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  • MIL-OSI: BayFirst Financial Corp. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported a net loss of $0.3 million, or $0.17 per common share and diluted common share, for the first quarter of 2025, a decrease of 103.4% compared to $9.8 million, or $2.27 per common share or $2.11 per diluted common share, in the fourth quarter of 2024.

    “While we were encouraged by net interest margin expansion and steady operating expenses during the quarter, our operating results were impacted by deteriorating economic conditions, resulting in net charge-offs and provision expense continuing to be elevated and lower valuations on our portfolio of loans measured at fair value,” stated Thomas G. Zernick, Chief Executive Officer. “Our business customers have been impacted by inflationary pressures, the continued high interest rate environment, recent macro economic changes and the resulting uncertainty. While we wait for clarity regarding the level and duration of the tariffs and begin to see the impact to the general economy from the recent policy changes, we will continue our practice of robust loan oversight and maintain close contact with our borrowers to better understand the longer-term implication to their businesses.”

    “Part of our strategic plan is to grow recurring revenue through net interest income, thereby resulting in less reliance on the gain on sale from government guaranteed loans,” Zernick continued. “A critical element of this strategy focuses on growing our low-cost deposit account base to fund our rapidly expanding conventional commercial and consumer loan portfolios. During the quarter, we did a good job of growing core deposit accounts while letting higher-cost time deposits run off. We serve individuals, families and small businesses, with a focus on checking and savings accounts which are not only less rate sensitive but also are far less volatile. Moreover, our focus on providing checking and savings accounts to a broad segment of the communities we serve expands our overall franchise in the attractive Tampa Bay region and increases opportunities for offering consumer loans, residential mortgages, and small business loans throughout our markets. As management works diligently to address credit concerns moving forward, we are exploring strategies to de-risk unguaranteed SBA loan balances on our balance sheet including portfolio sales and continuing to strengthen credit underwriting on SBA 7(a) loans.”

    “One of the highlights of the first quarter was strong loan growth within the community bank, supported by steady loan demand in the greater Tampa Bay market,” said Zernick. “Total loans held for investment increased nearly 2% during the first quarter and 16% over the past year. Community bank loans increased 4% during the current quarter, which included increases in CRE and consumer loans, while government guaranteed loan balances decreased 2% during the quarter. Despite a volatile national economic environment, our focus on local relationships and personalized banking solutions remains at the core of our success. We remain confident in our ability to return to profitability and drive long-term shareholder value while staying true to our mission of supporting the financial well-being of our local communities.”

    First Quarter 2025 Performance Review

    • Net interest margin was 3.77% in the first quarter of 2025, an increase of 17 basis points from 3.60% in the fourth quarter of 2024 and an increase of 35 basis points from 3.42% in the first quarter of 2024.
    • The Company’s government guaranteed loan team originated $106.3 million in new loans during the first quarter of 2025, a slight decrease from $107.8 million of loans produced in the previous quarter, and a decrease from $130.6 million of loans produced during the first quarter of 2024. Since the launch in 2022 of the Company’s Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of $150 thousand or less, the Company has originated 6,207 Bolt loans totaling $802.0 million, of which 481 Bolt loans totaling $60.5 million were originated during the first quarter.
    • As we reported last quarter, the Company is pausing the practice of electing to measure SBA 7(a) loans at fair value and continued that in the first quarter, however one originated USDA guaranteed loan for $4.8 million was measured at fair value during the first quarter of 2025 versus no loans in the fourth quarter of 2024 and $37 million in the first quarter of 2024.
    • Loans held for investment increased by $18.3 million, or 1.7%, during the first quarter of 2025 to $1.08 billion and increased $149.9 million, or 16.0%, over the past year. During the quarter, the Company originated $157.5 million of loans and sold $72.5 million of government guaranteed loan balances.
    • Deposits decreased $15.0 million, or 1.3%, during the first quarter of 2025 and increased $121.0 million, or 12.0%, over the past year to $1.13 billion. A $19.5 million decrease in deposits during the quarter was in primarily high cost interest-bearing time deposits while noninterest-bearing checking accounts increased $4.5 million during the quarter.
    • Book value and tangible book value at March 31, 2025 were $22.77 per common share, a decrease from $22.95 at December 31, 2024.

    Results of Operations

    Net Income (Loss)

    The Company had a net loss of $0.3 million for the first quarter of 2025, compared to net income of $9.8 million in the fourth quarter of 2024 and $0.8 million in the first quarter of 2024. The change in the first quarter of 2025 from the preceding quarter was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, which was part of a sale-leaseback transaction. Also contributing to lower earnings was a decrease in gain on sale of government guaranteed loans of $1.1 million, a decrease in government guaranteed loan fair value gains of $0.7 million, and an increase in noninterest expense of $0.5 million, primarily higher occupancy and data processing costs, partially offset by an increase in net interest income of $0.3 million and a decrease in income tax expense on continuing operations of $3.4 million. The change from the first quarter of 2024 was due to a decrease in gain on sale of government guaranteed loans of $0.8 million, a decrease in government guaranteed loan fair value gains of $4.1 million, and a decrease in government guaranteed loan packaging fees of $0.7 million. This was partially offset by an increase in net interest income of $2.3 million and a decrease in noninterest expense of $2.0 million.

    Net Interest Income and Net Interest Margin

    Net interest income from continuing operations was $11.0 million in the first quarter of 2025, an increase from $10.7 million during the fourth quarter of 2024, and an increase from $8.7 million during the first quarter of 2024. The net interest margin was 3.77% in the first quarter of 2025, an increase of 17 basis points from 3.60% in the fourth quarter of 2024 and an increase of 35 basis points from 3.42% in the first quarter of 2024.

    The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the fourth quarter of 2024, was mainly due to a decrease in interest cost on deposits of $1.2 million, partially offset by a decrease in loan interest income, including fees, of $1.0 million.

    The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of $1.5 million and a decrease in interest expense on deposits of $0.8 million.

    Noninterest Income

    Noninterest income from continuing operations was $8.8 million for the first quarter of 2025, which was a decrease from $22.3 million in the fourth quarter of 2024 and a decrease from $14.3 million in the first quarter of 2024. This $5.5 million decrease is due to lower borrower demand combined with tighter credit guidelines deployed over the past year. The decrease in the first quarter of 2025, as compared to the fourth quarter of 2024, was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, which was part of a sale-leaseback transaction, and decreases in gain on sale of government guaranteed loans of $1.1 million and government guaranteed loan fair value gains of $0.7 million. The decrease in the first quarter of 2025, as compared to the first quarter of 2024, was the result of decreases in gain on sale of government guaranteed loans of $0.8 million, fair value gains on government guaranteed loans of $4.1 million, and government guaranteed loan packaging fees of $0.7 million.

    Noninterest Expense

    Noninterest expense from continuing operations was $15.8 million in the first quarter of 2025 compared to $15.3 million in the fourth quarter of 2024 and $17.8 million in the first quarter of 2024. The increase in the first quarter of 2025, as compared to the prior quarter, was primarily due to increases in occupancy expense of $0.4 million, data processing expense of $0.3 million, and loan origination and collection expenses of $0.3 million, partially offset by a decrease in compensation expense of $0.4 million. The decrease in the first quarter of 2025, as compared to the first quarter of 2024, was primarily due to lower compensation expense of $1.5 million, professional fees of $0.6 million, and loan origination and collection expenses of $0.7 million. This was partially offset by higher occupancy expense of $0.5 million and data processing expense of $0.5 million.

    Balance Sheet

    Assets

    Total assets increased $3.7 million, or 0.3%, during the first quarter of 2025 to $1.29 billion, mainly due to increases in loans held for investment of $18.3 million, partially offset by a decrease in cash and cash equivalents of $14.6 million. Compared to the end of the first quarter last year, total assets increased $147.8 million, or 12.9%, driven primarily by growth of loans held for investment of $149.9 million.

    Loans

    Loans held for investment increased $18.3 million, or 1.7%, during the first quarter of 2025 and $149.9 million, or 16.0%, over the past year to $1.08 billion, due to originations in both conventional community bank loans and government guaranteed loans, partially offset by government guaranteed loan sales.

    Deposits

    Deposits decreased $15.0 million, or 1.3%, during the first quarter of 2025 and increased $121.0 million, or 12.0%, from the first quarter of 2024, ending March 31, 2025 at $1.13 billion. During the first quarter, there were decreases in savings and money market deposit account balances of $6.7 million and time deposit balances of $17.1 million, partially offset by increases in noninterest-bearing deposit account balances of $4.5 million and interest-bearing transaction account balances of $4.3 million. The majority of the deposits are generated through the community bank in the Tampa Bay/Sarasota area. At March 31, 2025, approximately 81% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At March 31, 2025, December 31, 2024, and March 31, 2024, the Company had $112.3 million, $112.1 million, and $30.5 million, respectively, of brokered deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the first quarter of $4.4 million, compared to provisions of $4.5 million for the fourth quarter of 2024 and $4.1 million during the first quarter of 2024.

    The ratio of ACL to total loans held for investment at amortized cost was 1.61% at March 31, 2025, 1.54% as of December 31, 2024, and 1.62% as of March 31, 2024. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 1.84% at March 31, 2025, 1.79% as of December 31, 2024, and 1.88% as of March 31, 2024.

    Net charge-offs for the first quarter of 2025 were $3.3 million, which was a decrease from $3.4 million for the fourth quarter of 2024 and $3.7 million in the first quarter of 2024. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.28% for the first quarter of 2025, compared to 1.34% in the fourth quarter of 2024 and 1.71% in the first quarter of 2024. Nonperforming assets were 2.08% of total assets as of March 31, 2025, compared to 1.50% as of December 31, 2024, and 0.97% as of March 31, 2024. Nonperforming assets, excluding government guaranteed loan balances, were 1.22% of total assets as of March 31, 2025, compared to 1.06% as of December 31, 2024, and 0.70% as of March 31, 2024. As we discussed in previous quarters, the Bank developed an express modification program for SBA 7(a) borrowers to help those borrowers who are challenged with larger payments in the higher interest rate environment compared to interest rates at the time the loans were originated.

    Capital

    The Bank’s Tier 1 leverage ratio was 8.56% as of March 31, 2025, compared to 8.82% as of December 31, 2024, and 9.12% as of March 31, 2024. The CET 1 and Tier 1 capital ratio to risk-weighted assets were 10.47% as of March 31, 2025, compared to 10.89% as of December 31, 2024, and 11.04% as of March 31, 2024. The total capital to risk-weighted assets ratio was 11.73% as of March 31, 2025, compared to 12.14% as of December 31, 2024, and 12.29% as of March 31, 2024.

    Liquidity

    The Bank’s overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at March 31, 2025 was 8.04%, as compared to 9.17% at December 31, 2024. The Bank has robust liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of March 31, 2025, the Bank had $20.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions. This compared to no borrowings from FHLB, the FRB, or other financial institutions at December 31, 2024.

    Recent Events

    Share Repurchase Program. During the first quarter of 2025, the Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares, over a period beginning on January 28, 2025, and continuing until the earlier of the completion of the repurchase, or December 31, 2025, or termination of the program by the Board of Directors. To date, the Company has purchased $335 thousand of shares through this share repurchase program.

    Second Quarter Common Stock Dividend. On April 22, 2025, BayFirst’s Board of Directors declared a second quarter 2025 cash dividend of $0.08 per common share. The dividend will be payable June 15, 2025 to common shareholders of record as of June 1, 2025. The Company has continuously paid quarterly common stock cash dividends since 2016.

    Conference Call

    BayFirst’s management team will host a conference call on Friday, April 25, 2025, at 9:00 a.m. ET to discuss its first quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 90275. A replay of the call will be available for one year at www.bayfirstfinancial.com.

    About BayFirst Financial Corp.

    BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. It was named the best bank in Florida in 2024, according to Forbes and was the 10th largest SBA 7(a) lender by number of units originated and 19th largest by dollar volume nationwide through the SBA’s quarter ended March 31, 2025. As of March 31, 2025, BayFirst Financial Corp. had $1.29 billion in total assets.

    Forward-Looking Statements

    In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.

       
    BAYFIRST FINANCIAL CORP.
    SELECTED FINANCIAL DATA (Unaudited)
       
      At or for the three months ended
    (Dollars in thousands, except for share data) 3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
    Net income (loss) $ (335 )   $ 9,776     $ 1,137     $ 866     $ 824  
    Balance sheet data:                  
    Average loans held for investment at amortized cost   1,027,648       1,003,867       948,528       902,417       855,040  
    Average total assets   1,287,618       1,273,296       1,228,040       1,178,501       1,126,315  
    Average common shareholders’ equity   96,053       87,961       86,381       84,948       85,385  
    Total loans held for investment   1,084,817       1,066,559       1,042,445       1,008,314       934,868  
    Total loans held for investment, excl gov’t gtd loan balances   943,979       917,075       885,444       844,659       776,302  
    Allowance for credit losses   16,513       15,512       14,186       13,843       13,906  
    Total assets   1,291,957       1,288,297       1,245,099       1,217,869       1,144,194  
    Total deposits   1,128,267       1,143,229       1,112,196       1,042,388       1,007,315  
    Common shareholders’ equity   94,034       94,869       86,242       84,911       84,578  
    Share data:                  
    Basic earnings (loss) per common share $ (0.17 )   $ 2.27     $ 0.18     $ 0.12     $ 0.11  
    Diluted earnings (loss) per common share   (0.17 )     2.11       0.18       0.12       0.11  
    Dividends per common share   0.08       0.08       0.08       0.08       0.08  
    Book value per common share   22.77       22.95       20.86       20.54       20.45  
    Tangible book value per common share (1)   22.77       22.95       20.86       20.54       20.45  
    Performance and capital ratios:                  
    Return on average assets(2) (0.10 )%     3.07 %     0.37 %     0.29 %     0.29 %
    Return on average common equity(2) (3.00 )%     42.71 %     3.48 %     2.26 %     2.06 %
    Net interest margin(2)   3.77 %     3.60 %     3.34 %     3.43 %     3.42 %
    Dividend payout ratio (46.01 )%     3.52 %     43.98 %     68.91 %     75.27 %
    Asset quality ratios:                  
    Net charge-offs $ 3,301     $ 3,369     $ 2,757     $ 3,261     $ 3,652  
    Net charge-offs/avg loans held for investment at amortized cost(2)   1.28 %     1.34 %     1.16 %     1.45 %     1.71 %
    Nonperforming loans(3) $ 24,806     $ 17,607     $ 15,489     $ 12,312     $ 9,877  
    Nonperforming loans (excluding gov’t gtd balance)(3) $ 15,078     $ 13,570     $ 10,992     $ 8,054     $ 7,568  
    Nonperforming loans/total loans held for investment(3)   2.42 %     1.75 %     1.62 %     1.34 %     1.15 %
    Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)   1.47 %     1.35 %     1.15 %     0.87 %     0.88 %
    ACL/Total loans held for investment at amortized cost   1.61 %     1.54 %     1.48 %     1.50 %     1.62 %
    ACL/Total loans held for investment at amortized cost, excl government guaranteed loans   1.84 %     1.79 %     1.70 %     1.73 %     1.88 %
    Other Data:                  
    Full-time equivalent employees   305       299       295       302       313  
    Banking center offices   12       12       12       12       12  
    (1) See section entitled “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for a reconciliation to most comparable GAAP equivalent.
    (2) Annualized
    (3) Excludes loans measured at fair value
                       

    Reconciliation and Management Explanation of Non-GAAP Financial Measures

    Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders’ equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.

    The following presents the calculation of the non-GAAP financial measures.

