0.01       0.01       0.01  
    Diluted income per common share – operating   $ 0.59     $ 0.63     $ 0.57     $ 0.58     $ 0.52  
                         
    Book value per common share reconciliation                    
    Book value per common share (GAAP)   $ 28.42     $ 27.87     $ 27.68     $ 27.18     $ 26.83  
    Effect of goodwill and other intangibles     (7.84 )     (7.87 )     (8.02 )     (8.05 )     (8.12 )
    Tangible book value per common share   $ 20.58     $ 20.00     $ 19.66     $ 19.13     $ 18.71  
                         
    Return on tangible common equity reconciliation                    
    Return on common equity (GAAP)     7.89 %     8.40 %     5.20 %     7.53 %     7.14 %
    Loss on sale of manufactured housing loans     —       —       2.43       —       —  
    Gain on lease termination     —       —       —       —       (0.22 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.46       —  
    FDIC special assessment     —       —       —       (0.07 )     0.23  
    Merger-related and other charges     0.12       0.20       0.19       0.20       0.19  
    Return on common equity – operating     8.01       8.60       7.82       8.12       7.34  
    Effect of goodwill and other intangibles     3.20       3.52       3.35       3.56       3.34  
    Return on tangible common equity – operating     11.21 %     12.12 %     11.17 %     11.68 %     10.68 %
                         
    Return on assets reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Loss on sale of manufactured housing loans     —       —       0.31       —       —  
    Gain on lease termination     —       —       —       —       (0.03 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.06       —  
    FDIC special assessment     —       —       —       (0.01 )     0.03  
    Merger-related and other charges     0.02       0.02       0.03       0.02       0.03  
    Return on assets – operating     1.04 %     1.08 %     1.01 %     1.04 %     0.93 %
                         
    Return on assets to return on assets – pre-tax pre-provision reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Income tax expense     0.29       0.30       0.19       0.29       0.27  
    Provision for credit losses     0.23       0.16       0.21       0.18       0.19  
    Loss on sale of manufactured housing loans     —       —       0.40       —       —  
    Gain on lease termination     —       —       —       —       (0.04 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.08       —  
    FDIC special assessment     —       —       —       (0.01 )     0.04  
    Merger-related and other charges     0.01       0.03       0.03       0.03       0.04  
    Return on assets – pre-tax pre-provision – operating     1.55 %     1.55 %     1.50 %     1.54 %     1.40 %
                         
    Efficiency ratio reconciliation                    
    Efficiency ratio (GAAP)     56.74 %     56.05 %     65.51 %     59.70 %     60.47 %
    Loss on sale of manufactured housing loans     —       —       (7.15 )     —       —  
    Gain on lease termination     —       —       —       —       0.60  
    Loss on FinTrust (goodwill impairment)     —       —       —       (2.07 )     —  
    FDIC special assessment     —       —       —       0.31       (1.05 )
    Merger-related and other charges     (0.52 )     (0.87 )     (0.99 )     (0.88 )     (0.87 )
    Efficiency ratio – operating     56.22 %     55.18 %     57.37 %     57.06 %     59.15 %
                         
    Tangible common equity to tangible assets reconciliation                    
    Equity to total assets (GAAP)     12.56 %     12.38 %     12.45 %     12.35 %     12.06 %
    Effect of goodwill and other intangibles     (3.06 )     (3.09 )     (3.20 )     (3.24 )     (3.25 )
    Effect of preferred equity     (0.32 )     (0.32 )     (0.32 )     (0.33 )     (0.32 )
    Tangible common equity to tangible assets     9.18 %     8.97 %     8.93 %     8.78 %     8.49 %

    UNITED COMMUNITY BANKS, INC.
    Loan Portfolio Composition at Period-End

        2025     2024
    		   Linked
    Quarter
    Change    		   Year over
    Year
    Change
    (in millions) First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		    
    LOANS BY CATEGORY                          
    Owner occupied commercial RE $ 3,419     $ 3,398     $ 3,323     $ 3,297     $ 3,310     $ 21     $ 109  
    Income producing commercial RE   4,416       4,361       4,259       4,058       4,206       55       210  
    Commercial & industrial   2,506       2,428       2,313       2,299       2,405       78       101  
    Commercial construction   1,681       1,656       1,785       2,014       1,936       25       (255 )
    Equipment financing   1,723       1,663       1,603       1,581       1,544       60       179  
    Total commercial   13,745       13,506       13,283       13,249       13,401       239       344  
    Residential mortgage   3,218       3,232       3,263       3,266       3,240       (14 )     (22 )
    Home equity   1,099       1,065       1,015       985       969       34       130  
    Residential construction   171       178       189       211       257       (7 )     (86 )
    Manufactured housing (1)   —       2       2       321       328       (2 )     (328 )
    Consumer   183       186       188       183       180       (3 )     3  
    Other   9       7       24       (4 )     —       2       9  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
                               
