Category: Emissions Trading

  • MIL-OSI New Zealand: Kiwi Farmers doing their bit on emissions

    Source: New Zealand Government

    New figures released today confirm that New Zealand farmers are on track to meet the target of a 10 percent reduction in biogenic methane emissions by 2030 Agriculture Minister Todd McClay says. 

    “New Zealand farmers are among the most carbon-efficient food producers in the world and these latest results further demonstrate that Labour’s failed He Waka Eke Noa was not needed, and that we were right to take agriculture out of the Emissions Trading Scheme,” Mr McClay says. 

    New Zealand’s Greenhouse Gas Inventory (1990-2023) shows there was a further 2 per cent drop in agricultural emissions in 2023, supporting the government’s projections showing methane to be on track to reduce emissions by 10.1% by 2030. 

    “This is a step in the right direction; however, New Zealand cannot afford to reduce emissions through the planting of food producing land or further reduction of stock numbers,” Mr McClay says.

    “That is why we are introducing legislation this year to restrict full farm to forest conversions and instead support agricultural methane reduction through a $400m commitment to science and innovation. 

    “The primary sector is responsible for 360,000 jobs and contributes $58 billion each year to the New Zealand economy through exports. 

    “This latest emissions reduction was achieved without Labour’s proposed taxes or a price on methane and I would like to thank our farmers for their hard work and commitment to innovations. 

    “The Government is committed to meeting New Zealand’s climate obligations without closing down farms or sending jobs and production overseas,” Mr McClay says. 

    MIL OSI New Zealand News

  • MIL-OSI USA: PLASKETT MEETS WITH VIRGIN ISLANDS PHYSICIANS AND LOCAL HOSPITAL BOARD ON STATE OF VI HEALTHCARE

    Source: United States House of Representatives – Congresswoman Stacey E. Plaskett (USVI)

    For Immediate Release                                          Contact: Tionee Scotland
    April 14, 2025                                                    202-808-6129

    PRESS RELEASE

    PLASKETT MEETS WITH VIRGIN ISLANDS PHYSICIANS AND LOCAL HOSPITAL BOARD ON STATE OF VI HEALTHCARE

    Washington, D.C. – Congresswoman Plaskett released the following statement:

    “Last week, I and my office met with key stakeholders in our healthcare sector.  Given the heightened concerns related to our hospitals in the Virgin Islands- including staffing shortages, supply deficits, and operational challenges, meeting with those responsible fr the hospitals was very relevant. On Thursday, we met with the Juan F. Luis Hospital physicians and Chief Medical Officer, Dr. Regina Flippin, as well as the Schneider Regional Medical Center physicians and Chief Medical Officer, Dr. George Rosenberg, and on Sunday, I met with the Virgin Islands Government Hospital and Health Facilities Corporation Territorial Board Executive Committee (Corporation). I appreciate the responsiveness of the physician community and the Corporation, and value the respective, collaborative discussions.

    “We discussed the difficulties that the Virgin Islands hospitals are presently facing, including the problems listed above, and we discussed long term funding gaps which continue to plague our healthcare system.  There have been decades-long attempts to change multiple federal programs and funding formulas.  During the Biden Administration, I was able, in legislation, to change the percent of Medicaid payment by the federal government from 55% to 83% and raise the Medicaid cap. Medicare payments for the Virgin Islands are calculated using the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). Under TEFRA, the respective base years are 1982 for the Schneider Regional Medical Center (SRMC) and 1996 for the Governor Juan F. Louis Hospital (JFL). The base year reimbursement system, which relies upon an inflation adjustment, does not accurately capture the expenses of patient care services. I have introduced legislation for healthcare equity in each Congress and included in annual appropriations legislation language to urge the Centers for Medicare and Medicaid Services (CMS) to update the payment data and formulas for the hospitals in the Virgin Islands.  Additionally, I have met with CMS leadership to urge the use of their administrative scope to assign a new base period, which is more representative of the reasonable and necessary cost of inpatient services.

    “Additionally, during the calls we discussed Medicare and Medicaid payment systems that allow rural and geographically isolated hospitals an increased reimbursement rate. I have been a longstanding advocate to extend and permit Medicaid and Medicare Disproportionate Share Hospital (DSH) payments to U.S. territories.  We also discussed during the meetings other programs and creative mechanisms to create larger funding for the hospitals, which we will pursue.

    “We also discussed in our Sunday meeting the Myrah Keating Smith Community Health Center and the Morris De Castro Clinic on St. John and the vital support they provide to the community. I understand that the Request for Proposals for the construction contracts for both centers are now closed, and I am hopeful that they are reconstructed in short order, to ensure that providers and community members on St. John have the necessary infrastructure for their healthcare spaces.

    “My office is committed to working with everyone in the Virgin Islands healthcare space to ensure that our providers and community have the necessary support to ensure both short- and long-term stability. I am grateful for the commitment and passion of our doctors and healthcare professionals.  They have made a lifetime commitment to our community, and I respect their dedication to their patients.  I was also happy for the transparency of the hospital Board in discussing their ongoing work to stabilize and create positive change in the hospital. The hospitals provide essential care to everyone in the Virgin Islands, and I will collaborate with the federal and local government to protect our healthcare system.”

    ###

    MIL OSI USA News

  • MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —

    CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.

    Executive Summary

    • Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.1 The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.1
    • At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
       
      • At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.
    • At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
       
      • At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
         
        • The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
           
      • At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
         
      • At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
         
    • At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window. 
    • At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary. 
    • Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance). 
    • Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.1 Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.

    1 This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

    Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”

    Other Balance Sheet Highlights

    • Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.1 Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.1 The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

    Loan Portfolio Profile

    • As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
       
      • Commercial office loans:
        • There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
        • There were no nonaccrual commercial office loans;
        • There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
        • The average outstanding balance per commercial office loan was $975 thousand.
           
      • Commercial hospitality loans:
        • There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
        • There were no nonaccrual commercial hospitality loans;
        • There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
        • The average outstanding balance per commercial hospitality loan was $2.0 million.
           
      • Commercial multifamily loans:
        • There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
        • There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
        • There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
        • The average outstanding balance per commercial multifamily loan was $1.6 million.

    The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.

    Performance Ratios

    • Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
    • Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
    • The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.1 Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.

    Revenue

    • Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
      • Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
      • Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.1
        • The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
        • The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
    • Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.

    Non-Interest Expense

    • For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.

    Income Taxes

    • Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.

    Asset Quality

    • Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.
    • The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.
    • The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments. 
    • As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.

    Capital

    • As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.
    • Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.
    • As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.1 The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.1

    Recent Events

    • On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.

    About CNB Financial Corporation

    CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

    Forward-Looking Statements

    This press release includes 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, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

    The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Income Statement          
    Interest and fees on loans $ 72,379     $ 74,164     $ 71,513  
    Interest and dividends on securities and cash and cash equivalents   10,000       9,514       6,392  
    Interest expense   (33,948 )     (34,634 )     (32,683 )
    Net interest income   48,431       49,044       45,222  
    Provision for credit losses   1,556       2,930       1,320  
    Net interest income after provision for credit losses   46,875       46,114       43,902  
    Non-interest income          
    Wealth and asset management fees   1,796       1,976       1,802  
    Service charges on deposit accounts   1,714       1,712       1,694  
    Other service charges and fees   510       770       695  
    Net realized gains on available-for-sale securities         83        
    Net realized and unrealized gains (losses) on equity securities   (249 )     (13 )     191  
    Mortgage banking   96       93       196  
    Bank owned life insurance   760       784       767  
    Card processing and interchange income   2,107       2,222       2,016  
    Other non-interest income   1,773       2,694       1,594  
    Total non-interest income   8,507       10,321       8,955  
    Non-interest expenses          
    Salaries and benefits   20,564       18,501       18,787  
    Net occupancy expense of premises   4,038       3,816       3,640  
    Technology expense   5,378       5,743       5,072  
    Advertising expense   514       684       685  
    State and local taxes   1,292       1,090       1,143  
    Legal, professional, and examination fees   849       986       1,172  
    FDIC insurance premiums   985       864       990  
    Card processing and interchange expenses   1,160       1,325       1,179  
    Merger costs   1,529              
    Other non-interest expense   4,729       4,796       4,756  
    Total non-interest expenses   41,038       37,805       37,424  
    Income before income taxes   14,344       18,630       15,433  
    Income tax expense   2,863       3,566       2,833  
    Net income   11,481       15,064       12,600  
    Preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
    Average diluted common shares outstanding   20,925,388       20,929,885       20,887,088  
    Diluted earnings per common share $ 0.50     $ 0.66     $ 0.55  
    Adjusted diluted earnings per common share, net of merger costs (non-GAAP) (1) $ 0.57     $ 0.66     $ 0.55  
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Dividend payout ratio   36 %     27 %     32 %
    Adjusted dividend payout ratio, net of merger costs (non-GAAP) (1)   32 %     27 %     32 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Average Balances          
    Total loans and loans held for sale $ 4,591,395     $ 4,556,770     $ 4,428,751  
    Investment securities   798,427       744,149       731,366  
    Total earning assets   5,803,526       5,674,794       5,350,126  
    Total assets   6,220,575       6,085,277       5,729,779  
    Noninterest-bearing deposits   814,441       832,168       736,965  
    Interest-bearing deposits   4,574,700       4,442,150       4,229,135  
    Shareholders’ equity   619,409       612,184       576,528  
    Tangible common shareholders’ equity (non-GAAP) (1)   517,550       510,308       474,596  
               
    Average Yields (annualized)          
    Total loans and loans held for sale   6.41 %     6.50 %     6.51 %
    Investment securities   2.75 %     2.40 %     2.01 %
    Total earning assets   5.73 %     5.84 %     5.81 %
    Interest-bearing deposits   2.89 %     3.00 %     3.00 %
    Interest-bearing liabilities   2.93 %     3.03 %     3.03 %
               
    Performance Ratios (annualized)          
    Return on average assets   0.75 %     0.98 %     0.88 %
    Adjusted return on average assets, net of merger costs (non-GAAP) (1)   0.85 %     0.98 %     0.88 %
    Return on average equity   7.52 %     9.79 %     8.79 %
    Adjusted return on average equity, net of merger costs (non-GAAP) (1)   8.49 %     9.79 %     8.79 %
    Return on average tangible common equity (non-GAAP) (1)   8.15 %     10.90 %     9.77 %
    Adjusted return on average tangible common equity (non-GAAP) (1)   9.32 %     10.90 %     9.77 %
    Net interest margin, fully tax equivalent basis (non-GAAP) (1)   3.37 %     3.43 %     3.38 %
    Efficiency ratio, fully tax equivalent basis (non-GAAP) (1)   71.28 %     63.02 %     68.29 %
    Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) (1)   68.62 %     63.02 %     68.29 %
               
    Net Loan Charge-Offs          
    CNB Bank net loan charge-offs $ 926     $ 1,719     $ 878  
    Holiday Financial net loan charge-offs   513       425       466  
    Total Corporation net loan charge-offs $ 1,439     $ 2,144     $ 1,344  
    Annualized net loan charge-offs / average total loans and loans held for sale   0.13 %     0.19 %     0.12 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Ending Balance Sheet          
    Cash and due from banks $ 68,745     $ 63,771     $ 38,953  
    Interest-bearing deposits with Federal Reserve   447,053       375,009       259,464  
    Interest-bearing deposits with other financial institutions   4,359       4,255       3,036  
    Total cash and cash equivalents   520,157       443,035       301,453  
    Debt securities available-for-sale, at fair value   516,412       468,546       348,565  
    Debt securities held-to-maturity, at amortized cost   282,159       306,081       381,706  
    Equity securities   10,293       10,456       9,581  
    Loans held for sale   860       762       1,010  
    Loans receivable          
    Syndicated loans   69,189       79,882       78,685  
    Loans   4,540,820       4,529,074       4,352,713  
    Total loans receivable   4,610,009       4,608,956       4,431,398  
    Less: allowance for credit losses   (47,357 )     (47,357 )     (45,832 )
    Net loans receivable   4,562,652       4,561,599       4,385,566  
    Goodwill and other intangibles   43,874       43,874       43,874  
    Core deposit intangible   190       206       260  
    Other assets   358,911       357,451       329,397  
    Total Assets $ 6,295,508     $ 6,192,010     $ 5,801,412  
               
    Noninterest-bearing demand deposits $ 842,398     $ 819,680     $ 749,178  
    Interest-bearing demand deposits   719,460       706,796       719,781  
    Savings   3,160,618       3,122,028       3,035,823  
    Certificates of deposit   737,602       722,860       532,771  
    Total deposits   5,460,078       5,371,364       5,037,553  
    Subordinated debentures   20,620       20,620       20,620  
    Subordinated notes, net of issuance costs   84,646       84,570       84,343  
    Other liabilities   105,656       104,761       80,256  
    Total liabilities   5,671,000       5,581,315       5,222,772  
    Common stock                
    Preferred stock   57,785       57,785       57,785  
    Additional paid in capital   220,254       219,876       218,224  
    Retained earnings   387,925       381,296       353,780  
    Treasury stock   (4,944 )     (4,689 )     (3,946 )
    Accumulated other comprehensive loss   (36,512 )     (43,573 )     (47,203 )
    Total shareholders’ equity   624,508       610,695       578,640  
    Total liabilities and shareholders’ equity $ 6,295,508     $ 6,192,010     $ 5,801,412  
               
    Book value per common share $ 27.01     $ 26.34     $ 24.77  
    Adjusted book value per common share (non-GAAP) (1) $ 27.08     $ 26.34     $ 24.77  
    Tangible book value per common share (non-GAAP) (1) $ 24.91     $ 24.24     $ 22.67  
    Adjusted tangible book value per common share (non-GAAP) (1) $ 24.98     $ 24.24     $ 22.67  
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Capital Ratios          
    Tangible common equity / tangible assets (non-GAAP) (1)   8.36 %     8.28 %     8.28 %
    Adjusted tangible common equity / tangible assets (non-GAAP) (1)   8.38 %     8.28 %     8.28 %
    Tier 1 leverage ratio (2)   10.27 %     10.43 %     10.64 %
    Common equity tier 1 ratio (2)   11.85 %     11.76 %     11.70 %
    Tier 1 risk-based ratio (2)   13.50 %     13.41 %     13.43 %
    Total risk-based ratio (2)   16.30 %     16.16 %     16.27 %
               
    Asset Quality Detail          
    Nonaccrual loans $ 54,079     $ 56,323     $ 28,751  
    Loans 90+ days past due and accruing   308       653       49  
    Total nonperforming loans   54,387       56,976       28,800  
    Other real estate owned   1,664       2,509       1,864  
    Total nonperforming assets $ 56,051     $ 59,485     $ 30,664  
               
    Asset Quality Ratios          
    Nonperforming assets / Total loans + OREO   1.22 %     1.29 %     0.69 %
    Nonperforming assets / Total assets   0.89 %     0.96 %     0.53 %
    Ratio of allowance for credit losses on loans to nonaccrual loans   87.57 %     84.08 %     159.41 %
    Allowance for credit losses / Total loans   1.03 %     1.03 %     1.03 %
               
               
    Consolidated Financial Data Notes:
    (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
    (2) Capital ratios as of March 31, 2025 are estimated pending final regulatory filings.
     

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Three Months Ended,
      March 31, 2025   December 31, 2024   March 31, 2024
      Average
    Balance
      Annual
    Rate
      Interest
    Inc./Exp.
      Average
    Balance
      Annual
    Rate
      Interest
    Inc./Exp.
      Average
    Balance
      Annual
    Rate
      Interest
    Inc./Exp.
    ASSETS:                                  
    Securities:                                  
    Taxable (1) (4) $ 765,654       2.73 %   $ 5,461     $ 711,286       2.36 %   $ 4,487     $ 696,851       1.96 %   $ 3,651  
    Tax-exempt (1) (2) (4)   25,345       2.69       181       25,489       2.67       184       27,743       2.59       191  
    Equity securities (1) (2)   7,428       5.84       107       7,374       5.77       107       6,772       5.64       95  
    Total securities (4)   798,427       2.75       5,749       744,149       2.40       4,778       731,366       2.01       3,937  
    Loans receivable:                                  
    Commercial (2) (3)   1,466,323       6.74       24,369       1,458,902       6.77       24,824       1,429,718       6.90       24,519  
    Mortgage and loans held for sale (2) (3)   3,001,317       6.02       44,572       2,965,914       6.12       45,633       2,870,175       6.08       43,403  
    Consumer (3)   123,755       12.01       3,665       131,954       11.93       3,956       128,858       11.79       3,778  
    Total loans receivable (3)   4,591,395       6.41       72,606       4,556,770       6.50       74,413       4,428,751       6.51       71,700  
    Interest-bearing deposits with the Federal Reserve and other financial institutions   413,704       4.20       4,284       373,875       5.08       4,771       190,009       5.26       2,485  
    Total earning assets   5,803,526       5.73     $ 82,639       5,674,794       5.84     $ 83,962       5,350,126       5.81     $ 78,122  
    Noninterest-bearing assets:                                  
    Cash and due from banks   58,152               59,445               53,523          
    Premises and equipment   129,188               124,398               110,038          
    Other assets   277,051               273,326               261,863          
    Allowance for credit losses   (47,342 )             (46,686 )             (45,771 )        
    Total non interest-bearing assets   417,049               410,483               379,653          
    TOTAL ASSETS $ 6,220,575             $ 6,085,277             $ 5,729,779          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                                  
    Demand—interest-bearing $ 704,874       0.88 %   $ 1,527     $ 686,359       0.83 %   $ 1,437     $ 739,931       0.65 %   $ 1,195  
    Savings   3,131,697       3.09       23,840       3,068,451       3.26       25,139       2,965,279       3.47       25,611  
    Time   738,129       3.99       7,267       687,340       4.02       6,953       523,925       3.64       4,742  
    Total interest-bearing deposits   4,574,700       2.89       32,634       4,442,150       3.00       33,529       4,229,135       3.00       31,548  
    Short-term borrowings         0.00                   0.00                   0.00        
    Finance lease liabilities   15,143       6.32       236       212       3.75       2       282       4.28       3  
    Subordinated notes and debentures   105,228       4.15       1,078       105,153       4.17       1,103       104,925       4.34       1,132  
    Total interest-bearing liabilities   4,695,071       2.93     $ 33,948       4,547,515       3.03     $ 34,634       4,334,342       3.03     $ 32,683  
    Demand—noninterest-bearing   814,441               832,168               736,965          
    Other liabilities   91,654               93,410               81,944          
    Total Liabilities   5,601,166               5,473,093               5,153,251          
    Shareholders’ equity   619,409               612,184               576,528          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 6,220,575             $ 6,085,277             $ 5,729,779          
    Interest income/Earning assets       5.73 %   $ 82,639           5.84 %   $ 83,962           5.81 %   $ 78,122  
    Interest expense/Interest-bearing liabilities       2.93       33,948           3.03       34,634           3.03       32,683  
    Net interest spread       2.80 %   $ 48,691           2.81 %   $ 49,328           2.78 %   $ 45,439  
    Interest income/Earning assets       5.73 %     82,639           5.84 %     83,962           5.81 %     78,122  
    Interest expense/Earning assets       2.36       33,948           2.41       34,634           2.43       32,683  
    Net interest margin (fully tax-equivalent)       3.37 %   $ 48,691           3.43 %   $ 49,328           3.38 %   $ 45,439  
                                                               
    (1) Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively.
                                                               

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of merger costs, net of tax (non-GAAP):          
    Merger costs – non deductible $ 1,327     $     $  
               
    Merger costs – deductible   202              
    Statutory federal tax rate   21 %     21 %     21 %
    Tax benefit of merger costs (non-GAAP)   42              
    Merger costs – deductible, net of tax   160              
               
    Merger costs, net of tax (non-GAAP) $ 1,487     $     $  
                           
      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of net income available to common (GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Less: preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Adjusted calculation of net income available to common (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted net income available to common shareholders (non-GAAP) $ 11,893     $ 13,988     $ 11,525  
                           
      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of PPNR (non-GAAP): (1)          
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Add: Non-interest income   8,507       10,321       8,955  
    Less: Non-interest expense   41,038       37,805       37,424  
    PPNR (non-GAAP) $ 15,900     $ 21,560     $ 16,753  
               
    Adjusted calculation of PPNR (non-GAAP): (1)          
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Add: Non-interest income   8,507       10,321       8,955  
    Less: Non-interest expense   41,038       37,805       37,424  
    Add: Merger costs   1,529              
    Adjusted PPNR (non-GAAP) $ 17,429     $ 21,560     $ 16,753  
               
    (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.
     

