NewzIntel.com

Category: Economy

  • MIL-OSI: Topicus.com Inc. Defers Release Date for First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) (the “Company”) announced today that the release of its first quarter results will be rescheduled. The Company will defer the release of its results from the originally planned date of May 2, 2025 in order to allow the Company to finalize its analysis and accounting for certain Q1 2025 complex transactions impacting the condensed consolidated interim financial statements.

    The Company’s quarterly results are expected to be disseminated via press release and made available on the Company’s website (www.topicus.com) and SEDAR+, after markets close on Wednesday, May 7, 2025.

    About Topicus.com Inc.

    Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

    For further information:
    Jamal Baksh
    Chief Financial Officer
    (416) 861-9677
    info@topicus.com
    www.topicus.com

    SOURCE: TOPICUS.COM INC.

    NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network –

  • MIL-OSI: AMG to Announce First Quarter Results on May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    Conference Call Scheduled for 12:00 p.m. Eastern Time

    WEST PALM BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — AMG (NYSE: AMG) will report financial and operating results for the first quarter ended March 31, 2025 before the market opens on Thursday, May 8, 2025. A conference call will be held at 12:00 p.m. Eastern time on the same day.

    In addition to quarterly results, the conference call may include discussion of management’s expectations of future financial and operating results. Jay C. Horgen, President and Chief Executive Officer, Thomas M. Wojcik, Chief Operating Officer, and Dava E. Ritchea, Chief Financial Officer, will host the session.

    Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13753083. The live call and replay of the session, and a presentation highlighting the Company’s performance, can also be accessed via AMG’s website at https://ir.amg.com/.

    For more information on AMG, please visit www.amg.com. 

    Investor & Media Relations:
    Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    © 2025 Affiliated Managers Group, Inc. All rights reserved.

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces Additions to the Mr. Lube + Tires Royalty Pool, May 2025 Cash Dividend and Q1 2025 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) and Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) announced today that effective May 1, 2025 the Mr. Lube + Tires royalty pool (the “Mr. Lube + Tires Royalty Pool”) has been adjusted to include the royalties from six new flagship Mr. Lube + Tires locations and remove one flagship Mr. Lube + Tires location that has permanently closed. With the adjustment for these five net new locations, the Mr. Lube + Tires Royalty Pool now includes 149 flagship locations.

    Sean Morrison, President and Chief Executive Officer of DIV, stated, “Mr. Lube + Tires continues to generate strong same-store-sales-growth across its franchise system and is well positioned to continue this impressive growth moving forward”.

    Pamela Lee, President and Chief Executive Officer of Mr. Lube + Tires, stated, “Mr. Lube + Tires is proud of the performance of our franchisees in 2024. We continue to be focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of our franchisees, and continuing to provide best-in-class service to our customers”.

    Additions to the Mr. Lube + Tires Royalty Pool

    Subject to certain performance criteria being met, and the LP Amendment as described further below, the Mr. Lube + Tires Royalty Pool is adjusted annually on May 1 (the “Adjustment Date”) to include new Mr. Lube + Tires locations that have been open since July 1 of the previous reporting period and to remove Mr. Lube + Tires locations that have been permanently closed during the previous year.

    The initial consideration paid to Mr. Lube + Tires for the estimated net additional royalty revenue was $4.0 million, representing 80% of the total estimated consideration of $5.0 million. The initial consideration of $4.0 million was elected by DIV to be paid in the form of 1,460,419 Common Shares of DIV on the basis of the 20-day volume weighted average closing price of the Common Shares for the period ended April 24, 2025 of $2.7363 per Common Share.

    The remaining consideration payable for the additional royalty revenue of the six new Mr. Lube + Tires locations added to the Royalty Pool on May 1, 2025 will be paid to Mr. Lube + Tires on May 1, 2026, the next Adjustment Date, and will be adjusted to reflect the actual system sales of these six new locations for the year ending December 31, 2025, net of the lost system sales of the one permanently closed Mr. Lube + Tires location removed from the Mr. Lube + Tires Royalty pool on May 1, 2025.

    On May 1, 2023, the Mr. Lube + Tires Royalty Pool was adjusted to include royalties from five new flagship Mr. Lube + Tires locations. The initial consideration previously paid by DIV was $4.7 million, which represented 80% of the total estimated consideration for those five locations, which estimate was based on the forecast system sales of these five locations for year ending December 31, 2023. As a result of a previously-announced amendment (the “LP Amendment”) to the amended and restated limited partnership agreement (the “LP Agreement”) of DIV’s direct subsidiary ML Royalties Limited Partnership (“ML LP”), the remaining consideration payable for the additional royalty revenue of the five Mr. Lube + Tires locations (the “2023 True-Up Locations”) added to the Mr. Lube + Tires Royalty Pool on May 1, 2023 was to be paid to Mr. Lube + Tires on May 1, 2025 (as opposed to May 1, 2024), and adjusted to reflect the actual system sales of these five new locations for the year ending December 31, 2024 (as opposed to the actual system sales for the year ending December 31, 2023).

    The actual system sales for the 2023 True-Up Locations added to the Royalty Pool on May 1, 2023 has now been determined for the year ended December 31, 2024 to be $10.1 million. The total consideration payable to Mr. Lube + Tires for the net additional royalty revenue of these 2023 True-Up Locations based on their actual system sales for the year ended December 31, 2024 is $7.1 million. After taking into account the $4.7 million previously paid by DIV to Mr. Lube + Tires on May 1, 2023 for the 2023 True-Up Locations, DIV paid Mr. Lube + Tires the remaining $2.4 million of cash consideration for the net additional royalty revenue of these 2023 True-Up Locations on May 1, 2025.

    For further details with respect to the manner in which annual adjustments of the Mr. Lube + Tires Royalty Pool occur and the agreements underlying the procedures therefor, see DIV’s Annual Information Form dated March 24, 2025 as well as the LP Amendment, copies of each of which are available on SEDAR+ at www.sedarplus.com.

    May 2025 Cash Dividend

    DIV is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of May 1, 2025 to May 31, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on May 30, 2025 to shareholders of record as of the close of business on May 15, 2025.

    Q1 2025 Earnings Release Date

    DIV will release earnings results for the three months ended March 31, 2025 following the closing of regular trading on the Toronto Stock Exchange on May 14, 2025.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information and financial outlook, although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the payment for the remaining consideration payable to Mr. Lube + Tires for the additional royalty revenue from the six Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025; DIV’s belief that Mr. Lube + Tires will continue to generate strong same-store-sales-growth across its franchise system and is well positioned to continue its impressive growth moving forward; Mr. Lube + Tires being focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of its franchisees, and continuing to provide best-in-class service to its customers; the amount and timing of the May 2025 dividend to be paid to DIV’s shareholders; the timing of DIV releasing earnings results for the three months ended March 31, 2025; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook. DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: Mr. Lube + Tires will continue to make royalty payments in the amounts and at the times required, or at all; the amount of, or timing of the payment for, the additional consideration payable to Mr. Lube + Tires for the six additional Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025 will occur in the amount or at the time estimated; that transactions completed with Mr. Lube + Tires for the additions to the Mr. Lube + Tires Royalty Pool will be accretive to DIV shareholders; that Mr. Lube + Tires will realize any of the intended benefits of its growth strategy; that Mr. Lube + Tires will continue to grow its brand; that Mr. Lube + Tires will continue opening new stores, or that such stores will be successful if opened; that Mr. Lube + Tires will succeed in strengthening store level economics of its franchisees; that Mr. Lube + Tires will continue to provide best-in-class service to its customers; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s most recently filed management’s discussion and analysis, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information and financial outlook contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; the performance of the Mr. Lube + Tires flagship locations in the Mr. Lube + Tires Royalty Pool will be consistent with DIV’s expectations; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of transactions with Mr. Lube + Tires described in this news release.

    All of the forward-looking information and financial outlook in this news release is qualified in its entirety by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information and financial outlook included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (604) 235-3146

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (604) 235-3146

    The MIL Network –

  • MIL-OSI: CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM AND THE REDEMPTION OF SUBORDINATED NOTES

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., May 01, 2025 (GLOBE NEWSWIRE) — California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that its Board of Directors has authorized an increase in the number of shares of the Company’s common stock that may be repurchased pursuant to its share repurchase program to 1.6 million shares, up from 550,000 shares when the program was first announced on June 15, 2023. The increase allows for the repurchase of approximately 4.9% of the Company’s outstanding shares of common stock. No stock has yet been repurchased through the original or increased repurchase program.

    “The increase in our share repurchase program demonstrates the conviction of our Board of Directors and management team to our relationship-based banking strategy, and our commitment to building long-term shareholder value,” said David Rainer, Executive Chairman of the Company and the Bank. “Our strong balance sheet and capital levels will allow us to be flexible in the opportunistic deployment of capital for share repurchases, as well as the repayment of outstanding callable subordinated debt.”

    Repurchases under the program may occur from time to time in open market transactions, in privately negotiated transactions, or by other means in accordance with federal securities laws and other restrictions. The Company intends to fund its repurchases from available working capital and cash provided by operating activities. The timing of repurchases, as well as the number of shares repurchased, will depend on a variety of factors, including price; trading volume; business, economic and general market conditions; and the terms of any Rule 10b5-1 plan adopted by the Company. The repurchase program has no expiration date and may be suspended, modified, or terminated at any time without prior notice.

    The Company also announces today that it has elected to, and expects to, redeem the $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, that it issued on May 28, 2020.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include expectations regarding opportunities to deploy capital for share repurchases, enhance shareholder value through share repurchases, and redeem our outstanding subordinated debt. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to our recently completed merger with the predecessor California BanCorp, including the risks that cost savings may be less than anticipate and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce
    kmccabe@bankcbc.com
    818.637.7065

    The MIL Network –

  • MIL-OSI: Fairfax India Holdings Corporation First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.

    Highlights for the first quarter of 2025 included the following:

    • The company recorded a net change in unrealized losses on investments of $222.9 million, principally from decreases in the fair values of the company’s publicly listed investments in IIFL Capital (formerly IIFL Securities) ($106.8 million), IIFL Finance ($64.5 million), Fairchem Organics ($28.1 million), 5paisa ($10.0 million) and CSB Bank ($9.9 million), and private company investment in Sanmar ($19.2 million) (primarily due to a decrease in the publicly traded share price of its subsidiary, Chemplast), partially offset by an increase in the fair value of the company’s private company investment in Seven Islands ($18.7 million).
    • On February 20, 2025 the company completed its previously announced investment of an additional 10.0% equity interest in Bangalore International Airport Limited (“BIAL”) for a purchase price of $255.0 million. In accordance with the agreement with Siemens Project Ventures GmbH (“Siemens”), the company paid an initial installment on the closing date and recognized a payable for securities purchased of $170.9 million, representing the second and third installments to be paid in the third quarters of 2025 and 2026, respectively.
    • In February 2025, the company also increased the borrowing limit of its revolving credit facility from

    $175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.

    Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
      (416) 367-4755
    Information on            
    CONSOLIDATED BALANCE SHEETS            
    as at March 31, 2025 and December 31, 2024            
    (unaudited – US$ thousands)            
      March 31, 2025
    		   December 31, 2024
    		  
    Assets    
    Cash and cash equivalents   21,616     59,322  
    Bonds   114,823     180,507  
    Common stocks   3,419,382     3,381,206  
    Total cash and investments   3,555,821     3,621,035  
                 
    Interest and dividends receivable   5,093     8,849  
    Income taxes refundable   175     174  
    Other assets   844     722  
    Total assets   3,561,933     3,630,780  
         
    Liabilities    
    Accounts payable and accrued liabilities   1,106     1,300  
    Accrued interest expense   2,736     8,611  
    Income taxes payable   1,547     5,379  
    Payable to related parties   9,434     10,099  
    Payable for securities purchased   170,850     —  
    Deferred income taxes   129,973     149,780  
    Borrowings   498,479     498,349  
    Total liabilities   814,125     673,518  
         
    Equity    
    Common shareholders’ equity   2,617,071     2,826,495  
    Non-controlling interests   130,737     130,767  
    Total equity   2,747,808     2,957,262  
        3,561,933     3,630,780  
                 
    Book value per share $       19.41   $ 20.96  
             
    Information on        
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands except per share amounts)        
      First quarter
      2025   2024  
    Income        
    Interest 3,196   5,038  
    Dividends 2,998   7,049  
    Net realized gains on investments 616   116,924  
    Net change in unrealized losses on investments (222,862 ) (410,927 )
    Net foreign exchange gains (losses) 3,245   (376 )
      (212,807 ) (282,292 )
    Expenses        
    Investment and advisory fees 9,399   9,484  
    General and administration expenses 1,648   2,536  
    Interest expense 6,755   6,380  
      17,802   18,400  
             
    Loss before income taxes (230,609 ) (300,692 )
    Recovery of income taxes (19,142 ) (7,483 )
    Net loss (211,467 ) (293,209 )
             
    Attributable to:        
    Shareholders of Fairfax India (211,224 ) (293,504 )
    Non-controlling interests (243 ) 295  
      (211,467 ) (293,209 )
                 
    Net loss per basic and diluted share $         (1.57 ) $    (2.17 )
    Shares outstanding (weighted average) 134,839,462   135,365,933  
             
             
             
    Information on        
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands)        
      First quarter
      2025   2024  
    Net loss (211,467 ) (293,209 )
    Other comprehensive income (loss), net of income taxes        
    Item that may be subsequently reclassified to net earnings (loss)        
    Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil) 2,046   (5,708 )
    Comprehensive loss (209,421 ) (298,917 )
             
    Attributable to:        
    Shareholders of Fairfax India (209,391 ) (298,926 )
    Non-controlling interests (30 ) 9  
      (209,421 ) (298,917 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.

    The MIL Network –

  • MIL-OSI Economics: Apple reports second quarter results

    Source: Apple

    Headline: Apple reports second quarter results

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Management Approves the First Review New Staff Monitored-Program with Haiti

    Source: IMF – News in Russian

    May 1, 2025

    Staff Monitored Programs (SMPs) are informal arrangements between national authorities and IMF staff to monitor the authorities’ economic program. As such, they do not entail endorsement by the IMF Executive Board. SMP Staff reports are issued to the Board for information.

    • Management of the International Monetary Fund (IMF) has approved the First Review of the Staff-Monitored Program (SMP) with Haiti.
    • The SMP takes into account Haiti’s fragility and capacity constraints, linked to security. It is designed to support the authorities’ economic policy objectives and build a track record of reform implementation.
    • Fund management welcomes the authorities’ publication of the Governance Diagnostic Report.

    Washington, DC: Management of the International Monetary Fund (IMF) approved on April 15, 2025 the first review of Haiti’s Staff-Monitored Program (SMP). SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both global and country-specific shocks, which have worsened its fragility, since the negotiation of the SMP. Risks to the outlook are tilted to the downside and include worsening insecurity that would constrain further activity and the ability to implement reforms and attract aid and the foreign direct investment. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves. Therefore, restoration of security is the priority.

    Despite domestic and global difficulties, the authorities are firmly committed to implement this SMP and have managed to contain the impact of the various shocks, thereby averting even worse economic outcomes. Net international reserves were valued at over US$1.1 billion at the end of December 2024. Despite the political transition and insecurity both the Ministry of Finance and the Bank of the Republic of Haiti (the Central Bank) have remained continuously engaged. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee which meets with IMF staff on a continuous basis.

    Implementation under the SMP has been broadly satisfactory and its objectives remain achievable. All quantitative targets have been met, with a comfortable margin. Of the seven structural benchmarks assessed under this review, six were implemented and one is expected to be met by June (due to constraints related to insecurity).

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds.

    An urgent government priority is re-starting the mobilization of revenue to support the country’s massive development needs and boost well-targeted spending. The measures under the SMP should help achieve these goals. Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by August 2025 would be important for demonstrating transparency.

    In addition to addressing insecurity, advancing governance reforms is paramount to help Haiti exit from fragility, ensure macroeconomic stability and build trust with the private sector and development partners. In this vein, the authorities’ publication of the Governance Diagnostic Report and action plan is commendable. The report should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/01/pr-25126-haiti-imf-approves-1st-review-new-staff-monitored-program

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Transcript: Protecting Subway Riders and Transit Workers

    Source: US State of New York

    arlier today, Governor Kathy Hochul joined MTA officials and law enforcement to highlight a FY 2026 New York State Budget deal that delivers on the Governor’s public safety commitments to continue making our subways safer for all riders and transit workers. These major investments increase the presence of law enforcement, make crucial safety upgrades in protective barriers and LED lighting and continue cracking down on fare evasion. New York City’s Subways continue to experience the lowest levels of crime overall outside the pandemic since the 1990s — and as a result of the Governor’s continued efforts to prioritize public safety and make our subways safer, crime is down 11 percent since last year and down 16 percent compared to pre-pandemic levels.

    B-ROLL of the Governor taking the subway, meeting construction workers and subway riders is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    It’s great to see all of you and you’re really making a profound difference here. Always happy to be back riding our subway system. Nothing like it in the world. I want to thank Janno Lieber for leading an organization that has been down and out and now it’s back. And I’m so proud to say that we’ve achieved so much together over my last three and a half years to empower the MTA to head on a path that they know is sustainable and delivers the highest quality of service to the people he cares the most about. And those are our commuters. Let’s give round applause to Janno Lieber here today.

    Michael Kemper, our chief of security. Thank you, Michael, for finding every possible way we can to protect our commuters, our riders, our visitors. Superintendent Steven James, thank you for responding whenever I need you. You’ve been asked to do the extraordinary, whether it’s helping with gun interdiction on the streets to calming down prison strikes and right here in our subway. So I thank you and all the members of our State Police team for the extraordinary work you do every day. Brigadier General Isabel Smith, the director of joint staff and commander of the National Guard. I want to thank the National Guard for their presence here, making people feel calmer and safer.

    And I’ve heard that from moms who literally come up to me and say, “I feel a lot better having my child go to the subway when I see more people in uniform. And you help make that happen.” So let’s hear it for our National Guard and our MTA police, our state police and to everyone who cares so deeply about the success of this subway system.