     
    Tangible Common Shareholders’ Equity and Tangible Book Value Per Common Share (Unaudited)
      As of
    (Dollars in thousands, except for share data) March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Total shareholders’ equity $ 110,085     $ 110,920     $ 102,293     $ 100,962     $ 100,629  
    Less: Preferred stock liquidation preference   (16,051 )     (16,051 )     (16,051 )     (16,051 )     (16,051 )
    Total equity available to common shareholders   94,034       94,869       86,242       84,911       84,578  
    Less: Goodwill   —       —       —       —       —  
    Tangible common shareholders’ equity $ 94,034     $ 94,869     $ 86,242     $ 84,911     $ 84,578  
                       
    Common shares outstanding   4,129,027       4,132,986       4,134,059       4,134,219       4,134,914  
    Tangible book value per common share $ 22.77     $ 22.95     $ 20.86     $ 20.54     $ 20.45  
                                           
    BAYFIRST FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands) 3/31/2025
    		   12/31/2024
    		   3/31/2024
    Assets (Unaudited)       (Unaudited)
    Cash and due from banks $ 6,517     $ 4,499     $ 4,425  
    Interest-bearing deposits in banks   56,637       73,289       53,080  
    Cash and cash equivalents   63,154       77,788       57,505  
    Time deposits in banks   2,025       2,270       3,000  
    Investment securities available for sale, at fair value (amortized cost $39,507, $40,279, and $46,816 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively)   36,318       36,291       42,514  
    Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $12, $12, and $14 (fair value: $2,356, $2,346, and $2,352 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively)   2,488       2,488       2,487  
    Nonmarketable equity securities   5,480       4,526       5,228  
    Government guaranteed loans held for sale   —       —       2,226  
    Government guaranteed loans held for investment, at fair value   57,901       60,833       77,769  
    Loans held for investment, at amortized cost   1,026,916       1,005,726       857,099  
    Allowance for credit losses on loans   (16,513 )     (15,512 )     (13,906 )
    Net Loans held for investment, at amortized cost   1,010,403       990,214       843,193  
    Accrued interest receivable   9,153       9,155       7,625  
    Premises and equipment, net   32,769       33,249       39,327  
    Loan servicing rights   16,460       16,534       15,742  
    Right-of-use operating lease assets   15,484       15,814       2,499  
    Bank owned life insurance   26,696       26,513       25,974  
    Other real estate owned   132       132       404  
    Other assets   13,494       12,490       18,401  
    Assets from discontinued operations   —       —       300  
    Total assets $ 1,291,957     $ 1,288,297     $ 1,144,194  
    Liabilities:      
    Noninterest-bearing deposit accounts $ 106,236     $ 101,743     $ 96,977  
    Interest-bearing transaction accounts   261,074       256,793       250,478  
    Savings and money market deposit accounts   467,766       474,425       391,915  
    Time deposits   293,191       310,268       267,945  
    Total deposits   1,128,267       1,143,229       1,007,315  
    FHLB borrowings   20,000       —       15,000  
    Subordinated debentures   5,957       5,956       5,950  
    Notes payable   1,820       1,934       2,276  
    Accrued interest payable   1,053       1,036       1,598  
    Operating lease liabilities   14,102       14,510       2,673  
    Deferred income tax liabilities   648       301       728  
    Accrued expenses and other liabilities   10,025       10,411       7,496  
    Liabilities from discontinued operations   —       —       529  
    Total liabilities   1,181,872       1,177,377       1,043,565  
    Shareholders’ equity: (Unaudited)       (Unaudited)
    Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $6,395 each period   6,161       6,161       6,161  
    Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $3,210 each period   3,123       3,123       3,123  
    Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $6,446 at March 31, 2025, December 31, 2024, and March 31, 2024   6,446       6,446       6,446  
    Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,129,027, 4,132,986, and 4,134,914 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024, respectively   54,657       54,764       54,776  
    Accumulated other comprehensive loss, net   (2,378 )     (2,956 )     (3,188 )
    Unearned compensation   (1,006 )     (752 )     (1,192 )
    Retained earnings   43,082       44,134       34,503  
    Total shareholders’ equity   110,085       110,920       100,629  
    Total liabilities and shareholders’ equity $ 1,291,957     $ 1,288,297     $ 1,144,194  
                           
    BAYFIRST FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF INCOME
      For the Quarter Ended
    (Dollars in thousands, except per share data) 3/31/2025   12/31/2024   3/31/2024
    Interest income: (Unaudited)   (Unaudited)   (Unaudited)
    Loans, including fees $ 19,751     $ 20,747     $ 18,228  
    Interest-bearing deposits in banks and other   934       1,007       959  
    Total interest income   20,685       21,754       19,187  
    Interest expense:          
    Deposits   9,431       10,600       10,215  
    Other   255       501       230  
    Total interest expense   9,686       11,101       10,445  
    Net interest income   10,999       10,653       8,742  
    Provision for credit losses   4,400       4,546       4,058  
    Net interest income after provision for credit losses   6,599       6,107       4,684  
    Noninterest income:          
    Loan servicing income, net   736       582       795  
    Gain on sale of government guaranteed loans, net   7,327       8,425       8,089  
    Service charges and fees   449       451       444  
    Government guaranteed loans fair value gain (loss), net   (755 )     (80 )     3,305  
    Government guaranteed loan packaging fees   716       773       1,407  
    Gain on sale of premises and equipment   —       11,649       —  
    Other noninterest income   278       476       228  
    Total noninterest income   8,751       22,276       14,268  
    Noninterest Expense:          
    Salaries and benefits   7,998       7,351       8,005  
    Bonus, commissions, and incentives   71       1,074       1,571  
    Occupancy and equipment   1,634       1,217       1,110  
    Data processing   2,045       1,749       1,560  
    Marketing and business development   487       390       588  
    Professional services   732       803       1,349  
    Loan origination and collection   1,035       758       1,719  
    Employee recruiting and development   617       445       597  
    Regulatory assessments   339       379       282  
    Other noninterest expense   855       1,169       992  
    Total noninterest expense   15,813       15,335       17,773  
    Income (loss) before taxes from continuing operations   (463 )     13,048       1,179  
    Income tax expense (benefit) from continuing operations   (128 )     3,272       296  
    Net income (loss) from continuing operations   (335 )     9,776       883  
    Loss from discontinued operations before income taxes   —       —       (78 )
    Income tax benefit from discontinued operations   —       —       (19 )
    Net loss from discontinued operations   —       —       (59 )
               
    Net income (loss)   (335 )     9,776       824  
    Preferred dividends   385       385       385  
    Net income available to (loss attributable to) common shareholders $ (720 )   $ 9,391     $ 439  
    Basic earnings (loss) per common share: (Unaudited)   (Unaudited)   (Unaudited)
    Continuing operations $ (0.17 )   $ 2.27     $ 0.12  
    Discontinued operations   —       —       (0.01 )
    Basic earnings (loss) per common share $ (0.17 )   $ 2.27     $ 0.11  
               
    Diluted earnings (loss) per common share:          
    Continuing operations $ (0.17 )   $ 2.11     $ 0.12  
    Discontinued operations   —       —       (0.01 )
    Diluted earnings (loss) per common share $ (0.17 )   $ 2.11     $ 0.11  
                           

    Loan Composition

    (Dollars in thousands) 3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
      (Unaudited)       (Unaudited)   (Unaudited)   (Unaudited)
    Real estate:                  
    Residential $ 339,886     $ 330,870     $ 321,740     $ 304,234     $ 285,214  
    Commercial   296,351       305,721       292,026       288,185       273,227  
    Construction and land   46,740       32,914       33,784       35,759       36,764  
    Commercial and industrial   234,384       226,522       200,212       192,140       182,264  
    Commercial and industrial – PPP   457       941       1,656       2,324       2,965  
    Consumer and other   93,889       93,826       92,546       85,789       63,854  
    Loans held for investment, at amortized cost, gross   1,011,707       990,794       941,964       908,431       844,288  
    Deferred loan costs, net   20,521       19,499       18,060       17,299       16,233  
    Discount on government guaranteed loans   (8,727 )     (8,306 )     (7,880 )     (7,731 )     (7,674 )
    Premium on loans purchased, net   3,415       3,739       3,860       4,173       4,252  
    Loans held for investment, at amortized cost, net   1,026,916       1,005,726       956,004       922,172       857,099  
    Government guaranteed loans held for investment, at fair value   57,901       60,833       86,441       86,142       77,769  
    Total loans held for investment, net $ 1,084,817     $ 1,066,559     $ 1,042,445     $ 1,008,314     $ 934,868  
                                           

    Nonperforming Assets (Unaudited)

    (Dollars in thousands) 3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
    Nonperforming loans (government guaranteed balances), at amortized cost, gross $ 9,728     $ 4,037     $ 4,497     $ 4,258     $ 2,309  
    Nonperforming loans (unguaranteed balances), at amortized cost, gross   15,078       13,570       10,992       8,054       7,568  
    Total nonperforming loans, at amortized cost, gross   24,806       17,607       15,489       12,312       9,877  
    Nonperforming loans (government guaranteed balances), at fair value   507       —       24       341       94  
    Nonperforming loans (unguaranteed balances), at fair value   1,419       1,490       1,535       1,284       729  
    Total nonperforming loans, at fair value   1,926       1,490       1,559       1,625       823  
    OREO   132       132       —       1,633       404  
    Repossessed assets   36       36       94       —       —  
    Total nonperforming assets, gross $ 26,900     $ 19,265     $ 17,142     $ 15,570     $ 11,104  
    Nonperforming loans as a percentage of total loans held for investment(1)   2.42 %     1.75 %     1.62 %     1.34 %     1.15 %
    Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)   1.47 %     1.35 %     1.15 %     0.87 %     0.88 %
    Nonperforming assets as a percentage of total assets   2.08 %     1.50 %     1.38 %     1.28 %     0.97 %
    Nonperforming assets (excluding government guaranteed balances) to total assets   1.22 %     1.06 %     0.88 %     0.82 %     0.70 %
    ACL to nonperforming loans(1)   66.57 %     88.10 %     91.59 %     112.44 %     140.79 %
    ACL to nonperforming loans (excluding government guaranteed balances)(1)   109.52 %     114.31 %     129.06 %     171.88 %     183.75 %
    (1) Excludes loans measured at fair value
    Contacts:  
    Thomas G. Zernick Scott J. McKim
    Chief Executive Officer Chief Financial Officer
    727.399.5680 727.521.7085

    The MIL Network –

  • MIL-OSI: EverCommerce Announces Date of First Quarter 2025 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, April 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its first quarter 2025 financial results after the U.S. financial markets close on Thursday, May 8, 2025.

    Management will host a conference call on Thursday, May 8 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 740,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network –

  • MIL-OSI: Business First Bancshares, Inc., Announces Financial Results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., April 24, 2025 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2025. Business First reported net income available to common shareholders of $19.2 million or $0.65 per diluted common share, increases of $4.1 million and $0.14, respectively, compared to the linked quarter ended Dec. 31, 2024. On a non-GAAP basis, core net income for the quarter ended March 31, 2025, which excludes certain income and expenses, was $19.3 million or $0.65 per diluted common share, a decrease of $0.2 million and $0.01, from the linked quarter.

    “We are excited to start the year off with solid earnings,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “We increased our capital, our reserves, and our per share tangible book value at healthy rates, while demonstrating diversity of our revenue streams and growth of margins in our core spread business. We are also proud of our less tangible development, continuing to integrate our latest acquisition and implementing a number of technological initiatives including preparation for our core conversion in the second quarter, investments that will enable us to provide high quality and more efficient service for our client base into the future.”

    On Thursday, April 24, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the first quarter in the amount of $0.14 per share of common stock. The preferred and common dividends will be paid on May 31, 2025, or as soon thereafter as practicable, to the shareholders of record as of May 15, 2025.

    Quarterly Highlights

    • Solid Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.00% for the quarter ended March 31, 2025, or 1.01% on a non-GAAP basis, compared to 0.78% or 1.00% on a non-GAAP basis for the linked quarter.
    • Net Interest Margin (NIM) Expansion. Net interest income totaled $66.0 million and net interest margin and net interest spread were 3.68% and 2.91%, respectively, compared to $65.7 million, 3.61% and 2.77% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.86% for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. The increases of 8 basis points (bps) and 14 bps were driven by a reduction in Business First’s overall cost of funding.
    • Noninterest Income Investments. Various noninterest income channels produced solid aggregate returns. Loan sales, mostly attributable to Small Business Administration (SBA) loans, produced income of $1.3 million, an increase of $1.0 million when compared to the linked quarter, along with continued consistent performance in the swap business with revenue of $739,000. Appreciation and income from our equity investments also produced income of $751,000 for the quarter.
    • Capital Growth. Common equity to total assets increased from 9.26% to 9.69% compared to the linked quarter. Tangible common equity to tangible assets increased from 7.63% to 8.06%, 5.64% or 22.89% annualized, compared to the linked quarter. The increase was largely driven by quarterly earnings, which accounted for approximately 69.9%, or 32 bps. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.

    Statement of Financial Condition

    Loans

    Loans held for investment were flat compared to the linked quarter with a decrease of $480,000 or .01%, .03% annualized. Real estate construction loans decreased $36.8 million from the linked quarter, compared to an increase of $49.8 million from the linked quarter in real estate residential loans, largely due to the conversion of multi- family construction to permanent financing. Based on unpaid principal balances, Texas- based loans represented approximately 41% of the overall loan portfolio as of March 31, 2025, no change from the linked quarter.

    Credit Quality

    Credit quality metrics regressed with isolated credit migration occurring during the quarter. The ratio of nonperforming loans compared to loans held for investment increased 27 bps to 0.69% at March 31, 2025, while the ratio of nonperforming assets compared to total assets increased 16 bps to 0.55% compared to the linked quarter.

    The increase in loans past due 90 days and accruing is attributable to a single $4.6 million relationship. The increase in nonaccrual loans is largely attributable to two relationships with outstanding balances of $8.4 million for which Business First reserved a total of $2.3 million during the quarter.

    Securities

    The securities portfolio increased $27.0 million, or 3.02%, from the linked quarter, impacted by $12.9 million in positive fair value adjustments and the remainder of the increase was primarily attributed to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 11.83% of total assets as of March 31, 2025.

    Deposits

    Deposits decreased $53.1 million or 0.82%, 3.31% annualized, for the quarter ended March 31, 2025, compared to the linked quarter. Noninterest bearing deposits decreased $48.7 million, with the decline driven primarily by customer withdrawals as opposed to full account closures. New account openings continued in the quarter led by our Houston, Dallas, and Southwest Louisiana regions. Business First generated approximately $379.9 million from new deposit accounts during the quarter.

    Borrowings

    Borrowings decreased $49.2 million or 10.17%, from the linked quarter due primarily to a reduction in short-term Federal Home Loan Bank advances and a $7.0 million redemption of subordinated debt by Business First.

    Shareholders’ Equity

    Shareholders’ equity increased $26.8 million during the quarter ended March 31, 2025. Accumulated other comprehensive income (AOCI) increased $10.1 million or 16.12%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $25.51 at March 31, 2025, compared to $24.62 at Dec. 31, 2024 due to strong earnings and positive fair value adjustments attributable to the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.

    Results of Operations

    Net Interest Income

    For the quarter ended March 31, 2025, net interest income totaled $66.0 million, compared to $65.7 million from the linked quarter. Loan and interest-earning asset yields of 6.99% and 6.35%, decreased 6 and 3 bps, respectively, compared to 7.05% and 6.38% from the linked quarter. However, net interest margin and net interest spread were 3.68% and 2.91% compared to 3.61% and 2.77% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, declined 11 bps from 2.93% from the linked quarter to 2.82% for the quarter ended March 31, 2025, through continued management of deposit costs.

    Non-GAAP net interest income (excluding loan discount accretion of $0.8 million) totaled $65.2 million for the quarter ended March 31, 2025, compared to $64.7 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.86%, respectively, for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. Excluding loan discount accretion, loan yields decreased 4 bps to 6.94% from 6.98%, and interest earnings asset yields decreased 3 bps to 6.30% from 6.33%, compared to the linked quarter.

    Provision for Credit Losses

    During the quarter ended March 31, 2025, Business First recorded a provision for credit losses of $2.8 million, compared to $6.7 million from the linked quarter. The linked quarter’s reserve was primarily associated with the Oakwood acquisition on October 1, 2024. The current quarter’s reserve was largely associated with $2.3 million in additional individual reserves for two commercial lending relationships, resulting in a 30.7% coverage ratio of their remaining book balances as of March 31, 2025.

    Other Income

    For the quarter ended March 31, 2025, other income increased $1.4 million or 11.55%, compared to the linked quarter. The net increase was largely attributable to a $1.0 million increase in gain on sales of loans, attributable to SBA sales, a $630,000 gain on extinguishment of debt related to an early redemption of $7.0 million in subordinated debt, and a $565,000 increase in pass-through income on equity investments, offset by a $549,000 reduction in swap fee income.

    Other Expenses

    For the quarter ended March 31, 2025, other expenses increased by $1.0 million or 2.03%, compared to the linked quarter. The increase was largely attributable to a $1.4 million increase in salaries and benefits, of which $430,000 were associated with acquisition-related expenses attributable to retention, severance, and stay payments, and the remainder largely associated with merit increases and annual reset in FICA taxes and bonus accruals.

    Return on Assets and Common Equity

    Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.00% and 10.48% for the quarter ended March 31, 2025, compared to 0.78% and 8.23%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.01% and 10.53% for the quarter ended March 31, 2025, compared to 1.00% and 10.58%, for the linked quarter.

    Conference Call and Webcast

    Executive management will host a conference call and webcast to discuss results on Thursday, April 24, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8825623, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ziae6qsd. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.

    About Business First Bancshares, Inc.

    Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.8 billion in assets, $7.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Non-GAAP Financial Measures

    This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

    Special Note Regarding Forward-Looking Statements

    Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

    Additional Information

    For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

    No Offer or Solicitation

    This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    Business First Bancshares, Inc.
    Selected Financial Information
    (Unaudited)
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands)   2025     2024     2024  
           
    Balance Sheet Ratios      
           
    Loans (HFI) to Deposits   92.61 %   91.86 %   91.32 %
    Shareholders’ Equity to Assets Ratio   10.61 %   10.18 %   9.69 %
           
    Loans Receivable Held for Investment (HFI)      
           
    Commercial $ 1,862,176   $ 1,868,675   $ 1,426,957  
    Real Estate:      
    Commercial   2,472,121     2,483,223     2,215,889  
    Construction   633,698     670,502     662,013  
    Residential   934,357     884,533     717,007  
    Total Real Estate   4,040,176     4,038,258     3,594,909  
    Consumer and Other   78,567     74,466     66,973  
    Total Loans (Held for Investment) $ 5,980,919   $ 5,981,399   $ 5,088,839  
           
    Allowance for Loan Losses      
           
    Balance, Beginning of Period $ 54,840   $ 42,154   $ 40,414  
    Oakwood – PCD ALLL   –     8,410     –  
    Charge-offs – Quarterly   (1,648 )   (2,290 )   (533 )
    Recoveries – Quarterly   671     654     141  
    Provision for Loan Losses – Quarterly   3,000     5,912     1,143  
    Balance, End of Period $ 56,863   $ 54,840   $ 41,165  
           
    Allowance for Loan Losses to Total Loans (HFI)   0.95 %   0.92 %   0.81 %
    Allowance for Credit Losses to Total Loans (HFI) (1)   1.01 %   0.98 %   0.88 %
    Net Charge-offs (Recoveries) to Average Quarterly Total Loans   0.02 %   0.03 %   0.01 %
           
    Remaining Loan Purchase Discount $ 11,322   $ 12,121   $ 11,411  
           
    Nonperforming Assets      
           
    Nonperforming Loans:      
    Nonaccrual Loans $ 35,915   $ 24,147   $ 20,778  
    Loans Past Due 90 Days or More   5,635     860     855  
    Total Nonperforming Loans   41,550     25,007     21,633  
    Other Nonperforming Assets:      
    Other Real Estate Owned   1,282     5,529     1,339  
    Other Nonperforming Assets   –     –     –  
    Total Other Nonperforming Assets   1,282     5,529     1,339  
    Total Nonperforming Assets $ 42,832   $ 30,536   $ 22,972  
           
    Nonperforming Loans to Total Loans (HFI)   0.69 %   0.42 %   0.43 %
    Nonperforming Assets to Total Assets   0.55 %   0.39 %   0.34 %
           
    (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.
    Business First Bancshares, Inc.
    Selected Financial Information
    (Unaudited)
           
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands, except per share data)   2025     2024     2024  
           
    Per Share Data      
           
    Basic Earnings per Common Share $ 0.65   $ 0.52   $ 0.49  
    Diluted Earnings per Common Share   0.65     0.51     0.48  
    Dividends per Common Share   0.14     0.14     0.14  
    Book Value per Common Share   25.51     24.62     22.64  
           