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Basic earnings per common share computation:          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Less: net income available to common shareholders allocated to participating securities   57       98       92  
    Net income available to common shareholders allocated to common stock $ 10,349     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding, including shares considered participating securities   20,981       20,992       20,979  
    Less: Average participating securities   114       135       155  
    Weighted average shares   20,867       20,857       20,824  
    Basic earnings per common share $ 0.50     $ 0.67     $ 0.55  
               
    Diluted earnings per common share computation:          
    Net income available to common shareholders allocated to common stock $ 10,349     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding for basic earnings per common share   20,867       20,857       20,824  
    Add: Dilutive effect of stock compensation   58       73       63  
    Weighted average shares and dilutive potential common shares   20,925       20,930       20,887  
    Diluted earnings per common share $ 0.50     $ 0.66     $ 0.55  
               
    Adjusted basic earnings per common share computation (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Less: net income available to common shareholders allocated to participating securities   57       98       92  
    Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP)   8              
    Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding, including shares considered participating securities   20,981       20,992       20,979  
    Less: Average participating securities   114       135       155  
    Weighted average shares   20,867       20,857       20,824  
    Adjusted basic earnings per common share (non-GAAP) $ 0.57     $ 0.67     $ 0.55  
               
    Adjusted diluted earnings per common share computation (non-GAAP):          
    Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828     $ 13,890     $ 11,433  
               
    Weighted average common shares outstanding for basic earnings per common share   20,867       20,857       20,824  
    Add: Dilutive effect of stock compensation   58       73       63  
    Weighted average shares and dilutive potential common shares   20,925       20,930       20,887  
    Adjusted diluted earnings per common share (non-GAAP) $ 0.57     $ 0.66     $ 0.55  
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of dividend payout ratio:          
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Diluted earnings per common share   0.50       0.66       0.55  
    Dividend payout ratio   36 %     27 %     32 %
               
    Adjusted calculation of dividend payout ratio (non-GAAP):          
    Cash dividends per common share $ 0.180     $ 0.180     $ 0.175  
    Adjusted diluted earnings per common share (non-GAAP)   0.57       0.66       0.55  
    Adjusted dividend payout ratio (non-GAAP)   32 %     27 %     32 %
                           
      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of net interest margin:          
    Interest income $ 82,379     $ 83,678     $ 77,905  
    Interest expense   33,948       34,634       32,683  
    Net interest income $ 48,431     $ 49,044     $ 45,222  
               
    Average total earning assets $ 5,803,526     $ 5,674,794     $ 5,350,126  
               
    Net interest margin (GAAP) (annualized)   3.38 %     3.44 %     3.40 %
               
    Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):          
    Interest income $ 82,379     $ 83,678     $ 77,905  
    Tax equivalent adjustment (non-GAAP)   260       284       217  
    Adjusted interest income (fully tax equivalent basis) (non-GAAP)   82,639       83,962       78,122  
    Interest expense   33,948       34,634       32,683  
    Net interest income (fully tax equivalent basis) (non-GAAP) $ 48,691     $ 49,328     $ 45,439  
               
    Average total earning assets $ 5,803,526     $ 5,674,794     $ 5,350,126  
    Less: average mark to market adjustment on investments (non-GAAP)   (48,070 )     (46,988 )     (55,146 )
    Adjusted average total earning assets, net of mark to market (non-GAAP) $ 5,851,596     $ 5,721,782     $ 5,405,272  
               
    Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)   3.37 %     3.43 %     3.38 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of tangible book value per common share and tangible common
    equity / tangible assets (non-GAAP):
             
    Shareholders’ equity $ 624,508     $ 610,695     $ 578,640  
    Less: preferred equity   57,785       57,785       57,785  
    Common shareholders’ equity   566,723       552,910       520,855  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   190       206       260  
    Tangible common equity (non-GAAP) $ 522,659     $ 508,830     $ 476,721  
               
    Total assets $ 6,295,508     $ 6,192,010     $ 5,801,412  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   190       206       260  
    Tangible assets (non-GAAP) $ 6,251,444     $ 6,147,930     $ 5,757,278  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Book value per common share (GAAP) $ 27.01     $ 26.34     $ 24.77  
    Tangible book value per common share (non-GAAP) $ 24.91     $ 24.24     $ 22.67  
               
    Common shareholders’ equity / Total assets (GAAP)   9.00 %     8.93 %     8.98 %
    Tangible common equity / Tangible assets (non-GAAP)   8.36 %     8.28 %     8.28 %
               
    Adjusted calculation of book value per common share (non-GAAP):          
    Common shareholders’ equity $ 566,723     $ 552,910     $ 520,855  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted common shareholders’ equity (non-GAAP) $ 568,210     $ 552,910     $ 520,855  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Adjusted book value per common share (non-GAAP) $ 27.08     $ 26.34     $ 24.77  
               
    Adjusted calculation of tangible book value per common share (non-GAAP):          
    Tangible common equity (non-GAAP) $ 522,659     $ 508,830     $ 476,721  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted tangible common equity (non-GAAP) $ 524,146     $ 508,830     $ 476,721  
               
    Ending shares outstanding   20,980,245       20,987,992       21,024,695  
               
    Adjusted tangible book value per common share (non-GAAP) $ 24.98     $ 24.24     $ 22.67  
               
    Adjusted calculation of tangible common equity / tangible assets (non-GAAP):          
    Adjusted common shareholders’ equity (non-GAAP) $ 524,146     $ 508,830     $ 476,721  
               
    Tangible assets (non-GAAP) $ 6,251,444     $ 6,147,930     $ 5,757,278  
    Add: Merger costs, net of tax (non-GAAP)   1,529              
    Adjusted tangible assets (non-GAAP) $ 6,252,973     $ 6,147,930     $ 5,757,278  
               
    Adjusted tangible common equity / Adjusted tangible assets (non-GAAP)   8.38 %     8.28 %     8.28 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of efficiency ratio:          
    Non-interest expense $ 41,038     $ 37,805     $ 37,424  
               
    Non-interest income $ 8,507     $ 10,321     $ 8,955  
    Net interest income   48,431       49,044       45,222  
    Total revenue $ 56,938     $ 59,365     $ 54,177  
    Efficiency ratio   72.07 %     63.68 %     69.08 %
               
    Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):          
    Non-interest expense $ 41,038     $ 37,805     $ 37,424  
    Less: core deposit intangible amortization   17       16       20  
    Adjusted non-interest expense (non-GAAP) $ 41,021     $ 37,789     $ 37,404  
               
    Non-interest income $ 8,507     $ 10,321     $ 8,955  
               
    Net interest income $ 48,431     $ 49,044     $ 45,222  
    Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)   1,464       1,508       1,337  
    Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)   2,076       2,111       1,932  
    Adjusted net interest income (fully tax equivalent basis) (non-GAAP)   49,043       49,647       45,817  
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550     $ 59,968     $ 54,772  
               
    Efficiency ratio (fully tax equivalent basis) (non-GAAP)   71.28 %     63.02 %     68.29 %
               
    Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):          
    Adjusted non-interest expense (non-GAAP) $ 41,021     $ 37,789     $ 37,404  
    Less: Merger costs (non-GAAP)   1,529              
    Adjusted non-interest expense (non-GAAP) $ 39,492     $ 37,789     $ 37,404  
               
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550     $ 59,968     $ 54,772  
               
    Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)   68.62 %     63.02 %     68.29 %
                           

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of return on average assets:          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Average total assets $ 6,220,575     $ 6,085,277     $ 5,729,779  
               
    Return on average assets (GAAP) (annualized)   0.75 %     0.98 %     0.88 %
               
    Adjusted calculation of return on average assets (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted net income $ 12,968     $ 15,064     $ 12,600  
               
    Average total assets $ 6,220,575     $ 6,085,277     $ 5,729,779  
               
    Adjusted return on average assets (non-GAAP) (annualized)   0.85 %     0.98 %     0.88 %
                           
      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Calculation of return on average tangible common equity (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Less: preferred stock dividends   1,075       1,076       1,075  
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
               
    Average shareholders’ equity $ 619,409     $ 612,184     $ 576,528  
    Less: average goodwill & intangibles   44,074       44,091       44,147  
    Less: average preferred equity   57,785       57,785       57,785  
    Average tangible common shareholders’ equity (non-GAAP) $ 517,550     $ 510,308     $ 474,596  
               
    Return on average equity (GAAP) (annualized)   7.52 %     9.79 %     8.79 %
    Return on average common equity (GAAP) (annualized)   7.51 %     10.04 %     8.94 %
    Return on average tangible common equity (non-GAAP) (annualized)   8.15 %     10.90 %     9.77 %
               
    Adjusted calculation of return on average equity (non-GAAP):          
    Net income $ 11,481     $ 15,064     $ 12,600  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted net income (non-GAAP) $ 12,968     $ 15,064     $ 12,600  
               
    Average shareholders’ equity $ 619,409     $ 612,184     $ 576,528  
               
    Adjusted return on average equity (non-GAAP) (annualized)   8.49 %     9.79 %     8.79 %
               
    Adjusted calculation of return on average tangible common equity (non-GAAP):          
    Net income available to common shareholders $ 10,406     $ 13,988     $ 11,525  
    Add: Merger costs, net of tax (non-GAAP)   1,487              
    Adjusted net income available to common shareholders $ 11,893     $ 13,988     $ 11,525  
               
    Average tangible common shareholders’ equity (non-GAAP) $ 517,550     $ 510,308     $ 474,596  
               
    Adjusted return on average tangible common equity (non-GAAP) (annualized)   9.32 %     10.90 %     9.77 %
                           

    The MIL Network

  • MIL-OSI: American Rebel Beer Named Entitlement Sponsor For the American Rebel Light NHRA 4-Wide Nationals

    Source: GlobeNewswire (MIL-OSI)

    • Ahead of zMAX Dragway’s April showcase of speed, American Rebel Beer has been named entitlement sponsor for the American Rebel Light NHRA 4-Wide Nationals
    • Tickets for the April 25-27 spectacle are on sale at www.charlottemotorspeedway.com

    CONCORD, N.C., April 14, 2025 (GLOBE NEWSWIRE) — Ahead of zMAX Dragway’s thrilling 44,000-horsepower, four-wide spectacle of speed, American Rebel Beer has partnered with zMAX Dragway as the entitlement sponsor for the April 25-27 American Rebel Light NHRA 4-Wide Nationals.

    This year’s American Rebel Light 4-Wide Nationals will showcase the fastest accelerating machines on the planet rocketing down the legendary 1,000-foot Bellagio of drag strips, all battling for the coveted Wally trophy. This year’s event will also mark a historic milestone as the NHRA celebrates its 1,000th Top Fuel event in the sports history.

    “We are thrilled to welcome American Rebel Beer to the zMAX Dragway family,” said Charlotte Motor Speedway President and General Manager Greg Walter. “With monumental moments sure to happen at this year’s four-wide event, there’s no better time to introduce such a dynamic partner sure to bring some high-speed excitement.”

    As part of the partnership, American Rebel Beer will have a presence around zMAX Dragway, including trackside signage and brand integrations throughout Charlotte Motor Speedway properties. Additionally, fans aged 21 and older will have the chance to enjoy American Rebel Light – America’s Patriotic, God Fearing, Constitution Loving, National Anthem Singing, Stand Your Ground Beer around property, including Charlotte Motor Speedway, zMAX Dragway, The Dirt Track at Charlotte and The Speedway Club.

    “American Rebel is honored to be named entitlement sponsor for the American Rebel Light NHRA 4-Wide Nationals at zMAX Dragway on the Charlotte Motor Speedway property,” said American Rebel CEO Andy Ross. “It’s also an honor to be the entitlement sponsor for the 1,000th Top Fuel event and celebrate that milestone with the NHRA. We’ve been sponsoring Tony Stewart Racing and the Matt Hagan Funny Car for three seasons now and the relationship with Tony, Leah, Matt and everyone in the wider NHRA family has been extraordinary. The only thing better than having a cold Rebel Light and being in victory lane at an NHRA event is bringing the party. I’ll be performing a concert bringing my brand of patriotic rock ‘n’ roll immediately following the racing action on Saturday night.”

    The American Rebel Light NHRA 4-Wide Nationals will roar into zMAX Dragway on Friday, April 25, with an adrenaline-pumping opening round of qualifying under the lights. The action intensifies throughout the weekend with 330 mph passes from sunup to sundown, building up to the heart-pounding eliminations on Sunday, April 27. With every ticket serving as a pit pass, fans will get unrivaled access to drivers, teams and pits throughout the weekend.

    TICKETS:
    Fans can purchase tickets to the American Rebel Light NHRA 4-Wide Nationals online at www.charlottemotorspeedway.com or by calling 1-800-455-FANS (3267). Weekend packages start at just $125. Every ticket is a pit pass, giving fans unmatched access to their favorite cars and drivers.

    MORE INFO:
    Fans can connect with Charlotte Motor Speedway and get the latest news by following on X and Instagram or becoming a Facebook fan. Keep up with all the latest news and information with the Charlotte Motor Speedway mobile app.

    -30-

    ABOUT AMERICAN REBEL BEVERAGES

    Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a domestic premium light lager celebrated for its exceptional quality and patriotic values. American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers. American Rebel Beverages is a wholly owned subsidiary of American Rebel Holdings (NASDAQ: AREB). For more information, go to americanrebelbeer.com.

    MEDIA INQUIRIES: CMSpr@CharlotteMotorSpeedway.com

    Attachment

    The MIL Network

  • MIL-OSI USA: 04-12-25 LAW NEWS RELEASE – Gun Buyback Program

    Source: US State of Hawaii

    04-12-25 LAW NEWS RELEASE – Gun Buyback Program

    Posted on Apr 12, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF LAW ENFORCEMENT

    KA ʻOIHANA HOʻOKŌ KĀNĀWAI

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    MIKE LAMBERT

    DIRECTOR

    KA LUNA HOʻOKELE

     

    OʻAHU COMMUNITY GUN BUYBACK PROGRAM NETS 367 FIREARMS

    Residents Received $37,900 in Grocery Gift Cards

     

     

    FOR IMMEDIATE RELEASE

    April 12, 2025

    HONOLULU – O‘ahu residents today turned in an estimated 367 firearms of all types in exchange for $37,900 in Foodland gift cards distributed by the Hawai‘i Department of Law Enforcement (DLE), as part of efforts by the administration of Governor Josh Green, M.D., to protect Hawai‘i residents from gun violence. The Department of the Attorney General, Honolulu Police Department and the Aloha Stadium Authority are  partnering in this initiative.

    “I want to thank everyone who turned in an unwanted firearm today, because in doing so, you have helped to make our community that much safer,” said Governor Green. “Keeping ourselves and each other safe and healthy is a personal choice that also benefits our neighbors. We thank DLE Director Mike Lambert for continuing this effort and for our partners’ help in this ongoing gun buyback program.”

    “We are working to make our community safer in many ways, including initiatives like this gun buyback program. These unwanted guns will never again be used. They will never again pose any type of threat to a loved one or have an opportunity to be used in a crime,” said Department of Law Enforcement Director Mike Lambert.

     

    Individuals who turned in the following firearms were thanked with Foodland gift cards given in exchange:

    • $200 Foodland gift card for automatic firearms of any type, semi-automatic rifles, ghost guns.
    • $100 Foodland gift card for handguns, rifles, shotguns, bump stocks, Glock switches

    There was no limit on the number of firearms turned in, but individuals were limited to receiving a maximum of three gift cards total. DLE personnel accepted both working and non-working firearms and also offered gun locks for anyone who didn’t wish to turn in a gun, but still wanted to make their firearms safe. Licensed gun dealers, as well as active and retired law enforcement officers, were not eligible to participate.

    DLE continues to plan for gun buyback events on the neighbor islands. “Neighbor island police officers attended today’s event and were also present during previous events,” said DLE Deputy Director Jared Redulla. “The neighbor island officers are observing to learn the various tasks associated with the gun buyback program so that events can be run on the neighbor islands in the future.” Plans for future gun buyback events will be announced as scheduled.

    DLE thanks the 2024 Legislature for appropriating funding in the fiscal year 2025 budget for the April 12 event.

    This is an amnesty program, in which no questions were asked about the person dropping off any firearms. No identification was required. On-site officials reserved the right to refuse acceptance of firearms or issuing of gift cards.

    # # #

    Media contact:

    Jared K. Redulla

    Deputy Director of Law Enforcement

    Department of Law Enforcement

    Cellphone Number: 808-864-9431

    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI: Hingham Savings Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., April 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended March 31, 2025.

    Earnings

    Net income for the quarter ended March 31, 2025 was $7,124,000 or $3.27 per share basic and $3.24 per share diluted, as compared to $6,868,000 or $3.17 per share basic and $3.13 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first quarter of 2025 was 6.46%, and the annualized return on average assets was 0.64%, as compared to 6.63% and 0.63% for the same period last year. Net income per share (diluted) for the first quarter of 2025 increased by 3.5% compared to the same period in 2024.

    Core net income for the quarter ended March 31, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $6,125,000 or $2.81 per share basic and $2.78 per share diluted, as compared to $2,213,000 or $1.02 per share basic and $1.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first quarter of 2025 was 5.56% and the annualized core return on average assets was 0.55%, as compared to 2.14% and 0.20% for the same period last year. Core net income per share (diluted) for the first quarter of 2025 increased by 175.2% compared to the same period in 2024.

    See Page 9 for a Non-GAAP reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and core net income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first quarter of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.523 billion at March 31, 2025, representing 5.9% annualized growth year-to-date and a 0.1% decline from March 31, 2024.

    Net loans increased to $3.924 billion at March 31, 2025, representing 5.2% annualized growth year-to-date and a 0.4% decline from March 31, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits increased to $2.066 billion at March 31, 2025, representing 13.8% annualized growth year-to-date and 9.2% growth from March 31, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $427.3 million at March 31, 2025, representing 30.0% annualized growth year-to-date and 23.0% growth from March 31, 2024.

    Growth in non-interest bearing and money market balances in the first quarter of 2025 continues to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service deposits, were $1.978 billion at March 31, 2025 representing a 2.8% annualized decline year-to-date and a 9.5% decline from March 31, 2024, as the Bank replaced a large portion of these funds with retail and commercial deposits. In the first quarter of 2025, the Bank continued to manage its wholesale funding mix to optimize the cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $507.1 million at March 31, 2025, representing 9.9% annualized growth year-to-date and 1.4% growth from March 31, 2024. Borrowings from the FHLB totaled $1.471 billion at March 31, 2025, representing a 6.9% annualized decline from December 31, 2024, and a 12.7% decline from March 31, 2024. As of March 31, 2025, the Bank maintained an additional $918.0 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $361.6 million in cash and cash equivalents.

    Book value per share was $200.69 as of March 31, 2025, representing 5.4% annualized growth year-to-date and 5.6% growth from March 31, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since March 31, 2024.

    On March 26, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on May 14, 2025 to stockholders of record as of May 5, 2025. This will be the Bank’s 125th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended March 31, 2025 increased 26 basis points to 1.50%, as compared to 1.24% in the quarter ended December 31, 2024. This was the fourth consecutive quarter of continued expansion, which has continued to accelerate. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 21 basis points in the first quarter of 2025, as the Bank continued to reduce retail and commercial deposit rates, and to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by six basis points in the first quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans, partially offset by a lower yield on cash held at the Federal Reserve Bank.

    The net interest margin for the quarter ended March 31, 2025 increased 65 basis points to 1.50%, as compared to 0.85% for the same period last year. The Bank experienced a significant decline in the cost of interest-bearing liabilities when compared to the prior year. This was driven primarily by the repricing of the Bank’s funding sources, as the Bank began to reduce retail and commercial deposit rates in the second half of 2024, and to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. During this period, the yield on interest-earning assets increased, driven primarily by an increase in the yield on loans, partially offset by lower yield on cash held at the Federal Reserve Bank.