    It may be overstated, but this is the beating heart of this city. This is what sets us apart from all others. Getting people anywhere they want to go within minutes. It’s extraordinary. And beneath every day – underneath these towering skyscrapers in our busy streets – millions of people for every walk of life come together. They head off to work. They head off to school. They visit families and friends. They go to doctor’s appointments.

    And the experience, all the wonder that the city has to offer. But I’ll tell you this – when I first took office three and a half years ago, this system faced a triple threat. First of all, subway crime was raging, absolutely raging. I would say as an aftermath – an outgrowth – of the pandemic, of which we know we were the epicenter for the nation. Ridership was down, it was absolutely lagging. And the MTA faced a looming fiscal crisis that threatened to bring this system to a screeching halt. Those were real challenges, but we were undaunted.

    We knew we needed to lean hard into them and find solutions that would work. So we secured significant recurring funding to save the MTA from literally going off the fiscal cliff. We got it done a few years ago, and we took bold, decisive action to protect riders.

    And you see it, as I mentioned, with the presence of law enforcement on the platforms and in the trains. You see it in the National Guard presence and you see it in the new platform, barriers and cameras docked in every single subway car. And I want to say we had a goal to get it done in a few years, and I want to thank the MTA for rising to the challenge I put out and said, “No, we’re going to shave off a lot of time. I want a camera in every single train so people feel secure and our law enforcement can reach and find and prosecute the law breakers.”

    So we made some real progress there as well. Now, subway crime, now, is down 16 percent compared to 2019. Why do I go back to 2019? I subtract it out. The higher years of the pandemic, because otherwise this would be a lot bigger drop. But I want to deal in realities.

    What was the world like before the pandemic when people were not so anxious about going on the subway? We are now down 16 percent compared to 2019. And just from last year, we’d already started seeing dramatic downward trends. We’re still 11 percent lower than last year at this time. So ridership continues to rise. Ticking up seven percent year over year.

    But I’ll say this, I more than anyone know, there’s still more work to do. Just last week, a man was stabbed to death on the five train, right in the middle of rush hour – a galling attack that shocked so many riders. That’s proof. That’s proof we still have more work to do. I acknowledge that. And in January, I came here and up, I outlined a plan to ramp up our efforts.

    I vow to fund the state funding for the first time in history, not just MTA police, not just state police, but funding the MTA – picking up the costs of the MTA – so there’s two NYPD police officers on every overnight train. When you see the police officers, NYPD, on those overnight trains starting at nine o’clock at night till 6:00 a.m. that is the New York State taxpayers working hard to make sure that this lifeline of our economic heartbeat is still viable and thriving. So we did that.

    We also vowed to make more security upgrades and I vowed to end the insanity of violent criminals getting off with crimes because of technicalities, whether it happens on the subway or happens on our streets. And I vowed to keep people who have severe mental health problems who are in our subways, on our streets. I said, we vowed to get them off these city streets and subway stations and in our trains – and get them into a hospital bed where they can get some help.

    I thought it was cruel to abandon them. Yes, they have civil rights. Of course they do. But some people don’t have the mental capacity to make decisions for their own health and wellbeing. How do we abandon them? That’s not what a civilized society does. And we said no more.

    And I’m proud to say with our new budget, securely in place – almost done – we delivered on these promises. And when it comes to public safety, I refuse to back down. Absolutely refuse to back down. So let me break down what we accomplished.

    First, an additional $45 million for Joint Task Force Empire Shield. That’s our National Guard. We want to make sure they’re funded and can remain here. This is the elite unit that protects New York City, including our subways. The National Guard members you see are an important part of that. $77 million in this year’s budget to make sure we can continue funding those NYPD on the overnight trains. These officers really are the unsung heroes. Those late night rides have to be stressful. Sometimes you walk into a car and you don’t know the unknown. It’s a frightening dynamic, and I want to thank them. Because they’re protecting the nurses and doctors who are on the midnight shift. The cooks and bartenders who clock out late, and all the people who have to rise before the sun are construction workers, our bakers, our baristas.These are the people who keep our city running and we must keep them safe.

    We also, as I mentioned, are taking the steps to take care of those languishing with mental health problems. And I’ll say this, we’re going to make a difference in their lives. We’re going to make sure they get the help they need, but we couldn’t do it up until now. Here’s why. Because we didn’t have the system in place to care for them. Because of decades of disinvestment in our system, our health care system, our mental health system – that we didn’t have enough beds, we didn’t have enough practitioners, we didn’t have enough people with long-term strategies and supportive housing.

    And I’m so proud after the first billion dollars investment I made back when I was brand new Governor. We are now positioned to be able to give these people the help they need. That’s why we can welcome them in and take good care of them. We’re also strengthening Kendra’s Law to ensure those with serious mental illness receive consistent treatment in the community so they don’t fall between the cracks.

    Also, investing $30 million in our homeless outreach teams, these safe option support teams. My God, they’re doing God’s work every single day you see them. I’ve come to thank them. And they’re so compassionate, and they don’t give up on anybody. They believe that everybody has value and they want to help them retrieve their full potential despite how hard life has been for them. These are compassionate public servants who’ve helped over 1,000 New Yorkers escape lives on the street and find, get this permanent housing. 1,000 people who are long term chronically homeless right here — now have a home to call and make sure it’s a safe place for them to rest their heads at night. Because you know what? It’s not just about public safety for all of us. It’s about human dignity and giving people what they deserve.

    As I mentioned, we reformed our criminal justice laws because – while a lot of people aren’t quite sure what discovery laws are, and that’s okay – what happens under changes that were made back in 2019? I will say this, and I’ve said this from the beginning, there were many changes that were necessary. The system was absolutely skewed against the defendants, and that was unfair. But we also know that the pendulum has swung way too far, and now the defense lawyers are able to lie and wait literally the night before a case is supposed to be presented and raise objections that a judge must say, based on the law, you must have this case dismissed now because the clock has run out. Or if there’s minor technicalities and the cases are legendary, you hear the reasons that cases are thrown out, whether it’s a crime in the subway or domestic violence incidents. You want to make sure that people do not escape because of a senseless loophole that we have now fixed. That’s how you start making people safer. That’s how you hold people accountable.

    And if you wear a mask to hide your identity while you’re committing a crime, you’ll face an additional charge. That’s important because we’ve seen in the subway people masking themselves, trying to evade the cameras that we put in place. But if you’re hiding under a mask, how are our police supposed to identify you and make sure you don’t hurt somebody else the next day? This is another force for ensuring that we have public safety.

    But also here’s the music to Janno’s ears – we are fully funding the $68 billion Capital Plan, and I want to thank the leaders in the Legislature for working hard with me. It’s been an interesting, always, always interesting process, but we’re also making sure through that we’re also upgrading $1 billion more in crucial physical security upgrades. So what we’re going to do, we’ll have platform barriers at 100 additional stations. LED lighting. I want them brighter. I want people to see. We’ll also continue swapping out the aging turnstiles. Guess what? Ones that are hard to evade, ones you can’t hurdle over or crawl under. So we’re going to be getting those out there. So those shameless fare invaders and everybody’s doing this who create unnecessary stress and chaos for the other riders who are actually doing what they’re supposed to do.So we’re going to stop them as well.

    We’re also going to make sure the MTA – we fully fund their repairs. And something that’s near and dear to my heart since I proposed it a few years ago, is to do the Interborough Express once and for all the money is there because as much as we love Manhattan, people who are trying to go from Brooklyn to Queen should not have to make us stop here first, let’s inject some common sense into our residents lives and let them have the quality of life they deserve, and less time traveling from one borough to another.

    Making ADA stations ADA accessible and enhancing, enhancing service to and from the Hudson Valley. So we’re going to continue with these goals and I’m always looking forward to partnering with the MTA as we go forth for the years ahead to make good on all these financial commitments.

    But mark my words. I’ll do everything in my power to ensure that the people of this city and this state are safe. And I’ll put the investments where they need to go. I’ll make the changes in the law where necessary because we won’t stop until every single person has what they deserve – the right to be safe in their homes and their communities, and in our subways.

    Thank you very much. Let me hand this now over to Janno Lieber, the Chairman and CEO of the MTA.

    MIL OSI USA News –

  • MIL-OSI USA: 05.01.2025 Sen. Cruz, Rep. Harshbarger Introduce USA Act

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Universal Savings Account Act, a bill that allows American families to save without the restrictions and penalties associated with traditional tax advantaged accounts.
    Sen. Cruz said, “A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.”
    Companion legislation was introduced in the House by Rep. Diana Harshbarger (R-Tenn.-1).
    Rep. Harshbarger said, “It’s an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend — without government interference or penalties. Washington shouldn’t be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence.”
    Read the full text of the bill here.
    BACKGROUND
    Universal saving accounts (USAs) are tax-advantaged savings vehicles with unrestricted use of funds, allowing participants to save, invest, and withdraw funds for any reason.
    This bill would allow the following:
    Distributions from Universal Savings Accounts are not subject to income tax, nor included in gross income.
    An initial contribution limit of $10,000, which increases by $500 every year, before capping at $25,000.
    No contribution limits based on income.
    Experts have found Universal Savings Accounts would boost savings for low-income households, allowing them to better withstand economic shocks, such as pandemics and recessions, and plan for major expenses, such as an expanded family, education, and housing needs.

    MIL OSI USA News –

  • MIL-OSI USA: Wicker, Bennet Introduce the American Infrastructure Bonds Act

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Michael Bennet, D-Colo., have introduced the American Infrastructure Bonds Act. This bipartisan legislation would help state and local governments finance critical infrastructure projects. The 2021 Bipartisan Infrastructure Law provided much-needed funding, but many rural communities continue to struggle with high interest rates that delay crucial projects. The American Infrastructure Bonds Act would address this challenge by establishing a taxable, direct-pay bond program, expanding investment opportunities for infrastructure improvements nationwide.
    “Local governments need flexibility to invest in the infrastructure their constituency needs, not be stifled by bureaucratic red tape. The American Infrastructure Bonds Act would establish a bond program to expand investment in infrastructure improvements nationwide. This legislation would help rural communities access affordable financing for the necessary infrastructure in their cities and towns,” said Senator Wicker.
    “To build an economy that works for every Coloradan, we have to invest in 21st-century American infrastructure,” said Senator Bennet. “American Infrastructure Bonds are a proven, successful model to expand investments to help state and local leaders build stronger and more resilient communities.”
    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI: Cenovus to hold first-quarter 2025 conference call and webcast and 2025 Annual Meeting of Shareholders on May 8

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its first-quarter 2025 results on Thursday, May 8, 2025. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    First-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET)

    For analysts wanting to join the call, please register in advance at Conference Call registration.

    To participate, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.

    Annual Meeting of Shareholders

    Cenovus will also host its Annual Meeting of Shareholders on May 8, 2025, at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is also available under Investors at cenovus.com.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Quaint Oak Bancorp, Inc. Announces First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.

    Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”

    Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”

    Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”

    Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”

    Mr. Strong concluded, “As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    Comparison of Quarter-over-Quarter Operating Results

    Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.

    The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.

    The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.

    The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.

    The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.

    The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.

    The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.

    Comparison of Financial Condition

    The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.

    Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.

    Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.

    Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.

    Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.

    Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

    Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.

    Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
          At March 31,       At December 31,  
          2025       2024  
          (Unaudited)       (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 48,859     $ 62,989  
    Investment in interest-earning time deposits     912       912  
    Investment securities available for sale at fair value     1,458       1,666  
    Loans held for sale     50,946       64,281  
    Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)     526,374       534,693  
    Accrued interest receivable     4,188       3,961  
    Investment in Federal Home Loan Bank stock, at cost     2,900       2,214  
    Bank-owned life insurance     4,477       4,447  
    Premises and equipment, net     1,586       1,626  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     65       77  
    Prepaid expenses and other assets     8,088       7,787  
    Total Assets   $ 650,368     $ 685,168  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 60,928     $ 59,783  
    Interest-bearing     446,654       493,469  
    Total deposits     507,582       553,252  
    Federal Home Loan Bank short-term borrowings     65,000       45,000  
    Federal Home Loan Bank long-term borrowings     –       2,855  
    Subordinated debt     8,000       22,000  
    Senior debt     9,487       –  
    Accrued interest payable     773       937  
    Advances from borrowers for taxes and insurance     2,044       3,122  
    Accrued expenses and other liabilities     5,218       5,385  
    Total Liabilities     598,104       632,551  
                     
    Total Stockholders’ Equity     52,264       52,617  
    Total Liabilities and Stockholders’ Equity   $ 650,368     $ 685,168  
    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Operations
    (In Thousands, except share data)
        For the Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Interest and Dividend Income                
    Interest on loans, including fees   $ 9,523     $ 11,232  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     403       890  
    Total Interest and Dividend Income     9,926       12,122  
                     
    Interest Expense                
    Interest on deposits     4,729       5,986  
    Interest on Federal Home Loan Bank short-term borrowings     479       –  
    Interest on Federal Home Loan Bank long-term borrowings     5       242  
    Interest on Federal Reserve Bank short-term borrowings     1       –  
    Interest on subordinated debt     452       484  
    Interest on senior debt     116       –  
    Total Interest Expense     5,782       6,712  
    Net Interest Income     4,144       5,410  
    Provision for Credit Losses – Loans     326       1,084  
    Provision for Credit Losses – Unfunded Commitments     115       52  
    Net Interest Income after Provision for Credit Losses     3,703       4,274  
                     
    Non-Interest Income                
    Mortgage banking, equipment lending and title abstract fees     146       206  
    Real estate sales commissions, net     –       4  
    Insurance commissions     185       152  
    Other fees and services charges     32       227  
    Net loan servicing income     4       2  
    Income from bank-owned life insurance     30       28  
    Net gain on sale of loans     1,056       935  
    Gain on the sale of SBA loans     307       28  
    Total Non-Interest Income     1,760       1,582  
                     
    Non-Interest Expense                
    Salaries and employee benefits     3,650       3,663  
    Directors’ fees and expenses     65       51  
    Occupancy and equipment     431       250  
    Data processing     402       263  
    Professional fees     223       141  
    FDIC deposit insurance assessment     121       173  
    Advertising     99       86  
    Amortization of other intangible     12       12  
    Other     541       486  
    Total Non-Interest Expense     5,544       5,125  
    (Loss) income from continuing operations before income taxes     (81 )     731  
    Income Taxes     2       264  
    Net (loss) income from continuing operations     (83 )     467  
    Income from discontinued operations     –       564  
    Income tax from discontinued operations     –       158  
    Net income from discontinued operations     –       406  
    Net (Loss) Income   $ (83 )   $ 873  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Per Common Share Data:                
    Earnings per share from continuing operations – basic   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – basic   $ –     $ 0.16  
    Earnings per share, net – basic   $ (0.03 )   $ 0.36  
    Average shares outstanding – basic     2,626,967       2,450,814  
    Earnings per share from continuing operations – diluted   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.16  
    Earnings per share, net – diluted   $ (0.03 )   $ 0.36  
    Average shares outstanding – diluted     2,626,967       2,450,814  
    Book value per share, end of period   $ 19.89     $ 20.84  
    Shares outstanding, end of period     2,627,397       2,407,048  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Selected Operating Ratios:                
    Average yield on interest-earning assets     6.30 %     6.63 %
    Average rate on interest-bearing liabilities     4.17 %     4.57 %
    Average interest rate spread     2.13 %     2.06 %
    Net interest margin     2.63 %     2.96 %
    Average interest-earning assets to average interest-bearing liabilities     113.59 %     124.57 %
    Efficiency ratio     70.40 %     73.29 %
                     
    Asset Quality Ratios (1):                
    Non-performing loans as a percent of total loans receivable, net     1.13 %     1.28 %
    Non-performing assets as a percent of total assets     0.91 %     1.00 %
    Allowance for credit losses as a percent of non-performing loans     107.45 %     97.24 %
    Allowance for credit losses as a percent of total loans receivable, net     1.20 %     1.23 %
    Texas Ratio (2)     9.22 %     11.96 %

      
    (1)  Asset quality ratios are end of period ratios.
    (2)  Total non-performing assets divided by tangible common equity plus the allowance for credit losses.

    The MIL Network –

  • MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Shreveport, Louisiana, May 01, 2025 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2025, of $748,000 compared to net income of $732,000 reported for the three months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2025 and for the three months ended March 31, 2024. The Company reported net income of $2.7 million for the nine months ended March 31, 2025, compared to $3.0 million for the nine months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.88 for the nine months ended March 31, 2025 compared to $0.97 and $0.95, respectively, for the nine months ended March 31, 2024.

     The Company reported the following highlights during the nine months ended March 31, 2025:

      ●  Book value per share increased to $17.55 at March 31, 2025 from $16.80 at June 30, 2024.
      ●  There were no advances from the FHLB at March 31, 2025 or June 30, 2024.
      ●  Other borrowings totaled $4.0 million at March 31, 2025 compared to $7.0 million at June 30, 2024.

    The increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from an increase of $270,000, or 6.1%, in net interest income, an increase of $32,000, or 6.3%, in non-interest income, and a decrease of $5,000, or 45.5%, in the provision for credit losses, partially offset by an increase of $260,000, or 6.5%, in non-interest expense and an increase of $31,000, or 17.6%, in the provision for income taxes. The increase in net interest income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $735,000, or 21.1%, in total interest expense, partially offset by a decrease of $465,000, or 5.9%, in total interest income. The Company’s average interest rate spread was 2.66% for the three months ended March 31, 2025, compared to 2.16% for the three months ended March 31, 2024. The Company’s net interest margin was 3.33% for the three months ended March 31, 2025, compared to 2.89% for the three months ended March 31, 2024.

    The decrease in net income for the nine months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from a decrease of $891,000, or 6.1%, in net interest income and an increase of $102,000, or 35.2%, in the provision for income taxes, partially offset by a decrease of $331,000, or 2.7%, in non-interest expense, an increase of $248,000, or 23.0%, in non-interest income, and an increase of $167,000 in the recovery of credit losses. The decrease in net interest income for the nine months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $1.2 million, or 5.1%, in total interest income, partially offset by a decrease of $329,000, or 3.5%, in total interest expense. The Company’s average interest rate spread was 2.44% for the nine months ended March 31, 2025, compared to 2.46% for the nine months ended March 31, 2024. The Company’s net interest margin was 3.14% for the nine months ended March 31, 2025, and the nine months ended March 31, 2024.

