NewzIntel.com

Category: Finance

  • MIL-OSI Security: Mid-level manager of northern border smuggling ring sentenced to prison

    Source: Office of United States Attorneys

    Defendant used status as truck driver to disguise border trips to facilitate smuggling

    Seattle – A Santa Rosa, California resident, who is a citizen of India, was sentenced today in U.S. District Court in Seattle to five months in prison for Conspiracy to Bring in and Transport Certain Aliens for Profit, announced Acting U.S. Attorney Teal Luthy Miller. Rajat Rajat, 27, and three others were indicted in connection with a scheme to smuggle non-citizens across the northern border for profit. The group was connected to two smuggling episodes in November and December 2023. At the sentencing hearing U.S. District Judge Tana Lin noted that Rajat played a critical role in the smuggling conspiracy arranging travel and paying coconspirators. Judge Lin said that as someone who had been smuggled into the country, Mr. Rajat perpetuated the cycle of exploitation inherent in the smuggling process.

    “Mr. Rajat was a mid-level manager of this smuggling scheme, directing noncitizens where and how to cross the border, and even fronting some travel costs for them and for coconspirators,” said Acting U.S. Attorney Miller. “We are committed to working with our law enforcement partners to stop the illegal border crossings that undermine U.S. security.”

    According to records filed in the case, the two smuggling events described in this case involved eight different citizens of India. On November 27, 2023, surveillance technology caught multiple people jumping a fence near the Boundary Village Apartments in Blaine, Washington. The fence is a quarter mile east of Peace Arch Park. Border Patrol agents near the apartments saw five people run to a white minivan. The vehicle was stopped by Border Patrol. Five citizens of India were in the van with California resident Bobby Joe Green, 68, as the driver.

    When questioned, three of the non-citizens told U.S. Border Patrol agents that they saw defendant Sushil Kumar at Peace Arch Park prior to crossing the border illegally. The investigation revealed that Kumar and Rajat Rajat, who was employed as a truck driver, directed the non-citizens on where and how to cross the border. Rajat paid Green to transport the non-citizens from the border. Rajat asked for monetary payments from the non-citizens for being smuggled into the U.S.

    Similarly, in December 2023, Rajat met three citizens of India in Peace Arch Park and allegedly directed them how to cross through the park and get into a car parked near the border. The car was stopped, and the non-citizens were interviewed. They indicated they had promised to make monetary payments to be smuggled into the U.S. Rajat was picked up near the border.

    In asking for a prison sentence, prosecutors wrote to the court, “This was an organized, coordinated, transnational scheme that operated repeatedly, over an extended period of time. Mr. Rajat’s role in the organization was not one that can be considered minor. Rather, he was essential to its function. Mr. Rajat acted as a middle-level manager in the smuggling organization, paying his co-conspirators for their involvement, and directing their roles. Mr. Rajat actively promoted the scheme by purchasing flights for his “customers” and communicating directly with them, advising noncitizens on how and when to clandestinely enter the United States.”

    Judge Lin ordered Rajat to serve three years of supervised release following prison, however she noted that he will likely be deported following his prison term.

    In March 2025, Sushil Kumar, 36, of Santa Rosa was sentenced to six months in prison and three years of supervised release. Bobby Joe Green was sentenced to four months in prison and three years of supervised release. The fourth defendant Sneha, 20, a citizen of India who is in the U.S. on a student visa and goes by just her last name, is scheduled to go to trial in January 2026.

    The charges contained in the superseding indictment of Sneha are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case is being investigated by U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) and the U.S. Border Patrol.

    The case is being prosecuted by Assistant United States Attorneys Jin Kim and Mike Dion and Special Assistant United States Attorney Katherine Collins.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Prime Minister launches major boost for UK clean energy industry

    Source: United Kingdom – Executive Government & Departments

    Press release

    Prime Minister launches major boost for UK clean energy industry

    Prime Minister brings forward £300 million for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit.

    • Prime Minister brings forward an initial £300 million investment ahead of Spending Review through Great British Energy to win global offshore wind investment for the UK
    • Fund will boost domestic jobs, mobilise additional private investment, and secure manufacturing facilities for critical clean energy supply chains like floating offshore platforms
    • Prime Minister and Energy Secretary to announce pro-investment plans at major international summit bringing together governments and industry from around the world to drive collective energy security

    Communities across the country will benefit from new investment in domestic clean energy supply chains – driving economic growth and supporting thousands of jobs through the Plan for Change.

    Workers and businesses in the UK’s industrial heartlands will benefit from an initial £300 million of funding through Great British Energy to invest in supply chains for domestic offshore wind. It is expected that the investment will directly and indirectly mobilise billions in additional private investment – helping de-risk clean energy projects and supporting thousands of jobs and revitalising the UK’s industrial heartlands.

    The public investment complements the £43 billion of private investment pledged for clean energy projects since July.

    Britain’s engineers, technicians, and welders are being backed by this fast-tracked funding, brought forward by the Prime Minister ahead of the Comprehensive Spending Review, which will allow Great British Energy, the country’s publicly-owned clean energy company, to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables. This builds on the government’s landmark investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund.

    As part of the government’s modern Industrial Strategy, which will turbocharge growth in the UK’s key sectors including clean energy, the new investment in domestic offshore wind is part of the Prime Minister’s drive to ensure that the clean energy future is ‘built in Britain’. The funding will ensure that the nation builds resilient domestic supply chains for components which are essential to delivering clean power by 2030.

    It comes after the Prime Minister said that a new era of global insecurity means that the government must go further and faster in reshaping the economy through the Plan for Change, and that this requires a new muscular industrial policy that supports British industry to forge ahead.

    Prime Minister Keir Starmer said:

    Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.

    That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers.

    Let my message to the world go out: come and build the clean energy future in Britain.

    Energy Secretary Ed Miliband said:

    It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control.

    That is why this government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country.

    The Prime Minister, ministers and business leaders will gather in London today for the 2-day summit on the Future of Energy Security – hosted by the UK government and International Energy Agency – as countries take action to protect themselves from future energy shocks in these unstable times. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, will come together to address the global challenges and opportunities of speeding up the clean energy transition.

    The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier will today write to global clean energy developers and investors inviting them to invest here in Britain. It follows the government announcing a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

    Dan McGrail, interim CEO of Great British Energy, said:

    Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.

    We will work closely with businesses across the clean energy sector to get funding out as fast as possible and get projects off the ground.

    Deputy CEO of RenewableUK, Jane Cooper, said,

    There’s a huge opportunity for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make our home-grown energy supply even more secure.

    The Prime Minister’s funding will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment. By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25 billion to the UK economy and creating an additional 10,000 jobs in the supply chain.

    This new government funding is a clear signal of intent to secure those priorities and is vital to unlocking further co-investment from industry.

    The funding for supply chains will be made available as part of the £8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.

    Great British Energy, the country’s publicly-owned clean energy company, will produce a return on investment for the British people, and ensure British billpayers reap the benefits of clean, secure, home-grown energy. This first phase of grant funding is needed to capture investment now and reap benefits of jobs and growth.

    Notes to editors

    More details on the £43 billion announced since July can be found here: Clean energy projects prioritised for grid connections .

    Great British Energy’s supply chain fund is expected to be open for applications by the end of the year, with an initial £300 million available for offshore wind schemes over this Parliament. Further details on criteria and eligibility will be published in due course.

    The investment comes in the context of the 2024 Industrial Growth Plan, in which the Offshore Wind Industry Council proposed to match fund £300 million of grant investment in the UK’s supply chains with private sector investment.

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Build it in Britain: invitation to clean energy developers and investors

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Build it in Britain: invitation to clean energy developers and investors

    Open letter to clean energy developers and investors inviting them to support the clean energy mission by ‘building it in Britain’.

    Documents

    Build it in Britain: an open letter to clean energy developers and investors

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    Build it in Britain: an open letter to clean energy developers and investors

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    Details

    The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier have written to clean energy developers and investors inviting them to invest here in Britain.

    This follows the government announcing an initial £300 million of funding through Great British Energy to invest in domestic offshore wind supply chains, as well as a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

    The clarity, consistency and urgency of the UK’s Clean Energy Superpower Mission provides certainty and stability for global investors to ensure the UK takes advantage of the enormous opportunities created by the clean energy transition.

    Updates to this page

    Published 24 April 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: National roadshow kicks off to get businesses exporting and grow the economy

    Source: United Kingdom – Executive Government & Departments

    Press release

    National roadshow kicks off to get businesses exporting and grow the economy

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets.

    • Export Roadshows, created to get more small businesses exporting and grow the economy, kick off today in the North East 
    • Taking place across all nations and regions of the UK, events will bring together small firms, industry experts, trade bodies and government  
    • Part of the modern Industrial Strategy, the roadshow aims to channel government support to growth-driving sectors, as part of the Plan for Change 

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets, to turbocharge UK exports and grow the economy as part of the Plan for Change. 

    The ‘Made in the UK, Sold to the World’ roadshows, kicking off today [24 April] in Blyth and taking place across all nations and regions of the UK, have been designed to directly connect international buyers with SME exporters ready to seize the opportunity to grow their businesses. Through these events, the Government is working to maximise international opportunities for UK businesses by highlighting tangible opportunities that exist in new markets.   

    Each event will be aligned to one of the eight key growth driving sectors outlined in Britain’s modern Industrial Strategy, channelling government support to sectors with the highest potential to create jobs, boost productivity and grow the economy. All of which will help deliver the Plan for Change to put more money in more working people’s pockets.   

    Highlighted sectors include clean energy, advanced manufacturing, technology, life sciences, digital and technology, and financial services.  

    Gareth Thomas, Minister for Services, Small Businesses and Exports, said: 

    Maximising the UK’s export potential is crucial to achieving our Plan for Change, by creating good jobs with high wages, raising productivity, and boosting the economy. 

    Through these roadshows, the government is focussing on supporting key growth sectors, making it quicker and easier for smaller businesses to connect with markets, grasp export opportunities and expand. 

    The focus of the first roadshow, taking place today, is exporting in the clean energy sector.  

    There will be 100 attendees at the event – made up of small businesses, trade bodies, and government representatives, as well as 30 Commercial Officers from UK embassies and consulates from around the world, and 97 buyers, all of whom will join the event virtually through pre-planned meetings. 

    The 97 buyers span 19 markets worldwide, from Argentina to Austria, Thailand, Turkey, Mexico, India, and the UAE.  

    All roadshow events will provide opportunities for delegates to meet with domestic and international Commercial Officers, who will be on hand to offer expert support and advice on specific products, markets, and export opportunities.  

    There will also be a designated advice zone for SMEs to learn about wider export support services offered by the Department for Business and Trade, as well as those provided by other public sectors partners like regional Growth Hubs, and trusted private sector providers like the Chambers of Commerce, Federation of Small Business, UKEF and MAKE UK.  

    A range of workshops and seminars on topical issues such as ‘conducting market research’ and ‘routes to market’ will take place throughout the day, led by the UK Export Academy. Several of these will feature DBT Export Champions who will speak of their own experiences in target markets.   

    Alex Marshall, Group Business Development Director at Clarke Energy, said:  

    From the Americas, Africa, Asia to Australasia, clean technologies are now established as one of the most important pillars of the global economy.  

    So as an Export Champion and a UK business developing innovative clean technology solutions across the world, this Made in the UK, Sold to the World roadshow event is an excellent place to discuss the latest international trends and export opportunities for UK businesses in the clean energy sector. 

    We know that when SMEs trade around the world, the whole economy benefits, which is why this government is so committed to supporting smaller businesses grow and export.   

    Just last month, the Department of Business and Trade relaunched the Board of Trade, to help businesses, and in particular the UK’s 5.5 million SMEs, boost their exports.  

    And later this year, we will be launching a small business strategy to raise growth and productivity across the UK’s SME population and boost the number of scale-ups.   

    UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises an online support offer and a wider network of support including the Export Academy, UK Export Finance, the International Markets network, and one-to-one support from International Trade Advisers. 

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA News: Preparing Americans for High-Paying Skilled Trade Jobs of the Future

    Source: The White House

    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  To maximize my Administration’s historic investments in America’s reindustrialization and economic growth, my Administration will fully equip the American worker to produce world-class products and implement world-leading technologies.  My Administration will also consolidate and streamline fragmented Federal workforce development programs that are too disconnected from propelling workers into secure, well-paying, and high-need American jobs.

    Sec. 2.  Policy.  It is the policy of the United States to optimize and target Federal investments in workforce development to align with our country’s reindustrialization needs and equip American workers to fill the growing demand for skilled trades and other occupations.  My Administration will further protect and strengthen Registered Apprenticeships and build on their successes to seize new opportunities and unlock the limitless potential of the American worker.

    Sec. 3.  Comprehensive Worker Investment and Development Strategy.  Within 90 days of the date of this order, the Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall review all Federal workforce development programs and submit to the Assistant to the President for Domestic Policy and the Director of the Office of Management and Budget a report setting forth strategies to help the American worker.  That report shall identify the following:

    (a)  Opportunities to integrate systems and realign resources to address critical workforce needs and in-demand skills of emerging industries and companies investing in the United States as determined, to the extent permissible by law, by prospective employers.  The report shall include:

    (i)    administrative reforms to agency policies and programmatic requirements;

    (ii)   process improvements to better the experience for program participants; and

    (iii)  recommendations to further restructure and consolidate programs.

    (b)  Federal workforce development and education programs, or related spending within these programs, that are ineffective or otherwise fail to achieve their desired outcomes.  Each identified program should be accompanied by a proposal to reform the program, redirect its funding, or eliminate it.

    (c)  Available statutory authorities to promote innovation and system integration in pursuit of better employment and earnings outcomes for program participants.

    (d)  Opportunities to invest in the upskilling of incumbent workers to meet rapidly evolving skill demands of their industries, including the use of Artificial Intelligence in the workplace.

    (e)  Strategies to identify alternative credentials and assessments to the 4-year college degree that can be mapped to the specific skill needs of prospective employers.

    (f)  Efficiencies to streamline information collection, including through:

    (i)    harmonizing performance measures;

    (ii)   reducing the burden on grantees; and

    (iii)  ensuring that performance outcomes are measured using the most reliable data sources.

    Sec. 4.  Expanding Registered Apprenticeships.  Within 120 days of the date of this order, the Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall submit to the Assistant to the President for Domestic Policy and the Director of the Office of Management and Budget a plan to reach and surpass 1 million new active apprentices.  That plan shall identify the following:

    (a)  Avenues to expand Registered Apprenticeships to new industries and occupations, including high-growth and emerging sectors.

    (b)  Measures to scale this proven model across the country, improve its efficiency, and provide consistent support to program participants.

    (c)  Opportunities, including through the Carl D. Perkins Career and Technical Education (Perkins V) Act and Federal student aid, to enhance connections between the education system and Registered Apprenticeships.

    Sec. 5.  Delivering Unprecedented Transparency and Accountability.  The Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall improve transparency on the performance outcomes of workforce development programs and credentials supported through Federal investments, including earnings and employment data, for all Federal workforce development programs.

    Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.  

    DONALD J. TRUMP

    THE WHITE HOUSE,

        April 23, 2025.

    MIL OSI USA News –

  • MIL-OSI Security: Hattiesburg Man Sentenced to Nearly Three Years in Prison for Possession of a Firearm by a Convicted Felon

    Source: Office of United States Attorneys

    Hattiesburg, MS – A Hattiesburg man was sentenced to 35 months in prison for possession of a firearm by a convicted felon.

    According to court documents, Scotty James Conley, 40, of was found by the Forrest County Sheriff’s Office to be in possession of a firearm after responding to a complaint of a residential disturbance. Conley has a prior felony conviction from 2008 for sexual battery of a minor under 14 years of age. As a convicted felon he is prohibited by federal law from possessing a firearm or ammunition.

    Conley was indicted by a federal grand jury on January 10, 2023. He pled guilty on January 27, 2025.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The FBI and Forrest County Sheriff’s Office investigated the case.

    Assistant U.S. Attorney Matt Allen prosecuted the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline), a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI: Pulse Seismic Inc. Announces Voting Results at Shareholders’ Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) announced today the voting results from its annual meeting held in Calgary, Alberta on April 23, 2025. Each of the nominee directors listed in the Company’s management proxy circular dated March 10, 2025, was elected as a director, with a vote being conducted by ballot:

    Name of Nominee Votes For % Votes Against %
    Neal Coleman 31,038,759 99.90 32,292 0.10
    Paul Crilly 31,061,451 99.97 9,600 0.03
    Dallas Droppo 30,880,344 99.39 190,707 0.61
    Robert Robotti 31,045,648 99.92 25,403 0.08
    Patrick Ward 31,047,955 99.93 23,096 0.07
    Melanie Westergaard 31,055,358 99.95 15,693 0.05

    The “Say on Pay” shareholder advisory vote on Pulse’s approach to executive compensation was approved by 99.78% of the votes cast.

    The report on voting for the meeting will be available at www.sedarplus.ca and on the Company’s website at www.pulseseismic.com.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO

    Tel.: (403) 237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com.

    PDF available: http://ml.globenewswire.com/Resource/Download/9b5fd3a7-4102-47a8-93f6-f9e16fd4e04a

    The MIL Network –

  • MIL-OSI USA: Rosen Blasts Trump Administration Plan to Cut Funding for Head Start

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    According to Reports, Trump Will Submit A Budget Proposal to Congress That Would Eliminate All Funding for Head Start Program
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) released the following statement in response to reports that the Trump Administration is going to submit a budget proposal that eliminates all funding for Head Start, a federally funded early education program that provides no-cost educational, health, nutritional, social and other services to more than half a million children, including thousands of Nevada children. Studies have shown that high-quality early childhood education programs, like Head Start, contribute to success later in life. Last week, Senator Rosen visited a local Head Start classroom in Carson City, Nevada – where she reaffirmed her commitment to this early childhood education program. 
    “At a time when child care is already too expensive and out of reach for hardworking Nevada families, it’s outrageous and cruel for the Trump Administration to propose eliminating Head Start, taking away this lifeline from families who need it most,” said Senator Rosen. “Studies have shown that Head Start improves children’s lives, and I won’t let this critical program be sacrificed by Republicans to pay for more tax cuts for billionaires. If the Trump Administration sends a budget proposal to Congress that guts Head Start funding, I’m going to do everything in my power to oppose it and fight back.”
    According to the National Head Start Association, children who participate in the Head Start program are more likely to meet key educational benchmarks, have been shown to perform considerably better on cognitive and social-emotional measures, exhibit fewer attention problems, and display fewer negative behaviors. Head Start children also have a higher likelihood of graduating from high school, attending college, and receiving a post-secondary degree, license, or certification.
    Senator Rosen has been a strong advocate for the Head Start program and has repeatedly pushed for additional funding to ensure that early education programs can continue serving Nevada families. Rosen has also actively worked to reduce costs and expand access to child care for Nevadans. Earlier this year, Rosen introduced the bipartisan Small Business Child Care Investment Act, which allows non-profit child care providers that otherwise qualify as small businesses to access larger and more flexible loans from the U.S. Small Business Administration, and it passed out of committee.