           
    Average Common Shares Outstanding   29,329,668     29,311,111     25,127,187  
    Average Diluted Common Shares Outstanding   29,545,921     29,520,781     25,429,194  
    End of Period Common Shares Outstanding   29,572,297     29,552,358     25,485,383  
           
           
    Annualized Performance Ratios      
           
    Return to Common Shareholders on Average Assets (1)   1.00 %   0.78 %   0.74 %
    Return to Common Shareholders on Average Common Equity (1)   10.48 %   8.23 %   8.51 %
    Net Interest Margin (1)   3.68 %   3.61 %   3.32 %
    Net Interest Spread (1)   2.91 %   2.77 %   2.36 %
    Efficiency Ratio (2)   63.85 %   63.91 %   69.80 %
           
    Total Quarterly/Year-to-Date Average Assets $ 7,750,982   $ 7,721,338   $ 6,667,527  
    Total Quarterly/Year-to-Date Average Common Equity   742,930     731,820     577,643  
           
    Other Expenses      
           
    Salaries and Employee Benefits $ 29,497   $ 28,101   $ 25,416  
    Occupancy and Bank Premises   3,401     3,166     2,514  
    Depreciation and Amortization   2,152     2,278     1,676  
    Data Processing   3,236     3,856     2,579  
    FDIC Assessment Fees   1,184     1,009     828  
    Legal and Other Professional Fees   1,013     975     866  
    Advertising and Promotions   1,291     1,710     1,145  
    Utilities and Communications   733     775     674  
    Ad Valorem Shares Tax   1,125     1,357     900  
    Directors’ Fees   279     290     282  
    Other Real Estate Owned Expenses and Write-Downs   23     182     37  
    Merger and Conversion-Related Expenses   250     168     340  
    Other   6,394     5,703     5,265  
    Total Other Expenses $ 50,578   $ 49,570   $ 42,522  
           
    Other Income      
           
    Service Charges on Deposit Accounts $ 2,860   $ 2,878   $ 2,439  
    Gain (Loss) on Sales of Securities   (1 )   21     (1 )
    Debit Card and ATM Fee Income   1,858     2,069     1,776  
    Bank-Owned Life Insurance Income   808     990     579  
    Gain on Sales of Loans   1,256     252     139  
    Mortgage Origination Income   110     36     69  
    Fees and Brokerage Commission   2,148     2,063     1,937  
    Gain (Loss) on Sales of Other Real Estate Owned   (268 )   40     63  
    Loss on Disposal of Other Assets   155     –     –  
    Gain on Extinguishment of Debt   630     –     –  
    Swap Fee Income   739     1,288     229  
    Pass-Through Income (Loss) from Other Investments   751     186     294  
    Other   2,180     2,034     1,862  
    Total Other Income $ 13,226   $ 11,857   $ 9,386  
           
           
    (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
    (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.
    Business First Bancshares, Inc.
    Consolidated Balance Sheets
    (Unaudited)
           
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands)   2025     2024     2024  
           
    Assets      
           
    Cash and Due From Banks $ 312,887   $ 319,098   $ 185,906  
    Federal Funds Sold   117,422     197,669     211,292  
    Securities Purchased under Agreements to Resell   50,589     50,835     –  
    Securities Available for Sale, at Fair Values   920,573     893,549     872,903  
    Mortgage Loans Held for Sale   –     717     77  
    Loans and Lease Receivable   5,980,919     5,981,399     5,088,839  
    Allowance for Loan Losses   (56,863 )   (54,840 )   (41,165 )
    Net Loans and Lease Receivable   5,924,056     5,926,559     5,047,674  
    Premises and Equipment, Net   81,582     81,953     68,716  
    Accrued Interest Receivable   33,741     35,872     29,326  
    Other Equity Securities   40,947     41,100     34,940  
    Other Real Estate Owned   1,282     5,529     1,339  
    Cash Value of Life Insurance   117,950     117,645     100,056  
    Deferred Taxes, Net   25,289     29,591     26,800  
    Goodwill   121,691     121,572     91,527  
    Core Deposit and Customer Intangibles   16,538     17,252     11,372  
    Other Assets   20,181     18,149     13,630  
           
    Total Assets $ 7,784,728   $ 7,857,090   $ 6,695,558  
           
    Liabilities      
           
    Deposits      
    Noninterest-Bearing $ 1,308,312   $ 1,357,045   $ 1,295,050  
    Interest-Bearing   5,149,869     5,154,286     4,277,700  
    Total Deposits   6,458,181     6,511,331     5,572,750  
           
    Securities Sold Under Agreements to Repurchase   19,046     22,621     17,207  
    Federal Home Loan Bank Borrowings   317,352     355,875     308,206  
    Subordinated Debt   92,702     99,760     99,933  
    Subordinated Debt – Trust Preferred Securities   5,000     5,000     5,000  
    Accrued Interest Payable   5,356     5,969     3,930  
    Other Liabilities   60,779     57,068     39,498  
           
    Total Liabilities   6,958,416     7,057,624     6,046,524  
           
    Shareholders’ Equity      
           
    Preferred Stock   71,930     71,930     71,930  
    Common Stock   29,572     29,552     25,485  
    Additional Paid-In Capital   501,609     500,024     398,511  
    Retained Earnings   276,045     260,958     224,742  
    Accumulated Other Comprehensive Loss   (52,844 )   (62,998 )   (71,634 )
           
    Total Shareholders’ Equity   826,312     799,466     649,034  
           
    Total Liabilities and Shareholders’ Equity $ 7,784,728   $ 7,857,090   $ 6,695,558  
           
    Business First Bancshares, Inc.
    Consolidated Statements of Income
    (Unaudited)
           
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands)   2025     2024     2024  
           
    Interest Income:      
    Interest and Fees on Loans $ 102,992   $ 104,697   $ 85,947  
    Interest and Dividends on Securities   7,265     7,310     5,599  
    Interest on Federal Funds Sold and Due From Banks   3,436     4,135     4,465  
    Total Interest Income   113,693     116,142     96,011  
           
    Interest Expense:      
    Interest on Deposits   42,439     44,862     38,029  
    Interest on Borrowings   5,271     5,551     6,451  
    Total Interest Expense   47,710     50,413     44,480  
           
    Net Interest Income   65,983     65,729     51,531  
           
    Provision for Credit Losses   2,812     6,712     1,186  
           
    Net Interest Income After Provision for Credit Losses   63,171     59,017     50,345  
           
    Other Income:      
    Service Charges on Deposit Accounts   2,860     2,878     2,439  
    (Loss) Gain on Sales of Securities   (1 )   21     (1 )
    Gain on Sales of Loans   1,256     252     139  
    Other Income   9,111     8,706     6,809  
    Total Other Income   13,226     11,857     9,386  
           
    Other Expenses:      
    Salaries and Employee Benefits   29,497     28,101     25,416  
    Occupancy and Equipment Expense   7,356     7,087     5,357  
    Merger and Conversion-Related Expense   250     168     340  
    Other Expenses   13,475     14,214     11,409  
    Total Other Expenses   50,578     49,570     42,522  
           
    Income Before Income Taxes   25,819     21,304     17,209  
           
    Provision for Income Taxes   5,276     4,816     3,639  
           
    Net Income   20,543     16,488     13,570  
           
    Preferred Stock Dividends   1,350     1,350     1,350  
           
    Net Income Available to Common Shareholders $ 19,193   $ 15,138   $ 12,220  
    Business First Bancshares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                           
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (Dollars in thousands) Average
    Outstanding
    Balance    		 Interest
    Earned/
    Interest
    Paid    		 Average
    Yield/
    Rate    		   Average
    Outstanding
    Balance    		 Interest
    Earned/
    Interest
    Paid    		 Average
    Yield/
    Rate    		   Average
    Outstanding
    Balance    		 Interest
    Earned/
    Interest
    Paid    		 Average
    Yield/
    Rate
                           
    Assets                      
                           
    Interest-Earning Assets:                      
    Total Loans $ 5,972,120   $ 102,992     6.99 %   $ 5,911,183   $ 104,697     7.05 %   $ 5,026,937   $ 85,947     6.88 %
    Securities   924,693     6,614     2.90 %     936,314     6,707     2.85 %     888,933     5,599     2.53 %
    Securities Purchased under Agreements to Resell   50,836     651     5.19 %     44,252     603     5.42 %     –     –     0.00 %
    Interest-Bearing Deposit in Other Banks   315,750     3,436     4.41 %     346,035     4,135     4.75 %     330,260     4,465     5.44 %
    Total Interest-Earning Assets   7,263,399     113,693     6.35 %     7,237,784     116,142     6.38 %     6,246,130     96,011     6.18 %
    Allowance for Loan Losses   (54,711 )   .     (52,130 )         (40,526 )    
    Noninterest-Earning Assets   542,294           535,684           461,923      
    Total Assets $ 7,750,982   $ 113,693       $ 7,721,338   $ 116,142       $ 6,667,527   $ 96,011    
                           
                           
    Liabilities and Shareholders’ Equity                      
                           
    Interest-Bearing Liabilities:                      
    Interest-Bearing Deposits $ 5,141,498   $ 42,439     3.35 %   $ 5,053,759   $ 44,862     3.53 %   $ 4,072,600   $ 38,029     3.76 %
    Subordinated Debt   97,251     1,262     5.26 %     99,797     1,331     5.31 %     99,972     1,356     5.46 %
    Subordinated Debt – Trust Preferred Securities   5,000     99     8.03 %     5,000     107     8.51 %     5,000     113     9.09 %
    Bank Term Funding Program   –     –     0.00 %     –     –     0.00 %     260,440     2,788     4.31 %
    Advances from Federal Home Loan Bank (FHLB)   362,092     3,796     4.25 %     373,236     3,975     4.24 %     223,501     2,094     3.77 %
    Other Borrowings   18,321     114     2.52 %     21,569     138     2.55 %     16,116     100     2.50 %
    Total Interest-Bearing Liabilities   5,624,162     47,710     3.44 %     5,553,361     50,413     3.61 %     4,677,629     44,480     3.82 %
                           
    Noninterest-Bearing Liabilities:                      
    Noninterest-Bearing Deposits   1,244,793         $ 1,292,623         $ 1,282,815      
    Other Liabilities   67,167           71,604           57,510      
    Total Noninterest-Bearing Liabilities   1,311,960           1,364,227           1,340,325      
    Shareholders’ Equity:                      
    Common Shareholders’ Equity   742,930           731,820           577,643      
    Preferred Equity   71,930           71,930           71,930      
    Total Shareholders’ Equity   814,860           803,750           649,573      
    Total Liabilities and Shareholders’ Equity $ 7,750,982         $ 7,721,338         $ 6,667,527      
                           
    Net Interest Spread       2.91 %         2.77 %         2.36 %
    Net Interest Income   $ 65,983         $ 65,729         $ 51,531    
    Net Interest Margin       3.68 %         3.61 %         3.32 %
    Overall Cost of Funds       2.82 %         2.93 %         3.00 %
                           
    NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an Actual/365/366 day count convention.    
    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
           
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands, except per share data)   2025     2024     2024  
           
    Interest Income:      
    Interest income $ 113,693   $ 116,142   $ 96,011  
    Core interest income   113,693     116,142     96,011  
    Interest Expense:      
    Interest expense   47,710     50,413     44,480  
    Core interest expense   47,710     50,413     44,480  
    Provision for Credit Losses:
    (b)    		      
    Provision for credit losses   2,812     6,712     1,186  
    CECL Oakwood impact (3)   –     (4,824 )   –  
    Core provision expense   2,812     1,888     1,186  
           
    Other Income:      
    Other income   13,226     11,857     9,386  
    Gain on former bank premises and equipment   (155 )   –     (50 )
    Loss (gain) on sale of securities   1     (21 )   1  
    Gain on extinguishment of debt   (630 )   –     –  
    Core other income   12,442     11,836     9,337  
           
    Other Expense:      
    Other expense   50,578     49,570     42,522  
    Acquisition-related expenses (2)   (679 )   (168 )   (715 )
    Core conversion expenses   (216 )   (463 )   –  
    Core other expense   49,683     48,939     41,807  
           
    Pre-Tax Income:
    (a)    		      
    Pre-tax income   25,819     21,304     17,209  
    CECL Oakwood impact (3)   –     4,824     –  
    Gain on former bank premises and equipment   (155 )   –     (50 )
    Loss (gain) on sale of securities   1     (21 )   1  
    Gain on extinguishment of debt   (630 )   –     –  
    Acquisition-related expenses (2)   679     168     715  
    Core conversion expenses   216     463     –  
    Core pre-tax income   25,930     26,738     17,875  
           
    Provision for Income Taxes:
    (1)    		      
    Provision for income taxes   5,276     4,816     3,639  
    Tax on CECL Oakwood impact (3)   –     1,019     –  
    Tax on gain on former bank premises and equipment   (33 )   –     (11 )
    Tax on loss (gain) on sale of securities   0     (4 )   –  
    Tax on gain on extinguishment of debt   (133 )   –     –  
    Tax on acquisition-related expenses (2)   143     6     89  
    Tax on core conversion expenses   46     97     –  
    Core provision for income taxes   5,299     5,934     3,717  
           
    Preferred Dividends:      
    Preferred dividends   1,350     1,350     1,350  
    Core preferred dividends   1,350     1,350     1,350  
           
    Net Income Available to Common Shareholders:      
    Net income available to common shareholders   19,193     15,138     12,220  
    CECL Oakwood impact (3), net of tax   –     3,805     –  
    Gain on former bank premises and equipment, net of tax   (122 )   –     (39 )
    Loss (gain) on sale of securities, net of tax   1     (17 )   1  
    Gain on extinguishment of debt, net of tax   (497 )   –     –  
    Acquisition-related expenses (2), net of tax   536     162     626  
    Core conversion expenses, net of tax   170     366     –  
    Core net income available to common shareholders $ 19,281   $ 19,454   $ 12,808  
           
    Pre-tax, pre-provision earnings available to common shareholders (a+b) $ 28,631   $ 28,016   $ 18,395  
    CECL Oakwood impact (3)   –     4,824     –  
    Gain on former bank premises and equipment   (155 )   –     (50 )
    Loss (gain) on sale of securities   1     (21 )   1  
    Gain on extinguishment of debt   (630 )   –     –  
    Acquisition-related expenses (2)   679     168     715  
    Core conversion expenses   216     463     –  
    Core pre-tax, pre-provision earnings $ 28,742   $ 33,450   $ 19,061  
           
    Average Diluted Common Shares Outstanding   29,545,921     29,520,781     25,429,194  
           
    Diluted Earnings Per Common Share:      
    Diluted earnings per common share $ 0.65   $ 0.51   $ 0.48  
    CECL Oakwood impact (3), net of tax   –     0.13     –  
    Gain on former bank premises and equipment, net of tax   –     –     (0.00 )
    Loss (gain) on sale of securities, net of tax   0.00     (0.00 )   –  
    Gain on extinguishment of debt, net of tax   (0.02 )   –     –  
    Acquisition-related expenses (2), net of tax   0.02     0.01     0.02  
    Core conversion expenses, net of tax   –     0.01     –  
    Core diluted earnings per common share $ 0.65   $ 0.66   $ 0.50  
           
    Pre-tax, pre-provision profit diluted earnings per common share $ 0.97   $ 0.95   $ 0.72  
    CECL Oakwood impact (3)   –     0.16     –  
    Gain on former bank premises and equipment   (0.01 )   –     (0.00 )
    Loss (gain) on sale of securities   0.00     (0.00 )   –  
    Gain on extinguishment of debt   (0.02 )   –     –  
    Acquisition-related expenses (2)   0.02     0.01     0.03  
    Core conversion expenses   0.01     0.02     –  
    Core pre-tax, pre-provision diluted earnings per common share $ 0.97   $ 1.14   $ 0.75  
           
    (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
    (2) Includes merger and conversion-related expenses and salary and employee benefits.    
    (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to Oakwood.
    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
           
           
      March 31, December 31, March 31,
    (Dollars in thousands, except per share data)   2025     2024     2023  
           
    Total Shareholders’ (Common) Equity:      
    Total shareholders’ equity $ 826,312   $ 799,466   $ 649,034  
    Preferred stock   (71,930 )   (71,930 )   (71,930 )
    Total common shareholders’ equity   754,382     727,536     577,104  
    Goodwill   (121,691 )   (121,572 )   (91,527 )
    Core deposit and customer intangible   (16,538 )   (17,252 )   (11,372 )
    Total tangible common equity $ 616,153   $ 588,712   $ 474,205  
           
           
    Total Assets:      
    Total assets $ 7,784,728   $ 7,857,090   $ 6,695,558  
    Goodwill   (121,691 )   (121,572 )   (91,527 )
    Core deposit and customer intangible   (16,538 )   (17,252 )   (11,372 )
    Total tangible assets $ 7,646,499   $ 7,718,266   $ 6,592,659  
           
    Common shares outstanding   29,572,297     29,552,358     25,485,383  
           
    Book value per common share $ 25.51   $ 24.62   $ 22.64  
    Tangible book value per common share $ 20.84   $ 19.92   $ 18.61  
    Common equity to total assets   9.69 %   9.26 %   8.62 %
    Tangible common equity to tangible assets   8.06 %   7.63 %   7.19 %
    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
           
      Three Months Ended
      March 31, December 31, March 31,
    (Dollars in thousands, except per share data)   2025     2024     2024  
           
           
    Total Quarterly Average Assets $ 7,750,982   $ 7,721,338   $ 6,667,527  
    Total Quarterly Average Common Equity $ 742,930   $ 731,820   $ 577,643  
           
    Net Income Available to Common Shareholders:      
    Net income available to common shareholders $ 19,193   $ 15,138   $ 12,220  
    CECL Oakwood impact (3), net of tax   –     3,805     –  
    Gain on former bank premises and equipment, net of tax   (122 )   –     (39 )
    Loss (gain) on sale of securities, net of tax   1     (17 )   1  
    Gain on extinguishment of debt, net of tax   (497 )   –     –  
    Acquisition-related expenses, net of tax   536     162     626  
    Core conversion expenses, net of tax   170     366     –  
    Core net income available to common shareholders $ 19,281   $ 19,455   $ 12,808  
           
    Return to common shareholders on average assets (annualized) (2)   1.00 %   0.78 %   0.74 %
    Core return on average assets (annualized) (2)   1.01 %   1.00 %   0.77 %
    Return to common shareholders on average common equity (annualized) (2)   10.48 %   8.23 %   8.51 %
    Core return on average common equity (annualized) (2)   10.53 %   10.58 %   8.92 %
           
    Interest Income:      
    Interest income $ 113,693   $ 116,142   $ 96,011  
    Core interest income   113,693     116,142     96,011  
    Interest Expense:      
    Interest expense   47,710     50,413     44,480  
    Core interest expense   47,710     50,413     44,480  
    Other Income:      
    Other income   13,226     11,857     9,386  
    Gain on former bank premises and equipment   (155 )   –     (50 )
    Loss (gain) on sale of securities   1     (21 )   1  
    Gain on extinguishment of debt   (630 )   –     –  
    Core other income   12,442     11,836     9,337  
    Other Expense:      
    Other expense   50,578     49,570     42,522  
    Acquisition-related expenses   (679 )   (168 )   (715 )
    Core conversion expenses   (216 )   (463 )   –  
    Core other expense $ 49,683   $ 48,939   $ 41,807  
           
    Efficiency Ratio:      
    Other expense (a) $ 50,578   $ 49,570   $ 42,522  
    Core other expense (c) $ 49,683   $ 48,939   $ 41,807  
    Net interest and other income (1) (b) $ 79,210   $ 77,565   $ 60,918  
    Core net interest and other income (1) (d) $ 78,425   $ 77,565   $ 60,868  
    Efficiency ratio (a/b)   63.85 %   63.91 %   69.80 %
    Core efficiency ratio (c/d)   63.35 %   63.09 %   68.68 %
           
    Total Average Interest-Earnings Assets $ 7,263,399   $ 7,237,784   $ 6,246,130  
           
    Net Interest Income:      
    Net interest income $ 65,983   $ 65,729   $ 51,531  
    Loan discount accretion   (793 )   (997 )   (785 )
    Net interest income excluding loan discount accretion $ 65,190   $ 64,732   $ 50,746  
           
    Net interest margin (2)   3.68 %   3.61 %   3.32 %
    Net interest margin excluding loan discount accretion (2)   3.64 %   3.56 %   3.27 %
    Net interest spread (2)   2.91 %   2.77 %   2.36 %
    Net interest spread excluding loan discount accretion (2)   2.86 %   2.72 %   2.31 %
           
    (1) Excludes gains/losses on sales of securities.      
    (2) Calculated utilizing an actual day count convention.      
    (3) CECL non-PCD provision/unfunded commitment expense attributable to Oakwood.    