    The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

        For the Three Months Ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 459,828       5.94 %   $ 504,918       5.80 %
    Investment securities     95,706       2.44       104,646       2.21 %
    Interest-earning deposits     14,513       3.05       3,607       3.79 %
    Total interest-earning assets   $ 570,047       5.28 %   $ 613,171       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 94,375       1.75 %   $ 69,178       0.62 %
    NOW accounts     69,562       1.15       68,170       0.58 %
    Money market accounts     75,882       2.01       89,313       2.60 %
    Certificates of deposit     182,721       3.76       222,534       4.36 %
    Total interest-bearing deposits     422,540       2.57       449,195       2.86 %
    Other bank borrowings     4,000       7.71       9,448       8.73 %
    FHLB advances     –       –       5,956       5.87 %
    Total interest-bearing liabilities   $ 426,540       2.62 %   $ 464,599       3.02 %
        For the Nine months ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 460,972       5.90 %   $ 503,664       5.80 %
    Investment securities     96,395       2.24       109,255       2.38 %
    Interest-earning deposits     23,326       4.45       5,060       3.55  
    Total interest-earning assets   $ 580,693       5.24 %   $ 617,979       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 89,171       1.69 %   $ 73,676       0.46 %
    NOW accounts     71,022       1.17       67,145       0.47 %
    Money market accounts     76,828       2.20       98,021       2.44 %
    Certificates of deposit     191,936       4.04       209,985       4.05 %
    Total interest-bearing deposits     428,957       2.75       448,827       2.58 %
    Other bank borrowings     4,832       7.55       9,100       8.57 %
    FHLB advances     –       –       4,151       5.77 %
    Total interest-bearing liabilities   $ 433,789       2.80 %   $ 462,078       2.72 %

    The $32,000 increase in non-interest income for the three months ended March 31, 2025, compared to the prior year quarterly period, was primarily due to an increase of $27,000 in other non-interest income, an increase of $19,000 in service charges on deposit accounts, an increase of $11,000 in gain on sale of loans, and an increase of $1,000 in income on bank owned life insurance, partially offset by a decrease of $26,000 in gain on sale of securities. The $248,000 increase in non-interest income for the nine months ended March 31, 2025 compared to the prior year nine-month period was primarily due to a decrease of $149,000 in loss on sale of real estate, an increase of $115,000 in other non-interest income, an increase of $14,000 in service charges on deposit accounts, and an increase of $5,000 in income from bank owned life insurance, partially offset by an increase of $32,000 in loss on sale of securities, and a decrease of $3,000 in gain on sale of loans.

    The $260,000 increase in non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributable to increases of $414,000 in data processing expense, $77,000 in occupancy and equipment expense, $67,000 in audit and examination fees, $49,000 in professional fees, $40,000 in other non-interest expense, $15,000 in loan and collection expense, and $12,000 in deposit insurance premium expense. The increases were partially offset by decreases of $317,000 in compensation and benefits expense, $55,000 in advertising expense, $33,000 in franchise and bank shares tax expense, and $9,000 in amortization of core deposit intangible expense. The $331,000 decrease in non-interest expense for the nine months ended March 31, 2025, compared to the same nine-month period in 2024, is primarily attributable to decreases of $470,000 in compensation and benefits expense, $184,000 in franchise and bank shares tax expense, $179,000 in advertising expense, $65,000 in other non-interest expense, $47,000 in professional fees, $42,000 in amortization of core deposit intangible expense, $22,000 in deposit insurance premium expense, and $19,000 in loan and collection expense. The decreases were partially offset by increases of $594,000 in data processing expense, $86,000 in occupancy and equipment expense, and $17,000 in audit and examination fees. The increase in data processing expense resulted from a billing discrepancy with our core processor, which had failed to issue invoices for certain services dating back to December 2022. Upon discovery of the issue, we negotiated a discounted settlement to resolve the outstanding invoices.

    Total assets decreased $17.9 million, or 2.8%, from $637.5 million at June 30, 2024 to $619.6 million at March 31, 2025. The decrease in assets was comprised of decreases in net loans receivable of $12.6 million, or 2.7%, from $470.9 million at June 30, 2024 to $458.3 million at March 31, 2025, cash and cash equivalents of $4.5 million, or 12.9%, from $34.9 million at June 30, 2024 to $30.4 million at March 31, 2025, premises and equipment of $736,000, or 4.0%, from $18.3 million at June 30, 2024 to $17.6 million at March 31, 2025, loans-held-for-sale of $734,000, or 42.4%, from $1.7 million at June 30, 2024 to $999,000 at March 31, 2025, core deposit intangible of $216,000, or 18.0%, from $1.2 million at June 30, 2024 to $983,000 at March 31, 2025, investment securities of $102,000, or 0.1%, from $96.0 million at June 30, 2024 to $95.9 million at March 31, 2025, and partially offset by increases in real estate owned of $482,000, or 115.3% from $418,000 at June 30, 2024 to $900,000 at March 31, 2025, deferred tax asset of $186,000, or 15.7%, from $1.2 million at June 30, 2024 to $1.4 million at March 31, 2025, other assets of $178,000, or 13.2%, from $1.3 million at June 30, 2024 to $1.5 million at March 31, 2025, bank owned life insurance of $87,000, or 1.3%, from $6.8 million at June 30, 2024 to $6.9 million at March 31, 2025, and accrued interest receivable of $27,000, or 1.5%, from $1.78 million at June 30, 2024 to $1.8 million at March 31, 2025.

    Total liabilities decreased $19.8 million, or 3.4%, from $584.7 million at June 30, 2024 to $564.9 million at March 31, 2025. The decrease in liabilities was comprised of decreases in total deposits of $17.2 million, or 3.0%, from $574.0 million at June 30, 2024 to $556.8 million at March 31, 2025, other borrowings of $3.0 million, or 42.9%, from $7.0 million at June 30, 2024 to $4.0 million at March 31, 2025, advances from borrowers for taxes and insurance of $137,000, or 26.3%, from $521,000 at June 30, 2024 to $384,000 at March 31, 2025, and partially offset by an increase in other accrued expenses and liabilities of $577,000, or 18.1%, from $3.2 million at June 30, 2024 to $3.8 million at March 31, 2025. The decrease in deposits resulted from decreases in certificates of deposit of $32.5 million, or 15.1%, from $214.9 million at June 30, 2024 to $182.4 million at March 31, 2025, money market deposits of $5.7 million, or 6.6%, from $85.5 million at June 30, 2024 to $79.9 million at March 31, 2025, and non-interest deposits of $535,000, or 0.4%, from $130.3 million at June 30, 2024 to $129.8 million at March 31, 2025, partially offset by increases in savings deposits of $19.3 million, or 25.2%, from $76.6 million at June 30, 2024 to $96.0 million at March 31, 2025, and NOW accounts of $2.1 million, or 3.1%, from $66.6 million at June 30, 2024 to $68.7 million at March 31, 2025. The Company had no balances in brokered deposits at March 31, 2025 or June 30, 2024.

    At March 31, 2025, the Company had $3.0 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $1.9 million of non-performing assets at June 30, 2024, consisting of six one-to-four family residential loans, six home equity loans, two commercial non-real estate loans, two commercial real-estate loans, and one consumer loan at March 31, 2025, compared to five one-to-four family residential loans, four home equity loans, three commercial non-real estate loans, and three single-family residences in other real estate owned at June 30, 2024. At March 31, 2025 the Company had nine one-to-four family residential loans, six home equity loans, five commercial non-real-estate loans, two commercial real-estate loans, and two consumer loans classified as substandard, compared to six one-to-four family residential loans, five commercial non-real-estate loans, four home equity loans and one consumer loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at March 31, 2025 or June 30, 2024.

    Shareholders’ equity increased $1.9 million, or 3.6%, from $52.8 million at June 30, 2024 to $54.7 million at March 31, 2025. The increase in shareholders’ equity was comprised of net income for the nine-month period of $2.7 million, a decrease in the Company’s accumulated other comprehensive loss of $559,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $370,000, and proceeds from the issuance of common stock from the exercise of stock options of $19,000, partially offset by dividends paid totaling $1.2 million, and stock repurchases of $517,000.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED BALANCE SHEETS
    (In thousands except share and per share data)    		  
                     
        March 31, 2025     June 30, 2024  
        (Unaudited)          
    ASSETS                
                     
    Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,197 and $25,505 at March 31, 2025 and June 30, 2024, Respectively)   $ 30,439     $ 34,948  
    Securities Available-for-Sale (amortized cost March 31, 2025: $34,751; June 30, 2024: $30,348, Respectively)     32,149       27,037  
    Securities Held-to-Maturity (fair value March 31, 2025: $52,428; June 30, 2024: $54,450, Respectively)     63,066       67,302  
    Other Securities     636       1,614  
    Loans Held-for-Sale     999       1,733  
    Loans Receivable, Net of Allowance for Credit Losses (March 31, 2025:  $4,632; June 30, 2024: $4,574, Respectively)     458,301       470,852  
    Accrued Interest Receivable     1,802       1,775  
    Premises and Equipment, Net     17,567       18,303  
    Bank Owned Life Insurance     6,897       6,810  
    Goodwill     2,990       2,990  
    Core Deposit Intangible     983       1,199  
    Deferred Tax Asset     1,367       1,181  
    Real Estate Owned     900       418  
    Other Assets     1,528       1,350  
                     
    Total Assets   $ 619,624     $ 637,512  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
                     
    LIABILITIES                
                     
    Deposits:                
    Non-interest bearing   $ 129,799     $ 130,334  
    Interest-bearing     426,964       443,673  
    Total Deposits     556,763       574,007  
    Advances from Borrowers for Taxes and Insurance     384       521  
    Other Borrowings     4,000       7,000  
    Other Accrued Expenses and Liabilities     3,758       3,181  
                     
    Total Liabilities     564,905       584,709  
                     
    SHAREHOLDERS’ EQUITY                
                     
    Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding      –        –  
    Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,118,764 and 3,142,168 Shares Issued and Outstanding at March 31, 2025 and June 30, 2024, Respectively     32       32  
    Additional Paid-in Capital     42,055       41,739  
    Unearned ESOP Stock     (336 )     (408 )
    Retained Earnings     15,024       14,055  
    Accumulated Other Comprehensive Loss     (2,056 )     (2,615 )
                     
    Total Shareholders’ Equity     54,719       52,803  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 619,624     $ 637,512  
    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 6,740     $ 7,281     $ 20,426     $ 21,952  
    Investment securities     83       124       213       573  
    Mortgage-backed securities     493       451       1,406       1,384  
    Other interest-earning assets     109       34       779       135  
    Total interest income     7,425       7,890       22,824       24,044  
    Interest expense                                
    Deposits     2,675       3,194       8,851       8,688  
    Federal Home Loan Bank borrowings     –       87       –       180  
    Other bank borrowings     76       205       274       586  
    Total interest expense     2,751       3,486       9,125       9,454  
    Net interest income     4,674       4,404       13,699       14,590  
                                     
    Provision for (recovery of) credit losses     6       11       (172 )     (5 )
    Net interest income after provision for credit losses     4,668       4,393       13,871       14,595  
                                     
    Non-interest income                                
    Gain on sale of loans     80       69       181       184  
    Loss on sale of real estate     –       –       (266 )     (415 )
    Gain(Loss) on sale of securities     –       26       (6 )     26  
    Income on Bank-Owned Life Insurance     29       28       87       82  
    Service charges on deposit accounts     382       363       1,165       1,151  
    Other income     47       20       165       50  
    Total non-interest income     538       506       1,326       1,078  
                                     
                                     
    Non-interest expense                                
    Compensation and benefits     2,136       2,453       6,667       7,137  
    Occupancy and equipment     610       533       1,711       1,625  
    Data processing     553       139       1,107       513  
    Audit and examination fees     150       83       473       456  
    Franchise and bank shares tax     135       168       304       488  
    Advertising     22       77       123       302  
    Professional fees     145       96       396       443  
    Loan and collection     46       31       104       123  
    Amortization Core Deposit Intangible     70       79       216       258  
    Deposit insurance premium     102       90       267       289  
    Other expenses     282       242       729       794  
    Total non-interest expense     4,251       3,991       12,097       12,428  
    Income before income taxes     955       908       3,100       3,245  
    Provision for income tax expense     207       176       392       290  
                                     
    NET INCOME   $ 748     $ 732     $ 2,708     $ 2,955  
                                     
    EARNINGS PER SHARE                                
    Basic   $ 0.24     $ 0.24     $ 0.88     $ 0.97  
    Diluted   $ 0.24     $ 0.24     $ 0.88     $ 0.95  
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
                                     
    Selected Operating Ratios(1):                                
    Average interest rate spread     2.66 %     2.16 %     2.44 %     2.46 %
    Net interest margin     3.33 %     2.89 %     3.14 %     3.14 %
    Return on average assets     0.50 %     0.45 %     0.58 %     0.60 %
    Return on average equity     5.59 %     5.62 %     6.85 %     7.64 %
                                     
    Asset Quality Ratios(2):                                
    Non-performing assets as a percent of total assets     0.49 %     0.37 %     0.49 %     0.37 %
    Allowance for credit losses as a percent of non-performing loans     215.44 %     203.11 %     215.44 %     203.11 %
    Allowance for credit losses as a percent of total loans receivable     1.00 %     0.97 %     1.00 %     0.97 %
                                     
    Per Share Data:                                
    Shares outstanding at period end     3,118,764       3,145,236       3,118,764       3,145,236  
    Weighted average shares outstanding:                                
    Basic     3,061,928       3,047,335       3,062,511       3,039,907  
    Diluted     3,087,624       3,091,011       3,081,233       3,095,817  
    Book value per share at period end   $ 17.55     $ 16.71     $ 17.55     $ 16.71  
     ______________                                
    (1) Ratios for the three and nine month periods are annualized.                                
    (2) Asset quality ratios are end of period ratios.                                

    The MIL Network –

  • MIL-OSI: Glacier Bancorp Completes Acquisition of Bank of Idaho Holding Co. in Idaho Falls, Idaho

    Source: GlobeNewswire (MIL-OSI)

    KALISPELL, Mont., May 01, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (“Glacier”) (NYSE: GBCI), today announced the completion of its acquisition of Bank of Idaho Holding Co. (“BOID”) (OTCQX: BOID), the bank holding company for Bank of Idaho, a community bank headquartered in Idaho Falls, Idaho. The Bank of Idaho operations will join three existing Glacier Bank divisions: the Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank, and the Eastern Washington operations will join Wheatland Bank. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion.

    About Glacier Bancorp, Inc.

    Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    Visit Glacier’s website at www.glacierbancorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the potential benefits of the business combination transaction involving Glacier and BOID, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and BOID operate; uncertainties regarding the ability of Glacier Bank and Bank of Idaho to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the SEC.

    CONTACT: Randall M. Chesler
    (406) 751-4722

    Ron J. Copher
    (406) 751-7706

    The MIL Network –

  • MIL-OSI: Rumble Announces Timing of First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    LONGBOAT KEY, FL, May 01, 2025 (GLOBE NEWSWIRE) — Rumble Inc. (NASDAQ: RUM) (“Rumble” or the “Company”), the video-sharing platform and cloud services provider, today announced that it will release financial results for the fiscal quarter ended March 31, 2025 after the close of markets on Thursday, May 8, 2025. The Company will host a conference call on the same day at 5:00 p.m. Eastern Time.

    Access to the live webcast and replay of the conference call, along with related earnings release materials, will be available here and on Rumble’s Investor Relations website at investors.rumble.com.

    ABOUT RUMBLE

    Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.

    For investor inquiries, please contact:

    Shannon Devine

    MZ Group, MZ North America

    203-741-8811

    investors@rumble.com

    Source: Rumble Inc.

    The MIL Network –

  • MIL-OSI: Fold To Release First Quarter 2025 Results May 15th

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, May 01, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced that it will hold its earnings conference call and webcast for the first quarter ended March 31, 2025 on Thursday, May 15, 2025 at 5:00 PM Eastern Time. A press release detailing these results will be issued prior to the call on the same day.

    Conference Call Information:
    To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

    • Date: May 15, 2025
    • Time: 5:00 PM EST
    • Participant Call Links:
      • Live Webcast: Link
      • Dial-in Registration Link: Link

    Participants wishing to join the conference call by phone should register using the Dial-in Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN.

    A live and archived webcast of the conference call will be available on the Investors section of Fold’s website at https://investor.foldapp.com.

    About Fold
    Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. With over 1,485 BTC in its treasury, Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App and Fold Card, the company is building the bridge between traditional finance and the bitcoin-powered future.

    For investor and media inquiries, please contact:
    Orange Group
    Samir Jain, CFA
    FoldIR@orangegroupadvisors.com

    The MIL Network –

  • MIL-OSI: Altai Announces Initiation of Strategic Review

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that the Board of Directors (the “Board”) has initiated a strategic review process to identify, evaluate, and pursue a range of potential strategic alternatives with the goal of maximizing shareholder value and liquidity (the “Strategic Review”). As part of the Strategic Review, the potential strategic alternatives could include, amongst other things, either individually or in combination, the sale of part, or all, of the assets of the Company, the sale of the Company, a merger or other business combination with another party, a special cash distribution, a wind-up, or any other strategic transaction.

    Kursat Kacira, Altai’s Chairman & CEO/President and the Company’s largest shareholder, with a combined direct and indirect ownership of 10,726,157 common shares, representing approximately 19.1% of the total issued and outstanding common shares of the Company, will lead the Strategic Review.

    The Company has not established a definitive timeline to complete the Strategic Review, or any transaction, and no decisions have been reached at this time. As such, the process is subject to unknown variables including the costs, structure, terms, timing, and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, as to the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the Company. The Company does not intend to disclose further developments in connection with the Strategic Review until it is determined that disclosure is appropriate or necessary.

    ABOUT ALTAI
    Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash, cash equivalents, and marketable securities. Additional information about Altai is available on SEDAR+ at www.sedarplus.ca and on Altai’s website at www.altairesources.com.

    For further information, please contact:
    Kursat Kacira, Chairman & CEO/President
    T: (647) 282-8324, E: kursatkacira@altairesources.ca

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

    The MIL Network –

  • MIL-OSI: OptimizeRx Releases 2025 Environmental, Social, and Governance (ESG) Report

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., May 01, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, has published its Environmental, Social and Governance (ESG) report for 2025.