    Key credit and operational metrics remained strong in the first quarter of 2025. At March 31, 2025, non-performing assets totaled 0.04% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at March 31, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.05% at March 31, 2025, compared to 0.04% at both December 31, 2024 and March 31, 2024. The Bank did not record any charge-offs in the first three months of 2025 or 2024. Most of the non-performing assets and loans cited above were and are residential, owner-occupant loans.

    The Bank had only one small commercial real estate non-performing loan and no other commercial real estate delinquent loans as of March 31, 2025, and did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or March 31, 2024. This commercial loan became current shortly after the close of the first quarter. The Bank did not own any foreclosed property at March 31, 2025, December 31, 2024 or March 31, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 45.82% for the first quarter of 2025, as compared to 52.30% in the prior quarter and 77.24% for the same period last year. Operating expenses as a percentage of average assets increased to 0.68% for the first quarter of 2025, as compared to 0.66% for the prior quarter and 0.67% for the same period last year. This reflects, in part, seasonally higher expenses during the first quarter and continuing investments in deposit-gathering infrastructure. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the first quarter of 2025 remained significantly lower than our long-term performance, reflecting the lingering challenge from the increase in short-term interest rates and a historically long and deep inversion of the yield curve. These conditions have posed a significant – albeit ultimately temporary – challenge to our business model.

    This challenge began to fade last year and we are cautiously optimistic moving forward. Returns in our core business have started to improve, driven by acceleration in our net interest margin. Our operational leverage remains critical to generating satisfactory returns over time. Although our investment returns are likely to remain volatile over any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While the last two years have been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over time. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended March 31, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about May 7, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

    Annual Meeting

    The Bank will hold its Annual Meeting of Stockholders (the “Meeting”) at 2:00PM EST on Wednesday, April 30, 2025 at the Hingham Historical Society (Old Derby Academy), located at 34 Main Street, Hingham, Massachusetts. We strongly encourage shareholders to attend in person, although they may also observe the Meeting by streaming video. Following the business meeting, the Bank will hold an informal meeting to discuss the results of the prior year and the operations of the Bank, as well as a question and answers session. We strongly encourage all shareholders to vote by proxy. Electronic voting will not be available. Registration for the meeting is available on the Bank’s website (click here). In addition to participating in the meeting itself, we also encourage shareholders to submit questions in writing in advance using the form on the Bank’s website.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
     
      Three Months Ended
    March 31,
      2024   2025
    (Unaudited)          
               
    Key Performance Ratios          
    Return on average assets (1) 0.63 %   0.64 %
    Return on average equity (1) 6.63     6.46  
    Core return on average assets (1) (5) 0.20     0.55  
    Core return on average equity (1) (5) 2.14     5.56  
    Interest rate spread (1) (2) 0.13     0.80  
    Net interest margin (1) (3) 0.85     1.50  
    Operating expenses to average assets (1) 0.67     0.68  
    Efficiency ratio (4) 77.24     45.82  
    Average equity to average assets 9.54     9.98  
    Average interest-earning assets to average interest bearing liabilities 119.91     122.26  
               
      March 31,
    2024
      December 31, 2024   March 31,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.67 %   0.69 %   0.69 %
    Allowance for credit losses/non-performing loans   1,530.95     1,775.00     1,487.46  
                       
    Non-performing loans/total loans   0.04     0.04     0.05  
    Non-performing loans/total assets   0.04     0.03     0.04  
    Non-performing assets/total assets   0.04     0.03     0.04  
                       
    Share Related                  
    Book value per share $ 190.07     $ 198.03   $ 200.69  
    Market value per share $ 174.46     $ 254.14   $ 237.80  
    Shares outstanding at end of period   2,180,250       2,180,250     2,180,250  
    (1) Annualized.
    (2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.
    (4) The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
    (5) Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
     

    (In thousands, except share amounts)

    March 31, 2024   December 31, 2024   March 31, 2025
    (Unaudited)                  
    ASSETS  
                     
    Cash and due from banks $ 6,200   $ 4,183   $ 8,664
    Federal Reserve and other short-term investments   367,046     347,647     352,977
    Cash and cash equivalents   373,246     351,830     361,641
                     
    CRA investment   8,759     8,769     8,900
    Other marketable equity securities   78,497     104,575     109,335
    Securities, at fair value   87,256     113,344     118,235
    Securities held to maturity, at amortized cost   5,500     6,493     6,494
    Federal Home Loan Bank stock, at cost   69,484     61,022     61,322
    Loans, net of allowance for credit losses of $26,760
    at March 31, 2024, $26,980 at December 31, 2024
    and $27,280 at March 31, 2025
      3,938,252     3,873,662     3,924,108
    Bank-owned life insurance   13,723     13,980     14,064
    Premises and equipment, net   16,844     16,397     16,244
    Accrued interest receivable   8,783     8,774     9,006
    Other assets   16,263     12,269     12,314
    Total assets $ 4,529,351   $ 4,457,771   $ 4,523,428

    LIABILITIES AND STOCKHOLDERS’ EQUITY

                     
    Interest-bearing deposits $ 2,045,524   $ 2,094,626   $ 2,146,091
    Non-interest-bearing deposits   347,397     397,469     427,287
    Total deposits   2,392,921     2,492,095     2,573,378
    Federal Home Loan Bank advances   1,684,675     1,497,000     1,471,000
    Mortgagors’ escrow accounts   13,570     16,699     15,820
    Accrued interest payable   14,040     8,244     11,266
    Deferred income tax liability, net   1,765     3,787     4,069
    Other liabilities   7,982     8,191     10,338
    Total liabilities   4,114,953     4,026,016     4,085,871
                     
    Stockholders’ equity:                
    Preferred stock, $1.00 par value,
    2,500,000 shares authorized, none issued
             
    Common stock, $1.00 par value, 5,000,000 shares
    authorized; 2,180,250 shares issued and outstanding at March 31, 2024, December 31, 2024 and March 31, 2025
      2,180     2,180     2,180
    Additional paid-in capital   15,416     15,571     15,622
    Undivided profits   396,802     414,004     419,755
    Total stockholders’ equity   414,398     431,755     437,557
    Total liabilities and stockholders’ equity $ 4,529,351   $ 4,457,771   $ 4,523,428
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
     
      Three Months Ended
    March 31,
    (In thousands, except per share amounts) 2024   2025
    (Unaudited)          
               
    Interest and dividend income:          
    Loans $ 43,120   $ 45,221
    Debt securities   45     95
    Equity securities   1,450     1,451
    Federal Reserve and other short-term investments   2,827     3,055
    Total interest and dividend income   47,442     49,822
               
    Interest expense:          
    Deposits   21,146     18,621
    Federal Home Loan Bank advances   17,212     15,165
    Total interest expense   38,358     33,786
    Net interest income   9,084     16,036
    Provision for credit losses   108     300
    Net interest income, after provision for credit losses   8,976     15,736
    Other income:          
    Customer service fees on deposits   137     135
    Increase in cash surrender value of bank-owned life insurance   81     84
    Gain on equity securities, net   5,971     1,281
    Miscellaneous   55     49
    Total other income   6,244     1,549
    Operating expenses:          
    Salaries and employee benefits   4,297     4,467
    Occupancy and equipment   431     439
    Data processing   755     724
    Deposit insurance   810     748
    Foreclosure and related   32     10
    Marketing   89     136
    Other general and administrative   813     946
    Total operating expenses   7,227     7,470
    Income before income taxes   7,993     9,815
    Income tax provision   1,125     2,691
    Net income $ 6,868   $ 7,124
               
    Cash dividends declared per common share $ 0.63   $ 0.63
               
    Weighted average shares outstanding:          
    Basic   2,169     2,180
    Diluted   2,192     2,201
               
    Earnings per share:          
    Basic $ 3.17   $ 3.27
    Diluted $ 3.13   $ 3.24
               
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
     
      Three Months Ended
      March 31, 2024   December 31, 2024   March 31, 2025  
      Average Balance (9)  

    Interest

    Yield/
    Rate (10)
      Average Balance (9)  

    Interest

    Yield/ Rate (10)   Average Balance (9)  

    Interest

    Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                  
    Assets                                                  
    Loans (1) (2) $ 3,956,135   $ 43,120   4.36 %   $ 3,882,297   $ 44,787   4.58 $ 3,929,828   $ 45,221   4.67 %
    Securities (3) (4)   116,203     1,495   5.15       126,771     1,642   5.14     130,674     1,546   4.80  
    Short-term investments (5)   208,245     2,827   5.43       293,987     3,515   4.74     278,722     3,055   4.45  
    Total interest-earning assets   4,280,583     47,442   4.43       4,303,055     49,944   4.60     4,339,224     49,822   4.66  
    Other assets   64,034                 72,638               79,209            
    Total assets $ 4,344,617               $ 4,375,693             $ 4,418,433            
                                                       
    Liabilities and stockholders’ equity:     `                                            
    Interest-bearing deposits (6) $ 2,098,851     21,146     4.03 %   $ 2,136,101     20,518   3.81 $ 2,141,294     18,621   3.53 %
    Borrowed funds   1,471,027     17,212     4.68       1,421,152     15,985   4.46     1,407,844     15,165   4.37  
    Total interest-bearing liabilities   3,569,878     38,358     4.30       3,557,253     36,503   4.07     3,549,138     33,786   3.86  
    Non-interest-bearing deposits   346,136                   374,461               413,877            
    Other liabilities   14,261                   14,072               14,464            
    Total liabilities   3,930,275                   3,945,786               3,977,479            
    Stockholders’ equity   414,342                 429,907               440,954            
    Total liabilities and stockholders’ equity $ 4,344,617               $ 4,375,693             $ 4,418,433            
    Net interest income       $ 9,084               $ 13,441             $ 16,036      
                                                       
    Weighted average interest rate spread             0.13 %               .53             0.80 %
                                                       
    Net interest margin (7)             0.85 %               1.24             1.50 %
    Average interest-earning assets to average interest-bearing
    liabilities (8) 
      119.91 %             120.97 %           122.26 %          
    (1 ) Before allowance for credit losses.
    (2 ) Includes non-accrual loans.
    (3 ) Excludes the impact of the average net unrealized gain or loss on securities.
    (4 ) Includes Federal Home Loan Bank stock.
    (5 ) Includes cash held at the Federal Reserve Bank.
    (6 ) Includes mortgagors’ escrow accounts.
    (7 ) Net interest income divided by average total interest-earning assets.
    (8 ) Total interest-earning assets divided by total interest-bearing liabilities.
    (9 ) Average balances are calculated on a daily basis.
    (10 ) Annualized.

     HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation

     The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

     The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended
    March 31,
    (In thousands, unaudited) 2024     2025  
               
    Non-GAAP reconciliation:          
    Net Income $ 6,868     $ 7,124  
    Gain on equity securities, net   (5,971 )     (1,281 )
    Income tax expense (1)   1,316       282  
    Core Net Income $ 2,213     $ 6,125  
    (1)  The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

              Three Months Ended  
          March 31,       December 31,       March 31,  
    (In thousands, unaudited)     2024         2024         2025    
                             
    Non-U.S. GAAP efficiency ratio calculation:                        
    Operating expenses   $ 7,227       $ 7,174       $ 7,470    
                             
    Net interest income   $ 9,084       $ 13,441       $ 16,036    
    Other income     6,244         8,779         1,549    
    Gain on equity securities, net     (5,971 )       (8,503 )       (1,281 )  
    Total revenue   $ 9,357       $ 13,717       $ 16,304    
                             
    Efficiency ratio     77.24   %     52.30   %     45.82   %

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI Asia-Pac: SECRETARY, MINISTRY OF MINORITY AFFAIRS VISITS MADINAH TO REVIEW PREPARATIONS MADE FOR INDIAN PILGRIMS

    Source: Government of India

    SECRETARY, MINISTRY OF MINORITY AFFAIRS VISITS MADINAH TO REVIEW PREPARATIONS MADE FOR INDIAN PILGRIMS

    SECRETARY MEETS SAUDI VICE MINISTER OF HAJ AND UMRAH

    Posted On: 10 APR 2025 9:15PM by PIB Delhi

    Secretary of the Ministry of Minority Affairs Dr. Chandra Shekhar Kumar, visited the city of Madinah to review Haj arrangements for Indian pilgrims who will undertake the pilgrimage this year.

    Dr. Kumar also had a meeting with Dr. Abdul Fattah Al Mashat, Hon’ble Vice Minister of Haj & Umrah, Saudi Arabia in Jeddah. Productive bilateral discussions were held in the meeting regarding preparations for Haj this year.

    The Saudi side assured full support for the care and comfort of Indian pilgrims.

    In a post on ‘X’, of the Ministry of Minority Affairs it was stated that “The Government of India remains committed to ensuring the safety, comfort, and well-being of all Hajis.”

     

     

    *****

     

    SS/ STK

    (Release ID: 2120893) Visitor Counter : 31

    MIL OSI Asia Pacific News

  • MIL-OSI: Byrna Technologies Fiscal First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., April 10, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported select financial results for its fiscal first quarter (“Q1 2025”) ended February 28, 2025.

    Fiscal First Quarter 2025 and Recent Operational Highlights

    • Launched Byrna’s first store-within-a-store concept at Sportsman’s Warehouse flagship location in Saratoga Springs, Utah, with 12 additional locations expected to open by early May.
    • Opened three company-owned retail stores in high-foot-traffic areas in the Greater Nashville Area, Scottsdale, Arizona, and Salem, New Hampshire, generating between $1,000 and $1,700 in daily sales per store in their first full month of operation. A fourth store in Fort Wayne, Indiana is opening today.
    • Increased launcher production capacity by 33% to 24,000 launchers per month and began producing payload ammo rounds at its new Fort Wayne ammo facility, capable of producing 8 million rounds per year.
    • Strengthened domestic sourcing, achieving 92% U.S.-made components for Byrna’s flagship model, the Byrna SD, as part of Byrna’s ongoing ‘Made in America’ initiative.
    • Partnered with celebrity influencers Charlie Kirk, Megyn Kelly, Lara Trump, and Donald Trump Jr. to amplify brand awareness and promote the normalization of less-lethal solutions, while continuing to optimize marketing spend for maximum impact.

    Fiscal First Quarter 2025 Financial Results
    Results compare Q1 2025 to the 2024 fiscal first quarter ended February 29, 2024 unless otherwise indicated.

    Net revenue for Q1 2025 grew 57% year-over-year to $26.2 million from $16.7 million in the fiscal first quarter of 2024 (“Q1 2024”). The strong year-over-year growth was primarily attributable to continuing sales momentum, channel expansion, and broader brand adoption.

    Gross profit for Q1 2025 increased to $15.9 million (61% of net revenue) from $9.6 million (58% of net revenue) in Q1 2024. The increase in gross profit was driven by a reduction in component costs driven by a mid-2024 initiative focused on “design for manufacturability” and the economies of scale resulting from increased production volumes.

    Operating expenses for Q1 2025 were $14.2 million, compared to $9.8 million for Q1 2024. The increase was primarily due to higher variable selling expenses, payroll costs, and increased discretionary marketing spend.

    Net income for Q1 2025 was $1.7 million, a significant improvement from $17,000 for Q1 2024. This increase was driven by an overall increase in product sales.

    Adjusted EBITDA1, a non-GAAP metric reconciled below, for Q1 2025 totaled $2.8 million, compared to $1.2 million in Q1 2024.

    Cash, cash equivalents and marketable securities at February 28, 2025 totaled $19.3 million compared to $25.7 million at November 30, 2024. The decrease reflects planned increases in inventory ahead of the Compact Launcher release and normal seasonal working capital movements. Inventory at February 28, 2025 totaled $23.2 million compared to $20.0 million at November 30, 2024. The Company has no current or long-term debt.

    Management Commentary
    Byrna CEO Bryan Ganz stated: “We delivered a strong start to the fiscal year with 57% revenue growth and our second-highest quarter ever, only 6% below our record $28 million Q4, despite Q1 traditionally being our slowest seasonal period. The strong results reflect continuing sales momentum, increasing adoption of less-lethal self-defense options, and rising brand visibility. As expected, January sales softened due to post-holiday consumer fatigue and waning consumer confidence; however, we saw daily sales improve month-over-month in both February and March. Looking ahead, we believe our performance will continue to be supported by Byrna’s expanding retail footprint, growing Amazon presence, and sustained awareness-building efforts – all of which lay the groundwork for the upcoming Compact Launcher release.

    “We launched our first store-within-a-store at Sportsman’s flagship store in Saratoga Springs, Utah in March, and the partnership is off to a strong start. Byrna products are expected to be available in 12 additional store-within-a-store locations by early May as part of our 13-store pilot program. Each location will be supported by a Byrna representative during the rollout period to help ensure the strongest possible launch. Sportsman’s has demonstrated a strong commitment to the partnership, and we are jointly funding the buildout, with Byrna covering half of the roughly $15,000 cost per installation. Depending on store layout, these store-within-a-store locations will either include a Byrna-branded firing range – converted from a former archery bay – or a self-contained shooting lane with dedicated display cases and shelf space. Separately, Sportsman’s plans to add Byrna point-of-sale displays at an additional 41 locations, which will also include a Byrna shooting experience.

    “Assuming that these stores perform similarly to Byrna’s retail stores, Sportsman’s intends to continue opening the Byrna store-within-a-store installations in additional stores. Based on the early performance of the initial stores, we could expand to approximately 30 store-within-a-store locations by the end of August, with a goal of reaching 50 by year-end and potentially adding another 50 in 2026.

    “At the same time, we opened three company-owned stores in Q1. While our current emphasis is on capital-efficient retail expansion through partnerships like Sportsman’s, we remain excited about the long-term potential of Byrna-branded stores, particularly in regions not served by our retail partners. Additionally, these stores act as flagship stores for Byrna, where we can run training programs, host celebrities, and bring in local groups. Early results for the new stores have exceeded expectations, with daily sales averaging between $1,000 and $1,700 per store. These locations have proven especially effective at reaching first-time Byrna customers, and we’re seeing strong walk-in traffic and local engagement. As we evaluate our broader retail strategy, these stores continue to provide valuable insights into consumer behavior and brand building in high-foot-traffic areas.

    “On the operations front, we increased monthly launcher production capacity to 24,000 units across four active production lines. In the first quarter, we built inventory across our SD and LE platforms in preparation for the launch of the Compact Launcher. While the ultimate launcher mix remains to be seen, our Fort Wayne factory has the flexibility to shift production between CL, SD, and LE models based on real-time demand.

    “In March, we also began producing payload rounds at our new ammunition manufacturing facility in Fort Wayne, Indiana, which has the capacity to produce up to 8 million rounds annually. Several machines are already operational, with additional machines coming online over the next few months to support future volume growth. We also have four additional dosing and welding machines on order as we expect to see significant increases in ammo demand with the release of the Compact Launcher, particularly as the CL uses a .61 caliber round which will only be available from Byrna for the foreseeable future.

    “As part of our commitment to domestic manufacturing, we’ve made significant progress with our ‘Made in America’ initiative. Today, 92% of the components used in the manufacture of our flagship SD launcher are sourced from U.S. suppliers, which is up from just 34% a few months ago. We remain on track to exceed 90% domestic sourcing for all products by the end of 2025, a milestone that enhances our supply chain reliability, reduces tariff risk, and supports our brand story.

    “We continued to refine our roster of celebrity and influencer partners, recently adding personalities such as Megyn Kelly, Charlie Kirk, Lara Trump, and Donald Trump Jr. to our existing lineup. These partnerships support our strategy to normalize the category and reach new audiences across demographic segments.

    “In financial matters, we expect our effective tax rate to increase to approximately 23% in 2025 as we transition into full taxpayer status. Our balance sheet remains strong, and while we expect some working capital investment in Q2 as inventory builds ahead of the CL launch, we will very quickly start turning the inventory into cash once the launcher is released. Accordingly, we anticipate continued cash generation in the second half of the year.

    “With momentum across our channels, scalable partnerships in place, and a highly anticipated new product on the horizon, we remain confident in our ability to continue to execute through 2025 and beyond.”