    MIL OSI USA News –

  • MIL-OSI Security: East Lyme Business Owner Pleads Guilty to Federal Tax Charge

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Harry Chavis, Special Agent in Charge of IRS Criminal Investigation in New England, announced that ANALIA MOUNTZOURES, 48, of East Lyme, waived her right to be indicted and pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to a tax offense.

    According to court documents and statements made in court, Mountzoures operated Mountzoures Cleaning, a business with approximately 10 employees that provided cleaning services to more than 200 commercial and residential clients in southeastern Connecticut.  During the 2018 through 2023 tax years, Mountzoures often paid her employees in cash, did not report their wages to the state or federal government, did not file required IRS forms related to her employees, did not issue W-2 forms, did not withhold employee taxes as required, and did not pay federal employment taxes and withholding.  She also provided her tax return preparer with false information that resulted in personal tax returns that significantly underreported her gross receipts, income, and taxes due and owing.

    As an example, Mountzoures’ 2023 tax return reported gross receipts of $12,095 and total taxes before credits as $1,450.  In fact, Mountzoures’ gross receipts were approximately $628,072 and the tax due was approximately $96,650.

    Mountzoures has agreed to pay restitution of $380,167.60 to the IRS.

    Mountzoures pleaded guilty to aiding and assisting a false tax return, which carries a maximum term of imprisonment of three years.  Judge Dooley scheduled sentencing for July 22.  Mountzoures is released on a $40,000 bond pending sentencing.

    This investigation has been conducted by the Internal Revenue Service, Criminal Investigation Division.  The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

    MIL Security OSI –

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

    Source: Office of United States Attorneys

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

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

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

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

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

    ###

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

    MIL Security OSI –

  • MIL-OSI: New Providence Acquisition Corp. III Announces the Pricing of $261,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Palm Beach, FL, April 23, 2025 (GLOBE NEWSWIRE) — New Providence Acquisition Corp. III (the “Company”) announced today the pricing of its initial public offering of 26,100,000 units. The units are expected to be listed on The Nasdaq Global Stock Market LLC (“Nasdaq”) and begin trading tomorrow, April 24, 2025, under the ticker symbol “NPACU.” Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. An amount equal to $10.05 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “NPAC” and “NPACW,” respectively. The offering is expected to close on April 25, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company seeks to acquire and operate a business in the consumer industry however it may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution.

    The Company’s management team is led by Gary Smith and Alexander Coleman, each a Co-Chief Executive Officer and Co-Chairman of the Board of Directors (the “Board”), and Leo Valentine, its Chief Financial Officer. The Board also includes Rick Mazer, Daniel Ginsberg, Timothy Gannon, and Greg Stevens.

    Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022, or by email at prospectus@cantor.com.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on April 23, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Contacts

    New Providence Acquisition Corp. III
    Leo Valentine
    leo.valentine@npa-corp.com
    929-249-8832

    The MIL Network –

  • MIL-OSI Security: Three Members of the Highs Street Gang Convicted of RICO Conspiracy and Premeditated Murder

    Source: Office of United States Attorneys

    MINNEAPOLIS – Following a three-week trial, a federal jury in Minneapolis convicted three Minnesota men today of RICO Conspiracy and Premediated Murder for their involvement in the violent Minneapolis criminal street gang known as the Highs and the August 7, 2021, gang-related murder of Darryl Wells.

    “Minneapolis criminal street gangs have inflicted devastating harm on our community for far too long.  Three years ago, the U.S. Attorney’s Office announced our federal violent crime initiative to address the skyrocketing and completely unacceptable rates of violent crime in Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “Since then, we have brought large RICO cases against three criminal street gangs—charging them as the violent enterprises they are.  Make no mistake:  we will not stop.  Criminal street gangs in Minneapolis will continue to see federal justice.  The citizens of Minnesota—the many victims of these crimes—deserve no less.”

    “These defendants participated in a senseless murder and other acts of violence that terrorized their community,” said Matthew R. Galeotti, Head of the Department’s Criminal Division. “Today’s conviction holds accountable members of a violent gang and shows the Department’s commitment to hold accountable criminal enterprises that use murder and intimidation to exert power. We remain steadfast in our commitment to dismantle violent gangs and secure justice for the victims and their loved ones.”

    “This was cold-blooded, calculated violence meant to control through fear,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “They believed violence gave them power — but today’s conviction proves that justice is stronger. The FBI, together with our law enforcement partners, are committed to dismantling these criminal enterprises and holding violent offenders accountable.”

    “Today’s conviction sends a strong message that violent street gangs will not be tolerated in our communities,” said Special Agent in Charge Travis Riddle, of the ATF St. Paul Field Division. “Through the power of the RICO statute, ATF agents, in partnership with federal, state, and local law enforcement, have been able to target the violent criminal activity of the Highs gang. This conviction is a direct result of the tireless work by our agents who are committed to dismantling these criminal organizations and ensuring that those who use violence to control neighborhoods are held accountable. ATF will continue to lead efforts to take down street gangs and protect the citizens of Minneapolis.”

    “Minneapolis has seen a significant drop in violent crime, especially gun violence, thanks to the outstanding work of MPD officers and our law enforcement partners. Most notably, the U.S. Attorney’s Office has been instrumental in helping us target the small number of individuals driving violence, without causing harm to the broader communities we serve.  Together, we’re not just reducing crime — we’re rebuilding trust,” said Minneapolis Police Chief Brian O’Hara.

    “Today’s verdict marks a decisive victory in the fight against violent criminal organizations,” said Ramsey E. Covington, Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “Reducing violence in this community has required a change in tactics and IRS Criminal Investigation special agents are perfectly poised to support our law enforcement partners in this effort. Our agents will continue to apply their financial expertise and investigative skills to bring justice to those who endanger our communities and threaten our way of life.”

    According to court documents and evidence presented at trial, Keon Pruitt, 22, Dantrell Johnson, 32, and Gregory Hamilton, 29, each of Minneapolis, were all members of various “cliques” or subsets, of the Highs—a criminal enterprise that controlled territory north of West Broadway Avenue in Minneapolis. Evidence at trial proved that members of the Highs committed murders, narcotics trafficking, weapons violations, burglaries, assaults, and robberies on behalf of the enterprise.  As members of the Highs, the defendants were expected to retaliate against the rival Lows gang, which operated south of West Broadway Avenue.

    Evidence produced at trial showed that, on August 7, 2021, a prominent Highs member was shot and killed by a Lows member at the Winner gas station, a Highs hangout.  The following day, August 8, 2021, Highs members organized a memorial for the deceased member at the gas staF. App’x tion, where they distributed firearms and encouraged one another to retaliate against Lows members for the murder.  Defendants Pruitt, Johnson, and Hamilton were all in attendance at the memorial.

    Later that day, Johnson and Hamilton drove to a Lows hangout—Wally’s Foods—and shot a Lows associate, who survived his injuries. Approximately two hours later, Johnson, Hamilton, and Pruitt drove to Skyline Market, another known Lows hangout, to shoot another Lows member. They mistakenly believed Darryl Wells was a Lows member and the store’s cameras captured them shooting Wells inside the store. Wells ran from the store and into the street. Pruitt, who was driving two juveniles in a stolen Porsche, let the juveniles out of the car. They then chased Wells into a nearby alley and fired additional shots at him. All told, Wells was shot at least eight times.

    The jury convicted Pruitt, Johnson, and Hamilton of Racketeering Influenced and Corrupt Organizations (RICO) Conspiracy and Using a Firearm to Cause Death. Each defendant faces a maximum penalty of life in prison. Their sentencing hearings will be scheduled in the near future.

    This is the first of several trials in this case, which charged a total of 28 defendants with RICO Conspiracy, narcotics trafficking, firearms offenses, and other charges related to their activities as members and associates of the Highs gang.  Sixteen defendants are pending trial.

    The ATF, FBI, Minneapolis Police Department, IRS Criminal Investigation, U.S. Postal Inspection Service, Hennepin County Sheriff’s Office, Minnesota Bureau of Criminal Apprehension, and Minnesota Department of Corrections are investigating the cases, with assistance from the U.S. Marshals Service, DEA, Homeland Security Investigations, and the Hennepin County Attorney’s Office. The Ramsey County Sheriff’s Office, Dakota County Sheriff’s Office, St. Paul Police Department, and numerous other law enforcement agencies contributed to this investigation through reports or evidence control. Assistant U.S. Attorneys Thomas Lopez-Calhoun, Albania Concepcion, and Rebecca Kline of the District of Minnesota, and Trial Attorney Brian Lynch of the Justice Department’s Violent Crime & Racketeering Section, tried this case. Assistant U.S. Attorneys Carla Baumel and Trial Attorney Alyssa Levey-Weinstein also worked on the investigation and trial. 

    MIL Security OSI –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Modernizes American Workforce Programs for the High-Paying Skilled Trade Jobs of the Future

    Source: The White House

    OVERHAULING FEDERAL WORKFORCE TRAINING: Today, President Donald J. Trump signed an Executive Order to modernize American workforce programs to prepare citizens for the high-paying skilled trade jobs of the future.

    • The order directs the Secretaries of Labor, Education, and Commerce to review all federal workforce programs to modernize, integrate, and re-align programs to address critical workforce needs in emerging industries.
    • These Secretaries shall provide President Trump with a streamlined and integrated plan to re-orient federal workforce programs to prepare the American economy for the opportunities presented by reshoring and re-industrialization.
    • This Comprehensive Workforce Strategy will further America’s global economic leadership and domination of key sectors by, among other things, capitalizing on the AI revolution.

    PROVIDING RETURN ON WORKFORCE INVESTMENT: After years of shuffling Americans through an economically unproductive postsecondary system, President Trump will refocus young Americans on career preparation.

    • Decades of failed political leadership have left America with a one-size-fits-all approach to workforce preparedness, which previous Administrations promoted as “college for all.”
    • The Federal Government invests over $700 billion a year in American higher education, but only about half of new college graduates find jobs that require college degrees.
    • Meanwhile, the Federal Government spends $4.1 billion on the Workforce Investment and Opportunity Act and $1.4 billion on Career and Technical Education through the Perkins Act. Neither of these programs are structured to promote apprenticeships or have incentives to meet workforce training needs.
    • The Trump Administration is putting American workers first, unleashing domestic advanced manufacturing to produce the best American-made products and implement world-leading, American-developed technologies.

    BACK TO THE FUTURE OF JOBS: After decades of leadership by so-called “Experts” making wrong predictions on what the future will hold, President Trump will restore focus on sectors and programs that Made the American Economy Great in the first place.

    • In 2024, there was a shortage of 447,00 construction workers and 94,000 durable goods workers. The Bureau of Labor Statistics projects that the annual shortage of skilled tradesman over the next decade will be close to half a million—and grow as the years go by.
    • This understates the problem—and the opportunity. Even the best federal government statisticians cannot predict the future. As the potential of American AI increases, and as America reshores manufacturing and makes Made in America a mark of international envy, America will need more skilled tradesman than we’re prepared to train.
    • President Trump’s Executive Order will meet the needs of the future with a focus on registered apprenticeships. The Administration will submit a plan to support more than 1 million apprenticeships per year.

    MIL OSI USA News –

  • MIL-OSI Security: Maryland Man Admits to Leading Drug Trafficking Operation in Eastern Panhandle

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    ELKINS, WEST VIRGINIA – Lenin Erasmo Luna Mota, 52, of Hagerstown, Maryland, has admitted to leading a drug trafficking organization that sold large quantities of fentanyl, heroin, and cocaine in Berkeley County.

    According to court documents and statements made in court, Luna Mota, also known as “Papi,” was one of the leaders of the drug trafficking conspiracy, using his business located in Hagerstown, Maryland, as a central hub for the drug sales.

    Assistant U.S. Attorney Lara Omps-Botteicher is prosecuting the case on behalf of the government.

    The FBI; the U.S. Marshals Service; Homeland Security Investigations; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Drug Enforcement Administration; the West Virginia Air National Guard; the Eastern Panhandle Drug Task Force, a HIDTA-funded initiative (agencies included are the West Virginia State Police, Berkeley County Sheriff’s Department, Jefferson County Sherriff’s Department, Ranson Police Department, Charles Town Police Department, and Martinsburg City Police Department); West Virginia State Police; U.S. Customs and Border Protection; the Hagerstown Police Department; the National Resources Police Department; FBI-New York Safe Streets Task Force; the New York Police Department; the New Jersey State Police; the Washington County (Maryland) Drug Task Force; the Maryland State Police; the  U.S. Attorney’s Office for the District of Maryland;  and the U.S. Attorney’s Office for the Middle District of Pennsylvania investigated.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    U.S. Magistrate Judge Michael John Aloi presided.

    MIL Security OSI –

  • MIL-OSI: Precision Drilling Announces 2025 First Quarter Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.

    Financial Highlights

    • Revenue in the first quarter was $496 million compared to $528 million realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA(1) was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA(1) was $143 million and included share-based compensation expense of $23 million.
    • First quarter net earnings attributable to shareholders was $35 million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net earnings since mid-2022.
    • Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.
    • Capital expenditures were $60 million and the Company has lowered its 2025 capital budget to $200 million versus the $225 million previously announced.
    • Precision remains committed to repaying at least $100 million of debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.

    Operational Highlights

    • Canada’s activity averaged 74 drilling rigs in the first quarter and surpassed the 73 active rigs in the same period last year.
    • Canadian revenue per utilization day was $35,601 and comparable to the $35,596 in the first quarter of 2024.
    • U.S. activity averaged 30 drilling rigs compared to 38 in the same period last year.
    • U.S. revenue per utilization day was US$33,157, which included US$1,263 per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.
    • Internationally, we had eight rigs active in the first quarter, consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.
    • Service rig operating hours decreased 10% compared to the same quarter last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.
            (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “I am pleased with Precision’s first quarter financial and operational results, and particularly with the efforts of the Precision team as we manage our way through a period of unusual volatility and market uncertainty. In the first quarter, our net earnings attributable to shareholders was $35 million, marking 11 consecutive quarters of positive earnings, and we are well on our way to meeting our capital allocation targets. During the quarter, we generated $63 million of cash provided by operations, allowing us to repay $17 million of debt and purchase $31 million of shares. Over the last four quarters, Precision has reduced its outstanding shares by nearly one million shares, representing 7% of our outstanding balance.

    “During the first quarter our Canadian drilling activity remained slightly higher than last year, averaging 74 active rigs compared to 73 in 2024 and we expect this trend to continue through the first half of this year. In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With initial Liquefied Natural Gas (LNG) exports beginning shortly in Canada and significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    “Second-half industry activity in North America will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    “Tightly controlling all aspects of our business, adjusting spending and specifically managing Precision’s cash inflows and outflows at a pace that matches the cyclicality of our industry is a cornerstone of Precision’s business model. We are reducing our 2025 capital spending by $25 million to $200 million to mitigate increased market uncertainty and a potential reduction in customer demand. This includes trimming our expected upgrade spending by approximately $8 million and maintenance capital by $17 million. We remain poised to further adjust capital spending in response to actual customer demand. 

    “We have also reduced our fixed costs by approximately $10 million annually by streamlining our internal structure and focusing more directly on customer needs and aligning with current activity levels. These changes included flattening our operations leadership structure, exiting our North Dakota well-servicing business and reducing the related staffing levels.

    “Our International drilling operations and Completion and Production business both contributed meaningful free cash flow for the quarter, and this is expected to continue for the rest of the year.

    “With a predominantly variable cost business and low debt levels, a highly experienced team committed to serving our customers, and a high-performance rig fleet, Precision is better positioned than any time in the past decade to navigate uncertainty while simultaneously creating shareholder value,” concluded Mr. Neveu.

    SELECT FINANCIAL AND OPERATING INFORMATION

    Financial Highlights

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2025       2024     % Change  
    Revenue   496,331       527,788       (6.0 )
    Adjusted EBITDA(1)   137,497       143,149       (3.9 )
    Net earnings   34,947       36,516       (4.3 )
    Net earnings attributable to shareholders   34,511       36,516       (5.5 )
    Cash provided by operations   63,419       65,543       (3.2 )
    Funds provided by operations(1)   109,842       117,765       (6.7 )
                     
    Cash used in investing activities   57,202       75,237       (24.0 )
    Capital spending by spend category(1)                
    Expansion and upgrade   19,546       14,370       36.0  
    Maintenance and infrastructure   40,419       41,157       (1.8 )
    Proceeds on sale   (3,765 )     (5,186 )     (27.4 )
    Net capital spending(1)   56,200       50,341       11.6  
                     
    Net earnings attributable to shareholders per share :                
    Basic   2.52       2.53       (0.4 )
    Diluted   2.20       2.53       (13.0 )
    Weighted average shares outstanding:                
    Basic   13,683       14,407       (5.0 )
    Diluted   14,287       14,410       (0.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Operating Highlights

      For the three months ended March 31,  
      2025     2024     % Change  
    Contract drilling rig fleet   215       214       0.5  
    Drilling rig utilization days:                
    Canada   6,680       6,617       1.0  
    U.S.   2,691       3,453       (22.1 )
    International   720       728       (1.1 )
    Revenue per utilization day:                
    Canada (Cdn$)   35,601       35,596       0.0  
    U.S. (US$)   33,157       32,867       0.9  
    International (US$)   49,419       52,808       (6.4 )
    Operating costs per utilization day:                
    Canada (Cdn$)   20,822       19,959       4.3  
    U.S. (US$)   23,568       21,719       8.5  
                     
    Service rig fleet   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )


    Drilling Activity

      Average for the quarter ended 2024   Average for the quarter ended 2025  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31  
    Average Precision active rig count(1):                            
    Canada   73       49       72       65       74  
    U.S.   38       36       35       34       30  
    International   8       8       8       8       8  
    Total   119       93       115       107       112  

    (1) Average number of drilling rigs working or moving.


    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) March 31, 2025     December 31, 2024  
    Working capital(1)   (45,033 )     162,592  
    Cash   28,245       73,771  
    Long-term debt   567,824       812,469  
    Total long-term financial liabilities(1)   632,369       888,173  
    Total assets   2,915,984       2,956,315  
    Long-term debt to long-term debt plus equity ratio(1)   0.25       0.33  

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Summary for the three months ended March 31, 2025:

    • Revenue was $496 million compared to $528 million in the first quarter of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA decreased to $137 million from $143 million, primarily due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation expense. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
    • Adjusted EBITDA as a percentage of revenue was relatively stable at 28% compared to 27% in 2024.
    • Net earnings attributable to shareholders was $35 million or $2.52 per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable to shareholders was $2.20 versus $2.53 in 2024.
    • Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31 million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million of cash and almost $550 million of available liquidity.
    • In Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations. First quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.
    • In the U.S. revenue per utilization day, excluding idle but contracted rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.
    • U.S. operating costs per utilization day increased 9% to US$23,568 compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the fourth quarter of 2024.
    • Internationally, we realized revenue of US$36 million from eight active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.
    • Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.
    • General and administrative expenses were $30 million compared with $45 million in the first quarter of 2024 primarily due to lower share-based compensation expense.
    • Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades. Precision has lowered its 2025 capital budget to $200 million.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

    Precision’s 2025 strategic priorities and the progress made during the first quarter are as follows:

    1. Maximize free cash flow through disciplined capital deployment and strict cost management.
      • Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.
      • Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately $10 million in annual savings.
      • Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.
    2. Enhance shareholder returns through debt reduction and share repurchases. Plan to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases.
      • Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.
      • Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.
      • Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, directly to shareholders.
    3. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
      • Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.
      • Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an average day rate of $35,596 in the first quarter of 2024.
      • Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.
      • Current market conditions and commodity price volatility make acquisitions less likely in the near term.