    As a company focused on optimizing meaningful engagement opportunities at critical junctures of the healthcare journey, we remain dedicated to aligning our mission with our responsibilities as a corporate citizen.

    “Our stakeholders continue to expect us to transparently disclose our commitment to environmental, social, and governance responsibilities,” stated Marion Odence-Ford, Chief Legal Officer & Chief Human Resources Officer. “During calendar year 2024, we enhanced our disclosures on a wide range of ESG topics. We improved our Institutional Shareholder Services (ISS) ESG rating, moving from the seventh decile to the first decile and earning prime status. We are proud of our achievements and look forward to realizing more progress in the years to come.”

    ESG Report Highlights:

    Governance:

    • The pursuit of responsible governance is a top-down endeavor, and the Company’s Board of Directors and the Nominating & Governance Committee have worked closely with the Executive Team to ensure our business strategies and practices align with our corporate governance policies.
    • Our annual double-materiality survey has identified a clear three-year trend in the topics our stakeholders care about most. These topics are clustered in three main areas:
      • Data Protection: Customer Privacy and Data & Cybersecurity;
      • Ethics and Governance: Business Ethics, Responsible Marketing & Advertising, Corporate Governance, and Anti-Competitive Behavior; and
      • Human Capital: Human Capital & Resources, Labor Practices & Management, and Talent Acquisition & Retention.

    Planet:

    • This year’s ESG Report continues to build on past successes, adding additional detail in the form of a methodology appendix, more comprehensive data on Scope 1 emissions, and reporting on additional individual greenhouse gases.

    People:

    • OptimizeRx continues to believe that impartiality in employment practices is an essential part of our business and is necessary to contribute to a culture of respect. We provide merit-based opportunities to all individuals without regard to age, race, color, national origin, ancestry, citizenship, religion, gender, sexual orientation or gender identity.
    • We prioritize recruiting, retaining, and incentivizing a highly qualified workforce as the success of OptimizeRx is dependent on the skills, experience, and efforts of our employees. We also believe that contributions stemming from each employee’s cultural, economic and social background, experience, and thought are essential in making our Company stronger. Collaboration drawn from a range of perspectives enhances decision-making, sparks innovation, and drives better business outcomes. An inclusive culture boosts employee engagement, attracts top talent, and reduces turnover which furthers long-term success.
    • This year, the Company introduced the SPARK employee recognition program to recognize and celebrate Sustained Excellence, Positive Impact, Accountability, Resilience and Kindness.
    • Another recent initiative includes a Competency Model to clearly define competency levels and expectations for skills, knowledge and experience, and to provide department-specific career progression visuals, to guide each employee’s growth and success.

    Prosperity:

    • We remain vigilant in our quest to turn healthcare challenges into opportunities. Not only do these opportunities present us with new ways to grow and learn, but also to do better for our customers, employees, and the patients we impact, because increasing stakeholder value also drives shareholder value.
    • The Company has seen strong adoption of its Dynamic Audience Activation Platform (DAAP), an AI-enabled platform that delivers predictive and privacy-safe marketing solutions that connects life sciences, HCPs and patients across the most robust network of personal and clinical platforms.
    • The 2024 integration of the consumer-focused solutions of Healthy Offers, Inc. (dba Medicx Health), strengthens our ability to deliver on our mission across expanded stakeholder groups with our increased data and analytics capabilities.

    To read OptimizeRx’s full ESG report, please visit the Company’s governance page on its website or click here.

    About OptimizeRx
    OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

    Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

    Important Cautions Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

    OptimizeRx Contact 
    Andy D’Silva, SVP Corporate Finance   
    adsilva@optimizerx.com   
      
    Investor Relations Contact
    Steven Halper
    LifeSci Advisors, LLC
    shalper@lifesciadvisors.com

    The MIL Network –

  • MIL-OSI: Zoom to Release Financial Results for the First Quarter of Fiscal Year 2026

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM) today announced it will release its financial results for the first quarter of fiscal year 2026 on Wednesday, May 21, 2025, after the market closes.

    A live Zoom Webinar of the event can be accessed at 2:00 pm PT / 5:00 pm ET through Zoom’s investor relations website at https://investors.zoom.com. A replay will be available approximately two hours after the conclusion of the live event.

    About Zoom
    Zoom’s mission is to provide an AI-first work platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Public Relations
    Colleen Rodriguez
    Head of Global PR for Zoom
    press@zoom.us

    Investor Relations
    Charles Eveslage
    Head of Investor Relations for Zoom
    investors@zoom.us

    The MIL Network –

  • MIL-OSI: Draganfly Announces Proposed Public Offering of Common Shares & Warrants

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., May 01, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced it has commenced an underwritten public offering in the United States (the “Offering”). The Offering consists of units of common shares (or pre-funded warrants in lieu thereof) and warrants to purchase common shares and is subject to market conditions.

    Maxim Group LLC is acting as sole book-running manager for the Offering.

    Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

    The Offering is subject to customary closing conditions including the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange and notification to The Nasdaq Stock Market. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or the actual size or terms of the Offering.

    The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

    A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof will be filed with the applicable securities commissions in Canada and with the SEC in the United States and will be available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained, when available, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and the SEC.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact
    media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

    The MIL Network –

  • MIL-OSI: iRhythm Technologies Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue of $158.7 million, a 20.3% increase compared to first quarter 2024
    • Gross margin of 68.8%, a 250-basis point increase compared to first quarter 2024
    • Unrestricted cash, cash equivalents, and marketable securities of $520.6 million as of March 31, 2025
    • Increased fiscal year 2025 guidance for revenue and adjusted EBITDA margin

    Recent Operational Highlights

    • Strong quarterly revenue unit volume driven by momentum from innovative value-based care accounts as well as demand from Zio AT in the United States and record demand in the United Kingdom
    • Expanded global reach with commercial launch of Zio monitor in Japan, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
    • As presented at ACC.25, two large real-world studies in over one million patients revealed that short-term, Holter-duration monitoring frequently misses actionable arrhythmias – 64% of daily-symptom patients with actionable arrhythmias went undetected in the first 48 hours – and that patient-reported symptoms are an unreliable predictor of arrhythmic events1,2
    • AVALON study recently presented at Heart Rhythm Society found that the Zio® long-term continuous monitor (LTCM) associated with higher adjusted odds of arrhythmia detection, fewer repeat tests, and reduced likelihood of cardiovascular events compared to other modalities and LTCM brands in the follow-up year3

    “The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “We’ve seen increasing demand from recently opened accounts while also driving penetration within innovative, value-based care and risk-bearing entities. With our recent commercial launch in Japan, we are now actively driving physician and health system awareness of Zio in six markets outside the U.S., contributing to our milestone of 10 million patient reports posted since iRhythm’s inception. With strong execution across multiple growth levers and additional catalysts on the horizon, we are more excited than ever as we continue to enable the earlier diagnosis of cardiac arrhythmias, opening the potential to reduce costs and deliver meaningful value for patients, our customers, healthcare systems, and shareholders.”

    First Quarter Financial Results
    Revenue for the first quarter of 2025 was $158.7 million, up 20.3% from $131.9 million during the same period in 2024. The increase was driven by growth in demand for Zio services.

    Gross profit for the first quarter of 2025 was $109.2 million, up 24.8% from $87.5 million during the same period in 2024, while gross margin was 68.8%, up from 66.3% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

    Operating expenses for the first quarter of 2025 were $141.8 million, compared to $125.7 million for the same period in 2024. Adjusted operating expenses for the first quarter of 2025 were $140.4 million, compared to $125.7 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of innovation and incremental costs to serve a growing volume of patients globally.

    Net loss for the first quarter of 2025 was $30.7 million, or a diluted loss of $0.97 per share, compared with net loss of $45.7 million, or a diluted loss of $1.47 per share, for the same period in 2024. Adjusted net loss for the first quarter of 2025 was $30.3 million, or a diluted loss of $0.95 per share, compared with an adjusted net loss of $38.1 million, or a diluted loss of $1.23 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

    Unrestricted cash, cash equivalents, and marketable securities were $520.6 million as of March 31, 2025.

    2025 Annual Guidance
    iRhythm projects revenue for the full year 2025 between $690 million to $700 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.5% to 8.5% of revenues.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Reclassifications
    Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Beginning in the first quarter of 2025, we have excluded third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc. Factors we considered in arriving at this determination to exclude these patent litigation costs from our non-GAAP financial measures include frequency and complexity of the patent litigation, the counterparty involved, and the expected magnitude of patent litigation costs for this matter.

    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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    1. Battisti, T, Pinkerton, R, Fokin, V. et al. “Arrhythmias in patietns with daily vs non-daily symptoms undergoing long-term continuous patch ECG monitoring.” JACC. 2025 Apr, 85 (12_Supplement) 221.
    2. Battisti, T, Pinkerton, R, Fokin, V. et al.“Symptom-Rhythm Correlation Patterns in Patients Undergoing Ambulatory ECG Monitoring: Analysis of Over 1 Million Patients.” JACC. 2025 Apr, 85 (12_Supplement) 37.
    3. Russo, Pierantonio et al. “Assessment of Variation in AmbuLatory Cardiac MONitoring: Real-World Evidence of Commercially Insured Beneficiaries.” Heart Rhythm, Volume 22, Issue 4, S547.
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (unaudited)
     
      March 31, 2025   December 31, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 375,278     $ 419,597  
    Marketable securities   145,311       115,956  
    Accounts receivable, net   80,639       79,941  
    Inventory   14,336       14,039  
    Prepaid expenses and other current assets   20,449       16,286  
    Total current assets   636,013       645,819  
    Property and equipment, net   130,850       125,092  
    Operating lease right-of-use assets   46,171       47,564  
    Restricted cash   8,358       8,358  
    Goodwill   862       862  
    Long-term strategic investments   62,745       61,902  
    Other assets   41,099       41,852  
    Total assets $ 926,098     $ 931,449  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 11,946     $ 7,221  
    Accrued liabilities   79,976       84,900  
    Deferred revenue   3,282       2,932  
    Operating lease liabilities, current portion   16,140       15,867  
    Total current liabilities   111,344       110,920  
    Long-term senior convertible notes   647,237       646,443  
    Other noncurrent liabilities   8,727       8,579  
    Operating lease liabilities, noncurrent portion   72,125       74,599  
    Total liabilities   839,433       840,541  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024   —       —  
    Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively   32       31  
    Additional paid-in capital   901,085       874,607  
    Accumulated other comprehensive loss   143       165  
    Accumulated deficit   (789,595 )     (758,895 )
    Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024   (25,000 )     (25,000 )
    Total stockholders’ equity   86,665       90,908  
    Total liabilities and stockholders’ equity $ 926,098     $ 931,449  
                   
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Revenue, net   $ 158,677     $ 131,929  
    Cost of revenue     49,461       44,413  
    Gross profit     109,216       87,516  
    Operating expenses:        
    Research and development     21,519       16,994  
    Acquired in-process research and development     296       —  
    Selling, general and administrative     119,957       108,660  
    Total operating expenses     141,772       125,654  
    Loss from operations     (32,556 )     (38,138 )
    Interest and other income (expense), net:        
    Interest income     4,919       3,057  
    Interest expense     (3,273 )     (2,860 )
    Loss on extinguishment of debt     —       (7,589 )
    Other income (expense), net     875       (105 )
    Total interest and other income (expense), net     2,521       (7,497 )
    Loss before income taxes     (30,035 )     (45,635 )
    Income tax provision     665       32  
    Net loss   $ (30,700 )   $ (45,667 )
    Net loss per common share, basic and diluted   $ (0.97 )   $ (1.47 )
    Weighted-average shares, basic and diluted     31,590       31,033  
                     
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share data)
    (unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Adjusted EBITDA reconciliation*        
    Net loss, as reported1   $ (30,700 )   $ (45,667 )
    Interest expense     3,273       2,860  
    Interest income     (4,919 )     (3,057 )
    Changes in fair value of strategic investments     (843 )     —  
    Income tax provision     665       32  
    Depreciation and amortization     5,210       5,131  
    Stock-based compensation     23,344       20,991  
    Business transformation costs     503       —  
    Intellectual property litigation costs2     832       —  
    Loss on extinguishment of debt     —       7,589  
    Adjusted EBITDA   $ (2,635 )   $ (12,121 )
             
    Adjusted net loss reconciliation*        
    Net loss, as reported1   $ (30,700 )   $ (45,667 )
    Business transformation costs     503       —  
    Intellectual property litigation costs2     832       —  
    Changes in fair value of strategic investments     (843 )     —  
    Loss on extinguishment of debt     —       7,589  
    Tax effect of adjustments3     (91 )     —  
    Adjusted net loss   $ (30,299 )   $ (38,078 )
             
    Adjusted net loss per share reconciliation*        
    Net loss per share, as reported1   $ (0.97 )   $ (1.47 )
    Business transformation costs per share     0.02       —  
    Intellectual property litigation costs per share2     0.03       —  
    Changes in fair value of strategic investments per share     (0.03 )     —  
    Loss on extinguishment of debt per share     —       0.24  
    Tax effect of adjustments per share3     —       —  
    Adjusted net loss per share   $ (0.95 )   $ (1.23 )
    Weighted-average shares, basic and diluted     31,590       31,033  
             
    Adjusted operating expense reconciliation*        
    Operating expense, as reported   $ 141,772     $ 125,654  
    Business transformation costs     (503 )     —  
    Intellectual property litigation costs2     (832 )     —  
    Adjusted operating expense   $ 140,437     $ 125,654  
                     

    *Certain numbers expressed may not sum due to rounding.
    1 Net loss for the three months ended March 31, 2025 includes $0.3 million of acquired in-process research and development expense.
    2 Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
    3 Income tax impact of Non-GAAP adjustments listed.

    The MIL Network –

  • MIL-OSI: Nutanix Announces Date and Conference Call Information for Third Quarter Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced that it will report its financial results for the third quarter of fiscal year 2025, which ended April 30, 2025, after U.S. markets close on Wednesday, May 28, 2025.

    Nutanix will host a conference call and earnings webcast beginning at 4:30 p.m. EDT / 1:30 p.m. PDT on the same day to discuss the company’s financial results. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com.

    An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    About Nutanix
    Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release contains links to external websites that are not part of Nutanix.com. Nutanix does not control these sites and disclaims all responsibility for the content or accuracy of any external site. Our decision to link to an external site should not be considered an endorsement of any content on such a site.

    Investor Contact
    Richard Valera
    ir@nutanix.com 

    The MIL Network –

  • MIL-OSI: Trupanion Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, May 01, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2025.

    “Q1 was a strong start to the year, with performance ahead of plan across key metrics,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “We saw early momentum in both retention and pet acquisition, and with expanded margins in our subscription business, we’re well-positioned to continue to invest in growth.”

    First Quarter 2025 Financial and Business Highlights

    • Total revenue was $342.0 million, an increase of 12% compared to the first quarter of 2024.
    • Total enrolled pets (including pets from our other business segment) was 1,667,637 at March 31, 2025, a decrease of 2% over March 31, 2024.
    • Subscription business revenue was $233.1 million, an increase of 16% compared to the first quarter of 2024.
    • Subscription enrolled pets was 1,052,845 at March 31, 2025, an increase of 5% over March 31, 2024.
    • Net loss was $(1.5) million, or $(0.03) per basic and diluted share, compared to a net loss of $(6.9) million, or $(0.16) per basic and diluted share, in the first quarter of 2024.
    • Adjusted EBITDA was $12.2 million, compared to adjusted EBITDA of $4.8 million in the first quarter of 2024.
    • Operating cash flow was $16.0 million and free cash flow was $14.0 million in the first quarter of 2025. This compared to operating cash flow of $2.4 million and free cash flow of $(0.6) million in the first quarter of 2024.
    • At March 31, 2025, the Company held $321.8 million in cash and short-term investments, including $48.8 million held outside the insurance entities, with an additional $15.0 million available under its credit facility.

    Conference Call
    Trupanion’s management will host a conference call today to review its first quarter 2025 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-866-250-8117 (United States) or 1-412-317-6011 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10197710.