    Conference Call
    The Company’s management will host a conference call today, April 10, 2025, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Toll-Free Dial-In: 877-709-8150
    International Dial-In: +1 201-689-8354
    Confirmation: 13752594

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” or “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to our statements related to our expected sales during 2025, our ability to scale production lines, Byrna’s ability to remain self-sustaining, profitable and cash flow positive, Byrna’s ability to open new retail locations and realize revenue growth from them, the expected scale, timing and benefits of Byrna’s store-within-a-store partnership with Sportsman’s Warehouse, the benefits and continued success of Byrna’s celebrity endorser strategy, Byrna’s ability to re-shore production and cease purchasing parts from China on the anticipated timeline, the expected benefits of re-shoring production, the anticipated growth and potential size of the U.S. less-lethal market, and Byrna’s positioning for sustained growth in 2025 and 2026. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of our supply chain; the further or prolonged disruption of new product development; production or distribution disruption or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased transportation costs or interruptions, including due to weather, flooding or fires; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels, including Amazon, not to carry or reduce inventory of the Company’s products; determinations by advertisers or social media platforms, or legislation that prevents or limits marketing of some or all Byrna products; the loss of marketing partners; increases in marketing expenditure may not yield expected revenue increases; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design or manufacturing defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K and Part II, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-Q, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    -Financial Tables to Follow-

             
    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Amounts in thousands except share and per share data)
    (Unaudited)
             
        For the Three Months Ended
        February 28
          2025       2024  
    Net revenue   $ 26,190     $ 16,654  
    Cost of goods sold     10,266       7,015  
    Gross profit     15,924       9,639  
    Operating expenses     14,228       9,803  
    INCOME (LOSS) FROM OPERATIONS     1,696       (164 )
    OTHER INCOME (EXPENSE)        
    Foreign currency transaction loss     (80 )     (58 )
    Interest income     186       280  
    Loss from joint venture           (42 )
    Other income (expense)           1  
    INCOME (LOSS) BEFORE INCOME TAXES     1,802       17  
    Income tax expense     (140 )      
    NET INCOME (LOSS)   $ 1,662     $ 17  
             
    Foreign currency translation adjustment for the period     (130 )     (115 )
    Unrealized gain on marketable securities     60        
    COMPREHENSIVE INCOME (LOSS)   $ 1,592     $ (98 )
             
    Basic net income (loss) per share   $ 0.07     $ 0.00  
    Diluted net income (loss) per share   $ 0.07     $ 0.00  
             
    Weighted-average number of common shares outstanding – basic     22,587,099       22,035,249  
    Weighted-average number of common shares outstanding – diluted     24,098,635       22,838,827  
             
             
    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Balance Sheets
    (Amounts in thousands, except share and per share data)
             
        February 28   November 30,
          2025       2024  
        Unaudited    
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents   $ 7,669     $ 16,829  
    Marketable Securities     11,620       8,904  
    Accounts receivable, net     2,900       2,630  
    Inventory, net     23,182       19,972  
    Prepaid expenses and other current assets     3,441       2,623  
    Total current assets     48,812       50,958  
    LONG TERM ASSETS        
    Deposits for equipment     3,669       2,665  
    Right-of-use-asset, net     2,218       2,452  
    Property and equipment, net     4,651       3,408  
    Intangible assets, net     3,273       3,337  
    Goodwill     2,258       2,258  
    Deferred tax asset     5,468       5,837  
    Other assets     689       1,007  
    TOTAL ASSETS   $ 71,038     $ 71,922  
             
    LIABILITIES        
    CURRENT LIABILITIES        
    Accounts payable and accrued liabilities   $ 11,183     $ 13,108  
    Operating lease liabilities, current     572       539  
    Deferred revenue, current     482       1,791  
    Total current liabilities     12,237       15,438  
    LONG TERM LIABILITIES        
    Deferred revenue, non-current     11       17  
    Operating lease liabilities, non-current     1,963       2,098  
    Total liabilities     14,211       17,553  
             
             
    STOCKHOLDERSEQUITY        
    Preferred stock            
    Common stock     25       25  
    Additional paid-in capital     133,895       133,029  
    Treasury stock     (21,253 )     (21,253 )
    Accumulated deficit     (55,121 )     (56,783 )
    Accumulated other comprehensive loss     (719 )     (649 )
             
    Total Stockholders’ Equity     56,827       54,369  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 71,038     $ 71,922  
             

    Non-GAAP Financial Measures

    In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.

    Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.

    This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and comprehensive (loss) income excluding the impact of (I) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):

          For the Three Months Ended
          February 28
            2025       2024  
    Net Income (Loss)   $ 1,662     $ 17  
               
    Adjustments:        
      Interest income     (186 )     (280 )
      Income tax expense     140        
      Depreciation and amortization     185       338  
    Non-GAAP EBITDA   $ 1,801     $ 75  
               
    Stock-based compensation expense     840       938  
    Severance/Separation/Officer recruiting     130       163  
    Non-GAAP adjusted EBITDA   $ 2,771     $ 1,176  
               

    1 See non-GAAP financial measures at the end of this press release for a reconciliation and a discussion of non-GAAP financial measures.

    The MIL Network

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Tackles Regulations That Stifle Competition

    US Senate News:

    Source: The White House
    RESTORING COMPETITION TO U.S. MARKETS: Today, President Donald J. Trump signed an Executive Order aimed at eliminating anti-competitive regulations. Competition lowers prices, speeds innovation, and increases options for consumers. The Executive Order continues the President’s policy of ushering in a Golden Age of American economic prosperity.
    Agency heads, in coordination with the Chairman of the Federal Trade Commission and the Attorney General, are directed to review all regulations subject to their authority and identify any that impose anti-competitive restraints.
    This includes regulations that facilitate the formation of monopolies, create or impose unnecessary barriers to entry, or needlessly burden agency procurement.

    In the next 70 days, Agency Heads must provide the FTC Chairman and Attorney General a list of all anti-competitive regulations, as well as a proposal to rescind or modify them as necessary.
    Regulations requiring rescission or modification will be placed on the Unified Regulatory Agenda created pursuant to Executive Order 14129 of February 19, 2025.

    SOLICITING PUBLIC INPUT: The American people, more than any Federal official, know which regulations stifle entrepreneurship and economic growth. You are invited to tell us which regulations impede competition and should be changed or repealed:
    The FTC Chairman is required to seek input from the public, asking for help identifying anti-competitive regulations.
    The FTC Chairman will convey useful responses to the relevant agency for possible rescission or modification.
    POWERING ECONOMIC GROWTH THROUGH DEREGULATION: This Executive Order is another element of the President’s sweeping deregulatory agenda that will ensure America remains the most competitive and dynamic economy in the world.

    MIL OSI USA News

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports March 2025 Assets Under Management

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, April 09, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of March 31, 2025 totaled $162.4 billion. Artisan Funds and Artisan Global Funds accounted for $79.2 billion of total firm AUM, while separate accounts and other AUM1 accounted for $83.2 billion.

    PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2    
         
    As of March 31, 2025 – ($ Millions)    
    Growth Team    
    Global Opportunities $   19,249  
    Global Discovery   1,736  
    U.S. Mid-Cap Growth   10,282  
    U.S. Small-Cap Growth   2,702  
    Franchise   700  
    Global Equity Team    
    Global Equity   345  
    Non-U.S. Growth   12,988  
    China Post-Venture   109  
    U.S. Value Team    
    Value Equity   4,942  
    U.S. Mid-Cap Value   2,582  
    Value Income   16  
    International Value Group    
    International Value   46,849  
    International Explorer   631  
    Global Special Situations   6  
    Global Value Team    
    Global Value   29,929  
    Select Equity   327  
    Sustainable Emerging Markets Team    
    Sustainable Emerging Markets   1,625  
    Credit Team    
    High Income   12,062  
    Credit Opportunities   287  
    Floating Rate   85  
    Developing World Team    
    Developing World   4,147  
    Antero Peak Group    
    Antero Peak   1,899  
    Antero Peak Hedge   222  
    International Small-Mid Team    
    Non-U.S. Small-Mid Growth   5,353  
    EMsights Capital Group    
    Global Unconstrained   879  
    Emerging Markets Debt Opportunities   1,040  
    Emerging Markets Local Opportunities   1,398  
         
    Total Firm Assets Under Management (“AUM”) $  162,390  

    1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
    2 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $112.7 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).

    ABOUT ARTISAN PARTNERS
    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
    Source: Artisan Partners Asset Management Inc.

    The MIL Network

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA IN SLOVAKIA; MEETS POLITICAL LEADERSHIP OF THE SLOVAK REPUBLIC; LEADS DELEGATION-LEVEL TALKS

    Source: Government of India

    PRESIDENT OF INDIA IN SLOVAKIA; MEETS POLITICAL LEADERSHIP OF THE SLOVAK REPUBLIC; LEADS DELEGATION-LEVEL TALKS

    WITNESSES EXCHANGE OF TWO MoUs IN THE FIELDS OF MSMEs AND DIPLOMATIC TRAINING COOPERATION

    Posted On: 09 APR 2025 9:05PM by PIB Delhi

    The President of India, Smt Droupadi Murmu reached Bratislava on the final leg of her State Visit to Portugal and the Slovak Republic. This is the first-ever visit by an Indian President to the Slovak Republic in 29 years. The Minister of State, Smt Nimuben Bambhaniya, and Members of Parliament Shri Dhaval Patel and Smt Sandhya Ray are also part of the accompanying delegation. 

     

    The President commenced her engagements with the visit to the Presidential Palace where the President of the Slovak Republic, H.E. Mr. Peter Pellegrini, warmly received her. She was extended a traditional Slovak welcome with bread and salt by a couple in folk dress and accorded a ceremonial welcome with the Guard of Honour.

     

    Later, President Droupadi Murmu discussed various aspects of bilateral relations and issues of shared global and regional interests with President Peter Pellegrini of the Slovak Republic during one-to-one meeting and delegation-level talks. The President appreciated the personal commitment and initiative of President Pellegrini towards strengthening bilateral relations. She noted the rising popularity of Indian art and culture in Slovakia.  She highlighted the immense potential for the two countries to collaborate more closely in the rapidly expanding media, entertainment and creative economy sectors of India, including promotion of Slovakia as a filming destination and a partner in joint film production. She invited Slovakia to take part actively in the upcoming WAVE Summit being hosted by India in Mumbai from May 1 to 4, 2025.

    Both leaders witnessed the exchange of two MoUs, one on cooperation in the fields of MSMEs between NSIC and the Slovak Business Agency and another on diplomatic training cooperation between SSIFS and the Slovak Ministry of Foreign and European Affairs.

    In the next engagement, President Droupadi Murmu met the Speaker of National Council of the Slovak Republic, H.E. Mr. Richard Raši. The President congratulated Mr. Raši on his recent election as Speaker and reaffirmed the high priority attached by India to the historic friendship between the two countries. She said that Parliamentarians have an important role in enhancing goodwill and mutual understanding between India and Slovakia. She noted that there has been a tradition of a Slovak-India Friendship Group in the National Council of Slovakia, and said that it would help promote the exchange of knowledge and experience among our Parliamentarians.

    The President also met and held extensive discussions with the Prime Minister of the Slovak Republic, H.E. Mr Robert Fico. She stated that India greatly values our traditionally close and friendly ties with the Slovak Republic, based on shared values of democracy, rule of law and convergence of views on global issues. She also noted that there has been an increase in our engagements across sectors. The two leaders agreed to further diversify and strengthen bilateral relations in all areas of mutual interest.

    Please click here to see the President’s speech – 

     

    ***

    MJPS/SR

    (Release ID: 2120611) Visitor Counter : 60

    MIL OSI Asia Pacific News

  • MIL-OSI: MEXC Launches Babylon (BABY) Exclusive BTC Fixed Saving Event with 99% APR

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 09, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has launched an exclusive BTC Fixed Saving Event offering an Annual Percentage Rate (APR) of up to 99%, in anticipation of the upcoming Babylon (BABY) token listing. This event not only brings substantial rewards to users but also underscores MEXC’s commitment to supporting the development of diverse ecosystems and projects across the cryptocurrency space.

    High APR Opportunity Through BTC Fixed Saving Event

    The BTC Fixed Saving Event, running from April 8 – May 9, 2025 (UTC), offers new users the opportunity to earn up to 99% APR on their BTC deposits. Event features include:

    • High Earnings: New users can earn up to 99% APR on BTC deposits.
    • Low Minimum Entry: Start with as little as 0.0015 BTC.
    • Short-Term Commitment: Stake for just 3 days to enjoy high returns.

    Babylon Airdrop+ Event with a Total Prize Pool of 150,000 USDT

    In addition to the BTC Fixed Saving Event, MEXC is also hosting the Babylon (BABY) Airdrop+ Event, which runs from April 3 – April 24, 2025. Users can participate and share the prize pool in the following ways:
    Benefit 1: New users can deposit to share 80,000 USDT in Futures bonuses.
    Benefit 2: Trade in the Futures Challenge to share 50,000 USDT in Futures bonuses (open to all users).
    Benefit 3: Invite new users and share 20,000 USDT in Futures bonuses (open to all users).

    For full event details and participation rules, visit the BTC Fixed Saving Event page and Babylon Airdrop+ Eventpage.

    MEXC’s Commitment to User-Centric Innovation

    In addition to the BTC Fixed Saving Event and the Babylon Airdrop+ Event, MEXC continues to prioritize the interests of its users. By offering high APR opportunities, 0 Trading Fee, and other user-centric services, MEXC demonstrates its commitment to delivering value and supporting its global user base.

    Looking to the future, MEXC remains focused on upholding its mission of being the easiest way to crypto. The platform is committed to fostering industry development and reinforcing its advantages in fast token listings and a broad selection of trending tokens. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. Additionally, during the bi-weekly periods, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to quickly capture market trends. Through these efforts, MEXC empowers global users to seize market opportunities and unlock greater investment potential.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8de7599f-1ff8-4e2d-8072-b0f0ab3e549f

    The MIL Network

  • MIL-OSI Asia-Pac: PRESIDENT MEETS THE PRIME MINISTER OF PORTUGAL AND THE PRESIDENT OF ASSEMBLEIA DA REPUBLICA

    Source: Government of India

    PRESIDENT MEETS THE PRIME MINISTER OF PORTUGAL AND THE PRESIDENT OF ASSEMBLEIA DA REPUBLICA

    ADDRESSES THE MEMBERS OF THE INDIAN COMMUNITY IN PORTUGAL AT A COMMUNITY RECEPTION

    PRESIDENT LEAVES FOR SLOVAKIA

    Posted On: 09 APR 2025 1:31PM by PIB Delhi

    On the concluding day (April 8, 2025) of her visit to Portugal, the President of India, Smt. Droupadi Murmu met the President of Assembleia Da Republica (Portuguese Parliament), H.E. José Pedro Aguiar-Branco at Lisbon. They were in accord that regular exchanges between the Parliaments of India and Portugal would boost the people-to-people ties between the two countries. The President also met and held talks with the Prime Minister of Portugal, H.E. Mr Luis Montenegro at Lisbon. During the meeting, both leaders discussed the way forward for further strengthening bilateral relations. They agreed that there are greater opportunities for cooperation in many areas, such as trade and commerce, defence, science and technology, and energy.

    Yesterday (April 8, 2025), President Droupadi Murmu, accompanied by President Marcelo Rebelo De Sousa, visited Champalimaud Foundation in Lisbon and witnessed various research and development initiatives, including in the fields of neuroscience, oncology, experimental clinical research, and automated medicine delivery. The President also had a lively interaction with Indian researchers and scholars working at the Foundation and at other institutions across Portugal. She commended the Indian scholars for their role in deepening India-Portugal collaboration in emerging technologies and scientific research.

    The Champalimaud Centre for the Unknown is a state-of-the-art medical, scientific and technological institution where interdisciplinary clinical care is being developed alongside applied research activities and advanced education programmes.

    Later, the President paid floral tributes at the statue of Mahatma Gandhi and Kasturba Gandhi in Lisbon. She also visited the Radha-Krishna Temple and offered her prayers.

    In the final engagement in Lisbon, the President addressed the members of the Indian Community at a Reception hosted by the Ambassador of India to Portugal.  The accompanying Minister of State, Smt. Nimuben Jayantibhai Bambhaniya as well as Members of Parliament, Shri Dhaval Patel and Smt. Sandhya Ray were present on the occasion.

    Addressing the enthusiastic gathering of Indian community members who had travelled to Lisbon for the occasion from all parts of Portugal, the President said that representing many parts of India and different communities, they not only reflect the diversity of India but also represent the shared values that bind our countries – democracy, pluralism, the spirit of fraternity.

    The President said that their contributions to Portugal, and their efforts to promote Indian culture, make them true ambassadors of our country. She was happy to note that they are achieving success and accomplishments through their hard work and making India proud. She thanked the Government and people of Portugal for welcoming the Indian diaspora and ensuring their safety and well-being.

    The President said that the Government of India is committed to strengthening the bond with its diaspora and ensuring their welfare. The Government has taken several initiatives to support the diaspora in times of crisis. She told members of the Indian diaspora that the Indian Missions abroad are ready to assist every Indian because wherever they are, their motherland is always with them!

    Following the reception, the President departed for the Slovak Republic.

    Please click here to see the President’s Speech – 

     

    ***

    MJPS/SR

    (Release ID: 2120316) Visitor Counter : 88

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Large Crocodile captured near Proserpine boat ramp

    Source: Tasmania Police

    Issued: 7 Apr 2025

    A 4.5m estuarine crocodile has been captured in a baited trap near the Proserpine River boat ramp at Conway on the Proserpine River in north Queensland.

    The large male crocodile had been sighted in very close proximity to the boat ramp and pontoon, and given its size, concerning behaviour and increased risk to public safety, it was declared for removal from the wild under the Queensland Crocodile Management Plan (QCMP).

    Rangers set a baited trap on Friday 4 April 2025, and it was captured during the early hours of Saturday 5 April 2025. It will be rehomed at a crocodile farm or zoo.

    During assessments of the location prior to the animal being declared for removal, Wildlife Rangers from the Department of the Environment, Tourism, Science and Innovation (DETSI) found discarded fish frames that had been left at the boat ramp.

    Members of the public have also reported entire pig carcasses being tied at the boat ramp.

    Acting Manager Northern Wildlife and Threatened Species Operations, Jane Burns said it is likely the pig carcasses had been left at the boat ramp in a deliberate attempt to lure the animal.

    “Deliberate or inadvertent feeding of crocodiles at boat ramps or fishing locations can change their behaviour, and they will hang around an area expecting food,” Ms Burns said.

    “Crocodiles do not need to be fed, and tourists and people living in crocodile habitat should make sensible choices around the water to prioritise their safety and to help prevent crocodiles being removed from the wild.

    “Under the Nature Conservation (Estuarine Crocodile) Conservation Plan 2018, it is an offence to deliberately discard fish frames or pig carcasses that may attract crocodiles,

    “This type of behaviour is very disappointing and concerning. It creates an increased risk to public safety.

    “Crocodiles can become habituated to an easy meal, and associate that with a particular location or people. This unfortunately has created a higher risk of a crocodile attack at this location.”

    Anyone with information about the deliberate feeding of this crocodile, or any crocodile in Queensland is encouraged to call 1300 130 372. Information can be provided anonymously.

    All crocodile sightings should be reported to DETSI in a timely manner.

    Crocodile sightings can be reported by using the QWildlife app, completing a crocodile sighting report on the DETSI website, or by calling 1300 130 372. The department investigates every crocodile sighting report received.

    View further information about croc safety at Be Crocwise in Croc Country.

    MIL OSI News

  • MIL-OSI USA: Tillis, Gallego Introduce Bipartisan Legislation to Expand Veterans’ Access to Skilled Trade Educational Programs

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Senators Thom Tillis (R-NC) and Ruben Gallego (D-AZ) recently introduced the Veterans Education and Technical Skills (VETS) Opportunity Act, bipartisan, bicameral legislation that would extend educational benefits in the Post-9/11 GI Bill to include partially online (or hybrid) versions of skilled trade training programs. Joining Senators Tillis and Gallego were Senators Ted Budd (R-NC), John Cornyn (R-TX), Ted Cruz (R-TX), Bernie Moreno (R-OH), Gary Peters (D-MI), Rick Scott (R-FL), and Elissa Slotkin (D-MI). 