    OUTLOOK

    Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand. 

    In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.

    Our Canadian drilling activity peaked at 82 rigs in the first quarter with our Super Triple and Super Single rigs near full utilization. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful change in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.

    In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.

    As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.

    Contracts

    The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. For those quarters ending after March 31, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

    As at April 23, 2025 Average for the quarter ended 2024     Average     Average for the quarter ended 2025     Average  
      Mar. 31     June 30     Sept. 30     Dec. 31     2024     Mar. 31     June 30     Sept. 30     Dec. 31     2025  
    Average rigs under term contract:                                                          
    Canada   24       22       23       23       23       20       19       18       14       18  
    U.S.   20       17       17       16       18       16       15       11       8       13  
    International   8       8       8       8       8       8       7       7       7       7  
    Total   52       47       48       47       49       44       41       36       29       38  

    SEGMENTED FINANCIAL RESULTS

    Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

    SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   419,457       443,367       (5.4 )
    Expenses:                
    Operating   272,412       276,692       (1.5 )
    General and administrative   11,029       13,002       (15.2 )
    Adjusted EBITDA(1)   136,016       153,673       (11.5 )
    Adjusted EBITDA as a percentage of revenue(1)   32.4 %     34.7 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Canadian onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   74       214       73       208  

    (1) Canadian operations only.
    (2) Baker Hughes rig counts.

    United States onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   30       572       38       602  

    (1) United States lower 48 operations only.
    (2) Baker Hughes rig counts.

    SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   79,330       87,087       (8.9 )
    Expenses:                
    Operating   59,112       65,480       (9.7 )
    General and administrative   2,672       3,002       (11.0 )
    Adjusted EBITDA(1)   17,546       18,605       (5.7 )
    Adjusted EBITDA as a percentage of revenue(1)   22.1 %     21.4 %      
    Well servicing statistics:                
    Number of service rigs (end of period)   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    OTHER ITEMS

    Share-based Incentive Compensation Plans

    We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

    A summary of expense amounts under these plans during the reporting periods are as follows:

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash settled share-based incentive plans   403       21,759  
    Equity settled share-based incentive plans   2,427       875  
    Total share-based incentive compensation plan expense   2,830       22,634  
               
    Allocated:          
    Operating   1,128       5,252  
    General and Administrative   1,702       17,382  
        2,830       22,634  

    FINANCIAL MEASURES AND RATIOS

    Non-GAAP Financial Measures
    We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

    The most directly comparable financial measure is net earnings.
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Adjusted EBITDA by segment:          
    Contract Drilling Services   136,016       153,673  
    Completion and Production Services   17,546       18,605  
    Corporate and Other   (16,065 )     (29,129 )
    Adjusted EBITDA   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes   14,308       13,122  
    Net earnings   34,947       36,516  
    Non-controlling interests   436       —  
    Net earnings attributable to shareholders   34,511       36,516  
    Funds Provided by (Used in) Operations We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

    The most directly comparable financial measure is cash provided by (used in) operations.
    Net Capital Spending We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

    The most directly comparable financial measure is cash provided by (used in) investing activities.

    Net capital spending is calculated as follows:
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Capital spending by spend category          
    Expansion and upgrade   19,546       14,370  
    Maintenance, infrastructure and intangibles   40,419       41,157  
        59,965       55,527  
    Proceeds on sale of property, plant and equipment   (3,765 )     (5,186 )
    Net capital spending   56,200       50,341  
    Purchase of investments and other assets   11       —  
    Receipt of finance lease payments   (208 )     (191 )
    Changes in non-cash working capital balances   1,199       25,087  
    Cash used in investing activities   57,202       75,237  
    Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Working capital is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Current assets   481,111       501,284  
    Current liabilities   (526,144 )     (338,692 )
    Working capital   (45,033 )     162,592  
    Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Total long-term financial liabilities is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Total non-current liabilities   688,940       935,624  
    Deferred tax liabilities   (56,571 )     (47,451 )
    Total long-term financial liabilities   632,369       888,173  
    Non-GAAP Ratios
    We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA % of Revenue We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
    Long-term debt to long-term debt plus equity We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Net Debt to Adjusted EBITDA We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Supplementary Financial Measures
    We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Capital Spending by Spend Category We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

    Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

    In particular, forward-looking information and statements include, but are not limited to, the following:

    • our strategic priorities for 2025;
    • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;
    • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
    • the average number of term contracts in place for 2025;
    • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
    • potential commercial opportunities and rig contract renewals; and
    • our future debt reduction plans.

    These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

    • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
    • the status of current negotiations with our customers and vendors;
    • customer focus on safety performance;
    • existing term contracts are neither renewed nor terminated prematurely;
    • our ability to deliver rigs to customers on a timely basis;
    • the impact of an increase/decrease in capital spending; and
    • the general stability of the economic and political environments in the jurisdictions where we operate.

    Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

    • volatility in the price and demand for oil and natural gas;
    • fluctuations in the level of oil and natural gas exploration and development activities;
    • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
    • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
    • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
    • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
    • liquidity of the capital markets to fund customer drilling programs;
    • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
    • the impact of weather and seasonal conditions on operations and facilities;
    • the impact of tariffs and trade disputes;
    • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
    • ability to improve our rig technology to improve drilling efficiency;
    • general economic, market or business conditions;
    • the availability of qualified personnel and management;
    • a decline in our safety performance which could result in lower demand for our services;
    • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
    • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
    • fluctuations in foreign exchange, interest rates and tax rates; and
    • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

    Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    (Stated in thousands of Canadian dollars) March 31, 2025     December 31, 2024  
    ASSETS          
    Current assets:          
    Cash $ 28,245     $ 73,771  
    Accounts receivable   397,684       378,712  
    Inventory   49,176       43,300  
    Assets held for sale   6,006       5,501  
    Total current assets   481,111       501,284  
    Non-current assets:          
    Deferred tax assets   2,437       6,559  
    Property, plant and equipment   2,342,482       2,356,173  
    Intangibles   13,537       12,997  
    Right-of-use assets   63,223       66,032  
    Finance lease receivables   4,670       4,806  
    Investments and other assets   8,524       8,464  
    Total non-current assets   2,434,873       2,455,031  
    Total assets $ 2,915,984     $ 2,956,315  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable and accrued liabilities $ 271,696     $ 314,355  
    Income taxes payable   4,526       3,778  
    Current portion of lease obligations   19,703       20,559  
    Current portion of long-term debt   230,219       —  
    Total current liabilities   526,144       338,692  
               
    Non-current liabilities:          
    Share-based compensation   5,391       13,666  
    Provisions and other   7,478       7,472  
    Lease obligations   51,676       54,566  
    Long-term debt   567,824       812,469  
    Deferred tax liabilities   56,571       47,451  
    Total non-current liabilities   688,940       935,624  
    Equity:          
    Shareholders’ capital   2,287,422       2,301,729  
    Contributed surplus   77,011       77,557  
    Accumulated other comprehensive income   197,827       199,020  
    Deficit   (866,323 )     (900,834 )
    Total equity attributable to shareholders   1,695,937       1,677,472  
    Non-controlling interest   4,963       4,527  
    Total equity   1,700,900       1,681,999  
    Total liabilities and equity $ 2,915,984     $ 2,956,315  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts) 2025     2024  
               
               
    Revenue $ 496,331     $ 527,788  
    Expenses:          
    Operating   329,068       339,506  
    General and administrative   29,766       45,133  
    Earnings before income taxes, gain on
    investments and other assets, finance
    charges, foreign exchange, gain on asset
    disposals, and depreciation and amortization    		   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Earnings before income taxes   49,255       49,638  
    Income taxes:          
    Current   1,106       1,017  
    Deferred   13,202       12,105  
        14,308       13,122  
    Net earnings $ 34,947     $ 36,516  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 34,511     $ 36,516  
    Non-controlling interests $ 436     $ —  
    Net earnings per share attributable to shareholders
    of Precision Drilling Corporation:    		          
    Basic $ 2.52     $ 2.53  
    Diluted $ 2.20     $ 2.53  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Net earnings $ 34,947     $ 36,516  
    Unrealized gain (loss) on translation of assets
    and liabilities of operations denominated in
    foreign currency    		   (658 )     32,253  
    Foreign exchange loss on net investment hedge
    with U.S. denominated debt    		   (535 )     (20,159 )
    Comprehensive income $ 33,754     $ 48,610  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 33,318     $ 48,610  
    Non-controlling interests $ 436     $ —  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash provided by (used in):          
    Operations:          
    Net earnings $ 34,947     $ 36,516  
    Adjustments for:          
    Long-term compensation plans   3,016       7,451  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   (783 )     728  
    Finance charges   15,760       18,369  
    Income taxes   14,308       13,122  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes paid   (321 )     (234 )
    Interest paid   (29,637 )     (33,430 )
    Interest received   437       495  
    Funds provided by operations   109,842       117,765  
    Changes in non-cash working capital balances   (46,423 )     (52,222 )
    Cash provided by operations   63,419       65,543  
               
    Investments:          
    Purchase of property, plant and equipment   (59,965 )     (55,527 )
    Proceeds on sale of property, plant and equipment   3,765       5,186  
    Purchase of investments and other assets   (11 )     —  
    Receipt of finance lease payments   208       191  
    Changes in non-cash working capital balances   (1,199 )     (25,087 )
    Cash used in investing activities   (57,202 )     (75,237 )
               
    Financing:          
    Repayment of long-term debt   (17,110 )     (716 )
    Repurchase of share capital   (30,766 )     (10,081 )
    Lease payments   (3,587 )     (3,200 )
    Cash used in financing activities   (51,463 )     (13,997 )
    Effect of exchange rate changes on cash   (280 )     457  
    Increase (decrease) in cash   (45,526 )     (23,234 )
    Cash, beginning of period   73,771       54,182  
    Cash, end of period $ 28,245     $ 30,948  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling
    interest    		     Total
    Equity    		  
    Balance at January 1, 2025 $ 2,301,729     $ 77,557     $ 199,020     $ (900,834 )   $ 1,677,472     $ 4,527     $ 1,681,999  
    Net earnings for the period   —       —       —       34,511       34,511       436       34,947  
    Other comprehensive income
    for the period    		   —       —       (1,193 )     —       (1,193 )     —       (1,193 )
    Settlement of Executive
    Performance and Restricted
    Share Units    		   11,651       (2,790 )     —       —       8,861       —       8,861  
    Share repurchases   (26,141 )     —       —       —       (26,141 )     —       (26,141 )
    Redemption of non-management
    directors share units    		   183       (183 )     —       —       —       —       —  
    Share-based compensation
    expense    		   —       2,427       —       —       2,427       —       2,427  
    Balance at March 31, 2025 $ 2,287,422     $ 77,011     $ 197,827     $ (866,323 )   $ 1,695,937     $ 4,963     $ 1,700,900  
      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2024 $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
    Net earnings for the period   —       —       —       36,516       36,516       —       36,516  
    Other comprehensive income
    for the period    		   —       —       12,094       —       12,094       —       12,094  
    Settlement of Executive
    Performance and Restricted
    Share Units    		   21,846       (1,479 )     —       —       20,367       —       20,367  
    Share repurchases   (10,081 )     —       —       —       (10,081 )     —       (10,081 )
    Share-based compensation
    expense    		   —       875       —       —       875       —       875  
    Balance at March 31, 2024 $ 2,376,894     $ 74,482     $ 159,570     $ (975,513 )   $ 1,635,433     $ —     $ 1,635,433  

    2025 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

    Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 24, 2025.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/gifawh57

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For further information, please contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI USA: High-Ranking Tren de Aragua Member in Custody on Terrorism and International Drug Distribution Charges

    Source: US State of North Dakota

    A five-count superseding indictment has been unsealed today charging a Venezuelan national and alleged high-ranking member of the designated foreign terrorist organization Tren de Aragua (TdA).  

    Jose Enrique Martinez Flores also known as “Chuqui,” 24, is charged in the Southern District of Texas (SDTX) with conspiring to provide and providing material support to a designated foreign terrorist organization as well as conspiracy and distribution of cocaine in Colombia intended for distribution in the United States.

    “TdA is not a street gang – it is a highly structured terrorist organization that put down roots in our country during the prior administration,” said Attorney General Pamela Bondi. “Today’s charges represent an inflection point in how this Department of Justice will prosecute and ultimately dismantle this evil organization, which has destroyed American families and poisoned our communities.”

    “For the past few years, foreign gangs like TdA have more or less been able to enter the country with impunity, coming here to distribute deadly drugs and terrorize American citizens,” said U.S. Attorney Nicholas J. Ganjei for the SDTX. “That ends now. This Department of Justice is committed to uprooting this terrorist gang, dismantling its criminal operations, and either imprisoning its members or removing them from the country. SDTX is proud to lead this fight.”

    “TdA is a direct threat to our national security, to our communities, and to Americans,” said FBI Director Kash Patel. “Together with our law enforcement partners, the FBI continues in our pursuit to eliminate this violent terrorist organization from our streets, and today’s announcement makes it clear that these criminals, especially the leaders of these cartels, have no place in our country.”

    “This joint Drug Enforcement Administration (DEA)-FBI operation — alongside partners in the United States and Colombia — is further evidence that we must continue to focus our efforts on members of TdA who continue to pump poison into our communities,” said DEA Acting Administrator Derek Maltz. “This is another example of DEA’s tenacity to hunt these networks down, wherever they operate, and crush their evil grip on American lives.”

    Colombian authorities arrested Flores in Colombia March 31 pursuant to a provisional arrest warrant the United States had requested. He remains in custody in Colombia pending further proceedings. 

    A federal grand jury in Houston returned the superseding indictment April 8. 

    According to the allegations, Flores is charged with one count of conspiring to provide material support to TdA in the form of personnel (including himself) and services and one count of providing material support to TdA. The indictment also alleges one count of international drug distribution conspiracy based on his involvement in the distribution of five kilograms of cocaine or more, and two substantive counts of international drug distribution.

    The Department of State designated TdA as a foreign terrorist organization and Specially Designated Global Terrorist Feb. 20. 

    According to information presented to the court, Flores is a high-ranking TdA leader in Bogota, Colombia, and is part of the inner circle of senior TdA leadership.

    Flores also allegedly caused the delivery of approximately five kilograms or more of cocaine for international distribution, proceeds that were used to further TdA’s criminal goals. 

    If convicted, he faces a maximum penalty of life in prison and a $10 million fine. 

    The FBI Houston Field Office and DEA conducted the investigation with the assistance of the Houston Police Department, the Harris County Sheriff’s Office, Colombian National Police and the Colombian Attorney General’s Office (Fiscalía General de la Nación). The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of Judicial Attaché in Bogotá, Colombia, provided significant assistance. 

    Assistant U.S. Attorneys Casey N. MacDonald and Anibal J. Alaniz of the SDTX are prosecuting the case along with Deputy Director David C. Smith from the Department of Justice’s Joint Task Force Vulcan (JTFV). 

    JTFV was created in 2019 to eradicate MS-13 and now expanded to target TdA and is comprised of U.S. Attorney’s Offices across the country. Those include SDTX; Southern and Eastern Districts of New York; Northern District of Ohio; Districts of New Jersey, Utah, Massachusetts, Nevada and Alaska; Eastern District of Texas; Southern District of Florida; Eastern District of Virginia; Southern District of California; and the District of Columbia, as well as the Department of Justice’s National Security Division and the Criminal Division. Additionally, the FBI; DEA; U.S. Immigration and Customs Enforcement Homeland Security Investigations; Bureau of Alcohol, Tobacco, Forearms and Explosives; U.S. Marshals Service; and the Federal Bureau of Prisons have been essential law enforcement partners with JTFV.

    This case is also a part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

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

     

    MIL OSI USA News –

  • MIL-OSI: Home BancShares, Inc. Announces Increase in Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., April 23, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.20 per share quarterly cash dividend payable June 4, 2025, to shareholders of record May 14, 2025. This cash dividend represents a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025.

    “After a strong 2024 and a record setting first quarter of 2025, we felt the timing was right for a small increase to reward our shareholders,” said John Allison, Chairman and CEO of HOMB.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:

    Donna Townsell
    Senior Executive Vice President &
    Director of Investor Relations
    (501) 328-4625

    The MIL Network –

  • MIL-OSI: Northfield Bancorp, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024.
      • Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024.
    • NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • DEPOSITS (EXCLUDING BROKERED) INCREASED $133.6 MILLION, OR 13.8% ANNUALIZED, FROM DECEMBER 31, 2024. COST OF DEPOSITS AT MARCH 31, 2025 WAS 1.94% AS COMPARED TO 1.95% AT DECEMBER 31, 2024.
    • LOANS DECLINED BY $30.7 MILLION, OR 3.0% ANNUALIZED, FROM DECEMBER 31, 2024, PRIMARILY DUE TO A DECREASE IN MULTIFAMILY LOANS, PARTIALLY OFFSET BY INCREASES IN HOME EQUITY AND CONSTRUCTION AND LAND LOANS.
    • ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.48% AT MARCH 31, 2025 AND 0.51% AT DECEMBER 31, 2024.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $1.12 BILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $547 MILLION.
    • THE BOARD OF DIRECTORS APPROVED A $10.0 MILLION REPURCHASE PLAN ON APRIL 23, 2025. THE PREVIOUSLY APPROVED $5.0 MILLION PLAN WAS COMPLETED DURING THE CURRENT QUARTER AND THE COMPANY REPURCHASED 440,150 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON MAY 21, 2025, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2025.

    WOODBRIDGE, N.J., April 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to $11.3 million, or $0.27 per diluted share, for the three months ended December 31, 2024, and $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025, compared to the trailing quarter was primarily due to a $3.4 million, or $0.06 per share, gain on sale of property in the trailing quarter. The increase in net income in the current quarter as compared to the first quarter of 2024 was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer stated, “The Northfield team continued to focus on growing our franchise, deploying our strong capital base, and delivering solid financial performance for the quarter.” Mr. Klein commented further, “We remained focused on serving our communities, and the fundamentals of reducing our funding costs and increasing the yield on our interest-earning assets resulting in higher net interest income and net interest margin.” Mr. Klein further stated, “We remain committed to prudently managing our operating expenses, maintaining strong asset quality, and managing our strong capital levels through dividends and stock repurchases.”

    Mr. Klein concluded, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on May 21, 2025 to stockholders of record on May 7, 2025.”

    Results of Operations

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

    Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.

    Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, due to a $2.5 million decrease in interest expense and a $1.4 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the cost of interest-bearing liabilities which decreased by 15 basis points to 2.74% for the three months ended March 31, 2025, from 2.89% for the three months ended March 31, 2024, driven by a 20 basis point decrease in the cost of borrowed funds to 3.67% from 3.87%, partially offset by a two basis point increase in the cost of interest-bearing deposits to 2.51% from 2.49%, due to a higher concentration of certificates of deposit. The decrease in the average balance of interest-bearing liabilities was primarily due to a $413.6 million, or 37.3% decrease in the average balance of borrowed funds, partially offset by a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to a 23 basis point increase in the yield on interest-earning assets, specifically higher yields on mortgage-backed securities, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million.

    Net interest margin increased by 35 basis points to 2.38% for the three months ended March 31, 2025, from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities, coupled with a decrease in the cost of borrowed funds. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

    The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

    Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation.  Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

    The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ending March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and December 31, 2024

    Net income was $7.9 million and $11.3 million for the quarters ended March 31, 2025, and December 31, 2024, respectively. Significant variances from the prior quarter are as follows: a $2.1 million increase in net interest income, a $640,000 increase in the provision for credit losses on loans, a $4.0 million decrease in non-interest income, a $613,000 increase in non-interest expense, and a $246,000 increase in income tax expense.

    Net interest income for the quarter ended March 31, 2025, increased by $2.1 million, or 7.1%, primarily due to a $1.7 million decrease in interest expense and a $370,000 increase in interest income. The decrease in interest expense was primarily due to an 11 basis point decrease in the cost of interest-bearing liabilities to 2.74% for the quarter ended March 31, 2025, from 2.85% for the quarter ended December 31, 2024, and a $7.0 million, or 0.2%, decrease in the average balance of interest-bearing liabilities attributable to an $80.4 million decrease in the average balance of borrowed funds, partially offset by a $73.3 million increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to an 11 basis point increase in the yield on interest-earning assets and a $206,000 increase in the average balance of interest-earning assets primarily due to an increase in the average balance of mortgage-backed securities of $182.4 million, partially offset by decreases in the average balance of interest-earning deposits in financial institutions of $85.2 million, the average balance of other securities of $59.4 million, and the average balance of loans of $37.5 million.

    Net interest margin increased by 20 basis points to 2.38% for the quarter ended March 31, 2025, from 2.18% for the quarter ended December 31, 2024, primarily due to higher yields on loans and mortgage-backed securities coupled with a decrease in the cost of funds. Net interest income for the quarter ended March 31, 2025, included loan prepayment income of $245,000 as compared to $215,000 for the quarter ended December 31, 2024. The Company accreted interest income related to PCD loans of $223,000 for the quarter ended March 31, 2025, as compared to $568,000 for the quarter ended December 31, 2024.

    The provision for credit losses on loans increased by $640,000 to $2.6 million for the quarter ended March 31, 2025, from $1.9 million for the quarter ended December 31, 2024. The increase in the provision for the current quarter was primarily due to an increase in reserves in the commercial and industrial and in multifamily loans related to risk rating downgrades of certain loans in the portfolio, and higher net charge-offs. Net charge-offs were $2.8 million for the quarter ended March 31, 2025, as compared to net charge-offs of $2.0 million for the quarter ended December 31, 2024.

    Non-interest income decreased by $4.0 million, or 56.9%, to $3.0 million for the quarter ended March 31, 2025, from $7.0 million for the quarter ended December 31, 2024. The decrease was primarily due to a $3.4 million gain on sale of property in the quarter ended December 31, 2024. Additionally, there was a $367,000 decrease in gains on sales of trading securities, net, and a $561,000 decrease in other income, primarily due to lower swap fee income. For the quarter ended March 31, 2025, losses on trading securities, net, were $299,000, compared to gains of $68,000 for the quarter ended December 31, 2024. Partially offsetting the decreases was a $362,000 increase in income on bank owned life insurance, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields.

    Non-interest expense increased by $613,000, or 2.9%, to $21.4 million for the quarter ended March 31, 2025, from $20.8 million for the quarter ended December 31, 2024. The increase was primarily due to increases of $280,000 in occupancy expense, related to higher repairs and maintenance costs, $201,000 in data processing costs due to an increase in core system expenses, $310,000 in professional fees primarily due to an increase in outsourced audit services and recruitment fees, and a $158,000 increase in credit loss expense/(benefit) for off-balance sheet exposure. The increase in credit loss/(benefit) for off-balance sheet exposure was due to a provision of $103,000 recorded during the quarter ended March 31, 2025, as compared to a benefit of $55,000 recorded during the quarter ended December 31, 2024. Partially offsetting the decreases was a $283,000 decrease in other expense.

    The Company recorded income tax expense of $2.9 million for the quarter ended March 31, 2025, compared to $2.7 million for the quarter ended December 31, 2024. The effective tax rate for the quarter ended March 31, 2025 was 27.0%, compared to 19.2% for the quarter ended December 31, 2024. The effective tax rate for the quarter ending December 31, 2024, was positively impacted by the revaluation of certain state deferred tax assets.

    Financial Condition

    Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8% and other assets of $4.5 million, or 9.6%.

    Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to decreases in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, and commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.

    As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at March 31, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $223,000 attributable to PCD loans for three months ended March 31, 2025, compared to $426,000 for three months ended March 31, 2024. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Real estate loans:      
    Multifamily $ 2,567,913   $ 2,597,484
    Commercial mortgage   882,600     889,801
    One-to-four family residential mortgage   146,791     150,217
    Home equity and lines of credit   181,354     174,062
    Construction and land   40,284     35,897
    Total real estate loans   3,818,942     3,847,461
    Commercial and industrial loans   162,133     163,425
    Other loans   1,411     2,165
    Total commercial and industrial and other loans   163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,982,486     4,013,051
    PCD loans   9,043     9,173
    Total loans held-for-investment, net $ 3,991,529   $ 4,022,224
     

    The Company’s available-for-sale debt securities portfolio increased by $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

    Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $6.5 million, or 0.2%, to $4.13 billion at March 31, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits which were used as a lower-cost alternative to borrowings in the trailing quarter. Deposits, excluding brokered deposits, increased $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Transaction:      
    Non-interest bearing checking $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,367,219     1,286,154
    Total transaction   2,090,213     1,993,130
    Savings and money market:      
    Savings   899,674     904,163
    Money market   271,566     272,145
    Total savings   1,171,240     1,176,308
    Certificates of deposit:      
    $250,000 and under   602,959     580,940
    Over $250,000   144,255     124,681
    Brokered deposits   123,289     263,418
    Total certificates of deposit   870,503     969,039
    Total deposits $ 4,131,956   $ 4,138,477
     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
           
    Business customers $ 891,545   $ 885,769
    Municipal (governmental) customers $ 929,611   $ 859,319
               

    Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at March 31, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $160,684   3.89%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $635,972   3.83%
     

    Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of March 31, 2025 was 24.3%.

    The Company had the following primary sources of liquidity at March 31, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 89,139
    Corporate bonds(2)   $ 19,323
    Multifamily loans(2)   $ 547,043
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 1,102,759
         

    (1) Excludes $12.5 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At March 31, 2025, the Company and the Bank’s estimated CBLR ratios were 12.08% and 12.62%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Non-accrual loans:      
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 2,565     $ 2,609  
    Commercial mortgage   4,565       4,578  
    Home equity and lines of credit   1,267       1,270  
    Commercial and industrial   4,972       5,807  
    Total non-accrual loans   13,369       14,264  
    Loans delinquent 90 days or more and still accruing:      
    Held-for-investment      
    Real estate loans:      
    Multifamily   —       164  
    One-to-four family residential   878       882  
    Home equity and lines of credit   140       140  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,018       1,186  
    Non-performing loans held-for-sale      
    Commercial mortgage   4,397       4,397  
    Commercial and industrial   500       500  
    Total non-performing loans held-for-sale   4,897       4,897  
    Total non-performing loans   19,284       20,347  
    Total non-performing assets $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.48 %     0.51 %
    Non-performing assets to total assets   0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 6,845     $ 9,336  
     

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 1,296   $ 2,831
    Commercial mortgage   147     78
    One-to-four family residential   2,584     2,407
    Home equity and lines of credit   1,141     1,472
    Commercial and industrial loans   1,674     2,545
    Other loans   3     3
    Total delinquent accruing loans held-for-investment $ 6,845   $ 9,336
     

    The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent Regulated   Balance   % Portfolio Total NY Multifamily Portfolio   Average Balance   Largest Loan   LTV*   Debt Service Coverage Ratio (DSCR)*   30-89 Days Delinquent   Non-Accrual   Special Mention   Substandard
    0   $ 279,630   39.1 %   $ 1,175   $ 16,441   50.6 %   1.48x   $ 580   $ 499   $ —   $ 1,800
    >0-10     4,696   0.6       1,565     2,107   50.9     1.33     —     —     —     —
    >10-20     18,397   2.6       1,415     2,834   48.7     1.40     —     —     —     —
    >20-30     19,268   2.7       2,141     5,449   53.2     1.65     —     —     —     —
    >30-40     14,958   2.1       1,247     3,037   47.8     1.59     —     —     —     —
    >40-50     21,558   3.0       1,268     2,710   46.9     1.77     —     —     —     —
    >50-60     9,298   1.3       1,550     2,313   39.4     1.80     —     —     —     —
    >60-70     20,765   2.9       2,966     11,181   53.4     1.51     —     —     —     —
    >70-80     22,158   3.1       2,462     4,874   47.5     1.43     —     —     —     —
    >80-90     20,516   2.9       1,140     3,124   46.1     1.64     —     —     1,124     —
    >90-100     284,164   39.7       1,733     16,698   51.6     1.60     665     2,067     3,630     4,389
    Total   $ 715,408   100.0 %   $ 1,442   $ 16,698   50.6 %   1.55x   $ 1,245   $ 2,566   $ 4,754   $ 6,189
     

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,944   51.2 %   1.60x
    Kings     184,545   50.5 %   1.57
    Nassau     2,155   35.8 %   1.88
    New York     48,838   46.3 %   1.61
    Queens     37,633   44.3 %   1.69
    Richmond     32,258   60.1 %   1.41
    Westchester     13,405   58.7 %   1.78
    Total   $ 435,778   50.6 %   1.59x
                 

    * Weighted Average

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

    Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, fluctuations in real estate values and both residential and commercial real estate market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments  and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    (Tables follow)

    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
      At or For the Three Months Ended
      March 31,   December 31
      2025   2024   2024
    Selected Financial Ratios:          
    Performance Ratios (1)          
    Return on assets (ratio of net income to average total assets) 0.56 %   0.43 %   0.79 %
    Return on equity (ratio of net income to average equity) 4.52     3.59     6.40  
    Average equity to average total assets 12.43     12.04     12.28  
    Interest rate spread 1.76     1.39     1.54  
    Net interest margin 2.38     2.03     2.18  
    Efficiency ratio (2) 61.57     71.43     56.75  
    Non-interest expense to average total assets 1.53     1.55     1.46  
    Non-interest expense to average total interest-earning assets 1.61     1.63     1.53  
    Average interest-earning assets to average interest-bearing liabilities 129.42     128.66     129.20  
    Asset Quality Ratios:          
    Non-performing assets to total assets 0.34     0.29     0.36  
    Non-performing loans (3) to total loans (4) 0.48     0.41     0.51  
    Allowance for credit losses to non-performing loans (5) 242.73     214.83     227.72  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.87     0.89     0.87  
     

    (1) Annualized where appropriate.
    (2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4) Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5) Excludes loans held-for-sale.
    (6) Includes originated loans held-for-investment, PCD loans, and acquired loans.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      March 31, 2025   December 31, 2024
    ASSETS:      
    Cash and due from banks $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   89,139       154,701  
    Total cash and cash equivalents   101,662       167,744  
    Trading securities   13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,883       9,303  
    Equity securities   10,855       14,261  
    Loans held-for-sale   4,897       4,897  
    Loans held-for-investment, net   3,991,529       4,022,224  
    Allowance for credit losses   (34,921 )     (35,183 )
    Net loans held-for-investment   3,956,608       3,987,041  
    Accrued interest receivable   19,648       19,078  
    Bank-owned life insurance   177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   38,350       35,894  
    Operating lease right-of-use assets   27,345       27,771  
    Premises and equipment, net   21,431       21,985  
    Goodwill   41,012       41,012  
    Other assets   42,435       46,932  
    Total assets $ 5,710,000     $ 5,666,378  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    LIABILITIES:      
    Deposits $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   709,159       666,402  
    Subordinated debentures, net of issuance costs   61,498       61,442  
    Lease liabilities   31,630       32,209  
    Advance payments by borrowers for taxes and insurance   29,270       24,057  
    Accrued expenses and other liabilities   35,338       39,095  
    Total liabilities   4,998,851       4,961,682  
           
    STOCKHOLDERS’ EQUITY:      
    Total stockholders’ equity   711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,710,000     $ 5,666,378  
           
    Total shares outstanding   42,676,274       42,903,598  
    Tangible book value per share(1) $ 15.70     $ 15.46  
     

    (1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $57 and $69 at March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended
      March 31,   December 31,
        2025       2024     2024  
    Interest income:          
    Loans $ 45,283     $ 46,047   $ 45,902  
    Mortgage-backed securities   12,009       4,398     9,160  
    Other securities   797       3,841     1,428  
    Federal Home Loan Bank of New York dividends   862       970     885  
    Deposits in other financial institutions   1,141       3,392     2,347  
    Total interest income   60,092       58,648     59,722  
    Interest expense:          
    Deposits   21,191       19,273     22,031  
    Borrowings   6,291       10,663     7,169  
    Subordinated debt   819       828     837  
    Total interest expense   28,301       30,764     30,037  
    Net interest income   31,791       27,884     29,685  
    Provision for credit losses   2,582       415     1,942  
    Net interest income after provision for credit losses   29,209       27,469     27,743  
    Non-interest income:          
    Fees and service charges for customer services   1,620       1,615     1,634  
    Income on bank-owned life insurance   1,639       964     1,277  
    (Losses)/gains on trading securities, net   (299 )     699     68  
    Gain on sale of property   —       —     3,402  
    Other   62       103     623  
    Total non-interest income   3,022       3,381     7,004  
    Non-interest expense:          
    Compensation and employee benefits   11,775       12,765     11,761  
    Occupancy   3,533       3,553     3,253  
    Furniture and equipment   414       484     436  
    Data processing   2,122       2,147     1,921  
    Professional fees   1,072       809     762  
    Advertising   250       518     287  
    Federal Deposit Insurance Corporation insurance   617       588     625  
    Credit loss expense/(benefit) for off-balance sheet exposures   103       83     (55 )
    Other   1,549       1,385     1,832  
    Total non-interest expense   21,435       22,332     20,822  
    Income before income tax expense   10,796       8,518     13,925  
    Income tax expense   2,920       2,304     2,674  
    Net income $ 7,876     $ 6,214   $ 11,251  
    Net income per common share:          
    Basic $ 0.19     $ 0.15   $ 0.28  
    Diluted $ 0.19     $ 0.15   $ 0.27  
    Basic average shares outstanding   40,864,529       42,367,243     40,889,355  
    Diluted average shares outstanding   40,922,829       42,408,953     41,029,275  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)
    Interest-earning assets:                                  
    Loans(2) $ 4,007,266   $ 45,283   4.58 %   $ 4,044,787   $ 45,902   4.51 %   $ 4,174,668   $ 46,047   4.44 %
    Mortgage-backed securities(3)   1,132,715     12,009   4.30       950,309     9,160   3.83       648,811     4,398   2.73  
    Other securities(3)   118,082     797   2.74       177,462     1,428   3.20       391,980     3,841   3.94  
    Federal Home Loan Bank of New York stock   36,929     862   9.47       37,065     885   9.50       39,599     970   9.85  
    Interest-earning deposits in financial institutions   118,983     1,141   3.89       204,146     2,347   4.57       262,884     3,392   5.19  
    Total interest-earning assets   5,413,975     60,092   4.50       5,413,769     59,722   4.39       5,517,942     58,648   4.27  
    Non-interest-earning assets   277,586             277,067             266,428        
    Total assets $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,502,664   $ 12,148   1.97 %   $ 2,424,370   $ 11,997   1.97 %   $ 2,464,297   $ 12,331   2.01 %
    Certificates of deposit   923,713     9,043   3.97       928,658     10,034   4.30       654,328     6,942   4.27  
    Total interest-bearing deposits   3,426,377     21,191   2.51       3,353,028     22,031   2.61       3,118,625     19,273   2.49  
    Borrowed funds   695,281     6,291   3.67       775,722     7,169   3.68       1,108,880     10,663   3.87  
    Subordinated debt   61,461     819   5.40       61,406     837   5.42       61,239     828   5.44  
    Total interest-bearing liabilities   4,183,119     28,301   2.74       4,190,156     30,037   2.85       4,288,744     30,764   2.89  
    Non-interest bearing deposits   706,217             703,886             699,640        
    Accrued expenses and other liabilities   94,819             97,918             99,594        
    Total liabilities   4,984,155             4,991,960             5,087,978        
    Stockholders’ equity   707,406             698,876             696,392        
    Total liabilities and stockholders’ equity $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Net interest income     $ 31,791           $ 29,685           $ 27,884    
    Net interest rate spread(4)         1.76 %           1.54 %           1.39 %
    Net interest-earning assets(5) $ 1,230,856           $ 1,223,613           $ 1,229,198        
    Net interest margin(6)         2.38 %           2.18 %           2.03 %
    Average interest-earning assets to interest-bearing liabilities         129.42 %           129.20 %           128.66 %
     

    (1) Average yields and rates are annualized.
    (2) Includes non-accruing loans.
    (3) Securities available-for-sale and other securities are reported at amortized cost.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6) Net interest margin represents net interest income divided by average total interest-earning assets.

    The MIL Network –

  • MIL-OSI Russia: Extended Board of the Ministry of Finance.

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Mikhail Mishustin took part in a board meeting dedicated to summing up the work of the Ministry of Finance and setting goals for the future.

    Before the meeting, the Prime Minister toured the National Centre “Russia” and familiarised himself with the exhibition “Journey across Russia”.

    From the transcript:

    M. Mishustin: Dear Anton Germanovich! Dear colleagues!

    I am glad to welcome you all to this hall.

    We have just visited the National Centre “Russia” and the interactive exhibition “Journey across Russia”. It is a logical continuation of the large-scale exhibition that was recently held at VDNKh on the instructions of the President and received more than 18 million visitors, including from abroad. The most important achievements of the country, all our regions, aroused great interest among the guests. And we really have something to be proud of. Thousands of different events were held there. Now its continuation has become the new National Centre, which will work here permanently.

    This site is widely represented – we saw it today – by the cultural and natural assets of our federal districts. There is also room for technologies, innovations, achievements that the country has achieved over the past decades.

    Such exhibitions help visitors – and, importantly, young people – understand the scale and power of the state. Its potential and the opportunities that every citizen of our country, regions and businesses have. Guests will discover new names, goods and services, technological innovations that are produced in our regions. And all of this can be seen right here, in the center of the capital.

    Important state and public events for young people and the older generation, for volunteers and entrepreneurs, cultural figures, and innovators are already taking place here.