    LOANS BY MARKET                          
    Georgia $ 4,484     $ 4,447     $ 4,470     $ 4,411     $ 4,356     $ 37     $ 128  
    South Carolina   2,821       2,815       2,782       2,779       2,804       6       17  
    North Carolina   2,666       2,644       2,586       2,591       2,566       22       100  
    Tennessee   1,880       1,799       1,848       2,144       2,209       81       (329 )
    Florida   2,572       2,527       2,423       2,407       2,443       45       129  
    Alabama   1,009       996       996       1,021       1,068       13       (59 )
    Commercial Banking Solutions   2,993       2,948       2,859       2,858       2,929       45       64  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
     
    (1) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Credit Quality
    (in thousands)

          2025     2024
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter
    NONACCRUAL LOANS            
    Owner occupied RE   $ 8,949     $ 11,674     $ 7,783  
    Income producing RE     16,536       25,357       31,222  
    Commercial & industrial     22,396       29,339       28,856  
    Commercial construction     5,558       7,400       7,356  
    Equipment financing     8,818       8,925       9,123  
    Total commercial     62,257       82,695       84,340  
    Residential mortgage     22,756       24,615       21,851  
    Home equity     4,091       4,630       4,111  
    Residential construction     811       57       118  
    Manufactured housing (2)     —       1,444       1,808  
    Consumer     1,423       138       152  
    Total nonaccrual loans     91,338       113,579       112,380  
    OREO and repossessed assets     1,952       2,056       2,580  
    Total NPAs   $ 93,290     $ 115,635     $ 114,960  
        2025     2024
      First Quarter   Fourth Quarter   Third Quarter
    (in thousands) Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)
    NET CHARGE-OFFS (RECOVERIES) BY CATEGORY                        
    Owner occupied RE $ 126     0.02 %   $ (184 )   (0.02 )%   $ (184 )   (0.02 )%
    Income producing RE   718     0.07       (1,001 )   (0.09 )     1,409     0.13  
    Commercial & industrial   2,447     0.40       4,075     0.69       4,577     0.79  
    Commercial construction   (138 )   (0.03 )     2     —       36     0.01  
    Equipment financing   5,042     1.21       5,812     1.43       5,268     1.32  
    Total commercial   8,195     0.24       8,704     0.26       11,106     0.33  
    Residential mortgage   (1 )   —       145     0.02       32     —  
    Home equity   (62 )   (0.02 )     (33 )   (0.01 )     36     0.01  
    Residential construction   219     0.51       7     0.02       111     0.22  
    Manufactured housing (2)   —     —       114     23.41       11,556     28.51  
    Consumer   1,256     2.76       580     1.24       810     1.74  
    Total $ 9,607     0.21     $ 9,517     0.21     $ 23,651     0.52  
                             
    (1) Annualized.                        
    (2) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Consolidated Balance Sheets (Unaudited)

    (in thousands, except share and per share data)   March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Cash and due from banks   $ 198,287     $ 296,161  
    Interest-bearing deposits in banks     438,425       223,712  
    Cash and cash equivalents     636,712       519,873  
    Debt securities available-for-sale     4,322,644       4,436,291  
    Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)     2,338,571       2,368,107  
    Loans held for sale     37,344       57,534  
    Loans and leases held for investment     18,425,365       18,175,980  
    Less allowance for credit losses – loans and leases     (211,974 )     (206,998 )
    Loans and leases, net     18,213,391       17,968,982  
    Premises and equipment, net     391,020       394,264  
    Bank owned life insurance     346,410       346,234  
    Goodwill and other intangible assets, net     953,357       956,643  
    Other assets     634,269       672,330  
    Total assets   $ 27,873,718     $ 27,720,258  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Deposits:        
    Noninterest-bearing demand   $ 6,257,032     $ 6,211,182  
    NOW and interest-bearing demand     6,155,141       6,141,342  
    Money market     6,637,506       6,398,144  
    Savings     1,105,374       1,100,591  
    Time     3,446,567       3,441,424  
    Brokered     160,785       168,292  
    Total deposits     23,762,405       23,460,975  
    Short-term borrowings     —       195,000  
    Long-term debt     254,287       254,152  
    Accrued expenses and other liabilities     356,130       378,004  
    Total liabilities     24,372,822       24,288,131  
    Shareholders’ equity:        
    Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference     88,266       88,266  
    Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively     119,514       119,364  
    Common stock issuable; 584,083 and 600,168 shares, respectively     12,983       12,999  
    Capital surplus     2,711,721       2,710,279  
    Retained earnings     754,971       714,138  
    Accumulated other comprehensive loss     (186,559 )     (212,919 )
    Total shareholders’ equity     3,500,896       3,432,127  
    Total liabilities and shareholders’ equity   $ 27,873,718     $ 27,720,258  