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

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

    In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

    For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

    Non-GAAP Financial Measures
    Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

    Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

    Trupanion, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except share data)
        Three Months Ended March 31,
          2025       2024  
      (unaudited)
    Revenue:        
    Subscription business   $ 233,064     $ 201,134  
    Other business     108,911       104,987  
    Total revenue     341,975       306,121  
    Cost of revenue:        
    Subscription business     189,845       172,132  
    Other business     101,027       97,762  
    Total cost of revenue(1),(2)     290,872       269,894  
    Operating expenses:        
    Technology and development(1)     8,072       6,960  
    General and administrative(1)     19,892       14,673  
    New pet acquisition expense(1)     20,516       16,843  
    Depreciation and amortization     3,791       3,785  
    Total operating expenses     52,271       42,261  
    Loss from investment in joint venture     (305 )     (103 )
    Operating loss     (1,473 )     (6,137 )
    Interest expense     3,211       3,596  
    Other (income), net     (3,240 )     (2,843 )
    Loss before income taxes     (1,444 )     (6,890 )
    Income tax (benefit) expense     39       (38 )
    Net loss   $ (1,483 )   $ (6,852 )
             
    Net loss per share:        
    Basic and diluted   $ (0.03 )   $ (0.16 )
    Weighted average shares of common stock outstanding:        
    Basic and diluted     42,775,955       41,917,094  
             
    (1)Includes stock-based compensation expense as follows:
        Three Months Ended March 31,
          2025       2024  
    Cost of revenue   $ 1,259     $ 1,390  
    Technology and development     1,151       1,254  
    General and administrative     4,528       3,449  
    New pet acquisition expense     2,892       2,059  
    Total stock-based compensation expense   $ 9,830     $ 8,152  
             
    (2)The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
        Three Months Ended March 31,
          2025       2024  
    Veterinary invoice expense   $ 247,450     $ 233,569  
    Other cost of revenue     43,422       36,325  
    Total cost of revenue   $ 290,872     $ 269,894  
    Trupanion, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands, except share data)
      March 31,
    2025    		   December 31,
    2024
      (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 166,308     $ 160,295  
    Short-term investments   155,508       147,089  
    Accounts and other receivables, net of allowance for credit losses of $1,046 at March 31, 2025 and $1,117 at December 31, 2024   290,104       274,031  
    Prepaid expenses and other assets   16,417       15,912  
    Total current assets   628,337       597,327  
    Restricted cash   39,702       39,235  
    Long-term investments   376       373  
    Property, equipment and internal-use software, net   101,938       102,191  
    Intangible assets, net   12,130       13,177  
    Other long-term assets   16,356       17,579  
    Goodwill   38,323       36,971  
    Total assets $ 837,162     $ 806,853  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 9,681     $ 11,532  
    Accrued liabilities and other current liabilities   36,907       33,469  
    Reserve for veterinary invoices   54,042       51,635  
    Deferred revenue   267,357       251,640  
    Long-term debt – current portion   1,350       1,350  
    Total current liabilities   369,337       349,626  
    Long-term debt   127,526       127,537  
    Deferred tax liabilities   1,884       1,946  
    Other liabilities   4,742       4,476  
    Total liabilities   503,489       483,585  
    Stockholders’ equity:      
    Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,804,141 and 42,775,955 issued and outstanding at March 31, 2025; 43,516,631 and 42,488,445 shares issued and outstanding at December 31, 2024   —       —  
    Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding   —       —  
    Additional paid-in capital   578,293       568,302  
    Accumulated other comprehensive loss   (715 )     (2,612 )
    Accumulated deficit   (227,371 )     (225,888 )
    Treasury stock, at cost: 1,028,186 shares at March 31, 2025 and December 31, 2024   (16,534 )     (16,534 )
    Total stockholders’ equity   333,673       323,268  
    Total liabilities and stockholders’ equity $ 837,162     $ 806,853  
    Trupanion, Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
      Three Months Ended March 31,
        2025       2024  
      (unaudited)
    Operating activities      
    Net loss $ (1,483 )   $ (6,852 )
    Adjustments to reconcile net loss to cash provided by operating activities:      
    Depreciation and amortization   3,791       3,785  
    Stock-based compensation expense   9,830       8,152  
    Other, net   349       (202 )
    Changes in operating assets and liabilities:      
    Accounts and other receivables   (15,965 )     (10,718 )
    Prepaid expenses and other assets   (204 )     287  
    Accounts payable, accrued liabilities, and other liabilities   1,527       (5,131 )
    Reserve for veterinary invoices   2,407       (885 )
    Deferred revenue   15,712       13,998  
    Net cash provided by operating activities   15,964       2,434  
    Investing activities      
    Purchases of investment securities   (40,875 )     (19,193 )
    Maturities and sales of investment securities   33,242       19,005  
    Purchases of property, equipment, and internal-use software   (1,928 )     (3,065 )
    Other   588       516  
    Net cash used in investing activities   (8,973 )     (2,737 )
    Financing activities      
    Repayment of debt financing   (338 )     (338 )
    Proceeds from exercise of stock options   1,024       372  
    Shares withheld to satisfy tax withholding   (915 )     (245 )
    Other   (230 )     (75 )
    Net cash used in financing activities   (459 )     (286 )
    Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net   (52 )     (313 )
    Net change in cash, cash equivalents, and restricted cash   6,480       (902 )
    Cash, cash equivalents, and restricted cash at beginning of period   199,530       170,464  
    Cash, cash equivalents, and restricted cash at end of period $ 206,010     $ 169,562  
    The following tables set forth our key operating metrics.
                                   
      Three Months Ended March 31,                        
        2025       2024                          
    Total Business:                              
    Total pets enrolled (at period end)   1,667,637       1,708,017                          
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,052,845       1,006,168                          
    Monthly average revenue per pet $ 77.53     $ 69.79                          
    Average pet acquisition cost (PAC) $ 267     $ 207                          
    Average monthly retention   98.28 %     98.41 %                        
                                   
                                   
      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
    Total Business:                              
    Total pets enrolled (at period end)   1,667,637       1,677,570       1,688,903       1,699,643       1,708,017       1,714,473       1,712,177       1,679,659  
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,052,845       1,041,212       1,032,042       1,020,934       1,006,168       991,426       969,322       943,958  
    Monthly average revenue per pet $ 77.53     $ 76.02     $ 74.27     $ 71.72     $ 69.79     $ 67.07     $ 65.82     $ 64.41  
    Average pet acquisition cost (PAC) $ 267     $ 261     $ 243     $ 231     $ 207     $ 217     $ 212     $ 236  
    Average monthly retention   98.28 %     98.25 %     98.29 %     98.34 %     98.41 %     98.49 %     98.55 %     98.61 %
    The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):
           
      Three Months Ended March 31,
        2025       2024  
    Net cash provided by operating activities $ 15,964     $ 2,434  
    Purchases of property, equipment, and internal-use software   (1,928 )     (3,065 )
    Free cash flow $ 14,036     $ (631 )
    The following tables reflect the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
      Three Months Ended March 31,
        2024       2023  
    Veterinary invoice expense $ 247,450     $ 233,569  
    Less:      
    Stock-based compensation expense(1)   (763 )     (862 )
    Other business cost of paying veterinary invoices(3)   (79,269 )     (81,213 )
    Subscription cost of paying veterinary invoices (non-GAAP) $ 167,418     $ 151,494  
    % of subscription revenue   71.8 %     75.3 %
           
    Other cost of revenue $ 43,422     $ 36,325  
    Less:      
    Stock-based compensation expense(1)   (482 )     (420 )
    Other business variable expenses(3)   (21,736 )     (16,498 )
    Subscription variable expenses (non-GAAP) $ 21,204     $ 19,407  
    % of subscription revenue   9.1 %     9.6 %
           
    Technology and development expense $ 8,072     $ 6,960  
    General and administrative expense   19,892       14,673  
    Less:      
    Stock-based compensation expense(1)   (5,396 )     (4,258 )
    Development expenses(2)   (1,406 )     (1,178 )
    Fixed expenses (non-GAAP) $ 21,162     $ 16,197  
    % of total revenue   6.2 %     5.3 %
           
    New pet acquisition expense $ 20,516     $ 16,843  
    Less:      
    Stock-based compensation expense(1)   (2,873 )     (1,857 )
    Other business pet acquisition expense(3)   (3 )     (13 )
    Subscription acquisition cost (non-GAAP) $ 17,640     $ 14,973  
    % of subscription revenue   7.6 %     7.4 %
           
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
    (2) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    (3) Excluding the portion of stock-based compensation expense attributable to the other business segment.
    The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
      Three Months Ended March 31,
        2025       2024  
    Operating Loss $ (1,473 )   $ (6,138 )
    Non-GAAP expense adjustments      
    Acquisition cost   17,643       14,985  
    Stock-based compensation expense(1)   9,514       7,397  
    Development expenses(2)   1,406       1,179  
    Depreciation and amortization   3,791       3,785  
    Gain (loss) from investment in joint venture   (305 )     (103 )
    Total adjusted operating income (non-GAAP) $ 31,186     $ 21,312  
           
    Subscription Business:      
    Subscription operating income (loss) $ 1,065     $ (4,525 )
    Non-GAAP expense adjustments      
    Acquisition cost   17,640       14,973  
    Stock-based compensation expense(1)   7,772       5,882  
    Development expenses(2)   958       774  
    Depreciation and amortization   2,584       2,487  
    Subscription adjusted operating income (non-GAAP) $ 30,019     $ 19,591  
           
    Other Business:      
    Other business operating loss $ (2,233 )   $ (1,510 )
    Non-GAAP expense adjustments      
    Acquisition cost   3       12  
    Stock-based compensation expense(1)   1,742       1,516  
    Development expenses(2)   448       404  
    Depreciation and amortization   1,207       1,298  
    Other business adjusted operating income (non-GAAP) $ 1,167     $ 1,720  
           
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
    (2) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
                   
      Three Months Ended March 31,
        2025       2024  
    Subscription revenue $ 233,064     $ 201,134  
    Subscription cost of paying veterinary invoices   167,418       151,493  
    Subscription variable expenses   21,204       19,407  
    Subscription fixed expenses*   14,423       10,642  
    Subscription adjusted operating income (non-GAAP) $ 30,019     $ 19,591  
    Other business revenue   108,911       104,987  
    Other business cost of paying veterinary invoices   79,269       81,213  
    Other business variable expenses   21,736       16,498  
    Other business fixed expenses*   6,739       5,555  
    Other business adjusted operating income (non-GAAP) $ 1,167     $ 1,721  
    Revenue   341,975       306,121  
    Cost of paying veterinary invoices   246,687       232,707  
    Variable expenses   42,940       35,905  
    Fixed expenses*   21,162       16,197  
    Total business adjusted operating income (non-GAAP) $ 31,186     $ 21,312  
           
    As a percentage of revenue: Three Months Ended March 31,
        2024       2023  
    Subscription revenue   100.0 %     100.0 %
    Subscription cost of paying veterinary invoices   71.8 %     75.3 %
    Subscription variable expenses   9.1 %     9.6 %
    Subscription fixed expenses*   6.2 %     5.3 %
    Subscription adjusted operating income (non-GAAP)   12.9 %     9.7 %
           
    Other business revenue   100.0 %     100.0 %
    Other business cost of paying veterinary invoices   72.8 %     77.4 %
    Other business variable expenses   20.0 %     15.7 %
    Other business fixed expenses*   6.2 %     5.3 %
    Other business adjusted operating income (non-GAAP)   1.1 %     1.6 %
           
    Revenue   100.0 %     100.0 %
    Cost of paying veterinary invoices   72.1 %     76.0 %
    Variable expenses   12.6 %     11.7 %
    Fixed expenses*   6.2 %     5.3 %
    Total business adjusted operating income (non-GAAP)   9.1 %     7.0 %
           
    *Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

    Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

    Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

    The following tables reflect the reconciliation of adjusted EBITDA to net loss (in thousands):
                                   
      Three Months Ended March 31,                        
        2025       2024                          
    Net loss $ (1,483 )   $ (6,852 )                        
    Excluding:                              
    Stock-based compensation expense   9,514       7,398                          
    Depreciation and amortization expense   3,791       3,785                          
    Interest income   (2,835 )     (3,045 )                        
    Interest expense   3,211       3,596                          
    Income tax expense (benefit)   39       (38 )                        
    Adjusted EBITDA $ 12,237     $ 4,844                          
                                   
      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
    Net (loss) income $ (1,483 )   $ 1,656     $ 1,425     $ (5,862 )   $ (6,852 )   $ (2,163 )   $ (4,036 )   $ (13,714 )
    Excluding:                              
    Stock-based compensation expense   9,514       8,036       8,127       8,381       7,398       6,636       6,585       6,503  
    Depreciation and amortization expense   3,791       3,924       4,381       4,376       3,785       3,029       2,990       3,253  
    Interest income   (2,835 )     (2,999 )     (3,232 )     (3,135 )     (3,045 )     (2,842 )     (2,389 )     (2,051 )
    Interest expense   3,211       3,427       3,820       3,655       3,596       3,697       3,053       2,940  
    Income tax expense (benefit)   39       38       39       (44 )     (38 )     130       (43 )     (238 )
    Goodwill impairment charges   —       5,299       —       —       —       —       —       —  
    Non-recurring transaction or restructuring expenses   —       —       —       —       —       —       8       65  
    (Gain) loss from equity method investment   —       —       (33 )     —       —       —       (110 )     —  
    Adjusted EBITDA $ 12,237     $ 19,381     $ 14,527     $ 7,371     $ 4,844     $ 8,487     $ 6,058     $ (3,242 )
     

    Contacts:

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af9a2ab5-2802-4ca8-8a90-199e1c54b91a

    The MIL Network –

  • MIL-OSI: Trisura Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2025.

    David Clare, President and CEO of Trisura, stated,

    “In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.

    Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.

    Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.”

    Highlights

    • Operating ROE(1) of 18.4% was strong, reflecting profitability from core operations, while ROE(1) was 15.0% in the quarter.
    • BVPS(2) of $17.16 increased 23.5% over Q1 2024 demonstrating consistent expansion in book value.
    • Operating net income(3) was $34.2 million in the quarter, which increased over the prior year as a result of growth in the business. Net income of $29.0 million was lower than Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Operating EPS(1) of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations(4) through continued growth and profitability. EPS of $0.60 in the quarter decreased from Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Combined ratio(1) for the quarter was 82.7%, reflecting a strong underwriting performance across the portfolio.
    • GPW(2) of $711.7 million, decreased by 1.6% compared to Q1 2024, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in our Primary lines(5). Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income(3).
    • Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.
      Q1 2025 Q1 2024 $ variance % variance
    GPW 711,671   723,130   (11,458 ) (1.6% )
    Net insurance revenue(3) 172,711   153,054   19,657   12.8%  
             
    Underwriting income 29,862   29,359   503   1.7%  
    Net investment income 18,197   16,753   1,444   8.6%  
             
    Operating net income 34,170   33,188   982   3.0%  
    Net income 28,990   36,433   (7,443 ) (20.4% )
             
    Loss ratio(1) 31.5%   31.6%   n/a (0.1pts)
    Expense ratio(1) 51.2%   49.2%   n/a 2.0pts
    Combined ratio 82.7%   80.8%   n/a 1.9pts
             
    OEPS – diluted – in dollars 0.70   0.68   0.02   2.9%  
    EPS – diluted – in dollars 0.60   0.75   (0.15 ) (20.0% )
    BVPS – in dollars 17.16   13.89   3.27   23.5%  
    Debt-to-capital ratio(2) 10.7%   10.2%   n/a 0.5pts
    Operating ROE 18.4%   20.0%   n/a (1.6pts)
    ROE 15.0%   15.3%   n/a (0.3pts)

    Insurance Operations

    • Net insurance revenue of $172.7 million, increased by 12.8% compared to Q1 2024, reflecting growth in the business, driven by growth in our Primary Lines.
    • Underwriting income of $29.9 million, increased by 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher Combined ratio.
    • The consolidated Combined ratio was 82.7% for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher Expense ratio but a lower Loss ratio.

    Investments

    • Net investment income rose 8.6% in the quarter compared to Q1 2024. The portfolio benefited from growth in the business.

    Capital

    • The Minimum Capital Test ratio(6) of our regulated Canadian subsidiary was 273% as at March 31, 2025 (276% as at December 31, 2024), which comfortably exceeded regulatory requirements(7) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(8) of the regulated US insurance companies were in excess of the various company action levels of the states in which they are licensed.
    • Consolidated debt-to-capital ratio of 10.7% as at March 31, 2025 is below our long-term target of 20.0%.

    Earnings Conference Call

    Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, May 2nd, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/tzhsg4ir

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Non-IFRS Financial Measures and other Financial Measures

    We report certain financial information using non-IFRS financial measures, non-IFRS ratios and supplementary financial measures that we use to measure and evaluate the performance of our business. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. They are used by management and financial analysts to assess our performance.

    Further, they provide users with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business.

    These metrics are operating performance measures that highlight trends in our core business or are required ratios used to measure compliance with OSFI and other regulatory standards. Our Company also believes that securities analysts, investors and other interested parties use these operating metrics to compare our Company’s performance against others in the specialty insurance industry. Our Company’s management also uses these operating metrics and other financial measures in order to facilitate operating performance comparisons from period to period. Such operating metrics and other financial measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For more information about these supplementary financial measures, Non-IFRS financial measures, and Non-IFRS ratios, including definitions and explanations of how these measures provide useful information, refer to Section 8 – Accounting and Disclosure matters in our Q1 2025 MD&A , which is available on our website at http://www.trisura.com and on SEDAR+ at www.sedarplus.ca.

    Table 1 – Reconciliation of Operating net income to reported Net income and OEPS: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q1 2025 Q1 2024
    Operating net income 34,170   33,188  
    Impact of Exited lines 111   –  
    Loss from run-off program –   (3,714 )
    Impact of movement in yield curve in Net insurance finance income (expenses) (3,569 ) 437  
    Impact of SBC 1,199   (2,923 )
    Net (gains) losses (4,547 ) 10,446  
    Tax impact of above items 1,626   (1,001 )
    Non-operating results, net of tax (5,180 ) 3,245  
    Net income 28,990   36,433  
         
    Operating net income 34,170   33,188  
    Weighted-average number of common shares outstanding – diluted
    (in thousands of shares)    		 48,472   48,456  
    Operating EPS – diluted (in dollars) 0.70   0.68  


    Table 2 – Reconciliation of Insurance service result to Underwriting income – Consolidated

    Financial statements line item 1   2 3   4   5   6   7 MD&A line item
    For the three months ended March 31, 2025
    Insurance revenue 779,606   (601,048 ) – –   –   (5,847 ) –   – 172,711   Net insurance revenue
    Insurance service expenses (585,213 ) 444,725   5,461 (10,649 ) (6,478 ) 5,736   3,569   – (142,849 ) Sum of Net claims ($54,345) and Net expenses ($88,504)
    Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323   – –   –   –   –   – –   n/a
    Insurance service result 38,070   –   5,461 (10,649 ) (6,478 ) (111 ) 3,569   – 29,862   Underwriting income
    For the three months ended March 31, 2024
    Insurance revenue 744,266   (594,773 ) – –   –   –   –   3,561 153,054   Net insurance revenue
    Insurance service expenses (580,940 ) 466,895   5,345 (10,853 ) (3,858 ) –   (437 ) 153 (123,695 ) Sum of Net claims ($48,406) and Net expenses ($75,289)
    Net income (expenses) from reinsurance contracts assets (127,878 ) 127,878   – –   –   –   –   – –   n/a
    Insurance service result 35,448   –   5,345 (10,853 ) (3,858 ) –   (437 ) 3,714 29,359   Underwriting income
    Reconciling items in the table above:
    1 Net of reinsurance impact
    2 Other income
    3 Other operating expenses related to Trisura Specialty and Trisura US Programs
    4 Net insurance finance income (expenses)
    5 Impact of Exited lines
    6 Movement in yield curve in Net insurance finance income (expenses)
    7 Loss from run-off program


    Table 3 – ROE and Operating LTM ROE    : a measure of the Company’s use of equity.