    “This commonsense legislation modernizes the Post-9/11 GI Bill to expand veterans’ access to high-quality skilled trade and vocational programs for in-demand career pathways like welding and HVAC, ensuring they have the tools and resources they need to succeed in today’s workforce,” said Senator Tillis. “By supporting hybrid learning opportunities, we’re providing veterans with the flexibility to gain critical skills, find gainful employment, and contribute to our economy after their service.”

    “Our veterans deserve access to training programs that prepare them for the modern economy, and increasingly those programs are happening in a hybrid format,” said Senator Gallego. “I’m proud to help introduce this bipartisan, commonsense bill that will expand educational opportunities for veterans so they can succeed after their service.” 

    Full text of the legislation is available HERE.  

    MIL OSI USA News

  • MIL-OSI USA: Style Guidelines for ‘The Earth Observer’ Newsletter 

    Source: NASA

    Introduction

    The Earth Observer Editorial Process

    Types of Articles in The Earth ObserverGeneral article format— Announcement article— Feature article— Hybrid article— In Memoriam article— Kudos article— Summary article

    Guidelines for Preparing Articles for The Earth Observer— Writing for the web— Catchy headline— Naming files— Use visuals to draw the reader in— Search engine optimization—— Headline and subheads—— Links—— Alternate text for graphics— Submitting An Outline— Submitting Your Draft

    Specific Style Guidelines— Acronyms— Affiliations— Capitalize Earth, Moon, Sun— Chemical formulas— Compound words— Cross-references— Dates, months, and seasons— Directions and regions— Footnotes— Formal titles— Hyperlinks, the how and the why—— How to insert a hyperlink— Hyphens, en dashes, and em dashes—oh my!!— Italics and quotes— Items in a series— Numbers— Ordinal numbers— References— References to teams— State abbreviations— Typographical emphasis

    Guidelines for Graphics, Photos, Visualizations, Animations— Inserting figures, photos, animations, and visualizations— Caption, credit, and tags— Graphic/photo requirements

    Final Thoughts

    Introduction
    This document contains guidelines to assist you as you prepare articles for The Earth Observer (EO) newsletter. Our Editorial Team appreciates your cooperation in keeping these guidelines in mind as you prepare articles for submission. Our team reviews every article, but following the style guidelines will expedite the editorial process.
    Please be aware that this style guide is a living document and as such continues to evolve. If it has been a while since you have submitted an article for The Earth Observer, please be sure you are using the latest version of the Style Guide. The date of the most recent update is printed in the footer of the document to make it easier to maintain the most current version of the document.
    Editing is sometimes more art than science, and while the Editorial Team will endeavor to follow the rules that follow in most cases, there may be specific cases where the Executive Editor may decide to deviate from these guidelines.
    The Earth Observer Editorial Process 
    The EO has a robust editorial team to assist with the editorial process to maintain the quality and style of the publication.
    The EO editorial staff includes:

    The editorial process is iterative. The author will typically go through two rounds of edits with the EO Editorial Team. The text is then put into a preview layout on a staging server for the author’s final review before the story is published on the EO website.
    Types of Articles in The Earth Observer
    The Earth Observer provides authors an opportunity to tell their compelling stories of Earth Science. As such it does not impose strict word count limits, but the EO has established certain general guidelines that provide a framework to follow for several types of articles.
    General article format
    Please write articles in MS Word and save as a .doc file.
    The article should begin with an introduction that provides the essentials – who, what, where, when, and why – to provide the reader with an overview of the topic to be discussed. For articles about meetings include the number of people who attended (e.g., in-person and virtual) and the objective of the meeting.
    The introduction paragraph is followed by a transition paragraph that takes the reader into the main content of the article. The article should wrap up with a conclusion.
    The suggested page length for each type of article includes inserted visual elements. In addition to the Word file, please also send separate higher resolution files for graphics, photos, animations, or visualizations. More specific requirements are available in the Guidelines for Graphics, Photos, Visualizations, Animations.
    Announcement article
    Announcement articles promote a variety of topics. Historically this type of article includes releases of new or updated Earth Science data products, information on new tools for processing and viewing data, previews of outreach activities for the Science Support Office (e.g., AGU, Earth Day), and details on upcoming science meetings or workshops (i.e., beyond the information conveyed on the NASA science calendar).
    The article is structured like a Feature article, but it is shorter, no more than two pages, including graphics and captions – see Guidelines for Graphics, Photos, Visualizations, Animations.

    For Example: NASA Invites You to Create Landsat-Inspired Arts and Crafts, The Earth Observer, Mar–Apr 2021, 33:4, 13–14. Other examples are available on the archived issues of The Earth Observer.

    If you have an idea for an Announcement article, please email the EO Editorial Team who will work with you on a draft. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    Feature article
    Feature articles cover a wide range of Earth science topics, including satellite mission launches and historic milestones, field campaign updates, data processing tool tutorials, and summaries of NASA Science Support Office outreach events. Typically, these articles span ~8–14 pages (3000–4000 words). There are cases where longer or shorter articles are acceptable.
    A photo essay format for some topics, such as outreach event summaries, offer an option to convey a significant portion of the information using a collection of photos and descriptive captions.

    For Example: Looking Back on Looking Up: The 2024 Total Solar Eclipse

    If you have an idea for an Feature article, please email the EO Editorial Team who will work with you on a draft. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    Hybrid article
    Hybrid articles combine elements of a Feature and a Summary article. Often, these articles start with a few pages of descriptive text about the subject, followed by a summary of a particular meeting. Owing to their hybrid nature, these articles tend to run a bit longer than the standard Summary article. These articles typically range between 8–12 pages (3000–5000 words.)
    If you have an idea for a Hybrid article, please email the EO Editorial Team who will work with you on a draft. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    In Memoriam article
    In Memoriam articles recognize individuals who have played prominent roles in NASA Earth Science. These articles tend to include biographical information about the deceased individual, a brief mention of their education, and a summary of their major career achievements – with emphasis on achievements related to NASA. A typical In Memoriam article layout includes one or more photos, including one of the person being memorialized.

    For Example: In Memoriam: Mary Cleave [1947–2023] The In Memoriam link provides recent examples of In Memoriam articles published in The Earth Observer. Other articles are available by searching the publication’s archived issues.

    This type of article is structured like a Feature article with the exception that the subject is referred to by their first name. In Memoriam drafts should be no more than two pages in Word – including graphics and captions – see Guidelines for Graphics, Photos, Visualizations, Animations.
    If you know someone to eulogize in The Earth Observer for their contributions to NASA Earth Science, please email the EO Editorial Team who will work with you on a draft. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    Kudos article
    Kudos articles acknowledges individuals or groups either within or connected to (funded by) NASA who receive significant NASA-wide awards.
    A Kudo article follows a structure similar to a Feature article. It should be a maximum of one page in Word – including a photo of person(s) or group being honored – see Guidelines for Graphics, Photos, Visualizations, Animations.

    For Example: MOPITT Canadian Principal Investigator Receives Two Awards, The Earth Observer, Mar–Apr 2021, 33:2, 28 [bottom]. Other examples are available by searching through archived issues of The Earth Observer.

    If you know an individual or a group of people worthy of recognition for their NASA-related achievement, please email the EO Editorial Team who will work with you on a draft submission. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    Summary article
    Summary articles provide an overview of recent scientific meetings and/or workshops. Ideally, a Summary article should be no more than 6 pages (~2500 words).
    Provide the flavor of the event rather than describe it in detail. Summarize the overall nature and sense of sessions. The Editorial Team has found that a mix of narrative descriptions of key (usually programmatic) presentations (e.g., plenary sessions) and summaries with less detail for the remaining (e.g., technical) presentations is optimum.
    Now that The Earth Observer is published online, it is the view of the Editorial Team format summary articles using a “minutes-style” report of the meeting. While space no longer precludes publishing such an article as it did in the past, the format does not translate well to the online communication medium. Unless a reader is really interested in the specific topic(s) discussed in the article, it is likely that they will not scroll through to the end – no matter how nice the layout looks.
    If you have an idea for a Summary article, please email the EO Editorial Team who will work with you on a draft. The EO Editorial Team emails are available in the section – The Earth Observer Editorial Process
    Guidelines for Preparing Articles for The Earth Observer
    EOis a hybrid publication, landing somewhere between a science journal and popular science magazine. Therefore, the focus should be on phenomena rather than data. The article provides an opportunity to publicize your mission, research to ~1653 subscribers (as of August 2024) around the world. Please review the content in this guideline before writing your article and reach out to the Editorial Team if you have any questions.
    Writing for the web
    The EO audience ranges from scientists to the general public. When writing an article, use plain language and active voice. When in doubt, write the article so that it would be understandable to a friend or relative not in the field.

    For Example:
    Passive voice: The rate of evaporation is controlled by the size of an opening.
    Active voice: The size of an opening controls the rate of evaporation.

    Avoid using jargon and technical language. When it is necessary to use technical language, please use ITALICS to offset the word in the text. Follow the italicized word with a brief definition or explanation.

    For Example: Inference – formally derived uncertainty for area estimates of biomass, height, or other metrics – can take different forms, each of which includes specific assumptions. In this breakout session, participants considered the strengths and limitations of different inference types (e.g., intensity of computation or the ability to use different models).

    Writing content for a website differs from print. The human eye is more inclined to read shorter paragraphs separated by breaks. It is ideal to keep sentences and paragraphs short.
    Use one space after a period. The two spaces after a period is an artifact of conventional type writers.
    Avoid editorializing in the article. For example, do not characterize a spacewalk as “daring” or “dangerous.” Describe the events factually. If things are described well, readers easily can decide for themselves whether they are daring or dangerous. Never, under any circumstances, insert any personal, political, ideological, or religious opinions or beliefs into NASA news media products.
    Catchy headline
    Write a headline that is short, searchable, and shareable. Try to keep the headline to 60 characters (including spaces). Longer headlines may be invisible to search engines.
    Unlike journal articles, The Earth Observer only includes individuals who made a significant contributions to the EO article. A typical article should only lists one or two authors. In some occasions, an article may have up to four authors. The authors should be formatted as follows:
    First Last, Organization, author email
    If there are more you wish to give credit, consider doing so in an Acknowledgment section, as discussed in the next paragraph.
    Naming files
    For consistency moving documents through the editorial process, please name the file by the file type, the topic, and the author’s last name.

    For Example: announcement_topic_author
     feature_topic_author
     hybrid_topic_author
     memoriam_topic_author
     kudos_topic_author
     summary_topic_author

    Use visuals to draw the reader in
    The Earth Observer is now published online. Visual elements are critical to all EO stories and are a required element to submissions. The Editorial Team would prefer having too many graphics (i.e., photos, figures, animations, and visualizations) than too few. It is helpful to insert this content into the Word file as well as include the graphics as separate files at the time of the initial submission of the draft for editorial review. See the Guidelines for Graphics, Photos, Visualizations, Animations section for more information.
    Search engine optimization
    Search Engine Optimization (SEO) is a broad set of techniques to capitalize how search engines, such as Google, scrub content on the internet. By optimizing how articles are written, it is possible to influence where content shows up in an organic, online search. The different approaches can fill an entire book. This style guide provides a few pointers to help tweak articles to optimize how the content appears in online searches.
    Headline and subheads
    A headline should be clear and compelling to reveal what the content is about as well as entice the searcher to click for more. A SEO headline is a ranking factor in search engine results. A headline can be crafted to rank higher in search results, which increases an article’s visibility and generate more clicks. This can be done by using SEO search terms — those terms that a person would type into a search box — in the headline. Shorter headlines (i.e., 60 characters including spaces) are often more effective during searches.
    Subheads provide a way to organize an article and separates the content into digestible sections. Like headlines, subheads can be optimized for SEO searches. Subheads may include key takeaways from the specific section. Keep subheads clear and concise.
    Links
    Earth Observer articles are now being posted online. Footnotes are no longer a functional option, which is a significant change for authors who have published articles in our print issues in the past. It is helpful to hyperlink words or short phrases in the article that directs the reader to additional content from the meeting, such as presentations, poster sessions, talks by attendees, programs/satellites, journal articles, etc. Relevant links should also be added to captions. See the Hyperlinks section for guidance on how to insert and format a hyperlink in the article.
    Internal links tie content in the article to other pages within an organization, such as NASA, to boost site authority. External links direct a reader to sites outside the organization. This approach also drives up site authority in SEO searches. By connecting relevant pages, it will improve article navigation and ensure users can locate relevant information.
    Alternate text for graphics
    Alternate text, or alt text, is the small description added to visual elements on the back end of a website. Search engines use the alt text to identify relevant content. Alt text also improves accessibility for all users. Tools that read webpages aloud can read alt text to help explain what visual elements contain for the visually impaired.
    Alt text should be concise, accurate, and use keywords. Keywords are highly relevant words or phrases associated with the picture and the content of the article.

    For Example: Figure 1. Forty SWOT Early Adopter (EA) teams span the globe with a wide range of operational and applied science project topics.
    Figure credit: NASA
    Key word tag: A global map showing the locations of early adopter organizations.

    Submitting An Outline
    An outline is not requiredprior to submitting the first draft of an article, but an outline may be beneficial for lengthy articles (i.e., features, hybrids). Outlines are particularly helpful for first-time authors or when an author is seeking guidance about the appropriateness of content for The Earth Observer. It is hard for the team to comment without seeing something in writing. More generally, submitting an outline presents an opportunity for the editorial team to provide input on the article during the writing process – as opposed to waiting until the first draft is submitted.
    Submitting Your Draft
    Do not submit a draft for review unless it is complete (i.e., contains all visual elements, captions, credits, and content). Unless you clearly indicate otherwise, the Editorial Team will assume your submission is ready for them to review. Version control problems result when text is updated after reviews have started.
    The initial draft submitted for editorial review should include graphics. including captions and credits. The editorial process is delayed when graphics, credits, and captions are added iteratively once the process has begun.
    Specific Style Guidelines
    Over more than 35 years as a NASA publication, The Earth Observer has developed its own unique style. Please review these specific guidelines detailed below, and let the Editorial Team know if you have any questions. In addition, The Earth Observer also adheres to the NASA Stylebook and Communications Manual, 9th edition (June 2020), which is closely aligned with the AP Stylebook.
    Acronyms
    Science is rife with acronyms. On first usage, always spell out the acronym and follow with the acronym in parenthesis. From that point on in the article, use the acronym. To ensure photos, figures, visualizations, and animations are understandable if removed from the larger text, please spell out acronyms in captions.
    Well-known acronyms (e.g., NASA, U.S., etc.) do not need to be spelled out. Separate the acronym for United States (e.g., U.S.) and United Kingdom (e.g., U.K.) with periods.

    For Example: Level-1 (L1), Global Ecosystem Dynamics Investigation (GEDI), International Space Station (ISS), Precision Orbit Determination (POD), etc.

    Only capitalize proper nouns as defined by the dictionary or AP style. The Earth Observer style does capitalize the first letter of a specific product that will be turned into an acronym.

    For Example: Do not capitalize the first letter of each word in “solid rocket booster (SBR),” even though the subsequent use of the acronym SRB will appear in the article.

    A compound acronym arises when parentheses occur inside of parentheses. In this situation, use [BRACKETS] for the outer set of parentheses and (PARENTHESES) for those inside.

    For Example: Thomas Neumann [GSFC—Deputy Director of GSFC’s Earth Sciences Division (ESD)] welcomed meeting participants on behalf of the ESD.

    Affiliations
    Use a possessive for an organization when it is part of NASA. Do not use a possessive when using the agency as an adjective.

    For Example: NASA’s Goddard Space Flight Center (GSFC); subsequent references would just use “GSFC.”

    For Example: SWOT data products available through PO.DAAC provides centralized, searchable access that is available using an in-cloud commercial web service through the NASA EarthData portal.

    Write out an organization that is not part of NASA.

    For Example: Gustavo Oliveira [Clark University] presented details on the project “Irrigation as Climate-Change Adaptation in the Cerrado Biome of Brazil.”

    When multiple “levels” of affiliation are listed, start with the “top-level” affiliation as a possessive followed by lower level. If the affiliations are mentioned again later in the article, only the acronym for the lowest level needs to be repeated.

    For Example: For NASA’s Goddard Space Flight Center’s Global Modeling and Assimilation Office (GMAO), subsequent references to this entity would be “GMAO.”

    For Example: For University of Maryland, Baltimore County’s Earth System Science Interdisciplinary Center (ESSIC), subsequent references to this entity would be “ESSIC.”

    When a person is affiliated with two (or more) distinct entities, separate the two entities by slashes.

    For Example: Project Scientist Felix Landerer (NASA/JPL), followed by detailed assessments of the G-FO mission and operations status from the core SDS centers and flight operations teams.

    When a NASA Center and contractor are listed, please list the NASA Center followed by contractor and separate the two entities by a slash.

    For Example: NASA’s Goddard Space Flight Center (GSFC)/Global Science & Technology, Inc. (GST).

    Capitalize Earth, Moon, Sun
    NASA capitalizes the first letter in Earth, Moon, and Sun.In addition, do not use the modified ‘the’ before Earth.

    For Example: This strategy acknowledges the urgency of global changes, such as accelerating environmental shifts, understanding Earth’s interconnected systems, and developing scalable information.

    Chemical formulas
    Chemical formulas should be treated like acronyms. Spell out a chemical formula upon first use in an article followed by the chemical formula in parenthesis. Use appropriate subscripts and superscripts in the chemical formula. From that point onward, use the chemical formula in the article.

    For Example: The data show that global and East Asian emissions of oxides of nitrogen (NOx) have decreased since 2010, contrasting India and Southeast Asia’s rising trends. In Southeast Asia, NOx and sulfur dioxide (SO2) emissions increased from 1990–2018, while black carbon (BC) emissions peaked in 2007.

    Compound words
    Make one word out of all compound words (e.g., multipurpose, multiangle).
    Exception: Hyphenate cases where the same vowel repeats (e.g., bio-optical, multi-imager).
    Cross-references
    It is common to reference a previous EO article to provide context and background for the current story. The Editorial Staff recommends authors cross-reference prior EOarticle. The title of the article, volume, issue, and page range in parenthesis. The information should be italicized, except for “The Earth Observer,” which should be plain text.
    The name of the cross-referenced article should be hyperlinked to that article. You can find past Earth Observer newsletters on the archive page.

    For Example: ESIP was created in response to a National Research Council (NRC) review of the Earth Observing System Data and Information System (EOSDIS). (To learn more about EOSDIS, see Earth Science Data Operations: Acquiring, Distributing, and Delivering NASA Data for the Benefit of Society, in the March–April 2017 issue of The Earth Observer [Volume 29, Issue 2, pp. 4–18].) As NASA’s first Earth Observing System (EOS) missions were launching or preparing to launch, the NRC called on NASA to develop a new, distributed structure that would be operated and managed by the Earth science community and would include observation and research, application, and education data.

    Dates, months, and seasons
    When referencing a date, spell out the month, followed by the day (if included) and year. This style differs from AP. A comma always follows a year if the date is written in-line of the sentence.

    For Example: January 27, 2022; January 2022
    For Example: PACE launched on February 8, 2024, from Vandenberg Space Force Base in California.

    Capitalize a season followed by a year, but not when just referring to a season.

    For Example: Spring 2022; summer

    Spell out time zones, such as Eastern Daylight Time, and thereafter replace with the acronym (i.e., EDT).

    For Example: In Cleveland, the eclipse began at 1:59 PM. Eastern Daylight Time (EDT), with totality spanning 3:13–3:17 PM.

    Directions and regions
    EO articles follow AP style for directions (e.g., north, south, east, west, northeast, southwest, norther, western, southern, eastern). The directions should be lowercase when indicating a compass direction and when it is used to describe sections of states or cities.

    For Example: The cold front is moving east.

    The direction should be capitalized for a proper name or large regions. 

    For Example: NASA’s South/Southeast Asia Research Initiative (SARI) is a regional initiative under the LCLUC program that addresses the critical needs of the South/Southeast Asia region.
    For Example: West Virginia or North Dakota

    Footnotes
    The Earth Observer has transitioned to an online publication. Footnotes will no longer be used in articles. Instead of footnotes, the publication will use hyperlinks to direct readers to additional content. Refer to the section on Hyperlinks for more information on how to include a hyperlink in an article. A good mantra to follow – if you are unsure if a reference is needed, leave it out.
    Formal titles
    Formal titles, such as Ms. or Dr., are used in articles that are more personal, such as Kudos, In Memoriam, and The Editor’s Corner. For all other articles, the professional title is not used. When you introduce a person in the story, present the name in BOLD followed by their agency and position in ITALICS, offset by brackets.