    UNITED COMMUNITY BANKS, INC.
    Consolidated Statements of Income (Unaudited)

        Three Months Ended
    March 31,
    (in thousands, except per share data)     2025       2024  
    Interest revenue:        
    Loans, including fees   $ 274,056     $ 283,983  
    Investment securities, including tax exempt of $1,678 and $1,721, respectively     58,850       46,436  
    Deposits in banks and short-term investments     2,451       6,309  
    Total interest revenue     335,357       336,728  
             
    Interest expense:        
    Deposits:        
    NOW and interest-bearing demand     37,390       46,211  
    Money market     49,541       50,478  
    Savings     624       706  
    Time     31,379       36,389  
    Deposits     118,934       133,784  
    Short-term borrowings     1,107       —  
    Federal Home Loan Bank advances     433       —  
    Long-term debt     2,862       3,795  
    Total interest expense     123,336       137,579  
    Net interest revenue     212,021       199,149  
             
    Noninterest income:        
    Service charges and fees     9,535       9,264  
    Mortgage loan gains and other related fees     6,122       7,511  
    Wealth management fees     4,465       6,313  
    Net gains from sales of other loans     1,396       1,537  
    Lending and loan servicing fees     4,165       4,210  
    Securities gains, net     6       —  
    Other     9,967       10,752  
    Total noninterest income     35,656       39,587  
             
    Provision for credit losses     15,419       12,899  
             
    Noninterest expenses:        
    Salaries and employee benefits     84,267       84,985  
    Communications and equipment     13,699       11,920  
    Occupancy     10,929       11,099  
    Advertising and public relations     1,881       1,901  
    Postage, printing and supplies     2,561       2,648  
    Professional fees     5,931       5,988  
    Lending and loan servicing expense     1,987       1,827  
    Outside services – electronic banking     2,763       2,918  
    FDIC assessments and other regulatory charges     4,642       7,566  
    Amortization of intangibles     3,286       3,887  
    Merger-related and other charges     1,297       2,087  
    Other     7,856       8,176  
    Total noninterest expenses     141,099       145,002  
    Income before income taxes     91,159       80,835  
    Income tax expense     19,746       18,204  
    Net income     71,413       62,631  
    Preferred stock dividends     1,573       1,573  
    Earnings allocated to participating securities     411       345  
    Net income available to common shareholders   $ 69,429     $ 60,713  
             
    Net income per common share:        
    Basic   $ 0.58     $ 0.51  
    Diluted     0.58       0.51  
    Weighted average common shares outstanding:        
    Basic     120,043       119,662  
    Diluted     120,201       119,743  


    UNITED COMMUNITY BANKS, INC.
    Average Consolidated Balance Sheets and Net Interest Analysis
    For the Three Months Ended March 31,

        2025       2024  
    (dollars in thousands, fully taxable equivalent (FTE)) Average
    Balance    		   Interest   Average
    Rate    		   Average
    Balance    		   Interest   Average
    Rate
    Assets:                      
    Interest-earning assets:                      
    Loans, net of unearned income (FTE) (1)(2) $ 18,213,501     $ 273,930     6.10 %   $ 18,299,739     $ 283,960     6.24 %
    Taxable securities (3)   6,737,658       57,172     3.39       5,828,391       44,715     3.07  
    Tax-exempt securities (FTE) (1)(3)   356,712       2,245     2.52       366,350       2,311     2.52  
    Federal funds sold and other interest-earning assets   400,592       3,001     3.04       674,594       6,805     4.06  
    Total interest-earning assets (FTE)   25,708,463       336,348     5.29       25,169,074       337,791     5.39  
                           