      Q1 2025 Q1 2024
    LTM net income 111,472   89,398  
    LTM average equity 742,056   583,798  
    ROE 15.0%   15.3%  
    Operating LTM net income 136,831   116,819  
    Operating LTM ROE 18.4%   20.0%  


    Table 4 – Reconciliation of Average equity    (9)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q1 2025
    		 Q1 2024
    Average equity 741,016   587,336  
    Adjustments: days in quarter proration 1,040   (3,538 )
    LTM average equity 742,056   583,798  


    Table 5 – Combined ratio – Consolidated:     Combined ratio is used to evaluate underlying profitability relative to Net insurance revenue in a given period.

       Q1 2025 Q1 2024
    Net insurance revenue, as presented in Table 2 172,711   153,054  
    Net claims, as presented in Table 2 (54,345 ) (48,406 )
    Net expenses, as presented in Table 2 (88,504 ) (75,289 )
    Underwriting income 29,862   29,359  
         
    Loss ratio 31.5%   31.6%  
    Expense ratio 51.2%   49.2%  
    Combined ratio 82.7%   80.8%  


    Footnotes

    (1) These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.

    (2) This is a supplementary financial measure. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (3) These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (4) See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (5) Primary lines are lines of insurance business such as Surety, Corporate Insurance, and Warranty.

    (6) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (7) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (8) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (9) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network –

  • MIL-OSI: iRhythm Launches Zio® Long-Term Continuous Monitoring Service in Japan as the Zio® ECG Recording and Analysis System, Advancing AI-Powered Arrhythmia Detection

    Source: GlobeNewswire (MIL-OSI)

    • iRhythm Zio®Long-Term Continuous Monitoring (LTCM) system — commercially introduced in Japan as the Zio®ECG Recording and Analysis System — brings AI-powered, continuous, uninterrupted ECG monitoring for up to 14 days to Japan
    • Launch is timely amid a growing demand for early, accurate detection of arrhythmias in Japan, the second largest ambulatory cardiac monitoring market in the world, where the prevalence is expected to rise alongside an aging population1-3

    SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC) today announced the commercial launch in Japan of its Zio® long-term continuous ECG monitoring (LTCM) system, commercially introduced in this market as the Zio® ECG Recording and Analysis System. The system provides up to 14 days of continuous, uninterrupted ECG monitoring and leverages a deep-learned artificial intelligence (AI) algorithm approved by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) – and represents a significant advancement over other ambulatory cardiac monitoring options in Japan, including commonly used wired Holter monitors, which capture only 24 to 48 hours of data and other patch-based services that monitor only up to 7 days.

    “We are honored to introduce our AI-powered Zio ECG Recording and Analysis System that provides up to 14 days of continuous, uninterrupted cardiac monitoring to Japan, where we see a meaningful opportunity to help advance arrhythmia detection,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Together with our trusted distribution partner, Senko Medical Instrument, we are committed to expanding access to advanced cardiac monitoring that supports clinical excellence and aligns with Japan’s dedication to high-quality, patient-centered care.”

    Advancing Arrhythmia Detection in Japan

    The Zio ECG Recording and Analysis System consists of a prescription-only, patch-based ECG monitoring device (Zio monitor, iRhythm’s latest-generation ECG patch), worn for up to 14 days, and the ZEUS (Zio ECG Utilization Software) system.

    The unique attributes of the Zio ECG Recording and Analysis System offer meaningful advantages for patients and clinicians:

    Zio monitor (Patch ECG Device): Improving Patient Monitoring Experience

    • The latest-generation patch ECG is thinner, lighter, and smaller—designed for comfortable, discreet wear, ease of use,4 and patient satisfaction5,6
    • Enables up to 14 days of continuous, uninterrupted ECG monitoring
    • Demonstrates 99% patient compliance with prescribed wear time6-8 and 99% analyzable data, delivering high-quality, actionable data6,10,11

    Zio Service (End-to-End Monitoring System): Combining Advanced AI with Human Expertise

    • PMDA-approved, deep-learned AI algorithm detects 13 arrhythmia types, as well as sinus rhythm and artifact, and is clinically proven to perform at the level of cardiologists11-14
    • End-of-wear reports are reviewed and validated by certified cardiographic technicians (CCTs), with 99% physician agreement6,8
    • Zio ECG Recording and Analysis System is associated with the highest diagnostic yield and lowest likelihood of retesting compared to other monitoring services, including other LTCMs and 24- to 48-hour duration Holter monitoring services6,8,15-20
    • In clinical settings, the Zio LTCM service may help reduce misinterpretation of ECG data and improve clinical efficiency12

    Zio® monitor by iRhythm Technologies,
    part of the Zio®ECG Recording and Analysis System

    “The Zio service represents a new step forward in how we monitor for arrhythmias in Japan,” said Dr. Kohei Yamashiro, Vice President and Director of the Heart Rhythm Center at Takatsuki General Hospital (Osaka Prefecture), the first hospital in Japan to introduce the Zio ECG Recording and Analysis System. “Its ease of use, extended monitoring period, and clear reporting provide important benefits for both patients and clinicians.”

    Clinically Proven Performance

    The clinical value of the Zio LTCM service has been demonstrated in a robust, growing body of clinical evidence. The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, published in the American Heart Journal, found that Zio LTCM service was associated with the highest yield of specified arrhythmia diagnosis and the lowest likelihood of repeat testing compared to all other monitoring services.

    iRhythm’s comprehensive clinical evidence, encompassing more than 125 original research manuscripts21 and insights derived from over 2 billion hours of curated heartbeat data9 and more than 10 million patient reports posted since the company’s inception, underscore the company’s ongoing commitment to expanding evidence that supports improved patient outcomes.

    “The Zio long-term continuous monitoring service offers a clinically validated approach to arrhythmia detection by combining advanced AI with expert clinical review to support accurate and timely diagnoses,” said Dr. Mintu Turakhia, iRhythm Chief Medical Officer, Chief Scientific Officer, and EVP of Product Innovation. “As the need for effective long-term monitoring grows, we believe the introduction of Zio LTCM in Japan presents an opportunity to enhance patient care and support evolving clinical needs in cardiac monitoring—an impact also recognized by the Japanese Heart Rhythm Society.”

    Cardiac Arrhythmias and Prevalence in Japan

    A cardiac arrhythmia is a condition in which the heart beats too quickly, too slowly, or irregularly due to abnormal electrical impulses. If undetected and untreated, some arrhythmias can damage the heart, brain, or other organs and lead to an increased risk of stroke and death.22-24

    These potential complications make accurate, timely arrhythmia detection and diagnosis critical to improving patient outcomes and quality of life.

    The prevalence of cardiac arrhythmias continues to rise globally, and Japan is the second largest ambulatory cardiac monitoring market in the world with an estimated 1.6 million tests prescribed annually. This number is expected to continue to increase based on stroke and cardiovascular disease burden in Japan’s aging population.1-3

    Availability in Japan
    Zio® ECG Recording and Analysis System will be available to healthcare customers beginning May 2025, with nationwide availability anticipated by July 2025, through Senko Medical Instrument, iRhythm’s exclusive distribution partner in Japan.

    Outside of Japan, iRhythm offers its Zio® portfolio of cardiac monitoring solutions in Austria, the Netherlands, Spain, Switzerland, the United States, and the UK – and remains dedicated to bringing access to its advanced cardiac monitoring to even more patients, clinicians and healthcare systems around the world.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm and the Zio® LTCM service in Japan, please visit irhythmtech.com/jp/ja. For additional information about iRhythm, please visit its corporate website at irhythmtech.com.

    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, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance.  In particular, these include statements regarding the Japanese market opportunity, our ability to penetrate the Japanese market, and expansion of patient access to our products and services in Japan. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements. 

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    —-
    Footnotes

    1. Irie S, Tada H. The Relationship between Holter Electrocardiography and Atrial Fibrillation Diagnosis Using Real-World Data in Japan. Int Heart J. 2023;64(2):178-187.
    2. Matsuda S. Health Policy in Japan – Current Situation and Future Challenges. JMA Journal, 2019.
    3. Annual Pharmaceutical Production Statistics, Ministry of Health, Labour, and Welfare (“MHLW”).
    4. Data on file. iRhythm Technologies, 2023.
    5. Zio monitor Instructions for Use. iRhythm Technologies, 2023.
    6. Based on US data.
    7. Data on file. iRhythm Technologies, 2022.
    8. Zio service provides continuous, uninterrupted recording and a comprehensive end-of-wear report.
    9. Data on file. iRhythm Technologies, 2024.
    10. Analyzable time is based off median values for a 14-day prescription
    11. Data on file. iRhythm Technologies, 2020.
    12. Hannun et al. Cardiologist-level arrhythmia detection and classification in ambulatory electrocardiograms using a deep neural network. Nat Med. 2019;25:65-69. https://doi.org/10.1038/s41591-018-0268-3
    13. Deep learned algorithm is only available in the United States, European Union, Switzerland, United Kingdom, and Japan.
    14. FDA 510K clearance, CE mark, UKCA mark, and PMDA-approval.
    15. Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. https://doi.org/10.1016/j.ahj.2023.12.002
    16. Diagnostic yield was assessed based upon the evaluation of specified arrhythmias, which refer to an arrhythmia encounter diagnosis as per Hierarchical Condition Categories (HCC) 96.
    17. Based on previous generation Zio XT device data. Zio monitor utilizes the same operating principles and ECG algorithm. Additional data on file.
    18. Zio LTCM service refers to Zio XT and Zio monitor service.
    19. Contraindications: Do not use the Zio monitor for critical care patients or for patients with symptomatic episodes where instance variations in cardiac performance could result in immediate danger to the patients or when real-time or in-patient monitoring should be prescribed. (Refer to the Zio monitor Instructions for Use for the full list of contraindications)
    20. Zio monitor and ZEUS are Japan PMDA approved.
    21. Data on file. iRhythm Technologies, 2025.
    22. Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology. 2013;112(8):1263-1270. doi:10.1016/j.amjcard.2013.05.065
    23. Lin et al. Long-term outcome of non-sustained ventricular tachycardia in structurally normal hearts. PLOS ONE. 2016;11(8). doi:10.1371/journal.pone.0160181
    24. Wolf et al. Atrial fibrillation as an independent risk factor for stroke: The Framingham Study. Stroke. 1991;22(8):983-988. doi:10.1161/01.str.22.8.983

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffe8ed2-1063-4455-8784-d0278fd46373

    The MIL Network –

  • MIL-OSI: Codere Online Files 2023 Annual Report on Form 20-F and to Release Q1-25 Earnings on May 16th

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg, Grand Duchy of Luxembourg, May 1, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has filed with the U.S. Securities and Exchange Commission (“SEC”) its annual report on form 20-F for the year ended December 31, 2023 (the “2023 20-F”) within the extension period granted by the Nasdaq Hearings Panel.

    Following this positive development, the Company expects to release its first quarter 2025 results prior to 8:30AM US Eastern Time on May 16, 2025. At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.

    The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible in the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.

    A copy of the 2023 20-F is available in the SEC Filings section of the Company’s website: www.codereonline.com/financials-and-filings.

    In order to minimize the environmental impact of its annual report by reducing paper consumption, the Company encourages its shareholders to read it in digital format. However, Company shareholders willing to receive a hard copy of this document, which contains the Company’s audited financial statements, may do so, free of charge, upon request addressed to ir@codereonline.com.

    About Codere Online

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    Forward-Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s statements related to the Company’s ability to regain compliance with the Rule.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Reports First Quarter 2025 Results and Declares Increase in Regular Quarterly Dividend to $0.32 per Share and New Share Repurchase Authorization of $125 Million

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., May 01, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its first quarter ended March 31, 2025.

    Financial Highlights:
    (All comparisons vs. the first quarter of 2024).

    • Net income per diluted share decreased by 53%, from $1.11 to $0.52;
    • Adjusted net income per diluted share increased 30%, from $0.67 to $0.87;
    • Gross premiums written increased 1%, from $210.9 million to $212.1 million;
    • Net premiums earned decreased 1%, from $184.9 million to $183.0 million;
    • Underwriting expense ratio improved from 25.0% to 23.4%;
    • Net investment income increased 20%, from $26.8 million to $32.1 million;
    • Record number of ending policies in-force of 133,121, a 4% increase; and
    • Returned $27.5 million to stockholders through a combination of share repurchases and regular quarterly dividends.

    Management Commentary

    Chief Executive Officer Katherine Antonello commented: “First quarter net premiums earned were flat compared to 2024, driven by higher renewal premiums offset by lower new business and a reduction in audit premiums. Rate increases and underwriting actions taken to maintain our underwriting profitability targets in certain states impacted new business premiums, while final audit premiums decreased in-line with the moderation of employment and wage growth. We have identified several refinements in our underwriting and pricing approach that we believe will allow us to maintain our underwriting discipline but also return to moderate new business growth. Our appetite expansion effort continues to identify areas of profitable growth, and our success has given us the confidence to accelerate this effort. We again ended the period with another record number of policies in-force, which were up 4% year-over-year.

    We recorded our current accident year loss and LAE ratio on voluntary business at 66.0%, slightly above the 64.0% we maintained throughout 2024. As was the case in the first quarter of 2024, a full actuarial study was not performed, and the amount of indicated net prior year loss reserve development was consistent with our expectations. We will evaluate our prior year reserves in more detail at mid-year when we routinely perform a full reserve study.

    Our commission expense ratio was 12.6%, versus 13.6% a year ago. We continue to see improvement in our underwriting expense ratio, which decreased to 23.4%, from 25.0% a year ago.

    Our net investment income was $32.1 million, up 20% from a year ago. The increase was primarily due to returns from our investments in limited partnerships.

    Lastly, we raised our regular quarterly dividend to $0.32 per share, an increase of 7%, and announced a new $125.0 million share repurchase plan after exhausting the former plan prior to its scheduled expiration. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

    Summary of First Quarter 2025 Results

    (All comparisons vs. the first quarter of 2024, unless otherwise noted).

    Gross premiums written were $212.1 million, an increase of 1%. The increase was due to strong retention in renewal business writings partially offset by a decline in new business writings and lower final audit premiums. Net premiums earned were $183.0 million, a decrease of 1%.

    Losses and loss adjustment expenses were $120.7 million, an increase of 4%. The increase was primarily due to a higher current accident year loss and loss adjustment expense estimate. The Company’s loss and loss adjustment expense ratio was 66.0% (66.8% excluding LPT), versus 63.0% (64.1% excluding LPT).

    Commission expense was $23.0 million, a decrease of 8%. The Company’s commission expense ratio was 12.6%, versus 13.6% a year ago. The decrease was primarily due to a release of commissions payable associated with non-performing policies sent to collections.

    Underwriting expenses were $42.9 million, a decrease of 7%. The Company’s underwriting expense ratio was 23.4%, versus 25.0% a year ago. The decrease primarily related to lower bad debt expense and compensation-related expenses.

    Net investment income was $32.1 million, an increase of 20%. The increase was primarily due to returns from our investments in private equity limited partnerships, along with higher book yields on our fixed maturity securities.

    Net realized and unrealized (losses) gains on investments reflected on the income statement were $(12.8) million, versus $11.4 million.

    Income tax expense was $3.1 million (19.5% effective rate), versus $7.0 million (19.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

    The Company’s book value per share including the deferred gain of $48.25 increased 12.3% year-over-year and 2.5% during the first quarter of 2025, computed after considering dividends declared. During the first quarter this measure was favorably impacted by $21.1 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) partially offset by $9.2 million of net after tax unrealized losses arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share of $50.75 increased by 8.5% year-over-year and 1.0% during the first quarter of 2025, computed after considering dividends declared.

    Second Quarter 2025 Dividend Declaration

    On April 30, 2025, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.32. The dividend is payable on May 28, 2025 to stockholders of record as of May 14, 2025.

    Stock Repurchases and New Stock Repurchase Authorization

    During the first quarter of 2025, the Company repurchased 406,101 shares of its common stock at an average price of $49.69 per share. During the period from April 1, 2025 through April 29, 2025, the Company repurchased a further 170,000 shares of its common stock at an average price of $48.35 per share.

    On April 30, 2025, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 6, 2025 through December 31, 2026. The new program replaces a similar program that was scheduled to expire on July 31, 2025, but its repurchase authorization has been exhausted.