    For Example: First Last [Agency—Job Title] began by providing an update on the status of the new launch date for the. . . .

    After the individual is introduced in the article, EO style follows a particular style for using the name again. If the individual’s name is included in the same paragraph where the person was introduced, only use the last name [UNBOLD]. If the individual is mentioned later in the article, several paragraphs removed from introduction, use the full name [FIRST LAST, UNBOLD].
    Hyperlinks, the how and the why
    Prior to moving online, The Earth Observer used footnotes to reference information in an article. The online publication will now use hyperlinks to refer the reader to additional content on a topic. As a general rule, hyperlink content regarding missions, instruments, field campaigns, models, papers, and other programs named in the article. It is not necessary to link to each individual institution mentioned when individuals are identified in summaries.
    How to insert a hyperlink
    The first step in this process is to identify the anchor text to highlight in the sentence. The anchor text includes a word or phrase that points the reader to additional content.

    For Example: Anchor text: Volume 35 Issue 6 of The Earth Observer

    Find the Uniform Resource Locator (URL) for the webpage. The URL is an address that specifies the location of a resource on the internet.

    For Example: URL: https://eospso.gsfc.nasa.gov/sites/default/files/eo_pdfs/EO%20Nov-Dec%202023-Digital%20508.pdf

    Note: When inserting a link to a prior published article from The Earth Observer’s archive, be certain to capture the URL for the first page of the referenced article, as opposed to the issue’s first page.
    To insert a hyperlink, copy the URL from the website where the additional content can be found. Select the word or phrase to use as anchor text. Do not include an acronym as part of the anchor text for a hyperlink. Select the hyperlink command under the Insert dropdown menu. Paste the URL into the link box. Be sure the ‘Web Page or File’ tab is selected (not the Email tab). The hyperlinked text will appear blue and underlined.

    For Example: It is possible to find this information in Volume 35 Issue 6 of The Earth Observer.
    For Example: The Hyperwall presentation highlighted recent discoveries from the James Webb Space Telescope (JWST) mission.

    Hyphens, en dashes, and em dashes—oh my!!
    Hyphen: – A hyphen is used to separate compound adjectives or words.

    For Example: The satellite reached a near-Earth orbit.

    En Dash: – An en dash spans the length of a typed lowercase ‘n.’ This special character is used to separate numbers.

    For Example: The meeting was held March 5–8 in Denver, CO. [Note there is no space between the numbers in this example.]

    The Earth Observer style follows the NASA style guide that uses an en dash to insert a pause in the sentence. The en dash is set apart by a space on either side. In this instance, the en dash is used instead of an em dash.

    For Example: The passport identified six hidden images – all six posters from the Science Explorers Poster Series– strategically placed within the exhibit’s perimeter.

    You can insert an en dash in Word on a Mac by typing the “Option” and “hyphen/dash” keys simultaneously.
    You can also insert an en dash in Word using the Insert tab and select Advanced Symbols. A box will open with a variety of characters. Select “Garamond” from the Font pulldown menu (Garamond is the newsletter’s preferred font), then select the – symbol (or “en dash”) from the array of options displayed. You will then see a confirmation of your selection appear below the symbol options (i.e., “Insert [Garamond] character 150 (Unicode character 2013).” Please note: the character number (150 in the case of Garamond) could be different. For example, an en dash in Palatino font is character 208.

    Em Dash: — An em dash spans the length of a typed lowercase ‘m.’ This special character is used when separating the organization and the job title when introducing a person in the article. In other styles, the em dash is used as a pause in a sentence. Following NASA style guidelines, the pause is provided by the en dash.

    For Example: Thomas Neumann [GSFC—Deputy Director of GSFC’s Earth Sciences Division (ESD)] welcomed meeting participants on behalf of the ESD.

    You can insert an em dash in Word by going to the Insert tab and selecting Advanced Symbols. A box will open with a variety of characters. Select character 151. For more detailed guidance, please refer to the section above regarding how to insert an en dash.

    Italics and quotes
    Place Latin phrases in ITALICS (e.g., in situ, a priori, ad hoc, ex officio) on every appearance in the article. Do not italicize abbreviated Latin phrases (e.g., i.e., a.k.a., et al.). Use the Latin phrase i.e., instead of ‘such as’ and e.g., instead of ‘that is to say.’

    For Example: The Afternoon Satellite Constellation, a.k.a., the“A-Train,” can see Earth in a whole new dimension.
    For Example: Guy Schumann [Water in Sight]explained this Swedish start-up company uses SWOT data to validate in situ gauge data in Malawi.

    Place technical language in the text in ITALICS followed by a definition. Only use the italics on the first usage of the word.

    For Example:There were several large polynyas – areas of open ice where sea ice would be expected – detected.

    Items in a series
    The Earth Observerdeviates from AP style in the use of commas in a list or series. Use the Oxford comma in a series of items.

    For Example: The sensor measures at three different wavelengths corresponding to blue, green, red, and infrared light.

    In more complex series where one of the items is a series of items within a series, it is permissible to use semi-colons to separate the series (see below).

    For Example: The blue, green, and red channels; the two-infrared channels; and ultraviolet channel were all impacted.

    Numbers
    In the article, spell out zero to nine. Use numerals for any number greater than or equal to 10. If a sentence contains several numbers, excluding a year, that are both greater than and less than 10, use the numerals for all numbers.

    For Example: Improving the data calibrations of the acceler­ometer measurements – which are noise contaminated on one of the two G-FO spacecraft – remains a core focus of the project SDS team.
    For Example: The NASA Hyperwall served as the backdrop for 57 Hyperwall Storiesat the meeting, including 8 presentations delivered by the 2023 winnersof the AGU Michael Freilich Student Visualization Competition.
    For Example: Following the project team’s status presentations, there was a 30-minute session to answer questions from the science community and discuss in more detail the mission performance, near-term operations and data processing plans, as well as to gather suggestions and feedback from the community.

    Ordinal numbers
    Ordinal numbers are words representing position or rank in sequential order. The EO follows AP rules in how to present ordinal numbers in an article. Spell out one through nine and use figures for 10 and above. This rule holds for article headlines and subheads.

    For Example: AEOIP Holds Third Annual Workshop
    For Example: As GPM is now well into its 10th year in orbit, the time is fitting to reflect on and celebrate what this mission has accomplished and showcase its contributions to science and society.

    References
    The Earth Observer is not a peer-reviewed journal and typically does not include a list of references. It is helpful to hyperlink key words/phrases to other resources, such as journal articles. See Hyperlinks section to learn how to insert and format this text.
    In rare instances when a formal reference is required (e.g., referencing a Figure that originally appeared in another journal article), please use theAmerican Meteorological Society format.
    References to teams
    In a story, spell out “Science Team (ST)” in the first instance and use the team acronym from that point forward in the story.

    For Example: The Precipitation Measurement Mission (PMM) Science Team (ST) includes more than 20 international partners.

    For other named teams, use the initial caps for the team name and then use “Team” as shorthand afterwards (e.g., “Informatics Team” first time, then abbreviate as “Team” subsequently).
    Do not capitalize generic references to a team (e.g., a team of experts).
    State abbreviations
    The Earth Observer differs from AP style in how it presents state abbreviations. This publication uses the two-letter postal code for state abbreviations.

    For Example: The meeting was held March 5–8 in Denver, CO.

    Typographical emphasis
    Please do not use specialized typographic formatting (e.g., Heading 1, Heading 2, etc.). Instead, please use internal formatting (e.g., BOLD and ITALIC) as directed in the style guide (e.g., headings, subheads, author/speaker names, etc.). If you do use the specialized typographic formatting, it affects the insertion and layout of text on the EO website, which takes time to correct and slows publication.
    When inserting a table, do not use framed or shaded boxes.
    Units
    Do not spell out units. Use the standard abbreviation. Include both English and metric units in the text. One exception is The Editor’s Corner column, which does not use both the English and metric units.

    For Example: The data collected from G/G-FO has a native resolution of about 300 km (~186 mi).

    Guidelines for Graphics, Photos, Visualizations, Animations
    The EO supports several visual options to enhance the text of an article. A figure refers to a visual display of data. An photo refers to a photograph. An animation is a series of images or model results that illustrate a concept. A visualization is a video of content.
    To maintain a consistent design for The Earth Observer, please insert the graphic, photo, animation, or visualization in the appropriate location in the Word document. Along with the Word document, please submit the photo, graphic, visualization, or animation as separate files.
    Inserting figures, photos, animations, and visualizations
    Upon first usage in the text, include the correct graphic descriptor (i.e., figure, photo, animation, or visualization) and appropriate number in the text in bold. Restart numbering for each visual element type (e.g., Figure 1, Photo 1, Figure 2, Figure 3, Photo 2, Visualization 1).

    For Example: The GMI is a 13-channel conically scanning PMW radiometer providing observations across a wide swath (885 km or ~550 mi) to estimate precipitation – see Figure 1.

    The EO editorial staff ask that no additional formatting be used when inserting these files into the Word document. At the location in the text where the photo, figure, animation, or visualization should appear in the story, advance the text by two lines. Place the cursor in the first blank line. Go to the insert tab and select the picture icon. Select ‘Picture from File’ from the dropdown. Navigate to the location on your computer where the file is located and select ‘Insert.’

    Caption, credit, and tags
    After inserting the figure, photo, visualization, or animation, provide a caption and credit. It is important to think of the caption and credit as stand-alone items in the story.
    The graphic may need to be revised to accommodate EO style. Remove indicators, ‘a’, b’, etc from panels or items of note. EO style requires that different panels or points of interest in the graph should use “pointers,” such as top, middle, bottom.
    The caption should be descriptive and not overly technical. It should convey the content in image/figure without relying too heavily on the surrounding text to add context. Relevant links should also be added to captions. Spell out all acronyms, whether for equipment or institutions, are already spelled out in the text, because the image can be lifted from the article and used without the article where it originated. The pointer in the caption should be enclosed in brackets and the text ITALICIZED (e.g., [left]).
    The credit line should include the name of the institution or individual who should be credited for the image/figure/photograph. If an institution is listed, write the name [NO ITALICS]. Ifan individual is listed, include their institution in brackets. If the credit refers to a journal article, please use a reference to the journal (e.g., Williams et al. 2024) and link the credit reference to the DOI for the journal article. Note: there is no period after the credit line.

    For Example:
    Photo 1. Group photo of 2024 Quadrennial Ozone Symposium in-person attendees at the University of Colorado, Boulder’s University Memorial Center.
    Photo credit: Chelsea Thompson [National Oceanic and Atmospheric Administration]
    Photo 2. Sophie Godin-Beekman presents awards during the QOS dinner. Luke Western accepts the Dobson Award [left]; [Herman Smith receives the Farman award [middle]; and Valerie Thouret accepts the Farman award on behalf of Philippe Nédélec [right].
    Photo credits: Irina Petropavlovskikh [CIRES Global Monitoring Laboratory]
    Figure 1.Annual mean anomalies of ozone (%) in the upper stratosphere [top three panels] near 42 km (26 mi) altitude or 2-hPa pressure, and for the lower stratosphere, [bottom three panels] near 22 km (14 mi) or 50 hPa for three zonal bands: 35°N–60°N [top graph in each grouping] , 20°S–20°N [middle graph in each grouping], and 35°S–60°S [bottom graph in each grouping]. Anomalies are with respect to the 1998–2008 baseline. Colored lines correspond to different long-term satellite records. The black line is the merged ground-based dataset. The gray-shaded area shows the range of chemistry–climate model simulations from CCMI-1 refC2 (SPARC/IO3C/GAW 2019).
    Figure credit: from the BAMS State of the Climate in 2023

    Along with the caption, please include alternate keywords to include with the graphic. The alternative text does not appear with the article, but is added to the backend of website (i.e., Content Management System). The alt text aids in SEO. See the section on Search Engine Optimization for additional guidance.

    Key word tag: A global map showing the locations of early adopter organizations.

    If a figure or photo contain multiple elements, provide directionals in the caption to direction the reader to the different elements. The directionals should be italicized and in brackets. When referencing multiple Figures at once, use an en dash to separate the figure numbers.

    For Example [in text]: After the presentation, the attendees heard from Karen St. Germain [NASA HQ—Director of NASA’s Earth Science Division], who gave inspiring remarks and answered questions for 15 minutes – see Photos 6–7.
    For Example: Photos 6–7. Former NASA astronaut Paul Richards takes audience questions at the NASA Earth Day event. Credit: NASA
    For Example: Figure 2. The Ghana Climate Hazards Center Coupled Model Intercomparison Project Phase 6 climate projection dataset map of temperatures exceeding 41 °C (106 °F) [left], future climate projection (SSP) for 2050 [middle], and the difference between the two [right]. Figure credit: Williams et al. 2024

    Graphic/photo requirements

    Photos and graphics should be at least 1440 pixels wide. If the photo is small or low resolution, padding will be added to each side to fit the dimensions for the website.
    Provide high-resolution graphics source files of all graphics. Submit graphics and photos as a .gif, .tif, or .eps file.
    Do not resize photos or graphics.
    Submit raw data in plain text for tables. The Editorial Team will reconfigure the content into tables to insert on the EO website.

    Final Thoughts
    There are many style topics not specified here. As stated earlier, the NASA Stylebook and Communications Manual and AP Style Guide (in that order) should be followed when something is not explicitly described in this guide.
    In addition, previous articles from The Earth Observer (particularly those from recent years) can serve as templates for future articles. It is a good idea when preparing to submit an article to look at some previous articles available in The Earth Observer archive.
    The Earth Observer: Editorial GuidelinesLast Updated: 01/30/25 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: NEW INDIA IS “LAND OF OPPORTUNITIES” WITH RAPID REFORMS: LOK SABHA SPEAKER

    Source: Government of India

    NEW INDIA IS “LAND OF OPPORTUNITIES” WITH RAPID REFORMS: LOK SABHA SPEAKER

    INDIAN STUDENTS ABROAD ARE AMBASSADORS OF INDIAN VALUES AND CULTURE: LOK SABHA SPEAKER

    INITIATIVES LIKE AYUSHMAN BHARAT HAVE CREATED ABUNDANT OPPORTUNITIES IN HEALTHCARE SECTOR ACROSS INDIA: LOK SABHA SPEAKER

    INDIA CARES DEEPLY ABOUT WELFARE OF INDIANS LIVING IN EVERY CORNER OF WORLD: LOK SABHA SPEAKER

    LOK SABHA SPEAKER INTERACTS WITH INDIAN STUDENTS AT SAMARKAND MEDICAL UNIVERSITY

    Posted On: 08 APR 2025 6:17PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla today stressed that New India has emerged as the “Land of Opportunities” with rapid reforms in every field. National initiatives like Ayushman Bharat have created abundant opportunities in the healthcare sector across India, he added. Addressing the Indian students at Samarkand Medical University, he said, “As Ayushman Bharat is expanding to include both government and private hospitals, there are ample opportunities for FMG doctors to gain valuable experience and contribute to the nation’s healthcare system.” The rapid growth in medical research and education in India has created numerous opportunities for the students to work in academic and research institutions, he noted.

    Shri Birla lauded the Indian students studying abroad as ambassadors of Indian values and culture. Despite staying thousands of miles away, these students continue to be deeply rooted in Indian values and spread them in their host countries, he observed. As cultural and educational representatives of India, they also serve as key figures in strengthening the friendship and cooperation between India and Uzbekistan, he said. Shri Birla is on a four day visit to Uzbekistan leading the Indian Parliamentary Delegation (IPD) for the 150th Assembly of Inter Parliamentary Union (IPU).

    Shri Birla conveyed to the students that the Government of India cares deeply for the welfare of Indians living in every corner of the world. He mentioned that India is dedicated to assisting and supporting overseas Indian students. Through initiatives like the ‘Help’ portal and the active involvement of Indian embassies abroad, the government ensures that Indian students face no obstacles in their education, safety, and career prospects. He noted with pride that, “Indian doctors have a global identity, and you should continue this tradition.” He added that India has always produced exceptional doctors, and these students will enhance healthcare systems worldwide with their knowledge and skills. He added that their global experience will pave the way for greater success in their medical careers and will make important contribution in deciding the future of global healthcare system.

    Shri Birla urged the students to not only enhance their knowledge and skills but also embrace values such as dedication and compassion in their lives.

    LOVE AND AFFECTION OF INDIAN DIASPORA IN UZBEKISTAN TOWARDS INDIA IS INSPIRATIONAL: LOK SABHA SPEAKER

    During his visit to Uzbekistan, Lok Sabha Speaker Shri Om Birla interacted with members of Indian Diaspora on Monday. Observing that the love and affection of the Indian Diaspora in Uzbekistan towards India is inspirational, Shri Birla noted that the efforts of the Indian community help strengthen India’s global identity.

    Speaking about India’s growing economic might, Shri Birla highlighted that India today is the fastest-growing economy in the world, and its global reputation and innovation have created countless new opportunities. He added that the Indian Diaspora can contribute to this growth through investment and innovation. Shri Birla also encouraged the Diaspora to take full advantage of these opportunities as part of India’s drive for ‘Viksit Bharat.’

    Shri Birla emphasized that the relationship between India and Uzbekistan goes beyond official visits and documents, and is also based on the people to people ties, cultural exchanges, and mutual respect between the people of both countries. He added that the role of the Indian Diaspora has been vital in strengthening the historical ties between India and Uzbekistan as they have contributed to the development of both the countries through their hard work and dedication. Shri Birla noted that language, cuisine, traditions, and cultural exchanges serve as the foundation of these strong ties. He added that the growing partnership between India and Uzbekistan in the fields of science, health, education, trade and technology is proving to be vital for the progress of both countries.

    LOK SABHA SPEAKER MEETS CHAIRMAN OF THE PARLIAMENT OF GEORGIA

    On the sidelines of the 150th Assembly of Inter-Parliamentary Union at Tashkent, Lok Sabha Speaker Shri Om Birla met H.E. Shalva Papuashvili, Chairman of the Parliament of Georgia. On this occasion, Shri Birla shared his thoughts on strengthening parliamentary diplomacy and expanding cooperation in trade, tourism, and innovation. He also lauded Georgia’s support for India at multilateral fora and also to the Indian community there. Mentioning that India and Georgia share a deep cultural bond which opens immense avenues for future, Shri Birla called for enhancing youth exchange programmes, digital collaboration & people-to-people ties.

    ***

    AM

    (Release ID: 2120133) Visitor Counter : 15

    MIL OSI Asia Pacific News

  • MIL-OSI: Pythian Wins 2025 Google Cloud Databases Partner of the Year for North America

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, April 08, 2025 (GLOBE NEWSWIRE) — Pythian Services Inc. (“Pythian”), a leading global services company specializing in data, analytics, and AI solutions, announced today that it has received the 2025 Google Cloud Databases Partner of the Year Award for North America. This award honors Pythian’s work helping customers transform their businesses by securely and reliably managing and migrating enterprise data to Google Cloud.

    Pythian made the announcement at Google Cloud Next 25, taking place in Las Vegas from April 9 – 11. You can visit Pythian at booth #2787.

    For over 27 years, Pythian’s expertise has spanned a wide range of database technologies, including Oracle, MySQL, PostgreSQL, Cassandra, MongoDB, Microsoft SQL Server, and more. The company’s collaboration with Google Cloud—particularly on AlloyDB for PostgreSQL, Cloud SQL, and Toolkit Solution offerings—has enabled customers to modernize their data platforms, driving greater reliability, security, and value creation. Its long-established leadership within the technical community was also a key differentiator.

    “Pythian is proud and honored to be recognized as the 2025 Google Cloud Databases Partner of the Year for North America,” said Brooks Borcherding, CEO at Pythian. “Receiving this award is a very meaningful acknowledgement of our deep partnership with Google, a partnership built on a shared commitment to helping customers unlock the full potential of their data with Google Cloud services.”