    Noninterest-earning assets:                      
    Allowance for credit losses   (210,169 )             (212,996 )        
    Cash and due from banks   219,540               221,203          
    Premises and equipment   396,443               386,021          
    Other assets (3)   1,610,104               1,618,315          
    Total assets $ 27,724,381             $ 27,181,617          
                           
    Liabilities and Shareholders’ Equity:                      
    Interest-bearing liabilities:                      
    Interest-bearing deposits:                      
    NOW and interest-bearing demand $ 6,134,004       37,390     2.47     $ 6,078,090       46,211     3.06  
    Money market   6,583,963       49,541     3.05       5,864,217       50,478     3.46  
    Savings   1,096,308       624     0.23       1,192,828       706     0.24  
    Time   3,446,048       30,831     3.63       3,596,486       35,944     4.02  
    Brokered time deposits   50,447       548     4.41       50,343       445     3.56  
    Total interest-bearing deposits   17,310,770       118,934     2.79       16,781,964       133,784     3.21  
    Federal funds purchased and other borrowings   80,760       1,107     5.56       13       —     —  
    Federal Home Loan Bank advances   38,900       433     4.51       4       —     —  
    Long-term debt   254,220       2,862     4.57       324,838       3,795     4.70  
    Total borrowed funds   373,880       4,402     4.77       324,855       3,795     4.70  
    Total interest-bearing liabilities   17,684,650       123,336     2.83       17,106,819       137,579     3.23  
                           
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   6,194,217               6,398,079          
    Other liabilities   369,939               390,451          
    Total liabilities   24,248,806               23,895,349          
    Shareholders’ equity   3,475,575               3,286,268          
    Total liabilities and shareholders’ equity $ 27,724,381             $ 27,181,617          
                           
    Net interest revenue (FTE)     $ 213,012             $ 200,212      
    Net interest-rate spread (FTE)         2.46 %           2.16 %
    Net interest margin (FTE) (4)         3.36 %           3.20 %
     
    (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
    (2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
    (3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.
    (4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.


    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

    Non-GAAP Financial Measures
    This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

    Caution About Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

    Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

    Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

    United qualifies all forward-looking statements by these cautionary statements.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI Economics: Authority seeking to raise awareness of licensing and registration requirements

    Source: Isle of Man

    Anyone who is considering starting a business or conducting a business or service in the Island that might be linked to financial services activity (including designated business activity) is urged to ensure they have the appropriate authorisations in place.

    Firms planning to undertake financial services activity must hold the relevant licence issued under the Financial Services Act 2008 or authorisation/registration under the Insurance Act 2008, while those classed as a designated business are required to be registered under the Designated Businesses (Registration and Oversight) Act 2015 in order to trade.

    Designated Non-Financial Businesses and Professions (“DNFBPs”) include accountants, bookkeepers, estate agents, payroll agents, moneylenders, tax advisers and virtual asset service providers (VASPs). The definition also applies to businesses dealing in goods or services of any description that involve cash transactions equivalent to €15,000 or more in any currency.

    DNFBPs are registered and overseen by the Isle of Man Financial Services Authority for compliance with anti-money laundering and countering the financing of terrorism (“AML/CFT”) legislation.

    Anyone who is unsure whether an activity falls under the definition of a designated business or financial services activity is encouraged to contact the Authority at the earliest opportunity. Information and guidance, including frequently asked questions, are available on the Authority’s website, while officers can assist applicants through the registration, authorisation or licensing process.

    Businesses are also reminded that providing, or advertising as offering, certain services without first being registered as a DNFBP could result in a penalty of up to £5,000 or prosecution.  

    Dan Johnson, Senior Manager in the Portfolio Supervision Division, said: ‘We are focused on working with relevant parties to ensure they have a thorough understanding of their licensing and registration requirements. People must not carry out or even start marketing a financial services or designated business activity without first being licensed or registered. If you are thinking of launching a new service and aren’t sure of your requirements, please talk to us or visit our website.’

    MIL OSI Economics –

  • MIL-OSI United Kingdom: One year until Making Tax Digital for Income Tax launches

    Source: United Kingdom – Executive Government & Departments

    Press release

    One year until Making Tax Digital for Income Tax launches

    Making Tax Digital for Income Tax starts in April 2026 for sole traders and landlords with qualifying income over £50,000.