    To be continued…

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

    MIL OSI Russia News –

  • MIL-OSI Security: High-Ranking Tren de Aragua Member in Custody on Terrorism and International Drug Distribution Charges

    Source: Office of United States Attorneys

    A five-count superseding indictment has been unsealed today charging a Venezuelan national and alleged high-ranking member of the designated foreign terrorist organization Tren de Aragua (TdA).  

    Jose Enrique Martinez Flores also known as “Chuqui,” 24, is charged in the Southern District of Texas (SDTX) with conspiring to provide and providing material support to a designated foreign terrorist organization as well as conspiracy and distribution of cocaine in Colombia intended for distribution in the United States.

    “TdA is not a street gang – it is a highly structured terrorist organization that put down roots in our country during the prior administration,” said Attorney General Pamela Bondi. “Today’s charges represent an inflection point in how this Department of Justice will prosecute and ultimately dismantle this evil organization, which has destroyed American families and poisoned our communities.”

    “For the past few years, foreign gangs like TdA have more or less been able to enter the country with impunity, coming here to distribute deadly drugs and terrorize American citizens,” said U.S. Attorney Nicholas J. Ganjei for the SDTX. “That ends now. This Department of Justice is committed to uprooting this terrorist gang, dismantling its criminal operations, and either imprisoning its members or removing them from the country. SDTX is proud to lead this fight.”

    “TdA is a direct threat to our national security, to our communities, and to Americans,” said FBI Director Kash Patel. “Together with our law enforcement partners, the FBI continues in our pursuit to eliminate this violent terrorist organization from our streets, and today’s announcement makes it clear that these criminals, especially the leaders of these cartels, have no place in our country.”

    “This joint Drug Enforcement Administration (DEA)-FBI operation — alongside partners in the United States and Colombia — is further evidence that we must continue to focus our efforts on members of TdA who continue to pump poison into our communities,” said DEA Acting Administrator Derek Maltz. “This is another example of DEA’s tenacity to hunt these networks down, wherever they operate, and crush their evil grip on American lives.”

    Colombian authorities arrested Flores in Colombia March 31 pursuant to a provisional arrest warrant the United States had requested. He remains in custody in Colombia pending further proceedings. 

    A federal grand jury in Houston returned the superseding indictment April 8. 

    According to the allegations, Flores is charged with one count of conspiring to provide material support to TdA in the form of personnel (including himself) and services and one count of providing material support to TdA. The indictment also alleges one count of international drug distribution conspiracy based on his involvement in the distribution of five kilograms of cocaine or more, and two substantive counts of international drug distribution.

    The Department of State designated TdA as a foreign terrorist organization and Specially Designated Global Terrorist Feb. 20. 

    According to information presented to the court, Flores is a high-ranking TdA leader in Bogota, Colombia, and is part of the inner circle of senior TdA leadership.

    Flores also allegedly caused the delivery of approximately five kilograms or more of cocaine for international distribution, proceeds that were used to further TdA’s criminal goals. 

    If convicted, he faces a maximum penalty of life in prison and a $10 million fine. 

    The FBI Houston Field Office and DEA conducted the investigation with the assistance of the Houston Police Department, the Harris County Sheriff’s Office, Colombian National Police and the Colombian Attorney General’s Office (Fiscalía General de la Nación). The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of Judicial Attaché in Bogotá, Colombia, provided significant assistance. 

    Assistant U.S. Attorneys Casey N. MacDonald and Anibal J. Alaniz of the SDTX are prosecuting the case along with Deputy Director David C. Smith from the Department of Justice’s Joint Task Force Vulcan (JTFV). 

    JTFV was created in 2019 to eradicate MS-13 and now expanded to target TdA and is comprised of U.S. Attorney’s Offices across the country. Those include SDTX; Southern and Eastern Districts of New York; Northern District of Ohio; Districts of New Jersey, Utah, Massachusetts, Nevada and Alaska; Eastern District of Texas; Southern District of Florida; Eastern District of Virginia; Southern District of California; and the District of Columbia, as well as the Department of Justice’s National Security Division and the Criminal Division. Additionally, the FBI; DEA; U.S. Immigration and Customs Enforcement Homeland Security Investigations; Bureau of Alcohol, Tobacco, Forearms and Explosives; U.S. Marshals Service; and the Federal Bureau of Prisons have been essential law enforcement partners with JTFV.

    This case is also a part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    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 Security: Pontiac Man Pleads Guilty in $4M Identity Theft and Unemployment Fraud Case

    Source: Office of United States Attorneys

    DETROIT – A Pontiac man has pleaded guilty to committing aggravated identity theft and wire fraud as part of large-scale, multi-state Unemployment Insurance benefit fraud scheme in which he and co-conspirators fraudulently obtained debit cards loaded with more than $4 million in Pandemic Unemployment Assistance funds, Acting United States Attorney Julie A. Beck announced today.

    Joining in the announcement were Megan Howell, Acting Special Agent-in-Charge, Chicago Region, U.S. Department of Labor, Office of Inspector General, Special Agent-in-Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division, Charles Miller, Special Agent-in-Charge, Internal Revenue Service – Criminal Investigations, Douglas Zloto, Special Agent-in-Charge, U.S. Secret Service, Sean McStravick, Acting Inspector-in-Charge, U.S. Postal Service, Office of Inspector General, and Director Jason Palmer, State of Michigan Unemployment Insurance Agency.

    Terrance Calhoun, Jr., 36, of Pontiac, Michigan, pleaded guilty to committing aggravated identity theft, wire fraud, conspiracy to commit wire fraud, and to possessing 15 or more unauthorized access devices, all in relation to acts of unemployment insurance fraud.

    According to his plea agreement, Calhoun Jr., and others, used stolen personal identification and filed hundreds of false unemployment claims with state unemployment insurance agencies in Michigan, Arizona, and Maryland over a six-month period in the names of other individuals without their knowledge or consent. Those false claims resulted in hundreds of debit cards loaded with over $4 million in unemployment insurance funds being mailed to addresses controlled by Calhoun Jr. and his co-conspirators. Roughly $1.6 million dollars in purchases and cash withdrawals were then successfully made from the cards.

    As described within a prior complaint, when agents executed search warrants at the principal mailing addresses used for the fraudulent unemployment insurance benefit claims, including the residence of Calhoun Jr., agents seized numerous documents containing the personal identification information of other individuals, multiple debit cards in the names of numerous other individuals, and firearms.

    Calhoun now faces a possible sentence of up to 20-years’ imprisonment for each of the wire fraud counts to which he has pleaded guilty, a possible sentence of up to 10-years’ imprisonment for possessing 15 or more unauthorized access devices, and a mandatorily consecutive 2-year sentence for the aggravated identity theft charge to which he has pleaded guilty.

    Sentencing is set for August 27, 2025 before United States District Court Judge Judith E. Levy.

    “Taxpayer money diverted into the pockets of criminals means less money going to Michiganders who actually need help getting through difficult financial times and who follow the rules when seeking assistance,” said Acting US Attorney Beck.  “These charges reflect our office’s ongoing commitment to the community by investigating such schemes and bringing those who commit these crimes to justice.”

    “Terrance Calhoun Jr and his co-conspirators engaged in a scheme to defraud state workforce agencies in Michigan, Arizona, and Maryland by filing hundreds of fraudulent unemployment insurance (UI) claims.  As a result, Calhoun enriched himself by stealing taxpayer resources intended for unemployed American workers.  We will continue to work with our law enforcement partners to protect the integrity of the UI program from those who seek to exploit it,” said Megan Howell, Acting Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “Individuals who commit identity theft and unemployment insurance fraud of this magnitude deserve to be punished to the fullest extent of the law,” said Charles Miller, Special Agent in Charge, Detroit Field Office, IRS Criminal Investigation (IRS-CI).  “Terrance Calhoun, Jr. and Jermaine Arnett demonstrated a blatant disregard of the integrity of the multiple states’ unemployment insurance systems and caused immeasurable hardship to innocent victims. IRS-CI remains committed to the pursuit of identity theft and financial fraud, and together with our partners at the U.S. Attorney’s Office, we will hold those who engage in similar crimes accountable.”

    “The FBI in Michigan, alongside our law enforcement partners, remains steadfast in protecting the community and investigating individuals who violate federal law,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “Today’s guilty plea by Terrance Calhoun, whose involvement in a multi-state fraud scheme, is a clear reminder that bad actors will be stopped, and we will ensure integrity will prevail.”

    The case was jointly investigated by agents from the Department of Labor Office of the Inspector General, the Internal Revenue Service – Criminal Investigations Division, the Federal Bureau of Investigation, the Bureau of Immigration and Customs Enforcement, the United States Secret Service, the United States Postal Service Office of the Inspector General, and the State of Michigan -Unemployment Insurance Agency. The case is being prosecuted by Assistant United States Attorneys Carl D. Gilmer-Hill and Jessica A. Nathan.

    MIL Security OSI –

  • MIL-OSI: Beneficient Reminds Stockholders to Vote on Proxy Proposals Ahead of the Company’s Annual Meeting on April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 23, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben,” or the “Company”), a technology-enabled platform providing exit opportunities, primary capital solutions, and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, reminds stockholders to vote on proxy proposals before the upcoming Annual Meeting of Stockholders at 9:00 a.m. Central Time on April 30, 2025.

    Stockholders who have not yet voted are encouraged to do so by 11:59 p.m. Central Time on April 29, 2025. Votes can be cast online at https://www.cstproxyvote.com, by telephone at 1 (866) 894-0536, or by mailing a completed proxy card to the Corporate Secretary at Beneficient, 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.

    The Annual Meeting will be held virtually at https://www.cstproxy.com/beneficient/2025.

    The Company continues to solicit proxies for the proposals outlined in its proxy statement. Proxies already submitted will be counted at the meeting unless revoked. Stockholders who have already voted do not need to take further action unless they wish to change their vote.

    PLEASE VOTE. YOUR VOTE COUNTS TOWARDS THE QUORUM REQUIREMENT TO HOLD THE ANNUAL MEETING. THE COMPANY CANNOT HOLD THE ANNUAL MEETING IF THE QUORUM REQUIREMENT IS NOT MET.

    The Board of Directors recommends that stockholders vote in favor of all proposals, believing they are in the best interests of the Company and its stockholders.

    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    Additional Information and where to find it

    The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com. 

    Contact

    investors@beneficient.com

    The MIL Network –

  • MIL-OSI USA: Shapiro Administration and Local Partners in Lancaster County Celebrate Stream Restoration Investments to Little Conestoga Creek

    Source: US State of Pennsylvania

    April 23, 2025 – Lancaster, PA

    Shapiro Administration and Local Partners in Lancaster County Celebrate Stream Restoration Investments to Little Conestoga Creek

    Pennsylvania Department of Environmental Protection (DEP) Acting Secretary Jessica Shirley and members of the Lancaster Clean Water Partners gathered at the Blue Green Connector Project today to celebrate stream and floodplain restoration investments on Little Conestoga Creek, including more than $4 million in state funds, through the ongoing work of an innovative partnership led by the Little Conestoga Creek Foundation and Steinman Foundation.

    The Blue Green Connector in Lancaster County is a prime example of how sustained investments through programs like Growing Greener are restoring watersheds, reducing pollution, and increasing outdoor recreational opportunities across Pennsylvania’s share of the Chesapeake Bay Watershed. Acting Secretary Jessica Shirley and project partners offered remarks and toured a stream restoration site as part of DEP’s Earth Week events.

    “DEP is proud to be part of the ongoing effort to restore Little Conestoga Creek, reduce pollution, improve flood resiliency, and create the Blue Green Connector. This project will provide environmental education in a recreational setting, strengthening the community’s connection to nature,” said Acting DEP Secretary Jessica Shirley. “Children who have meaningful environmental experiences become better stewards of our natural resources as adults, so it was fitting to visit this project serving an Environmental Justice area as we celebrate Earth Week.”

    Speakers Include:
    Shane Zimmerman – CEO of The Steinman Foundation
    Allyson Gibson – Executive Director of Clean Water Partners
    Jessica Shirley – Acting Secretary of Department of Environmental Protection (DEP)

    MIL OSI USA News –

  • MIL-OSI USA: ERIE – Governor Shapiro to Visit Erie Fire Department to Discuss Proposed Investments to Support Firefighters

    Source: US State of Pennsylvania

    April 24, 2025 – Erie, PA

    ADVISORY – ERIE – Governor Shapiro to Visit Erie Fire Department to Discuss Proposed Investments to Support Firefighters

    Governor Josh Shapiro will visit Erie Fire Department to discuss his Administration’s commitment to investing in and supporting Pennsylvania’s first responders and firefighters – outlining key proposals in his 2025-26 proposed budget aimed at strengthening fire companies throughout the Commonwealth, including a new $30 million grant program to help fire companies purchase life-saving equipment, recruit and retain firefighters, and meet their unique needs.

    As the Governor and his family witnessed firsthand, Pennsylvania’s professional and volunteer firefighters continue their heroic efforts to respond to crises – running towards danger to keep people safe.

    WHO:
    Governor Josh Shapiro
    Mayor Joe Schember
    Chief Leonard Trott, Erie Bureau of Fire
    Bob Brooks, President of the Pennsylvania Professional Fire Fighters Association

    WHEN:
    Thursday, April 24, 2025 at 11:30 AM
    *Press conference and livestream will begin after a tour of the fire department.

    WHERE:
    Erie Fire Department
    208 W. 12th Street,
    Erie, PA 16501

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: PITTSBURGH – Shapiro Administration Highlights $2.4 Million Youth Workforce Investment During Roundtable with Boys & Girls Club of Western PA

    Source: US State of Pennsylvania

    April 24, 2025 – McKeesport, PA

    ADVISORY – PITTSBURGH – Shapiro Administration Highlights $2.4 Million Youth Workforce Investment During Roundtable with Boys & Girls Club of Western PA

    Department of Labor & Industry Secretary Nancy A. Walker will highlight the Shapiro Administration’s $2.4 million investment in the Schools-to-Work Program to expand career pathways for high school students across the Commonwealth during a visit to the Boys & Girls Club of Western Pennsylvania’s Teen Center in McKeesport for a roundtable discussion with students, legislators, employers, and community partners.

    One of the programs launching with a $250,000 investment is Cybersecure Pittsburgh, a new Schools-to-Work initiative led by Partner4Work. In partnership with Boys & Girls Club, Urban Pathways Charter School, and Phase 4 Learning Center, this pre-apprenticeship program will help high school juniors and seniors explore tech careers through classroom instruction, hands-on learning, and industry-recognized credentials.

    WHEN:
    Thursday, April 24, at 4:00 PM

    WHERE:
    The Club Teen Center, McKeesport is located at 1305 Fifth Ave, McKeesport PA 15132

    RSVP:
     Media interested in attending should RSVP to dlipress@pa.gov with the names and phone numbers for each member of their team.

    MIL OSI USA News –

  • MIL-OSI Security: Randolph County Man Sentenced for Methamphetamine Trafficking

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – William Durnal, 60, of Elkins, West Virginia, was sentenced today to 100 months in federal prison for methamphetamine possession and distribution.

    According to court documents and statements made in court, Durnal was part of a drug trafficking organization that was distributing large amounts of methamphetamine, fentanyl, and cocaine in Morgantown, West Virginia. A search of his home recovered hundreds of grams of methamphetamine. Durnal has a criminal history that includes theft, forgery, burglary, battery, and passing counterfeit money.

    Durnal will serve three years of supervised release following his prison sentence.

    Assistant U.S. Attorney Zelda Wesley and Stephen Warner prosecuted the case on behalf of the government.

    Investigative agencies include the Mon Metro Drug Task Force and the Mountain Region Task Force, both HIDTA-funded initiatives.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI: CVB Financial Corp. Reports Earnings for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025

    • Net Earnings of $51.1 million, or $0.36 per share
    • Return on Average Assets of 1.37%
    • Return on Average Tangible Common Equity of 14.51%
    • Net Interest Margin of 3.31%

    ONTARIO, CA, April 23, 2025 (GLOBE NEWSWIRE) — CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025.

    CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million for the fourth quarter of 2024 and $48.6 million for the first quarter of 2024. Diluted earnings per share were $0.36 for the first quarter, compared to $0.36 for the prior quarter and $0.35 for the same period last year.

    For the first quarter of 2025, annualized return on average equity (“ROAE”) was 9.31%, annualized return on average tangible common equity (“ROATCE”) was 14.51%, and an annualized return on average assets (“ROAA”) was 1.37%.

    David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”

    Highlights for the First Quarter of 2025

    • Pretax income was $69.5 million, up $1.5 million or 2%, from the prior quarter
    • Efficiency ratio of 46.7%
    • Net gain of $2.2 million on sale of $19.3 million of OREO assets
    • Net interest margin of 3.31%, increased by 13 basis points compared to the fourth quarter of 2024
    • Cost of funds decreased to 1.04% from 1.13% in the fourth quarter of 2024
    • Noninterest bearing deposits grew by $147 million from the end of 2024
    • Dairy and Livestock loans decreased by $168 million or 44% from the end of 2024
    • Net Recoveries of $130,000 and $2 million recapture of credit losses
    • TCE Ratio of 10.0% & CET1 Ratio of 16.5%

    INCOME STATEMENT HIGHLIGHTS

      Three Months Ended  
      March 31, 2025
    		   December 31, 2024
    		   March 31, 2024
    		  
      (Dollars in thousands, except per share amounts)  
    Net interest income $ 110,444     $ 110,418     $ 112,461    
    Recapure of (provision for) credit losses   2,000       3,000       –    
    Noninterest income   16,229       13,103       14,113    
    Noninterest expense   (59,144 )     (58,480 )     (59,771 )  
    Income taxes   (18,425 )     (17,183 )     (18,204 )  
    Net earnings $ 51,104     $ 50,858     $ 48,599    
    Earnings per common share:            
    Basic $ 0.37     $ 0.36     $ 0.35    
    Diluted $ 0.36     $ 0.36     $ 0.35    
                 
    NIM   3.31 %     3.18 %     3.10 %  
    ROAA   1.37 %     1.30 %     1.21 %  
    ROAE   9.31 %     9.14 %     9.31 %  
    ROATCE   14.51 %     14.31 %     15.13 %  
    Efficiency ratio   46.69 %     47.34 %     47.22 %  
                 

    Net Interest Income
    Net interest income was $110.4 million for the first quarter of 2025, essentially equal to the fourth quarter of 2024, and a $2.02 million, or 1.79%, decrease from the first quarter of 2024. Compared to the prior quarter, net interest income in the first quarter of 2025 was impacted by a 13-basis point increase in net interest margin that was offset by a $405.6 million decline in earning assets.

    The decline in net interest income of $2 million compared to the first quarter of 2024 was the net result of a $1.09 billion decline in earning assets partially offset by a 21-basis point increase in net interest margin. The decrease in earning assets was primarily due to the deleveraging strategy deployed in the second half of 2024, which resulted in the Company’s borrowings declining by $1.48 billion.