    The MIL Network –

  • MIL-OSI: AppFolio, Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., April 24, 2025 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a technology leader powering the future of the real estate industry, today announced its financial results for the first quarter ended March 31, 2025.

    “AppFolio’s first quarter results underscore that our ongoing commitment to delivering industry-leading innovation and exceptional service is driving new customer adoption of our products and services,” said Shane Trigg, President and CEO, AppFolio. “By connecting our acquisition of LiveEasy with new industry leading partners, such as Zillow and Second Nature, all enabled through FolioSpace, we have accelerated our resident strategy creating value for our customers. We are well positioned to win for all stakeholders as the platform powering the future of the real estate industry.”

    Financial Highlights for First Quarter of 2025

    • Revenue grew 16% year-over-year to $218 million.
    • Total units under management grew 6% year-over-year to 8.8 million.
    • GAAP operating income was $34 million, or 15.5% of revenue, compared to operating income of $34 million, or 18.2% of revenue in Q1 2024.
    • Non-GAAP operating income was $53 million, or 24.3% of revenue, compared to an operating income of $48 million, or 25.7% of revenue, in Q1 2024.
    • Net cash provided by operating activities was $38 million, or 17.7% of revenue, compared to $43 million, or 22.9% of revenue, in Q1 2024.

    Financial Outlook
    Based on information available as of April 24, 2025, AppFolio’s outlook for fiscal year 2025 follows:

    • Full year revenue is expected to be in the range of $920 million to $940 million.
    • Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 24.5% to 26.5%.
    • Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year.

    Stock Repurchase Program

    On April 23, 2025, AppFolio’s Board of Directors (the “Board”) authorized a $300.0 million share repurchase program (the “2025 Stock Repurchase Program”) relating to the Company’s outstanding shares of Class A common stock. Under the 2025 Stock Repurchase Program, the Company is authorized to repurchase shares of its Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2025 Stock Repurchase Program does not obligate the Company to repurchase any minimum dollar amount or number of shares, has no expiration date, and can be modified, suspended or terminated at any time and for any reason. The timing and actual number of shares repurchased, will depend on a variety of factors, including price, corporate and legal requirements, market conditions and other factors. The 2025 Stock Repurchase Program replaces the Company’s previously reported $100 million stock repurchase program, which has been substantially exhausted.

    Conference Call Information
    As previously announced, the Company will host a conference call today, April 24, 2025, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s first quarter financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/994jmsnj. To access the call by phone, please go to the following link: https://register-conf.media-server.com/register/BIec9db96ea67145e5b35acbb6ce94b6ad, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

    The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio’s disclosure obligations under Regulation FD.

    About AppFolio
    AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.

    Investor Relations Contact:
    Lori Barker
    ir@appfolio.com

    Use of Non-GAAP Financial Measures
    Reconciliations of current and historical non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”

    AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

    Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2025 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the effect of the Company’s 2025 Share Repurchase Program, the potential benefits and effect of the Company’s resident experience related services, including FolioSpace, and their impact on the Company’s plans, objectives, expectations and capabilities.

    Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

    The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

     
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (in thousands)
           
      March 31,
    2025    		   December 31,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 56,933     $ 42,504  
    Investment securities—current   153,881       235,745  
    Accounts receivable, net   27,462       24,346  
    Prepaid expenses and other current assets   33,738       32,807  
    Total current assets   272,014       335,402  
    Property and equipment, net   23,413       24,483  
    Operating lease right-of-use assets   16,971       17,472  
    Capitalized software development costs, net   13,649       15,429  
    Goodwill   96,410       96,410  
    Intangible assets, net   46,500       49,057  
    Deferred income taxes   82,451       76,910  
    Other long-term assets   13,325       11,515  
    Total assets $ 564,733     $ 626,678  
    Liabilities and Stockholders’ Equity      
    Current liabilities      
    Accounts payable $ 4,934     $ 2,378  
    Accrued employee expenses   21,775       30,157  
    Accrued expenses   15,724       14,658  
    Other current liabilities   16,173       16,087  
    Total current liabilities   58,606       63,280  
    Operating lease liabilities   36,328       37,476  
    Other liabilities   7,680       6,632  
    Total liabilities   102,614       107,388  
    Stockholders’ equity   462,119       519,290  
    Total liabilities and stockholders’ equity $ 564,733     $ 626,678  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
    (in thousands, except per share amounts)
       
      Three Months Ended
    March 31,
        2025       2024  
    Revenue(1) $ 217,702     $ 187,430  
    Costs and operating expenses:      
    Cost of revenue (exclusive of depreciation and amortization)(2)   79,498       64,646  
    Sales and marketing(2)   31,057       24,455  
    Research and product development(2)   43,758       37,895  
    General and administrative(2)   23,351       21,132  
    Depreciation and amortization   6,255       5,212  
     Total costs and operating expenses   183,919       153,340  
    Income from operations   33,783       34,090  
    Other income, net   56       —  
    Interest income, net   2,953       2,992  
    Income before provision for income taxes   36,792       37,082  
    Provision (benefit from) for income taxes   5,409       (1,581 )
    Net income $ 31,383     $ 38,663  
    Net income per common share:      
    Basic $ 0.86     $ 1.07  
    Diluted $ 0.86     $ 1.05  
    Weighted average common shares outstanding      
    Basic   36,302       36,087  
    Diluted   36,648       36,674  
                   

    (1) The following table presents our revenue categories:

       
      Three Months Ended
    March 31,
        2025       2024  
    Core solutions $ 49,513     $ 42,920  
    Value Added Services   164,706       142,331  
    Other   3,483       2,179  
    Total revenue $ 217,702     $ 187,430  
                   

    (2) Includes stock-based compensation expense as follows:

      Three Months Ended
    March 31,
        2025       2024  
    Costs and operating expenses:      
    Cost of revenue (exclusive of depreciation and amortization) $ 1,287     $ 960  
    Sales and marketing   2,848       1,510  
    Research and product development   6,931       5,682  
    General and administrative   5,305       5,322  
    Total stock-based compensation expense $ 16,371     $ 13,474  
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)
     
      Three Months Ended
    March 31,
        2025       2024  
    Cash from operating activities      
    Net income $ 31,383     $ 38,663  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   6,255       5,211  
    Amortization of operating lease right-of-use assets   501       523  
    Amortization of costs capitalized to obtain revenue contracts, net   2,720       2,500  
    Deferred income taxes   (5,541 )     —  
    Stock-based compensation, including as amortized   16,371       13,474  
    Other   (917 )     (1,824 )
    Changes in operating assets and liabilities:      
    Accounts receivable   (3,116 )     (5,470 )
    Prepaid expenses and other assets   (5,460 )     6,349  
    Accounts payable   2,546       733  
    Operating lease liabilities   (1,051 )     (475 )
    Accrued expenses and other liabilities   (5,226 )     (16,730 )
      Net cash provided by operating activities   38,465       42,954  
    Cash from investing activities      
    Purchases of available-for-sale investments   (62,302 )     (57,162 )
    Proceeds from sales of available-for-sale investments   102,718       —  
    Proceeds from maturities of available-for-sale investments   42,150       36,670  
    Purchases of property and equipment   (230 )     (1,420 )
    Capitalization of software development costs   (636 )     (1,125 )
    Cash paid in business acquisition, net of cash acquired   (906 )     —  
    Net cash used in investing activities   80,794       (23,037 )
    Cash from financing activities      
    Proceeds from stock option exercises   11       3,874  
    Tax withholding for net share settlement   (9,078 )     (14,086 )
    Purchase of common stock   (95,763 )     —  
    Net cash used in financing activities   (104,830 )     (10,212 )
    Net decrease in cash, cash equivalents and restricted cash   14,429       9,705  
    Cash, cash equivalents and restricted cash      
    Beginning of period   42,754       49,759  
    End of period $ 57,183     $ 59,464  
    RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
    (UNAUDITED)
    (in thousands, except per share data)
       
      Three Months Ended
    March 31,
       2025     2024 
    Costs and operating expenses:  
    GAAP cost of revenue (exclusive of depreciation and amortization) $ 79,498     $ 64,646  
    Stock-based compensation expense   (1,287 )     (960 )
    Non-GAAP cost of revenue (exclusive of depreciation and amortization) $ 78,211     $ 63,686  
    GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   37  %     34  %
    Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   36  %     34  %
           
    GAAP sales and marketing $ 31,057     $ 24,455  
    Stock-based compensation expense   (2,848 )     (1,510 )
    Non-GAAP sales and marketing $ 28,209     $ 22,945  
    GAAP sales and marketing as a percentage of revenue   14  %     13  %
    Non-GAAP sales and marketing as a percentage of revenue   13  %     12  %
           
    GAAP research and product development $ 43,758     $ 37,895  
    Stock-based compensation expense   (6,931 )     (5,682 )
    Non-GAAP research and product development $ 36,827     $ 32,213  
    GAAP research and product development as a percentage of revenue   20  %     20  %
    Non-GAAP research and product development as a percentage of revenue   17  %     17  %
           
    GAAP general and administrative $ 23,351     $ 21,132  
    Stock-based compensation expense   (5,305 )     (5,322 )
    Non-GAAP general and administrative $ 18,046     $ 15,810  
    GAAP general and administrative as a percentage of revenue   11  %     11  %
    Non-GAAP general and administrative as a percentage of revenue   8  %     8  %
           
    GAAP depreciation and amortization $ 6,255     $ 5,212  
    Amortization of stock-based compensation capitalized in software development costs   (241 )     (518 )
    Amortization of purchased intangibles   (2,558 )     (119 )
    Non-GAAP depreciation and amortization $ 3,456     $ 4,575  
    GAAP depreciation and amortization as a percentage of revenue   3  %     3  %
    Non-GAAP depreciation and amortization as a percentage of revenue   2  %     2  %
      Three Months Ended
    March 31,
       2025     2024 
    Income from operations:      
    GAAP income from operations $ 33,783     $ 34,090  
    Stock-based compensation expense   16,371       13,474  
    Amortization of stock-based compensation capitalized in software development costs   241       518  
    Amortization of purchased intangibles   2,558       119  
    Non-GAAP income from operations $ 52,953     $ 48,201  
           
    Operating margin:      
    GAAP operating margin   15.5  %     18.2  %
    Stock-based compensation expense as a percentage of revenue   7.5       7.1  
    Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue   0.1       0.3  
    Amortization of purchased intangibles as a percentage of revenue   1.2       0.1  
    Non-GAAP operating margin   24.3  %     25.7  %
           
    Net income (loss):      
    GAAP net income $ 31,383     $ 38,663  
    Stock-based compensation expense   16,371       13,474  
    Amortization of stock-based compensation capitalized in software development costs   241       518  
    Amortization of purchased intangibles   2,558       119  
    Income tax effect of adjustments   (6,343 )     (14,379 )
    Non-GAAP net income $ 44,210     $ 38,395  
           
    Net income per share, basic:      
    GAAP net income per share, basic $ 0.86     $ 1.07  
    Non-GAAP adjustments to net income   0.36       (0.01 )
    Non-GAAP net income per share, basic $ 1.22     $ 1.06  
           
    Net income per share, diluted:      
    GAAP net income per share, diluted $ 0.86     $ 1.05  
    Non-GAAP adjustments to net income   0.35       —  
    Non-GAAP net income per share, diluted $ 1.21     $ 1.05  
           
    Weighted-average shares used in GAAP and non-GAAP per share calculation      
    Basic   36,302       36,087  
    Diluted   36,648       36,674  
                   

    Statement Regarding the Use of Non-GAAP Financial Measures

    We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    • Non-GAAP presentation of income from operations, costs and operating expenses, operating margin, net income, and net income per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income from operations as a percentage of revenue.

    We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these non-GAAP financial measures also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

    In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

    • Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.
    • Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.
    • Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 21% and 25% for 2025 and 2024, respectively, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

    Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

    The MIL Network –

  • MIL-OSI: RYVYL Enters Negotiations to Restructure Pre-funded Asset Sale to Debt and/or Equity

    Source: GlobeNewswire (MIL-OSI)

    – Enters into a standstill agreement until May 6, 2025 in respect of pre-funded SPA –

    SAN DIEGO, CA, April 24, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for the diverse international markets, has entered into an agreement to negotiate and potentially restructure the terms of its pre-funded asset sale of its RYVYL EU subsidiary although there is no certainty a deal will be reached. In conjunction with ongoing negotiations, the buyer has agreed a standstill period in respect of the pre-funded asset sale from April 23, 2025, to May 6, 2025. The Company has the right to extend such standstill period for an additional 21 days to May 27, 2025, in consideration of its payment of $750,000 on or before May 6, 2025.

    On January 24, 2025, the Company entered into an agreement with a funding source for $15 million that was structured as a pre-funded asset sale with a 90-day closing period, which could have been terminated prior to April 23, 2025, upon RYVYL’s payment of $16.5 million. The shares of RYVYL EU subsidiary will continue to be held in escrow while the standstill period is ongoing.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes 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. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: Definitive Healthcare Announces Timing of Its First Quarter 2025 Financial Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., April 24, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its first quarter ended March 31, 2025, on Thursday, May 8, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

    A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

    A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through June 7, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

    About Definitive Healthcare
    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contact:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com

    Source: Definitive Healthcare Corp.

    The MIL Network –

  • MIL-OSI: Fidus Investment Corporation Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    EVANSTON, Ill., April 24, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ: FDUS) (“Fidus” or the “Company”) today announced that it will report its first quarter 2025 financial results on Thursday, May 8, 2025 after the close of the financial markets.

    Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, May 9, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

    A live webcast of the conference call will be available at https://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

    A webcast replay of the conference call will be available two hours after the call on the investor relations section of the Company’s website.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

    FORWARD-LOOKING STATEMENTS

    This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

                     

    The MIL Network –

  • MIL-OSI: SPS Commerce Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company delivers 97th consecutive quarter of topline growth
    First quarter 2025 revenue grew 21% and recurring revenue grew 23% from the first quarter of 2024

    MINNEAPOLIS, April 24, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the first quarter ended March 31, 2025.

    Financial Highlights

    First Quarter 2025 Financial Highlights

    • Revenue was $181.5 million in the first quarter of 2025, compared to $149.6 million in the first quarter of 2024, reflecting 21% growth.
    • Recurring revenue grew 23% from the first quarter of 2024.
    • Net income was $22.2 million or $0.58 per diluted share, compared to net income of $18.0 million or $0.48 per diluted share in the first quarter of 2024.
    • Non-GAAP income per diluted share was $1.00, compared to non-GAAP income per diluted share of $0.86 in the first quarter of 2024.
    • Adjusted EBITDA for the first quarter of 2025 increased 22% to $54.4 million compared to the first quarter of 2024.
    • Share repurchases in the first quarter of 2025 totaled $40.0 million.

    “SPS Commerce operates a network of over 50,000 suppliers, logistics companies and buying organizations across retail, distribution, grocery, and manufacturing, and we are uniquely positioned to support all trading relationships,” said Chad Collins, CEO of SPS Commerce.  “With an $11 billion total addressable market, we have a tremendous opportunity to transform how trading partners work together as they continue to advance their supply chain technologies.” 

    “We delivered strong first-quarter performance, and the 97th consecutive quarter of revenue growth,” said Kim Nelson, CFO of SPS Commerce.  “Despite ongoing uncertainty in the macro environment, we remain confident in our full-year 2025 growth outlook and margin expansion profile, which underscores the resilience of our business model and the mission critical nature of our solutions, designed to improve collaboration across the global retail supply chain.”