    • Making Tax Digital for Income Tax goes live on 6 April 2026 – supporting the government’s Plan for Change to deliver economic growth
    • Eligible taxpayers encouraged to sign up to a testing programme now to get ahead of the changes
    • Digital record-keeping will deliver time-saving benefits for taxpayers

    There is less than a year to go until sole traders and landlords with an income over £50,000 will be required to use Making Tax Digital (MTD) for Income Tax.

    The launch on 6 April 2026 marks a significant and ultimately time-saving change in how these individuals will need to keep digital records and report their income to HM Revenue and Customs (HMRC).

    By keeping digital records throughout the year, sole traders and landlords can save hours previously spent gathering information at tax return time – allowing them to spend more time focusing on their business activities and in turn, driving economic growth as part of the government’s Plan for Change.

    Quarterly updates will spread the workload more evenly throughout the year, bring the tax system closer to real-time reporting and help businesses stay on top of their finances and avoid the last-minute rush.

    HMRC is urging eligible customers to sign up to a testing programme on GOV.UK and start preparing now. Agents can also register their clients via GOV.UK.

    James Murray MP, Exchequer Secretary to the Treasury, said:

    MTD for Income Tax is an essential part of our plan to transform the UK’s tax system into one that supports economic growth.

    By modernising how people manage their tax, we’re helping businesses work more efficiently and productively while ensuring everyone pays their fair share.

    This is a crucial step in this government’s decade of national renewal and our Plan for Change, as we clear away barriers that hold back growth.

    Craig Ogilvie, HMRC’s Director of Making Tax Digital, said:

    MTD for Income Tax is the most significant change to the Self Assessment regime since its introduction in 1997. It will make it easier for self-employed people and landlords to stay on top of their tax affairs and help ensure they pay the right amount of tax.

    By signing up to our testing programme now, self-employed people and landlords will be able to familiarise themselves with the new process and access dedicated support from our MTD Customer Support Team, before it becomes compulsory next year.

    From April 2026, individuals with qualifying income above £50,000 will need to keep digital records, use MTD-compatible software and submit quarterly summaries of their income and expenses to HMRC. These digital requirements will help businesses save time through more efficient record-keeping, reduce errors in tax calculations, and provide a clearer picture of their tax obligations throughout the year.

    Qualifying income includes gross income from self-employment and property before any tax allowances or expenses are deducted. Those with qualifying income above £30,000 will also be required to use MTD for Income Tax from April 2027. The threshold will then decrease to £20,000 from April 2028.

    The phased introduction of MTD for Income Tax follows the successful implementation of MTD for VAT, which now helps more than two million businesses reduce errors and save time on their tax affairs. Businesses which joined the MTD for VAT testing phase were better prepared for the move to quarterly reporting.

    An independent report published in 2021 found that 69% of mandated businesses experienced at least one benefit from MTD for VAT, while 67% reported that it reduced the potential for mistakes in their record keeping.

    Further information

    MTD was first introduced for VAT-registered businesses in April 2019, with all qualifying businesses required to join from April 2022.

    Penalties for late quarterly updates will not apply during the testing phase, providing an ideal opportunity to get used to the new process without risk.

    Around 780,000 self-employed individuals and landlords will be required to use MTD for Income Tax from April 2026, with a further 970,000 joining from April 2027.

    More information on MTD for Income Tax

    More information on finding compatible software

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK-Ukraine TechBridge Industry Third Steering Board Communiqué

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge Industry Third Steering Board Communiqué

    The Industry Steering Board for UK-Ukraine TechBridge met on 20 March 2025.

    The Industry Steering Board for the UK-Ukraine TechBridge met on 20th March 2025. The meeting was hybrid with UK board members attending from techUK’s office, 10 St Bride Street, London, EC4A 4AD and Ukrainian board members from British Embassy Kyiv. 

    The meeting was co-chaired by Ukrainian Deputy Minister for Digital Transformation Oleksandr Bornyakov and UK Parliamentary Under-Secretary of State for Services, Small Business and Exports Gareth Thomas MP. 

    The Board meeting was attended by: 

    Vladimir Mnogoletniy CEO Genesis
    Valery Krasovsky CEO Sigma Software
    Marta Romaniak VP Avenga
    Andrew Pavliv CEO N-iX
    Liam Maxwell Director, Government Transformation Amazon Web Services
    Matt Evans Director of Markets techUK
    Eric van der Kleij Co-founder EdenBase
    Simon Godfrey Senior Director of External Engagement & Business Growth BT

     The Board reviewed progress under the UK-Ukraine TechBridge initiative over the last six months, noting key achievements such as the significant investment generated by Ukrainian SMEs who developed their knowledge of UK markets during participation in the UK-Ukraine TechBridge Investment Accelerator.  