    Earnings Conference Call and Webcast

    The Company will host a conference call on Friday, May 2, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

    To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

    The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

    Reconciliation of Non-GAAP Financial Measures to GAAP

    The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

    Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Filings with the SEC

    The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

    About Employers Holdings, Inc.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact Information

    Michael Pedraja (775) 327-2706 or mpedraja@employers.com

         
    EMPLOYERS HOLDINGS, INC.
    Table of Contents
         
    Page    
         
    1   Consolidated Financial Highlights
         
    2   Summary Consolidated Balance Sheets
         
    3   Summary Consolidated Income Statements
         
    4   Return on Equity
         
    5   Combined Ratios
         
    6   Roll-forward of Unpaid Losses and LAE
         
    7   Consolidated Investment Portfolio
         
    8   Book Value Per Share
         
    9   Earnings Per Share
         
    10   Non-GAAP Financial Measures
         
       
    EMPLOYERS HOLDINGS, INC.
    Consolidated Financial Highlights (unaudited)
    $ in millions, except per share amounts
       
      Three Months Ended
      March 31,
        2025       2024     % change
    Selected financial highlights:          
    Gross premiums written $ 212.1     $ 210.9     1 %
    Net premiums written   210.3       209.1     1  
    Net premiums earned   183.0       184.9     (1 )
    Net investment income   32.1       26.8     20  
    Net income excluding LPT(1)   11.2       26.2     (57 )
    Adjusted net income(1)   21.3       17.2     24  
    Net Income before income taxes   15.9       35.3     (55 )
    Net Income   12.8       28.3     (55 )
    Comprehensive income   34.6       17.4     99  
    Total assets   3,556.9       3,562.8     —  
    Stockholders’ equity   1,075.7       1,018.9     6  
    Stockholders’ equity including the Deferred Gain(2)   1,168.1       1,116.1     5  
    Adjusted stockholders’ equity(2)   1,228.8       1,213.0     1  
    Annualized adjusted return on stockholders’ equity(3)   6.9 %     5.7 %   21 %
    Amounts per share:          
    Cash dividends declared per share $ 0.30     $ 0.28     7 %
    Earnings per diluted share(4)   0.52       1.11     (53 )
    Earnings per diluted share excluding LPT(4)   0.46       1.03     (55 )
    Adjusted earnings per diluted share(4)   0.87       0.67     30  
    Book value per share(2)   44.43       40.20     11  
    Book value per share including the Deferred Gain(2)   48.25       44.04     10  
    Adjusted book value per share(2)   50.75       47.86     6  
    Combined ratio excluding LPT:(5):          
    Loss and loss adjustment expense ratio:          
    Current Year   66.1 %     64.2 %    
    Prior Year   0.7       (0.1 )    
    Loss and loss adjustment expense ratio   66.8 %     64.1 %    
    Commission expense ratio   12.6 %     13.6 %    
    Underwriting expense ratio   23.4 %     25.0 %    
    Combined ratio excluding LPT   102.8 %     102.7 %    
    (1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
             
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Balance Sheets (unaudited)
    $ in millions, except per share amounts
             
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Investments, cash and cash equivalents   $ 2,537.6     $ 2,532.4  
    Accrued investment income     14.6       15.7  
    Premiums receivable, net     377.0       361.3  
    Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE     412.9       417.8  
    Deferred policy acquisition costs     63.8       59.6  
    Deferred income tax asset, net     35.0       38.3  
    Other assets     116.0       116.2  
    Total assets   $ 3,556.9     $ 3,541.3  
             
    LIABILITIES        
    Unpaid losses and LAE   $ 1,792.6     $ 1,808.2  
    Unearned premiums     428.0       402.2  
    Commissions and premium taxes payable     60.3       65.8  
    Deferred Gain     92.4       94.0  
    Other liabilities     107.9       102.4  
    Total liabilities   $ 2,481.2     $ 2,472.6  
             
    STOCKHOLDERS’ EQUITY        
    Common stock and additional paid-in capital   $ 424.7     $ 424.8  
    Retained earnings     1,478.5       1,472.9  
    Accumulated other comprehensive loss     (60.7 )     (82.5 )
    Treasury stock, at cost     (766.8 )     (746.5 )
    Total stockholders’ equity     1,075.7       1,068.7  
    Total liabilities and stockholders’ equity   $ 3,556.9     $ 3,541.3  
             
    Stockholders’ equity including the Deferred Gain (1)   $ 1,168.1     $ 1,162.7  
    Adjusted stockholders’ equity (1)     1,228.8       1,245.2  
    Book value per share (1)   $ 44.43     $ 43.52  
    Book value per share including the Deferred Gain(1)     48.25       47.35  
    Adjusted book value per share (1)     50.75       50.71  
    (1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Income Statements (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025       2024  
    Revenues:  
    Net premiums earned $ 183.0     $ 184.9  
    Net investment income   32.1       26.8  
    Net realized and unrealized (losses) gains on investments(1)   (12.8 )     11.4  
    Other income   0.3       —  
    Total revenues   202.6       223.1  
    Expenses:      
    Losses and LAE incurred   (120.7 )     (116.5 )
    Commission expense   (23.0 )     (25.1 )
    Underwriting expenses   (42.9 )     (46.2 )
    Interest and financing expenses   (0.1 )     —  
    Total expenses   (186.7 )     (187.8 )
    Net income before income taxes   15.9       35.3  
    Income tax expense   (3.1 )     (7.0 )
    Net Income   12.8       28.3  
    Unrealized AFS investment gains (losses) arising during the period, net of tax(2)   21.1       (11.6 )
    Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)   0.7       0.7  
    Total comprehensive income $ 34.6     $ 17.4  
    Net Income $ 12.8     $ 28.3  
    Amortization of the Deferred Gain – losses   (1.6 )     (1.5 )
    Amortization of the Deferred Gain – contingent commission   —       (0.4 )
    LPT contingent commission adjustments   —       (0.2 )
    Net income excluding LPT Agreement (3)   11.2       26.2  
    Net realized and unrealized losses (gains) on investments   12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income   (2.7 )     2.4  
    Adjusted net income $ 21.3     $ 17.2  
    (1) Includes unrealized (losses) gains on equity securities and other investments of $(11.7) million and $12.7 million for the three months ended March 31, 2025 and 2024, respectively.
    (2) AFS = Available for Sale securities.
    (3) See Page 10 regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Return on Equity (unaudited)
    $ in millions
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) B   21.3       17.2  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Stockholders’ equity – beginning of period     1,068.7       1,013.9  
    Average stockholders’ equity C   1,072.2       1,016.4  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Deferred Gain – end of period     92.4       97.2  
    Accumulated other comprehensive loss – end of period     76.8       122.6  
    Income taxes related to accumulated other comprehensive loss – end of period     (16.1 )     (25.7 )
    Adjusted stockholders’ equity – end of period     1,228.8       1,213.0  
    Adjusted stockholders’ equity – beginning of period     1,245.2       1,199.1  
    Average adjusted stockholders’ equity (1) D   1,237.0       1,206.1  
             
    Return on stockholders’ equity A / C   1.2 %     2.8 %
    Annualized return on stockholders’ equity     4.8       11.1  
             
    Adjusted return on stockholders’ equity (1) B / D   1.7 %     1.4 %
    Annualized adjusted return on stockholders’ equity (1)     6.9       5.7  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Combined Ratios (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net premiums earned A $ 183.0     $ 184.9  
    Losses and LAE incurred B   120.7       116.5  
    Amortization of deferred reinsurance gain – losses     1.6       1.5  
    Amortization of deferred reinsurance gain – contingent commission     —       0.4  
    LPT contingent commission adjustments     —       0.2  
    Losses and LAE excluding LPT(1) C   122.3       118.6  
    Prior year loss reserve development     1.3       (0.1 )
    Losses and LAE excluding LPT – current accident year D $ 121.0     $ 118.7  
    Commission expense E $ 23.0     $ 25.1  
    Underwriting expenses F $ 42.9     $ 46.2  
    GAAP combined ratio:        
    Loss and LAE ratio B/A   66.0 %     63.0 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    GAAP combined ratio     102.0 %     101.6 %
    Combined ratio excluding LPT:(1)        
    Loss and LAE ratio excluding LPT C/A   66.8 %     64.1 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT     102.8 %     102.7 %
    Combined ratio excluding LPT: current accident year:(1)        
    Loss and LAE ratio excluding LPT D/A   66.1 %     64.2 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT: current accident year     102.1 %     102.8 %
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Roll-forward of Unpaid Losses and LAE (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025     2024  
       
    Unpaid losses and LAE at beginning of period $ 1,808.2   $ 1,884.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   412.4     428.4  
    Net unpaid losses and LAE at beginning of period   1,395.8     1,456.1  
    Losses and LAE incurred:      
    Current year losses   121.0     118.7  
    Prior year losses   1.3     (0.1 )
    Total losses incurred   122.3     118.6  
    Losses and LAE paid:      
    Current year losses   8.0     6.8  
    Prior year losses   124.6     117.4  
    Total paid losses   132.6     124.2  
    Net unpaid losses and LAE at end of period   1,385.5     1,450.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   407.1     424.0  
    Unpaid losses and LAE at end of period $ 1,792.6   $ 1,874.5  
                 

    Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.6 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.

     
    EMPLOYERS HOLDINGS, INC.
    Consolidated Investment Portfolio (unaudited)
    $ in millions
             
        March 31, 2025   December 31, 2024
    Investment Positions:   Cost or Amortized
    Cost (1)    		   Net Unrealized Gain (Loss)   Fair Value   %   Fair Value   %
    Fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   82 %   $ 2,097.4   83 %
    Equity securities     151.4     102.7       254.2   10       259.8   10  
    Short-term investments     —     —       —   —       0.1   —  
    Other invested assets     85.0     10.4       95.4   4       106.6   4  
    Cash and cash equivalents     100.4     —       100.4   4       68.3   3  
    Restricted cash and cash equivalents     0.2     —       0.2   —       0.2   —  
    Total investments and cash   $ 2,502.7   $ 36.2     $ 2,537.6   100 %   $ 2,532.4   100 %
                             
    Breakout of Fixed Maturity Securities:                        
    U.S. Treasuries and agencies   $ 68.0   $ (0.9 )   $ 67.1   3 %   $ 59.3   3 %
    States and municipalities     161.3     (1.6 )     159.7   8       159.3   8  
    Corporate securities     821.8     (33.6 )     788.0   38       803.0   38  
    Mortgage-backed securities     727.1     (36.8 )     689.9   33       684.9   33  
    Asset-backed securities     212.3     —       212.3   10       214.0   10  
    Collateralized loan obligations     26.4     (0.2 )     26.2   1       35.3   2  
    Bank loans and other     148.8     (3.8 )     144.2   7       141.6   7  
    Total fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   100 %   $ 2,097.4   100 %
    Weighted average book yield     4.5%       4.5%
    Average credit quality (S&P)     A+       A+
    Duration     4.3       4.5
    (1) Amortized cost excludes allowance for current expected credit losses of $1.4 million.
       
                     
    EMPLOYERS HOLDINGS, INC.
    Book Value Per Share (unaudited)
    $ in millions, except per share amounts
                     
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   December 31, 2023
    Numerators:                
    Stockholders’ equity A $ 1,075.7     $ 1,068.7     $ 1,018.9     $ 1,013.9  
    Plus: Deferred Gain     92.4       94.0       97.2       99.2  
    Stockholders’ equity including the Deferred Gain (1) B   1,168.1       1,162.7       1,116.1       1,113.1  
    Accumulated other comprehensive loss     76.8       104.5       122.6       108.9  
    Income taxes related to accumulated other comprehensive loss     (16.1 )     (22.0 )     (25.7 )     (22.9 )
    Adjusted stockholders’ equity (1) C $ 1,228.8     $ 1,245.2     $ 1,213.0     $ 1,199.1  
                     
    Denominator (shares outstanding) D   24,210,602       24,556,706       25,343,504       25,369,753  
                     
    Book value per share (1) A / D $ 44.43     $ 43.52     $ 40.20     $ 39.96  
    Book value per share including the Deferred Gain(1) B / D   48.25       47.35       44.04       43.88  
    Adjusted book value per share (1) C / D   50.75       50.71       47.86       47.26  
                     
    Year-over-year change in: (2)                
    Book value per share     13.5 %     11.9 %     14.5 %     18.1 %
    Book value per share including the Deferred Gain     12.3       10.6       13.1       16.3  
    Adjusted book value per share     8.5       9.8       10.8       10.5  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.20, $1.18, $1.12 and $1.10 for the twelve month periods ended March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
       
         
    EMPLOYERS HOLDINGS, INC.
    Earnings Per Share (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
    Numerators:        
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net income excluding LPT (1) B   11.2       26.2  
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) C $ 21.3     $ 17.2  
             
    Denominators:        
    Average common shares outstanding (basic) D   24,398,610       25,345,942  
    Average common shares outstanding (diluted) E   24,606,572       25,535,971  
             
    Earnings per share:        
    Basic A / D $ 0.52     $ 1.12  
    Diluted A / E   0.52       1.11  
             
    Earnings per share excluding LPT: (1)        
    Basic B / D $ 0.46     $ 1.03  
    Diluted B / E   0.46       1.03  
             
    Adjusted earnings per share: (1)        
    Basic C / D $ 0.87     $ 0.68  
    Diluted C / E   0.87       0.67  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       

    Non-GAAP Financial Measures

    Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

    Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

    Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

    Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

    Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

    Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

    Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

    Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

    The MIL Network –

  • MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

    • Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
    • Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
    • Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
    • Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
    • Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
    • Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.
    Earnings Highlights Three Months Ended
    ($ in thousands, except per share & ratios) Mar. 2025 Mar. 2024 % Change
    Operating revenue $ 15,386   $ 13,131   17.2 %
    Interest income   17,372     15,300   13.5 %
    Interest expense   6,093     6,120   -0.4 %
    Net interest income   11,279     9,180   22.9 %
    Provision for credit losses   387     –   N/M
    Noninterest income   4,107     3,951   3.9 %
    Noninterest expense   12,410     10,282   20.7 %
    Net income   2,158     2,368   -8.9 %
    Merger adjusted Earnings per diluted share   0.42     0.33   27.3 %
    Earnings per diluted share   0.33     0.35   -5.7 %
    Merger adjusted Return on Avg. Assets   0.76 %   0.67%   13.4 %
    Return on average assets   0.60 %   0.71%   -15.5 %
    Merger adjusted Return on Avg. Equity   8.35 %   7.26%   15.0 %
    Return on average equity   6.63 %   7.72%   -14.1 %

    “Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

    Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

    RESULTS OF OPERATIONS

    Consolidated Revenue

    In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

    Mortgage Loan Business

    Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.

                 
    Mortgage Banking            
    ($ in thousands) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Mortgage originations $ 39,775   $ 72,534   $ 70,715   $ 75,110   $ 42,912   $ (3,137 )
    Mortgage sales   39,279     62,301     61,271     55,835     36,623     2,656  
    Mortgage servicing portfolio   1,432,184     1,427,318     1,406,273     1,389,805     1,371,713     60,471  
    Mortgage servicing rights   14,965     14,868     14,357     14,548     14,191     774  
                 
                 
    Revenue            
    Loan servicing fees   894     886     874     862     855     39  
    OMSR amortization   (294 )   (358 )   (370 )   (335 )   (273 )   (21 )
    Net administrative fees   600     528     504     527     582     18  
    OMSR valuation adjustment   11     288     (465 )   38     181     (170 )
    Net loan servicing fees   611     816     39     565     763     (152 )
    Gain on sale of mortgages   849     1,196     1,311     1,277     781     68  
    Mortgage banking revenue, net $ 1,460   $ 2,012   $ 1,350   $ 1,842   $ 1,544   $ (84 )
                 

    Noninterest Income and Noninterest Expense

    “Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.

                   
    Noninterest Income/Noninterest Expense          
    ($ in thousands, except ratios)   Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Noninterest Income (NII)   $ 4,107   $ 4,557   $ 4,123   $ 4,386   $ 3,951   $ 156  
    NII / Total Revenue     26.7%     29.5%     28.8%     31.5%     30.1%     -3.4%  
    NII / Average Assets     1.1%     1.3%     1.2%     1.3%     1.2%     -0.1%  
    Total Revenue Growth     17.2%     2.2%     4.5%     -0.6%     -6.1%     23.3%  
                                           
    Noninterest Expense (NIE)   $ 12,410   $ 11,003   $ 11,003   $ 10,671   $ 10,282   $ 2,128  
    Efficiency Ratio     80.0%     71.1%     76.8%     75.9%     78.2%     1.8%  
    NIE / Average Assets     3.4%     3.2%     3.2%     3.2%     3.1%     0.3%  
    Net Noninterest Expense/Avg. Assets   -2.3%     -1.9%     -2.0%     -1.9%     -1.9%     -0.4%  
    Total Expense Growth     20.7%     6.1%     5.0%     3.2%     -4.6%     25.3%  

    Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

    “Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

    Balance Sheet

    As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

    Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

    During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

    “As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”

                 
    Loan Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Commercial $ 125,878   $ 124,764   $ 123,821   $ 123,287   $ 120,016   $ 5,862  
    % of Total   11.6%     11.9%     12.0%     12.3%     12.1%     4.9%  
    Commercial RE   509,518     479,573     459,449     434,967     429,362     80,156  
    % of Total   46.8%     45.8%     44.6%     43.3%     43.3%     18.7%  
    Agriculture   61,443     64,680     64,887     64,329     62,365     (922 )
    % of Total   5.6%     6.2%     6.3%     6.4%     6.3%     -1.5%  
    Residential RE   319,307     308,378     314,010     316,233     314,668     4,639  
    % of Total   29.3%     29.5%     30.5%     31.5%     31.7%     1.5%  
    Consumer & Other   72,128     69,340     67,788     66,574     65,141     6,987  
    % of Total   6.6%     6.6%     6.6%     6.6%     6.6%     10.7%  
    Total Loans $ 1,088,274   $ 1,046,735   $ 1,029,955   $ 1,005,390   $ 991,552   $ 96,722  
    Total Growth Percentage                 9.8%  
                 
                 
    Deposit Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Non-Int DDA $ 240,446   $ 232,155   $ 222,425   $ 208,244   $ 219,395   $ 21,051  
    % of Total   18.9%     20.1%     19.2%     18.7%     19.7%     9.6%  
    Interest DDA   208,583     201,085     202,097     190,857     169,171     39,412  
    % of Total   16.4%     17.4%     17.4%     17.1%     15.2%     23.3%  
    Savings   285,902     237,987     241,761     231,855     244,157     41,745  
    % of Total   22.5%     20.6%     20.8%     20.8%     21.9%     17.1%  
    Money Market   257,013     222,161     228,182     225,650     221,362     35,651  
    % of Total   20.2%     19.3%     19.7%     20.2%     19.9%     16.1%  
    Time Deposits   279,276     259,217     265,068     258,582     258,257     21,019  
    % of Total   22.0%     22.5%     22.9%     23.2%     23.2%     8.1%  
    Total Deposits $ 1,271,220   $ 1,152,605   $ 1,159,533   $ 1,115,188   $ 1,112,342   $ 158,878  
    Total Growth Percentage                 14.3%  
                 

    Asset Quality

    As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

    The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

    “Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”

                 
    Nonperforming Assets                
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024   Annual
    Change
    Commercial & Agriculture $ 3,418   $ 2,927   $ 2,899   $ 2,781   $ 897   $ 2,521  
    % of Total Com./Ag. loans   1.82%     1.55%     1.54%     1.48%     0.49%     281.0%  
    Commercial RE   798     807     813     475     49     749  
    % of Total CRE loans   0.16%     0.17%     0.18%     0.11%     0.01%     1528.6%  
    Residential RE   1,608     1,539     1,536     1,247     1,295     313  
    % of Total Res. RE loans   0.50%     0.50%     0.49%     0.39%     0.41%     24.2%  
    Consumer & Other   227     243     270     231     193     34  
    % of Total Con./Oth. loans   0.31%     0.35%     0.40%     0.35%     0.30%     17.6%  
    Total Nonaccruing Loans   6,051     5,516     5,518     4,734     2,434     3,617  
    % of Total loans   0.56%     0.53%     0.54%     0.47%     0.25%     148.6%  
    Foreclosed Assets and Other Assets   73     –     –     510     510     (437 )
    Total Change (%)             -85.7%  
    Total Nonperforming Assets $ 6,124   $ 5,516   $ 5,518   $ 5,244   $ 2,944   $ 3,180  
    % of Total assets   0.41%     0.40%     0.40%     0.39%     0.22%     108.02%  