    Guidance

    Second Quarter 2025 Guidance

    • Revenue is expected to be in the range of $184.5 million to $186.2 million, representing 20% to 21% year-over-year growth.  
    • Net income per diluted share is expected to be in the range of $0.41 to $0.44, with fully diluted weighted average shares outstanding of 38.8 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $0.87 to $0.90.
    • Adjusted EBITDA is expected to be in the range of $53.0 million to $54.5 million.
    • Non-cash, share-based compensation expense is expected to be $15.5 million, depreciation expense is expected to be $5.5 million, and amortization expense is expected to be $9.8 million.

    Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $758.5 million to $763.0 million, representing 19% to 20% growth over 2024.
    • Net income per diluted share is expected to be in the range of $2.06 to $2.13, with fully diluted weighted average shares outstanding of 38.7 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $3.86 to $3.93.
    • Adjusted EBITDA is expected to be in the range of $229.4 million to $232.9 million, representing 23% to 25% growth over 2024.
    • Non-cash, share-based compensation expense is expected to be $61.4 million, depreciation expense is expected to be $23.0 million, and amortization expense is expected to be $38.0 million.

    The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

    Quarterly Conference Call

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q1 2025 conference call.  A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu.  The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 50,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 97 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

    Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    Adjusted EBITDA Measures:

    Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the three months ended March 31, 2025 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Net income is the comparable GAAP measure of financial performance.

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    Non-GAAP Income Per Share Measure:

    Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the three months ended March 31, 2025 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the second quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except shares)
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS (unaudited)    
    Current assets      
    Cash and cash equivalents $ 94,921     $ 241,017  
    Accounts receivable   68,183       56,214  
    Allowance for credit losses   (4,793 )     (4,179 )
    Accounts receivable, net   63,390       52,035  
    Deferred costs   67,107       65,342  
    Other assets   26,417       23,513  
    Total current assets   251,835       381,907  
    Property and equipment, net   38,687       37,547  
    Operating lease right-of-use assets   8,424       8,192  
    Goodwill   533,940       399,180  
    Intangible assets, net   252,280       181,294  
    Other assets      
    Deferred costs, non-current   21,416       20,572  
    Deferred income tax assets   562       505  
    Other assets, non-current   1,906       2,033  
    Total assets $ 1,109,050     $ 1,031,230  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 11,255     $ 8,577  
    Accrued compensation   40,747       47,160  
    Accrued expenses   16,640       12,108  
    Deferred revenue   78,620       74,256  
    Operating lease liabilities   6,162       4,583  
    Total current liabilities   153,424       146,684  
    Other liabilities      
    Deferred revenue, non-current   5,748       6,189  
    Operating lease liabilities, non-current   6,101       7,885  
    Deferred income tax liabilities   20,298       15,541  
    Other liabilities, non-current   2,558       241  
    Total liabilities   188,129       176,540  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock   40       40  
    Treasury stock   (102,096 )     (99,748 )
    Additional paid-in capital   672,138       627,982  
    Retained earnings   358,295       336,099  
    Accumulated other comprehensive loss   (7,456 )     (9,683 )
    Total stockholders’ equity   920,921       854,690  
         Total liabilities and stockholders’ equity $ 1,109,050     $ 1,031,230  
                   
    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited; in thousands, except per share amounts)
     
      Three Months Ended
    March 31,
       2025    2024
    Revenues $ 181,549   $ 149,576
    Cost of revenues   56,914     51,487
    Gross profit   124,635     98,089
    Operating expenses      
    Sales and marketing   41,634     36,432
    Research and development   17,439     16,009
    General and administrative   31,018     25,907
    Amortization of intangible assets   8,588     4,338
    Total operating expenses   98,679     82,686
    Income from operations   25,956     15,403
    Other income, net   2,207     3,132
    Income before income taxes   28,163     18,535
    Income tax expense   5,967     532
    Net income $ 22,196   $ 18,003
           
    Net income per share      
    Basic $ 0.58   $ 0.49
    Diluted $ 0.58   $ 0.48
           
    Weighted average common shares used to compute net income per share      
    Basic   37,990     37,049
    Diluted   38,163     37,686
               
    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited; in thousands)
     
      Three Months Ended
    March 31,
       2025     2024 
    Cash flows from operating activities      
    Net income $ 22,196     $ 18,003  
    Reconciliation of net income to net cash provided by operating activities      
    Deferred income taxes   (4,418 )     (7,070 )
    Depreciation and amortization of property and equipment   4,957       4,694  
    Amortization of intangible assets   8,588       4,338  
    Provision for credit losses   1,822       1,408  
    Stock-based compensation   13,867       20,018  
    Other, net   168       (431 )
    Changes in assets and liabilities, net of effects of acquisition      
    Accounts receivable   (7,443 )     (6,759 )
    Deferred costs   (1,247 )     (1,651 )
    Other assets and liabilities   1,174       3,030  
    Accounts payable   1,677       5,098  
    Accrued compensation   (7,948 )     (9,518 )
    Accrued expenses   3,868       (674 )
    Deferred revenue   3,160       4,129  
    Operating leases   (438 )     (551 )
    Net cash provided by operating activities   39,983       34,064  
    Cash flows from investing activities      
    Purchases of property and equipment   (6,150 )     (3,533 )
    Purchases of investments   —       (44,412 )
    Maturities of investments   —       45,000  
    Acquisition of business, net   (141,636 )     —  
    Net cash used in investing activities   (147,786 )     (2,945 )
    Cash flows from financing activities      
    Repurchases of common stock   (40,000 )     (16,540 )
    Net proceeds from exercise of options to purchase common stock   635       1,260  
    Net proceeds from employee stock purchase plan activity   411       391  
    Net cash used in financing activities   (38,954 )     (14,889 )
    Effect of foreign currency exchange rate changes   661       (674 )
    Net increase (decrease) in cash and cash equivalents   (146,096 )     15,556  
    Cash and cash equivalents at beginning of period   241,017       219,081  
    Cash and cash equivalents at end of period $ 94,921     $ 234,637  
                   
    SPS COMMERCE, INC.
    NON-GAAP RECONCILIATIONS
    (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)
     
    Adjusted EBITDA
      Three Months Ended
    March 31,
      2025     2024
    Net income $ 22,196     $ 18,003  
    Income tax expense   5,967       532  
    Depreciation and amortization of property and equipment   4,957       4,694  
    Amortization of intangible assets   8,588       4,338  
    Stock-based compensation expense   13,867       20,018  
    Realized gain from investments held and foreign currency impact on cash and investments   (366 )     (304 )
    Investment income   (1,849 )     (2,879 )
    Other   1,013       —  
    Adjusted EBITDA $ 54,373     $ 44,402  
                   
    Adjusted EBITDA Margin
      Three Months Ended
    March 31,
      2025   2024
    Revenue $ 181,549     $ 149,576  
           
    Net income   22,196       18,003  
    Margin   12 %     12 %
           
    Adjusted EBITDA   54,373       44,402  
    Adjusted EBITDA Margin   30 %     30 %
                   
    Non-GAAP Income per Share
      Three Months Ended
    March 31,
      2025   2024
    Net income $ 22,196     $ 18,003  
    Stock-based compensation expense   13,867       20,018  
    Amortization of intangible assets   8,588       4,338  
    Realized gain from investments held and foreign currency impact on cash and investments   (366 )     (304 )
    Other   1,013       —  
    Income tax effects of adjustments   (7,285 )     (9,554 )
    Non-GAAP income $ 38,013     $ 32,501  
           
    Shares used to compute net income and non-GAAP income per share      
    Basic   37,990       37,049  
    Diluted   38,163       37,686  
           
    Net income per share, basic $ 0.58     $ 0.49  
    Non-GAAP adjustments to net income per share, basic   0.42       0.39  
    Non-GAAP income per share, basic $ 1.00     $ 0.88  
           
    Net income per share, diluted $ 0.58     $ 0.48  
    Non-GAAP adjustments to net income per share, diluted   0.42       0.38  
    Non-GAAP income per share, diluted $ 1.00     $ 0.86  
                   

    The annual per share amounts may not cross-sum due to rounding.

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962

    The MIL Network –

  • MIL-OSI: ARKO to Report First Quarter 2025 Financial Results on May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., April 24, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that the Company will host a conference call on Thursday, May 8, 2025 at 5:00 p.m. Eastern Time to discuss its financial results for the first quarter ended March 31, 2025.

    ARKO Corp.’s management team will host the conference call, followed by a question-and-answer period. The Company will provide its financial results in a press release prior to the call.

    Date: Thursday, May 8, 2025
    Time: 5:00 p.m. Eastern Time
    Toll-free dial-in number: (888) 396-8049
    International dial-in number: (416) 764-8646
    Webcast: ARKO’s Q1 2025 Earnings Call

    A telephonic replay will be available approximately three hours after the call concludes through Saturday, June 7, 2025.

    Toll-free replay number: (877) 660-6853
    International replay number: (201) 612-7415
    Replay ID: 13752796

    A link to the live webcast and replay will also be available at https://www.arkocorp.com/news-events/ir-calendar. We encourage all participants to register at least 15 minutes prior to the 5:00 p.m. ET start time. If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    About ARKO Corp.

    ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

    Company Contact
    Jordan Mann
    ARKO Corp.
    investors@gpminvestments.com

    Investor Contact
    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    ARKO@elevate-ir.com

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Impact of the first Omnibus package on the European Green Deal – E-000720/2025(ASW)

    Source: European Parliament

    On 26 February 2025, the Commission adopted Omnibus proposals to simplify the regulatory framework and boost competitiveness[1].

    Those proposals cover sustainability reporting, sustainability due diligence, the taxonomy, the Carbon Border Adjustment Mechanism (CBAM)[2], and the Invest EU programme[3]. The Commission remains deeply committed to building a greener and fairer society and economy.

    The proposed measures aim to ensure that the transition to a decarbonised economy is achieved in the simplest, most cost-effective and least burdensome way for EU businesses.

    This package will reduce complexity of EU requirements for all businesses, focus the regulatory framework on the largest companies which are likely to have a bigger impact on the climate and the environment, while still enabling companies to access sustainable finance for their clean transition.

    The proposed measures exempt companies up to 1 000 employees from mandatory sustainability reporting and protects them from excessive sustainability information requests that they receive from larger companies or from financial institutions (trickle-down effect).

    As regards the CBAM, the proposal introduces a de minimis exemption for goods below a threshold of 50 tonnes. This measure affects importers who import small quantities of CBAM goods, representing very small quantities of embedded emissions entering the EU from third countries.

    At least 99% of emissions will remain in the CBAM scope, while around 90% of the importers, mostly small and medium-sized enterprises will be exempted.

    • [1] https://commission.europa.eu/publications/omnibus-i_en and https://commission.europa.eu/publications/omnibus-ii_en
    • [2] Regulation (EU) 2023/956 of the European Parliament and of the Council of 10 May 2023 establishing a carbon border adjustment mechanism, OJ L 130, 16.5.2023, p. 52.
    • [3] https://investeu.europa.eu/investeu-programme_en
    Last updated: 24 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Press release – MEPs push for a more ambitious European defence industry programme

    Source: European Parliament

    On Thursday, MEPs backed a draft law designed to strengthen Europe’s defence industry, ramp up defence product manufacturing and provide more support for Ukraine.

    The Committees on Industry, Research and Energy and Security and Defence have adopted their position on the proposed creation of a European defence industry programme (EDIP). More specifically, MEPs backed measures to boost the European defence technological and industrial base (EDTIB), to strengthen EU defence and further integrate the EU defence industry. These measures include a significant increase in member states’ financial contributions to the EDIP, more aggregation of orders for the development of defence products, and enhanced use of joint procurement.

    MEPs want the new programme to focus on improving the supply of weapons, ammunition and other crisis-relevant products, boosting manufacturing capacities or ensuring their ramp-up, reducing lead times for production and delivery, and increasing stockpiling.

    Other principles agreed by MEPs to strengthen Europe’s defence capacity include the following:

    • Introducing a “buy European” principle by which the EDIP should only fund products where the cost of components originating in the EU or associated countries represents at least the 70% of the estimated end product value.
    • To be eligible for funds, European defence projects of common interest should involve at least six member states, or at least four that are facing high exposure to the risk of conventional military threats; MEPs want also Ukraine to participate.
    • A European ‘military sales mechanism’ would work as a centralised catalogue of defence products and services to bolster EU-wide demand.
    • A new, voluntary, Structure for European Armament Programme would scale up member states’ cooperation throughout the defence equipment lifecycle.
    • An EU security of supply regime should gradually guarantee continuous access to essential defence products to tackle future supply crises; the regime would be managed by a Defence Industrial Readiness Board.


    Military support for Ukraine

    As part of the new EDIP regulation, MEPs also backed a Ukraine Support Instrument (USI) to ensure the Ukrainian defence industry’s modernisation and integration within the EDTIB. This EU funding would scale up direct investment in Ukraine’s defence industry, facilitate partnerships between EU and Ukrainian defence actors and increase EU procurement of defence capacities produced in Ukraine, including for Ukraine itself.

    Quotes

    “Our position on the EDIP sends a strong message to the Council to finalise its own position in order to start interinstitutional negotiations. The European Parliament will insist on establishing a strong regulation that will incentivise EU member states to boost joint procurement in order to build common European defence capabilities – stronger, strategic, efficient and united,” said Marie‑Agnes Strack-Zimmermann (Renew Europe, Germany), Chair of the Committee on Security and Defence.

    “Today, Parliament has come together with an unprecedented sense of urgency and purpose. In record time, we’ve forged a broad and determined majority in support of strengthening Europe’s defence industrial base – because this is no longer just an option, it’s a strategic imperative. Europe stands at a historic crossroads. Faced with Russia’s threats, we must act with unity, ambition and resolve. Investing together, developing critical military capabilities jointly, and aligning our spending efforts at EU level is the only way forward. It’s time to end our dependence on external actors. A sovereign Europe is a stronger and safer Europe, and this vote on the EDIP is a clear step in that direction”, said Raphaël Glucksmann (S&D, France), co-rapporteur from the Committee on Security and Defence.

    “The adoption of the EDIP report by a large majority today marks a major step for the security of the European continent and the strengthening of our defence industry. With this vote, the European Parliament is setting the bar high for the EU to enhance the sovereignty and resilience of our countries, build an effective governance framework, and design an ambitious and realistic financing solution. Our committees’ work in accelerated procedure means Parliament is ready to tackle the upcoming trilogue stage as soon as the Council has determined its position. This outcome, both in substance and pace, seemed impossible to achieve just a few weeks ago; with this important step, we have shown that our institution is rising to the challenge on this crucial issue for the future of Europe”, said François-Xavier Bellamy (EPP, France), co-rapporteur from the Committee on Industry, Research and Energy.

    Next steps

    The report was adopted by 70 votes to 46 with 8 abstentions. MEPs also decided to open negotiations with the Council to finalise the law, with 90 votes in favour, 20 against and with 5 abstentions. Parliament as a whole will be notified of this decision during the May plenary session.

    Background

    The European Commission put forward a proposal for a European defence industry programme (EDIP) regulation on 5 March 2024. The EDIP – with a proposed budget of €1.5 billion – seeks to achieve defence industrial readiness by bridging the gap between short-term emergency measures, such as the Act in Support of Ammunition Production (ASAP) and the European Defence Industry Reinforcement through Common Procurement Act (EDIRPA), that have been implemented since 2023 and will end in 2025, and a more structural, long-term approach.

    The EDTIB comprises a number of large multinational companies, mid-caps and over 2,000 small and medium-sized enterprises, with an estimated combined annual turnover of €70 billion.

    MIL OSI Europe News –

  • MIL-OSI Security: Former Florida Highway Patrol Trooper and DEA Task Force Officer Sentenced to Nine Years in Federal Prison for Distributing Drugs, Defrauding the United States, and Illegal Firearm Possession

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

    Jacksonville, Florida – United States District Judge Wendy W. Berger has sentenced Joshua Grady Earrey (46, Jacksonville) to nine years in federal prison for multiple federal offenses including one count of conspiring to distribute narcotics, one count of conspiring to defraud the United States, and one count of possessing firearms and ammunition while addicted to illegal narcotics. As part of the sentence, Earrey also agreed to forfeit or abandon the money, firearms, and ammunition involved in these offenses. He entered a guilty plea on April 4, 2024.

    According to court documents, while employed as a Florida Highway Patrol Trooper and designated Task Force Officer with the Drug Enforcement Administration, Earrey and a co-conspirator engaged in extensive corrupt activity from 2021-2023. These acts included the theft of money and illegal drugs that were seized as evidence during criminal investigations; providing illegal drugs (including fentanyl and cocaine) to others to distribute on their behalf; and providing ammunition to an individual that Earrey knew to be a convicted murderer in exchange for opiates. Earrey and his co-conspirator stole more than 1,000 pounds of marijuana from evidence and provided the drugs to others to sell on their behalf. They covered up the theft by submitting falsified paperwork showing that the marijuana had been destroyed. Similarly, they stole a kilogram of cocaine from evidence and then gave it to a drug dealer to sell for them.

    “Law enforcement officers who operate as though they are above the law betray the badge and the citizens they swore to protect,” said FBI Jacksonville Acting Special Agent in Charge Hubert Reynolds. “This case exemplifies the FBI’s commitment to holding public servants accountable if they violate the very laws they promised to uphold.”

    This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service — Criminal Investigation, with assistance from U.S. Customs and Border Protection. It was prosecuted by Assistant United States Attorney William S. Hamilton. The United States Attorney’s Office, the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and U.S. Customs and Border Protection wish to thank the Florida Highway Patrol, the Drug Enforcement Administration, and the Bureau of Alcohol, Tobacco, Firearms and Explosives for their cooperation during this investigation.

    MIL Security OSI –

  • MIL-OSI Security: Baltimore Man Pleads Guilty in Federal Court to Fentanyl and Cocaine Charges

    Source: Office of United States Attorneys

    The defendant, a felon, also possessed a firearm in connection with the drug offense.

    Baltimore, Maryland – Freddie Anthony Curry, 54, of Baltimore, Maryland, pled guilty in federal court to possession with the intent to distribute 400 grams or more of fentanyl and 500 grams or more of cocaine. 

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea with Special Agent in Charge William DelBagno, Federal Bureau of Investigation (FBI) – Baltimore Field Office; Special Agent in Charge Ibrar A. Mian, Drug Enforcement Administration (DEA) – Washington Division; and Postal Inspector in Charge Damon Wood, U.S. Postal Inspection Service (USPIS) – Washington Division.