    Net Interest Margin
    Our tax equivalent net interest margin was 3.31% for the first quarter of 2025, compared to 3.18% for the fourth quarter of 2024 and 3.10% for the first quarter of 2024. The 13 basis points increase in our net interest margin compared to the fourth quarter of 2024, was the combined result of a four-basis point increase in our interest-earning assets and a nine-basis point decrease in our cost of funds, including a seven-basis point decrease in cost of deposits. The four-basis point increase in our interest-earning asset yield was primarily due to a seven-basis point increase in loan yields and a five-basis points increase in investment securities yields. We experienced an increase in yields on investments in the first quarter of 2025, as a result of the sale of lower-yielding available-for-sale (“AFS”) securities and the purchase of higher-yielding AFS securities during the fourth quarter of 2024. However, this increase in investment yields was partially offset by a decrease during the first quarter of 2025 in the positive carry on our fair value hedging instruments that pay a fixed interest rate while receiving daily SOFR.

    Net interest margin for the first quarter of 2025 increased by 21-basis points compared to the first quarter of 2024, primarily as a result of 27-basis point decrease in cost of funds from 1.31% for the first quarter of 2024 to 1.04% for the first quarter of 2025. The decrease in cost of funds was primarily due to a $1.48 billion decline in borrowings, which had an average cost of 4.76% in the first quarter of 2024. For the first quarter of 2025, the Company had average borrowings of $513 million at a cost of 4.61% and average deposits and customer repos of $12.19 billion at a cost of .87%, which compares to the first quarter of 2024 in which borrowings averaged $2 billion at a cost of 4.76% and average deposits and customer repos of $11.95 billion at a cost of .73%. The decrease in cost of funds was offset by lower interest earning asset yields that declined by 6 basis points from 4.34% in the first quarter of 2024 to 4.28% in the first quarter of 2025. The lower earning asset yields included lower loan yields, which declined from 5.30% for the first quarter of 2024 to 5.22% for the first quarter of 2025.

    Earning Assets and Deposits
    On average, earning assets decreased by $405.6 million compared to the fourth quarter of 2024 and declined by $1.09 billion when compared to the first quarter of 2024. The decline in earning assets from the fourth quarter of 2024 was primarily a $323 million decrease in funds held at the Federal Reserve, as well as a $55 million average decline in outstanding loans. Compared to the first quarter of 2024, the average balance of outstanding loans was $357 million lower, investment securities decreased by $449.0 million and the average amount of funds held at the Federal Reserve decreased by $272.0 million. Noninterest-bearing deposits declined on average by $109.7 million, or 1.54%, from the fourth quarter of 2024 and interest-bearing deposits and customer repurchase agreements declined on average by $270.9 million. Compared to the first quarter of 2024, total deposits and customer repurchase agreements increased on average by $243.9 million, or 2.04%, including an increase of $420.2 million in interest-bearing deposits and customer repurchase agreements. On average, noninterest-bearing deposits were 59.01% of total deposits during the most recent quarter, compared to 58.74% for the fourth quarter of 2024 and 61.72% for the first quarter of 2024.

        Three Months Ended  
    SELECTED FINANCIAL HIGHLIGHTS March 31, 2025   December 31, 2024   March 31, 2024  
        (Dollars in thousands)  
    Yield on average investment securities (TE)   2.63%       2.58%       2.64%    
    Yield on average loans   5.22%       5.15%       5.30%    
    Yield on average earning assets (TE)   4.28%       4.24%       4.34%    
    Cost of deposits   0.86%       0.93%       0.74%    
    Cost of funds   1.04%       1.13%       1.31%    
    Net interest margin (TE)   3.31%       3.18%       3.10%    
                               
    Average Earning Asset Mix Avg   % of Total   Avg   % of Total   Avg   % of Total
      Total investment securities $ 4,908,718   36.21 %   $ 4,936,514   35.36 %   $ 5,357,708   36.59 %  
      Interest-earning deposits with other institutions   162,389   1.20 %     485,103   3.47 %     444,101   3.03 %  
      Loans   8,467,465   62.46 %     8,522,587   61.04 %     8,824,579   60.26 %  
      Total interest-earning assets   13,556,584         13,962,216         14,644,400      
                               


    Provision for Credit Losses
    There was a $2.0 million recapture of provision for credit losses in the first quarter of 2025, compared to a $3.0 million recapture of provision for credit losses in the fourth quarter of 2024 and no provision in the first quarter of 2024. Net recoveries for the first quarter of 2025 were $130,000 compared to net recoveries of $180,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at March 31, 2025 and December 31, 2024.

    Noninterest Income
    Noninterest income was $16.2 million for the first quarter of 2025, compared with $13.1 million for the fourth quarter of 2024 and $14.1 million for the first quarter of 2024. During the first quarter of 2025, the Bank sold four OREO properties resulting in a gain of $2.2 million. Income from Bank Owned Life Insurance (“BOLI”) increased in the first quarter of 2025 by $445,000 from the fourth quarter of 2024 and decreased by $762,000 compared to the first quarter of 2024. Compared to the fourth quarter of 2024 and the first quarter of 2024, income from various equity investments increased by $750,000 and $450,000, respectively.

    Noninterest Expense
    Noninterest expense for the first quarter of 2025 was $59.1 million, compared to $58.5 million for the fourth quarter of 2024 and $59.8 million for the first quarter of 2024. The $664,000 quarter-over-quarter increase includes a $500,000 provision for unfunded loan commitments in the first quarter of 2025, compared to no provision or recapture of provision in the first and fourth quarter of 2024. Salaries and employee benefit costs increased $479,000, as the first quarter of each calendar year reflects higher payroll taxes than the fourth quarter of the prior year. Offsetting those quarter-over-quarter increases was a decline in legal expenses of $326,000.

    The year-over-year decrease in noninterest expense of $627,000 was impacted by the higher level of assessment expense in the first quarter of 2024, in which we had an additional accrual of $2.3 million associated with the 2023 FDIC special assessment. The decline in assessment expense was offset by increases in software expenses of $696,000 and occupancy expenses of $433,000, as well as the $500,000 recapture of provision for unfunded loan commitments in the first quarter of 2025. As a percentage of average assets, noninterest expense was 1.58% for the first quarter of 2025, compared to 1.49% for the fourth quarter of 2024 and 1.48% for the first quarter of 2024. The efficiency ratio for the first quarter of 2025 was 46.69%, compared to 47.34% for the fourth quarter of 2024 and 47.22% for the first quarter of 2024.

    Income Taxes
    Our effective tax rate for the quarter ended March 31, 2025 was 26.50%, compared with 25.25% for the fourth quarter of 2024, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

    BALANCE SHEET HIGHLIGHTS

    Assets
    The Company reported total assets of $15.26 billion at March 31, 2025. This represented an increase of $102.9 million, or 0.68%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $290.3 million increase in interest-earning balances due from the Federal Reserve, offset by a $27.6 million decrease in investment securities, and a $170.9 million decrease in net loans.

    Total assets at March 31, 2025 decreased by $1.2 billion, or 7.36%, from total assets of $16.47 billion at March 31, 2024. The decrease in assets was primarily due to a decrease of $476.5 million in interest-earning balances due from the Federal Reserve, a decrease of $397.5 million in investment securities and a $402.5 million decrease in net loans.

    Investment Securities
    Total investment securities were $4.89 billion at March 31, 2025, a decrease of $27.6 million, or 0.56% from December 31, 2024, and a decrease of $397.5 million, or 7.51%, from $5.29 billion at March 31, 2024.  

    At March 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.36 billion, a decrease of $20.5 million, or 0.86% from December 31, 2024, and a decrease of $95.4 million, or 3.89%, from March 31, 2024.

    At March 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.54 billion, inclusive of a pre-tax net unrealized loss of $338.4 million. AFS securities decreased by $7.0 million, or 0.28% from December 31, 2024 and decreased by $302.0 million, or 10.65%, from $2.84 billion at March 31, 2024. The pre-tax unrealized loss decreased by $58.9 million from December 31, 2024 and decreased by $97.2 million from March 31, 2024.

    Loans
    Total loans and leases, at amortized cost, of $8.36 billion at March 31, 2025 decreased by $172.8 million, or 2.02%, from December 31, 2024. The quarter-over quarter decrease in loans included decreases of $16.8 million in commercial real estate loans and $167.8 million in dairy & livestock loans, partially offset by an increase of $17.1 million in commercial and industrial loans.

    Total loans and leases, at amortized cost, decreased by $407.1 million, or 4.64%, from March 31, 2024. The $407.1 million decrease included decreases of $229.9 million in commercial real estate loans, $43.1 million in construction loans, $20.8 million in commercial and industrial loans, $99.1 million in dairy & livestock and agribusiness loans, $6.8 million in municipal lease financings, and $7.0 million in SFR mortgage loans.

    Asset Quality
    During the first quarter of 2025, we experienced credit charge-offs of $40,000 and total recoveries of $170,000, resulting in net recoveries of $130,000. The allowance for credit losses (“ACL”) totaled $78.3 million at March 31, 2025, compared to $80.1 million at December 31, 2024 and $82.8 million at March 31, 2024. At March 31, 2025, ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.94% and 0.94% at December 31, 2024 and March 31, 2024, respectively.

    Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

    Nonperforming Assets and Delinquency Trends March 31, 2025
    		   December 31, 2024
    		   March 31, 2024
    Nonperforming loans   (Dollars in thousands)
    Commercial real estate   $ 24,379     $ 25,866     $ 10,661  
    SBA     1,024       1,529       54  
    Commercial and industrial     173       340       2,727  
    Dairy & livestock and agribusiness     60       60       60  
    SFR mortgage     –       –       308  
    Consumer and other loans     –       –       –  
    Total   $ 25,636     $ 27,795     $ 13,810  
    % of Total loans     0.31 %     0.33 %     0.16 %
    OREO            
    Commercial real estate   $ 495     $ 18,656     $ –  
    Commercial and industrial     –       –       647  
    SFR mortgage     –       647       –  
    Total   $ 495     $ 19,303     $ 647  
                 
    Total nonperforming assets   $ 26,131     $ 47,098     $ 14,457  
    % of Nonperforming assets to total assets     0.17 %     0.31 %     0.09 %
                 
    Past due 30-89 days (accruing)            
    Commercial real estate   $ –     $ –     $ 19,781  
    SBA     718       88       408  
    Commercial and industrial     –       399       6  
    Dairy & livestock and agribusiness     –       –       –  
    SFR mortgage     –       –       –  
    Consumer and other loans     –       –       –  
    Total   $ 718     $ 487     $ 20,195  
    % of Total loans     0.01 %     0.01 %     0.23 %
    Total nonperforming, OREO, and past due   $ 26,849     $ 47,585     $ 34,652  
                 
    Classified Loans   $ 94,169     $ 89,549     $ 103,080  
     

    The $21.0 million decrease in nonperforming assets from December 31, 2024 was primarily due to the sale of $19.3 million of OREO at a net gain of $2.2 million during the first quarter of 2025. Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.6 million quarter-over-quarter, primarily due to increases of $6.5 million in classified dairy and livestock loans.

    Deposits & Customer Repurchase Agreements
    Deposits of $12.0 billion and customer repurchase agreements of $276.2 million totaled $12.27 billion at March 31, 2025. This represented a net increase of $55.8 million compared to December 31, 2024. Total deposits and customer repurchase agreements increased $95.4 million, or .78% when compared to $12.17 billion at March 31, 2024.

    Noninterest-bearing deposits were $7.18 billion at March 31, 2025, an increase of $147.2 million, or 2.09%, when compared to $7.04 billion at December 31, 2024. Noninterest-bearing deposits increased by $71.5 million, or 1.00% when compared to $7.11 billion at March 31, 2024. At March 31, 2025, noninterest-bearing deposits were 59.92% of total deposits, compared to 58.90% at December 31, 2024 and 59.80% at
    March 31, 2024.

    Borrowings
    As of March 31, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.5 billion from March 31, 2024. The $2.0 billion of borrowings at March 31, 2024 consisted of one-year advances from the Federal Reserve’s Bank Term Funding Program, at an average cost of approximately 4.75%, all of which were redeemed before the end of 2024.

    Capital
    The Company’s total equity was $2.23 billion at March 31, 2025. This represented an overall increase of $42.1 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $51.1 million in net earnings and a $34.8 million increase in other comprehensive income that were partially offset by $27.9 million in cash dividends. During the first quarter of 2025, we repurchased, under our stock repurchase plan, 782,063 shares of common stock, at an average repurchase price of $19.55, totaling $15.3 million.   Our tangible book value per share at March 31, 2025 was $10.45.

    Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

            CVB Financial Corp. Consolidated  
    Capital Ratios   Minimum Required Plus Capital Conservation Buffer   March 31, 2025   December 31, 2024   March 31, 2024  
                       
    Tier 1 leverage capital ratio   4.0%   11.8%   11.5%   10.5%  
    Common equity Tier 1 capital ratio   7.0%   16.5%   16.2%   14.9%  
    Tier 1 risk-based capital ratio   8.5%   16.5%   16.2%   14.9%  
    Total risk-based capital ratio   10.5%   17.3%   17.1%   15.8%  
                       
    Tangible common equity ratio       10.0%   9.8%   8.3%  
                       

    CitizensTrust
    As of March 31, 2025 CitizensTrust had approximately $4.7 billion in assets under management and administration, including $3.38 billion in assets under management. Revenues were $3.4 million for the first quarter of 2025, compared to $3.5 million in the fourth quarter of 2024 and $3.2 million for the first quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

    Corporate Overview
    CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

    Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

    Conference Call

    Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 24, 2025, to discuss the Company’s first quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI643a97d119af4b899539fee84f093408

    The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

    Safe Harbor
    Certain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

    General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing.

    Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s 2024 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

    The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

    Contact:
    David A. Brager
    President and Chief Executive Officer
    (909) 980-4030

    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                 
                 
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Assets            
    Cash and due from banks   $ 187,981     $ 153,875     $ 131,955  
    Interest-earning balances due from Federal Reserve     341,108       50,823       817,634  
    Total cash and cash equivalents     529,089       204,698       949,589  
    Interest-earning balances due from depository institutions     3,451       480       12,632  
    Investment securities available-for-sale     2,535,066       2,542,115       2,837,100  
    Investment securities held-to-maturity     2,359,141       2,379,668       2,454,586  
    Total investment securities     4,894,207       4,921,783       5,291,686  
    Investment in stock of Federal Home Loan Bank (FHLB)     18,012       18,012       18,012  
    Loans and lease finance receivables     8,363,632       8,536,432       8,770,713  
    Allowance for credit losses     (78,252 )     (80,122 )     (82,817 )
    Net loans and lease finance receivables     8,285,380       8,456,310       8,687,896  
    Premises and equipment, net     26,772       27,543       43,448  
    Bank owned life insurance (BOLI)     318,301       316,248       310,744  
    Intangibles     8,812       9,967       13,853  
    Goodwill     765,822       765,822       765,822  
    Other assets     406,745       432,792       374,464  
    Total assets   $ 15,256,591     $ 15,153,655     $ 16,468,146  
    Liabilities and Stockholders’ Equity            
    Liabilities:            
    Deposits:            
    Noninterest-bearing   $ 7,184,267     $ 7,037,096     $ 7,112,789  
    Investment checking     533,220       551,305       545,066  
    Savings and money market     3,710,612       3,786,387       3,561,512  
    Time deposits     561,822       573,593       675,554  
    Total deposits     11,989,921       11,948,381       11,894,921  
    Customer repurchase agreements     276,163       261,887       275,720  
    Other borrowings     500,000       500,000       1,995,000  
    Other liabilities     262,088       257,071       215,680  
    Total liabilities     13,028,172       12,967,339       14,381,321  
    Stockholders’ Equity            
    Stockholders’ equity     2,505,719       2,498,380       2,422,110  
    Accumulated other comprehensive loss, net of tax     (277,300 )     (312,064 )     (335,285 )
    Total stockholders’ equity     2,228,419       2,186,316       2,086,825  
    Total liabilities and stockholders’ equity   $ 15,256,591     $ 15,153,655     $ 16,468,146  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                 
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Assets            
    Cash and due from banks   $ 154,328     $ 152,966     $ 162,049  
    Interest-earning balances due from Federal Reserve     161,432       484,038       433,421  
    Total cash and cash equivalents     315,760       637,004       595,470  
    Interest-earning balances due from depository institutions     957       1,065       10,680  
    Investment securities available-for-sale     2,539,211       2,542,649       2,900,097  
    Investment securities held-to-maturity     2,369,507       2,393,865       2,457,611  
    Total investment securities     4,908,718       4,936,514       5,357,708  
    Investment in stock of FHLB     18,012       18,012       18,012  
    Loans and lease finance receivables     8,467,465       8,522,587       8,824,579  
    Allowance for credit losses     (80,113 )     (82,960 )     (85,751 )
    Net loans and lease finance receivables     8,387,352       8,439,627       8,738,828  
    Premises and equipment, net     27,408       29,959       44,380  
    Bank owned life insurance (BOLI)     316,643       316,938       309,609  
    Intangibles     9,518       10,650       14,585  
    Goodwill     765,822       765,822       765,822  
    Other assets     419,116       406,898       350,319  
    Total assets   $ 15,169,306     $ 15,562,489     $ 16,205,413  
    Liabilities and Stockholders’ Equity            
    Liabilities:            
    Deposits:            
    Noninterest-bearing   $ 7,006,357     $ 7,116,050     $ 7,182,718  
    Interest-bearing     4,866,318       4,998,424       4,454,135  
    Total deposits     11,872,675       12,114,474       11,636,853  
    Customer repurchase agreements     317,322       456,145       309,272  
    Other borrowings     513,078       500,000       1,991,978  
    Other liabilities     239,283       278,314       168,442  
    Total liabilities     12,942,358       13,348,933       14,106,545  
    Stockholders’ Equity            
    Stockholders’ equity     2,523,923       2,507,060       2,432,075  
    Accumulated other comprehensive loss, net of tax     (296,975 )     (293,504 )     (333,207 )
    Total stockholders’ equity     2,226,948       2,213,556       2,098,868  
    Total liabilities and stockholders’ equity   $ 15,169,306     $ 15,562,489     $ 16,205,413  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest income:            
    Loans and leases, including fees   $ 109,071     $ 110,277     $ 116,349  
    Investment securities:            
    Investment securities available-for-sale     18,734       18,041       21,446  
    Investment securities held-to-maturity     13,021       13,020       13,402  
    Total investment income     31,755       31,061       34,848  
    Dividends from FHLB stock     379       380       419  
    Interest-earning deposits with other institutions     1,797       5,881       6,073  
    Total interest income     143,002       147,599       157,689  
    Interest expense:            
    Deposits     25,322       28,317       21,366  
    Borrowings and customer repurchase agreements     6,800       8,291       23,862  
    Other     436       573       –  
    Total interest expense     32,558       37,181       45,228  
    Net interest income before (recapture of) provision for credit losses     110,444       110,418       112,461  
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –  
    Net interest income after (recapture of) provision for credit losses     112,444       113,418       112,461  
    Noninterest income:            
    Service charges on deposit accounts     4,908       5,097       5,036  
    Trust and investment services     3,411       3,512       3,224  
    Loss on sale of AFS investment securities     –       (16,735 )     –  
    Gain on OREO, net     2,183       –       –  
    Gain on sale leaseback transactions     –       16,794       –  
    Other     5,727       4,435       5,853  
    Total noninterest income     16,229       13,103       14,113  
    Noninterest expense:           .
    Salaries and employee benefits     36,477       35,998       36,401  
    Occupancy and equipment     5,998       5,866       5,565  
    Professional services     2,081       2,646       2,255  
    Computer software expense     4,221       3,921       3,525  
    Marketing and promotion     1,988       1,757       1,630  
    Amortization of intangible assets     1,155       1,163       1,438  
    Provision for unfunded loan commitments     500       –       –  
    Other     6,724       7,129       8,957  
    Total noninterest expense     59,144       58,480       59,771  
    Earnings before income taxes     69,529       68,041       66,803  
    Income taxes     18,425       17,183       18,204  
    Net earnings   $ 51,104     $ 50,858     $ 48,599  
                 
    Basic earnings per common share   $ 0.37     $ 0.36     $ 0.35  
    Diluted earnings per common share   $ 0.36     $ 0.36     $ 0.35  
    Cash dividends declared per common share   $ 0.20     $ 0.20     $ 0.20  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest income – tax equivalent (TE)   $ 143,525     $ 148,128     $ 158,228  
    Interest expense     32,558       37,181       45,228  
    Net interest income – (TE)   $ 110,967     $ 110,947     $ 113,000  
                 
    Return on average assets, annualized     1.37 %     1.30 %     1.21 %
    Return on average equity, annualized     9.31 %     9.14 %     9.31 %
    Efficiency ratio [1]     46.69 %     47.34 %     47.22 %
    Noninterest expense to average assets, annualized     1.58 %     1.49 %     1.48 %
    Yield on average loans     5.22 %     5.15 %     5.30 %
    Yield on average earning assets (TE)     4.28 %     4.24 %     4.34 %
    Cost of deposits     0.86 %     0.93 %     0.74 %
    Cost of deposits and customer repurchase agreements     0.87 %     0.97 %     0.73 %
    Cost of funds     1.04 %     1.13 %     1.31 %
    Net interest margin (TE)     3.31 %     3.18 %     3.10 %
    [1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
                 
    Tangible Common Equity Ratio (TCE) [2]            
    CVB Financial Corp. Consolidated     10.04 %     9.81 %     8.33 %
    Citizens Business Bank     9.92 %     9.64 %     8.23 %
    [2] (Capital – [GW+Intangibles])/(Total Assets – [GW+Intangibles])
                 
    Weighted average shares outstanding            
    Basic     138,973,996       138,661,665       138,428,596  
    Diluted     139,294,401       139,102,524       138,603,324  
    Dividends declared   $ 27,853     $ 27,978     $ 27,886  
    Dividend payout ratio [3]     54.50 %     55.01 %     57.38 %
    [3] Dividends declared on common stock divided by net earnings.
                 