    “Google Cloud’s Partner Awards recognize partners who have created outsized value for customers through the delivery of innovative solutions and a high level of expertise,” said Kevin Ichhpurani, president, Global Partner Ecosystem, Google Cloud. “We’re proud to announce Pythian as a 2025 Google Cloud Partner Award winner and celebrate their impact enabling customer success over the past year.”

    Google Cloud’s unique suite of AI-powered, planet-scale databases delivers unmatched reliability, performance, security, and global reach. Customers also gain significant advantages, including cost efficiency, ease of use, developer flexibility, multicloud capabilities, and built-in security. Pythian’s data management services have empowered companies like Schnucks, Wayfair, Porch.com, and Zenni Optical to achieve radical business transformations. By seamlessly migrating databases from sources like Oracle and MSSQL to Google Cloud—including AlloyDB for PostgreSQL, Cloud SQL, Spanner, and Oracle Database@Google Cloud—Pythian ensures successful outcomes at every stage, from planning to deployment.

    With nearly three decades of Oracle Database experience, Pythian is a trusted leader in the industry and related technical community. Since the company’s inception, Pythian experts have contributed to this community by sharing knowledge through a variety of mediums. Its subject matter experts have routinely worked hand in hand with Google Cloud database engineering teams as database offerings have progressed through critical development phases.

    “As an example, our collaboration with Google Cloud on the Oracle Database@Google Cloud solution exemplifies the powerful synergy between our engineering teams. By working closely with Google Cloud’s experts, we’re able to deliver exceptional results for our shared customers,” said Vanessa Simmons, senior vice president, Business Development at Pythian. “As a testament to our confidence in the solution, we even migrated our own systems to Oracle Database@Google Cloud.”

    As a Google Cloud evangelist for the Oracle partnership, Pythian published a blog series explaining the technical and business benefits of Oracle Database@Google Cloud. It also facilitated a webinar series featuring Google and Oracle leadership to share the key details of the new solution, how it benefits customers, and how to get started. The company also expanded its team’s Database Engineer certifications, further solidifying its position as leader in the field.

    Pythian previously earned the Google Cloud Specialization Partner of the Year for Data Management Award in 2020. Since then, the company continues to demonstrate expertise in building innovative, customer-focused solutions on Google Cloud as an avenue to AI adoption.

    Learn more about our Google Cloud Workshops and how to get started.

    About Pythian

    Founded in 1997, Pythian is a leading data and AI services provider specializing in digital transformation and operational excellence for enterprise customers. We help organizations optimize their data estates, helping them to drive AI enablement, innovation, and growth. Through strategic consulting, managed services and cloud migrations, we enable cost savings, risk reduction and seamless operations while preparing businesses to adopt AI and for the future of data management. A Premier Partner for Google Cloud in the Service and Sell Engagement Models with multiple Specializations, including Data Analytics, Marketing Analytics, Machine Learning, Data Management, Infrastructure, Cloud Migration and a certified Google Cloud MSP, we’ve delivered thousands of professional and managed services projects for leading enterprises. For more information, visit www.pythian.com or follow us on X, LinkedIn, and our Blog.

    Pythian Media Contacts

    Vanessa Simmons
    Senior Vice President, Business Development
    simmons@pythian.com
    +1 613-897-9444
    Elisabeth Grant
    Branch Out Public Relations
    egrant@branchoutpr.com
    +1 612-599-7797
     
         

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dffd8d31-5287-4668-a972-ef867a615239

    The MIL Network

  • MIL-OSI USA: Amata Champions Service Dogs for Veterans, Expanding On Prior Legislative Efforts 

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Amata, who serves as Vice Chairman of the House Veterans’ Affairs Committee (HVAC), is delighted to be part of the introduction of the Service Dogs Assisting Veterans Act in the U.S. House of Representatives by a bipartisan group of 24 Members of Congress.

    “I’ve gladly cosponsored other bills in previous Congresses, such as the PAWS for Veterans Therapy Act, to encourage this wonderful work for our Veterans, in providing trained Service Dogs that are a blessing to many Veterans’ lives, but now this bill expands on these efforts in important new ways to reach many more needs,” said Vice Chairman Amata. 

    Under this legislation, the Secretary of Veterans Affairs would award grants to nonprofit organizations to assist with programs to provide service dogs to eligible veterans, including training for the service dogs, and extending the availability of this program to veteran disabilities, such as blind, deaf, traumatic brain injuries (TBI), military sexual trauma, paralysis, and Post-Traumatic Stress Disorder (PTSD).

    The PAWS for Veterans Act, signed into law in 2021 after four years of congressional efforts, put a focus on Veterans learning to train their own or others’ dogs, and included a successful pilot program. 

    The new Service Dogs Assisting Veterans Act is led by sponsor Congressman Morgan Luttrell (R-TX) with Morgan McGarvey (D-KY) co-leading the legislation. Original cosponsors are Aumua Amata Coleman Radewagen (American Samoa), Vern Buchanan (R-FL), Derrick Van Orden (R-WI), Juan Ciscomani (R-AZ), Eleanor Norton Holmes (D-DC), Claudia Tenney (R-NY), Don Davis (D-NC), David Valadao (R-CA), Greg Murphy (R-NC), Wesley Hunt (R-TX), John Rutherford (R-NE), Jason Crow (D-CO), Jen Kiggans (R-VA), Nancy Mace (R-SC), Mariannette Miller-Meeks (R-IA), Chris Deluzio (D-PA), Steve Cohen (D-TN), Michael Rulli (R-OH), Pete Stauber (R-MN), Craig Goldman (R-TX), August Pfluger (R-TX), Nick LaLota (R-NY).

    Upwards of 20 percent of Iraq and Afghanistan war veterans suffer from post-traumatic stress disorder, and more than 450,000 service members have been diagnosed with at least one traumatic brain injury over the past two decades. As a result, these veterans suffer from high rates of depression, anxiety, joblessness, homelessness, and substance use disorders, and tragically, on average nearly 17 veterans die by suicide each day. 

    Tens of thousands of service dogs help veterans with disabilities across the United States. Service dogs assist with conditions like blindness, mobility impairments, PTSD, and traumatic brain injury. This bipartisan bill establishes a VA grant program to fund nonprofit organizations providing trained service dogs to eligible veterans at no cost. The nonprofits must meet requirements, including training standards and aftercare services, and be accredited by Assistance Dogs International (ADI) or a similar organization. The program aims to support veterans with disabilities like PTSD, TBI, military sexual trauma, and more.

    Numerous veterans organizations have endorsed this legislation: American Veterans (AMVETS), Americas Warrior Partnership (AWP), American Kennel Club (AKC), American Humane, Americas VetDogs, Blinded Veterans Association (BVA), Chief Warrant Officers Association (CWOA), Disabled American Veterans (DAV), Dog Tag Buddies, Elizabeth Dole Foundation (EDF), Guardian Angels, HunterSeven Foundation, Iraq & Afghanistan Veterans of America (IAVA), Jewish War Veterans of America (JWV), K9s For Warriors, Lions Club International, National Military Families Association (NMFA), Non-Commissioned Officers Association (NCOA), Paralyzed Veterans of America (PVA), Pet Advocacy Network, Retrieving Freedom, Semper K9 Assistance Dogs, The American Legion (TAL), The Independence Fund (TIF), Tragedy Assistance Program for Survivors (TAPS), TREA: The Enlisted Association (TREA), Veterans of Foreign Wars (VFW), Vietnam Veterans of America (VVA), Warrior Canine Connection, Wounded Warrior Project (WWP).

    “This is about giving our heroes the tools they need to thrive — not just survive —when they come home,” said Congressman Luttrell.

    “As a member of the Veterans’ Affairs Committee and proud grandson of veterans, I know we need to do more to help our veterans address both the visible and invisible wounds of war. These brave men and women put on the uniform to defend our freedom and we have a moral obligation to support them,” said Congressman McGarvey.

    ###

    MIL OSI USA News

  • MIL-OSI New Zealand: Government to wind down Green Investment Finance

    Source: New Zealand Government

    The Government has announced the New Zealand Green Investment Finance (NZGIF) will stop making new investments and will wind down its existing portfolio, Climate Change Minister Simon Watts says.

    “Almost $400 million has been invested with very limited results and there are more than 20 other government funds operating with similar objectives to the NZGIF,” Mr Watts says.

    “Alongside this, the market for low emission investments has grown, there are more funding and financing products, and we have a more robust Emissions Trading Scheme, reducing the need for government involvement.

    “This Government is serious about climate change, that’s why we have committed to doubling renewable energy, investing in technology to lower emissions while boosting productivity, and cutting barriers to green investment.

    “We will prioritise actions that have the greatest impact on emissions and growth and will provide real value for money. In the current economic environment New Zealanders want assurance that taxpayer money is being well spent and delivering results. We believe NZGIF is no longer aligned to that vision.”

    The transition will be carried out in a structured and responsible manner, ensuring that all stakeholders are kept informed.

    Within 90 days NZGIF will develop a plan for Ministers outlining how changes at the company will be implemented.

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: INDIA AND UZBEKISTAN SHARE TIMELESS TIES OF HISTORY AND HERITAGE: LOK SABHA SPEAKER

    Source: Government of India

    INDIA AND UZBEKISTAN SHARE TIMELESS TIES OF HISTORY AND HERITAGE: LOK SABHA SPEAKER

    INDIA AND UZBEKISTAN NEED TO DEEPEN COLLABORATION IN DIGITAL TECHNOLOGIES, ARTIFICIAL INTELLIGENCE, RENEWABLE ENERGY, AND PEACEFUL NUCLEAR ENERGY: LOK SABHA SPEAKER

    INDIA UPHOLDS UNIVERSAL ETHOS OF ‘VASUDHAIVA KUTUMBAKAM’ AND ‘SARVJAN HITAY’: LOK SABHA SPEAKER

    LOK SABHA SPEAKER CALLS ON THE PRESIDENT OF UZBEKISTAN

    LOK SABHA SPEAKER MEETS PRESIDING OFFICERS OF PARTICIPATING PARLIAMENTS IN TASHKENT ON THE SIDELINES OF THE 150TH ASSEMBLY OF IPU

    LOK SABHA SPEAKER AND MEMBERS OF INDIAN DELEGATION PAY FLORAL TRIBUTES AT THE BUST OF FORMER PRIME MINISTER SHRI LAL BAHADUR SHASTRI IN TASHKENT

    Posted On: 07 APR 2025 11:02PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla today said that India and Uzbekistan share timeless ties of history and heritage.  He emphasized that this age-old cooperation between the two countries need to be expanded in emerging fields like digital technology, artificial intelligence, renewable energy, and nuclear energy, alongside traditional sectors. Shri Birla made these remarks during his meeting with the President of Uzbekistan, H.E. Mr. Shavkat Mirziyoyev, in Tashkent on the sidelines of the 150th Assembly of Inter-Parliamentary Union, today.

    Underlining India’s ancient democratic traditions, Shri Birla mentioned that guided by the Constitution, India has continually expanded its democratic values and prioritized social inclusion. He added that India has strengthened democracy at the grassroots level by ensuring 33 percent reservation for women in its local level governance. Shri Birla informed that by introducing the “Nari Shakti Vandan Act” as the first law in the new Parliament building, India not only reiterated its commitment to its democratic ethos but also ensured greater representation of women in state and central legislatures. 

    Shri Birla observed that India the values of “VasudhaivaKutumbakam” (The World is One Family) and “SarvajanHitaya” (For the Welfare of All) are inseparable part of Indian tradition and the Constitution of India is also inspired by these values. Mentioning that last year, India marked the completion of 75 of Constitution, Shri Birla noted that the numerous enabling laws passed by the Indian Parliament have been pivotal in realizing wide ranging socio-economic changes in India.

    Stressing on the elevation of Indo-Uzbek relationship to a Strategic Partnership and the addition of new dimensions in recent years, Shri Birla underlined that both nations have strengthened cooperation in various areas like, economy, defense, education, and trade. He noted India is now one of Uzbekistan’s 10 largest trade partners. Shri Birla also highlighted the importance of increasing Parliamentary cooperation between the two Parliaments to exchange ideas on mutual interests and strengthen people-to-people contacts. He proposed promoting parliamentary exchanges in order to help both countries’ officials better understand each other’s systems and best practices.

    In addition, Shri Birla appreciated the growing interest in Indian culture in Uzbekistan, particularly in music, dance, and yoga, as well as the increasing number of Indian students in Uzbek educational institutions. He expressed confidence that this meeting would enhance the diplomatic and parliamentary relations between India and Uzbekistan, marking a new chapter in their collaborative efforts.

    Shri Birla and members of Indian delegation also paid floral tributes at the bust of the former Prime Minister of India Shri Lal Bahadur Shastri in Tashkent. 

    LOK SABHA SPEAKER CONGRATULATES UZBEKISTAN FOR SUCCESSFULLY HOSTING 150TH IPU ASSEMBLY

    Lok Sabha Speaker Shri Om Birla also met Chairperson of the Oliy Majlis of Uzbekistan, H.E. Ms. Tanzila Norbaeva in Tashkent on Sunday on the sidelines of the 150th IPU. He congratulated the Chairperson for successfully hosting the Assembly and for the warm welcome accorded to the Indian Parliamentary Delegation. Mentioning Uzbekistan’s progress in various sectors, Shri Birla highlighted the growing and strengthening diplomatic ties between India and Uzbekistan.

    Shri Birla noted that both countries share deep historical connections and have fostered collaboration in various multilateral forums such as the SCO, the UN, and BRICS. Shri Birla also emphasized the importance of expanding cooperation in emerging fields like digital technology, artificial intelligence, renewable energy, and nuclear energy, alongside traditional sectors.

    LOK SABHA SPEAKER CALLS FOR EXPANDING COOPERATION BETWEEN THE PARLIAMENTS OF INDIA AND ISRAEL

    A day before at Tashkent, Lok Sabha Speaker Shri Om Birla held a bilateral meeting with Speaker of the Israeli Knesset (Parliament) H.E. Mr. Amir Ohana. On this occasion, Shri Birla fondly recalled the pleasant memories of their previous meeting in New Delhi in April 2023 and acknowledged Mr. Ohana’s extraordinary contributions to Israel’s development.

    He highlighted the long-standing strategic partnership between India and Israel, based on shared democratic values and mutual aspirations. He added that both countries have strengthened their ties through high level leadership meetings and collaborative efforts in various sectors, such as technology, agriculture, and defense. He commended the establishment of a parliamentary friendship group between India and Israel, recognizing it as a significant step toward enhancing parliamentary cooperation.

    LOK SABHA SPEAKER CALLS FOR REGULAR DIALOGUES AND SHARING BEST PRACTICES BETWEEN PARLIAMENTS OF INDIA AND KAZAKHSTAN

    On Sunday, on the sidelines of the 150th IPU Assembly, Lok Sabha Speaker Shri Om Birla held a bilateral meeting with the Chairperson of the Mazhilis of Kazakhstan H.E. Mr. YerlanKoshanov. Shri Birla at the congratulated Kazakhstan on the 30th anniversary of its Constitution and highlighted that India also celebrated 75 years of the adoption of its Constitution the previous year, marking a significant milestone in both countries’ democratic journeys.

    He also emphasized that India’s progress in the past 75 years has been guided by constitutional values aimed at building a welfare state. Shri Birla proposed that the parliaments of India and Kazakhstan establish regular dialogues to exchange best practices and enhance cooperation. He acknowledged the growing political and economic cooperation between the two countries, particularly in defense, security, digital technology, energy, and space.

    ***

    AM

     

    (Release ID: 2119920) Visitor Counter : 55

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA IN PORTUGAL; MEETS PRESIDENT OF PORTUGAL AND LEADS DELEGATION-LEVEL TALKS

    Source: Government of India

    PRESIDENT OF INDIA IN PORTUGAL; MEETS PRESIDENT OF PORTUGAL AND LEADS DELEGATION-LEVEL TALKS

    WITNESSES THE LAUNCH OF POSTAGE STAMPS TO COMMEMORATE 50 YEARS OF DIPLOMATIC RELATIONS

    INDIA-PORTUGAL RELATIONS ARE HISTORIC AND THESE RELATIONS HAVE CONTINUED TO GROW STRONGER: PRESIDENT MURMU

    Posted On: 07 APR 2025 9:28PM by PIB Delhi

    The President of India, Smt Droupadi Murmu reached Lisbon yesterday (April 6, 2025) on the first leg of her State Visit to Portugal and the Slovak Republic. This is the first-ever visit by an Indian President to Portugal in 27 years.  

    This morning (April 7, 2025), President Droupadi Murmu was warmly received by the President of the Republic of Portugal, H.E. Mr Marcelo Rebelo de Sousa at the historic ‘Praca do Imperio’ in Lisbon. She was accorded a ceremonial welcome with the Guard of Honour.

    President Droupadi Murmu also visited the Church of Santa Maria and laid a wreath at the tomb of Luis Vaz de Camoes – the national poet of Portugal. She also visited the Monastery of Jerónimos – a masterpiece of 16th-century architecture in Portugal.

    In the next engagement, President Droupadi Murmu and President Marcelo Rebelo de Sousa of Portugal graced the launch of postage stamps commemorating 50 years of diplomatic relations between the two countries.  The stamps reflect the rich artistic and cultural heritage of India and Portugal, and feature vibrant folk attire from both countries: Rajasthan’s distinctive Kalbeliya costume and the traditional Viana do Castelo dress from Portugal.

    Later, President Droupadi Murmu discussed various aspects of bilateral relations and global and regional issues of shared interest with President Marcelo Rebelo de Sousa of Portugal during one-to-one meeting and delegation-level talks. The President said that India-Portugal relations are historic and these have continued to grow stronger and have evolved into a modern, multifaceted and dynamic partnership. She stressed the need to further strengthen long-standing bilateral ties, especially in trade and investment, science and technology, IT and digital technology, renewable energy, connectivity and mobility.

    Both the leaders issued press statements after the meeting.

    Please click here to see the President’s Speech – 

     

    ***

    MJPS/SR

    (Release ID: 2119908) Visitor Counter : 12

    MIL OSI Asia Pacific News

  • MIL-OSI: RUBIS: Information relating to the total number of voting rights and shares as of 31/03/2025

    Source: GlobeNewswire (MIL-OSI)

    Paris, 7 April 2025, 5:45 pm

    INFORMATION ON TOTAL NUMBER OF VOTING RIGHTS AND NUMBER OF SHARES PURSUANT TO ARTICLE L.233-8 II OF THE FRENCH COMMERCIAL CODE AND ARTICLE 223-16 OF THE GENERAL REGULATION OF THE FRENCH FINANCIAL MARKETS AUTHORITY

    Date Class of shares Number of shares Number of theoretical voting rights Number of exercisable voting rights
    (excluding shares bought back by the Company (deprived of voting rights) and shares deprived of voting rights in accordance with art. L. 233-14 of the French Commercial Code)
    31 March 2025 Ordinary shares 
    (par value of €1,25)
    103,233,081 103,233,081 102,946,179
      Contact
      RUBIS – Legal department
      Tel. : +33 (0)1 44 17 95 95

    Attachment

    The MIL Network

  • MIL-OSI: Lánasjóður sveitarfélaga – Útboð LSS 39 0303 og LSS151155

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga hefur ákveðið að efna til útboðs á skuldabréfaflokkunum LSS 39 0303 og LSS151155 fimmtudaginn 10. apríl 2025. Lánasjóðurinn stefnir að því að taka tilboðum að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS151155 og að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS 39 0303. Lánasjóðurinn áskilur sér rétt til að hækka og lækka útboðsfjárhæð útboðsins, taka hvaða tilboði sem er eða hafna þeim öllum. Lánasjóðurinn hefur boðið aðalmiðlurum sjóðsins Arion banka, Íslandsbanka, Kviku banka, Landsbankanum og Fossum fjárfestingabanka að taka þátt í útboðinu.

    Óskað er eftir tilboðum í samræmi við eftirfarandi lýsingu:

    Fyrirkomulag: “Hollensk” uppboðsaðferð þar sem allir tilboðsgjafar fá sömu ávöxtunarkröfu og hæst er tekið. Heimilt er að afturkalla eða breyta tilboði með sama hætti og tilboðum er skilað inn, sé það gert fyrir lok útboðsfrests.