    In May 2024, the FBI and DEA began investigating Curry in connection with suspected fentanyl and cocaine trafficking in the Baltimore area.  During their investigation, they verified Curry’s vehicle and residence. Authorities then executed federal search warrants on Curry’s residence and vehicle. During the search, investigators recovered approximately 980 grams of fentanyl, 1,040 grams of cocaine, digital scales, drug-packaging materials, and a Glock 19 9-millimeter handgun. Curry is prohibited from possessing a firearm due to prior felony convictions.

    The parties have agreed that if the Court accepts the plea agreement, Curry will be sentenced to 120 months in federal prison. Sentencing is set for Monday, June 30, 2025, at 2 p.m.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    This case is part of a Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. The specific mission of the Baltimore Strike Force is to identify, disrupt, and dismantle violent drug trafficking, money laundering, and transnational criminal organizations to reduce drug-related and/or gang violence in the Baltimore metropolitan and surrounding areas.  The Baltimore Strike Force is comprised of agents and officers from the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the Drug Enforcement Administration, the Federal Bureau of Investigation, the Department of Homeland Security, the United States Marshals Service, the United States Secret Service, United States Postal Inspection Service, the Maryland State Police, the Baltimore Police Department, the Baltimore Sheriff’s Office, the Baltimore County Police Department, the Maryland Transportation Authority, and the Maryland Department of Public Safety and Correctional Services. The prosecution is being led by the Office of the United States Attorney for the District of Maryland.

    U.S. Attorney Hayes commended the FBI, DEA, and USPIS for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorney Sarah Simpkins who is prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md  and https://www.justice.gov/usao-md/community-outreach.

    # # #

     

    MIL Security OSI –

  • MIL-OSI Security: Ashland Man Charged with Transportation of Child Pornography

    Source: Office of United States Attorneys

    BOSTON – An Ashland man has been arrested and charged with transportation of child sexual abuse material (CSAM).

    Brent Vreeland, 36, was arrested and charged yesterday with one count of transportation of child pornography. Following an initial appearance in federal court in Boston, Vreeland was ordered detained pending a hearing scheduled for this afternoon.

    According to the charging documents, Vreeland was flagged for secondary screening at Boston’s Logan Airport upon arrival from Reykjavik, Iceland in October 2024. It is alleged that during a review of Vreeland’s cell phone, images and videos depicting CSAM were found in his Telegram Messenger app. A subsequent forensic examination of the device allegedly revealed approximately 30 media files depicting CSAM in direct messages with other unknown Telegram users. It is further alleged that Vreeland received and distributed three such videos in October 2021, depicting the abuse of minor victims between the ages of four and 10 years old. In one exchange, Vreeland allegedly asked another user to trade CSAM files for “the youngest [they] hve [sic].”

    The charge of transportation of child pornography provides for a sentence of at least five years and up to 20 years in prison, at least five years and up to a lifetime of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Valuable assistance was provided by Customs and Border Patrol, Boston Division. Assistant U.S. Attorney Allegra Flamm of the Major Crimes Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: Grand jury indicts former Whitehall car dealership owner for odometer fraud

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – A Columbus man has been charged with altering the odometers on vehicles he sold at his former Whitehall car dealership.

    Simon C. Nwaru, Jr., 38, who owned and operated S. Automotive Ltd., was indicted by a federal grand jury today. 

    According to the eight-count indictment, between November 2020 and May 2022, Nwaru knowingly disconnected, reset and altered the mileage registered by the odometer on vehicles, changing them from high mileage to lower mileage, before selling them to customers.

    The charging document details eight vehicles that allegedly had their mileage illegally reduced by approximately 80,000 to 100,000 miles.

    Odometer fraud is a federal crime punishable by up to three years in prison.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio, announced the charges returned today. Assistant United States Attorney Timothy D. Prichard is representing the United States. This case was investigated by the United States Department of Transportation, National Highway Traffic Safety Administration’s Office of Odometer Fraud Investigation and the Ohio Bureau of Motor Vehicles Investigations Section. 

    NHTSA estimates that odometer fraud in the United States costs consumers more than $1 billion annually.  NHTSA encourages the public to report odometer fraud by emailing odometerfraud@dot.gov or calling 800-424-9393.

    An indictment merely contains allegations, and defendants are presumed innocent unless proven guilty in a court of law.

    # # #

    MIL Security OSI –

  • MIL-OSI Europe: Answer to a written question – Revitalising Spanish industry – E-000246/2025(ASW)

    Source: European Parliament

    1. The Strategic Technologies for Europe Platform (STEP)[1] is a Commission initiative to boost investment in manufacturing of critical technologies, digital and deep-tech innovation, clean and resource-efficient technologies, and biotechnologies. Spain can amend its Cohesion Policy funding towards these priorities under the STEP Regulation. Furthermore, Spain is currently setting up a Member State compartment under InvestEU[2] using their Recovery and Resilience Facility[3] funds and the national budget to mobilise additional private and public investments in Spain under the sustainable infrastructure, research, innovation and digitisation and the small and medium-sized enterprises policy windows.

    2. The Net-Zero Industry Act[4] and the Critical Raw Materials Act[5] strengthen the EU’s manufacturing capacity for net-zero technologies while ensuring access to critical raw materials. The Commission has engaged with Spain to ensure their early implementation.

    The new Competitiveness Compass[6] places competitiveness as a core principle for EU action. The Commission’s Clean Industrial Deal is a key deliverable in this regard[7]. The Commission counts on Spain to contribute to the simplification effort. The Commission will also present a Quality Jobs Roadmap to improve working conditions and labour market participation.

    3. The Commission considers it important for Spain to design and implement a national exploration programme[8] to improve critical raw material potential. The Commission has published the first list of strategic projects on 25 March 2025[9]. Five of them are located in Spain and one concerns lithium. To support these projects, including early-stage exploration, Spain could develop financing instruments such as a national critical raw materials fund.

    • [1] Regulation (EU) 2024/795 of the European Parliament and of the Council of 29 February 2024 establishing the Strategic Technologies for Europe Platform, https://eur-lex.europa.eu/eli/reg/2024/795/oj/eng
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=LEGISSUM:4516649
    • [3] https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:02021R0241-20240301
    • [4] https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=OJ:L_202401735
    • [5] https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:02024R1252-20240503
    • [6] https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52025DC0030
    • [7] COM(2025) 85 final.
    • [8] Art. 19 2024/1252 https://eur-lex.europa.eu/eli/reg/2024/1252/oj/eng
    • [9] Strategic projects under the Critical Raw Materials Act https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-raw-materials/strategic-projects-under-crma_en
    Last updated: 24 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Protecting EU consumers against the backdrop of FWU Life Insurance Lux S.A.’s liquidation – E-000794/2025(ASW)

    Source: European Parliament

    Effective supervision is essential for protecting EU consumers and fostering trust in the single market.

    Under the Solvency II Directive[1], the authority of the Member State where an insurer has established its head office has primary responsibility for its supervision and the competence to take necessary measures if its financial condition is not sufficiently sound.

    The Insurance Recovery and Resolution Directive (IRRD)[2] and the Solvency II Amending Directive[3] reinforce the regulatory framework, aiming to better protect policyholders and enhance coordination among national authorities.

    The IRRD introduces harmonised recovery and resolution measures to protect policyholders, beneficiaries and claimants, and ensure effective crisis management[4].

    It also mandates the Commission to issue by January 2027 a report on the potential for minimum common standards for Insurance Guarantee Schemes and, if appropriate, a legislative proposal.

    The Solvency II review introduces stronger cooperation and wider information exchange between the home and host Member State supervisors in case of significant cross-border activities[5]. It also enhances the European Insurance and Occupational Pensions Authority’s powers to intervene in complex cross-border cases[6].

    Effective and harmonised supervision is also a key objective of the Savings and Investments Union[7]. In this context, the Commission calls on the European Supervisory Authorities and National Competent Authorities to make full use of existing supervisory convergence tools.

    Furthermore, it announced its intention to propose measures to strengthen these tools and enhance their effectiveness[8], thereby supporting greater consistency in supervisory practices across the EU.

    • [1] Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, OJ L 335, 17.12.2009, p. 1-155.
    • [2] Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129, OJ L, 2025/1, 8.1.2025.
    • [3] Directive (EU) 2025/2 of the European Parliament and of the Council of 27 November 2024 amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks and group and cross-border supervision, and amending Directives 2002/87/EC and 2013/34/EU, OJ L, 2025/2, 8.1.2025.
    • [4] In particular, it equips national supervisory authorities and national resolution authority with harmonised mandates and tools to intervene when insurers face financial distress.
    • [5] In particular, the home supervisory authority must promptly inform the host authority if it detects deteriorating financial conditions in an insurance undertaking under its jurisdiction. Under certain conditions, the host authority may also request a joint on-site inspection with the home authority and, if the latter accepts the request, EIOPA is invited to participate. See new Articles 152aa, 152ab, 152b of the Solvency II Directive.
    • [6] Including by means of binding mediation and, under specific conditions, the disclosure of the names of concerned undertakings
    • [7] https://finance.ec.europa.eu/publications/commission-unveils-savings-and-investments-union-strategy-enhance-financial-opportunities-eu_en
    • [8] The proposal is scheduled for the fourth quarter of 2025.
    Last updated: 24 April 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Three Members of an International Money Laundering Organization Charged with Laundering Millions of Dollars in Drug Proceeds

    Source: Office of United States Attorneys

    WASHINGTON – A federal grand jury in Florence, South Carolina returned an indictment on Tuesday, April 22, charging Nasir Ullah, 28, and Naim Ullah, 32, both of Sumter, South Carolina, and Puquan Huang, 49, of Buford, Georgia, with conspiring to launder millions of dollars of proceeds derived from drug trafficking.

    “As alleged in the indictment, the defendants laundered tens of millions of dollars in drug proceeds from the United States through China and the Middle East, enabling a continuous flow of fentanyl and other dangerous drugs into our country from Mexico,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Dismantling transnational criminal organizations and Chinese Money Laundering Organizations that support them is a critical priority for the Department. Alongside DEA and our local law enforcement partners, we will continue to prosecute the financial networks that fuel illegal drug trade and profit from the sale of deadly substances.”

    “We are committed to dismantling criminal organizations that seek to profit through the distribution of dangerous drugs like cocaine and fentanyl across South Carolina and beyond,” said Acting U.S. Attorney Brook B. Andrews for the District of South Carolina. “This $30 million money laundering operation, which has international ties, was conducted in multiple communities in our state. We will continue to work tirelessly with our law enforcement partners to trace these illicit funds, disrupt these networks, and hold those involved accountable for the harm they present.”

    “Cases like this exemplify the value of partnerships,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division. “The volume of dangerous drugs, including deadly fentanyl, impacts our communities beyond comprehension. This investigation and subsequent arrests demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking and money laundering organizations.”

    According to court documents, unsealed today, Ullah, Ullah, and Huang allegedly worked for a money laundering organization that laundered at least $30 million in proceeds related to the distribution of illegal drugs, including cocaine and fentanyl, which were unlawfully imported into the United States, typically through Mexico. Ullah, Ullah, Huang, and their co-conspirators allegedly traveled throughout the United States to collect drug proceeds. They communicated with co-conspirators in China to arrange for the laundering of these proceeds through transactions designed to conceal the illegal source of the proceeds, including disguising the source of the drug proceeds by moving money through the shipment of electronic goods to China and the Middle East.

    Ullah, Ullah, and Huang are charged with conspiracy to commit money laundering. If convicted, they each face a maximum penalty of 20 years in prison.

    The DEA’s Charleston, South Carolina Resident Office is investigating the case, with assistance from the DEA’s Special Operations Division, Bilateral Investigations Unit; DEA’s Office of Special Intelligence, Document and Media Exploitation Unit; DEA’s offices in Columbia, South Carolina and Atlanta, Georgia; the FBI’s offices in Charleston and Columbia, South Carolina; the U.S. Air Force, Office of Special Investigations; the South Carolina Law Enforcement Division; the Sumter County Sheriff’s Office; the South Carolina Highway Patrol; the Fort Mill Police Department; the York County Sheriff’s Office; the North Charleston Police Department; the Mount Pleasant Police Department; and the Richland County Sheriff’s Department.

    Trial Attorneys Mary K. Daly and Jasmin Salehi Fashami of the Criminal Division’s Money Laundering and Asset Recovery Section and Assistant U.S. Attorney Everett E. McMillian for the District of South Carolina are prosecuting the case.

    The Third and Fifth Judicial Circuit Solicitor’s Offices of South Carolina provided assistance in this case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI Video: Syria, Haiti & other topics – Daily Press Briefing (24 April 2025) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Syria
    – Briefings Tomorrow
    – Secretary-General
    – Deputy Secretary-General
    – Occupied Palestinian Territory
    – U.N.I.F.I.L.
    – Yemen
    – Democratic Republic of the Congo
    – Haitian Migrants
    – Haiti
    – Ukraine
    – Myanmar
    – Immunization Week
    – International Days

    SYRIA
    Tomorrow at 8 a.m., the new three-starred Syrian flag will be raised, next to the flags of the other 193 Member States and the two permanent observers. If you have any questions about media coverage, please ask the Media Accreditation and Liaison Unit (MALU). They will facilitate that. And just to stay on Syria, Geir Pedersen will be here to brief the Council tomorrow and he will be speaking to you at the stakeout afterwards.

    BRIEFINGS TOMORROW
    Tomorrow at 11:00 a.m., there will be a hybrid press briefing by Ambassador Jürg Lauber, the President of the Human Rights Council.
    And our Noon Briefing guest will be Ulrika Richardson, the Humanitarian Coordinator for Haiti, who also serves as the Deputy Special Representative and Resident Coordinator for Haiti. She will brief us virtually on Haiti.

    SECRETARY-GENERAL
    This evening, the Secretary-General will be traveling this evening to Rome, where on Saturday he will attend the funeral of Pope Francis at St. Peter’s Basilica.
    This afternoon, the Secretary-General will sign the Book of Condolences for the Pope at the Observer Mission of the Holy See.
    On Tuesday, the UN flag will fly at half-mast to honour the passing of the late Pontiff.

    DEPUTY SECRETARY-GENERAL
    Our Deputy Secretary-General, Amina Mohammed, continues her visit to Washington, D.C., for the World Bank/IMF Annual Spring Meetings.
    This morning, she took part in a Women Lead Breakfast with over 50 female leaders, which was hosted by the World Bank Managing Directors. Amina Mohammed highlighted women’s labour and economic participation as one of the most powerful forces driving inclusive and sustainable development, and she called for women’s leadership to be placed at the centre of decision-making.
    Later, she participated in the G20 Finance Ministers and Central Bank Governors Meeting, where she underscored the importance of advancing reforms to the international financial architecture to make it more inclusive and responsive.
    This afternoon, she will deliver remarks at the 111th meeting of the World Bank/IMF Development Committee and continue her engagements with senior government officials and other key stakeholders. She will be on her way back later today.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=24%20April%202025

    https://www.youtube.com/watch?v=6VIPt0O88YQ

    MIL OSI Video –

  • MIL-OSI Asia-Pac: Union Minister Shri Rajiv Ranjan Singh hails a decade of Panchayati Raj Reforms under Prime Minister Shri Narendra Modi’s leadership on Panchayati Raj Diwas, in Bihar

    Source: Government of India

    Union Minister Shri Rajiv Ranjan Singh hails a decade of Panchayati Raj Reforms under Prime Minister Shri Narendra Modi’s leadership on Panchayati Raj Diwas, in Bihar

    Finance Commission Grants for Gram Panchayats increased sevenfold  in the last 10 years; Panchayat Representatives being trained in Premier Institutions: Shri Rajiv Ranjan Singh

    Centre Awards Six Panchayats, Three Institutions; Women Sarpanches of Motipur ( Bihar) , Dawwa S (Maharashtra) & Hatbadra (Odisha) Lead the Spotlight

    Posted On: 24 APR 2025 6:45PM by PIB Delhi

    On the occasion of National Panchayati Raj Day, 24th April 2025, a historic  event was organized at Lohna Uttar Gram Panchayat in Madhubani District of Bihar in the august presence of Hon’ble Prime Minister Shri Narendra Modi. The national commemoration was marked by vibrant participation from elected representatives of Panchayati Raj Institutions (PRIs), beneficiaries of several government schemes, and local residents. Prime Minister Shri Narendra Modi, on this occasion launched/ laid the foundation stone for multiple development projects amounting to over Rs.13,480 crores. These initiatives spanned across key sectors including housing, rural development, power, transportation, and connectivity. In his address, the Prime Minister reaffirmed the Government’s unwavering commitment to strengthening grassroots democracy and empowering Panchayats as the driving force behind rural transformation. Addressing from the soil of a Gram Panchayat, Shri Modi underlined the spirit of Gram Swaraj and the role of Panchayats in building a developed and inclusive India.

    Union Minister of Panchayati Raj, Shri Rajiv Ranjan Singh alias Lalan Singh, in his address highlighted the transformation witnessed by Panchayats across India over the past decade. He emphasized how digital tools such as eGramSwaraj have empowered local self-governments, enhancing efficiency, transparency, and ease of living in rural India. The Union Minister underlined the significant increase in financial devolution to PRIs that is nearly seven times more compared to the 13th Finance Commission in the last ten years.

    “A truly developed India cannot be imagined until its villages and Panchayats are fully developed,” stated Shri Rajiv Ranjan Singh. The  event was also graced by Bihar Governor Shri Arif Mohammed Khan, Chief Minister of Bihar Shri Nitish Kumar, and several Union Ministers, public representatives and senior officials, including Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj.

    In his address, Union Minister of Panchayati Raj outlined the transformative progress made under the leadership of the Prime Minister in empowering Panchayati Raj Institutions over the last decade. He highlighted a seven-fold increase in fund devolution to Panchayats, advancements like the e-Gram Swaraj portal for enhanced transparency, weather forecasting at the Panchayat level, and leadership development through training at prestigious institutions like IIMs. The Union Minister emphasized the special focus on strengthening women’s leadership in Panchayats through targeted skill development initiatives. Shri Singh said that Prime Minister’s decision to address the nation from a Gram Panchayat underscores the government’s commitment to grassroots democracy. He called the national celebration at Lohna Uttar a historic moment in India’s journey towards a self-reliant, inclusive, and sustainable rural governance system – a solid foundation for a truly Viksit Bharat.