    The discussions focused on fostering deeper UK-Ukraine collaboration in technology while exploring opportunities for strengthening public-private partnerships. Core themes addressed included: 

    • Enhancing connections between UK and Ukrainian businesses. 

    • Driving investment and trade through platforms like Code.UA. 

    • Promoting technology innovations through future TechBridge events. 

    Deputy Minister Bornyakov shared plans for Ukrainian representation at London Tech Week, including a Ukraine Pavilion.  

    Follow-up actions were identified, including preparations for London Tech Week and Lviv IT Arena, promotion of Code.UA as a platform for connecting UK businesses with Ukrainian IT companies, and facilitating sponsorships for upcoming events. The Board remains committed to leveraging the UK-Ukraine TechBridge to drive innovation, trade, and investment. 

    The Board will reconvene within the next six months. 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Devon Energy Unveils Value Enhancing Business Optimization Plan

    Source: GlobeNewswire (MIL-OSI)

    HIGHLIGHTS

    • Targeting $1 billion in annual pre-tax free cash flow improvements
    • Business optimization plan underway to improve margins and capital efficiency
    • Plan includes improvements to base production performance, midstream commercial terms and corporate costs
    • Expected to be completed by the end of 2026, with 30 percent achieved by year-end 2025

    OKLAHOMA CITY, April 22, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced its business optimization plan to improve margins and capital efficiency, growing free cash flow generation and driving significant shareholder value.

    “I’m excited to announce the details of our business optimization plan, set to enhance margins and deliver $1 billion in annual pre-tax free cash flow improvements by year end 2026,” said Clay Gaspar, president and CEO. “This milestone reflects the commitment, ingenuity, and talent of our employees, whose hard work and ongoing efforts continue to drive Devon’s success. This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas. Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability. Importantly, this effort will create significant shareholder value by expanding our free cash flow generation and enhancing the durability of our business.”

    “Our organization has been diligently advancing this initiative and has already secured marketing agreements to drive a material margin improvement through year-end 2026. Concurrently, we have implemented technological advancements, including advanced analytics and process automation, that are further enhancing our operating performance. These combined efforts are anticipated to achieve approximately $300 million of cash flow uplift by the end of 2025, reinforcing our financial resilience. We have clear visibility into the remaining objectives and are highly confident in our ability to execute this plan effectively,” Gaspar added.

    PLAN PATHWAY AND TIMING TO DELIVER

    Devon is committed to improving its pre-tax free cash flow generation by taking steps to deliver $1.0 billion in annual improvements. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. Approximately 30 percent of the estimated improvements are expected to be accomplished by year-end 2025, with the remaining savings realized by year-end 2026.

    The business optimization plan includes improvements in the following categories:

    Capital Efficiency – $300 million
    Capture efficiencies through design optimization, cycle time reductions, facility standardization and vendor management.

    Production Optimization –$250 million
    Use advanced analytics to minimize maintenance events, reduce downtime, flatten production declines and optimize operating cost structure.

    Commercial Opportunities – $300 million
    Leverage scale to enhance commercial contracts to increase realizations, improve recoveries and lower GP&T cost structure.

    Corporate Cost Reductions – $150 million
    Reduce interest expense and streamline corporate cost structure.

    “We are committed to transparency and accountability and will provide stakeholders with periodic updates on our progress,” Gaspar concluded.

    The company will provide additional details around the optimization plan during its scheduled first-quarter 2025 earnings conference call on Wednesday, May 7, 2025, at 10 a.m. CDT (11 a.m. EDT). Also provided with today’s release is a supplemental presentation, which is available on the company’s website at www.devonenergy.com.

    ABOUT DEVON ENERGY

    Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

    FORWARD LOOKING STATEMENTS

    This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the risk that we are unable to successfully implement the improvements discussed in this release on the anticipated timeline or at all, which could delay or prevent us from realizing any benefits from the business optimization plan; commodity prices, cost structures and the other assumptions underlying our forecasted value uplift from the business optimization plan could differ materially from actual results; market and geopolitical uncertainty as a result of changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries; and any of the other risks and uncertainties discussed in Devon’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”) or other filings with the SEC.

    The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2024 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2024 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

    The MIL Network –