    Tilboð: Í tilboði skal taka fram ávöxtunarkröfu án þóknunar og tilboðsfjárhæð.  

    Að öðru leyti er vísað til skilmála skuldabréfanna á heimasíðu Lánasjóðs sveitarfélaga

    Tilboð skulu berast fyrir kl. 16:00, fimmtudaginn 10. apríl 2025 til Lánasjóðs sveitarfélaga á netfangið utbod@lanasjodur.is

    Öllum tilboðum verður svarað fyrir kl. 17:00 á útboðsdegi. Uppgjör sölu fer fram þriðjudaginn 15. apríl 2025.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network

  • MIL-OSI Europe: Text adopted – Energy-intensive industries – P10_TA(2025)0065 – Thursday, 3 April 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to the report of September 2024 by Mario Draghi entitled ‘On the future of European competitiveness’,

    –  having regard to the report of April 2024 by Enrico Letta entitled ‘Much more than a market’,

    –  having regard to the Commission communication of 26 February 2025 entitled ‘The Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation’ (COM(2025)0085),

    –  having regard to the Commission communication of 26 February 2025 entitled ‘Action Plan for Affordable Energy’ (COM(2025)0079),

    –  having regard to Rule 136(2) of its Rules of Procedure,

    –  having regard to the motion for a resolution of the Committee on Industry, Research and Energy,

    A.  whereas energy-intensive industries (EIIs) account for a significant share of the EU’s economy and play a key role in job creation, especially in areas and regions where they are concentrated; whereas EIIs are crucial for the EU’s strategic autonomy and competitiveness, as well as for decarbonisation, taking into account their energy footprint;

    B.  whereas the transition to a decarbonised economy and a clean energy system must lead to reducing energy prices and must take into account all available technologies that contribute to reaching the EU’s net zero goal for 2050 in the most cost-efficient way, avoiding lock-in effects and taking into account the different energy mix across Member States, including with regard to renewables and nuclear;

    C.  whereas technological neutrality is crucial for European industry as it ensures fair competition, fosters innovation and supports the clean transition without favouring specific technologies; whereas maintaining a neutral regulatory framework allows companies to choose the most efficient and sustainable solutions based on market needs rather than top-down preferences set by policymakers; whereas this approach encourages investment, boosts competitiveness and allows industry to adapt to new technologies;

    D.  whereas electrification is at the centre of the decarbonisation of EIIs; whereas EIIs include sectors that use fossil resources to meet temperature, pressure or reaction requirements, such as chemicals, steel, paper, plastics, mining, refineries, cement, lime, non-ferrous metals, glass, ceramics and fertilisers, for which greenhouse gas emissions are hard to reduce because they are intrinsic to the process or because of high capital or operating expenditure costs or low technological maturity;

    E.  whereas the energy price gap between the EU and the US and China undermines the competitiveness of the EU’s industries; whereas elevated and volatile fossil fuel prices heavily affect electricity prices and the affordable cost of renewable energy sources is not transferred to energy bills;

    F.  whereas an insufficiently integrated energy union poses further challenges to EIIs, in particular in relation to the lack of cross-border interconnections and the limited availability of clean energy, owing to lengthy permitting procedures or high capital or operating expenditures, as well as grid congestion;

    G.  whereas the emissions trading system (ETS) provided long-term investment signals and helped bring down the emissions of ETS sectors by 47 %; whereas the energy market has profoundly changed since the introduction of the ETS, especially after Russia’s invasion of Ukraine and the shift from pipeline gas to liquid natural gas (LNG); whereas a lack of carbon market transparency risks hampering EIIs’ competitiveness; whereas ETS revenues are used unevenly across Member States, failing to adequately support EIIs’ decarbonisation;

    H.  whereas unnecessary regulatory burdens and lengthy permitting procedures undermine the business case for investing in decarbonisation in Europe; whereas the concept of overriding public interest is provided for in EU legislation; whereas complex and fragmented EU funding impedes timely investment in net-zero technologies and digitalisation, in particular for small and medium-sized enterprises (SMEs);

    I.  whereas the lack of necessary private investment risks hindering EIIs’ decarbonisation; whereas relying excessively on State aid can have the unwanted consequences of exacerbating disparities and distorting competition across the EU;

    J.  whereas the EU’s dependencies and limited access, both in quantity and quality, to primary and secondary raw materials pose significant challenges to EIIs; whereas circularity and efficiency can help reduce the annual investment needs in industry and in energy supply; whereas currently, ferrous metals exported to non-EU countries account for more than half of all EU waste exports, raising concerns about their sound treatment;

    K.  whereas unfair competition from non-EU countries, including subsidised overcapacity, poses a great challenge to EU companies; whereas many regions around the world do not currently have ambitious decarbonisation targets, thus increasing the risk of carbon leakage;

    L.  whereas a profound transformation of EIIs cannot succeed without the involvement of local and regional communities, workers and social partners, which are heavily affected by the transition;

    1.  Reiterates its commitment to the EU’s decarbonisation objectives and to stable and predictable climate and industrial policies;

    2.  Calls on the Member States to accelerate permitting and licensing processes for clean energy projects, ensuring administrative capacity, and to facilitate grid connections to enable clean, on-site energy generation, especially in remote areas; stresses that the growth of renewables and electrification will require massive investment in grids and in flexibility, storage and distribution networks; calls on the Commission to develop, beyond the concept of overriding public interest, solutions for speeding up decarbonisation projects;

    3.  Believes that further action is needed to implement the electricity market design (EMD) rules, especially to promote power purchase agreements (PPAs) and two-way contracts for difference (CfDs) to reduce volatility and energy costs for EIIs; calls on the Commission to propose urgent measures to address current barriers to the signing of long-term agreements, especially for SMEs, using risk reduction instruments and guarantees, including public guarantee such as by the European Investment Bank (EIB); suggests that additional ways to decouple fossil fuel prices from electricity prices be explored, in the framework of the EMD, including with the aim of boosting long-term contracts in line with the affordable energy action plan, and by advancing the analysis of short-term markets to 2025 with a view to considering alternative market design options;

    4.  Calls on the Commission to assess the possibility of scaling up best practice for EIIs from Member States, such as Italy’s energy release; calls on the Commission to develop recommendations for reducing the exposure of consumers, and especially EIIs, to rising energy costs, such as by reducing taxes and levies and harmonising network charges, while ensuring public investment in grids;

    5.  Calls for the enhancement of energy system integration, in particular in relation to cross-border interconnections, to ensure clean and resilient energy supply; asks for increased investment in flexibility, such as storage, including pumped storage hydropower and heat and waste heat storage, and demand response, to optimise grid stability; recalls the importance of energy efficiency in bringing costs down;

    6.  Underlines the need to phase out natural gas as soon as possible; stresses that some sectors cannot rely substantially on electrification in the short to medium term; underlines that carbon capture, utilisation and storage plays a key role in the decarbonisation of hard-to-abate sectors and the production of low-carbon products, including low-carbon hydrogen; calls on the Member States – over the same time span and for these limited sectors – to develop measures to address gas price spikes in duly justified cases; calls on the Commission to develop tools to ensure gas supply at a mitigated cost, by enabling demand aggregation, building on AggregateEU, and joint gas purchasing, while keeping decarbonisation objectives; highlights the importance of encouraging stable contracts with gas suppliers, diversifying supply routes and improving market transparency and stability, in line with current legislation; calls for an impact assessment in the upcoming ETS review to analyse the relationship between the gas market and CO2 prices and the role of the market stability reserve and its parameters;

    7.  Calls on the Commission to support EIIs in adopting clean and net-zero technologies, including carbon capture and storage and low-carbon hydrogen, and energy-efficient production methods by strengthening funding mechanisms and ensuring that ETS revenue is used effectively by Member States; calls for EU-level support to be complemented by State aid that allows for targeted technology neutral support to EIIs, while preserving a level playing field within the single market;

    8.  Calls for InvestEU to be topped up before the next multiannual financial framework (MFF) and for leftover Resilience and Recovery Facility loans to support investment in EII decarbonisation; notes that the Strategic Technologies for Europe Platform already allows for flexibility within current programmes but that this is insufficient; insists that the upcoming MFF increase funding to support EIIs, building on the Innovation Fund and the Connecting Europe Facility – Energy or through the competitiveness fund; stresses that the European Hydrogen Bank and the carbon contracts for difference programme need to be scaled up; calls on the Commission to build on the Net-Zero Industry Act(1) in the upcoming decarbonisation accelerator act, to streamline the processes for granting permits and strategic project status;

    9.  Stresses the need to simplify bureaucratic procedures to enhance the attractiveness of private investment and support EIIs’ transition; believes that both InvestEU and the EIB are pivotal in catalysing private financing, especially through de-risking measures;

    10.  Emphasises the need to secure access to critical raw materials; stresses that the upcoming circular economy act should improve resource efficiency, including through better waste management of products containing critical raw materials, as well as fostering the demand and availability of secondary raw materials; stresses the need to define those secondary raw materials that are strategic and that should be subject to export monitoring, such as steel and metal scrap, and to tackle any imbalance in their supply and demand, including by exploring export restrictions; insists on the effective enforcement of the Waste Shipment Regulation(2);

    11.  Calls on the Commission to make full and efficient use of trade defence instruments; calls on the Commission to find a permanent solution to address unfair competition and structural overcapacity, before the expiry of current steel safeguard measures in 2026; calls on the Commission to engage with the US in relation to the announced tariffs on EU imports and avoid any harmful escalation;

    12.  Stresses that an effective implementation of the carbon border adjustment mechanism (CBAM) is essential to ensure a level playing field for EU industries and prevent carbon leakage, taking into account the impact of the parallel phasing out of the ETS free allowances and the risk of increased production costs; calls on the Commission to address the risks of resource shuffling and circumvention of the CBAM; asks, furthermore, for the implementation of an effective solution for EU exporters and an analysis of the possible extension to further sectors and downstream products, preceded by an impact assessment;

    13.  Calls for the creation of lead markets for clean and circular European products, via non-price criteria in EU public procurement, such as sustainability and resilience and a European preference for strategic sectors, as well as by creating voluntary labelling schemes and minimum EU content requirements in a cost-effective way;

    14.  Highlights the importance of a just transition to assist areas heavily reliant on EIIs, by keeping and creating quality jobs through upskilling and reskilling programmes for workers and through the effective use of regional support mechanisms, such as the Just Transition Fund and the Cohesion Fund; stresses that public support will be pivotal for the transition of EIIs and that this support should be tied to their commitment to safeguarding employment and working conditions and preventing off-shoring; welcomes the Union of Skills initiative to ensure a good match between skills and labour market demands;

    15.  Instructs its President to forward this resolution to the Commission, the Council and the governments and parliaments of the Member States.

    (1) Regulation (EU) 2024/1735 of the European Parliament and of the Council of 13 June 2024 on establishing a framework of measures for strengthening Europe’s net-zero technology manufacturing ecosystem and amending Regulation (EU) 2018/1724 (OJ L, 2024/1735, 28.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1735/oj).
    (2) Regulation (EU) 2024/1157 of the European Parliament and of the Council of 11 April 2024 on shipments of waste, amending Regulations (EU) No 1257/2013 and (EU) 2020/1056 and repealing Regulation (EC) No 1013/2006 (OJ L, 2024/1157, 30.4.2024, ELI: http://data.europa.eu/eli/reg/2024/1157/oj).

    MIL OSI Europe News

  • MIL-OSI: 19/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 19 / 2025
    Schindellegi, Switzerland – 7 April 2025


    Trifork Group: Weekly report on share buyback

    On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million).

    Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

    Date    Number of shares        Average purchase price (DKK)        Transaction value (DKK)
    Total beginning 39,868 85.95 3,426,558
    31 March 2025 3,000 85.09 255,270
    1 April 2025 2,558 85.64 219,067
    2 April 2025 2,079 86.44 179,709
    3 April 2025 2,500 86.25 215,625
    4 April 2025 2,121 84.36 178,928
    Accumulated 52,126 85.85 4,475,156

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 52,126 at a total amount of DKK 4,475,156.
    On 25 March 2025, 1,352 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025).
    On 1 April 2025, 19,943 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

    With the transactions stated above, Trifork holds a total of 287,160 treasury shares, corresponding to 1.5%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,457,739.


    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – The capture and utilisation of biogenic carbon dioxide – E-000437/2025(ASW)

    Source: European Parliament

    The Commission is committed to ensuring that there are sufficient incentives for the capture, storage, and utilisation of biogenic carbon dioxide.

    The Competitiveness Compass for the EU[1] underlines that i ncentives will be developed to build a business case for permanent carbon removals to compensate for residual emissions from hard to abate sectors. The industrial carbon management Strategy[2] identified several measures to better support their development.

    This includes supporting research and innovation through various EU funding mechanisms, such as the Innovation Fund[3] and Horizon Europe[4], as well as regulatory measures to better recognise their potential climate benefits.

    The EU Innovation Fund, established with revenue generated by the EU Emission Trading System (ETS), already supports carbon capture and storage projects in the order of approximately 10 million tonnes of CO2 per year becoming operational as early as 2027.

    The European Commission is also exploring options to address the utilisation of biogenic CO2 in place of fossil carbon in more sustainable products.

    By end of 2025, the Commission intends to adopt the methodologies for the certification of permanent carbon removal activities capturing biogenic CO2 with permanent storage. This is an important milestone for the integration of these activities in climate policies.

    The legislative proposal in 2026 will look at how permanent negative emissions could be accounted for and how they could be covered by emissions trading, if appropriate, including a clear scope and strict criteria for such coverage, and safeguards to prevent mitigation deterrence .

    This proposed review will also assess the accounting of the capture and utilisation of CO2 in non-permanent products.

    • [1]  COM(2025) 30 final.
    • [2]  COM(2024) 62 final.
    • [3] 3 https://climate.ec.europa.eu/eu-action/eu-funding-climate-action/innovation-fund_en
    • [4] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en

    MIL OSI Europe News

  • MIL-OSI Economics: Scheduled Banks’ Statement of Position in India as on Friday, March 21, 2025

    Source: Reserve Bank of India

    (Amount in ₹ crore)
      SCHEDULED COMMERCIAL BANKS
    (Including RRBs, SFBs and PBs)
    ALL SCHEDULED BANKS
    22-Mar-2024 07-Mar-2025* 21-Mar-2025* 22-Mar-2024 07-Mar-2025* 21-Mar-2025*
    I LIABILITIES TO THE BKG.SYSTEM (A)            
      a) Demand & Time deposits from banks 294470.87 284322.01 309413.40 298451.61 289252.56 315674.39**
      b) Borrowings from banks 182428.71 113375.74 112450.27 182565.72 113395.68 112501.44
      c) Other demand & time liabilities 72451.70 38843.52 29906.64 73099.81 39214.14 30300.78
    II LIABILITIES TO OTHERS (A)            
      a) Deposits (other than from banks) 20475226.39 22510118.00 22574981.74 20931862.34 22979252.67 23049867.62
      i) Demand 2443853.10 2541476.52 2692658.66 2492890.07 2590163.46 2742872.73
      ii) Time 18031373.29 19968641.48 19882323.08 18438972.26 20389089.21 20306994.89
      b) Borrowings @ 777942.31 939107.58 915247.80 782259.99 944306.62 920567.47
      c) Other demand & time liabilities 937428.00 1054726.19 1062892.08 950486.70 1069174.60 1078301.88
    III BORROWINGS FROM R.B.I. (B) 222716.00 183436.00 311466.00 222716.00 183436.00 311466.00
      Against usance bills and / or prom. Notes            
    IV CASH 89433.21 83128.63 81874.49 91887.09 85425.07 84399.47
    V BALANCES WITH R.B.I. (B) 931482.63 887266.98 882414.59 951385.79 905569.50 900645.16
    VI ASSETS WITH BANKING SYSTEM            
      a) Balances with other banks            
      i) In current accounts 8970.57 10203.63 10594.13 12006.78 12511.15 13247.50
      ii) In other accounts 189356.71 196502.53 205181.89 234368.50 249851.87 260471.29
      b) Money at call & short notice 12355.12 28185.68 25837.74 39618.78 48074.89 44779.28
      c) Advances to banks (i.e. due from bks.) 48368.26 38907.89 39503.74 51324.76 43678.72 43855.88£
      d) Other assets 115423.77 62777.69 67362.50 117734.21 65774.37 70306.00
    VII INVESTMENTS (At book value) 6106558.02 6737320.05 6697927.94 6256610.90 6890883.36 6850574.38
      a) Central & State Govt. securities+ 6105609.51 6736826.28 6697298.19 6249636.70 6882789.83 6842024.57
      b) Other approved securities 948.51 493.77 629.74 6974.20 8093.53 8549.81
    VIII BANK CREDIT (Excluding Inter-Bank Advances) 16432163.93 18125412.60 18243935.57 16866221.14 18591351.54 18708248.75
      a) Loans, cash credits & Overdrafts $ 16134303.05 17796734.53 17909815.46 16565233.27 18258549.44 18370667.77
      b) Inland Bills purchased 60466.96 73940.35 74962.60 60471.14 76226.90 76522.64
      c) Inland Bills discounted 197357.83 216714.85 221058.79 199760.80 217928.56 222319.17
      d) Foreign Bills purchased 16411.78 15072.80 15121.91 16661.99 15316.89 15356.96
      e) Foreign Bills discounted 23624.31 22950.07 22976.80 24093.95 23329.75 23382.21
    NOTE
    * Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
    (A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
    ** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
    @ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
    (B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to Review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo / Term Repo / MSF are reflected under ‘Borrowings from RBI’.
    £ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
    + Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
    $ Includes advances granted by Scheduled Commercial Banks and Scheduled Cooperative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).
    Food Credit Outstanding as on
    (Amount in ₹ crore)
    Date 22-Mar-2024 07-Mar-2025 21-Mar-2025
    Scheduled Commercial Banks 23080.81 42552.27 36531.16
    Scheduled Co-operative Banks 49200.97 50613.50 50613.50

    The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

    No. of Scheduled Commercial Banks as on Current Fortnight:135

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/42

    MIL OSI Economics

  • MIL-OSI Europe: Answer to a written question – ETS2 – P-000650/2025(ASW)

    Source: European Parliament

    The Commission and the Member States are working towards the timely implementation of the new Emissions Trading System for buildings, road transport and additional sectors (ETS2), which was adopted by the European Parliament and the Council in 2023. This includes regular technical level discussions and exchanges at the political level with all Member States, including Poland.

    Several safeguards are already in place to allow for a smooth start of ETS2, including a safeguard to delay the start of the system from 2027 to 2028 in case energy prices are exceptionally high in the first half of 2026.

    In addition, several triggers would release additional ETS2 allowances from the Market Stability Reserve in case of sharp prices increase or imbalances in the supply of ETS2 allowances.

    Furthermore, the total number of allowances auctioned in the first year of the system will be 30% higher than the ETS2 cap, to ensure a smooth start of the system.

    Finally, by taking early action, Member States can help keep ETS2 prices in check. Member States can finance such measures from the revenues ETS2 will raise.

    Part of the revenues will fund the new Social Climate Fund (SCF) in order to protect vulnerable groups and alleviate the ETS2’s impacts. Poland is the biggest beneficiary of the SCF.

    Last updated: 4 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – The need to develop the steel industry in the context of developing armament programmes – E-001209/2025

    Source: European Parliament

    Question for written answer  E-001209/2025
    to the Commission
    Rule 144
    Jadwiga Wiśniewska (ECR)

    With the publication of the Commission White Paper on the Future of European Defence and its proposal for 65% of the money from defence lending to be earmarked for EU-sourced components, the steel industry will be crucial to ensuring an adequate material base for future armament programmes.

    Unfortunately, the EU steel industry is in deep crisis and faces many difficulties, such as rising energy costs, increasing imports from third countries and tariffs imposed by the US, as well as climate policy challenges, most notably the ETS, without the suspension of which no genuine recovery of the industry is possible.

    Given the strategic importance of the steel industry for Europe’s security, could the Commission answer the following questions:

    • 1.Will the Commission suspend the ETS, which is detrimental to industry, and if so when?
    • 2.What long-term measures does the Commission intend to take to protect the European steel industry from unfair trade competition?

    Submitted: 21.3.2025

    Last updated: 4 April 2025

    MIL OSI Europe News