    Number of shares outstanding – (end of period)     139,089,612       139,689,686       139,641,884  
    Book value per share   $ 16.02     $ 15.65     $ 14.94  
    Tangible book value per share   $ 10.45     $ 10.10     $ 9.36  
                 
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
           
    Nonperforming assets:            
    Nonaccrual loans   $ 25,636     $ 27,795     $ 13,810  
    Other real estate owned (OREO), net     495       19,303       647  
    Total nonperforming assets   $ 26,131     $ 47,098     $ 14,457  
    Modified loans/performing troubled debt restructured loans (TDR) [4]   $ 11,949     $ 6,467     $ 10,765  
                 
    [4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.
                 
    Percentage of nonperforming assets to total loans outstanding and OREO     0.31 %     0.55 %     0.16 %
    Percentage of nonperforming assets to total assets     0.17 %     0.31 %     0.09 %
    Allowance for credit losses to nonperforming assets     299.46 %     170.12 %     572.85 %
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Allowance for credit losses:            
    Beginning balance   $ 80,122     $ 82,942     $ 86,842  
    Total charge-offs     (40 )     (64 )     (4,267 )
    Total recoveries on loans previously charged-off     170       244       242  
    Net recoveries (charge-offs)     130       180       (4,025 )
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –  
    Allowance for credit losses at end of period   $ 78,252     $ 80,122     $ 82,817  
                 
    Net recoveries (charge-offs) to average loans     0.002 %     0.002 %     -0.046 %
                             
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in millions)
                                   
    Allowance for Credit Losses by Loan Type                          
                                   
        March 31, 2025   December 31, 2024   March 31, 2024
        Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		   Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		   Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type
                                   
    Commercial real estate   $ 65.3       1.01 %   $ 66.2       1.02 %   $ 69.4       1.03 %
    Construction     0.2       1.52 %     0.3       1.94 %     1.3       2.20 %
    SBA     2.6       0.96 %     2.6       0.96 %     2.5       0.94 %
    Commercial and industrial     6.1       0.65 %     6.1       0.66 %     5.1       0.53 %
    Dairy & livestock and agribusiness     2.8       1.12 %     3.6       0.86 %     3.3       0.92 %
    Municipal lease finance receivables     0.2       0.32 %     0.2       0.31 %     0.2       0.27 %
    SFR mortgage     0.5       0.16 %     0.5       0.16 %     0.5       0.17 %
    Consumer and other loans     0.6       0.94 %     0.6       1.04 %     0.5       0.97 %
                                   
    Total   $ 78.3       0.94 %   $ 80.1       0.94 %   $ 82.8       0.94 %
                                   
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                             
    Quarterly Common Stock Price
                             
          2025       2024       2023  
    Quarter End   High   Low   High   Low   High   Low
    March 31,   $ 21.71     $ 18.22     $ 20.45     $ 15.95     $ 25.98     $ 16.34  
    June 30,   $ –     $ –     $ 17.91     $ 15.71     $ 16.89     $ 10.66  
    September 30,   $ –     $ –     $ 20.29     $ 16.08     $ 19.66     $ 12.89  
    December 31,   $ –     $ –     $ 24.58     $ 17.20     $ 21.77     $ 14.62  
                             
    Quarterly Consolidated Statements of Earnings
                             
            Q1   Q4   Q3   Q2   Q1
              2025       2024       2024       2024       2024  
    Interest income                        
    Loans and leases, including fees       $ 109,071     $ 110,277     $ 114,929     $ 114,200     $ 116,349  
    Investment securities and other         33,931       37,322       50,823       44,872       41,340  
    Total interest income         143,002       147,599       165,752       159,072       157,689  
    Interest expense                        
    Deposits         25,322       28,317       29,821       25,979       21,366  
    Borrowings and customer repurchase agreements     6,800       8,291       22,312       22,244       23,862  
    Other         436       573       –       –       –  
    Total interest expense         32,558       37,181       52,133       48,223       45,228  
    Net interest income before (recapture of)                    
    provision for credit losses         110,444       110,418       113,619       110,849       112,461  
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –       –       –  
    Net interest income after (recapture of)                    
    provision for credit losses         112,444       113,418       113,619       110,849       112,461  
                             
    Noninterest income         16,229       13,103       12,834       14,424       14,113  
    Noninterest expense         59,144       58,480       58,835       56,497       59,771  
    Earnings before income taxes         69,529       68,041       67,618       68,776       66,803  
    Income taxes         18,425       17,183       16,394       18,741       18,204  
    Net earnings       $ 51,104     $ 50,858     $ 51,224     $ 50,035     $ 48,599  
                             
    Effective tax rate         26.50 %     25.25 %     24.25 %     27.25 %     27.25 %
                             
    Basic earnings per common share       $ 0.37     $ 0.36     $ 0.37     $ 0.36     $ 0.35  
    Diluted earnings per common share     $ 0.36     $ 0.36     $ 0.37     $ 0.36     $ 0.35  
                             
    Cash dividends declared per common share   $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.20  
                             
    Cash dividends declared       $ 27,853     $ 27,978     $ 27,977     $ 28,018     $ 27,886  
                             
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
                         
    Loan Portfolio by Type
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
                         
    Commercial real estate   $ 6,490,604     $ 6,507,452     $ 6,618,637     $ 6,664,925     $ 6,720,538  
    Construction     15,706       16,082       14,755       52,227       58,806  
    SBA     271,844       273,013       272,001       267,938       268,320  
    SBA – PPP     179       774       1,255       1,757       2,249  
    Commercial and industrial     942,301       925,178       936,489       956,184       963,120  
    Dairy & livestock and agribusiness     252,532       419,904       342,445       350,562       351,624  
    Municipal lease finance receivables     65,203       66,114       67,585       70,889       72,032  
    SFR mortgage     269,493       269,172       267,181       267,593       276,475  
    Consumer and other loans     55,770       58,743       52,217       49,771       57,549  
    Gross loans, at amortized cost     8,363,632       8,536,432       8,572,565       8,681,846       8,770,713  
    Allowance for credit losses     (78,252 )     (80,122 )     (82,942 )     (82,786 )     (82,817 )
    Net loans   $ 8,285,380     $ 8,456,310     $ 8,489,623     $ 8,599,060     $ 8,687,896  
                         
                         
                         
    Deposit Composition by Type and Customer Repurchase Agreements
                         
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
                         
    Noninterest-bearing   $ 7,184,267     $ 7,037,096     $ 7,136,824     $ 7,090,095     $ 7,112,789  
    Investment checking     533,220       551,305       504,028       515,930       545,066  
    Savings and money market     3,710,612       3,786,387       3,745,707       3,409,320       3,561,512  
    Time deposits     561,822       573,593       685,930       774,980       675,554  
    Total deposits     11,989,921       11,948,381       12,072,489       11,790,325       11,894,921  
                         
    Customer repurchase agreements     276,163       261,887       394,515       268,826       275,720  
    Total deposits and customer repurchase agreements   $ 12,266,084     $ 12,210,268     $ 12,467,004     $ 12,059,151     $ 12,170,641  
                         
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
                         
    Nonperforming Assets and Delinquency Trends
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
    Nonperforming loans:                    
    Commercial real estate   $ 24,379     $ 25,866     $ 18,794     $ 21,908     $ 10,661  
    Construction     –       –       –       –       –  
    SBA     1,024       1,529       151       337       54  
    Commercial and industrial     173       340       2,825       2,712       2,727  
    Dairy & livestock and agribusiness     60       60       143       –       60  
    SFR mortgage     –       –       –       –       308  
    Consumer and other loans     –       –       –       –       –  
    Total   $ 25,636     $ 27,795     $ 21,913     $ 24,957     $ 13,810  
    % of Total loans     0.31 %     0.33 %     0.26 %     0.29 %     0.16 %
                         
    Past due 30-89 days (accruing):                    
    Commercial real estate   $ –     $ –     $ 30,701     $ 43     $ 19,781  
    Construction     –       –       –       –       –  
    SBA     718       88       –       –       408  
    Commercial and industrial     –       399       64       103       6  
    Dairy & livestock and agribusiness     –       –       –       –       –  
    SFR mortgage     –       –       –       –       –  
    Consumer and other loans     –       –       –       –       –  
    Total   $ 718     $ 487     $ 30,765     $ 146     $ 20,195  
    % of Total loans     0.01 %     0.01 %     0.36 %     0.00 %     0.23 %
                         
    OREO:                    
    Commercial real estate   $ 495     $ 18,656     $ –     $ –     $ –  
    SBA     –       –       –       –       –  
    Commercial and industrial     –       –       –       –       –  
    SFR mortgage     –       647       647       647       647  
    Total   $ 495     $ 19,303     $ 647     $ 647     $ 647  
    Total nonperforming, past due, and OREO   $ 26,849     $ 47,585     $ 53,325     $ 25,750     $ 34,652  
    % of Total loans     0.32 %     0.56 %     0.62 %     0.30 %     0.40 %
     
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
                     
    Regulatory Capital Ratios
                     
                     
                     
            CVB Financial Corp. Consolidated
    Capital Ratios   Minimum Required Plus
    Capital Conservation Buffer    		   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
                     
    Tier 1 leverage capital ratio     4.0 %     11.8 %     11.5 %     10.5 %
    Common equity Tier 1 capital ratio     7.0 %     16.5 %     16.2 %     14.9 %
    Tier 1 risk-based capital ratio     8.5 %     16.5 %     16.2 %     14.9 %
    Total risk-based capital ratio     10.5 %     17.3 %     17.1 %     15.8 %
                     
    Tangible common equity ratio         10.0 %     9.8 %     8.3 %
                     
    Tangible Book Value Reconciliations (Non-GAAP)
                           
    The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of tangible book value to the Company stockholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024 and March 31, 2024.
     
     
        March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		  
        (Dollars in thousands, except per share amounts)
                           
    Stockholders’ equity $ 2,228,419     $ 2,186,316     $ 2,086,825  
    Less: Goodwill   (765,822 )     (765,822 )     (765,822 )
    Less: Intangible assets   (8,812 )     (9,967 )     (13,853 )
    Tangible book value $ 1,453,785     $ 1,410,527     $ 1,307,150  
    Common shares issued and outstanding   139,089,612       139,689,686       139,641,884  
    Tangible book value per share $ 10.45     $ 10.10     $ 9.36  
     
    Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
     
    The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company’s average stockholders’ equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
                             
                             
        Three Months Ended
          March 31,       December 31,       March 31,    
          2025       2024       2024    
        (Dollars in thousands)    
                               
    Net Income   $ 51,104     $ 50,858     $ 48,599    
    Add: Amortization of intangible assets     1,155       1,163       1,438    
    Less: Tax effect of amortization of intangible assets (1)     (341 )     (344 )     (425 )  
    Tangible net income   $ 51,918     $ 51,677     $ 49,612    
                               
    Average stockholders’ equity   $ 2,226,948     $ 2,213,556     $ 2,098,868    
    Less: Average goodwill     (765,822 )     (765,822 )     (765,822 )  
    Less: Average intangible assets     (9,518 )     (10,650 )     (14,585 )  
    Average tangible common equity   $ 1,451,608     $ 1,437,084     $ 1,318,461    
                               
    Return on average equity, annualized (2)     9.31 %     9.14 %     9.31 %  
    Return on average tangible common equity, annualized (2)     14.51 %     14.31 %     15.13 %  
                               
                               
    (1) Tax effected at respective statutory rates.                          
    (2) Annualized where applicable.                          

    The MIL Network –

  • MIL-OSI Canada: Tribunal Initiates Inquiry— Certain carbon or alloy steel wire from China, Chinese Taipei, India, Italy, Malaysia, Portugal, Spain, Thailand, Türkiye and Vietnam

    Source: Government of Canada News (2)

    Ottawa, Ontario, April 23, 2025—The Canadian International Trade Tribunal today initiated a preliminary injury inquiry into a complaint by Sivaco Wire Group 2004 L.P, of Marieville, Quebec and ArcelorMittal Long Products Canada G.P., of Contrecoeur, Quebec, that they have suffered injury as a result of the dumping of certain carbon or alloy steel wire originating in or exported from the People’s Republic of China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, the Republic of India, the Italian Republic, the Federation of Malaysia, the Portuguese Republic, the Kingdom of Spain, the Kingdom of Thailand, the Republic of Türkiye, and the Socialist Republic of Vietnam. The Tribunal’s inquiry is conducted pursuant to the Special Import Measures Act (SIMA) as a result of the initiation of a dumping investigation by the Canada Border Services Agency (CBSA).

    On June 19, 2025, the Tribunal will determine whether there is a reasonable indication that the alleged dumping has caused injury or retardation, or is threatening to cause injury, as these words are defined in SIMA. If so, the CBSA will continue its investigation and, by July 21, 2025, will make a preliminary determination. If this preliminary determination indicates that there has been dumping, the CBSA will then continue its investigation and, concurrently, the Tribunal will initiate a final injury inquiry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    Any interested person, association or government that wishes to participate in the Tribunal’s inquiry may do so by filing a Form I – Notice of Participation.

    MIL OSI Canada News –

  • MIL-OSI Canada: Turning forestry waste into industrial fuel

    Countries around the world are looking for alternative fuel sources for industries like transportation, heavy manufacturing and power generation. As the largest energy producer in Canada, Alberta has the resources, business-friendly environment and expertise needed to become a world leader in developing hydrogen – a clean energy carrier that produces no emissions.

    Alberta’s government is investing $3 million through Emissions Reduction Alberta to help Calgary-based Hydrogen Naturally turn forestry waste like woodchips, sawdust, plants and other organic material into hydrogen. This new technology will capture the carbon that would normally be released into the air during this process and store it underground.

    “Hydrogen offers major potential for Alberta to leverage our vast natural resources, skilled workforce and existing energy infrastructure. Alberta is the largest hydrogen producer in Canada, and we’re just getting started. Investing in this promising, emissions-free, economically friendly fuel source is diversifying Alberta’s economy, creating jobs and positioning Alberta as a world leader.”

    Dale Nally, Minister of Service Alberta and Red Tape Reduction

    “We have the energy and the innovation to help power the world in the most environmentally responsible way. That’s why we are investing in technology and innovation to help create jobs, fuel our economy and keep attracting investments into our province.”  

    Rebecca Schulz, Minister of Environment and Protected Areas

    Hydrogen Naturally will use provincial funding for a feasibility study that will provide the regulatory, engineering and environmental information needed to build its first hydrogen production unit in Alberta.

    “This funding accelerates the scale-up of breakthrough technologies, paving the way for a low-carbon future in Alberta. Companies like Hydrogen Naturally showcase how innovation and strategic investment can deliver tangible emissions reductions while fueling economic growth.” 

    Justin Riemer, chief executive officer, Emissions Reduction Alberta

    “The Government of Alberta, through Emissions Reduction Alberta, will play a pivotal role in advancing our negative-emission hydrogen facility, which uses innovative gasification technology to utilize forest harvest residuals and firekill. Together, Hydrogen Naturally and Alberta can leverage our extensive carbon capture and sequestration capabilities to become global leaders in low-emission energy and sustainable forest management.”

    Brett Jackson, president, Hydrogen Naturally

    Alberta is becoming the destination of choice for investors and innovators in the hydrogen sector, with a growing number of promising opportunities presented by hydrogen production and technologies across the province.

    Quick facts

    • Hydrogen Naturally was incorporated in Alberta in 2022 and is headquartered in Calgary.
    • The company has plans for hydrogen production hubs across Canada and the United States.
    • The worldwide hydrogen market is estimated to be worth more than $2.5 trillion per year by 2050.
    • Alberta’s pipeline infrastructure, carbon capture technology, expertise in energy exports, and proximity to key markets give the province an advantage in hydrogen production and use.
    • Compared to other emissions-free alternatives, hydrogen is ideal for moving heavy freight in Alberta’s cold climate and shows promise for its ability to store and transport renewable energy.
    • To date, Alberta’s government has invested $43 million into 13 hydrogen technologies through Emissions Reduction Alberta, with a collective total value of more than $250 million.
    • This funding is through the industry-funded Technology Innovation and Emissions Reduction (TIER) program.

    Related information

    • Emissions Reduction Alberta
    • Hydrogen Naturally
    • Hydrogen Roadmap
    • Natural Gas Vision and Strategy

    MIL OSI Canada News –

  • MIL-OSI: Live Oak Bancshares, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., April 23, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported first quarter of 2025 net income attributable to the Company of $9.7 million, or $0.21 per diluted share.