    A major highlight of the event was the conferring of the Climate Action Special Panchayat Award (CASPA), Atma Nirbhar Panchayat Special Award (ANPSA), and Panchayat Kshamta Nirman Sarvottam Sansthan Puraskar (PKNSSP), recognizing exemplary contributions in Climate Action (CASPA), Self-Reliance (ANPSA), and Capacity Building (PKNSSP). A total of six Gram Panchayats and three institutions from eight States were felicitated. Notably, three award-winning Panchayats – Motipur (Bihar), Dawwa S (Maharashtra), and Hatbadra (Odisha) are headed by women Sarpanches, exemplifying the role of women leadership in driving local development. 

    ****

    Aditi Agrawal

    (Release ID: 2124144) Visitor Counter : 24

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE: Hong Kong/Zhejiang Co-operation Conference Mechanism advances mutual benefits to new levels (with photos/videos)

    Source: Hong Kong Government special administrative region

    CE: Hong Kong/Zhejiang Co-operation Conference Mechanism advances mutual benefits to new levels (with photos/videos) 
    In the morning, Mr Lee and the Secretary of the CPC Zhejiang Provincial Committee, Mr Wang Hao, jointly attended the High-Level Meeting cum the First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference, witnessing the establishment of the Hong Kong/Zhejiang Co-operation Conference Mechanism, symbolising a new stage of comprehensive exchanges and co-operation between Hong Kong and Zhejiang. The Executive Deputy Director of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Zhou Ji, also attended the meeting.
     
    Officials of the HKSAR Government that attended the meeting included the Chief Secretary for Administration, Mr Chan Kwok-ki; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Secretary for Housing, Ms Winnie Ho; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; the Secretary for Home and Youth Affairs, Miss Alice Mak; and the Director of the Chief Executive’s Office, Ms Carol Yip.
     
    During the meeting, Mr Wang, Mr Lee, and the Governor of Zhejiang Province, Mr Liu Jie, witnessed the signing of the Hong Kong/Zhejiang Co-operation Conference Mechanism and the Co-operation Memorandum of the High-Level Meeting cum First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference, as well as four co-operation agreements signed by representatives of government departments and institutions of the two places, covering areas of innovation and technology (I&T), housing, economic and trade co-operation, and youth development. Hong Kong and Zhejiang established the new Hong Kong/Zhejiang Co-operation Conference Mechanism and reached consensus on 13 co-operation areas.
     
    Mr Lee noted that the new co-operation conference mechanism symbolises a new stage of comprehensive exchanges and co-operation between Hong Kong and Zhejiang, which is of great significance. He expressed gratitude to Zhejiang Province and the Zhejiang Provincial Government for its importance and support attached to the new co-operation conference mechanism. He said he looks forward to Hong Kong and Zhejiang continuing to work together and deepen co-operation on all fronts for mutual benefits. He added that Hong Kong and Zhejiang will seize national opportunities and leverage their respective strengths to make new and greater contributions to the further reform and opening up of the country, and the great rejuvenation of the Chinese nation.
     
    Mr Lee said that Hong Kong has long been the largest source of external investment in Zhejiang, as well as a favourable platform for Zhejiang enterprises to expand into overseas markets. Hong Kong will give full play to its role as a “super connector” and “super value-adder” to continue serving Zhejiang in expanding international markets.
     
    Mr Lee then met with the Mayor of the Hangzhou Municipal People’s Government, Mr Yao Gaoyuan, and attended a luncheon hosted by Mr Yao. Mr Lee said that Hangzhou has made rapid achievements in the fields of the digital economy and AI in recent years, while the HKSAR Government is also developing the AI industry proactively and has been implementing a series of measures to support AI development. Mr Lee expressed his confidence in the huge potential for co-operation between Hong Kong and Hangzhou in I&T, adding that under the new co-operation mechanism established between Hong Kong and Zhejiang, exchanges and collaboration between Hong Kong and cities in Zhejiang, including Hangzhou, will be even closer.
     
    In the afternoon, Mr Lee arrived in Ningbo to continue his visit. He first visited a local high-end scientific instrument manufacturing enterprise to learn more about its business development and projects in the manufacturing and research of optical instruments.
     
    Mr Lee then met with entrepreneurs of Ningbo descent. Mr Lee commended Ningbo entrepreneurs for their significant contributions to Hong Kong’s economic and social development over the years, as well as acting as a bridge to promote economic and trade co-operation and cultural exchanges between Hong Kong and Ningbo.
     
    In the evening, Mr Lee met with the Secretary of the CPC Ningbo Municipal Committee, Mr Peng Jiaxue, and attended a dinner hosted by Mr Peng. Mr Lee highlighted that Ningbo is a major city in the Yangtze River Delta region, while Hong Kong, the world’s freest economy and the third-largest international financial centre which possesses the advantages of the “one country, two systems” principle, is proactively developing into an international I&T hub. He said he believes that entrepreneurs in Hong Kong and Ningbo will continue to scale new heights and forge closer ties and co-operation, and that Hong Kong and Ningbo can achieve complementarity to make greater contributions to the country’s high-quality development.
     
    Mr Lee will continue his visit tomorrow (April 25). He will attend the Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum cum Ningbo-Hong Kong Economic Co-operation Forum.
    Issued at HKT 19:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: InvestHK, HKETO Singapore and HKTDC jointly hold seminar in India to promote Hong Kong’s business advantages and opportunities (with photos)

    Source: Hong Kong Government special administrative region

    InvestHK, HKETO Singapore and HKTDC jointly hold seminar in India to promote Hong Kong’s business advantages and opportunities      
         During the duty visit to Mumbai and Delhi, Mr Ng had fruitful discussions with a number of large family businesses, large enterprises, family offices, business founders and entrepreneurs from across different sectors to explain the unique benefits of the “one country, two systems” framework, conveying the advantages and business and investment opportunities available to them in Hong Kong and the Guangdong–Hong Kong–Macao Greater Bay Area (GBA).
         
         The Director of Trade and Investment Promotion, World Trade Center Mumbai, Ms Priya Pansare, said, “At World Trade Center Mumbai, we are delighted to explore synergies with InvestHK to foster stronger economic linkages between India and Hong Kong. This collaboration presents a valuable opportunity to bridge markets, promote cross-border investments, and enable businesses from both economies to grow through shared knowledge, innovation, and trade facilitation.”
         
         The seminar cohosted by InvestHK, the HKETO Singapore and the HKTDC in Mumbai yesterday, entitled Gateway to Growth: Exploring Business & Investment Opportunities in and via Hong Kong, brought together local senior executives, entrepreneurs, and partners to discuss the benefits of using Hong Kong as a gateway for expansion into Mainland China and across Asia. It commenced with opening remarks by the Director of the HKETO Singapore, Mr Owin Fung, and the Regional Director of South East Asia and South Asia of the HKTDC, Mr Ronald Ho, followed by a presentation on Hong Kong’s dynamic capital market and the abundant investment opportunities it offers, delivered by Mr Ng.
         
         During his opening speech, Mr Fung emphasised Hong Kong’s benefits to Indian businesses. He said, “As an international financial, trade and shipping centre, Hong Kong has long thrived under the ‘one country, two systems’ principle. This enables Hong Kong to play the pivotal role as a ‘super connector’ and a ‘super value-adder’ to facilitate Indian businesses expanding into the GBA and the Association of Southeast Asian Nations markets.”
         
         During the presentation, Mr Ng underscored Hong Kong’s status as a premier international financial and business hub, spotlighting the city’s vibrant start-up ecosystem, robust capital markets, and free flow of information, talent, and capital. He also highlighted the New Capital Investment Entrant Scheme, which offers high-net-worth individuals and their families an attractive pathway to residency in Hong Kong. Mr Ng said, “It has been a genuine privilege to engage with India’s forward-looking business community and showcase the latest developments in Hong Kong. We are keen to support more Indian companies in learning more about Hong Kong’s strategic position, robust capital markets, and diverse talent pool, enabling them to expand across Asia – and ultimately, beyond.”
    Issued at HKT 19:20

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Indian Delegation visits Pretoria, South Africa for the second session of the India-South Africa JWGTI

    Source: Government of India

    Posted On: 24 APR 2025 7:58PM by PIB Delhi

    A nine member delegation held the Joint Working Group on Trade and Investment meeting with the South African side in Pretoria, South Africa on 22nd – 23rd April, 2025. The discussions were held in a cordial and friendly atmosphere and were fruitful. There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts.

    The JTC was co-chaired by Mr. Malose Letsoalo, Chief Director, Bilateral Trade Relations, The Department of Trade, Industry and Competition, Republic of South Africa; and Ms. Priya Nair, Economic Adviser Department of Commerce. Official delegation from India consisted of officials from High Commission of India in South Africa, Department for Promotion of Industry and Internal Trade (DPIIT) and Ministry of Agriculture and Farmers’ Welfare. The officials of both India and South Africa actively engaged in the proceedings of the India-South Africa JWGTI.

    Both sides explored potential areas of collaboration such as Pharmaceuticals, Healthcare, Agriculture, MSME, Jewelry manufacturing among others. Major points for discussion in JWGTI included revival of CEO Forum, investment cooperation, Market access issues with regard to agricultural products, Recognition of Indian Pharmacopoeia, Local Currency Settlement System, Fast payment systems/Unified Payment Linkage system, Discussion on India-SACU PTA etc. to further expand trade and economic ties between both the countries.

    In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.

    South Africa is the largest trading partner of India in the Africa region. Bilateral trade between India and South Africa stood at USD 19.25 billion in 2023-24. Indian businesses have invested over US$ 1.3 billion in South Africa from April 2000 to September 2024. These investments traverse diverse sectors, encompassing pharmaceuticals, IT, automotive, banking, and mining.

    The deliberations of the 2nd Session of India-South Africa Joint Working Group on Trade and Investment on 22nd April, 2025 were cordial and forward-looking, indicative of the amicable and special relations between the two countries.

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2124166) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: High-Level Meeting cum First Plenary Session of Hong Kong/Zhejiang Co-operation Conference held in Hangzhou (with photos)

    Source: Hong Kong Government special administrative region

         The Chief Executive, Mr John Lee, and the Secretary of the CPC Zhejiang Provincial Committee, Mr Wang Hao, leading the delegations of the governments of the Hong Kong Special Administrative Region (HKSAR) and Zhejiang respectively, held the High-Level Meeting cum the First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference (the meeting-cum-plenary) in Hangzhou, Zhejiang, today (April 24). Both sides witnessed the establishment of the Hong Kong/Zhejiang Co-operation Conference Mechanism, symbolising a new stage of all-round exchanges and co-operation between the two places. The Executive Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Zhou Ji, also attended the meeting-cum-plenary.

         Officials of the HKSAR Government that attended the meeting-cum-plenary included the Chief Secretary for Administration, Mr Chan Kwok-ki; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Secretary for Housing, Ms Winnie Ho; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; the Secretary for Home and Youth Affairs, Miss Alice Mak; and the Director of the Chief Executive’s Office, Ms Carol Yip.

         Hong Kong and Zhejiang reached a consensus on the following 13 co-operation areas at the meeting-cum-plenary:

    Joint pursuit of the Belt and Road development and business investment
    ———————————————————————-

         Strengthen co-operation on the Belt and Road Initiative between the two places. Encourage Zhejiang enterprises to actively participate in the Belt and Road Summit held in Hong Kong. Encourage Zhejiang enterprises to actively participate in relevant exchange and interface sessions organised by relevant authorities in Hong Kong.
     
         Promote the co-operation between Hong Kong and Zhejiang in the field of professional services. Support the introduction of Hong Kong management consulting, accounting, design, legal and dispute resolution service agencies.
     
         Continue to actively promote collaboration and exchanges on intellectual property between the two places through publicity initiatives and seminars.
     
    Finance
    ———-

         Support Zhejiang Province in collaborating with the Hong Kong Exchanges and Clearing Limited and relevant securities institutions to organise and conduct business training to address enterprises’ inquiries regarding listing in Hong Kong.

         Encourage enterprises in Zhejiang Province and financial institutions in Hong Kong to engage in exchanges and co-operation.

    Innovation and technology
    ——————————

         Jointly promote co-operation in technology research and development between Hong Kong and Zhejiang. Support higher education institutions, research institutes and enterprises in Hong Kong and Zhejiang to jointly launch research initiatives to achieve breakthroughs in core technologies in key fields, develop strategic emerging industries, and foster the development of future industries.

         Actively establish a two-way sci-tech financial investment and financing channel, and actively support Zhejiang’s high-tech enterprises in listing and raising funds, issuing local and foreign currency bonds in Hong Kong, etc.

         Encourage and support technology entities in Hong Kong and Zhejiang to take the lead in the establishment of technology co-operation platforms, and set up research and development centres, etc.

    Aviation
    ———-

         Increase the frequency of flights between Hong Kong and the three airports in Hangzhou, Ningbo and Wenzhou in accordance with the market situation.

         Enhance the exchange of advanced airport management experience between airport personnel in Hong Kong and Zhejiang.
     
    Legal and dispute resolution
    ——————————

         Continue to proactively support law firms of the two places to establish partnership associations and set up branches in each other’s places.

         Promote co-operation between the arbitral institutions of the two places in the arbitration of civil and commercial disputes in the areas of international trade, investment, maritime commerce, etc.

         Support and promote the expansion of exchange platforms for legal, arbitration, mediation, and other professional services between the two places.

    Cultural exchange and tourism
    ——————————

         Strengthen cultural and tourism exchanges between the two places.

         Strengthen the exchanges and collaboration between the museums and arts and cultural institutions of Hong Kong and Zhejiang, and jointly organise international exhibitions.

    Education
    ———-

         Promote the development of the Zhejiang-Hong Kong Vocational Education Alliance. Effectively carry out visits to Zhejiang for Mainland study tours of the senior secondary subject of Citizenship and Social Development and Mainland study tours for teachers.

         Facilitate more schools in the two places in forming sister school pairs for conducting exchange activities in diverse forms.

         Encourage higher education institutions in Zhejiang Province to further deepen co-operation with higher education institutions in Hong Kong and carry out various forms of collaborative projects, such as joint scientific research, academic seminars, and teacher-student exchanges.

    Youth development
    ——————–

         Actively explore the introduction of a quality internship programme in Zhejiang under the Thematic Youth Internship Programmes to the Mainland.
     
        Support Hong Kong youths to participate in short-term experiential programmes at innovation and entrepreneurial bases in Zhejiang.
     
         Encourage and support Hong Kong youth entrepreneurial teams funded under the Youth Development Fund of the Government of the HKSAR to expand their businesses to Zhejiang.
     
    Health and Chinese medicine
    ——————————

         Strengthen exchanges and co-operation between the two sides in areas such as clinical talents, primary healthcare and hospital management.

         Support Hong Kong service providers to develop Hong Kong-Zhejiang joint ventures, co-operative medical institutions and wholly owned medical institutions in accordance with the law.

         Expedite academic and talent exchanges in Chinese medicine between the two places, and strengthen co-operation in the area of international standardisation of Chinese medicine.

    Environmental protection
    ——————————

         Promote the implementation of the co-operation agreement signed between the Radiation Monitoring Technical Center of the Ministry of Ecology and Environment and the Hong Kong Observatory. Support technical staff of both sides in conducting regular technical discussions.

         Strengthen technical exchanges and co-operation in the field of carbon monitoring.

         Strengthen exchanges and discussions between Hong Kong and Zhejiang in areas such as environmental protection-related industry and technological innovation.

    Housing
    ———-

         The two parties will engage in collaborative exchanges encompassing innovative housing technologies, intelligent construction, resource conservation, as well as low-carbon and emission-reduction initiatives.

         The two parties will strengthen collaboration in innovative housing technologies, smart estate management, and the development of harmonious communities through reciprocal visits and professional training exchanges.

    Talent and civil service exchange
    ——————————

         Strengthen communication and connections with renowned schools in Hong Kong.
     
         Continue to promote and deepen exchanges between civil servants from both sides, and launch a new round of the exchange programme under the guidance of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee.

    Facilitation measures for Hong Kong people on the Mainland
    ————————————————————

         Fully implement the policies and measures introduced by the relevant Central Government departments to facilitate the development of Hong Kong and Macao residents on the Mainland, and facilitate Hong Kong people studying, working and living in Zhejiang.

         Explore the expansion of the scope of application of the Mainland Travel Permits for Hong Kong and Macao Residents in various government and public services in Zhejiang.

    Co-operation memorandum signing ceremony
    —————————————-

         At the meeting-cum-plenary, the Chief Secretary for Administration, Mr Chan Kwok-ki, and Vice Governor of the Zhejiang Provincial People’s Government Mr Lu Shan, signed the “Hong Kong/Zhejiang Co-operation Conference Mechanism” and the “Co-operation Memorandum of the High-Level Meeting cum First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference”. The documents (Chinese only) are in Annex 1 and Annex 2.

         In addition, four co-operation agreements were signed by government departments and statutory bodies of the two places:

    (i) Memorandum of Understanding on Enhancing Zhejiang/Hong Kong Innovation and Technology Co-operation;
    (ii) Letter of Intent on Strengthening Exchanges and Co-operation in Innovative Housing Technologies, Smart Estate Management and Well-being Community;
    (iii) Memorandum of Understanding on Promoting High-Quality Economic and Trade Co-operation; and
    (iv) Memorandum of Understanding on Jointly Promoting Youth Development Co-operation.

         The co-operation agreements (i), (ii) and (iv) signed by the government departments of the two places (Chinese only) are in Annexes 3 to 5.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s Record Cargo Movement on Inland Waterways

    Source: Government of India

    India’s Record Cargo Movement on Inland Waterways

    Achieves 145.5 million tonnes in FY 2024–25

    Posted On: 24 APR 2025 4:12PM by PIB Delhi

    Key Takeaways

    • India achieved a record 145.5 million tonnes cargo movement on inland waterways in FY 2024–25, up from 18.1 MMT in FY 2013–14, registering a CAGR of 20.86%.
    • The number of National Waterways increased from 5 to 111, with the operational length growing from 2,716 km (2014–15) to 4,894 km (2023–24).
    • Massive infrastructure development including Multi-Modal Terminals (MMTs), Inter-Modal Terminals (IMTs), community jetties, floating terminals, and green tech like Hybrid Electric and Hydrogen Vessels.
    •  Launch of Jalvahak Scheme with ₹95.42 crore budget offering 35% operating cost incentive for cargo owners and scheduled services on key routes (NW-1, NW-2, NW-16).
    •  India aims to increase IWT modal share from 2% to 5%, and raise traffic to 200+ MMT by 2030 and 500+ MMT by 2047 under Maritime Amrit Kaal Vision.