    Webcast and Conference Call

    The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

    About SB Financial Group

    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Forward-Looking Statements

    Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and
    Chief Executive Officer
    Mark.Klein@YourStateBank.com

    Anthony V. Cosentino
    Executive Vice President and
    Chief Financial Officer
    Tony.Cosentino@YourStateBank.com

        SB FINANCIAL GROUP, INC.
        CONSOLIDATED BALANCE SHEETS – (Unaudited)
                               
              March   December   September   June   March
          ($ in thousands)     2025       2024       2024       2024       2024  
                               
    ASSETS                    
      Cash and due from banks   $ 105,145     $ 25,928     $ 49,348     $ 21,983     $ 26,602  
      Interest bearing time deposits     1,565       1,565       1,706       2,417       2,417  
      Available-for-sale securities     199,721       201,587       211,511       207,856       213,239  
      Loans held for sale     4,286       6,770       8,927       7,864       4,730  
      Loans, net of unearned income     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
      Allowance for credit losses     (15,391 )     (15,096 )     (15,278 )     (15,612 )     (15,643 )
      Premises and equipment, net     21,875       20,456       20,715       20,860       20,985  
      Federal Reserve and FHLB Stock, at cost     5,340       5,223       5,223       5,204       6,512  
      Foreclosed assets and other assets     73       –       –       510       510  
      Interest receivable     5,072       4,908       4,842       4,818       3,706  
      Goodwill     27,158       23,239       23,239       23,239       23,239  
      Cash value of life insurance     30,871       30,685       30,488       30,294       30,103  
      Mortgage servicing rights     14,965       14,868       14,357       14,548       14,191  
      Other assets     12,048       12,649       8,916       12,815       13,869  
                               
          Total assets   $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
                               
                               
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
      Deposits                    
        Non interest bearing demand   $ 240,446     $ 232,155     $ 222,425     $ 208,244     $ 219,395  
        Interest bearing demand     208,583       201,085       202,097       190,857       169,171  
        Savings     285,902       237,987       241,761       231,855       244,157  
        Money market     257,013       222,161       228,182       225,650       221,362  
        Time deposits     279,276       259,217       265,068       258,582       258,257  
                               
          Total deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
                               
      Short-term borrowings     11,058       10,585       15,240       15,178       12,916  
      Federal Home Loan Bank advances     35,000       35,000       35,000       35,000       35,000  
      Trust preferred securities     10,310       10,310       10,310       10,310       10,310  
      Subordinated debt net of issuance costs     19,702       19,690       19,678       19,666       19,654  
      Interest payable     2,634       2,351       3,374       2,944       2,772  
      Other liabilities     19,552       21,468       17,973       18,421       19,295  
                               
          Total liabilities     1,369,476       1,252,009       1,261,108       1,216,707       1,212,289  
                               
      Shareholders’ Equity                    
        Common stock     61,319       61,319       61,319       61,319       61,319  
        Additional paid-in capital     14,955       15,194       15,090       15,195       14,978  
        Retained earnings     117,397       116,186       113,515       112,104       109,938  
        Accumulated other comprehensive loss     (26,872 )     (30,234 )     (24,870 )     (31,801 )     (31,547 )
        Treasury stock     (35,273 )     (34,957 )     (32,213 )     (31,338 )     (30,965 )
                               
          Total shareholders’ equity     131,526       127,508       132,841       125,479       123,723  
                               
          Total liabilities and shareholders’ equity $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)
                             
    ($ in thousands, except per share & ratios)   At and for the Three Months Ended
                             
            March   December   September   June   March
    Interest income      2025     2024       2024     2024       2024  
      Loans                    
      Taxable   $ 15,244   $ 14,920     $ 14,513   $ 13,883     $ 13,547  
      Tax exempt     115     122       127     124       123  
      Securities                    
      Taxable     1,169     1,178       1,192     1,226       1,274  
      Tax exempt     38     35       37     37       37  
      Other interest income     806     592       679     384       319  
                             
        Total interest income     17,372     16,847       16,548     15,654       15,300  
                             
    Interest expense                      
      Deposits     5,352     5,169       5,568     5,208       5,090  
      Repurchase agreements & other     24     41       43     36       34  
      Federal Home Loan Bank advances   362     369       369     370       613  
      Trust preferred securities     160     177       187     187       188  
      Subordinated debt     195     194       195     194       195  
                             
        Total interest expense     6,093     5,950       6,362     5,995       6,120  
                             
                             
    Net interest income     11,279     10,897       10,186     9,659       9,180  
                             
      Provision for credit losses     387     (76 )     200     –       –  
                             
    Net interest income after provision                    
      for loan losses       10,892     10,973       9,986     9,659       9,180  
                             
    Noninterest income                    
      Wealth management fees     864     916       882     848       865  
      Customer service fees     879     842       870     875       880  
      Gain on sale of mtg. loans & OMSR   849     1,196       1,311     1,277       781  
      Mortgage loan servicing fees, net     611     816       39     565       763  
      Gain on sale of non-mortgage loans   15     10       20     105       10  
      Title insurance revenue     397     478       485     406       266  
      Net gain on sales of securities     –     –       –     –       –  
      Gain (loss) on sale of assets     –     –       200     –       –  
      Other     492     299       316     310       386  
                             
        Total noninterest income     4,107     4,557       4,123     4,386       3,951  
                             
    Noninterest expense                    
      Salaries and employee benefits     6,237     6,185       6,057     6,009       5,352  
      Net occupancy expense     893     702       706     707       769  
      Equipment expense     1,072     1,127       1,069     1,060       1,077  
      Data processing fees     1,439     821       758     727       769  
      Professional fees     1,034     895       659     615       758  
      Marketing expense     165     207       241     176       197  
      Telephone and communication expense     139     136       128     156       105  
      Postage and delivery expense     137     116       145     89       97  
      State, local and other taxes     224     224       208     230       245  
      Employee expense     174     168       228     159       178  
      Other expenses     896     422       804     743       735  
                             
        Total noninterest expense     12,410     11,003       11,003     10,671       10,282  
                             
                             
    Income before income tax expense     2,589     4,527       3,106     3,374       2,849  
                             
      Income tax expense     431     892       752     261       481  
                             
    Net income       $ 2,158   $ 3,635     $ 2,354   $ 3,113     $ 2,368  
                             
    Common share data:                    
      Basic earnings per common share   $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
      Diluted earnings per common share $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
                             
    Average shares outstanding (in thousands):                    
      Basic:     6,481     6,575       6,660     6,692       6,715  
      Diluted:     6,502     6,599       6,675     6,700       6,723  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)
                         
    ($ in thousands, except per share & ratios) At and for the Three Months Ended
                         
        March   December   September   June   March
    SUMMARY OF OPERATIONS     2025       2024       2024       2024       2024  
                         
    Net interest income   $ 11,279     $ 10,897     $ 10,186     $ 9,659     $ 9,180  
    Tax-equivalent adjustment     41       42       44       43       43  
    Tax-equivalent net interest income     11,320       10,939       10,230       9,702       9,223  
    Provision for credit loss     387       (76 )     200       –       –  
    Noninterest income     4,107       4,557       4,123       4,386       3,951  
    Total operating revenue     15,386       15,454       14,309       14,045       13,131  
    Noninterest expense     12,410       11,003       11,003       10,671       10,282  
    Pre-tax pre-provision income     2,976       4,451       3,306       3,374       2,849  
    Net income     2,158       3,635       2,354       3,113       2,368  
                         
    PER SHARE INFORMATION:                    
    Basic earnings per share (EPS)     0.33       0.55       0.35       0.47       0.35  
    Diluted earnings per share     0.33       0.55       0.35       0.47       0.35  
    Common dividends     0.145       0.145       0.140       0.140       0.135  
    Book value per common share     20.29       19.64       20.05       18.80       18.46  
    Tangible book value per common share (TBV)     15.79       16.00       16.49       15.26       14.93  
    Market price per common share     20.82       20.91       20.56       14.00       13.78  
    Market price to TBV     131.8 %     130.7 %     124.7 %     91.8 %     92.3 %
    Market price to trailing 12 month EPS     12.2       12.1       11.8       7.9       7.9  
                         
    PERFORMANCE RATIOS:                    
    Return on average assets (ROAA)     0.60 %     1.04 %     0.68 %     0.93 %     0.71 %
    Pre-tax pre-provision ROAA     0.83 %     1.28 %     0.96 %     1.01 %     0.86 %
    Return on average equity (ROE)     6.63 %     11.13 %     7.32 %     10.16 %     7.72 %
    Return on average tangible equity     8.32 %     13.58 %     8.97 %     12.59 %     9.55 %
    Efficiency ratio     80.00 %     71.09 %     76.78 %     75.86 %     78.17 %
    Earning asset yield     5.23 %     5.18 %     5.16 %     5.02 %     4.97 %
    Cost of interest bearing liabilities     2.32 %     2.36 %     2.53 %     2.47 %     2.55 %
    Net interest margin     3.40 %     3.35 %     3.17 %     3.10 %     2.99 %
    Tax equivalent effect     0.01 %     0.01 %     0.02 %     0.01 %     0.01 %
    Net interest margin, tax equivalent     3.41 %     3.36 %     3.19 %     3.11 %     3.00 %
    Non interest income/Average assets     1.14 %     1.31 %     1.20 %     1.31 %     1.19 %
    Non interest expense/Average assets     3.45 %     3.15 %     3.20 %     3.18 %     3.08 %
    Net noninterest expense/Average assets     -2.31 %     -1.85 %     -2.00 %     -1.87 %     -1.90 %
                         
    ASSET QUALITY RATIOS:                    
    Gross charge-offs     87       195       29       –       66  
    Recoveries     2       13       2       16       9  
    Net charge-offs     85       182       27       (16 )     57  
    Nonperforming loans/Total loans     0.56 %     0.53 %     0.54 %     0.47 %     0.25 %
    Nonperforming assets/Loans & OREO     0.56 %     0.53 %     0.54 %     0.52 %     0.30 %
    Nonperforming assets/Total assets     0.41 %     0.40 %     0.40 %     0.39 %     0.22 %
    Allowance for credit loss/Nonperforming loans     254.35 %     273.68 %     276.83 %     329.78 %     642.69 %
    Allowance for credit loss/Total loans     1.41 %     1.44 %     1.48 %     1.55 %     1.58 %
    Net loan charge-offs/Average loans (ann.)     0.03 %     0.07 %     0.01 %     (0.01 %)     0.02 %
                         
    CAPITAL & LIQUIDITY RATIOS:                    
    Loans/ Deposits     85.61 %     90.81 %     88.82 %     90.15 %     89.14 %
    Equity/ Assets     8.76 %     9.24 %     9.53 %     9.35 %     9.26 %
    Tangible equity/Tangible assets     6.96 %     7.66 %     7.97 %     7.72 %     7.63 %
    Common equity tier 1 ratio (Bank)     12.35 %     13.43 %     13.19 %     13.98 %     13.84 %
                         
    END OF PERIOD BALANCES                    
    Total assets     1,501,002       1,379,517       1,393,949       1,342,186       1,336,012  
    Total loans     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
    Deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
    Shareholders equity     131,526       127,508       132,841       125,479       123,723  
    Goodwill and intangibles     29,125       23,597       23,613       23,630       23,646  
    Tangible equity     102,401       103,911       109,228       101,849       100,077  
    Mortgage servicing portfolio     1,432,184       1,427,318       1,406,273       1,389,805       1,371,713  
    Wealth/Brokerage assets under care     519,158       547,697       557,724       525,713       525,517  
    Total assets under care     3,452,344       3,354,532       3,357,946       3,257,704       3,233,242  
    Full-time equivalent employees     262       252       248       249       245  
    Period end common shares outstanding     6,483       6,494       6,624       6,676       6,702  
    Market capitalization (all)     134,982       135,780       136,189       93,458       92,359  
                         
    AVERAGE BALANCES                    
    Total assets     1,459,896       1,395,473       1,376,849       1,342,847       1,333,236  
    Total earning assets     1,346,354       1,301,872       1,283,407       1,246,099       1,230,736  
    Total loans     1,076,328       1,040,580       1,018,262       1,005,018       993,310  
    Deposits     1,227,449       1,163,531       1,145,964       1,120,367       1,091,803  
    Shareholders equity     131,944       130,647       128,608       122,510       123,058  
    Goodwill and intangibles     26,714       23,605       23,621       23,638       23,654  
    Tangible equity     105,230       107,042       104,987       98,872       99,404  
    Average basic shares outstanding     6,481       6,575       6,660       6,692       6,715  
    Average diluted shares outstanding     6,502       6,599       6,675       6,700       6,723  
    SB FINANCIAL GROUP, INC.
      Rate Volume Analysis – (Unaudited)
      For the Three Months Ended Mar. 31, 2025 and 2024
               
      ($ in thousands) Three Months Ended Mar. 31, 2025     Three Months Ended Mar. 31, 2024
        Average   Average     Average   Average
    Assets Balance Interest Rate     Balance Interest Rate
                       
      Taxable securities $ 196,880   $ 1,276 2.63 %     $ 210,252   $ 1,413 2.70 %
      Overnight Cash   66,460     699 4.27 %       20,729     180 3.48 %
      Nontaxable securities   6,686     38 2.30 %       6,445     37 2.30 %
      Loans, net   1,076,328     15,359 5.79 %       993,310     13,670 5.52 %
                       
      Total earning assets   1,346,354     17,372 5.23 %       1,230,736     15,300 4.99 %
                       
      Cash and due from banks   10,339             4,512      
      Allowance for loan losses   (15,238 )           (15,830 )    
      Premises and equipment   21,082             21,281      
      Other assets   97,359             92,537      
                       
      Total assets $ 1,459,896           $ 1,333,236      
                       
    Liabilities                
      Savings, MMDA and interest bearing demand $ 709,324   $ 2,959 1.69 %     $ 605,243   $ 2,525 1.67 %
      Time deposits   276,253     2,393 3.51 %       258,592     2,565 3.98 %
      Repurchase agreements & other   13,106     24 0.74 %       15,993     34 0.85 %
      Advances from Federal Home Loan Bank   35,044     362 4.19 %       51,030     613 4.82 %
      Trust preferred securities   10,310     160 6.29 %       10,310     188 7.31 %
      Subordinated debt   19,694     195 4.02 %       19,646     195 3.98 %
                       
      Total interest bearing liabilities   1,063,731     6,093 2.32 %       960,814     6,120 2.55 %
                       
      Non interest bearing demand   241,872     –         227,968     –  
                       
      Total funding   1,305,603     1.89 %       1,188,782     2.06 %
            44.20 %         1  
      Other liabilities   22,349             21,396      
                       
      Total liabilities   1,327,952             1,210,178      
                       
      Equity   131,944             123,058      
                       
      Total liabilities and equity $ 1,459,896           $ 1,333,236      
                       
      Net interest income   $ 11,279         $ 9,180  
                       
      Net interest income as a percent of average interest-earning assets – GAAP measure 3.40 %         2.99 %
                       
      Net interest income as a percent of average interest-earning assets – non GAAP 3.41 %         3.00 %
      – Computed on a fully tax equivalent (FTE) basis             
    Non-GAAP reconciliation Three Months Ended
           
    ($ in thousands, except per share & ratios) Mar. 31, 2025   Mar. 31, 2024
           
    Total Operating Revenue $ 15,386     $ 13,131  
    Adjustment to (deduct)/add OMSR recapture/impairment *   (11 )     (181 )
           
    Adjusted Total Operating Revenue   15,375       12,950  
           
           
    Total Operating Expense $ 12,410     $ 10,282  
    Adjustment for merger expenses   (726 )     –  
           
    Adjusted Total Operating Expense   11,684       10,282  
           
           
    Income before Income Taxes   2,589       2,849  
    Adjustment for OMSR*/Merger Expenses   715       (181 )
           
    Adjusted Income before Income Taxes   3,304       2,668  
           
           
    Provision for Income Taxes   431       481  
    Adjustment for OMSR/Merger Expenses **   150       (38 )
           
    Adjusted Provision for Income Taxes   581       443  
           
           
    Net Income   2,158       2,368  
    Adjustment for OMSR*/Merger Expenses   565       (143 )
           
    Adjusted Net Income   2,723       2,225  
           
           
    Diluted Earnings per Share   0.33       0.35  
    Adjustment for OMSR*/Merger Expenses   0.09       (0.02 )
           
    Adjusted Diluted Earnings per Share $ 0.42     $ 0.33  
           
           
    Return on Average Assets   0.60 %     0.71 %
    Adjustment for OMSR*/Merger Expenses   0.15 %     -0.04 %
           
    Adjusted Return on Average Assets   0.75 %     0.67 %
           
    *valuation adjustment to the Company’s mortgage servicing rights    
           
    **tax effect is calculated using a 21% statutory federal corporate income tax rate

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Announces First Quarter 2025 Results and Webcast Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its first quarter 2025 financial results after the New York Stock Exchange closes on Thursday, May 8, 2025. Management will host a webcast and conference call on Friday, May 9, 2025 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended March 31, 2025. 

    Webcast:
    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    Dial-in:
    The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

    Replay:
    A replay of the call will also be available on the Company’s website approximately two hours after the live call through May 23, 2025.  To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13750797.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network –

  • MIL-OSI: Runway Growth Finance Corp. Reschedules Release of First Quarter 2025 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it has rescheduled its previously announced release of first quarter 2025 financial results to after market close on Monday, May 12, 2025. Runway Growth will now host a conference call and simultaneous webcast to discuss its first quarter 2025 financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

    To participate in the conference call or webcast, participants should register online at the Runway Growth Investor Relations website. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. The earnings call can also be accessed through the following links:

    A replay of the webcast will be available two hours after the call and archived on the same web page for 90 days.

    About Runway Growth Finance Corp.
    Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

    Forward-Looking Statements
    Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    IR Contacts:
    Taylor Donahue, Prosek Partners, rway@prosek.com
    Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

    The MIL Network –