    Live Oak’s performance in the quarter compared to the fourth quarter of 2024, includes these notable items:

    • Record first quarter production of $1.40 billion accompanied by strong deposit growth of $635.5 million, with total assets growing by 5.0% to $13.60 billion
    • Net interest income increased 3.1% and net interest margin increased 5 basis points from 3.15% to 3.20%
    • 1.5% decline in revenue and 3.4% increase in noninterest expenses generated 10% decline in pre-provision net revenue1
    • Provision expense for credit losses of $29.0 million, principally driven by loan growth amid a challenging macroeconomic environment, where elevated interest rates and inflationary pressures placed financial strain on some small business borrowers
    • Two key initiatives saw positive momentum — non-interest bearing deposit growth and small dollar loan production

    “Live Oak Bank demonstrated strong growth across our lending and deposit franchises in the first quarter, all while navigating the current small business credit cycle and a backdrop of economic uncertainty,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We have an unwavering dedication to small business and staying close to our customers in these turbulent times remains paramount. Small business is the backbone of America, and we continue to support our nation’s entrepreneurs with the capital they need to create jobs, drive innovation, and serve their communities well.”

    Conference Call

    Live Oak will host a conference call to discuss the Company’s financial results and business outlook tomorrow, April 24, 2025, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 75855. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:

    Live Telephone Dial-In

    U.S.: 800.549.8228
    International: +1 646.564.2877
    Pass Code: None Required

    Live Webcast Log-In

    Webcast Link: investor.liveoakbank.com
    Registration: Name and Email Required
    Multi-Factor Code: Provided After Registration

    (1) See accompanying GAAP to Non-GAAP Reconciliation.

       
    First Quarter 2025 Key Measures  
       
    (Dollars in thousands, except per share data)       Increase (Decrease)    
      1Q 2025   4Q 2024   Dollars   Percent   1Q 2024
    Total revenue (1) $ 126,113     $ 128,067     $ (1,954 )   (1.5 )%   $ 116,208  
    Total noninterest expense   84,017       81,257       2,760     3.4       77,737  
    Income before taxes   13,132       13,229       (97 )   (0.7 )     22,107  
    Effective tax rate   26.4 %     25.6 %     n/a     n/a     (24.8 )%
    Net income attributable to Live Oak Bancshares, Inc. $ 9,717     $ 9,900     $ (183 )   (1.8 )%   $ 27,586  
    Diluted earnings per share   0.21       0.22       (0.01 )   (5 )     0.60  
    Loan and lease production:                        
    Loans and leases originated $ 1,396,223     $ 1,421,118     $ (24,895 )   (1.8 )%   $ 805,129  
    % Fully funded   46.0 %     42.4 %     n/a     n/a       43.8 %
    Total loans and leases: $ 11,061,866     $ 10,579,376     $ 482,490     4.6 %   $ 9,223,310  
    Total assets:   13,595,704       12,943,380       652,324     5.0       11,505,569  
    Total deposits:   12,395,945       11,760,494       635,451     5.4       10,383,361  

    (1) Total revenue consists of net interest income and total noninterest income.


    Important Note Regarding Forward-Looking Statements

    Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company’s status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company’s ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third-party service providers; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company’s ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company’s business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company’s ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

    About Live Oak Bancshares, Inc.

    Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.

    Contacts:

    Walter J. Phifer | CFO | Investor Relations | 910.202.6926
    Claire Parker | Corporate Communications | Media Relations | 910.597.1592

     
    Live Oak Bancshares, Inc.
    Quarterly Statements of Income (unaudited)
    (Dollars in thousands, except per share data)
     
      Three Months Ended   1Q 2025 Change vs.
      1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2024   4Q 2024   1Q 2024
    Interest income                     %   %
    Loans and fees on loans $ 195,616     $ 194,821     $ 192,170     $ 181,840     $ 176,010     0.4     11.1  
    Investment securities, taxable   11,089       10,490       9,750       9,219       8,954     5.7     23.8  
    Other interest earning assets   6,400       7,257       7,016       7,389       7,456     (11.8 )   (14.2 )
    Total interest income   213,105       212,568       208,936       198,448       192,420     0.3     10.7  
    Interest expense                          
    Deposits   110,888       113,357       110,174       105,358       101,998     (2.2 )   8.7  
    Borrowings   1,685       1,737       1,762       1,770       311     (3.0 )   441.8  
    Total interest expense   112,573       115,094       111,936       107,128       102,309     (2.2 )   10.0  
    Net interest income   100,532       97,474       97,000       91,320       90,111     3.1     11.6  
    Provision for loan and lease credit losses   28,964       33,581       34,502       11,765       16,364     (13.7 )   77.0  
    Net interest income after provision for loan and lease credit losses   71,568       63,893       62,498       79,555       73,747     12.0     (3.0 )
    Noninterest income                          
    Loan servicing revenue   8,298       8,524       8,040       7,347       7,624     (2.7 )   8.8  
    Loan servicing asset revaluation   (4,728 )     (2,326 )     (4,207 )     (2,878 )     (2,744 )   (103.3 )   (72.3 )
    Net gains on sales of loans   18,648       18,356       16,646       14,395       11,502     1.6     62.1  
    Net (loss) gain on loans accounted for under the fair value option   (1,034 )     195       2,255       172       (219 )   (630.3 )   (372.1 )
    Equity method investments (loss) income   (2,239 )     (2,739 )     (1,393 )     (1,767 )     (5,022 )   18.3     55.4  
    Equity security investments (losses) gains, net   20       12       909       161       (529 )   66.7     (103.8 )
    Lease income   2,573       2,456       2,424       2,423       2,453     4.8     4.9  
    Management fee income   —       —       1,116       3,271       3,271     —     (100.0 )
    Other noninterest income   4,043       6,115       7,142       11,035       9,761     (33.9 )   (58.6 )
    Total noninterest income   25,581       30,593       32,932       34,159       26,097     (16.4 )   (2.0 )
    Noninterest expense                          
    Salaries and employee benefits   48,008       45,214       44,524       46,255       47,275     6.2     1.6  
    Travel expense   2,795       2,628       2,344       2,328       2,438     6.4     14.6  
    Professional services expense   3,024       2,797       3,287       3,061       1,878     8.1     61.0  
    Advertising and marketing expense   3,665       1,979       2,473       3,004       3,692     85.2     (0.7 )
    Occupancy expense   2,737       2,558       2,807       2,388       2,247     7.0     21.8  
    Technology expense   9,251       9,406       9,081       7,996       7,723     (1.6 )   19.8  
    Equipment expense   3,745       3,769       3,472       3,511       3,074     (0.6 )   21.8  
    Other loan origination and maintenance expense   4,585       4,812       4,872       3,659       3,911     (4.7 )   17.2  
    Renewable energy tax credit investment (recovery) impairment   —       1,172       115       170       (927 )   (100.0 )   (100.0 )
    FDIC insurance   3,551       3,053       1,933       2,649       3,200     16.3     11.0  
    Other expense   2,656       3,869       2,681       2,635       3,226     (31.4 )   (17.7 )
    Total noninterest expense   84,017       81,257       77,589       77,656       77,737     3.4     8.1  
    Income before taxes   13,132       13,229       17,841       36,058       22,107     (0.7 )   (40.6 )
    Income tax expense   3,464       3,386       4,816       9,095       (5,479 )   2.3     (163.2 )
    Net income   9,668       9,843       13,025       26,963       27,586     (1.8 )   (65.0 )
    Net loss attributable to non-controlling interest   49       57       —       —       —     (14.0 )   100.0  
    Net income attributable to Live Oak Bancshares, Inc. $ 9,717     $ 9,900     $ 13,025     $ 26,963     $ 27,586     (1.8 )   (64.8 )
    Earnings per share                          
    Basic $ 0.21     $ 0.22     $ 0.28     $ 0.60     $ 0.62     (4.5 )   (66.1 )
    Diluted $ 0.21     $ 0.22     $ 0.28     $ 0.59     $ 0.60     (4.5 )   (65.0 )
    Weighted average shares outstanding                          
    Basic   45,377,965       45,224,470       45,073,482       44,974,942       44,762,308          
    Diluted   45,754,499       46,157,979       45,953,947       45,525,082       45,641,210          
     
    Live Oak Bancshares, Inc.
    Quarterly Balance Sheets (unaudited)
    (Dollars in thousands)
     
      As of the quarter ended   1Q 2025 Change vs.
      1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2024   4Q 2024   1Q 2024
    Assets                     %   %
    Cash and due from banks $ 744,263     $ 608,800     $ 666,585     $ 615,449     $ 597,394     22.3     24.6  
    Certificates of deposit with other banks   250       250       250       250       250     —     —  
    Investment securities available-for-sale   1,312,680       1,248,203       1,233,466       1,151,195       1,120,622     5.2     17.1  
    Loans held for sale   367,955       346,002       359,977       363,632       310,749     6.3     18.4  
    Loans and leases held for investment (1)   10,693,911       10,233,374       9,831,891       9,172,134       8,912,561     4.5     20.0  
    Allowance for credit losses on loans and leases   (190,184 )     (167,516 )     (168,737 )     (137,867 )     (139,041 )   (13.5 )   (36.8 )
    Net loans and leases   10,503,727       10,065,858       9,663,154       9,034,267       8,773,520     4.4     19.7  
    Premises and equipment, net   259,113       264,059       267,032       267,864       258,071     (1.9 )   0.4  
    Foreclosed assets   2,108       1,944       8,015       8,015       8,561     8.4     (75.4 )
    Servicing assets   56,911       56,144       52,553       51,528       49,343     1.4     15.3  
    Other assets   348,697       352,120       356,314       376,370       387,059     (1.0 )   (9.9 )
    Total assets $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570     $ 11,505,569     5.0     18.2  
    Liabilities and shareholders’ equity                          
    Liabilities                          
    Deposits:                          
    Noninterest-bearing $ 386,108     $ 318,890     $ 258,844     $ 264,013     $ 226,668     21.1     70.3  
    Interest-bearing   12,009,837       11,441,604       11,141,703       10,443,018       10,156,693     5.0     18.2  
    Total deposits   12,395,945       11,760,494       11,400,547       10,707,031       10,383,361     5.4     19.4  
    Borrowings   110,247       112,820       115,371       117,745       120,242     (2.3 )   (8.3 )
    Other liabilities   58,065       66,570       83,672       82,745       74,248     (12.8 )   (21.8 )
    Total liabilities   12,564,257       11,939,884       11,599,590       10,907,521       10,577,851     5.2     18.8  
    Shareholders’ equity                          
    Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding   —       —       —       —       —     —     —  
    Class A common stock (voting)   370,513       365,607       361,925       356,381       349,648     1.3     6.0  
    Class B common stock (non-voting)   —       —       —       —       —     —     —  
    Retained earnings   724,215       715,767       707,026       695,172       669,307     1.2     8.2  
    Accumulated other comprehensive loss   (67,698 )     (82,344 )     (61,195 )     (90,504 )     (91,237 )   17.8     25.8  
    Total shareholders’ equity attributed to Live Oak Bancshares, Inc.   1,027,030       999,030       1,007,756       961,049       927,718     2.8     10.7  
    Non-controlling interest   4,417       4,466       —       —       —     (1.1 )   100.0  
    Total shareholders’ equity   1,031,447       1,003,496       1,007,756       961,049       927,718     2.8     11.2  
    Total liabilities and shareholders’ equity $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570     $ 11,505,569     5.0     18.2  

    (1) Includes $316.8 million, $328.7 million, $343.4 million, $363.0 million and $379.2 million measured at fair value for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024 respectively.

     
    Live Oak Bancshares, Inc.
    Quarterly Selected Financial Data
    (Dollars in thousands, except per share data)
     
      As of and for the three months ended
      1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2024
    Income Statement Data                  
    Net income attributable to Live Oak Bancshares, Inc. $ 9,717     $ 9,900     $ 13,025     $ 26,963     $ 27,586  
    Per Common Share                  
    Net income, diluted $ 0.21     $ 0.22     $ 0.28     $ 0.59     $ 0.60  
    Dividends declared   0.03       0.03       0.03       0.03       0.03  
    Book value   22.62       22.12       22.32       21.35       20.64  
    Tangible book value (1)   22.55       22.05       22.24       21.28       20.57  
    Performance Ratios                  
    Return on average assets (annualized)   0.30 %     0.31 %     0.43 %     0.93 %     0.98 %
    Return on average equity (annualized)   3.78       3.85       5.21       11.39       11.93  
    Net interest margin   3.20       3.15       3.33       3.28       3.33  
    Efficiency ratio (1)   66.62       63.45       59.72       61.89       66.89  
    Noninterest income to total revenue   20.28       23.89       25.35       27.22       22.46  
    Selected Loan Metrics                  
    Loans and leases originated $ 1,396,223     $ 1,421,118     $ 1,757,856     $ 1,171,141     $ 805,129  
    Outstanding balance of sold loans serviced   4,949,962       4,715,895       4,452,750       4,292,857       4,329,097  
    Asset Quality Ratios                  
    Allowance for credit losses to loans and leases held for investment (3)   1.83 %     1.69 %     1.78 %     1.57 %     1.63 %
    Net charge-offs (3) $ 6,774     $ 33,566     $ 1,710     $ 8,253     $ 3,163  
    Net charge-offs to average loans and leases held for investment (2) (3)   0.27 %     1.39 %     0.08 %     0.38 %     0.15 %
                       
    Nonperforming loans and leases at historical cost (3)                  
    Unguaranteed $ 99,907     $ 81,412     $ 49,398     $ 37,340     $ 43,117  
    Guaranteed   322,993       222,885       166,177       122,752       105,351  
    Total   422,900       304,297       215,575       160,092       148,468  
    Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)   0.96 %     0.82 %     0.52 %     0.42 %     0.51 %
                       
    Nonperforming loans at fair value (4)                  
    Unguaranteed $ 9,938     $ 9,115     $ 8,672     $ 9,590     $ 7,942  
    Guaranteed   58,100       54,873       49,822       51,570       47,620  
    Total   68,038       63,988       58,494       61,160       55,562  
    Unguaranteed nonperforming fair value loans to fair value loans held for investment (4)   3.14 %     2.77 %     2.53 %     2.64 %     2.09 %
                       
    Capital Ratios                  
    Common equity tier 1 capital (to risk-weighted assets)   10.70 %     11.04 %     11.19 %     11.85 %     11.89 %
    Tier 1 leverage capital (to average assets)   8.03       8.21       8.60       8.71       8.69  

    Notes to Quarterly Selected Financial Data
    (1) See accompanying GAAP to Non-GAAP Reconciliation.
    (2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
    (3) Loans and leases at historical cost only (excludes loans measured at fair value).
    (4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).

     
    Live Oak Bancshares, Inc.
    Quarterly Average Balances and Net Interest Margin
    (Dollars in thousands)
     
      Three Months Ended
    March 31, 2025    		   Three Months Ended
    December 31, 2024
      Average
    Balance    		   Interest   Average
    Yield/Rate    		   Average
    Balance    		   Interest   Average
    Yield/Rate
    Interest-earning assets:                      
    Interest-earning balances in other banks $ 581,267     $ 6,400   4.47 %   $ 603,758     $ 7,257   4.78 %
    Investment securities   1,379,797       11,089   3.26       1,340,027       10,490   3.11  
    Loans held for sale   407,953       8,612   8.56       339,394       7,361   8.63  
    Loans and leases held for investment (1)   10,388,872       187,004   7.30       10,030,353       187,460   7.44  
    Total interest-earning assets   12,757,889       213,105   6.77       12,313,532       212,568   6.87  
    Less: Allowance for credit losses on loans and leases   (165,320 )             (155,498 )        
    Noninterest-earning assets   534,133               551,265          
    Total assets $ 13,126,702             $ 12,709,299          
    Interest-bearing liabilities:                      
    Interest-bearing checking $ 350,491     $ 3,929   4.55 %   $ 350,304     $ 4,350   4.94 %
    Savings   5,540,147       51,604   3.78       5,333,338       52,308   3.90  
    Money market accounts   127,908       120   0.38       138,021       176   0.51  
    Certificates of deposit   5,563,004       55,235   4.03       5,376,290       56,523   4.18  
    Total deposits   11,581,550       110,888   3.88       11,197,953       113,357   4.03  
    Borrowings   111,919       1,685   6.11       114,561       1,737   6.03  
    Total interest-bearing liabilities   11,693,469       112,573   3.90       11,312,514       115,094   4.05  
    Noninterest-bearing deposits   342,482               281,874          
    Noninterest-bearing liabilities   58,739               83,373          
    Shareholders’ equity   1,027,547               1,028,426          
    Non-controlling interest   4,465               3,112          
    Total liabilities and shareholders’ equity $ 13,126,702             $ 12,709,299          
    Net interest income and interest rate spread     $ 100,532   2.87 %       $ 97,474   2.82 %
    Net interest margin         3.20             3.15  
    Ratio of average interest-earning assets to average interest-bearing liabilities         109.10 %           108.85 %

    (1) Average loan and lease balances include non-accruing loans and leases.

     
    Live Oak Bancshares, Inc.
    GAAP to Non-GAAP Reconciliation
    (Dollars in thousands)
     
      As of and for the three months ended
      1Q 2025   4Q 2024   3Q 2024   2Q 2024   1Q 2024
    Total shareholders’ equity $ 1,031,447     $ 1,003,496     $ 1,007,756     $ 961,049     $ 927,718  
    Less:                  
    Goodwill   1,797       1,797       1,797       1,797       1,797  
    Other intangible assets   1,529       1,568       1,606       1,644       1,682  
    Tangible shareholders’ equity (a) $ 1,028,121     $ 1,000,131     $ 1,004,353     $ 957,608     $ 924,239  
    Shares outstanding (c)   45,589,633       45,359,425       45,151,691       45,003,856       44,938,673  
    Total assets $ 13,595,704     $ 12,943,380     $ 12,607,346     $ 11,868,570     $ 11,505,569  
    Less:                  
    Goodwill   1,797       1,797       1,797       1,797       1,797  
    Other intangible assets   1,529       1,568       1,606       1,644       1,682  
    Tangible assets (b) $ 13,592,378     $ 12,940,015     $ 12,603,943     $ 11,865,129     $ 11,502,090  
    Tangible shareholders’ equity to tangible assets (a/b)   7.56 %     7.73 %     7.97 %     8.07 %     8.04 %
    Tangible book value per share (a/c) $ 22.55     $ 22.05     $ 22.24     $ 21.28     $ 20.57  
    Efficiency ratio:                  
    Noninterest expense (d) $ 84,017     $ 81,257     $ 77,589     $ 77,656     $ 77,737  
    Net interest income   100,532       97,474       97,000       91,320       90,111  
    Noninterest income   25,581       30,593       32,932       34,159       26,097  
    Total revenue (e) $ 126,113     $ 128,067     $ 129,932     $ 125,479     $ 116,208  
    Efficiency ratio (d/e)   66.62 %     63.45 %     59.72 %     61.89 %     66.89 %
    Pre-provision net revenue (e-d) $ 42,096     $ 46,810     $ 52,343     $ 47,823     $ 38,471  
                                           

    This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

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