     

    Record Cargo Movement Marks a Milestone in Inland Water Transport

     

    In a significant achievement for India’s inland water transport (IWT) sector, the Inland Waterways Authority of India (IWAI) reported a record-breaking cargo movement of 145.5 million tonnes in the fiscal year 2024–25. This milestone underscores the effectiveness of sustained investments and policy initiatives aimed at enhancing the country’s inland waterways infrastructure. The number of operational national waterways has also increased from 24 to 29 during the same period, reflecting a strategic push towards multimodal connectivity and sustainable transport solutions.​

    Exponential Growth in Cargo Traffic in last ten years

    Cargo traffic on National Waterways has increased from 18.10 (million metric tonnes) MMT to 145.5 MMT (million metric tonnes) between FY-14 and FY-25, recording a CAGR of 20.86%.

    In FY-25, traffic movement registered a growth of 9.34% year-on-year from FY-24. Five commodities i.e. coal, iron ore, iron ore fines, sand and fly ash constituted over 68% of total cargo moved on NWs during the year. Passenger movement has also reached 1.61 crore in 2023–24.​

    Expansion of National Waterways

    The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways, has expanded the number of National Waterways (NWs) from 5 to 111 under the National Waterways Act, 2016. Since 2014, the Government has invested around ₹6,434 crore to develop waterway infrastructure.

    The operational length of NWs increased from 2,716 km (2014-15) to 4,894 km (2023-24). Major works include fairway maintenance, community jetties, floating terminals, Multi-Modal Terminals (MMTs), Inter-Modal Terminals (IMTs), and navigational locks.

    To boost Ease of Doing Business, IWAI launched digital tools like Least Available Depth Information System (LADIS), River Information System (RIS), Car-D, Portal for Navigational Information (PANI), and Management Information and Reporting Solution (MIRS). Green initiatives such as Hybrid Electric Catamarans and Hydrogen Vessels are being introduced to reduce pollution and promote river tourism.

    Targets and Sustainable Development

    The Government of India has set ambitious targets for cargo movement via inland waterways.
    IWAI aims to increase the modal share of freight movement through IWT from 2% to 5% and traffic volume to more than 200 million metric tonnes (MMT) in line with the Maritime India Vision 2030 and more than 500 million metric tonnes (MMT) by 2047 as per the Maritime Amrit Kaal Vision 2047.    ​

     

    Policy Measures to Boost Inland Waterways

    1. Jalvahak – Cargo Promotion Scheme
       

    The Inland Water Transport (IWT) sector in India is still developing and needs support to shift cargo from road and rail to waterways. Although waterway transport is cheaper, overall logistics costs can be higher due to multimodal handling. To address this and promote IWT, the “Jalvahak” Scheme was launched on 15 December 2024 with a budget of Rs. 95.42 crores. It has two key components:

    1. Financial Incentive: Cargo owners get a 35% reimbursement on actual operating costs for shifting cargo from road/rail to IWT, encouraging use of waterways.
    2. Scheduled Services: Regular cargo services have been introduced to boost reliability and predictability.

    Key routes include:

    • Kolkata–Patna–Varanasi (NW-1)
    • Kolkata–Pandu (NW-2 via Indo-Bangladesh Protocol route)
    • Kolkata–Badarpur/Karimganj (NW-16 via IBP route)

    The scheme covers cargo movement on NW-1, NW-2, and NW-16, benefiting surrounding regions and building trust in waterway transport.

    2. Extension of Tonnage Tax to Inland Vessels
     Announced on 1st February 2025 during the budget, the tonnage tax regime has been extended to inland vessels registered under the Indian Vessels Act, 2021.

    • Benefit: Provides a stable and predictable tax regime based on vessel tonnage rather than profits, thereby lowering the tax burden and encouraging broader adoption of inland shipping.

    3. Regulatory Framework for Private Investment
    The National Waterways (Construction of Jetties/Terminals) Regulations, 2025 have been notified, enabling private investment in inland waterways infrastructure by establishing a clear legal and operational framework for the construction and management of jetties and terminals.

    4. Port Integration
    To ensure seamless multimodal logistics, the Multi-Modal Terminals at Varanasi, Sahibganj, and Haldia, as well as the Intermodal Terminal at Kalughat, are being transferred to Shyama Prasad Mookerjee Port, Kolkata for operation and management. This integration is expected to streamline cargo movement between ports and inland waterways.

    5. Digitisation and Centralised Database
    A centralised portal is being developed for the registration of inland vessels and crew, similar to the ‘Vahan’ and ‘Sarathi’ systems used for road transport. This initiative will:

    • Simplify registration processes
    • Provide real-time data on vessel and crew availability
    • Enhance transparency and planning in the sector

    6. Cargo Aggregation Infrastructure
    To resolve issues related to sparse industrial presence along waterways, cargo aggregation hubs are under development:

    • Freight Village at Varanasi
    • Integrated Cluster-cum-Logistics Park at Sahibganj

    The National Highways Logistics Management Limited (NHLML) and Indian Port and Rail Company Ltd. have been engaged to develop and provide rail connectivity to these logistics hubs.

    7. Indo-Bangladesh Protocol Route Operationalisation
    Routes No. 5 & 6 between Maia and Sultanganj have been successfully trialled under the Indo-Bangladesh Protocol. Regular operations will commence following consent from the Government of Bangladesh.

    8. Engagement with Public Sector Undertakings (PSUs)
    More than 140 PSUs have been engaged to explore shifting a portion of their cargo to IWT. Ministries including Petroleum, Fertiliser, Coal, Steel, and Heavy Industries have been requested to align their cargo movement plans with the modal shift targets of the Maritime India Vision.

    Infrastructure developments for inland water transport:

    • Fairway Maintenance: Ongoing river training, dredging, channel marking, and surveys on National Waterways (NWs) to maintain a 35/45 m width and depths of 2.0 to 3.0 meters for vessel navigation.
    • NW-1 (Ganga River): 49 community jetties, 20 floating terminals, 3 Multi-Modal Terminals (MMTs), and 1 Inter-Modal Terminal (IMT) built, along with 5 pre-existing terminals.
    • NW-2 (Brahmaputra River): 12 floating terminals, MMTs at Pandu, Jogighopa, and terminals at Bogibeel and Dhubri for river cargo/cruise vessels. 4 dedicated jetties constructed at Jogighopa, Pandu, Biswanath Ghat, and Neamati.
    • NW-3 (West Coast Canal, Kerala): 9 permanent terminals with godowns and 2 Ro-Ro terminals constructed.
    • NW-68 (Goa): 3 floating concrete jetties in 2020, 1 in 2022 installed in Mandovi River.
    • NW-4 (Krishna River, Andhra Pradesh): 4 tourist jetties commissioned.
    • Other Projects: 12 Nos. floating jetties on NW-110 (River Yamuna) in Mathura-Vrindavan stretch in Uttar Pradesh, 2 Jetties on NW-73 (River Narmada) & 2 Jetties on NW-37 (River Gandak) in Bihar are under execution.

    Navigating Towards a Sustainable Future

    India’s concerted efforts in developing its inland waterways have yielded significant results, with record cargo movements and expanded infrastructure. The combination of strategic investments, policy initiatives, and digital innovations positions the country to further enhance its IWT sector, contributing to sustainable transportation and economic development. Continued focus on these areas will be crucial in achieving the ambitious targets set for the coming decades.​

    References

    Click here to see in PDF

    Santosh Kumar/ Sarla Meena/ Anchal Patiyal

    (Release ID: 2124061) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Launching the Climate Adaptation and Resilience Plan

    Source: US State of New York

    overnor Kathy Hochul today announced the launch of the New York State Adaptation and Resilience Plan to establish a statewide framework to align ongoing State climate adaptation planning and implementation efforts throughout New York communities. Over the course of the next year, this initiative will equip State and local partners with shared direction and foster collaboration across every region of the State, ensuring New Yorkers are better equipped and prepared for the devastating storms that cause more than $1 billion in damages for New York annually.

    “As Governor, I have made major investments to prepare local leaders and protect communities across New York from the increasingly severe weather events that have cost us billions of dollars in damages and routinely threaten our safety,” Governor Hochul said. “By developing this statewide initiative to guide our ongoing climate resiliency efforts, we are solidifying a commitment to a safe, affordable and sustainable future that all New Yorkers need and deserve.”

    The plan will create a collective vision, principles, planning resources and a gap analysis of existing State agency initiatives, which include a wide array of project types, such as: shoreline restoration, the relocation of critical infrastructure to reduce flood risk, the relocation and raising of flood-prone roadways, and right-sizing dams, bridges and culverts. The coordination initiative for this plan is being led by the Department of Environmental Conservation (DEC), Department of State (DOS), Division of Homeland Security and Emergency Services (DHSES) and New York State Energy Research and Development Authority (NYSERDA), in partnership with other State agencies.

    As part of the first phase of the plan, the State will host a series of webinars in summer 2025. This initial outreach will be followed by more comprehensive engagement opportunities throughout the development of the plan, including additional in-person and virtual events and direct engagement with local governments and key stakeholders such as community-based organizations. Additional information, as well as upcoming opportunities to get involved, will be shared on the plan’s website.

    Recognizing the need for innovative and cross-sector partnerships, the plan will create a unified adaptation and resilience strategy that builds upon and strengthens existing efforts while identifying new options for taking action. New York State will continue to advance investments and initiatives to support local planning and implementation of climate adaptation and resilience actions. Resources immediately available include:

    • Funding through the Climate Smart Communities Grant Program, Green Resiliency Grant Program, Resilient Watershed Grants and other Clean Water, Clean Air and Green Jobs Environmental Bond Act-supported programs;
    • Targeted climate research through the New York State Climate Impacts Assessment;
    • Supporting local and regional planning through programs such as the Smart Growth Countywide Resiliency Planning program, Local Waterfront Revitalization Program and Coastal Lakeshore Economy and Resiliency programs;
    • Hazard-focused statewide planning such as the implementation of the Extreme Heat Action Plan.

    Additional resources and funding opportunities to support state and local adaptation and resilience are available here and through the Environmental Bond Act Funding Finder.

    New York State Department of Environmental Conservation Acting Commissioner Amanda Lefton said, “New Yorkers know all too well how flooding and severe weather driven by climate change can wreak havoc on our communities and the environment. At Governor Hochul’s direction, we are taking action to make sure our communities and natural resources are resilient now and in the future. DEC is proud to lead this multi-agency effort to build, collaborate, and streamline New York State’s collective efforts on adaptation and resilience to ensure our state, communities, and partners are armed with the tools and resources needed to adapt to and prepare for the many impacts of climate change.”

    New York Secretary of State Walter T. Mosley said, “This comprehensive resiliency plan is yet another example of Governor Hochul’s commitment to protecting lives, properties, businesses and infrastructure from the ravages of climate change. The Department of State stands ready and eager to contribute to this statewide effort to ensure that all corners of the State are prepared for and resilient against a rapidly changing climate.”

    New York State Division of Homeland Security and Emergency Services Commissioner Jackie Bray said, “Over the last year alone, we’ve seen the toll that weather events like flooding and tornadoes can take on communities. By bringing together multiple State agencies to collaborate on methods to mitigate the impacts of climate change, we are taking a proactive approach to address Governor Hochul’s focus on prevention and resiliency. Investing in this work now will help the residents of New York respond and recover quickly and efficiently from storms.”

    NYSERDA President and CEO Doreen M. Harris said, “Governor Hochul’s leadership on protecting New Yorkers from the impacts of rising temperatures and extreme weather events is evident through this multi-agency planning process that will advance statewide efforts. NYSERDA looks forward to engaging in this highly collaborative undertaking, which provides for the most efficient and coordinated use of State resources to meet future challenges in a strategic, sustainable way.”

    As part of the 2025 State of the State address, Governor Kathy Hochul also announced a historic $1 billion Sustainable Future Program, a critical investment designed to rapidly generate thousands of jobs, slash energy bills for households and cut harmful pollution.

    New York State’s Climate Agenda 
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation and waste sectors.

    MIL OSI USA News –

  • MIL-OSI USA: Spartanburg County man arrested on Child Sexual Abuse Material* chargesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Charlie Jay Pettigrew,  34, of Duncan, S.C., on three charges connected to the sexual exploitation of a minor. Internet Crimes Against Children (ICAC) Task Force investigators with the Attorney General’s Office made the arrest. Investigators with the Spartanburg County Sheriff’s Office, Homeland Security Investigations, and U.S. Secret Service, all also members of the state’s ICAC Task Force, assisted with this investigation.

     

    Investigators received a CyberTipline report from the National Center for Missing and Exploited Children (NCMEC), which led them to Pettigrew. Investigators state Pettigrew distributed files of child sexual abuse material.

     

    Pettigrew was arrested on April 22, 2025. He is charged with three counts of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment on each count.

     

    The case will be prosecuted by the Attorney General’s Office.

     

    Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

     

     

     

    * Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant.  Globally, the term child pornography is being replaced by CSAM for this reason.

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    OKLAHOMA CITY, OK – US Senators James Lankford (R-OK) and Maggie Hassan (D-NH), both members of the Senate Homeland Security and Governmental Affairs Committee, reintroduced legislation to increase inspections of traffic going from the U.S. to Mexico, which would help combat the flow of illicit firearms and money that fuel drug cartels. 
    “With border crossings at a record low, the results speak for themselves. President Trump’s leadership is making America safer; the southern border is much more secure than it was a year ago,” Lankford said. “But US Customs and Border Protection still doesn’t have the resources they need to stop gun smuggling to the criminal cartels in Mexico. We need to ensure border law enforcement has the personnel and technology to crack down on criminal activity that puts Americans at risk.”
    “Dismantling drug cartels requires cutting off the flow of illegal firearms and cartel money moving from the U.S. into Mexico, which help give cartels the resources to continue to operate and flood our communities with deadly drugs,” said Senator Hassan. “This bipartisan legislation significantly enhances our southbound inspection capabilities, which will help disrupt cartel operations and reduce the trafficking of fentanyl, which has devastated communities across New Hampshire and nationwide.” 
    Specifically, the Enhancing Southbound Inspections to Combat Cartels Act would: 
    Require that at least 10 percent of southbound vehicles are inspected, to the extent practicable 
    Authorize at least 100 additional Homeland Security Investigations agents to investigate the smuggling of guns and money from the U.S. into Mexico
    Authorize at least 100 additional Homeland Security Investigations agents to investigate drug smuggling, human trafficking, child trafficking, and unauthorized entries from Mexico into the U.S.
    Authorize 50 additional x-ray inspection systems for southbound inspections  

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – EU support for investigations of the crime at Tempi – P-001585/2025

    Source: European Parliament

    Priority question for written answer  P-001585/2025
    to the Commission
    Rule 144
    Emmanouil Fragkos (ECR)

    With regard to the crime that took place at Tempi (on 28 February 2023), the government’s narrative refers to the fatalities as a result of the crash. Investigations have shown that the hydrocarbons benzene, toluene and xylene, weighing 3.8-5.4 tonnes, were to blame for the fatal fireball. It was found that passengers who survived the crash were burnt to death, with the fire starting 1.5-3 minutes after the crash. It is estimated that 8.9-12.6 tonnes of aromatic hydrocarbons spilled onto the soil, with their evaporation creating dangerous conditions for those who later ventured onto the site. The fact that the smuggled cargo is to blame for the fireball, and thus for most of the deaths, is being covered up by the government – presumably at the request of the smugglers.

    The government’s manipulation of justice clearly results in the failure to investigate the identity of the smuggler and his connection to the government. Since 2014, the EU has provided almost EUR 700 million in funding towards 16 transport projects in Greece, and the crime at Tempi presents an – indirect – insult to it.

    In light of the above, can the Commission answer the following:

    • 1.Could it request that a European agency, such as the European Railway Agency (ERA), carry out an independent investigation of the accident?
    • 2.Is there a possibility for EU action to ensure that the Greek Government takes all the necessary measures to hold those responsible to account?
    • 3.Has the decision been taken to monitor Greece more closely with regard to the investigation of the case and the implementation of security measures following the crime at Tempi?

    Submitted: 21.4.2025

    Last updated: 24 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Qatar – E-002888/2024(ASW)

    Source: European Parliament

    1. The Commission applies strict transparency rules concerning interest representation and publishes information on all meetings held with interest representatives on the transparency websites of the Members of the Commission and/or Directorates-General. As of 1 January 2025, the transparency rules apply to all Commission staff holding management functions. Meetings with public authorities of third countries, including their diplomatic missions and embassies, are not covered by these rules (Commission Decisions (EU) 2024/3081 and 2024/3082) .

    2. The Commission has a strong ethical framework and governance structure in place to ensure that its Members and its staff respect the highest ethical standards and that its decisions are not unduly influenced, as set out in its communication on Governance in the Commission[1]. It has taken steps to further strengthen its internal transparency framework and is a signatory to the agreement on the interinstitutional ethics body of 15 May 2024 . The Commission has full trust in the work of competent authorities and courts and is ready to cooperate with them upon their request. The Commission has also proposed a directive introducing transparency requirements for interest-representation activities carried out in Member States on behalf of third countries[2], which will help address foreign influence in a balanced and proportionate way, fully respecting fundamental rights.

    3. According to Eurostat data the Foreign Direct Investment flows from Qatar to the Member States that published it in 2023 (the latest data available) amounted to 1,12 billion EUR.

    • [1]  C(2020) 4240 final; https://commission.europa.eu/publications/governance-european-commission_en
    • [2]  COM(2023)0637 Proposal for a directive of the European Parliament and of the Council establishing harmonised requirements in the internal market on transparency of interest representation carried out on behalf of third countries and amending Directive (EU) 2019/1937.
    Last updated: 24 April 2025

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